Faculty & Research

PhD Summer School

phd summer school

Nova SBE is organizing its first PhD Summer School, offering 2 courses:

Course #1

Networks Econometrics, by Professor Marcel Fafchamps, from Stanford University.
Takes place on 14-17 June.

Course #2

The Economics of Human Capital Formation, by Professor Flávio Cunha, from Rice University.
Takes place on 20/24 June.


Apply by 1 June at This email address is being protected from spambots. You need JavaScript enabled to view it.

Mandatory documents

  • Copy of official ID
  • Curriculum Vitae
  • Transcript of records of undergraduate and graduate degrees
  • Motivation letter

Optional documents

  • Research sample
  • English language certificate


  • 1 course: €150
  • 2 courses: €250

(These fees do not apply to PhD students from Nova SBE)


Upon successful completion of the PhD Summer School, participants will be awarded a participation certificate which includes the course abstract, number of hours of training, and ECTS credits.

Knowledge Centers


NOVAFRICA aims to produce distinctive expertise on business and economic development in Portuguese-speaking Africa. Central to NOVAFRICA’s activity is an in-depth understanding of the target economies, including their institutions, private sector, and civil society. NOVAFRICA is grounded on the belief that business and economic development is about a myriad of successful micro-experiences supported by a stable and robust macro-environment that should be documented, understood and communicated. For this purpose, the center adopts multidisciplinary approaches to study the role of individuals, organizations and institutions in the process of prosperity creation. Its central purpose is to rigorously evaluate the impact of policies that affect business and economic development processes in Africa, in a way that facilitates its large-scale adoption with real world impact. To achieve this objective, NOVAFRICA relies on a team of resident members with unique research expertise, as well as on collaboration with international institutions (such as the World Bank, International Growth Center, and USAID), in addition to a advisory board including a number of individuals with relevant international experience on economic policy in Africa.

Nova Finance Center

The Nova Finance Center brings together the human resources and the activities developed in the Finance area of Nova SBE. Its aim is to strengthen the cooperation between the school and industry, communicating the knowledge competences in finance and promoting better research and education in this area. The School has been attracting internationally recognized faculty and practitioners, combining academic knowledge with on-the-ground experience. Research plays a decisive role in the activity developed by the Nova Finance Center. The purpose is to position research in Finance at Nova SBE among the top European universities and business schools. Researchers clustered in the Nova Finance Center are already publishing in the top journals in the field, contributing to place Nova SBE’s research in a top position among European researchers in Finance.

Nova Healthcare Initiative

Research collects the expertise in health economics and health care management present at Nova SBE. We aim to produce applied research relevant to the health care sector at large. The objective is to bring together the knowledge and resources of the academic world and the professionals and institutions working in the health sector. We develop academic research relevant and advanced training opportunities in the field of health economics and health care management. One of the main purposes is to contribute to a rigorous analysis and evaluation of health and health care policies, mainly but not exclusively at the national level. Another aim is to strengthen cooperation with public and private institutions in health care delivery and financing. The Nova Health Care Initiative – Research constitutes a forum open to all stakeholders in the health sector for discussion of problems and solutions. A multidisciplinary approach is often needed in the analysis of the health care sector, and links within the Universidade Nova de Lisboa ensure expertise in several areas of health and health care.

Research at Nova SBE


Research at Nova SBE is organized in six research groups. These are Development and Macroeconomics, Finance and Accounting, Microeconomics, Quantitative Methods and Decision Sciences, Strategy and Markets and People and Society. The groups relating to the research in our PhD in Economics | Finance are the first four. 


Development and Macroeconomics

Resident researchers at Nova SBE
Representative publications over the last years
  • Batista, C., Lacuesta, A., & Vicente, P. C. (2012). “Testing the ‘brain gain’ hypothesis: micro evidence from Cape Verde”. Journal of Development Economics, 97(1), 32-45.
  • Dutt, P., & Traça, D. (2010). “Corruption and Bilateral Trade Flows: Extortion or Evasion?”. Review of Economics and Statistics, 92(4), 843-860.
  • Cavalcanti, T. V. D., & Tavares, J. (2008). “Assessing the "engines of liberation": Home appliances and female labor force participation”. Review of Economics and Statistics, 90(1), 81-88.
  • Fafchamps, M., & Vicente, P. C. (2013). "Political Violence and Social Networks: Experimental Evidence from a Nigerian Election". Journal of Development Economics, 101, 27-48.
  • Ferreira, D., Manso, G., & Silva, A. C. (2014). “Incentives to innovate and the decision to go public or private”. Review of Financial Studies 27(1), 256-300.
  • Macedo, J. B., Oliveira Martins, J., & Rocha, B. (2014). "Are Complementary Reforms a “Luxury” for Developing Countries?", Journal of Comparative Economics, 42(2), 417-35.
  • Reis, A. B., & Traca, D. (2008). “Spillovers and the competitive pressure for long-run innovation”. European Economic Review, 52(4), 589-610.
  • Silva, A.C. (2012). “Rebalancing frequency and the welfare cost of inflation”. American Economic Journal: Macroeconomics, 4(2), 153-183.
  • Tavares, J. (2008). “Trade, factor proportions and politics”. Review of Economics and Statistics, 90 (120-140).
  • Vicente, P. C. (2014). "Is Vote-Buying Effective? Evidence from a Field Experiment in West Africa". Economic Journal, 124(574), F356-F87.

