Paola Sapienza
[On Leave 2023-24: Hoover Institution, Stanford University]
Donald C. Clark/HSBC Chair in Consumer Finance
Professor of Finance
Kellogg School of Management
Northwestern University
2221 Campus Drive, Evanston, IL 60208-2001
e-mail: Paola-Sapienza@kellogg.northwestern.edu

Curriculum vitae
Kellogg bio
Financial Trust Index
Google Scholar Page

Research Papers

1. Overconfidence and Preferences for Competition [Abstract], (with Ernesto Reuben and Luigi Zingales), April 2024, Journal of Finance. vol.79 (2), pp 1087-1121, https://onlinelibrary.wiley.com/doi/10.1111/jofi.13314 , Online Appendix.

2. Diversity in Schools: Immigrants and the Educational Performance of U.S. Born Students [Abstract], (with David Figlio, Paola Giuliano, Riccardo Marchingiglio, and Umut Ozek), March 2024, Review of Economic Studies, Volume 91, Issue 2, Pages 972-1006, https://doi.org/10.1093/restud/rdad047 , Online Appendix.

3. Effect of Mood and Worker Incentives on Workplace Productivity [Abstract], (with Decio Coviello, Erika Deserrano, and Nicola Persico), The Journal of Law, Economics & Organization, 26 September 2022.

4. The Family Origin of the Math Gender Gap is a White Affluent Phenomenon [Abstract], (with Gaia Dossi, David Figlio, and Paola Giuliano), American Economic Review, Papers and Proceedings, vol. 111, pages 179-183, May 2021. Online Appendix.

5. Born in the Family: Preferences for Boys and the Gender Gap in Math [Abstract], (with Gaia Dossi, David Figlio, and Paola Giuliano), Journal of Economic Behavior and Organization, March 2021, 183, 175-188, Pages 175-188. Online Appendix

6. Civic Capital and Social Distancing during the Covid-19 Pandemic [Abstract], (with John M. Barrios, Efraim Benmelech, Yael V. Hochberg, and Luigi Zingales), Journal of Public Economics , January 2021, vol. 193, Online Appendix.

7. The Cost of Being too Patient [Abstract], (with Paola Giuliano), American Economic Review, Papers and Proceedings, May 2020, vol. 110, pp. 314-18.

8. Long-Term Orientation and Educational Performance [Abstract], (with David Figlio, Paola Giuliano, and Umut Ozek), American Economic Journal: Economic Policy, November 2019, Online Appendix. Vol 11, n. 4, pp. 272-309.

9. Time Varying Risk Aversion [Abstract], (with Luigi Guiso and Luigi Zingales), Journal of Financial Economics, June 2018, Volume 128, Issue 3, Pages 403-421. Online Appendix.

10. Long Term Persistence [Abstract], (with Luigi Guiso and Luigi Zingales), Journal of European Economic Association, December 2016, Vol. 14(6):1401-1436, Online Appendix. This paper previously circulated with the title "Was Putnam Right?". doi:10.1111/jeea.12177. Winner of the 2018 Hicks Tinbergen Award.

11. Monnet's Error? [Abstract], (with Luigi Guiso and Luigi Zingales), Economic Policy, 2016, 31 (86): 247-297,

12. Corporate Culture, Societal Culture, and Institutions [Abstract], (with Luigi Guiso and Luigi Zingales), American Economic Review: Papers & Proceedings, 2015, Vol. 105(5): 336-339.

13. The Value of Corporate Culture [Abstract], (with Luigi Guiso and Luigi Zingales), Journal of Financial Economics, 2015, Vol. 117(1): 60-76.

14. Procrastination and Impatience [Abstract], (with Ernesto Reuben and Luigi Zingales), Journal of Behavioral and Experimental Economics,, 2015, 58: 63-76,

15. How Stereotypes Impair Women's Career in Science [Abstract], (with Ernesto Reuben and Luigi Zingales), Proceedings of the National Academy of Sciences, 2014, Vol 111(12): 4403-4408.

16. Economic Experts versus Average Americans, (with Luigi Zingales), American Economic Review, 2013. Papers and Proceedings, On line Appendix.

17. The Determinants of Attitudes towards Strategic Default on Mortgages [Abstract], (with Luigi Guiso and Luigi Zingales), Journal of Finance, 2013, 68(4), August, pp. 1473-1515 On line Appendix. This paper previously circulated with the title "Moral and Social Constraints to Strategic Default on Mortgages," Financial Trust Index Working Paper.

18. Understanding Trust [Abstract], (with Anna Toldra and Luigi Zingales), Economic Journal. December 2013, Vol. 123(573): 1313-1332.

19. The emergence of male leadership in competitive environments [Abstract], (with Ernesto Reuben, Pedro Rey-Biel and Luigi Zingales), Journal of Economic Behavior & Organization, June 2012, 83(1): 111-117, .

20. What Do Independent Directors Know? Evidence from Their Trading [Abstract], (with Enrichetta Ravina), The Review of Financial Studies, March 2010, 23(3): 962-1003,

21. Gender differences in financial risk aversion and career choices are affected by testosterone (with Dario Maestripieri and Luigi Zingales), Proceeding of the National Academy of Sciences [PNAS link], August 25, 2009,.

22. Time Discounting for Primary and Monetary Rewards [Abstract], (with Ernesto Reuben and Luigi Zingales), Economic Letters, 106(2): 125-127, January 2010.

23. Cultural Biases in Economic Exchange? [Abstract] [Supporting Online Materials], (with Luigi Guiso and Luigi Zingales), The Quarterly Journal of Economics, 124(3), August 2009.

