Professor of Finance
Economics, Finance, Control
After having worked for 10 years as an university professor in the Netherlands (University of Tilburg and Amsterdam), Riccardo Calcagno joined EMLYON Business School in january 2011 as an associate professor of corporate finance. His research covers different topics: from corporate governance to mergers and acquisitions, to the design of optimal managerial compensation. He is currently focusing on the study of the consequences of financial illiteracy of households and self-employed/small entrepreneurs on their investment choices.
- 2012 HDR in Management Sciences - Université "Jean Moulin" Lyon 3, France
- 2001 PhD in Economics - Université Catholique de Louvain, Belgium
- 1996 MA in Economics with honours - Université Catholique de Louvain, Belgium
- 1993 Degree in Economics, University of Torino, Italy
- 2008 – 2010 Associate Professor of Finance - VU University Amsterdam, The Netherlands
- 2005 – 2007 Assistant Professor of Finance - VU University Amsterdam, The Netherlands
- 1999 – 2005 Assistant Professor of Finance - Tilburg University, The Netherlands
- Since 2005 Visiting Fellow at CeRP - Collegio Carlo Alberto, Turin, Italy
- Since 2005 Extramural Fellow of TILEC - Tilburg University, The Netherlands
Member of the Scientific Committee of emlyon business school
- Financial Literacy and Economics of Advice
- Bargaining and Takeovers
- Contract Theory and Managerial Compensation
- Corporate Governance
- Financial Markets Microstructure
European Economic Association, European Finance Association, Financial Management Association, French Finance Association
- MSc level (at emlyon):
- MSc in Management: Corporate Finance
- MSc level (at VU Amsterdam, Tilburg University):
- Corporate Governance (2008-2009)
- Advanced Corporate Finance (2001-2004)
- PhD level (Tinbergen Institute):
- Corporate Finance Theory (2006-2011)
- Financial Literacy and Households Finance
- Managerial Compensation and Corporate Governance
ACADEMIC ARTICLES (12)‑ Calcagno, Riccardo, Giofré, Maela, , Urzi-Brancati, Maria Cesira. 2017. To trust is good, but to control is better: How investors discipline financial advisors’ activity.Journal of Economic Behavior & Organization, 140: 287–316 p.
‑ Moscarola, Flavia Coda, Calcagno, Riccardo, , Fornero, Elsa. 2017. Too busy to stay at work: How willing are Italian workers "to pay" for earlier retirement?.Economics Bulletin, 37 (3): 1694-1707 p.
‑ CALCAGNO, Riccardo, MONTICONE, Chiara. 2015. Financial Literacy and the Demand for Financial Advice.Journal of Banking and Finance , 50: 363-380 P.
‑ Calcagno, Riccardo, FALCONIERI, Sonia. 2014. Competition and dynamics of takeover contests.Journal of Corporate Finance: Contracting, Governance and Organization , 26: 36-56 P.
‑ Calcagno, Riccardo, URZI, BRANCATI Maria Cesira. 2014. Do more financially literate households invest less in housing?: Evidence from Italy.Economics Bulletin , 34 (1): 430-445 P.
‑ Calcagno, Riccardo, KAMADA, Yuichiro, , LOVO, Stefano, , TAKUO, Sugaya. 2014. Asynchronicity and Coordination in Common and Opposing Interest Games.Theoretical economics, 9 (2): 409-434 P.
‑ Calcagno, Riccardo, ROSSI, Mariacristina. 2011. Portfolio choice and precautionary savings.Economics Bulletin, 31 (2): 1353-1361 P.
‑ Calcagno, Riccardo, KRAUSSL, Roman, , MONTICONE, Chiara. 2011. An analysis of the effects of the severance payment reform on credit to Italian SMEs.Journal of Financial Economic Policy, 3 (3): 243-261 P.
‑ CALCAGNO, Riccardo, FORNERO, Elsa, , ROSSI, Mariacristina. 2009. The Effect of House Prices on Household Consumption in Italy.Journal of Real Estate Finance and Economics, 39 (3): 284-300 P.
‑ CALCAGNO, Riccardo, RENNEBOOG, luc. 2007. The incentive to give incentives: On the relative seniority of debt claims and managerial compensation.Journal of Banking and Finance , 31 (6): 1795-1815 P.
‑ CALCAGNO, Riccardo, WAGNER, Wolf. 2006. Dispersed initial ownership and the efficiency of the stock market under moral hazard.Journal of Mathematical Economics, 42 (1): 36-45 P.
‑ CALCAGNO, Riccardo, LOVO, Stefano. 2006. Bid-Ask Price Competition with Asymmetric Information between Market-Makers.Review of Economic Studies , 73 (255): 329-355 P.
BOOK CHAPTERS (2)‑ Alperovych, Yan, Calcagno, Riccardo, , Geiler, Philipp. 2018. Corporate Governance and Fraud: Causes and Consequences., Research Handbook of Finance and Sustainability. : Cheltenham : Edward Elgar
‑ CALCAGNO, Riccardo, SADRIEH, Abdolkarim. 2008. A Note on the Effects of Introducing a Market for Cash-Settled Forward Contracts on Electricity., Emerging Topics in Banking and Finance. : Nova Science, 201-209 P.
WORKING PAPERS (5)‑ Calcagno, Riccardo, URZI, BRANCATI Maria Cesira. 2013. Do more financially literate households invest less in housing? Evidence from Italy. (CeRP Working Paper Series, 131/13).: CeRP, 24 P.
‑ Calcagno, Riccardo, FALCONIERI, Sonia. 2013. Competition and dynamics of takeover contests. (CeRP Working Paper Series, 132/13).: CeRP, 33 P.
‑ Calcagno, Riccardo, MONTICONE, Chiara. 2011. Financial literacy and the demand for financial advice. (CeRP Working Paper Series, 117/11).: CeRP, 46 P.
‑ Calcagno, Riccardo, LOVO, Stefano. 2010. Preopening and equilibrium selection. (, 10-023/2).: Tinbergen Institute, 51 P.
‑ Calcagno, Riccardo, HEIDER, Florian. 2007. Market based compensation, price informativeness and short-term trading. (European Central Bank Working Paper Series, 735).: European Central Bank, 43 P.
(1)‑ URZI-BRANCATI, Maria Cesira. 2013. Housing decisions and their implications for consumption, portfolio choice and labour market status over the lifecycle. PhD Thesis sustained on December 16th, 2013.: University of Rome Tor Vergata