Ramin P. Baghai

Associate Professor, Department of Finance, Stockholm School of Economics (SSE)

Research Affiliate, Centre for Economic Policy Research (CEPR)

Research Fellow, Swedish House of Finance (SHoF)

Google Scholar (link)

CV (pdf)



Corporate Finance, Labor and Finance, Entrepreneurial Finance, Law and Economics


"Wrongful Discharge Laws and Innovation", with Viral Acharya and Krishnamurthy Subramanian; The Review of Financial Studies, 2014, 27(1): 301-346.

"Have Rating Agencies Become More Conservative? Implications for Capital Structure and Debt Pricing", with Henri Servaes and Ane Tamayo; The Journal of Finance, 2014, 69(5): 1961–2005.

"Labor Laws and Innovation", with Viral Acharya and Krishnamurthy Subramanian; The Journal of Law and Economics, 2013, 56(4): 997-1037.

"Non-rating Revenue and Conflicts of Interest", with Bo Becker; The Journal of Financial Economics, 2018, 127(1): 94-112.

Harvard Law School Forum on Corporate Governance and Financial Regulation (link)VoxEU column (link)Money, Banking, and Financial Markets blog (link)


"Talent in Distressed Firms: Investigating the Labor Costs of Financial Distress", with Rui Silva, Viktor Thell, and Vikrant Vig; April 2018; re-submitted to The Journal of Finance

(previously circulated as "Talent in Distressed Firms: Labor Fragility and Capital Structure")download paper (pdf)download appendix (pdf)

"Liability Structure and Risk-Taking: Evidence from the Money Market Fund Industry," with Mariassunta Giannetti and Ivika Jäger; June 2018

download paper (SSRN)

"The Private Use of Credit Ratings: Evidence from Investment Mandates," with Bo Becker and Stefan Pitschner; June 2018

download paper (SSRN)

"Bankruptcy, Team-specific Human Capital, and Productivity: Evidence from U.S. Inventors", with Rui Silva and Luofu Ye; January 2018

(previously circulated as "Bankruptcy, Team-specific Human Capital, and Innovation: Evidence from U.S. Inventors")download paper (SSRN)

"Reputations and credit ratings—evidence from commercial mortgage-backed securities", with Bo Becker; June 2018

(previously circulated as "Reputation and competition in the credit ratings market—evidence from commercial mortgage-backed securities")download paper (SSRN)

"Equity Ownership and Product Prices", September 2012

"Corporate Governance and Extraordinary Earnings Repatriations: Evidence from the American Jobs Creation Act", September 2013


Topics in Corporate Finance (PhD Finance); Spring 2016, 2018

Finance II: Corporate Finance (BSc Business and Economics); Spring 2014 -- 2018

Fundamentals of Corporate Finance (MSc General Managment); Fall 2011, 2012

Introduction to Corporate Finance (BSc Retail Management); Fall 2012