Patrick Bolton
Barbara and David Zalaznick Professor Emeritus of Business and Professor Emeritus of Economics
Finance
B.A., Institut d''Etudes Politiques de Paris, 1979; B.A., University of Cambridge, 1982; M.Sc., London School of Economics, 1983; Ph.D., London School of Economics, 1986.
Joined CBS in 2005
Office:
772
Kravis
Phone:
212-854-9245
E-mail:
[email protected]
Fax:
212-662-8474
Personal Website
Curriculum Vitae
Biography
Patrick Bolton is the David Zalaznick Professor of Business. He joined Columbia Business School in July 2005. He received his PhD from the London School of Economics in 1986 and holds a BA in economics from the University of Cambridge and a BA in political science from the Institut d'Etudes Politiques de Paris. He began his career as an assistant professor at the University of California at Berkeley and then moved to Harvard University, joining their economics department from 1987-1989. He was Chargé de Recherche at the C.N.R.S. Laboratoire d' Econométrie de L' Ecole Polytechnique from 1989-1991, Cassel Professor of Money and Banking at the London School of Economics from 1991-1994, Chargé de cours associé at the Institut d'Etudes Europénnes de l'Université Libre de Bruxelles from 1994-1998, and John H. Scully '66 Professor of Finance and Economics at Princeton University from 1998-2005. His research and areas of interest are in contract theory and contracting issues in corporate finance and industrial organization. A central focus of his work is on the allocation of control and decision rights to contracting parties when long-term contracts are incomplete. This issue is relevant in many different contracting areas including: the firm's choice of optimal debt structure, corporate governance and the firm's optimal ownership structure, vertical integration, and constitution design. His work in industrial organization focuses on antitrust economics and the potential anticompetitive effects of various contracting practices. He recently published his first book, Contract Theory, with Mathias Dewatripont and has co-edited a second book with Howard Rosenthal, Credit Markets for the Poor.
Teaching
Fall 2021
Financial Crises, Regulatory Responses
(MBA)
(PhD) Corporate Finance Theory
(PHD)
Fall 2020
Financial Crises, Regulatory Responses
(MBA)
(PhD) Corporate Finance Theory
(PHD)
Fall 2019
Financial Crises, Regulatory Responses
(MBA)
(PhD) Corporate Finance Theory
(PHD)
Corporate Theory
(PHD)
Spring 2018
The Business Of Climate Change: Investing And Managing In A Changing Environment
(MBA)
Corporate Theory
(PHD)
Research
Journal articles
Should Derivatives Be Privileged in Bankruptcy?
In Journal of Finance
(forthcoming)
Coauthor(s): Patrick Bolton
Liquidity and Risk Management: Coordinating Investment and Compensation Policies
In Journal of Finance
(forthcoming)
Coauthor(s): Patrick Bolton, Neng Wang, Jinqiang Yang
Investment under Uncertainty and the Value of Real and Financial Flexibility
In Journal of Economic Theory
(2019)
Coauthor(s): Patrick Bolton, Neng Wang, Jinqiang Yang
From Global Savings Glut to Financing Infrastructure
In Economic Policy
(2017)
Coauthor(s): Rabah Arezki, Patrick Bolton, Sanjay Peters, Joseph Stiglitz, Frederic Samama
Cream Skimming in Financial Markets
In The Journal of Finance
(2016)
Coauthor(s): Patrick Bolton, Tano Santos, Jose Scheinkman
Governance and Climate Change: A Success Story in Mobilizing Investor Support for Corporate Responses to Climate Change
