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  1. Directory
  2. Faculty
  3. Tano Santos

Tano Santos

Robert Heilbrunn Professor of Asset Management and Finance
Finance Division
Director
Heilbrunn Center for Graham and Dodd Investing
Professor Tano Santos
Areas of Expertise
Asset Management, Financial Engineering, Financial Institutions, Fundamental Investment Analysis
Contact
Office: 797 Kravis
Phone: (212) 8540489
E-mail: js1786@gsb.columbia.edu
Links
Curriculum Vitae

Professor Tano Santos is the Robert Heilbrunn Professor of Asset Management and Finance and the Academic Director of the Heilbrunn Center for Graham & Dodd Investing at Columbia Business School, Columbia University, where he has taught since 2003. Previously he was an Associate Professor at the University of Chicago Booth School of Business. At Columbia, he teaches courses on Value Investing, Modern Value, and Modern Political Economy. He has published extensively in the major economics and financial journals and his research interests are broad, from asset pricing and financial intermediation to organizational economics. Professor Santos is a member of the National Bureau of Economic Research and Fellow of the Center for Economic Policy Research.

Education
BS, Universidad Complutense de Madrid, 1990; PhD, University of Chicago, 1996.
Joined CBS
2003

All Activities

  • Research
  • Teaching
  • Achievements
  • Press
  • Authored Works
  • CaseWorks
  • Journal articles
  • Working papers
  • Articles
  • Books
  • Chapters
Journal Article
Dessein, Wouter and Tano Santos. “Managerial Style and Attention.”
American Economic Journal: Microeconomics
vol. 13, (January 01, 2021): 372-403.
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Journal Article
Dessein, Wouter, Andrea Galeotti, and Tano Santos. “Rational Inattention and Organizational Focus.”
American Economic Review
vol. 106, (June 01, 2016): 1522-1536.
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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.
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Journal Article
Bolton, Patrick, Tano Santos, and Jose Scheinkman. “Cream Skimming in Financial Markets.”
The Journal of Finance
vol. 71, (April 01, 2016): 706-736.
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Journal Article
Fernandez-Villaverde, Jesus, Luis Garicano, and Tano Santos. “Political Credit Cycles: The Case of the Euro Zone.”
Journal of Economic Perspectives
vol. 27, (January 01, 2013): 145-166.
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Journal Article
Bolton, Patrick, Tano Santos, and Jose Scheinkman. “Outside and Inside Liquidity.”
The Quarterly Journal of Economics
vol. 126, (February 01, 2011): 259-321.
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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.
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Journal Article
Bolton, Patrick, Tano Santos, and Jose Scheinkman. “Market and Public Liquidity.”
American Economic Review
vol. 99, (January 01, 2009): 59-499.
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Journal Article
Dessein, Wouter and Tano Santos. “Adaptive Organizations.”
Journal of Political Economy
vol. 114, (October 01, 2006): 956-995.
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Journal Article
Santos, Tano and Pietro Veronesi. “Labor Income and Predictable Stock Returns.”
Review of Financial Studies
vol. 19, (January 01, 2006): 1-44.
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Journal Article
Garicano, Luis and Tano Santos. “Referrals.”
American Economic Review
vol. 94, (June 01, 2004): 499-525.
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Journal Article
Menzly, Lior, Tano Santos, and Pietro Veronesi. “Understanding Predictability.”
Journal of Political Economy
vol. 112, (February 01, 2004): 1-47.
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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.
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Journal Article
Santos, Tano and Jose Scheinkman. “Competition Among Exchanges.”
Quarterly Journal of Economics
vol. 116, (August 01, 2001): 1027-61.
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Journal Article
Santos, Tano and Jose Scheinkman. “Financial Intermediation Without Exclusivity.”
American Economic Review
vol. 91, (May 01, 2001): 436-39.
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Journal Article
Barberis, Nicholas, Ming Huang, and Tano Santos. “Prospect Theory and Asset Prices.”
Quarterly Journal of Economics
vol. 116, (February 01, 2001): 1-53.
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Working Paper
Daniel, Kent, Lira Mota, Simon Rottke, and Tano Santos. The Cross-Section of Risk and Return. November 04, 2019.
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Working Paper
Santos, Tano and Pietro Veronesi. Leverage. December 22, 2018.
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Working Paper
Santos, Tano and Pietro Veronesi. Internet Appendix to Accompany "Leverage". January 01, 2018.
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Working Paper
Bolton, Patrick, Tano Santos, and Jose Scheinkman. Savings Gluts and Financial Fragility. December 20, 2017.
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Working Paper
Santos, Tano. El Diluvio: The Spanish Banking Crisis, 2008–2012. July 13, 2017.
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Working Paper
Fernandez-Villaverde, Jesus and Tano Santos. Institutions and Political Party Systems: The Euro Case. July 03, 2017.
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Working Paper
Santos, Tano. Credit Booms: Implications for the Public and the Private Sector. January 01, 2015.
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Working Paper
Santos, Tano. Antes del diluvio: The Spanish banking system in the first decade of the euro. March 01, 2014.
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Working Paper
Ohashi, Kazuhiko and Tano Santos. Contractible Signals and Security Design. January 01, 2005.
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Newspaper/Magazine Article
Santos, Tano. “Tras el Banco Base, volver a empezar.” El País. April 03, 2011.
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Newspaper/Magazine Article
Fernandez-Villaverde, J., L. Garicano, and Tano Santos. “La bancarrota necesaria.” El Pais. November 28, 2010.
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Newspaper/Magazine Article
Santos, Tano. “Una España de dos velocidades.” La Vanguardia. October 24, 2010.
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Newspaper/Magazine Article
Santos, Tano. “España, desde fuera.” El País. May 25, 2010.
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Newspaper/Magazine Article
Santos, Tano. “España, en el ojo del huracán.” El País. May 16, 2010.
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Newspaper/Magazine Article
Santos, Tano. “Tarde, mal y nunca: una oportunidad perdida.” El Mundo. May 06, 2010.
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Newspaper/Magazine Article
Santos, Tano. “Recuperar la credibilidad.” El País. February 07, 2010.
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Newspaper/Magazine Article
Santos, Tano. “De bancos y zombis.” Expansión. February 23, 2009.
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Newspaper/Magazine Article
Kogut, Bruce, Patrick Bolton, and Tano Santos. “How to Prepare for Financial Meltdowns.” Forbes.com. February 20, 2009.
Explore Further about How to Prepare for Financial Meltdowns
  • Courses
  • Case Studies
Course
B8378: Value Investing with Legends
View Course on Value Investing with Legends
Course
B8377: Value Investing
View Course on Value Investing
Course
B8265: Modern Political Economy
View Course on Modern Political Economy
Course
B8444: Modern Value
View Course on Modern Value
Course
B7265: Modern Political Economy
View Course on Modern Political Economy
  • Awards
  • Grants
  • In the Media
  • Articles
In the Media

