Welcome!

Contact

Position: Associate Professor

Department of Finance

Address: Bocconi University

Via Roentgen 1

20135 Milan, Italy

Phone: +390258365851

Email: nicolas.serranovelarde(at)unibocconi.it

CV (pdf)

Publications

  • "Cheap Trade Credit and Downstream Competition", joint with M. Giannetti and E. Tarantino, Journal of Political Economy, 2021, Issue 6, pp. 1744-1796.

Idea: Using a dataset with information on inter-firm transactions, we provide evidence that suppliers offer cheap trade credit to ease competition in downstream markets.

  • "Back To Basics: Basic Research Spillovers, Innovation Policy and Growth", joint with U. Akcigit and D. Hanley, Review of Economic Studies, 2021, Issue 1, pp. 1-43.

Idea: We introduce a model of endogenous growth through basic and applied research. Our key finding is that standard R&D policies can accentuate the dynamic misallocation in the economy.

Cited in the Economic Report of the President 2016

  • "Marketplace Lending, Information Aggregation, and Liquidity." Joint with J. Frank,s and O. Sussman, Review of Financial Studies, 2021, Issue 5, pp. 2318-2361.

Idea: If auctions enhance information efficiency, why were they abandoned by lending marketplaces?

  • "Lending Standards Over the Credit Cycle.” Joint with G. Rodano, and E. Tarantino, Review of Financial Studies, 2018, Volume 31, Issue 8, pp. 2943-2982.

Idea: Using a discontinuity in the allocation of firms into credit risk categories we empirically identify the lending standards applied by banks to small and medium firms over the cycle.

Winner of the 4Nations Cup Competition

  • “Bankruptcy Law and Bank Financing”, joint with G. Rodano and E. Tarantino, Journal of Financial Economics, 2016, Volume 120, Issue 2, pp. 363-382.

Idea: Using a unique loan-level dataset, we provide empirical evidence on how firms' funding contracts depend on reorganization and liquidation in bankruptcy.

  • "CEO Identity and Labor Contracts: Theory and Evidence from CEO Transitions", joint with Laurent Bach, Journal of Corporate Finance, 2015, Volume 33, pp. 227-242.

Idea: We argue that family links between a new CEO and his predecessor act as a commitment device for upholding implicit contracts with the workforce.

  • "The Deep-Pocket Effect of Internal Capital Markets", joint with X. Boutin, G. Cestone, C. Fumagalli and G. Pica, Journal of Financial Economics, 2013, Volume 109, Issue 1, pp. 122-145.

Idea: We provide evidence suggesting that incumbent firms' access to group deep pockets has a negative impact on entry in product markets.

Work in Progress

  • “Cash Flow and Investment: Financing Constraints or Expected Demand?”, joint with S. Bond and G. Rodano

Media and Citations