José María Liberti is an Assistant Professor of Finance at the Kellstadt Graduate School of Business, DePaul University. He previously taught at London Business School, and Kellogg School of Management. He has also served as an economic consultant at the Argentinean Ministry of Economics, Work and Public Services. Before continuing with his graduate studies, José María worked at Citibank N.A. as a Corporate Financial Advisor and in the Risk Management and Corporate Strategy Divisions in Buenos Aires and New York branches. José María's research lies in the boundaries of corporate finance, financial intermediation and organizational economics. Part of his attention has been drawn to understand how incentives, allocation of authority and types of information are used in the actual decision-making process of individuals. He has studied how "empowering managers" affect the incentives to exert more effort and to gather and use information; how hierarchies affect the use of information and how the financial development of countries impacts the cost of collateral. Recent work has examined the role rotation among agents as a mechanism to alleviate moral hazard in communication and how sharing on public information may impact coordination problems among borrowers. His work has been published at The Journal of Finance and The Review of Financial Studies. Liberti was born in Buenos Aires, Argentina. He received a bachelor's and master's degree in economics from the Universidad de San Andrés (UdeSA), in Buenos Aires. He moved to the United States in 1998 and earned both a Masters and a PhD in Economics from The University of Chicago. An award-winning teacher, at DePaul he teaches three elective courses: Problems In Corporate Financial Policy (FIN 551), Special Topics In Corporate Finance (FIN 553), and Mergers & Acquisitions (FIN 558).
Articles
Collateral Spread and Financial Development (with Atif R. Mian), The Journal of Finance (2009)
We show that institutions that promote financial development ease borrowing constraints by lowering the collateral...
Estimating the Effect of Hierarchies on Information Use (with Atif R. Mian), Review of Financial Studies (2009)
Theory suggests that greater hierarchical distance between a subordinate and his boss makes it more...
Information and Incentives Inside the Firm: Evidence from Loan Officer Rotation (with Andrew Hertzberg and Daniel Paravisini), The Journal of Finance (2009)
We present evidence that reassigning tasks among agents can alleviate moral hazard in communication. A...
Online Appendices
Online Appendix to "Public Information and Coordination: Evidence from a Credit Registry Expansion" (with Andrew Hertzberg and Daniel Paravisini), Working Paper Series Columbia GSB (2009)
Online Appendix to "Collateral Spread and Financial Development" (with Atif R. Mian), The Journal of Finance (2009)
Online Appendix to "Information and Incentives Inside the Firm: Evidence from Loan Officer Rotation" (with Andrew Hertzberg and Daniel Paravisini), The Journal of Finance (2009)
Working Papers
Public Information and Coordination: Evidence from a Credit Registry Expansion (with Andrew Hertzberg and Daniel Paravisini), Working Paper Series Columbia GSB, Revise and Resubmit The Journal of Finance (2009)
When agents have incentives to coordinate, their actions are more sensitive to public than to...
Initiative, Incentives and Soft Information. How does Delegation Impact the Role of Bank Relationship Managers?, IFA Working Paper No.404 (2005)
This paper empirically examines how changes in the hierarchical structure of a large organization can...
Teaching: Finance 551
Course Outline: Problems In Corporate Financial Policy, Graduate Elective Course (2009)
This is a tentative summary of the course outline with cases.
Course Syllabus: Problems In Corporate Financial Policy, Graduate Elective Course (2009)
The main aim of this course is to enable you to apply the theoretical concepts...
Teaching: Finance 553
Course Outline: Special Topics In Corporate Finance, Graduate Elective Course (2009)
This is a tentative summary of the course outline with cases.
Course Syllabus: Special Topics In Corporate Finance, Graduate Elective Course (2009)
The course focuses on fundamental themes in corporate finance in an international setting including: the...
Teaching: Finance 558
Course Outline: Mergers & Acquisitions, LBOs and Corporate Restructuring, Graduate Elective Course (2009)
This is a tentative summary of the course outline with cases.
Course Syllabus: Mergers & Acquisitions, LBOs and Corporate Restructuring, Graduate Elective Course (2009)
The course involves analysis of corporate restructuring strategies including mergers, acquisitions, friendly vs. hostile takeovers,...