Patrick Bolton
Barbara and David Zalaznick Professor of Business at Columbia Business School
Schools
- Columbia Business School
Links
Biography
Columbia Business School
Biography
Patrick Bolton is the David Zalaznick Professor of Business. He joined Columbia Business School in July 2005. He received his PhD from the London School of Economics in 1986 and holds a BA in economics from the University of Cambridge and a BA in political science from the Institut d'Etudes Politiques de Paris. He began his career as an assistant professor at the University of California at Berkeley and then moved to Harvard University, joining their economics department from 1987-1989. He was Chargé de Recherche at the C.N.R.S. Laboratoire d' Econométrie de L' Ecole Polytechnique from 1989-1991, Cassel Professor of Money and Banking at the London School of Economics from 1991-1994, Chargé de cours associé at the Institut d'Etudes Europénnes de l'Université Libre de Bruxelles from 1994-1998, and John H. Scully '66 Professor of Finance and Economics at Princeton University from 1998-2005. His research and areas of interest are in contract theory and contracting issues in corporate finance and industrial organization. A central focus of his work is on the allocation of control and decision rights to contracting parties when long-term contracts are incomplete. This issue is relevant in many different contracting areas including: the firm's choice of optimal debt structure, corporate governance and the firm's optimal ownership structure, vertical integration, and constitution design. His work in industrial organization focuses on antitrust economics and the potential anticompetitive effects of various contracting practices. He recently published his first book, Contract Theory, with Mathias Dewatripont and has co-edited a second book with Howard Rosenthal, Credit Markets for the Poor.
Teaching
Spring 2018
The Business Of Climate Change: Investing And Managing In A Changing Environment (MBA)
Fall 2017
Financial Crises, Regulatory Responses (MBA)
(PhD) Corporate Finance Theory (PHD)
Spring 2017
The Business Of Climate Change: Investing And Managing In A Changing Environment (MBA)
Corporate Theory (PHD)
Fall 2016
Financial Crises, Regulatory Responses (MBA)
(PhD) Corporate Finance Theory (PHD)
Spring 2016
Fall 2015
(PhD) Corporate Finance Theory (PHD)
Financial Crises and Regulatory Responses (MBA)
Fall 2014
Financial Crises and Regulatory Responses (MBA)
(PhD) Corporate Finance Theory (PHD)
Spring 2014
Financial Crises and Regulatory Responses (MBA)
Fall 2013
(PhD) Corporate Finance Theory (PHD)
Fall 2012
Financial Crises and Regulatory Responses (MBA)
(PhD) Corporate Finance Theory (PHD)
Research
Journal articles
Should Derivatives Be Privileged in Bankruptcy? In Journal of Finance (forthcoming)
Coauthor(s): Patrick Bolton, Martin Oehmke
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Cream Skimming in Financial Markets In The Journal of Finance (forthcoming)
Coauthor(s): Patrick Bolton, Tano Santos, Jose Scheinkman
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From Global Savings Glut to Financing Infrastructure In Economic Policy (2017)
Coauthor(s): Rabah Arezki, Patrick Bolton, Sanjay Peters, Joseph Stiglitz, Frederic Samama
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Governance and Climate Change: A Success Story in Mobilizing Investor Support for Corporate Responses to Climate Change In Journal of Applied Corporate Finance (2016)
Coauthor(s): Mats Andersson, Patrick Bolton, Frederic Samama
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Corporate Finance, Incomplete Contracts, and Corporate Control In Journal of Law, Economics, and Organization (2014)
Coauthor(s): Patrick Bolton
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Leadership, Coordination and Corporate Culture In Review of Economic Studies (2013)
Coauthor(s): Patrick Bolton, Markus Brunnermeier, Laura Veldkamp
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Market Timing, Investment, and Risk Management In Journal of Financial Economics (2013)
Coauthor(s): Patrick Bolton, Hui Chen, Neng Wang
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Strategic Conduct in Credit Derivative Markets In International Journal of Industrial Organization (2013)
Coauthor(s): Patrick Bolton, Martin Oehmke
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Capital Access Bonds: Contingent Capital with an Option to Convert In Economic Policy (2012)
Coauthor(s): Patrick Bolton, Frederic Samama
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A Unified Theory of Tobin''s q, Corporate Investment, Financing, and Risk Management In Journal of Finance (2011)
Coauthor(s): Patrick Bolton, Hui Chen, Neng Wang
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Outside and Inside Liquidity In The Quarterly Journal of Economics (2011)
Coauthor(s): Patrick Bolton, Tano Santos, Jose Scheinkman
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Credit Default Swaps and the Empty Creditor Problem In Review of Financial Studies (2011)
Coauthor(s): Patrick Bolton, Martin Oehmke
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Sovereign Default Risk in Financially Integrated Economies In IMF Economic Review (2011)
Coauthor(s): Patrick Bolton, Olivier Jeanne
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Why bank governance is different In Oxford Review of Economic Policy (2011)
Coauthor(s): Marco Becht, Patrick Bolton
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Market and Public Liquidity In American Economic Review (2009)
Coauthor(s): Patrick Bolton, Tano Santos, Jose Scheinkman
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Redesigning the International Lender of Last Resort In Chicago Journal of International Law (2005)
Coauthor(s): Patrick Bolton
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Incomplete Social Contracts In Journal of the European Economic Association (2003)
Coauthor(s): Patrick Bolton, Philippe Aghion
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Political Intervention in Debt Contracts In Journal of Political Economy (2002)
Coauthor(s): Patrick Bolton, Howard Rosenthal
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The Great Divide and Beyond: Financial Architecture in Transition In Journal of Economic Perspectives (2002)
Coauthor(s): Patrick Bolton, Erik Berglof
