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Patrick Bolton

Barbara and David Zalaznick Professor of Business; Professor of Economics
School: 
Business
Department: 
Finance and Economics Division
Office: 
804 Uris
Email: 
pb2208@columbia.edu
Phone: 
212-854-9245
Appointments
  • Member, Committee on Global Thought
Biography

Patrick Bolton is the David Zalaznick Professor of Business. He joined Columbia Business School in July 2005. He received his PhD from the London School of Economics in 1986 and holds a BA in economics from the University of Cambridge and a BA in political science from the Institut d'Etudes Politiques de Paris. He began his career as an assistant professor at the University of California at Berkeley and then moved to Harvard University, joining their economics department from 1987-1989. He was Chargé de Recherche at the C.N.R.S. Laboratoire d’ Econométrie de L’Ecole Polytechnique from 1989-1991, Cassel Professor of Money and Banking at the London School of Economics from 1991-1994, Chargé de cours associé at the Institut d'Etudes Europénnes de l'Université Libre de Bruxelles from 1994-1998, and John H. Scully ’66 Professor of Finance and Economics at Princeton University from 1998- 2005.

His research and areas of interest are in contract theory and contracting issues in corporate finance and industrial organization. A central focus of his work is on the allocation of control and decision rights to contracting parties when long-term contracts are incomplete. This issue is relevant in many different contracting areas including: the firm’s choice of optimal debt structure, corporate governance and the firm’s optimal ownership struct ure, vertical integration, and constitution design. His work in industrial organization focuses on antitrust economics and the potential anticompetitive effects of various contract ing practices. He recently published his first book, Contract Theory , with Mathias Dewatripont and has co-edited a second book with Howard Rosenthal, Credit Markets for the Poor.
 

Research & Other Works
Report
From Global Savings Glut to Financing Infrastructure
Report
Time to Rethink Sovereign Bankruptcy: A New Role for the IMF?
Article
Redesigning the international lender of last resort
Article
Pay for short-term performance : executive compensation in speculative markets
Article
Structuring and restructuring sovereign debt : the role of seniority
Article
Thinking ahead : the decision problem
Article
Optimal property rights in financial contracting
Article
Leadership, coordination and mission-driven management
Article
Corporate finance and the monetary transmission mechanism
Economists' perspectives on leadership
Article
Executive compensation and short-termist behavior in speculative markets
Article
Conflicts of interest, information provision, and competition in the financial services industry
Report
Odious debts or odious regimes?
Corporate law and governance
Article
Structuring and restructuring sovereign debt : the role of a bankruptcy regime
Article
An introduction to the governance and taxation of not-for-profit organizations
 
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