In Journal of Applied Corporate Finance
(2016)
Coauthor(s): Mats Andersson, Patrick Bolton, Frederic Samama
Corporate Finance, Incomplete Contracts, and Corporate Control
In Journal of Law, Economics, and Organization
(2014)
Coauthor(s): Patrick Bolton
Leadership, Coordination and Corporate Culture
In Review of Economic Studies
(2013)
Coauthor(s): Patrick Bolton, Markus Brunnermeier, Laura Veldkamp
Market Timing, Investment, and Risk Management
In Journal of Financial Economics
(2013)
Coauthor(s): Patrick Bolton, Hui Chen, Neng Wang
Strategic Conduct in Credit Derivative Markets
In International Journal of Industrial Organization
(2013)
Coauthor(s): Patrick Bolton
Capital Access Bonds: Contingent Capital with an Option to Convert
In Economic Policy
(2012)
Coauthor(s): Patrick Bolton, Frederic Samama
A Unified Theory of Tobin's q, Corporate Investment, Financing, and Risk Management
In Journal of Finance
(2011)
Coauthor(s): Patrick Bolton, Hui Chen, Neng Wang
Outside and Inside Liquidity
In The Quarterly Journal of Economics
(2011)
Coauthor(s): Patrick Bolton, Tano Santos, Jose Scheinkman
Credit Default Swaps and the Empty Creditor Problem
In The Review of Financial Studies
(2011)
Coauthor(s): Patrick Bolton
Sovereign Default Risk in Financially Integrated Economies
In IMF Economic Review
(2011)
Coauthor(s): Patrick Bolton, Olivier Jeanne
Why bank governance is different
In Oxford Review of Economic Policy
(2011)
Coauthor(s): Marco Becht, Patrick Bolton
Market and Public Liquidity
In American Economic Review
(2009)
Coauthor(s): Patrick Bolton, Tano Santos, Jose Scheinkman
Redesigning the International Lender of Last Resort
In Chicago Journal of International Law
(2005)
Coauthor(s): Patrick Bolton
Incomplete Social Contracts
In Journal of the European Economic Association
(2003)
Coauthor(s): Patrick Bolton, Philippe Aghion
Political Intervention in Debt Contracts
In Journal of Political Economy
(2002)
Coauthor(s): Patrick Bolton, Howard Rosenthal
The Great Divide and Beyond: Financial Architecture in Transition
In Journal of Economic Perspectives
(2002)
Coauthor(s): Patrick Bolton, Erik Berglof
Predatory Pricing: Strategic Theory and Legal Policy
In Georgetown Law Journal
(2001)
Coauthor(s): Patrick Bolton
Strategic Experimentation
In Econometrica
(1999)
Coauthor(s): Patrick Bolton, Christopher Harris
Blocks, Liquidity, and Corporate Control
In Journal of Finance
(1998)
Coauthor(s): Patrick Bolton, Ernst-Ludwig von Thadden
Corporate Finance, the Theory of the Firm, and Organization
In Journal of Economic Perspectives
(1998)
Coauthor(s): Patrick Bolton, David Scharfstein
The Breakup of Nations: A Political Economy Analysis
In Quarterly Journal of Economics
(1997)
Coauthor(s): Patrick Bolton, Gerard Roland
A Theory of Trickle-Down Growth and Development
In Review of Economic Studies
(1997)
Coauthor(s): Patrick Bolton, Philippe Aghion
The Firm as a Communication Network
In Quarterly Journal of Economics
(1994)
Coauthor(s): Patrick Bolton, Mathias Dewatripont
Incomplete Contracts, Vertical Integration, and Supply Assurance
In Review of Economic Studies
(1993)
Coauthor(s): Patrick Bolton, Michael Whinston
Privatization in Central and Eastern Europe
In Economic Policy
(1992)
Coauthor(s): Patrick Bolton, Gerard Roland
An Incomplete Contracts Approach to Financial Contracting
In Review of Economic Studies
(1992)
Coauthor(s): Patrick Bolton, Philippe Aghion
