Project finance and public-private hybrids; public contracts, scrutiny, and political contestability; governance, risk perception, and asset pricing
In 2005-2006, Prof. Moszoro was appointed Undersecretary of State and Deputy Minister of Finance of Poland, the youngest ever in that position. He was also Chairman of Bank BGK that specializes in servicing the public finance sector, Chairman of the Export Insurance Policy Committee, and member of more than 10 government committees. In 2009-2011, he was a post-doctoral fellow at Haas School of Business, University of California, Berkeley under Nobel laureate economist Oliver Williamson.
Prof. Moszoro’s research encompasses three areas: (a) project finance and public-private hybrids, (b) public contracts, scrutiny, and political contestability, and (c) governance, risk perception, and asset pricing. He has published four books, several book chapters and journal articles, and more than 15 business case studies. He has lectured and presented his research at: Harvard University, Yale University, Stanford University, University of California-Berkeley, University of Southern California, Columbia University, Duke University, University of Maryland, George Mason University, IESE-Barcelona, Université Paris-Sorbonne, Université Paris-Dauphine, Technische Universität Berlin, London School of Economics, IAE-Buenos Aires, FGV-Sao Paulo, and the World Bank in Washington, DC.
Prof. Moszoro has in-field experience in various industries and has been consultant in corporate finance, strategy, and public-private contracting. He relates his professional experience to cutting-edge research and true passion for teaching. Students also voted his Project Finance MBA course the best course for three consecutive years. He has successfully completed a dozen triathlons and marathons, and still actively plays rugby.
Moszoro, Marian, and Pablo Spiller. Political Contestability, Scrutiny, and Public Contracting. NBER Working Paper No. 18636.
Beuve, Jean, Marian Moszoro, and Stéphane Saussier. Political Contestability and Contract Rigidity: An Analysis of Procurement Contracts. Submitted.
Moszoro, Marian, Pablo Spiller, and Abhay Aneja. Political Bonds: Political Hazards and the Choice of Municipal Financing Instruments. NBER Working Paper No. 21188.
Moszoro, Marian. Public versus Private Cost of Capital. Submitted.
Moszoro, Marian. Public-Private Monopoly. R&R to the B.E. Journal of Economic Analysis & Policy.
Moszoro, Marian and Michael Bykhovsky. Political Cognitive Biases Effects on Fund Managers’ Performance. R&R to the Journal of Behavioral Finance.
Moszoro, Marian and Pablo Spiller. Implications of Third Parties for Contract Design. R&R to the Journal of Industrial and Business Economics (aka Economia e Politica Industriale).
Moszoro, Marian and Gonzalo Araya. Political Competition and Private Participation in Infrastructure.
Makovšek, Dejan and Marian Moszoro. 2017. Risk Pricing Inefficiency in Public-Private Partnerships. Transport Reviews.
Moszoro, Marian, Pablo Spiller, and Sebastian Stolorz. 2016. Rigidity of Public Contracts. Journal of Empirical Legal Studies 13(3):396–427.
Moszoro, Marian. 2016. Coasean Quality of Regulated Goods. B.E. Journal of Economic Analysis & Policy 16(4).
Bednarek, Ziemowit, and Marian Moszoro. 2014. The Arrow-Lind Theorem Revisited: Ownership Concentration and Valuation. Applied Economics [formerly known as Applied Financial Economics] 24(5):357–375.
Moszoro, Marian, and Pablo Spiller. 2016. Coase and the Transaction Cost Approach to Regulation. In The Elgar Companion to Ronald H. Coase, edited by Claude Ménard and Elodie Bertrand. Edward Elgar Publisher: Cheltenham, UK. Chapter 19, pp. 262–275.
Moszoro, Marian, and Pablo Spiller. 2014. Third-Party Opportunism and the Theory of Public Contracts: Operationalization and Applications. In The Manufacturing of Markets: Legal, Political and Economic Dynamics, edited by Eric Brousseau and Jean-Michel Glachant. Cambridge University Press (ISBN 978-1-107-05371-7, 420 pages).