Finance and Accounting

Resident researchers at Nova SBE:

Representative publications over the last years:

  • Brandt, M. W., Santa-Clara, P., & Valkanov, R. (2009). “Parametric Portfolio Policies: Exploiting Characteristics in the Cross-Section of Equity Returns”. Review of Financial Studies, 22 (9), 3411-3447.
  • Cochrane, J., Longstaff, F., & Santa-Clara, P. (2008). “Two trees”. Review of Financial Studies, 21, 347-385.
  • Custódio, C., Ferreira, M., & Matos, P. (2013). “Generalists versus Specialists: Lifetime Work Experience and CEO Pay”. Journal of Financial Economics, 108, 471-492.
  • Fernandes, N., Ferreira, M., Matos, P., & Murphy, K.J. (2013). "Are U.S. Ceos Paid More? New International Evidence." Review of Financial Studies, 26(2), 323-67.
  • Ferreira, D., Ferreira, M., & Raposo, C. (2011). “Board Structure and Price Informativeness”. Journal of Financial Economics, 99 (3), 523-545.
  • Ferreira, M., Massa, M., & Matos, P. (2010). “Shareholders at the Gate: Institutional Investors and Cross-Border Mergers and Acquisitions”. Review of Financial Studies, 23 (2), 601-644.
  • Ferreira, M., Custódio, C., & Laureano, L. (2013). "Why Are U.S. Firms Using More Short-Term Debt?". Journal of Financial Economics, 108, 182-212.
  • Ferreira, M., Keswani, A., Miguel, A., & Ramos, S. (2013). "The Determinants of Mutual Fund Performance: A Cross-Country Study". Review of Finance, 17, 483-525.
  • Marques, A. & Isidro, H. (2013). "The Effects of Compensation and Board Quality on Non-Gaap Reporting Decisions." International Journal of Accounting, 48, 289-317.
  • Matos, J. A. & Silva, N. (2014). "Consuming Durable Goods When Stock Markets Jump: A Strategic Asset Allocation Approach." Journal of Economic Dynamics and Control, 42, 86-104.


Resident researchers at Nova SBE

Representative publications over the last five years:

  • Araújo, A., Novinski, R., & Páscoa, M. (2011). “General equilibrium, wariness and efficient bubbles”. Journal of Economic Theory, 146(3), 785-811.
  • Barros, P. P., Machado, M., & Galdeano, A. S. D. (2008). “Moral hazard and the demand for health services: a matching estimator approach”. Journal of Health Economics, 27(July), 1006-1025.
  • Bottazzi, J. M., Luque, J., & Páscoa, M. (2012). “Securities market theory: Possession, repo and rehypothecation”. Journal of Economic Theory, 147(2), 477-500.
  • Carneiro, A., Guimarães, P., & Portugal, P. (2012). “Real Wages and the Business Cycle: Accounting for Worker, Firm, and Job Title Heterogeneity”. American Economic Journal: Macroeconomics, 4(2), 133-152.
  • Cunha-e-Sá, M. A., & Santos, V. (2008). “Experimentation with accumulation”. Journal of Economic Dynamics & Control, 32(2), 470-496.
  • Delavande, A., Abramitzky, R., & Vasconcelos, L. (2011). “Marrying up: the role of sex ratio in assortative matching”. American Economic Journal: Applied Economics, 3(3), 124-157.
  • Geroski, P. A., Mata, J., & Portugal, P. (2010). “Founding conditions and the survival of new firms”. Strategic Management Journal, 31(5), 510-529.
  • Hindriks, J., Peralta, S., & Weber, S. (2008). “Competing in taxes and investment under fiscal equalization”. Journal of Public Economics, 92(12), 2392-2402.
  • Hoernig, S. & Valletti, T. (2012). “Mixing Goods with Two-Part Tariffs,” European Economic Review, 51, 1733-1750
  • Hoernig, S., Inderst, R., & Valletti, T. (2014). "Calling Circles: Network Competition with Nonuniform Calling Patterns." RAND Journal of Economics, 45(1), 155-75.

