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Giulio Trigilia

University of Rochester - Simon Business School

Assistant Professor of Finance

Rochester, NY 14627

United States

  • University of Rochester - Simon Business School

SCHOLARLY PAPERS

19

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4,612

TOTAL CITATIONS
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Top 47,021

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15

Scholarly Papers (19)

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1.

Optimal Security Design under Asymmetric Information and Profit Manipulation

Downloads 982 (58,162)
Citation 3

Optimal Security Design under Asymmetric Information and Profit Manipulation

Number of pages: 50 Posted: 27 Jun 2014 Last Revised: 28 Mar 2018
Kostas Koufopoulos, Roman Kozhan and Giulio Trigilia
University of Warwick - Finance Group, University of Warwick - Warwick Business School and University of Rochester - Simon Business School
Downloads 680 (93,839)
Citation 1

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Security design, financial innovation, capital structure, asymmetric information, venture capital

Optimal Security Design Under Asymmetric Information and Profit Manipulation

WBS Finance Group Research Paper No. 230
Number of pages: 36 Posted: 18 Feb 2015
Kostas Koufopoulos, Roman Kozhan and Giulio Trigilia
University of Warwick - Finance Group, University of Warwick - Warwick Business School and University of Rochester - Simon Business School
Downloads 302 (248,082)
Citation 2

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security design, financial innovation, capital structure, asymmetric information, venture capital

2.

Exchange Rates and Political Uncertainty: The Brexit Case

Quaderni - Working Paper DSE N° 1141
Number of pages: 57 Posted: 05 Mar 2020
Paolo Manasse, Graziano Moramarco and Giulio Trigilia
Department of Economics, University of Bologna, University of Verona - Department of Economics and University of Rochester - Simon Business School
Downloads 556 (124,422)

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Brexit, Exchange Rates, Political Risk, Time-Varying Risk Premium, Uncovered Interest Parity

3.

Short-Term Debt Overhang

Number of pages: 100 Posted: 05 Dec 2022 Last Revised: 24 Feb 2026
Kostas Koufopoulos, Giulio Trigilia and Pavel Zryumov
University of Sussex Business School, University of Rochester - Simon Business School and University of Rochester - Simon Business School
Downloads 403 (186,949)

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debt overhang, adverse selection, capital structure, debt maturity, underinvestment

4.

Optimal Leverage, Profitability and the Decision to Go Public

Simon Business School Working Paper No. FR 16-12
Number of pages: 58 Posted: 21 Nov 2016 Last Revised: 07 Mar 2019
Giulio Trigilia
University of Rochester - Simon Business School
Downloads 295 (257,640)
Citation 3

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optimal leverage and profitability, costly-state-verification, Ini- tial Public Offerings (IPOs), asymmetric information, trade-off theories, capital structure, transparency, security design

5.

Voluntary Disclosure, Moral Hazard and Default Risk

Number of pages: 46 Posted: 12 Feb 2018 Last Revised: 27 Nov 2023
Shiming Fu and Giulio Trigilia
School of Finance, Shanghai University of Finance and Economics and University of Rochester - Simon Business School
Downloads 289 (266,292)

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voluntary disclosure, credit spreads, default risk, dynamic moral hazard, funding liquidity, information technologies, real options

6.

Is There a Paradox of Pledgeability?

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 13 Posted: 19 Nov 2019 Last Revised: 21 Apr 2020
Dan Bernhardt, Kostas Koufopoulos and Giulio Trigilia
University of Illinois at Urbana-Champaign - Department of Economics, University of Sussex Business School and University of Rochester - Simon Business School
Downloads 257 (296,486)
Citation 2

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Collateral, Secured debt, Pledgeability

7.

Momentum, Echo and Predictability: Evidence from the London Stock Exchange (1820-1930)

Number of pages: 34 Posted: 05 Jun 2019
Giulio Trigilia and Pingle Wang
University of Rochester - Simon Business School and University of Texas at Dallas, Naveen Jindal School of Management, Department of Finance
Downloads 248 (308,710)
Citation 7

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momentum, echo, predictability, momentum crashes, dynamic hedging strategies, London Stock Exchange, factor analysis

8.

Optimal Equity Earnouts under Two-sided Asymmetric Information

Number of pages: 15 Posted: 30 Jun 2025
Sonny Biswas, Kostas Koufopoulos and Giulio Trigilia
University of Reading, University of Sussex Business School and University of Rochester - Simon Business School
Downloads 165 (456,852)

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Impossibility of Trade, Two-Sided Adverse Selection, Takeovers

9.

Demandable Debt and Leverage Ratchet Effect 

Number of pages: 53 Posted: 13 Dec 2024 Last Revised: 19 Dec 2025
Kostas Koufopoulos, Xuyuanda Qi and Giulio Trigilia
University of Sussex Business School, NYU Shanghai and University of Rochester - Simon Business School
Downloads 164 (459,428)

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Capital Structure, Demandable Debt, Leverage Ratchet Effect

10.

