Areas of Expertise (3)
Finance, Growth, and Economic Prosperity
Ross Levine is the Willis H. Booth Chair in Banking and Finance at Berkeley Haas. He completed his undergraduate studies at Cornell University earned his Ph.D. in economics from UCLA. He worked at the Board of Governors of the Federal Reserve System and the World Bank, where he conducted and managed research and operational programs. His research focuses on two areas: how financial regulations and the operation of financial systems shape economic growth and economic prosperity more generally; and the cognitive and non-cognitive traits of successful entrepreneurs. His two most recent books, “Rethinking Bank Regulation: Till Angels Govern” and “Guardians of Finance: Making Regulators Work for Us,” stress that regulatory policies often stymie competition and encourage excessive risk-taking, with deleterious effects on living standards. Levine advises governments, central banks, regulatory agencies, and multilateral organizations.
UCLA: PhD, Economics
Cornell University: AB, Economics
Media Appearances (3)
U.S. social unrest presents opportunities for firms to enhance ESG credentials, bolster ties with other stakeholders
How U.S. companies react to social upheaval may become a critical factor in how they are perceived by investors and other stakeholders. "There is really quite a bit of evidence that corporations that invest in non-shareholder stakeholders can obtain long run benefits,” said Prof. Ross Levine, the Willis H. Booth Chair in Banking and Finance. Recent research by Levine found that as the coronavirus spread from January to March, stocks of companies with high corporate social responsibility scores dropped an estimated 19% less than those with low scores.
Which companies are most immune to the pandemic?
The Economist online
A new working paper by Prof. Ross Levine found that stock price-drops were milder among companies with more cash, less debt, and larger profits; among those with less exposure to COVID-19 through global supply chains and customer locations; and among those with less entrenched executives. Companies engaged in corporate social responsibility activities also saw significantly smaller stock-price drops.
Hedge Funds’ Favorite Stocks Were Hit Hardest in the Coronavirus Crash
Institutional Investor online
Hedge funds likely contributed to steeper declines in the stocks they owned as equity markets sank in response to the coronavirus pandemic. Greater hedge fund ownership of publicly traded companies was found to be correlated with worse first-quarter stock performance in a new study co-authored by Prof. Ross Levine.