Carolina Salva

Chair of Corporate Finance


Prof. Carolina Salva is Professor of Finance at the Faculty of Economics and Business at the University of Neuchatel. She holds a PhD and a master degree in Financial Economics from Cornell University, USA, and a bachelor degree in Business Administration from University of Barcelona.

She enjoys ample teaching experience, and has also taught in various master and executive education programmes in Switzerland (HEC Lausanne, University of Bern), Belgium (Vlerick Business School), Spain (IE Business School) and France (University of Strasbourg).

Her research interests are in the areas of financial markets, pension funds, corporate finance, sustainability and governance. Her research has been presented in various conferences around the world and has been published in top journals in finance.

She has also developed professional activities in the private sector as a consultant and as an investment manager, and has been involved in mandates and coaching assignments for different medium-sized and multinational companies.


  • Valuation
  • Corporate Finance
  • Pension Funds
  • Governance
  • International Finance
  • Financial Markets


  • Corporate Finance
  • Valuation
  • Financial Analysis
  • Financial Management
  • International Finance
  • Equity Research Contest

Selected publications

"The Value of Excess Cash and Corporate Governance: Evidence from US Cross-listings", (with Laurent Frésard), Journal of Financial Economics, November 2010, 359-384.

"The Value of Analysts' Recommendations and the Organization of Financial Research", (with Frédéric Sonney), Review of Finance, April 2011, 397-440.

"The Economic Consequences of Increased Disclosure: Evidence from International Cross-Listings", (with Warren B. Bailey and G. Andrew Karolyi), Journal of Financial Economics, July 2006, 175-213.