Joel Shapiro is Associate Professor of Finance at Saïd Business School, University of Oxford. His main area of expertise is the regulation and governance of financial institutions. He has conducted research on Credit Rating Agencies, corporate governance in banks, executive compensation, LIBOR, and conflicts of interest in retail finance.
He is published in top international journals such as the Journal of Finance, Journal of Financial Economics, and the Review of Financial Studies. His work has been cited by regulators such as the SEC, the Federal Reserve Board of Governors and the European Commission, and he has been invited by regulatory authorities such as the SEC, Bank of England, ESMA, New York Fed, and ECB to present his work and discuss policy matters.
Prior to joining Saïd Business School, Joel was a tenured associate professor at Universitat Pompeu Fabra in Barcelona. He received his PhD in Economics in 2000 from Princeton University. He has been a visiting lecturer for the University of Wisconsin-Madison and the New York University Stern School of Business as well as visiting researcher for the Federal Reserve Bank of New York.
Joel is also an Associate Editor at the Journal of Corporate Finance.
Areas of expertise include:
Joel conducts research on the regulation of financial institutions and corporate governance. His latest and ongoing research focuses on drawing lessons from the global financial crisis, particularly in the areas of credit ratings, LIBOR, executive compensation, and shareholder activism. He has also done work on credit ratings agencies, bank resolution, conflicts of interest in retail financial products, and pricing strategies.
Regulation of credit rating agencies
Joel has published a series of articles on conflicts of interest in credit rating agencies and how to regulate them. Often, media and regulators suggest that competition may mitigate conflicts of interest in the ratings industry. Joel has published research demonstrating that encouraging more competition in the CRA market is not likely to improve CRA performance, and that regulation should be more focused on their fee structure. This work was cited in rules proposed by the Securities and Exchange Commission. Joel is also author of the entry on credit rating agencies in the New Palgrave Dictionary of Economics (Online Edition, 2010).
Corporate governance and executive pay
Governance is one of Joel’s key areas of enquiry. His research into governance and risk within the financial sector proposes linking pay packages for executives at financial institutions to credit default swaps, which provides a market measure of the risks to which the bank is exposed. This work was awarded second prize in the 2011 Research Prize on Banking Regulation sponsored by the International Centre for Financial Regulation and the Financial Times and has been reported on in several media outlets.
Conflicts of interest
Should a financial intermediary tell a client that another firm offers a product that better suits the client’s needs or should it try to steer the client to one of its own products? This conflict of interest has prompted many to advocate the separation of advice from the sale of financial products. Joel, however, directly challenges this idea; he and his colleagues find that in various market environments, competition or consolidation (into one-stop banks) can resolve this conflict of interest.
Joel is a research affiliate of the Centre for Economic Policy Research. He is regularly invited to present at conferences and seminars around the world on financial governance and regulation.
Joel has also presented his research at regulatory institutions such as the Securities and Exchange Commission, Bank of England, ESMA, Federal Reserve Bank of New York, Federal Reserve Bank of Philadelphia, and the European Central Bank among others.
Joel teaches Business Finance to the School’s MBA and EMBA students.
Joel’s MBA students come from a diversity of backgrounds – some have a very strong grounding in finance, whilst others are new to the subject. Joel is able to increase the knowledge and understanding of beginners whilst still engaging the specialists. His strengths lie in making difficult concepts easy to understand through the use of discussion, practical applications and case studies in support of lectures.
Saïd Business School
University of Oxford
Park End Street