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Predatory Pricing: Strategic Theory and Legal Policy In Georgetown Law Journal (2001)
Coauthor(s): Patrick Bolton
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Strategic Experimentation In Econometrica (1999)
Coauthor(s): Patrick Bolton, Christopher Harris
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Blocks, Liquidity, and Corporate Control In Journal of Finance (1998)
Coauthor(s): Patrick Bolton, Ernst-Ludwig von Thadden
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Corporate Finance, the Theory of the Firm, and Organization In Journal of Economic Perspectives (1998)
Coauthor(s): Patrick Bolton, David Scharfstein
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The Breakup of Nations: A Political Economy Analysis In Quarterly Journal of Economics (1997)
Coauthor(s): Patrick Bolton, Gerard Roland
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A Theory of Trickle-Down Growth and Development In Review of Economic Studies (1997)
Coauthor(s): Patrick Bolton, Philippe Aghion
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The Firm as a Communication Network In Quarterly Journal of Economics (1994)
Coauthor(s): Patrick Bolton, Mathias Dewatripont
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Incomplete Contracts, Vertical Integration, and Supply Assurance In Review of Economic Studies (1993)
Coauthor(s): Patrick Bolton, Michael Whinston
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Privatization in Central and Eastern Europe In Economic Policy (1992)
Coauthor(s): Patrick Bolton, Gerard Roland
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An Incomplete Contracts Approach to Financial Contracting In Review of Economic Studies (1992)
Coauthor(s): Patrick Bolton, Philippe Aghion
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Decentralization, Duplication, and Delay In Journal of Political Economy (1990)
Coauthor(s): Patrick Bolton, Joseph Farrell
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A Theory of Predation Based on Agency Problems in Financial Contracting In American Economic Review (1990)
Coauthor(s): Patrick Bolton, David Scharfstein
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Contracts as a Barrier to Entry In American Economic Review (1987)
Coauthor(s): Patrick Bolton, Philippe Aghion
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Books
Sovereign Wealth Funds and Long-Term Investing (2011)
Coauthor(s): Patrick Bolton, Frederic Samama, Joseph Stiglitz
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Contract Theory (2005)
Coauthor(s): Patrick Bolton, Mathias Dewatripont
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Credit Markets for the Poor (2005)
Coauthor(s): Patrick Bolton, Howard Rosenthal
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Chapters
The Good Banker In After the Flood: How the Great Recession Changed Economic Thought (2017)
Coauthor(s): Patrick Bolton
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Covenant Lite Lending, Liquidity and Standardization of Financial Contracts In Research Handbook on the Economics of Property Law (2011)
Coauthor(s): Kenneth Ayotte, Patrick Bolton
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Corporate Governance and Control In Handbook of the Economics of Finance (2003)
Coauthor(s): Patrick Bolton
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Working papers
Liquidity and Risk Management: Coordinating Investment and Compensation Policies (2017)
Coauthor(s): Patrick Bolton, Neng Wang, Jinqiang Yang
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Savings Gluts and Financial Fragility (2017)
Coauthor(s): Patrick Bolton, Tano Santos, Jose Scheinkman
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Bank Resolution and the Structure of Global Banks (2017)
Coauthor(s): Patrick Bolton, Martin Oehmke
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Relationship and Transaction Lending in a Crisis (2016)
Coauthor(s): Patrick Bolton, Xavier Freixas, Leonardo Gambacorta, Paolo Mistrulli
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CoCo Bonds Issuance and Bank Funding Costs: An Empirical Analysis (2016)
Coauthor(s): Stefan Avdjiev, Bilyana Bogdanova, Patrick Bolton, Wei Jiang, Anastasia Kartasheva
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Investment under Uncertainty and the Value of Real and Financial Flexibility (2014)
Coauthor(s): Patrick Bolton, Neng Wang, Jinqiang Yang
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Hedging Climate Risk (2014)
Coauthor(s): Mats Andersson, Patrick Bolton, Frederic Samama
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Debt, Taxes, and Liquidity (2014)
Coauthor(s): Patrick Bolton, Hui Chen, Neng Wang
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Investment, Liquidity, and Financing under Uncertainty (2013)
Coauthor(s): Patrick Bolton, Neng Wang, Jinqiang Yang
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The Dynamics of Optimal Risk Sharing In Working Paper Series No. 16094 (2013)
Coauthor(s): Patrick Bolton, Christopher Harris
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Towards an International Green Fund (2010)
Coauthor(s): Patrick Bolton, Roger Guesnerie, Frederic Samama
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L-Shares: Rewarding Long-term Investors (2010)
Coauthor(s): Patrick Bolton, Frederic Samama
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Executive Compensation and Risk Taking (2010)
Coauthor(s): Patrick Bolton, Hamid Mehran, Joel Shapiro
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Intracompany Governance and Innovation In Working Paper Series No, 15304 (2009)
Coauthor(s): Sharon Belenzon, Tomer Berkovitz, Patrick Bolton
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Pay for Short-Term Performance: Executive Compensation in Speculative Markets In mimeo (2004)
Coauthor(s): Patrick Bolton, Jose Scheinkman, Wei Xiong
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Ideas and Insights
Up in Smoke (2015)
In The News
Magazine articles
How to Prepare for Financial Meltdowns In Forbes.com (2009)
Coauthor(s): Bruce Kogut, Patrick Bolton, Tano Santos
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Videos
CGEG - Interview with Patrick Bolton
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