Decentralization, Duplication, and Delay
In Journal of Political Economy
(1990)
Coauthor(s): Patrick Bolton, Joseph Farrell
A Theory of Predation Based on Agency Problems in Financial Contracting
In American Economic Review
(1990)
Coauthor(s): Patrick Bolton, David Scharfstein
Contracts as a Barrier to Entry
In American Economic Review
(1987)
Coauthor(s): Patrick Bolton, Philippe Aghion
Books
Sovereign Wealth Funds and Long-Term Investing
(2011)
Coauthor(s): Patrick Bolton, Frederic Samama, Joseph Stiglitz
Contract Theory
(2005)
Coauthor(s): Patrick Bolton, Mathias Dewatripont
Credit Markets for the Poor
(2005)
Coauthor(s): Patrick Bolton, Howard Rosenthal
Chapters
The Good Banker
In After the Flood: How the Great Recession Changed Economic Thought
(2017)
Coauthor(s): Patrick Bolton
Covenant Lite Lending, Liquidity and Standardization of Financial Contracts
In Research Handbook on the Economics of Property Law
(2011)
Coauthor(s): Kenneth Ayotte, Patrick Bolton
Corporate Governance and Control
In Handbook of the Economics of Finance
(2003)
Coauthor(s): Patrick Bolton
Working papers
Dynamic Banking and the Value of Deposits
(2021)
Coauthor(s): Patrick Bolton, Ye Li, Neng Wang, Jinqiang Yang
Leverage Dynamics under Costly Equity Issuance
(2021)
Coauthor(s): Patrick Bolton, Jinqiang Yang, Neng Wang
Money, Sovereignty, and Optimal Currency Areas
(2018)
Coauthor(s): Patrick Bolton, Haizhou Huang
Savings Gluts and Financial Fragility
(2017)
Coauthor(s): Patrick Bolton, Tano Santos, Jose Scheinkman
Bank Resolution and the Structure of Global Banks
(2017)
Coauthor(s): Patrick Bolton
Relationship and Transaction Lending in a Crisis
(2016)
Coauthor(s): Patrick Bolton, Xavier Freixas, Leonardo Gambacorta, Paolo Mistrulli
CoCo Bonds Issuance and Bank Funding Costs: An Empirical Analysis
(2016)
Coauthor(s): Stefan Avdjiev, Bilyana Bogdanova, Patrick Bolton, Wei Jiang, Anastasia Kartasheva
Hedging Climate Risk
(2014)
Coauthor(s): Mats Andersson, Patrick Bolton, Frederic Samama
Debt, Taxes, and Liquidity
In esearch Paper No. 14-17
(2014)
Coauthor(s): Patrick Bolton, Hui Chen, Neng Wang
Investment, Liquidity, and Financing under Uncertainty
(2013)
Coauthor(s): Patrick Bolton, Neng Wang, Jinqiang Yang
The Dynamics of Optimal Risk Sharing
In Working Paper Series No. 16094
(2013)
Coauthor(s): Patrick Bolton, Christopher Harris
Towards an International Green Fund
(2010)
Coauthor(s): Patrick Bolton, Roger Guesnerie, Frederic Samama
L-Shares: Rewarding Long-term Investors
In Finance Working Paper No. 342/2013
(2010)
Coauthor(s): Patrick Bolton, Frederic Samama
Executive Compensation and Risk Taking
(2010)
Coauthor(s): Patrick Bolton, Hamid Mehran, Joel Shapiro
Intracompany Governance and Innovation
In Working Paper Series No, 15304
(2009)
Coauthor(s): Sharon Belenzon, Tomer Berkovitz, Patrick Bolton
Pay for Short-Term Performance: Executive Compensation in Speculative Markets
In mimeo
(2004)
Coauthor(s): Patrick Bolton, Jose Scheinkman, Wei Xiong
Ideas and Insights
In The Media
Investors Are Punishing the Polluters. Here’s Proof.
The Ticking Debt Bomb in Africa Threatens a Global Explosion
Two New Bets against Carbon risk: Do Investors Care?
Creditors Push Back on G20 Debt Relief Plea for Emerging Markets
Danone Seeks More Carbon Credit From Investors
Magazine articles
How to Prepare for Financial Meltdowns
In Forbes.com
(2009)
Coauthor(s): Bruce Kogut, Patrick Bolton, Tano Santos