Joel Shapiro

Professor of Financial Economics

Saïd Business School
University of Oxford
Park End Street


Joel's main area of expertise is the regulation and governance of financial institutions.

Joel has conducted research on credit ratings, banking regulation, corporate governance, executive compensation, LIBOR, ESG investing and conflicts of interest in retail finance.

He is published in top international journals such as the Journal of Finance, Journal of Financial Economics, and the Review of Financial Studies. His work has been cited by regulators such as the SEC, the Federal Reserve Board of Governors and the European Commission, and he has been invited by regulatory authorities such as the SEC, Bank of England, ESMA, New York Fed, and ECB to present his work and discuss policy matters.  

Prior to joining Saïd Business School, Joel was a tenured associate professor at Universitat Pompeu Fabra in Barcelona. He received his PhD  in Economics in 2000 from Princeton University. He has been a visiting lecturer for the University of Wisconsin-Madison and the New York University Stern School of Business as well as visiting researcher for the Federal Reserve Bank of New York. 

Joel is also an Associate Editor at the Journal of Banking and Finance and was previously an Associate Editor at the Journal of Corporate Finance.


  • Regulation of financial institutions
  • Corporate governance
  • Conflicts of interest
  • Executive pay and risk-taking
  • ESG investing

View Joel's personal website.


Stress Testing and Bank Lending(opens in new window)

  • Journal article
  • Review of Financial Studies
  • Joel Shapiro,
  • Jing Zeng

Stress testing and bank lending(opens in new window)

  • Journal article
  • The Review of Financial Studies
  • Joel Shapiro,
  • Jing Zeng

Credit ratings and market information(opens in new window)

  • Journal article
  • Review of Financial Studies
  • Alessio Piccolo,
  • Joel Shapiro

Blockholder voting(opens in new window)

  • Journal article
  • Journal of Financial Economics
  • H Bar-Isaac,
  • Joel Shapiro

Credit ratings and structured finance(opens in new window)

  • Journal article
  • Journal of Financial Intermediation
  • J Josephson,
  • Joel Shapiro
See more publications


Joel is regularly invited to present on financial governance and regulation at conferences and seminars around the world.

Joel has also presented his research at regulatory institutions such as the Securities and Exchange Commission, Bank of England, ESMA, Federal Reserve Bank of New York, Federal Reserve Bank of Philadelphia, and the European Central Bank among others.

Joel is a research affiliate of the Centre for Economic Policy Research.


Joel teaches Business Finance to the School’s MBA and EMBA students.

Joel’s MBA students come from a diversity of backgrounds – some have a very strong grounding in finance, whilst others are new to the subject. Joel is able to increase the knowledge and understanding of beginners whilst still engaging the specialists. His strengths lie in making difficult concepts easy to understand through the use of discussion, practical applications and case studies in support of lectures.

Joel is the Director of the Oxford Executive Finance Programme. This programme is designed to build proficiency in finance at an executive level by demystifying the nuances of financial practice and providing participants with an overview of how firms make finance-driven decisions. Joel is joined by key faculty, subject matter experts, and practitioners at the forefront of the finance world.

Oxford Answers

Thought-leadership and insights for business leaders written by our Faculty and Associate Fellows.
View articles by Joel.

  • ""