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Dan Bernhardt

Curriculum Vitae (CV)

Contact details

Telephone: +44 (0)24 765 23470

Fax: +44 (0)24 765 23032

Email: M dot D dot Bernhardt at warwick dot ac dot uk


Professor of Economics

Research Interests

  • Applied Microeconomic Theory
  • Financial Economics
  • Market Microstructure
  • Industrial Organization and Labour Economics.
  • Political Economy


Working papers

Auctioning control and cash-flow rights separately, with TJ Liu.

Strategic Commitment by an Informed Speculator, with A. Boulatov.

Simplifying Auction Designs via Market Feedback, with TJ Liu.

Demagogues and the Fragility of Democracy with Stefan Krasa and Mehdi Shadmehr, 2022, American Economic Review, 3331-3366.

The Night and Day of Amihud's Liquidity Measure with Yashar Barardehi, Tom Ruchti, and Marc Weidenmier, 2021, Review of Asset Pricing Studies, 269-308.

Re-appraising intraday trading patterns: what you didn't know you didn't know with Yashar Barardehi.

Following the Pied Piper of Pensioners with Conrado Cuevas and Mario Sanclemente.

Positive profits in competitive credit markets with adverse selection with Kostas Koufopoulos and Giulio Trigilia.

Blockholder Disclosure Thresholds and Hedge Fund Activism with Guillem Ordonez, 2022, Journal of Financial and Quantitative Analysis, 2834-2859.

Rent extraction with securities plus cash with Tingjun Liu, 2021, Journal of Finance, 1869-1912.

Is there a paradox of pledgeability? with Giulio Trigilia and Kostas Koufopoulos, 2020, Journal of Financial Economics, 606-611.

Costly auction entry, royalty payments and the optimality of asymmetric designs with Tingjun Liu and Takeharu Sogo, 2020, Journal of Economic Theory, 105041.

Race to the Base with Peter Buisseret and Sinem Hider, 2020, American Economic Review, 922-942.

Optimal Equity auctions with two-dimensional types with Tingjun Liu, 2020, Journal of Economic Theory, 104913.

Positive and Negative Political Campaigning in Primary and General Elections with Meenakshi Ghosh, 2020, Games and Economic Behavior, 98-104.

Trade-time Measures of Liquidity with Yashar Barardehi and Ryan Davies, 2019, Review of Financial Studies, 126-179.

Vanguards in Revolution with Mehdi Shadmehr, 2019, Games and Economic Behavior, 146-166.

Re-election and Renegotiation: International Agreements in the Shadow of the Polls with Peter Buisseret, 2018, American Political Science Review, 1016-1035.

Targeting target shareholders with Tingjun Liu and Robert Marquez, 2018, Management Science, 1489-1509.

The Price Matching Dilemma with Evangelos Constantinou, 2018, International Journal of Industrial Organization, 97-113.

Dynamics of Policymaking: Stepping Back to Leap Forward, Stepping Forward to Keep Back with Peter Buisseret, 2017, American Journal of Political Science, 820-835.

When Can Citizen Commuincation Hinder Successful Revolution? with Mehdi Shadmehr, 2017, Quarterly Journal of Political Science, 301-323.

Monotone and Bounded Interval Equilibria in a Coordination Game with Information Aggregation with Mehdi Shadmehr, 2017, Mathematical Social Sciences, 61-69.

Endogenous Entry to Security-Bid Auctions with Takeharu Sogo and Tingjun Liu, 2016, American Economic Review, 3577-3589.

Flexibility vs. Protection from an Unrepresentative Legislative Majority, with B. Graham, 2016, Games and Economic Behavior, 59-88.

The Optimal Extent of Discovery with F. Lee, 2016, RAND Journal of Economics, 573-607.

The Reluctant Analyst with Z. Xiao and C.Wan, 2016, Journal of Accounting Research, 987-1040.

Collusion under Risk Aversion and Fixed Cost with M. Rastad, 2016, Journal of Industrial Economics, 808-834.

Learning about Challengers with O. Camara, 2015, Games and Economic Behavior, 181-206.

Robustness of equilibria in the Kyle model with A. Boulatov 2015, Annals of Finance 297-318.

Learning about Common and Private Values in Oligopoly with B. Taub, 2015, RAND Journal of Economics, 66-85.

State Censorship with M. Shadmehr, 2015, American Economic Journal: Microeconomics, 280-307

Multiproduct Bertrand Oligopoly with Exogenous and Endogenous Consumer Heterogeneity with B. Graham, 2015, B.E. Journal of Theoretical Economics (Contributions), 167-209.

Trial Incentives in Sequential Litigation with F. Lee, 2015, American Law and Economic Review, 214-244.

Demagogues in America: From the Revolution to the Second World War with Stefan Krasa and Mehdi Shadmehr.

Contagious Default (with Kevin Chen)

The Dynamics of Promotions, Quits and Layoffs (with Odilon Camara)