Gustavo Manso

Gustavo Manso is a Professor of Finance at the Haas School of Business. His research focuses on identifying incentives for promoting innovation in organizations. He examines how managerial compensation affects a firm’s innovation activity and he has shed tremendous light on how the structure of scientific research funding influences breakthrough studies. After teaching for just one semester at Berkeley Haas, Manso received the Earl F. Cheit Award For Excellence In Teaching—the school’s highest teaching award that is selected by students. He is co-founder and past board member of the Finance Theory Group (FTG), a highly respected initiative that gives young professors opportunities to collaborate and present their research in finance theory. Today, the FTG has grown from 30 to 150 members and hosts its bi-annual meetings at top business schools.

Expertise and Research Interests

• Corporate Finance
• Entrepreneurship
• Financial Institutions
• Financial Markets

Education

• Ph.D. Stanford Graduate School of Business (2001 — 2006)
• M.S. Instituto de Matematica Pura e Aplicada (IMPA) (1999 — 2001)
• B.A. Pontificia Universidade Catolica do Rio de Janeiro (PUC-Rio) (1995 — 1999)

Selected Papers and Publications

• Gustavo Manso. Independent Boards and Innovation. Journal of Financial Economics. 2017
• Gustavo Manso and Hui Chen. Macroeconomic Risk and Debt Overhang. Review of Corporate Finance Studies. 2016
• Gustavo Manso. Experimentation and the Returns to Entrepreneurship. Review of Financial Studies. 2016
• Gustavo Manso, Darrell Duffie and Semyon Malamud. Information Percolation in Segmented Markets. Journal of Economic Theory. 2015
• Gustavo Manso, Daniel Ferreira and Andre Silva. Incentives to Innovate and the Decision to Go Public or Private. Review of Financial Studies. 2014
• Gustavo Manso, Bruce Carlin, and Simon Gervais. Libertarian Paternalism, Information Sharing, and Financial Decision-Making. Review of Financial Studies. 2014
• Gustavo Manso. Feedback Effects of Credit Ratings. Journal of Financial Economics. 2013
• Motivating Innovation. Journal of Finance. 2011
• Gustavo Manso, Bruno Strulovici, and Alexei Tchistyi. Performance-Sensitive Debt. Review of Financial Studies. 2010
• Investment Reversibility and Agency Cost of Debt. Econometrica. 2008
• Gustavo Manso and Darrell Duffie. Information Percolation in Large Markets. American Economic Review P&P. 2007

Selected Honors and Awards

• Earl F. Cheit Award for Excellence in Teaching Full-Time MBA Program. 2012
• NBER IPE Grant, “Incentives and Creativity”. 2007 – 2008
• Swiss Finance Institute Outstanding Paper Award. 2009
• Review of Financial Studies Young Researcher Award. 2009
• First Prize, Lehman Brothers Fellowship for Research Excellence in Finance. 2005
• Stanford Institute for Economic Policy Research (SIEPR) Fellowship. 2005 – 2006
• Student Travel Award, American Finance Association. 2005
• Jaedicke Merit Award, Stanford Graduate School of Business. 2001 – 2002