Right Industrial Policy Is Knowledge Policy

Gulf Times
In the Media

JP Morgan’s Jamie Dimon: Banking Crisis Not Over. He’s Right

Forbes
In the Media

Study: Banking apps make deposits less ‘sticky’ as rates rise

ABA Banking Journal
In the Media

Value Investing Is Back

Kiplinger
In the Media

Meet Columbia Business School’s MBA Class Of 2023

Poets & Quants
Article

More MPE With the Political Economists

Read More about More MPE With the Political Economists
Article

Adam Smith's 300th Birthday: Why His Legacy Is More Relevant Than Ever

Read More about Adam Smith's 300th Birthday: Why His Legacy Is More Relevant Than Ever
Article

Hubbard, Santos Awarded Singhvi Prize

Read More about Hubbard, Santos Awarded Singhvi Prize
Article

Postcards from Heaven

Read More about Postcards from Heaven
Article

Postcard Passion: Can You Identify the Artworks on Economist Tano Santos's Office Wall?

Read More about Postcard Passion: Can You Identify the Artworks on Economist Tano Santos's Office Wall?
Article

Successful Value Investing: Finding Gems Amid the Junk

Read More about Successful Value Investing: Finding Gems Amid the Junk
Article

Value Investing: How CBS is Staying Ahead of the Curve

Read More about Value Investing: How CBS is Staying Ahead of the Curve
Article

Why Value Investing is Making a Comeback

Read More about Why Value Investing is Making a Comeback
Article

Why Value Investing is Making a Comeback

Read More about Why Value Investing is Making a Comeback
Article

5 Questions About Value Investing and Finance

Read More about 5 Questions About Value Investing and Finance
Article

5 Questions About Value Investing and Finance

Read More about 5 Questions About Value Investing and Finance
Article

The Next Generation of Finance

Read More about The Next Generation of Finance
Article

Investing in Times of (the Coronavirus) Crisis

Read More about Investing in Times of (the Coronavirus) Crisis
  • Articles
Article

What Do Financial Economists Have to Say About "Value"?

Read More about What Do Financial Economists Have to Say About "Value"?
  • CaseWorks
Case ID
200303

O'Reilly Automotive Inc. IPO to 2010: The Power of High-Quality Compounders

How has O'Reilly Automotive optimized the barriers to entry in its industry to achieve a high level of continued success?

View Case on O'Reilly Automotive Inc. IPO to 2010: The Power of High-Quality Compounders

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