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Philip Valta
SFI Junior Chair
Assistant Professor of Finance
  +41 22 379 97 58

Philip Valta is an SFI Assistant Professor of Finance at the University of Geneva and has held an SFI Junior Chair since 2014. He is currently on leave of absence from the University of Geneva. He holds a PhD in Finance from the Ecole Polytechnique Fédérale de Lausanne. Prof. Valta is a regular speaker at leading finance conferences worldwide and his research has been published in top academic journals.

Research Interests:
His main research interests are in empirical corporate finance, with a focus on how product markets and institutions shape corporate decisions.
Recent Research:
In ongoing research, Prof. Valta and his coauthor study how product-market interactions affect firms’ investment decisions by focusing on how reductions of import tariffs modify investment decisions as the threat of rivals’ entry intensifies. Using US data that covers the period 1974 to 2005 and includes 91 tariff cuts affecting 74 industries, the researchers find that firms concerned by tariff cuts reduce their investments by 7.2 percent. Further measurements reveal that investment reductions vary across market structures, which is consistent with strategic behavior, as they are concentrated in markets in which competitive actions are substitutes, where deterring entry is costly, and where investments make incumbents look soft. Such findings contribute to the literature by providing novel evidence on how and why firms’ interactions influence corporate investment.