Teaching 

PhD courses

2024 - 2025   Advanced Financial Theory (Master in Quantitative Economics and Finance, University of Luxembourg) 

Part II: Corporate Finance, Executive Compensations and Structural Estimation

Lecture 1.  Classic corporate finance overview

• Capital structure (Modigliani and Miller, 1958; Myers-Majluf, 1984; Ross, 1977)  

• Moral hazard and financial constraints (Holmstrom and Tirole, 1997)

• Size, ownership and boundaries of the firm (Grossman and Hart, 1986)

• Financial contracts (Aghion and Bolton, 1992)

Lecture 2. Executive compensations I

• Stylized facts of CEO pay (Edmans, Gabaix, and Jenter, 2017)

• Talent as a scarce factor of production (Lucas, 1978)

• CEO level of pay from market equilibrium perspective (Gabaix, 2008)

Lecture 3. Executive compensations II

• CEO incentive pay from contract theory perspective (Macho-Stadler, Inés, and David Pérez-Castrillo, 2001) 

• Principle-agent without information problem

• Principle-agent with asymmetric information

Lecture 4. Executive compensations III

• Incentives and the level of pay in market equilibrium (Salop, 1976)

Lecture 5. Dynamic Programming

• Robinson Crusoe problem 

• A primer to dynamic programming

Lecture 6. Dynamic Investment Problem 

• Intro to MATLAB

• Numerical methods to sovle dynamic problems (Value function iteration and Simulation of Economy)

Lecture 7. Multidimensional dynamic investment problem with debt financing 

Lecture 8. Structural estimation in corporate finance 

• Reduced form vs Structural estimation (Strebulaev and Whited, 2012)

• Example I: Financing constraints - Fazzari, Hubbard and Petersen (1988) vs Gomes (2001) 

• Example II: Why CEOs are rarely fired? (Luke Taylor, 2010)

2023 - 2024 Advanced Financial Theory (MSc in Quantitative Economics and Finance, University of Luxembourg). TA for Prof. Roberto Steri

Master level courses 

2023 - 2024 Microeconomics of Banking  (MSc in Economics and Finance, University of Luxembourg)

2022 - 2023 Microeconomics of Banking  (MSc in Economics and Finance, University of Luxembourg)          

2021 - 2022 Microeconomics of Banking  (MSc in Economics and Finance, University of Luxembourg)