Curriculum vitae

Gustavo Manso is Professor of Finance, Entrepreneurship, and Innovation at the Haas School of Business, University of California, Berkeley. Download the CV as a PDF.

Positions

• Haas School of Business, University of California, Berkeley, 2012–present
  • Professor of Finance, 2018–present
  • Professor of Entrepreneurship and Innovation, 2020–present
  • Marie-France and Rene Kern Chancellor's Chair in Entrepreneurship, 2023–present
  • William A. and Betty H. Hasler Chair in New Enterprise Development, 2015–2023
  • Associate Professor of Finance, 2012–2018
• MIT Sloan School of Management, 2006–2011
  • Maurice F. Strong Career Development Professor of Management, 2009–2011
  • Associate Professor of Finance, 2010–2011
  • Assistant Professor of Finance, 2006–2010

Education

• PhD in Finance, Stanford Graduate School of Business, 2001–2006
• MS in Mathematics, Instituto de Matemática Pura e Aplicada (IMPA), Brazil, 1999–2001
• BA in Economics, Pontifícia Universidade Católica do Rio de Janeiro (PUC-Rio), Brazil, 1995–1999; exchange student, University of California, Berkeley, 1997–1998

Research interests

Corporate finance, entrepreneurship, and innovation.

Publications and working papers

Each entry links to a page with a summary, the abstract and a downloadable PDF. See also research by topic.

Publications

• Huang, Yi, Chen Lin, Sibo Liu, and Gustavo Manso (forthcoming). The Salience of Entrepreneurship: Evidence from Online Business. Management Science, forthcoming. Details
• Manso, Gustavo, Alejandro Rivera, Hui (Grace) Wang, and Han Xia (2025). Household Debt Overhang and Human Capital Investment. Journal of Financial Economics 172, article 104141. Details
• Manso, Gustavo, Benjamin Balsmeier, and Lee Fleming (2023). Heterogeneous Innovation over the Business Cycle. Review of Economics and Statistics 105, 1224–1236. Details
• Iyer, Ganesh and Gustavo Manso (2023). Recommendations with Feedback. Review of Financial Studies 36, 501–533. Details
• Aubry, Mathieu, Roman Kräussl, Gustavo Manso, and Christophe Spaenjers (2023). Biased Auctioneers. Journal of Finance 78, 795–833. Details
• Lin, Chen, Sibo Liu, and Gustavo Manso (2021). Shareholder Litigation and Corporate Innovation. Management Science 67, 3346–3367. Details
• Fitzgerald, Tristan, Benjamin Balsmeier, Lee Fleming, and Gustavo Manso (2021). Innovation Search Strategy and Predictable Returns. Management Science 67, 1109–1137. Details
• Balsmeier, Benjamin, Lee Fleming, and Gustavo Manso (2017). Independent Boards and Innovation. Journal of Financial Economics 123, 536–557. Details
• Chen, Hui and Gustavo Manso (2017). Macroeconomic Risk and Debt Overhang. Review of Corporate Finance Studies 6, 1–38. Details
• Manso, Gustavo (2016). Experimentation and the Returns to Entrepreneurship. Review of Financial Studies 29, 2319–2340. Details
• Duffie, Darrell, Semyon Malamud, and Gustavo Manso (2014). Information Percolation in Segmented Markets. Journal of Economic Theory 153, 1–32. Details
• Ferreira, Daniel, Gustavo Manso, and André C. Silva (2014). Incentives to Innovate and the Decision to Go Public or Private. Review of Financial Studies 27, 256–300. Details
• Carlin, Bruce Ian, Simon Gervais, and Gustavo Manso (2013). Libertarian Paternalism, Information Production, and Financial Decision Making. Review of Financial Studies 26, 2204–2228. Details
• Manso, Gustavo (2013). Feedback Effects of Credit Ratings. Journal of Financial Economics 109, 535–548. Details
• Ederer, Florian and Gustavo Manso (2013). Is Pay-for-Performance Detrimental to Innovation?. Management Science 59, 1496–1513. Details
• Azoulay, Pierre, Joshua S. Graff Zivin, and Gustavo Manso (2011). Incentives and Creativity: Evidence from the Academic Life Sciences. RAND Journal of Economics 42, 527–554. Details
• Manso, Gustavo (2011). Motivating Innovation. Journal of Finance 66, 1823–1860. Details
• Edmans, Alex and Gustavo Manso (2011). Governance Through Trading and Intervention: A Theory of Multiple Blockholders. Review of Financial Studies 24, 2395–2428. Details
• Carlin, Bruce Ian and Gustavo Manso (2011). Obfuscation, Learning, and the Evolution of Investor Sophistication. Review of Financial Studies 24, 754–785. Details
• Duffie, Darrell, Semyon Malamud, and Gustavo Manso (2010). The Relative Contributions of Private Information Sharing and Public Information Releases to Information Aggregation. Journal of Economic Theory 145, 1574–1601. Details
• Manso, Gustavo, Bruno Strulovici, and Alexei Tchistyi (2010). Performance-Sensitive Debt. Review of Financial Studies 23, 1819–1854. Details
• Duffie, Darrell, Gaston Giroux, and Gustavo Manso (2010). Information Percolation. American Economic Journal: Microeconomics 2, 100–111. Details
• Duffie, Darrell, Semyon Malamud, and Gustavo Manso (2009). Information Percolation with Equilibrium Search Dynamics. Econometrica 77, 1513–1574. Details
• Manso, Gustavo (2008). Investment Reversibility and Agency Cost of Debt. Econometrica 76, 437–442. Details
• Duffie, Darrell and Gustavo Manso (2007). Information Percolation in Large Markets. American Economic Review (Papers and Proceedings) 97, 203–209. Details

