Forschungsportal Sachsen-Anhalt
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Kleine Märkerstraße 8


Halle (Saale)

Tel.+49 345 7753710

Stefano Colonnello

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)


In my research, I study how corporate governance affects businesses, with a focus on firm-creditor relationships and legal institutions. I am especially interested in how innovations in debt markets and the legal environment interact with governance mechanism ultimately impacting firm value and policies.

Profil • Service


Academic Appointments

2015                Assistant Professor (Junior Professor) of Financial Economics, Otto-von-Guericke University Magdeburg, Germany

2015                Coordinator of the Research Group  "Law and Finance", Halle Institute for Economic Research (IWH), Germany


2010 - 2015    Ph.D. in Finance, Swiss Finance Institute and École Polytechnique Fédérale de Lausanne, Switzerland

Spring 2014     Visiting Scholar, The Ohio State University, Fisher College of Business, Columbus, OH

2007 - 2009    M.Sc. in Finance, 110/110 cum laude, Bocconi University, Italy

2004 - 2007    B.Sc. in Institutions and Financial Markets Management, 110/110 cum laude, Bocconi University, Italy

Working Papers

1. Executive Compensation, Macroeconomic Conditions, and Cash Flow Cyclicality

2. Direct and Indirect Risk-Taking Incentives of Inside Debt, with G. Curatola and G.N. Hoang

3. Do Courts Matter for Firm Value? Evidence from the U.S. Court System, with C. Herpfer

4. Empty Creditors and Strong Shareholders: The Real Effects of Credit Risk Trading, with M. E fing and F. Zucchi

5. Abandon Ship: The Risk-Taking Incentives of Inside Debt in Bad Times, with D. Cambrea, G. Curatola, and G. Fantini

6. Internal Governance and Creditor Governance: Evidence from Credit Default Swaps

Work in Progress

a. Socially Responsible Investments and Asset Pricing, with G. Curatola and A. Gioffré

b. The Real Effects of Universal Banking: Does Access to the Public Debt Market Matter?

Grants & Honors

Doctoral Travel Grant, American Finance Association (AFA), 2014

Italian CFA Society Best Dissertation Prize, 1st Prize for The Financial Crisis and the LIBOR-OIS Spread: An Empirical Analysis, 2010


2015                Executive Compensation (seminar)
                        Topics in Empirical Finance (with Q. Xiong)
                        Financial Markets and Bank Management
                        International Finance and Open Economy Macroeconomics (with Q. Xiong)
                        Otto-von-Guericke University Magdeburg, Germany

2011  2015      Principles of Finance, Teaching Assistant (for E. Morellec),
                        École Polytechnique Fédérale de Lausanne, Switzerland


Corporate finance (capital structure, investment policy, bankruptcy)

Corporate governance (agency conflicts, managerial compensation, board structure, institutional investors, law and finance)

Financial institutions (relationship banks, universal banks)


Professional Experience

2009 - 2010          Research Assistant, Department of Finance, Bocconi University, Milan

Summer 2009       Trade Analyst, Italian Chamber of Commerce and Industry for the UK, United Kingdom