Books & Monographs
Moszoro, Marian. 2010. Partnerstwo publiczno-prywatne w sferze uzytecznosci publicznej [Public-Private Partnerships in the Utilities Sector]. Warsaw: Wolters Kluwer (ISBN: 978-83-7526-715-0, 304 pages). First edition: 2005, Warsaw: Oficyna Wydawnicza SGH.
Moszoro, Marian. 2010. Analiza problemow biznesowych [Analysis of Business Problems]. Warsaw: Wolters Kluwer (ISBN: 978-83-7526-732-7, 256 pages).
Research Projects & Grants
Project title: Organizational and Institutional Challenges: Innovation and Governance. Project reference: ECO2014-57131-R. Nature of contribution in the project: Investigator. Sources of funding: Ministerio de Economía y Competitividad (Spanish Ministry of the Economy and Competitiveness). Amount of funding: 58,000 EUR. Places of project implementation: Spain and USA. Project duration: 2015-2018.
Project title: Political Competition and Rule-based Financing in the Municipal Bond Market. Nature of contribution in the project: Empirical study on the political hazards and the choice of municipal financing instruments. Sources of funding: Mercatus Center, George Mason University. Amount of funding: 5,000 USD. Places of project implementation: USA. Project duration: 2017.
Project title: Regulation Costs and Private-Sector Spillovers of Public-Private Partnerships. Nature of contribution in the project: Economic modeling of public-private hybrid organizations. Sources of funding: Mercatus Center, George Mason University. Amount of funding: 5,000 USD. Places of project implementation: USA. Project duration: 2016-2017.
Project title: On-Line Teaching Initiative on Economics of Governance and Institutions. Nature of contribution in the project: Scholarly content on public-private contracts. Sources of funding: European School for New Institutional Economics (ESNIE) and Google, Inc. Amount of funding: 50,000 EUR. Places of project implementation: France, United States, Spain, Poland, Russia, Italy. Project duration: 2013-2015. List of the most important publications: MOOC (Massive Open Online Course) on the economics of governance and institutions under preparation.
Project title: EU8 Fiscal Study: Fiscal Risks and Contingent Liabilities with an Emphasis on Public-Private Partnership. Nature of contribution in the project: Section on Polish public-private partnerships. Sources of funding: World Bank. Amount of funding: 20,000 USD. Places of project implementation: Poland, Czech Republic, Hungary. Project duration: 2004-2005. List of the most important publications: Current Issues in Fiscal Reform in Central Europe and the Baltic States 2005, edited by Thomas Laursen, World Bank, Washington, DC, 2005.
Project title: Standards of public services: Measures of citizens’ expectations and instrument for measuring effectiveness of public administration activities. Nature of contribution in the project: Chapter on the financial system of Polish local government units. Sources of funding: UNDP Umbrella. Amount of funding: 50,000 PLN. Places of project implementation: Poland. Project duration: 2002. List of the most important publications: UNDP Umbrella Report: „Standards of public services: Measures of citizens’ expectations and instrument for measuring effectiveness of public administration activities.”
