Antonio E. Bernardo

Dean and John E. Anderson Chair in Management


Antonio “Tony” Bernardo’s research spans various areas of corporate finance. His recent research on bailouts provided a set of policy recommendations to lawmakers looking to design bailouts for distressed firms. His current work on optimal capital structures suggests that capital structure decisions are determined, in part, by the debt choices other firms in the industry are making. Bernardo has taught finance at UCLA Anderson for more than 20 years and is the school’s ninth dean.

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Illustration of vultures sitting on a sign in a city Research Brief / Debt

Less Leveraged Than the Competition: Ready to Snag Distressed Assets in a Recession

When bad times hit, highly indebted companies often have to sell operations and equipment at fire-sale prices