UCLA Anderson School of Management

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Dr. Antonio Bernardo is a professor of finance at the UCLA Anderson School of Management where he has held an appointment since 1994. He currently serves as department chair and senior associate dean for academic affairs. He received his Ph.D. in Economics in 1994 from Stanford University. His research interests are in the areas of valuation, corporate finance, and information in financial markets. Professor Bernardo has published papers in many leading academic journals including the Journal of Political Economy, Journal of Finance, Journal of Financial Economics, and the Review of Financial Studies. He has won numerous teaching awards including the Neidorf Decade award for outstanding teaching over a ten year period. Professor Bernardo also has extensive consulting experience with clients including Amgen, Nordstrom, and Rio Tinto.

  • Ph.D. Economics, 1994, Stanford University
  • B.A. Economics, 1989, University of Western Ontario

Published Papers
  • Antonio E. Bernardo, Hongbin Cai, and Jiang Luo. (2009). Motivating Entrepreneurial Activity in a Firm. Review of Financial Studies, 22, 1089-1118.
  • Antonio E. Bernardo, Bhagwan Chowdhry, and Amit Goyal. (2007). Growth Options, Beta, and the Cost of Capital. Financial Management, 36, 1-13.
  • Antonio E. Bernardo, Jiang Luo, and James Wang. (2006). A Theory of Socialistic Internal Capital Markets. Journal of Financial Economics, 80, 485-509.
  • Antonio E. Bernardo, Hongbin Cai, and Jiang Luo. (2004). Capital Budgeting in Multi-Division Firms: Information, Agency, and Incentives. Review of Financial Studies, 17, 739-767.
  • Antonio E. Bernardo, and Ivo Welch. (2004). Liquidity and Financial Market Runs. Quarterly Journal of Economics, 119, 135-158.

Working Papers
  • Antonio E. Bernardo, Eric Talley, and Ivo Welch. (2011). A Model of Optimal Corporate Bailouts. Download
  • Antonio E. Bernardo and Ivo Welch. (2011). Leverage and Pre-emptive Selling of Financial Institutions. Download
  • Antonio E. Bernardo, Bhagwan Chowdhry, and Amit Goyal. (2011). Assessing Project Risk. Download
  • Antonio E. Bernardo, Hongbin Cai, and Jiang Luo. (2011). Short-term Incentives and Corporate Investment in Equity-Dependent Firms. Download
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Finance Faculty

Antonio E. Bernardo, professor; Ph.D., Economics, Stanford University; corporate finance, information in financial marketsĀ Antonio Bernardo's CV