Review articles and book chapters

• Manso, Gustavo (2022). Comment on "Digitization and Its Consequences for Creative Industry Product and Labor Markets". In The Role of Innovation and Entrepreneurship in Economic Growth, edited by Michael J. Andrews, Aaron Chatterji, Josh Lerner and Scott Stern, National Bureau of Economic Research.
• Manso, Gustavo (2017). Creating Incentives for Innovation. California Management Review 60, 18–32. Details
• Azoulay, Pierre, Joshua S. Graff Zivin, and Gustavo Manso (2013). National Institutes of Health Peer Review: Challenges and Avenues for Reform. Innovation Policy and the Economy 13, 1–22, University of Chicago Press. Details
• Ederer, Florian and Gustavo Manso (2011). Incentives for Innovation: Bankruptcy, Corporate Governance, and Compensation Systems. In Handbook of Law, Innovation, and Growth, Edward Elgar Publishing. Details

Working papers

• Balsmeier, Benjamin, Gustavo Manso, and Lee Fleming (2026). Do Technology Clusters Distort Innovation?. Working paper. Details
• Hoelzemann, Johannes, Gustavo Manso, Abhishek Nagaraj, and Matteo Tranchero (2026). The Streetlight Effect in Data-Driven Exploration. Working paper. Details
• Manso, Gustavo, Alejandro Rivera, Hui (Grace) Wang, and Han Xia (2025). Student Loans and Labor Supply Incentives. Working paper. Details
• Manso, Gustavo and Farzad Pourbabaee (2022). The Impact of Connectivity on the Production and Diffusion of Knowledge. Working paper. Details
• Manso, Gustavo. Selecting for Innovation. Work in progress.

Honors and grants

• Williamson Award for Best Conference Paper, Society for Institutional and Organizational Economics (SIOE), 2025
• Fisher Center for Business Analytics Grant, "Predicting Prices in the Art Auction Market," 2019
• Institute for Business Innovation Grant, "Managing Innovation," 2019
• INFORMS TIMES Best Paper Award, 2018
• Clausen Center Grant, "International Trends in Financing Innovation and Entrepreneurship," 2017
• World's Best 40 Business School Professors under the Age of 40, Poets & Quants, 2016
• Entrepreneurial Finance and Innovation Conference Asper Best Paper Award, 2014
• Earl F. Cheit Award for Excellence in Teaching, Full-Time MBA Program, Berkeley Haas, 2012
• Swiss Finance Institute Outstanding Paper Award, 2009
• Review of Financial Studies Young Researcher Award, 2009
• NBER Innovation Policy and the Economy Grant, "Incentives and Creativity," 2007–2008
• First Prize, Lehman Brothers Fellowship for Research Excellence in Finance, 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
• First place in admission exams, Pontifícia Universidade Católica, 1995

Editorial and professional service

Editorial positions

• Department Editor, Management Science, 2013–2021
• Associate Editor, Management Science, 2012–2013

Finance Theory Group

• Co-founder (with Itay Goldstein), 2009
• President, 2012–2013
• Board member, 2011–2014

Berkeley Haas

• Visiting Scholar Program Director, 2017–present
• Entrepreneurship and Innovation Group Chair, 2023–2024
• Faculty Director, LATAM Executive Program, 2019–2021
• Finance Group Chair, 2019–2020

Conference organization

• Track Chair, European Finance Association, 2019
• Finance Theory Group 10-year Anniversary Conference, 2019
• Finance and Innovation Conference (with Lee Fleming), 2017
• First Workshop of the Finance Theory Group (with Itay Goldstein), 2009

Program committees

• Western Finance Association Meetings, 2007–present
• European Finance Association Meetings, 2013–present
• Tel Aviv University Finance Conference, 2022–present
• GSU-RFS FinTech Conference, 2018–present
• European Winter Finance Conference, 2007–2020
• Financial Management Association, 2015–2020
• Annual Corporate Finance Conference at Washington University, 2018–2020
• UNC-Duke Corporate Finance Conference, 2019
• Latin American Meeting of the Econometric Society (LAMES), 2014
• Entrepreneurial Finance and Innovation Conference, 2013–2014
• Crowdfunding Conference, 2013
• Society for Economic Dynamics, 2011

Session chair

• American Finance Association, 2024 ("Corporate Finance: Compensation and Agency")
• Western Finance Association, 2019 ("The Entrepreneur Lifecycle")
• Western Finance Association, 2017 ("Entrepreneurship and Innovation")
• American Finance Association, 2016 ("R&D, Patents, and Innovation")
• American Finance Association, 2015 ("Corporate Finance, Financial Institutions, and Financial Markets")
• American Finance Association, 2014 ("Managerial Incentives I")
• Crowdfunding Conference, 2013 ("Setting the Research Agenda")
• Finance Cavalcade, 2011 ("Finance and Innovation")
• Society for Economic Dynamics, 2011 ("Dynamics of Financial Markets")
• Western Finance Association, 2011 ("Asset Pricing: Technology, Learning, and Productivity")
• American Finance Association, 2011 ("Capital Structure: Beyond Debt and Equity")

Referee

American Economic Review, American Economic Journal: Microeconomics, Economic Inquiry, Economic Journal, Economic Theory, Econometrica, Journal of Accounting Research, Journal of Accounting and Economics, Journal of Economic Behavior and Organization, Journal of Economic Theory, Journal of Economics & Management Strategy, 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, RAND Journal of Economics, Research Policy, Review of Economics and Statistics, Review of Economic Studies, Review of Finance, and Review of Financial Studies.