Adriano A. Rampini


Douglas and Josie Breeden Professor of Financial Economics

Academic Area: Finance
Phone Number: +1.919.660.7797

Teaching / Research Interests

Financial Economics, Macroeconomics

Mailing Information

Duke University: The Fuqua School of Business
100 Fuqua Drive
Durham, NC 27708


Adriano Rampini is the Douglas and Josie Breeden Professor of Financial Economics, a Professor of Finance and Economics, and the area coordinator of the finance area at Duke University’s Fuqua School of Business, with a secondary appointment in the department of economics. Professor Rampini received his Ph.D. in Economics from the University of Chicago and was on the faculty at Northwestern University’s Kellogg School of Management prior to joining Fuqua.

Professor Rampini’s expertise is in financial economics and macroeconomics. He is known for his work on collateral, capital reallocation, leasing, and risk management. In his work in macro finance, he has studied the procyclical nature of capital reallocation, the role of intermediary capital, and the variation of entrepreneurial activity and default over the business cycle. In his work on dynamic corporate finance, he has shown that financially constrained firms lease capital assets instead of buying them and buy less durable and used capital assets instead of more durable and new ones. His work on the dynamics of risk management explains why poorly capitalized firms typically hedge less and may not engage in risk management at all, a fact previously considered a puzzle. He has also argued that collateral is a primary determinant of capital structure. His recent work considers the effect of the price of collateral on capital reallocation, the financing of clean technology adoption, the dynamics of household insurance, and the role of secured debt in firm financing.

Professor Rampini’s research has been published in top economics and finance journals including the American Economic Review, the Review of Economic Studies, the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies. He received an Alfred P. Sloan Doctoral Dissertation Fellowship, was an invited speaker at the Review of Economic Studies European Meetings, and received the 2008 Jensen Second Prize for the best paper published in the Journal of Financial Economics in the areas of corporate finance and organizations. He is the President of the Foundation for Advancement of Research in Financial Economics (FARFE) and the Financial Intermediation Research Society (FIRS), and a past President of the Finance Theory Group (FTG). He is a Research Fellow of the Centre for Economic Policy Research (CEPR) and Research Associate of the National Bureau of Economic Research (NBER).

He was the Inaugural Distinguished Salomon Center Visitor and Visiting Research Professor in the NYU Stern School of Business finance department, a Visiting Fellow in the Princeton University Bendheim Center for Finance, a Visiting Professor of Economics in the Harvard University economics department, the Elwell research visitor in the University of Minnesota finance department, a visiting scholar or consultant at the International Monetary Fund, the Federal Reserve Bank of Minneapolis and Richmond, the MIT economics department, and the Stanford Graduate School of Business finance area, and a consultant to the Federal Reserve Bank of Chicago and New York.