Paola Sapienza
Paola Sapienza is the Donald C. Clark/HSBC Chair in Consumer Finance Professor at the Kellogg School of Management. She also serves as a faculty research fellow in the National Bureau of Economic Research's program on corporate finance and political economy, and has previously served as a faculty fellow in the former Zell Center for Risk Research, a research affiliate of the Center for Economic Policy Research. Sapienza's areas of expertise include banking and financial institutions, behavioral economics, behavioral finance, corporate finance, emerging markets and regulation of financial markets, private equity and venture capital. Sapienza has written articles on banking, social capital, trust and financial development. Professor Sapienza is also an independent board member of Assicurazioni Generali SpA since April 2010.
Covid-19
Back to Work? The Political Preparation for “Phase 2” of the Pandemic Is a Matter of Trust
According to a special wave of the Booth/Kellogg Financial Trust Index, Americans have bought into social distancing rules. However, most of the respondents are...
ESG, Corporate Governance & Future of the Firm
Chicago Booth/Kellogg School Financial Trust Index Shows Americans’ Trust in Financial Institutions Increasing After Rocky Decade
Financial trust increased from 22 percent in 2008 to 28 percent at the end of 2018, according to a survey marking the 10-year anniversary...
Money in Politics
A House Divided
On the eve of Donald Trump's inauguration as president, the latest update of the Chicago Booth/Kellogg School Financial Trust Index survey finds that Americans are sharply divided on...
Latest news
Research
Innovators Respond to Their Presidential Candidate Winning With More Innovation
Does an inventor’s political identity influence their productivity? In a new paper, Joseph Engelberg, Runjing Lu, William Mullins, and Richard Townsend examine the impacts of the 2008 and 2016 United States presidential elections on Democrat and Republican inventors, with a particular focus on the quantity and quality of patents after the country elects a new president.
Antitrust and Competition
Letter to the Editor: Former FTC and DOJ Chief Economists Urge Separation of Economic and Legal Analysis in Merger Guidelines
Seventeen former chief economists of the Federal Trade Commission and the Department of Justice Antitrust Division urge current Agency heads to separate the legal and economic analysis in the draft Merger Guidelines to strengthen the role of the latter in merger review.
Antitrust and Competition
Why the Kroger-Albertsons Merger Is a Mess for Consumers
Grocers Kroger and Albertsons want to merge, which would make them the second biggest retail food chain and, according to them, enhance their ability to compete with Walmart and Costco and offer lower prices to consumers. Christine P. Bartholomew writes that the promises of more competition and lower prices for consumers are unlikely to manifest, and thus the Federal Trade Commission should block the deal. Â
Book Excerpts
After Neoliberalism
The following is an excerpt from Martin Daunton's new book, "The Economic Government of the World: 1933-2023," out November 14.
Antitrust and Competition
US Taxpayers Should Not Be Subsidizing Harmful Big Oil Mergers
Chevron and ExxonMobil claim their announced mergers with Hess and Pioneer take advantage of market efficiencies, but a closer look reveals an antiquated tax provision likely sweetening these dangerous deals. Antitrust authorities must carefully review the serious risks entailed in these proposed mergers. In parallel, the United States federal government needs to end large tax-free reorganizations—the most egregious way in which American taxpayers are subsidizing monopolistic practices, writes Niko Lusiani.
Book Excerpts
Seeing Others
In an excerpt from her new book, Seeing Others, sociologist Michèle Lamont describes the impact of neoliberal ideas on the working class.
Fiscal Policy
How Well Consumers Know Prices Matters for Tax Policy
The effectiveness of tax policy depends on whether sellers pass on changes in tax rates to consumers through changes in price. In new research, Felix Montag, Robin Mamrak, Alina Sagimuldina, and Monika Schnitzer investigate how this tax pass-through in turn depends on how much consumers know about prices. They show that if consumers are not aware of how prices for the same product vary between sellers, then they will be unaffected by tax changes intended to increase or decrease consumption.
