Francesca Cornelli

Kellogg School of Management
Northwestern University
2211 Campus Drive, Global Hub 5240
Evanston, IL 60208
United States
Phone: 847-491-2840


1988-1992 Ph.D. in Economics, Department of Economics, Harvard University.

1982-1987 Laurea in Economics, Summa cum Laude, Bocconi University, Italy.

Current Positions

Dean, Kellogg School of Management.

Donald P. Jacobs Chair of Finance, Kellogg School of Management.

Professor of Finance, Kellogg School of Management.

Previous Positions in other institutions

2018 – 2019 Deputy Dean (Programmes), London Business School.

2009 – 2019 Director of Private Equity, London Business School.

2000 – 2019 Professor, Finance, London Business School.

2000-2001 Associate Professor of Finance, Fuqua School of Business, Duke University.

1997-1998 Visiting Assistant Professor The Wharton School, University of Pennsylvania.

1992-1994 Lecturer in Economics, Department of Economics, The London School of Economics & Political Science.

Spring 1994 Visiting Professor in the New Economic School, Moscow, Russia.

Spring 2006 Visiting Professor at ISB, Hyderabad.

Other Professional Activities and Aliations

2018-present Vice-President of the Financial Intermediation Research Society (FIRS).

2017-present Member of the Advisory Board of LT Institute, Collegio Carlo Alberto,Turin.

2017-present Fellow of the European Corporate Governance Institute.

2016-present Member of the Board of Directors of the Financial Intermediation Research Society (FIRS).

2016-present Member of the Board of the Financial Management Association (FMA).

2016-present Member of the Board of Banca Intesa SanPaolo.

2014-present Editor of The Review of Financial Studies.

2014-2018 Member of the Board of Telecom Italia.

2013-2016 Member of the Board of Directors of the American Finance association.

2013-present Member of the Board of Swiss Re Europe, Swiss Re International and Swiss Re Holdings.

2011-present Member of the Academic Board of the European School of Management and Technology (ESMT).

2011 Member of the American Finance Association Nominating Committee.

2011 Member of the FARFE Committee for the 2011 Ross Prize.

2010-2016 Member of the Board of COFIDE spa.

2009-2016 Editor of Private Equity Findings.

2007-2016 Member of the Scientific Committee of the Banque de France Foundation.

2005, 2015 Member of the Search Committee for the editor of the Journal of Finance.

2009-2013 Member of the Advisory Board of Trapezia EIS II, a private equity fund by Stargate Capital.

2007-2014 Member of the Editorial Board of the Journal of Financial Intermediation.

2003-2012 Associate Editor of The Journal of Finance.

1998-2007 Member of the Board of Editors of The Review of Economic Studies.

2003-2007 Member of the Council of the Royal Economic Society.

1999-present Research Fellow of the Centre for Economic and Policy Research.


1999-present Fellow of the CESifo, Munich.

1997-present Fellow of the William Davidson Institute, University of Michigan.

2002-2007 Member of the Council of the European Economic Association.

2004 Programme Chair, Royal Economic Society Conference.

2002 Member of the American Finance Association Nominating Committee.

1992-1999 Research Aliate of the Centre for Economic and Policy Research (CEPR).

1996-1998 Member of the Executive Committee of the Centre for Economic and Policy Research (CEPR), London.

Research Interests

Private Equity, Entrepreneurial Finance, Innovation Policy, Privatization, IPOs, Corporate Governance, Bankruptcy.

Major Publications

"Fundraising for the Arts: The Many Forms of Enlightened Self-interest" (joint with Andrea Buraschi), European Financial Management, 2014, 20, pp.1-32.

"Monitoring Managers: Does it Matter?" (joint with Zbigniew Kominek and Alexander Ljungqvist), Journal of Finance, 68, 431-481.

"How to Sell a (Bankrupt) Company" (joint with L. Felli), International Review of Finance, 2012, 12, pp.197-226.

"Corporate Governance and Private Equity: do LBOs have better boards?" (joint with Oguzhan Karakas), in "Globalization of Alternative Investments", World Economic Forum Working paper, The Global Economic Impact of Private Equity Report 2008.

"Private Equity", Chapter 5 of EBRD Transition Report 2006, 2006, pp. 70-80, London, EBRD.

"Investor Sentiment and Pre-IPOs Markets" (joint with David Goldreich and Alexander Ljungqvist), The Journal of Finance, 2006, vol.61, pp 1187-1216.

"Bookbuilding: How Informative is the Order Book?" (joint with David Goldreich), The Journal of Finance, 2003, vol. 58, pp.1415-44.

