Gustavo Manso
Associate Professor of Finance
Haas School of Business, University of California at Berkeley

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Curriculum Vitae
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Haas School of Business, University of California at Berkeley, 2012-present.
    Associate Professor of Finance, 2012-present.
MIT Sloan School of Management, 2006-2011.
    Associate Professor of Finance, 2010-2011.
    Maurice F. Strong Career Development Professor of Management, 2009-2011.
    Assistant Professor of Finance, 2006-2010.


Ph.D. in Finance, Stanford Graduate School of Business, 2001-2006.
M.S in Mathematics, Instituto de Matemática Pura e Aplicada (IMPA), Brazil, 1999-2001.
B.A. in Economics, Pontifícia Universidade Católica (PUC-Rio), Brazil, 1995-1999.
    Exchange Student, University of California at Berkeley, 1997-1998.

Research Interests

Corporate Finance, Entrepreneurship, Financial Institutions, and Financial Markets.

Journal Articles

"Incentives to Innovate and the Decision to Go Public or Private" (with Daniel Ferreira and Andre Silva). Review of Financial Studies, vol. 27, pp. 256-300, 2014.
"Libertarian Paternalism, Information Sharing, and Financial Decision-Making" (with Bruce Carlin and Simon Gervais). Review of Financial Studies vol. 26, pp. 2204-2228, 2013.
"Feedback Effects of Credit Ratings." Journal of Financial Economics vol. 109, pp. 535-549, 2013.
"Is Pay-for-Performance Detrimental to Innovation?" (with Florian Ederer). Management Science, vol. 59, pp. 1496-1513, 2013.
"Incentives and Creativity: Evidence from the Academic Life Sciences" (with Pierre Azoulay and Joshua Graff Zivin). Rand Journal of Economics , vol. 42, pp. 527-554, 2011.
"Motivating Innovation." Journal of Finance, vol. 66, pp. 1823-1869, 2011.
"Governance Through Trading and Intervention: A Theory of Multiple Blockholders" (with Alex Edmans). Review of Financial Studies, vol. 24, pp. 2395-2428, 2011.
"The Relative Contributions of Private Information Sharing and Public Information Releases to Information Aggregation" (with Darrell Duffie and Semyon Malamud). Journal of Economic Theory, vol. 145, pp. 1574-1601, 2010.
"Obfuscation, Learning, and the Evolution of Investor Sophistication" (with Bruce Carlin). Review of Financial Studies, vol. 23, pp. 754-785, 2011.
"Information Percolation with Equilibrium Search Dynamics" (with Darrell Duffie and Semyon Malamud), Econometrica, vol. 77, pp. 1513-1574, 2009.
"Performance-Sensitive Debt" (with Bruno Strulovici and Alexei Tchistyi), Review of Financial Studies, vol. 23, pp. 1819-1854, 2010.
"Information Percolation" (with Darrell Duffie and Gaston Giroux), American Economic Journal: Microeconomics, vol. 2, pp. 100-111, 2010.
"Investment Reversibility and Agency Cost of Debt," Econometrica, vol. 76, pp. 437-442, 2008.
"Information Percolation in Large Markets." (with Darrell Duffie), American Economic Review P&P., vol. 97, pp. 203-209, 2007.

Book Chapters

"NIH Peer Review: Challenges and Avenues for Reform" (with Pierre Azoulay and Joshua Graff Zivin), NBER Book Series on Innovation Policy and the Economy (forthcoming).
"Incentives for Innovation: Bankruptcy, Corporate Governance, and Compensation Systems" (with Florian Ederer). Handbook of Law, Innovation, and Growth, Edward Elgar Publishing, 2011.

Working Papers

"Experimentation and the Returns to Entrepreneurship"
"Information Percolation in Segmented Markets" (with Darrell Duffie and Semyon Malamud)
"Macroeconomic Risk and Debt Overhang" (with Hui Chen)


Swiss Finance Institute Outstanding Paper Award, 2010.
Review of Financial Studies Young Researcher Award, 2009.
NBER IPE Grant, "Incentives and Creativity," 2007-2008.
Lehman Brothers Fellowship for Research Excellence in Finance, First Prize, 2005.
Stanford Institute for Economic Policy Research (SIEPR) Fellowship, 2005-2006.
Student Travel Award, American Finance Association, 2005.
Jaedicke Merit Award, Stanford Graduate School of Business, 2001-2002.
GSB Fellowship, Stanford Graduate School of Business, 2001-2006.
Award for Academic Achievement, Instituto Matemática Pura e Aplicada, 2001.
Academic Excellence Scholarship, Pontifícia Universidade Católica, 1995-1999.
First place in admission exams, Pontifícia Universidade Católica, 1995.

Professional Services

Referee for American Economic Review, American Economic Journal: Microeconomics, Economic Inquiry , Economic Journal, Economic Theory, Econometrica , Journal of Accounting Research , Journal of Economic Theory, Journal of Finance, Journal of Financial Economics, Journal of Financial Intermediation, Journal of Financial and Quantitative Analysis, Journal of Political Economy, Journal of Public Economics, Management Science, Quarterly Journal of Economics, Review of Economics and Statistics, Review of Economic Studies, Review of Finance, Review of Financial Studies.

Deparment Editor, Management Science, 2013-present

Associate Editor, Management Science, 2012-2013

Co-founder of the Finance Theory Group (with Itay Goldstein)

President of the Finance Theory Group, 2012-2013

Board Member of the Finance Theory Group, 2011-present

Organizer of the First Workshop of the Finance Theory Group (with Itay Goldstein)

Session Chair:
  Finance Cavalcade, 2011 (``Finance and Innovation'')
  Society for Economic Dynamics, 2011 (``Dynamics of Financial Markets'')
  Western Finance Association Meetings, 2011 (``Asset Pricing: Technology, Learning,
  and Productivity'')
  American Finance Association Meetings, 2011 (``Capital Structure: Beyond Debt and Equity'')

Organizing Committee Member:
  Western Finance Association Meetings, 2007-present
  European Finance Association Meetings, 2013
  Society for Economic Dynamics, 2011
  First Workshop of the Finance Theory Group (with Itay Goldstein)