Erasmo Giambona
- Email Contact Me
- Phone 315-443-4885
- Department Finance
- Office 637
- Website Visit
- Resume
His research leverages real estate, collateral, and other tangible assets to address fundamental questions in corporate finance and firm organization. His work was the first to show that the redeployability of collateral, rather than its mere quantity, fundamentally shapes corporate financing decisions, and that firms with higher-quality real estate collateral frequently rely more heavily on unsecured debt financing.
He was also the first to introduce the supply side of derivatives markets into the corporate hedging literature, demonstrating that firms’ hedging decisions depend not only on hedging demand but also on intermediary risk-bearing capacity and the supply of hedging instruments. More recently, his work on supply chains challenged the conventional emphasis on supplier risk by revealing how buyer risk shapes supply-chain relationships and organizational decisions. Across these areas, his scholarship consistently emphasizes counterparty risk and financial interdependence.
Beyond academia, his expertise has informed advisory work with major real estate firms and institutional organizations on issues spanning real estate, risk management, and corporate finance.
Prior to joining Syracuse University, Giambona was a tenured Associate Professor at the University of Amsterdam. He has also held visiting appointments at prominent global institutions, including Yale University, Cornell University, the University of Southern California, the University of Illinois Urbana–Champaign, Bocconi University, Luiss University, the University of Chinese Academy of Sciences, and the Shanghai University of Finance and Economics.
Real Estate Finance (undergraduate and graduate)
Corporate Finance (Ph.D. level course)
Papers
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Underdiversification and Housing Risk Premia
Eiling, E., Lopez A., R., Tuijp, P. -
Global Supply Chain Disruptions and Product Market Competition
Aral, K., Lopez A., R., Phillips, G.
Publications
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Hedging, Contract Enforceability, and Competition
2025 Review of Financial Studies,38,7,2034-2087, Kumar, A., Phillips, G.
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Board Gender Diversity and Supply Chain Risk Management
2025 Production & Operations Management ,
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Unveiling the Price of Obscenity in the Housing Market: Evidence from Closing Brothels in the Netherlands
2023 Journal of Policy Analysis and Management, Ribas, R.
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The External Cost of Prostitution: Evidence from Shutting Down Red Light Districts in the Netherlands
2023 Real Estate Economics, Ribas, R.
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Buyer's Bankruptcy Risk, Sourcing Strategy, and Firm Value: Evidence from the Supplier Protection Act
2022 Management Science, Aral, K., Wang, Y.
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Derivatives Supply and Corporate Hedging: Evidence from the Safe Harbor Reform of 2005
2020 Review of Financial Studies,33,11,5015–5050, Wang, Y.
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A View Inside Corporate Risk Management
2019 Management Science,65,11, Bodnar, G., Graham, J., Harvey, C.
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Real Assets and the Limits of Debt Capacity: Theory and Evidence
2018 Real Estate Economics,46,4, Mello, A., Riddiough, T.
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Liquidity Management and Corporate Investment During a Financial Crisis
2011 Review of Financial Studies,24,6,1944-1979, Campello, M., Graham, J., Harvey, C.
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Jan 01, 2026
Received - Whitman Senior Faculty Research Award
Whitman School of Management/Syracuse University -
May 10, 2020
Whitman’s Senior Faculty Research Award
Syracuse University - Whitman -
Jan 01, 2020
Pearson Prize for the Best Paper in Financial Management - First Place
Financial Management -
Received - GRANT -- Lender Center for Social Justice
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Hedge Fund Activists Might Just Be Good Stock Pickers
December 22, 2023 Institutional Investor -
Unveiling the Price of Obscenity
December 08, 2023 Marginal Revolution