Francesca Cornelli

Professor of Finance (on leave from London Business School)

BA (Bocconi) PhD (Harvard)

Francesca Cornelli is Professor of Finance at London Business School. She is also the Deputy Dean (Degree Education) and the Director of Private Equity at LBS. She previously held positions or taught at the Wharton School, the Fuqua School of Business at Duke University, The London School of Economics, the Indian School of Business in Hyderabad and the New Economic School in Moscow.

Her interests include corporate governance, private equity, privatisation, bankruptcy, IPOs and innovation policy. She has published several papers in the major finance and economics journals and she gives regular talks in major conferences and Universities. She is an editor of the Review of Financial Studies, and has been an associate editor of the Journal of Finance, the Journal of Financial Intermediation and the Review of Economic Studies. She is a Research Fellow of the Center for Economic and Policy Research (CEPR), an ECGI (European Corporate Governance Institute) Research Member and a director of the Society of Financial Intermediation. She has been a member of the Council of the European Economic Association, of the Council of the Royal Economic Society, a director of the American Finance Association and a member of the Scientific Committee of the Banque de France Foundation.

She is a member of the board of Banca Intesa SanPaolo, Swiss Re Europe and Swiss Re International. She has been a member of the board of COFIDE and Telecom Italia.

She obtained her BA at Universita’ Commerciale Bocconi, in Milano, Italy, and her MA and PhD in Economics at Harvard University, USA.

  • Other publications
    • F. Cornelli, R. Portes and M. Schaffer, (1998): "The Capital Structure of Firms in Central and Eastern Europe," in Different Paths to a Market Economy: China and European Economies in Transition, O. Bouin, F. Coricelli and F. Lemoine (eds.) CEPR/CEPII/OECD.
    • F. Cornelli and L. Felli, (1995): "The Theory of Bankruptcy and Mechanism Design", in Crisis, What Crisis? Orderly Workouts for Sovereign Debtors, by B. Eichengreen and R. Portes, London: CEPR.
    • F. Cornelli, (1993): "Privatization in Eastern Europe: the Sale of Shares to Foreign Companies", in The Economics of Transformation: Theory and Practice in the New Market Economies, Alfred Schipke and Alan M. Taylor (eds.), Berlin: Springer.

  • Corporate finance
  • Industrial economics
  • Transition economics


The economics of donations and enlightened self-interest

Cornelli F; Buraschi A

European Financial Management 2014 Vol 20:1 p 1-32

The U.S. private equity universe: a snapshot from SEC filings

Cornelli F; Vasvari F

Adveq Research Series report 2014


Monitoring managers: Does it matter?

Cornelli F; Kominek Z; Ljungqvist A

Journal of Finance 2013 Vol 68:2 p 431-481


How to sell a (bankrupt) company

Cornelli F; Felli L

International Review of Finance 2012 Vol 12:2 p 197-226


Investor sentiment and pre-IPOs markets

Cornelli F; Goldreich D; Ljungqvist A

Journal of Finance 2006 June Vol 61:3 p 1187-1216

Private equity

Cornelli F; Kominek Z; Robeck K

In EBRD transition report, p70-80, London, EBRD, 2006


Bookbuilding: how informative is the order book?

Cornelli F; Goldreich D

Journal of Finance 2003 Aug Vol 58:4 p 1415-1443

Stage financing and the role of convertible securites

Cornelli F; Yosha O

Review of Economic Studies 2003 January Vol 70:242 p 1-32


Risk arbitrage in takeovers

Cornelli F; Li D D

Review of Financial Studies 2002 Vol 15:3 p 837-868


Bookbuilding and strategic allocation

Cornelli F; Goldreich D

Journal of Finance 2001 Dec Vol 56:6 p 2337-2369


Patent renewals and R & D incentives

Cornelli F; Schankerman M

Rand Journal of Economics 1999 Vol 30:2 p 197-213


Ex-ante efficiency of bankruptcy procedures

Cornelli F; Felli L

European Economic Review 1997 April Vol 41 p 475-485

Large shareholders, control benefits and optimal schemes for privatization

Cornelli F; Li D D

Rand Journal of Economics 1997 Vol 28:4 p 585-604

Thinking behind dividends

Cornelli F

in Bickerstaffe G ed., Mastering management, Financial Times/Pitman, 1997


Capital structure of firms in Central and Eastern Europe

Cornelli F; Portes R; Schaffer M

in Bouin O, Coricelli F and Lemoine F eds., Different paths to a market economy: China and European economies in transition, OECD, 1998

Optimal selling procedures with fixed costs

Cornelli F

Journal of Economic Theory 1996 Vol 71:1 p 1-30


Theory of bankruptcy and mechanism design

Cornelli F; Felli L

in Eichengreen B and Portes R eds., Crisis? what crisis?: orderly workouts for sovereign debtors, p 69-85, Centre for Economic Policy Research, 1995


Privatization in Eastern Europe: the sale of shares to foreign companies

Cornelli F

in Schipke A and Taylor A M eds., The economics of transformation: theory and practice in the new market economies, p 113-128, Springer Verlag, 1993


Team stability and performance: evidence from private equity

Cornelli F; Simintzi E; Vig V

Social Sciences Research Network


CEO turnover in LBOs: the role of boards

Cornelli F; Karakas O

IFA Working Paper

Do short selling constraints matter?

Cornelli F; Yilmaz B

IFA Working Paper


The drivers of global patent policy

Cornelli F; Lerner J

IFA Working Paper


Ex-ante effects of ex post managerial ownership

Cornelli F; Li David D

IFA Working Paper


Stage financing and the role of convertible debt

Cornelli F; Yosha O

IFA Working Paper