Jacopo Ponticelli

Associate Professor of Finance

Print Overview

Jacopo Ponticelli joined Kellogg School of Management in 2017 as Associate Professor of Finance. He is an applied economist that primarily studies corporate finance and development economics. His research interests include law and finance, financial development, and economic growth. His work has been published in the American Economic Review and the Quarterly Journal of Economics. Before joining Kellogg School of Management, he served as an Assistant Professor of Finance and Cohen and Keenoy Scholar at the University of Chicago Booth School of Business. Professor Ponticelli holds a PhD in Economics from the Universitat Pompeu Fabra (Spain) and a BA from the Catholic University of Milan (Italy).

Print Vita
PhD, 2013, Economics, Universitat Pompeu Fabra in Barcelona, Cum Laude
MSc, 2008, Economics, Universitat Pompeu Fabra in Barcelona
BA, 2006, International Relations, Università Cattolica di Milano

Print Research
Research Interests

Corporate Finance

Development Economics

Alencar, Leonardo and Jacopo Ponticelli. 2016. Court Enforcement, Bank Loans and Firm Investment: Evidence from a Bankruptcy Reform in Brazil. The Quarterly Journal of Economics. 131(3): 1365-1413.
Bustos, Paula, Bruno Caprettini and Jacopo Ponticelli. 2016. Agricultural Productivity and Structural Transformation: Evidence from Brazil. American Economic Review. 106(6): 1320-1365.
Working Papers
Bustos, Paula, Gabriel Garber and Jacopo Ponticelli. 2017. Capital Accumulation and Structural Transformation.
Cong, Lin William, Haoyu Gao, Jacopo Ponticelli and Xiaoguang Yang. 2018. Credit Allocation under Economic Stimulus: Evidence from China.
Bustos, Paula, Juan Manuel Castro Vicenzi, Joan Monras and Jacopo Ponticelli. 2018. Skill-biased Agricultural Technical Change and Industrial Specialization.
Lagaras, Spyros, Jacopo Ponticelli and Margarita Tsoutsoura. 2017. Caught with the Hand in the Cookie Jar: Firm Growth and Labor Reallocation after Exposure of Corrupt Practices.
Ponticelli, Jacopo and Joachim Voth. 2017. Austerity and Anarchy: Budget Cuts and Social Unrest in Europe, 1919-2008.

Print Teaching
Full-Time / Evening & Weekend MBA
Finance II (FINC-431-0)

**This version of Finance II is designed for students who took Finance I during or after Fall 2014**

Finance II: Corporate Finance covers the financial knowledge you need to run a firm, whether the firm is a multi-billion international conglomerate or a three-person start up. You will learn how to answer the three fundamental question of corporate finance: (1) Capital structure or the funding decision: which source(s) of capital should you use to fund the firm's project? (2) Capital budgeting or the investment decision: which projects should you invest in? (3) Dividend decision: how should you deploy the capital that the project returns?

We will cover the three fundamental methods for valuing projects and firms: discounted cash flow (or net present value), real options, and multiples analysis. The class begins with a theoretical framework. The world of finance is very complex. Without a logical structure that you can use to frame and answer questions, you will rapidly become lost and will be unable to defend your position. The theoretical framework is valuable, however, only if you can use it to examine real world decisions. Thus the majority of class time will be devoted to applying the logical framework.

This course is important for anyone who plans to run a firm or a division, who hopes to be involved in the investment or funding decisions of the firm, who plans to work for a service provider who will assist the firm in analyzing these decisions (e.g., banking and consulting), or who plans to invest in firms or advise clients who will invest in firms. Even if you initially specialize in a different functional area, you want to understand how the finance function works. The most brilliant idea isn't useful if you cannot get it funded.

Recommended Prerequisites: ACCT-430 and MECN-430