Why Do Stock Prices Often Drop After Mergers and Acquisition


Anderson School of Management
Professor of Finance



During his 20 years at UCLA Anderson, Professor Antonio “Tony” Bernardo estimates he’s taught at least 5,000 students. Bernardo says some of the best moments are when students walk into his office to dig deeper into a business issue — to learn beyond the classroom material. “Everyone on the faculty I know loves meeting with a hard-working, motivated student,” he says.

Bernardo’s research spans various areas of corporate finance. His recent research on bailouts provided a set of policy recommendations to lawmakers looking to design bailouts for distressed firms. His current research looks at optimal capital structures, or how much debt and equity financing a firm should have. It suggests that capital structure decisions are determined, in part, by the debt choices other firms in the industry are making.

Another area Bernardo is exploring involves optimal compensation of doctors, and designing compensation systems for health providers. “I tend to work on topics that are very diverse,” Bernardo says. “I learn a lot that way.”

In addition to having an impressive list of published papers and working papers, as well as receiving numerous teaching awards, Bernardo serves as associate editor of the Critical Finance Review and Financial Management.



Ph.D. Economics, 1994, Stanford University

B.A. Economics, 1989, University of Western Ontario

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