"Stage Financing and the Role of Convertible Securities" (joint with Oved Yosha), The Review of Economic Studies, 2003, vol.70, No. 1, pp.1-32.

"Risk Arbitrage in Takeovers" (joint with David D. Li), The Review of Financial Studies, 2002, vol.15, No.3, pp.837-68.

"Book-building and Strategic Allocation" (joint with D. Goldreich), The Journal of Finance, 2001, vol.56, No.6, December, pp.2337-70.

"Patents Renewals and R&D Incentives" (joint with Mark Schankerman), RAND Journal of Economics, 1999, vol. 30, No. 2, Summer, pp. 197-213.

"The Capital Structure of Firms in Central and Eastern Europe" (joint with Richard Portes and Mark Schaer), in Dierent Paths to a Market Economy: China and European Economies in Transition O. Bouin, F. Coricelli and F. Lemoine (eds.), 1998, CEPR/CEPII/OECD.

"Large Shareholders, Control Benets and Optimal Schemes for Privatization" (joint with David D. Li), RAND Journal of Economics, 1997, vol. 28, No. 4, Winter, pp. 585-604.

"Ex-ante Eciency of Bankruptcy Procedures" (joint with L. Felli), European Economic Review, 1997, vol.14, April, pp. 475-485.

"Optimal Selling Procedures with Fixed Costs", Journal of Economic Theory, 1996, vol.71, n.1, pp. 1-30.

"The Theory of Bankruptcy and Mechanism Design" (joint with L. Felli) in Crisis, What Crisis? Orderly Workouts for Sovereign Debtors, B. Eichengreen and R. Portes (eds.), London: CEPR, 1995.

"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, 1993.

Working Papers

"Do Short Selling Constraints Matter?" (joint with Bilge Yilmaz).

"CEO Turnover in LBOs: The Role of Boards" (joint with Oguzhan Karakas).

"Team Stability and Performance: Evidence from Private Equity" (joint with Elena Simintzi and Vikrant Vig).

"Ex ante eects of ex post managerial ownership" (joint with David D. Li).

"The Drivers of Global Patent Policy" (joint with Josh Lerner).

Current Research

"The choice of ownership: Majority vs. Minority" (joint with Alexander Ljungqvist).

"Family Firms in Germany: the Eects of Private Equity Investments" (joint with Oguzhan Karakas and Eva Lutz).

"Transparency rules and their eects on earnings manipulation" (joint with Oved Yosha).

Selection of Speeches

May 2017: Keynote speaker, ECGI.

April 2016: Citibank: PE and beyond: launching new strategies (or not).

February 2016: SuperReturns International: CEO Turnover in LBOs: The Role of Boards.

September 2015: SuperReturns Operating Partners: Team Stability and Performance in Private Equity.

May 2015: World Investment Forum: Private Equity and Persistence: Challenges and Unexpected Truths.

April 2015: Citibank: Past performance, no guide to the future. This is a fact, not a warning.

November 2013: Deloitte: Private equity and Operational Partners.

October 2013: Keynote speaker, Abu Dhabi.

April 2013: Keynote speaker, Hong Kong Venture Capital Association. January 2013: World Economic Forum.

Professional Services

Program Committee membership:

  •  American Finance Association: 2003 and 2008.
  •  Western Finance Association: 1998-present.
  •  Tel Aviv Conference 2012-present.
  •  Utah Winter Finance Conference: 2001-present.
  •  Financial Intermediation Research Society: 2004-present.
  •  European Financial Management Association: 2004-2007, 2013, 2017.
  •  European Economic Association: 1998, 2000, 2004, 2005, 2010.
  •  European Econometric Society Meetings: 1998, 1999, 2000, 2003.
  •  European Finance Association: 1998, 1999, 2000, 2003, 2004, 2009-present.
  •  Paris Spring Finance Symposium: 2008-2012.
  •  Summer Research Conference in Finance at the Indian School of Business: 2007-2012.


Journal of Finance, The Review of Financial Studies, American Economic Review, The Journal of Political Economy, The Review of Economic Studies, The Journal of Economic Theory, The RAND Journal of Economics, Econometrica, The Journal of Financial Economics, Journal of Corporate Finance, The Journal of the European Economic Association, The Economic Journal, The Journal of Public Economics, The Journal of Empirical Finance, Economica, Economic System, International Economic Review, European Economic Review, International Journal of Industrial Organization, Journal of Industrial Economics.

London, September 12, 2018.