Quantitative Methods and Decision Sciences

Resident researchers at Nova SBE
  • José António Ferreira Machado
  • Iliyan Georgiev
  • Luís Catela Nunes
  • João Valle e Azevedo

Representative publications over the last years 

  • Addison, J. T., Machado, J. A. F., & Portugal, P. (2013). "The Reservation Wage Unemployment Duration Nexus". Oxford Bulletin of Economics and Statistics, 75(6), 980-87.
  • Cavaliere, G. & Georgiev, I. (2009). “Robust inference in autoregressions with multiple outliers”. Econometric Theory, 25(6), 1625-1661.
  • Cavaliere, G., Georgiev, I., & Taylor, A. M. R. (2013). "Wild Bootstrap of the Sample Mean in the Infinitive Variance Case". Econometric Reviews, 32(2), 204-19.
  • Cavaliere G., & Georgiev, I. (2013). "Exploiting Infinite Variance through Dummy Variables in Non-Stationary Autoregressions". Econometric Theory, 29, 1162-95.
  • Coelho, E., & Nunes, L. C. (2011). “Forecasting mortality in the event of a structural change”. Journal of the Royal Statistical Society (A), 174, 713-736.
  • Cunha-e-Sá, M. A., Madureira, L., Nunes, L. C., & Otrachshenko, V. (2012). “Protesting and Justifying: A Latent Class Model for Contingent Valuation with Attitudinal Data”. Environmental & Resource Economics, 52(4), 531-548.
  • Georgiev, I. (2010). “Model-based asymptotic inference on the effect of infrequent large shocks on cointegrated variables”. Journal of Econometrics, 158(1), 37-50.
  • Koopman, S. J., & Valle-e-Azevedo, J. (2008). “Measuring Synchronisation and Convergence of Business Cycles”. Oxford Bulletin of Economics and Statistics, 70(1), 23-51.
  • Nunes, L. C., Sobreira, N., & Rodrigues, P. M. M. (2014). "Characterizing Economic Growth Paths Based on New Structural Change Tests." Economic Inquiry, 52(2), 845-61.
  • Valle-e-Azevedo, J. (2011). “A Multivariate Band-Pass Filter For Economic Time Series”. Journal of the Royal Statistical Society (C), 60(1), 1-30. 

Fees and Funding

The fees are 3000 euros per academic year (1500 for each semester).

Fees may be reduced up to 90%, depending on the academic merit of the candidate. Academic merit is defined through analysis of performance relative to the program requirements for each year.

Up to five students selected on the basis of their academic merits will be awarded a PhD scholarship for the next academic year, which grants them a living stipend (980 euros/month) and covers 2750 euros of the fees per academic year (the CALL FOR INDIVIDUAL DOCTORAL FELLOWSHIPS FCT 2016 is available here).

There are opportunities of participating in Nova SBE research projects as Research Assistants.

There are possibilities of joining the teaching staff of Nova SBE as a Teaching Assistant or Grader. If you are interested in pursuing this opportunity please send an email to the This email address is being protected from spambots. You need JavaScript enabled to view it..

Fundação para a Ciência e Tecnologia (FCT) usually has doctoral fellowships available. Applicants should consider applying.

Applications and Admissions

Applicants should hold a Master’s degree diploma in Economics, Finance, or related fields, and should have a good level of competence in English. If you don’t have a Master’s Degree but expect to obtain it by June 2017, your application for the fellowship can also be considered.

The following documentation is needed:

  1. Curriculum Vitae;
  2. Transcript of records of undergraduate and graduate degrees with full list of courses and grades. Candidates who have not yet finished their graduate program should provide a certificate of enrolment with, if available, the full list of grades achieved to date;
  3. Recommendations in the form of two letters of reference, which should be sent directly by referees (as explained in the Online Application Instructions available at the application platform);
  4. Statement of purpose - including areas of interest and potential supervisors;
  5. Certificate of results for the GRE (Graduate Records of Examination) or GMAT (Graduate Management Admission Test). Applicants who hold, or will shortly hold, a Nova SBE Master’s degree are not required to submit GRE results;

Applications for the 2017/18 intake are open from 5 December 2016 until 28 February 2017.
Exceptional applications may be considered after the deadline (but not for financial support).
Applicants may be asked for a subsequent interview, which may be conducted by phone in case of need.
Applicants will be notified of final decisions by email until 15 May 2017.

Joint and Exchange Programs

Nova SBE participates in the European Doctorate in Economics Erasmus Mundus (EDEEM) – together with the University of Amsterdam (Netherlands), University of Bielefeld (Germany), Catholic University of Louvain (Belgium), EHESS (France), University of Paris 1 Panthéon-Sorbonne (France), Ca' Foscari University of Venice (Italy).

Nova SBE participates in the Quantitative Economics Doctorate (QED) – together with the University of Alicante (Spain), University of Amsterdam (Netherlands), University of Bielefeld (Germany), University of Copenhagen (Denmark), University Paris I Panthéon-Sorbonne (France), Ca' Foscari University of Venice (Italy), and University of Vienna (Austria).

Doctoral candidates in our PhD program must study in residence at another international institution, for a period of at least one semester, in order to take elective courses or to work with professors in the preparation of their dissertation.

Travel and living expenses may be financed through exchange programs like SOCRATES and ALFA, which allow cooperation with schools offering graduate work in economics, in both Europe and America.