The Pitfalls of Pledgeable Cash Flows: Soft Budget Constraints, Zombie Lending and Under-Investment

Number of pages: 30 Posted: 11 Mar 2021
Dan Bernhardt, Kostas Koufopoulos and Giulio Trigilia
University of Illinois at Urbana-Champaign - Department of Economics, University of Sussex Business School and University of Rochester - Simon Business School
Downloads 156 (477,517)

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Pledgeability, Investment Efficiency, Soft Budget Constraint, Asymmetric Information, Collateral, Zombie Lending, Under-Investment

11.

When do incomplete contracts matter?

Number of pages: 22 Posted: 22 Mar 2021
Aristotelis Boukouras, Kostas Koufopoulos, Xuyuanda Qi and Giulio Trigilia
University of Leicester, University of Sussex Business School, NYU Shanghai and University of Rochester - Simon Business School
Downloads 139 (527,599)

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Implementation, renegotiation-proofness, incomplete contracts, hold- up, contracting with third-parties.

12.

Opaque Assets and Fragile Liabilities: a Theory of Optimal Bank Intermediation

Number of pages: 39 Posted: 17 Nov 2025 Last Revised: 07 Jun 2026
Nicolas de Souza, Kostas Koufopoulos and Giulio Trigilia
University of Rochester - Simon Business School, Students, University of Sussex Business School and University of Rochester - Simon Business School
Downloads 138 (551,165)

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JEL Classification: D25, G21, G31, G32, Opacity, Fragility, Banking

13.

Signaling and positive lender profits in competitive capital markets

Number of pages: 43 Posted: 08 Jun 2020 Last Revised: 29 Jul 2025
Dan Bernhardt, Kostas Koufopoulos and Giulio Trigilia
University of Illinois at Urbana-Champaign - Department of Economics, University of Sussex Business School and University of Rochester - Simon Business School
Downloads 133 (547,695)

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Adverse selection, strictly positive profits, market breakdown

14.

Commitment by Design: Renegotiation-proofness and the Coase Conjecture

Number of pages: 40 Posted: 23 Jan 2025 Last Revised: 09 Mar 2026
Xuyuanda Qi, Giulio Trigilia and Kostas Koufopoulos
NYU Shanghai, University of Rochester - Simon Business School and University of Sussex Business School
Downloads 130 (561,789)

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Coase Conjecture, Renegotiation-proofness, Smart Contract

15.

Creditor rights, lender competition and firm value

Number of pages: 26 Posted: 13 Dec 2024 Last Revised: 29 Jul 2025
Dan Bernhardt, Kostas Koufopoulos and Giulio Trigilia
University of Illinois at Urbana-Champaign - Department of Economics, University of Sussex Business School and University of Rochester - Simon Business School
Downloads 125 (576,708)

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Creditor rights, Lender competition, Secured debt, Formalization, Titling reforms, De Soto effect JEL classification: G21, G32, G33, G38

16.

When No One Learns, Everyone Can Coordinate: Public Signals in Dynamic Adverse Selection

Number of pages: 39 Posted: 08 Oct 2025 Last Revised: 26 Dec 2025
Kostas Koufopoulos, Jacco Thijssen and Giulio Trigilia
University of Sussex Business School, University of York and University of Rochester - Simon Business School
Downloads 120 (596,393)

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dynamic adverse selection, optimal contracts, return options, implementation

17.

Separating Equilibria, Positive Profits and Security Design

Number of pages: 18 Posted: 28 Sep 2020
Dan Bernhardt, Kostas Koufopoulos and Giulio Trigilia
University of Illinois at Urbana-Champaign - Department of Economics, University of Sussex Business School and University of Rochester - Simon Business School
Downloads 119 (600,462)

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adverse selection, strictly positive profits, security design

18.

When It All Began: Competition for Capital and the Rise of Dividends

Number of pages: 29 Posted: 17 Nov 2025
Fabio Braggion, Giulio Trigilia and Pingle Wang
Tilburg University - Tilburg University School of Economics and Management, University of Rochester - Simon Business School and University of Texas at Dallas, Naveen Jindal School of Management, Department of Finance
Downloads 105 (689,572)

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Company Incorporation, Dividends, Competition

19.

Strategic Default, Investment and the Resolution of Financial Distress

Number of pages: 49 Posted: 11 Dec 2018
Nika Koreli and Giulio Trigilia
University of Warwick, Faculty of Social Studies, Department of Economics and University of Rochester - Simon Business School
Downloads 88 (753,595)

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strategic default; limited commitment; recovery rates; credit spreads; bankruptcy; out-of-court restructuring; costly-state-verification, security design; resolution of financial distress; investment