Areas of Expertise (4)
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.
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.
The Unexpected Payoff of Failure
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.
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.
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.
Selected Papers & Publications (11)
Independent Boards and InnovationJournal of Financial Economics
Macroeconomic Risk and Debt OverhangReview of Corporate Finance Studies
Gustavo Manso and Hui Chen
Experimentation and the Returns to EntrepreneurshipReview of Financial Studies
Information Percolation in Segmented MarketsJournal of Economic Theory
Gustavo Manso, Darrell Duffie and Semyon Malamud
Incentives to Innovate and the Decision to Go Public or PrivateReview of Financial Studies
Gustavo Manso, Daniel Ferreira and Andre Silva
Libertarian Paternalism, Information Sharing, and Financial Decision-MakingReview of Financial Studies
Gustavo Manso, Bruce Carlin, and Simon Gervais
Feedback Effects of Credit RatingsJournal of Financial Economics
Motivating InnovationJournal of Finance
Performance-Sensitive DebtReview of Financial Studies
Gustavo Manso, Bruno Strulovici, and Alexei Tchistyi
Investment Reversibility and Agency Cost of DebtEconometrica
Information Percolation in Large MarketsAmerican Economic Review P&P
Gustavo Manso and Darrell Duffie