Faculty & Research

Jacopo Ponticelli

Assistant Professor of Finance and Cohen and Keenoy Scholar

Phone :
1-773-702-7871
Address :
5807 South Woodlawn Avenue
Chicago, IL 60637

Jacopo Ponticelli is an applied economist that primarily studies corporate finance and development economics. His research interests include bankruptcy, contract enforcement, financial development, firm dynamics, and structural transformation.

Most of his work is focused on financial frictions faced by firms in emerging economies. His latest paper, "Court Enforcement and Firm Productivity" studies the role of the judicial system in shaping the impact of a bankruptcy reform in Brazil.

His paper on the relationship between fiscal adjustment and social unrest (co-authored with Joachim Voth) has been mentioned in The Economist, Wall Street Journal, Time Magazine, CNN, El Pais, FAZ, The Guardian, L'Expansion, The Atlantic, as well as other media outlets.

Ponticelli earned a Ph.D. in Economics (cum laude) in 2013 and a MSc. in Economics in 2008 from the Universitat Pompeu Fabra in Barcelona. He also holds a B.A. in International Relations from the Università Cattolica di Milano. Ponticelli joined Chicago Booth in 2013 as Assistant Professor of Finance.

 

2015 - 2016 Course Schedule

Number Name Quarter
35200 Corporation Finance 2016 (Winter)

REVISION: Agricultural Productivity and Structural Transformation. Evidence from Brazil
Date Posted: Jun  17, 2015
We study the effects of the adoption of new agricultural technologies on structural transformation. To guide empirical work, we present a simple model where the effect of agricultural productivity on industrial development depends on the factor bias of technical change. We test the predictions of the model by studying the introduction of genetically engineered soybean seeds in Brazil, which had heterogeneous effects on agricultural productivity across areas with different soil and weather characteristics. We find that technical change in soy production was strongly labor saving and led to industrial growth, as predicted by the model.

REVISION: Agricultural Productivity and Structural Transformation: Evidence from Brazil
Date Posted: Jun  17, 2015
We study the effects of the adoption of new agricultural technologies on structural transformation. To guide empirical work, we present a simple model where the effect of agricultural productivity on industrial development depends on the factor bias of technical change. We test the predictions of the model by studying the introduction of genetically engineered soybean seeds in Brazil, which had heterogeneous effects on agricultural productivity across areas with different soil and weather characteristics. We find that technical change in soy production was strongly labor saving and led to industrial growth, as predicted by the model.

REVISION: Court Enforcement, Bank Loans and Firm Investment: Evidence from a Bankruptcy Reform in Brazil
Date Posted: Jun  17, 2015
I exploit variation in the congestion of civil courts across Brazilian municipalities, together with a bankruptcy reform increasing secured creditors' protection, to estimate the effect of enforcement on firm access to finance, investment and size. I find that firms operating in municipalities with less congested courts experienced larger increase in the use of secured loans, as well as a larger increase in investment and value of output in the years following the reform. To establish the direction of causality I use an instrumental variable strategy and focus on differences in court congestion across otherwise similar neighboring municipalities located across judicial district borders within the same state. Together, the evidence suggests that differences in court enforcement affect the impact of financial reform in developing countries.

REVISION: Court Enforcement, Bank Loans and Firm Investment: Evidence from a Bankruptcy Reform in Brazil
Date Posted: Jun  17, 2015
I exploit variation in the congestion of civil courts across Brazilian municipalities, together with a bankruptcy reform increasing secured creditors' protection, to estimate the effect of enforcement on firm access to finance, investment and size. I find that firms operating in municipalities with less congested courts experienced larger increase in the use of secured loans, as well as a larger increase in investment and value of output in the years following the reform. To establish the direction of causality I use an instrumental variable strategy and focus on differences in court congestion across otherwise similar neighboring municipalities located across judicial district borders within the same state. Together, the evidence suggests that differences in court enforcement affect the impact of financial reform in developing countries.

REVISION: Austerity and Anarchy: Budget Cuts and Social Unrest in Europe, 1919-2008
Date Posted: Dec  06, 2011
Does fiscal consolidation lead to social unrest? Using cross-country evidence for the period 1919 to 2008, we examine the extent to which societies become unstable after budget cuts. The results show a clear correlation between fiscal retrenchment and instability. We test if the relationship simply reflects economic downturns, and conclude that this is not the case. While autocracies and democracies show a broadly similar responses to budget cuts, countries with more constraints on the executive