Francesco D'Acunto Francesco D'Acunto

Francesco D'Acunto

Assistant Professor of Finance
University of Maryland
R.H. Smith School of Business
Francesco D'Acunto

Curriculum Vitae

Contact Information

University of Maryland
R.H. Smith School of Business
Office 4422
College Park, MD 20740, USA


Research Interests

Corporate Finance, Cultural Finance, FinTech, Entrepreneurial Finance and Innovation, Household Finance, Political Economy, Behavioral Finance and Economics


The Promises and Pitfalls of Robo-advising (with N.R. Prabhala and A.G. Rossi)
In-principle Accepted, Review of Financial Studies
Presentations: 2017 NBER BF, 2017 Miami BF, 2017 NYU Stern FinTech, RFS FinTech Registered Proposals Workshop

Historical Antisemitism, Ethnic Specialization, and Financial Development
(with M. Prokopczuk and M. Weber)
Review of Economic Studies , Conditionally Accepted
Presentations: 2015 NBER SI (POL), 2015 EFA, 2015 SED, 2014 NBER BE (Fall), 2014 Miami BF
Media Coverage: The Economist, The American Interest, La Stampa, Die Welt, Haaretz, Share Radio, The Marker, Tablet Magazine, Världen idag, Dinheiro Vivo,, NEWSru, Merdeka, Al Balad, Actualité Juive Hebdo, CreeEnLaTolerancia, Ökonomenstimme,

Unconventional Fiscal Policy (with D. Hoang and M. Weber)
American Economic Review P&P, forthcoming
Presentations: 2018 AEA

Flexible Prices and Leverage (with R.Liu, C. Pflueger, and M. Weber)
Journal of Financial Economics, forthcoming
Presentations: 2016 NBER CF, 2016 WFA, 2016 ASU Sonoran WFC, 2016 CF Symposium

Telecracy: Testing for Channels of Persuasion (with G. Barone and G. Narciso)

American Economic Journal: Economic Policy, 2015:7(2), pp.30-60
Media Coverage:, WSJ Blog,, IlFattoQuotidiano

Working Papers

Regressive Mortgage Credit Redistribution in the Post-crisis Era (with A.G. Rossi)
Revise and Resubmit at the Review of Financial Studies
Presentations: 2018 AEA, 2017 NBER SI (HF), 2017 NBER CF, 2017 Duke/UNC CF, 2017 FIRS
Media Coverage: Wall Street Journal, Bloomberg View, Washington Post, U.S. News & World Report, CBS Radio, Chicago Tribune, Morningstar, Oxford Business Law Blog, Smith Brain Trust

Identity, Overconfidence, and Investment Decisions
Reject and Resubmit at the Journal of Political Economy
2015 Cubist Systematic Strategies Phd Award for Outstanding Research, WFA
Presentations: 2016 AFA, 2015 WFA, 2013 NBER BE, 2014 Miami BF Conference
Media Coverage: Reuters, Bloomberg View, World Economic Forum (Agenda), The Globe and Mail, Daily Mail, The Peninsula, China Economic Information Network, SigFig Blog, China Tells,,, Oe! (proexpansion),

Tear Down This Wall Street: Anti-market Rhetoric, Motivated Beliefs, and Investment
Presentations: 2018 AFA, 2016 Yale Junior, 2016 Caltech Junior

Basic Education and Persistent Regional Inequalities
2014 Cubist Systematic Strategies Phd Award for Outstanding Research, WFA
2014 Best Finance Phd Award in Honor of Prof. Greenbaum
Presentations: 2014 NBER SI (EFG-BGZ), 2014 WFA, 2014 SFS Cavalcade

Finance, Talent Allocation, and Growth (with L. Frésard)

Initial Leverage (with M. C. Bustamante)

Punish One, Teach a Hundred: The Effect of Punishment on the Unpunished
M. Weber and J. Xie )

The Effect of Unconventional Fiscal Policy on Consumption Expenditure
(with D. Hoang and M. Weber)
Presentations: 2018 AEA, 2015 NBER ME
Media Coverage: Bloomberg Radio (Bloomberg Surveillance), Wall Street Journal (Real Time Economics), World Economic Forum (Agenda), Il Fatto Quotidiano, Die Welt, Main Street, Penzügyi Szelme, Poleconomix (προτασεις), Mendimi Ekonomik i Javës, Econbrowser, Science Daily,,, Ökonomenstimme

Coordinated Activism and Firm Value
Best Student Paper at the 24th Australasian Finance and Banking Conference (second prize)

From Financial History to History & Finance

Work in Progress

Correcting Market Failures in Entrepreneurial Finance (with G. Tate and L. Yang)

Manpower Constraints and Corporate Policies (with M. Weber and S. Yang)

Correcting Behavioral Biases with FinTech (with N.R. Prabhala and A.G. Rossi)

Teaching Experience

R.H. Smith School of Business - Entrepreneurial Finance and Private Equity
Personal Performance Evaluations 2016 - MBA-1: 3.7/4, MBA-2: 3.9/4, MFin: 3.7/4
Personal Performance Evaluations 2017 - MBA: 3.96/4, MFin: 3.7/4
Winner, 2017 Distinguished Teaching Award

Haas School of Business - MBA Corporate Finance, TA (Prof. Ulrike Malmendier), Spring 2014
Evaluation: mean 6.6/7, median 7/7         Comments (if any)

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