Post-doctoral scholarship, Business & Public Policy Group and Finance Group, 2009-2011 Sponsor Professor: Oliver Williamson
Ph.D. in Financial Economics, 2004
M.Sc. in Managerial Economics, 1998. Graduated with Highest Honors
2017 Econometric Society (LACEA-LAMES), Buenos Aires, Argentina; Columbia University, NY; Sorbonne Graduate Business School, France; Institutional and Organizational Economics Academy, Corsica (IOEA); University of California, Berkeley (Haas); University of Warsaw, Poland; SGH-Warsaw School of Economics, Poland; Université Laval, Canada
2016 Northwestern University, Chicago, IL (Law & Econ); George Mason University, Arlington, VA (Econ-ICES); Sorbonne Graduate Business School; Harvard University (twice: Law, Econ); SciencePo, Paris; National Research University-Higher School of Economics, Moscow (RSSIA)
2015 Insper, Sao Paulo; PPP Summit, Istanbul (keynote speaker); UCLA (Law & Econ); Cornell University, NY; Universitat Pompeu Fabra, Barcelona; Harvard University, MA; Columbia University; European School on New Institutional Economics, Corsica (ESNIE/IOEA); Universidad de Chile (CEA); ETH Zurich (Law & Econ*); George Mason University, Arlington, VA (Econ-ICES); University of California, Berkeley (twice: Haas & Law)
2014 NBER Organizational Economics, Stanford University, CA (SIEPR); University of California, Berkeley (Law, CELS); OECD-World Bank-GMU, Arlington, VA (International Transport Forum); NBER Summer Institute, Law & Economics workshop, Cambridge, MA; National Research University-Higher School of Economics, Moscow (RSSIA); Duke University, NC (ISNIE 2014); University of Bristol, UK; European School on New Institutional Economics, Corsica (ESNIE); The World Bank; Warsaw University of Technology; FGV & IPEA (Institute of Applied Economic Research, Rio de Janeiro); Sao Paulo School of Economics (FGV-EESP); American Society of Civil Engineers, San Francisco, CA; California Polytechnic State University (Econ-Finance); University of California, Berkeley (Haas)
2013 Allerhand Institute, Warsaw (Financial Regulation Summit); National Research University-Higher School of Economics, Moscow; Universidad Nacional de Colombia (video-conference); George Mason University, VA (SPP); University of Reading, UK (EFMA); Université Paris-Dauphine/European University Institute/Università degli Studi di Firenze (ISNIE); Université Paris 1 – Panthéon-Sorbonne (twice); Politecnico di Milano (Public Finance); European School on New Institutional Economics, Corsica (ESNIE); Université Paris-Dauphine (Finance); IESE Business School, Barcelona (PPSRC)
2012 Northwestern University, Chicago, IL (Law & Econ*); George Mason University, VA; University of Maryland, College Park, MD; Yale University, CT (Law*, CBEY); University of Pennsylvania (Law*); Defense Acquisition University, Fort Belvoir, VA; Naval Postgraduate School, Seaside, CA; University of Southern California (ISNIE); Sao Paulo School of Economics (FGV-EESP), Brazil; World Finance Conference, Rio de Janeiro; London School of Economics; Heriot-Watt University, Edinburgh; Université Paris-Dauphine; Université Paris 1 – Panthéon-Sorbonne (twice); University of Navarra, Pamplona (Econ); IESE Business School, Barcelona (PPSRC); Universitat Autonoma de Barcelona (Applied Economics); Economic Institute of the National Bank of Poland, Warsaw
2011 George Mason University, Arlington, VA (SPP); University of California, Berkeley (Haas-Finance); Western Economic Association International, San Diego, CA; American Society for Public Administration, Baltimore, MD; The World Bank, Washington, DC; Inter-American Development Bank, Panama; Université Paris 1 – Panthéon-Sorbonne; Technische Universität Berlin; IESE Business School, Barcelona; Joint Warsaw School of Economics-University of Warsaw Econ Seminar; International Project Finance Association and Ministry of Interior, Warsaw
More than 40 press articles and clippings in: Reuters, Bloomberg, CNBC, Harvard Law School Forum on Corporate Governance and Financial Regulation, Marginal Revolution, and KUSF San Francisco (US); Canadian Investment Review (Canada); Financial Times, and Project Finance Magazine (UK); IESE Insight, IESE Alumni Magazine, and Public ESADE – Newsletter IGDP (Spain); CNN-Radio Fisherton (Argentina); Obserwator Finansowy NBP, Rzeczpospolita, Parkiet, Dziennik Gazeta Prawna, and Gazeta Bankowa (Poland).