Tano Santos

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Robert Heilbrunn Professor of Asset Management and Finance
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Finance Division
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Director
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Heilbrunn Center for Graham and Dodd Investing
- Areas of Expertise
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- Asset Management
- Financial Engineering
- Financial Institutions
- Fundamental Investment Analysis
- Links
- Curriculum Vitae
Professor Santos' research focuses on two distinct areas. A first interest is the field of asset pricing with a particular emphasis on theoretical and empirical models that can account for the predictability of returns, both in the time series and the cross section. A second interest of Professor Santos is applied economic theory, specifically, the economics of financial innovations as well as theory of organizations. He teaches options markets.
- Education
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BS, Universidad Complutense de Madrid, 1990; PhD, University of Chicago, 1996.
- Joined CBS
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2003
All Activities
- Type
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Journal Article
.
“Managerial Style and Attention.”
American Economic Journal: Microeconomics
vol.
13
,
(January 01, 2021):
372
-403
.
- Type
-
Journal Article
.
“Rational Inattention and Organizational Focus.”
American Economic Review
vol.
106
,
(June 01, 2016):
1522
-1536
.
- Type
-
Journal Article
Brunnermeier, Markus, Luis Garicano, Philip Lane, Marco Pagano, Ricardo Reis, Tano Santos, David Thesmar, Stijn Van Nieuwerburgh, and Dimitri Vayanos
.
“The Sovereign-Bank Diabolic Loop and ESBies.”
American Economic Review: Papers and Proceedings
vol.
106
,
(May 01, 2016):
508
-12
.
- Type
-
Journal Article
Brunnermeier, Markus, Luis Garicano, Philip Lane, Marco Pagano, Ricardo Reis, Tano Santos, David Thesmar, Stijn Van Nieuwerburgh, and Dimitri Vayanos
.
“The Sovereign-Bank Diabolic Loop and ESBies.”
American Economic Review: Papers & Proceedings
vol.
106
,
(May 01, 2016):
508
-512
.
- Type
-
Journal Article
.
“Cream Skimming in Financial Markets.”
The Journal of Finance
vol.
71
,
(April 01, 2016):
706
-736
.
- Type
-
Journal Article
.
“Political Credit Cycles: The Case of the Euro Zone.”
Journal of Economic Perspectives
vol.
27
,
(January 01, 2013):
145
-166
.
- Type
-
Journal Article
.
“Outside and Inside Liquidity.”
The Quarterly Journal of Economics
vol.
126
,
(February 01, 2011):
259
-321
.
- Type
-
Journal Article
Santos, Tano and Pietro Veronesi
.
“Habit Formation, the Cross Section of Stock Returns and the Cash-Flow Risk Puzzle.”
Journal of Financial Economics
vol.
98
,
(November 01, 2010):
385
-413
.
- Type
-
Journal Article
.
“Market and Public Liquidity.”
American Economic Review
vol.
99
,
(January 01, 2009):
59
-499
.
- Type
-
Journal Article
.
“Adaptive Organizations.”
Journal of Political Economy
vol.
114
,
(October 01, 2006):
956
-995
.
- Type
-
Journal Article
.
“Adaptive Organizations.”
Journal of Political Economy
vol.
114
,
(October 01, 2006):
956
-995
.
- Type
-
Journal Article
Santos, Tano and Pietro Veronesi
.
“Labor Income and Predictable Stock Returns.”
Review of Financial Studies
vol.
19
,
(January 01, 2006):
1
-44
.
- Type
-
Journal Article
Garicano, Luis and Tano Santos
.
“Referrals.”
American Economic Review
vol.
94
,
(June 01, 2004):
499
-525
.
- Type
-
Journal Article
.
“Understanding Predictability.”
Journal of Political Economy
vol.
112
,
(February 01, 2004):
1
-47
.
- Type
-
Journal Article
Palacios-Huerta, Ignacio and Tano Santos
.
“A Theory of Markets, Institutions, and Endogenous Preferences.”
Journal of Public Economics
vol.
88
,
(March 01, 2002):
601
-27
.
- Type
-
Journal Article
Santos, Tano and Jose Scheinkman
.
“Competition Among Exchanges.”
Quarterly Journal of Economics
vol.
116
,
(August 01, 2001):
1027
-61
.
- Type
-
Journal Article
Santos, Tano and Jose Scheinkman
.
“Financial Intermediation Without Exclusivity.”
American Economic Review
vol.
91
,
(May 01, 2001):
436
-39
.
- Type
-
Journal Article
.
“Prospect Theory and Asset Prices.”
Quarterly Journal of Economics
vol.
116
,
(February 01, 2001):
1
-53
.
- Type
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Working Paper
.
The Cross-Section of Risk and Return. November 04, 2019.
- Type
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Working Paper
Santos, Tano and Pietro Veronesi
.
Leverage. December 22, 2018.
- Type
-
Working Paper
Santos, Tano and Pietro Veronesi
.
Internet Appendix to Accompany "Leverage". January 01, 2018.
- Type
-
Working Paper
.
Savings Gluts and Financial Fragility. December 20, 2017.
- Type
-
Working Paper
.
El Diluvio: The Spanish Banking Crisis, 2008–2012. July 13, 2017.
- Type
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Working Paper
Fernandez-Villaverde, Jesus and Tano Santos
.
Institutions and Political Party Systems: The Euro Case. July 03, 2017.
- Type
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Working Paper
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Credit Booms: Implications for the Public and the Private Sector. January 01, 2015.
- Type
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Working Paper
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Antes del diluvio: The Spanish banking system in the first decade of the euro. March 01, 2014.
- Type
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Working Paper
Ohashi, Kazuhiko and Tano Santos
.
Contractible Signals and Security Design. January 01, 2005.
- Type
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Newspaper/Magazine Article
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“Tras el Banco Base, volver a empezar.”
El País
.
April 03, 2011.
- Type
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Newspaper/Magazine Article
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“La bancarrota necesaria.”
El Pais
.
November 28, 2010.
- Type
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Newspaper/Magazine Article
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“Una España de dos velocidades.”
La Vanguardia
.
October 24, 2010.
- Type
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Newspaper/Magazine Article
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“España, desde fuera.”
El País
.
May 25, 2010.
- Type
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Newspaper/Magazine Article
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“España, en el ojo del huracán.”
El País
.
May 16, 2010.
- Type
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Newspaper/Magazine Article
.
“Tarde, mal y nunca: una oportunidad perdida.”
El Mundo
.
May 06, 2010.
- Type
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Newspaper/Magazine Article
.
“Recuperar la credibilidad.”
El País
.
February 07, 2010.
- Type
-
Newspaper/Magazine Article
.
“De bancos y zombis.”
Expansión
.
February 23, 2009.
- Type
-
Newspaper/Magazine Article
.
“How to Prepare for Financial Meltdowns.”
Forbes.com
.
February 20, 2009.
- Type
- Course
B8378: Value Investing with Legends
- Type
- Course
B8265: Modern Political Economy
- Type
- Course
B8377: Value Investing
- Type
- Course
B8444: Modern Value
- Type
- Course
B7265: Modern Political Economy
- Type
- Course
B7444: Modern Value
- Type
- Course
B7377: Value Investing