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Gustavo  Manso  - Haas School of Business, University of California, Berkeley. Berkeley, CA, US

Gustavo Manso Gustavo  Manso

Professor | William A. and Betty H. Hasler Chair in New Enterprise Development | Distinguished Teaching Fellow | Haas School of Business, University of California, Berkeley



Areas of Expertise (4)

Corporate Finance


Financial Institutions

Financial Markets


Gustavo Manso is a Professor of Finance at the Haas School of Business. His research focuses on identifying incentives for promoting innovation in organizations. He examines how managerial compensation affects a firm’s innovation activity and he has shed tremendous light on how the structure of scientific research funding influences breakthrough studies.

After teaching for just one semester at Berkeley Haas, Manso received the Earl F. Cheit Award For Excellence In Teaching—the school’s highest teaching award that is selected by students. He is co-founder and past board member of the Finance Theory Group (FTG), a highly respected initiative that gives young professors opportunities to collaborate and present their research in finance theory. Today, the FTG has grown from 30 to 150 members and hosts its bi-annual meetings at top business schools.

Education (3)

Stanford Graduate School of Business: PhD, Finance

Instituto de Matematica Pura e Aplicada (IMPA), Brazil: MS, Mathematics

Pontificia Universidade Catolica (PUC-Rio), Brazil: BA, Economics

Honors & Awards (8)

Earl F. Cheit Award for Excellence in Teaching

Full-Time MBA Program 2012

NBER IPE Grant, “Incentives and Creativity”

2007 - 2008

Swiss Finance Institute Outstanding Paper Award


Review of Financial Studies Young Researcher Award


First Prize, Lehman Brothers Fellowship for Research Excellence in Finance


Stanford Institute for Economic Policy Research (SIEPR) Fellowship

2005 - 2006

Student Travel Award, American Finance Association


Jaedicke Merit Award, Stanford Graduate School of Business

2001 - 2002

Selected External Service & Affiliations (2)

  • Co-founder (with Itay Goldstein) and board member of the Finance Theory Group
  • Referee for American Economic Review, Economic Inquiry, Economic Journal, Economic Theory, Econometrica, Journal of Accounting Research, Journal of Economic Theory, Journal of Finance, Journal of Financial Intermediation, Journal of Financial and Quantitative Analysis, Journal of Political Economy, Management Science, Quarterly Journal of Economics, Review of Economics and Statistics, Review of Economic Studies, Review of Finance, and Review of Financial Studies.

Positions Held (1)

At Haas since 2012

2018 - present, Professor of Finance, Haas School of Business 2012 – 2017, Associate Professor of Finance, Haas School of Business 2009 – 2011, Maurice F. Strong Career Development Professor of Management, MIT Sloan School of Management 2010 – 2011, Associate Professor of Finance, MIT Sloan School of Management 2006 – 2010, Assistant Professor of Finance, MIT Sloan School of Management

Media Appearances (4)

The Counterintuitive (But Effective) Way To Score A Raise

Fast Company  online


In the past, the conventional wisdom about self-employment went like this: If you left the traditional workforce to work for yourself, you were unlikely to go back. On average, you would also earn less than you would in a corporate career, and face the uncertainties of being out on your own. In short, “Previous research suggests that you have to be crazy to become self-employed because of the negative consequences on earnings and the substantially higher risk,” says Gustavo Manso, an associate professor of finance at the University of California at Berkeley’s Haas School of Business.

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The Unexpected Payoff of Failure

Fortune  online


In recent years the notion that failure brings rewards has become so venerated by business thinkers (and publications) that you could be forgiven for thinking yourself lacking if you haven’t suffered at least one calamitous, abject disaster in your career. In truth, people who have tried and failed at launching their own startup know that it incurs many unrecouped costs: time, sweat, emotion, and, most often, money.

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According to New Research, You Should Probably Start Your Own Business

The Hustle  online


If you have dreams of starting your own business but are hesitant due to the risk involved, new research suggests you should chase that dream and stop worrying so damn much. Seriously, stop it. Right now.

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How Safe Is Entrepreneur’s Livelihood If Failing in Business?

Nordic Business Report  online


Freedom. Purpose. Meaning. Three reasons why people dream of becoming entrepreneurs. Whether it’s online or brick-and-mortar, running a business entails many risks. New research shows that the financial risk may not be as great as originally thought.

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Selected Papers & Publications (11)

Independent Boards and Innovation

Journal of Financial Economics

Gustavo Manso


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Macroeconomic Risk and Debt Overhang

Review of Corporate Finance Studies

Gustavo Manso and Hui Chen


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Experimentation and the Returns to Entrepreneurship

Review of Financial Studies

Gustavo Manso


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Information Percolation in Segmented Markets

Journal of Economic Theory

Gustavo Manso, Darrell Duffie and Semyon Malamud


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Incentives to Innovate and the Decision to Go Public or Private

Review of Financial Studies

Gustavo Manso, Daniel Ferreira and Andre Silva


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Libertarian Paternalism, Information Sharing, and Financial Decision-Making

Review of Financial Studies

Gustavo Manso, Bruce Carlin, and Simon Gervais


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Feedback Effects of Credit Ratings

Journal of Financial Economics

Gustavo Manso


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Motivating Innovation

Journal of Finance


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Performance-Sensitive Debt

Review of Financial Studies

Gustavo Manso, Bruno Strulovici, and Alexei Tchistyi


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Investment Reversibility and Agency Cost of Debt



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Information Percolation in Large Markets

American Economic Review P&P

Gustavo Manso and Darrell Duffie


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Teaching (1)

Corporate Finance

MBA 231