hero image
Michael Pagano, PhD - Villanova University. Villanova, PA, US

Michael Pagano, PhD

The Robert J. and Mary Ellen Darretta Endowed Chair in Finance, Professor, Finance & Real Estate | Villanova School of Business | Villanova University


Michael Pagano, PhD, is an expert on financial institutions, financial markets, risk management, investments, and international finance.





Mike Pagano loading image Mike Pagano loading image


Villanova MSF Q&A with Professor Michael Pagano 1 Villanova MSF Q&A with Professor Michael Pagano 2



Areas of Expertise (15)


Financial Markets


Risk Management

Mutual Funds

Interest Rates




International Finance

Market Efficiency

Quantitative Analysis

Stock Trading

Financial Institutions and Systems

Exchange Traded Funds


Professor Pagano conducts empirical and theoretical analyses related to various issues in market microstructure, financial institution management, risk management, international finance, fixed income, and investments. He has been a Fulbright Scholar at the University of Costa Rica, as well as a visiting professor at the University of Otago in New Zealand and the American U. of Rome, and has received several awards for both teaching excellence and academic scholarship.

Professor Pagano is also involved with several boards at various institutions related to Supervisory, ALM, and Market Regulation committees. He has also worked in financial services industry for 10 years and has been referred to as "an academic with both Street sense and street smarts.

Education (3)

Rutgers University: PhD

Rutgers University: MBA

Fordham University: BS

Select Accomplishments (8)

University Outstanding Faculty Research Award (professional)

2018 Villanova University

McDonough Family Award for Research (professional)

2015 Villanova University

D. O’Mara Excellence in Graduate Teaching Award (professional)

2013 Villanova University

Research Excellence Award (professional)

2004, 2012 Villanova University

SFA Outstanding Paper in International Finance Award (professional)

2010 Southern Financial Associates

SFA Outstanding Paper in Investments Award (professional)

2005 Southern Financial Associates

U.S. Fulbright Scholarship, Costa Rica (professional)

2002-2003 U.S. Fulbright Program

Outstanding Scholar Award (professional)

2004-2005 Villanova University

Affiliations (5)

  • Member of the Financial Industry Regulatory Authority’s (FINRA) Market Regulation Committee
  • Program Chair and Organizer of the Mid-Atlantic Research Conference in Finance
  • Associate Editor, The Financial Review
  • Volunteer to the Board of Directors for Citadel Federal Credit Union
  • Independent Trustee of Alpha Architect ETF Trust

Select Media Appearances (5)

Why Warren Buffett Loves Buy-and-Hold Stocks

U.S. News & World Report  online


"For a diversified equity portfolio of U.S. stocks, 10 to 15 years is long enough to overcome any bad timing in terms of entry points," says Michael Pagano, professor of finance at Villanova University in the greater Philadelphia area. "Any shorter than that and you run the risk that you buy at a peak and then have to sell out at a trough."

view more

When Corruption Helps the Bottom Line

The New York Times  online


Most investors would agree that less corruption and more transparency in financial markets are good things. But in a contrarian way, a high degree of corruption in foreign markets can actually be beneficial. And that may provide an interesting counterargument to recent enforcement actions.

view more

Professor of the Week: Michael Pagano, Villanova School of Business

Financial Times  online


Michael Pagano is professor of finance and the Robert J and Mary Ellen Darretta endowed chair in finance at Villanova University’s School of Business. Prof. Pagano has conducted several empirical analyses related to various issues in market microstructure, financial institution management, risk management, international finance, cost of capital estimation and interest rate determination. He has published in numerous finance journals and serves as an associate editor of The Financial Review and on the editorial boards of the International Journal of Managerial Finance and Advances in Quantitative Analysis of Finance and Accounting.

view more

Analysts Ask: What Now, Nasdaq?

The Wall Street Journal  online


"If these deals do happen, it does put Nasdaq a little bit back on the defensive when you think of how to compete with these growing megamergers," said Michael Pagano, professor of finance at Villanova School of Business in Pennsylvania. "Nasdaq has to really then think about what it is going to do, where it is going to expand."

view more

German Börse in Talks to Buy the Big Board

The New York Times  online


Michael Pagano, a professor at the Villanova School of Business, said those floor specialists could help during times of market stress like the “flash crash” of May. “They could become something like the Maytag repairman,” he said. “He doesn’t necessarily do anything all day, but he’s there when you need him.”

view more

Research Grants (3)

Teaching Innovation Grant

Villanova University 


Summer Research Support Grant

Villanova University 

2006-2010, 2012-2016

Nasdaq Stock Market Educational Foundation Grant

Nasdaq Stock Market 


Select Academic Articles (5)

How have global financial institutions responded to the challenges of the post-crisis era?

Applied Economics

MS Pagagno


view more

Corruption’s impact on foreign portfolio investment

International Business Review

PK Jain, E Kuvvet, MS Pagano


view more

A comprehensive approach to measuring the relation between systemic risk exposure and sovereign debt

Journal of Financial Stability

MS Pagano, J Sedunov


view more

Large capital infusions, investor reactions, and the return and risk-performance of financial institutions over the business cycle

Journal of Financial Stability

E Elyasiani, LJ Mester, MS Pagano


view more

A call auction's impact on price formation and order routing: Evidence from the NASDAQ stock market

Journal of Financial Markets

MS Pagano, L Peng, RA Schwartz


view more