24. Is Mistrust Self-Fulfilling? [Abstract], Supplementary Material, (with Ernesto Reuben and Luigi Zingales), Economic Letters, 104(2): 89-91, August 2009.

25. A Lobbying Approach to Evaluating the Sarbanes-Oxley Act of 2002 [Abstract], (with Yael Hochberg and Annette Vissing-Jørgensen), Journal of Accounting Research, 47(2): 519-583, May 2009.

26. The Stock Market and Corporate Investment: a Test of Catering Theory [Abstract], (with Christopher Polk), Review of Financial Studies, 22(1): 187-217, January 2009.
This paper previously circulated with the title "The Real Effects of Investor Sentiment."

27. Trusting the Stock Market [Abstract], (with Luigi Guiso and Luigi Zingales), The Journal of Finance, 63(6): 2557-2600, December 2008

28. Culture, Math, and Gender, [Abstract] [Supporting Online Materials] (with Luigi Guiso, Ferdinando Monte and Luigi Zingales), Science, 320(5880): 1164-1165, May 30, 2008

29. Alfred Marshall Lecture -- Social Capital as Good Culture [Abstract], (with Luigi Guiso and Luigi Zingales), The Journal of the European Economic Association, April-May 2008, 6(2-3): 295-320 (Published paper available online through Science Direct).

30.Does Culture Affect Economic Outcomes? [Abstract], (with Luigi Guiso and Luigi Zingales), The Journal of Economic Perspectives, Spring 2006, 20(2): 23-48. (Published paper available online through the American Economic Association.)

31. Does Local Financial Development Matter? [Abstract] (with Luigi Guiso and Luigi Zingales), Quarterly Journal of Economics, 2004, 119 (3): 929-969 (Published paper available online through MIT Press.)

32.The Role of Social Capital in Financial Development [Abstract] (with Luigi Guiso and Luigi Zingales), American Economic Review, June 2004, 94(3): 526-556 (Published paper available online through the American Economic Association.)

33. The Effects of Government Ownership on Bank Lending [Abstract], Journal of Financial Economics, May 2004, 72(2): 357-384. Reprinted in Stijn Claessens and Luc Laeven (editors), A Reader in International Corporate Finance. Washington, DC: World Bank Publications, 2006, pp. 259-286. (Published paper available online through Science Direct).
This paper previously circulated with the title "What do State-owned Firms Maximize? Evidence from the Italian Banks" and "Lending Incentives of State Owned Firms."

34. People’s Opium? Religion and Economic Attitudes [Abstract], (with Luigi Guiso and Luigi Zingales), Journal of Monetary Economics, January 2003, 50(1): 225-282 (Published paper available online through Science Direct).

35. The Effects of Banking Mergers on Loan Contracts [Abstract], Journal of Finance, February 2002, 57(1): 329-368 (Published paper available online through Ingenta).

Summaries of Research

NBER Reporter 2022: Cultural Transmission in Education (with David Figlio and Paola Giuliano), July 2022.

Civic Capital as the Missing Link [Abstract], with Luigi Guiso and Luigi Zingales, Handbook of Social Economics, edited by Jess Benhabib, Alberto Bisin and Matthew Jackson, Volume 1, pp. 417-480, Elsevier, 2011. (Published version available online.)

NBER Reporter 2011: Trust and Finance (with Luigi Zingales), July 2011.

Other writings

A Trust Crisis [Abstract], (with Luigi Zingales), International Review of Finance. 12(2): 123-131, June 2012.

Between- and within-sex variation in hormonal responses to economic decision making tests in a large sample of MBA students, (with Dario Maestripieri, Nicole Baran, and Luigi Zingales), September, 2010, Stress.

A Description of the Templeton-Chicago MBAs Longitudinal Study [Abstract]
with Ernesto Reuben and Luigi Zingales (January 2008)

Can we infer social preferences from the lab? Evidence from the trust game [Abstract], (with Nicole Baran and Luigi Zingales), Working Paper, August 2009.

The Cost of Banking Regulation [Abstract], (with Luigi Guiso and Luigi Zingales), Working Paper, February 2007.

Discussion of "The Bright Side of Internal Capital Markets" by Naveen Khanna and Sheri Tice, Journal of Finance, August 2001, 56(4): 1528-1531. (Published version available online through Wiley Online Library.)

Comments on "Lessons from Case Studies on Large Insolvencies" in Douglas D. Evanoff and George G. Kaufman (eds.), Systemic Financial Crises: Resolving Large Bank Insolvencies, pp. 391-394. New Jersey: World Scientific, 2005.

Datasets and Replication Material

This list includes non-proprietary data (includes all data that I can distribute). Please, note that if a dataset is offered to paying institutions through a contract, I cannot distribute those data. Read the appendix of the relevant paper before contacting me with further requests.

Dataset and replication material for the paper "Overconfidence and Preferences for Competition," Journal of Finance (data download)

Replication material for paper Diversity in Schools: Immigrants and the Educational Performance of U.S. Born Students , Review of Economic Studies, (download)

Replication material for paper "Long-Term Orientation and Educational Performance," American Economic Journal: Economic Policy, November 2019, (download)

Dataset for paper "Long-Term Persistence," Journal of the European Economic Association, 2016 (data download)

Dataset for paper "The Role of Social Capital in Financial Development," American Economic Review, 94(3): 526-556 (data download)

Somatic distance dataset from the paper "Cultural Biases in Economic Exchange?," The Quarterly Journal of Economics, 124(3), August 2009. (data download)

(non-copyrighted) Data to reconstruct Table 3 in "Cultural Biases in Economic Exchange?," The Quarterly Journal of Economics, 124(3), August 2009. (data download)