Faculty & Research

Academic Publications

2017 and Forthcoming

Anjos, F., & Kang, C. M. (2017). Managerial myopia, financial expertise, and executive-firm matching. Journal of Corporate Finance, 43, 464-479. 

Faias, J. A., & Santa-Clara, P. (2017). Optimal Option Portfolio Strategies: Deepening the Puzzle of Index Option Mispricing. Journal of Financial and Quantitative Analysis. 52(1), 277-303.

Major, M. J. (2017). Positivism and "alternative" research in accounting. Revista Contabilidade & Finanças, 28(74), 173-178.

Major, M. J., & Vieira, R. (2017). Contabilidade e Controlo de Gestão: Teoria, Metodologia e Prática. (2ª ed.) Escolar Editora.

Paligorova, T., & Santos, J. A. C. (2017). Monetary policy and bank risk-taking: Evidence from the corporate loan market. Journal of Financial Intermediation. 30, 35-49. 

Santos, J. A. C., & Wilson, K. E. (2017). Does Banks’ Corporate Control Lower Funding Costs? Evidence from US Banks’ Control Over Firms’ Voting Rights. Journal of Financial Services Research, 51(3), 283-311.

2016 and Forthcoming

Adelino, Manuel, and Miguel Ferreira, 2016, Bank Ratings and Lending Supply: Evidence from Sovereign Downgrades, Review of Financial Studies, forthcoming.

Almeida, Heitor, Igor Cunha, Miguel Ferreira, and Felipe Restrepo, 2016, The Real Effects of Credit Ratings: The Sovereign Ceiling Channel, Journal of Finance, forthcoming.

Amaro de Matos, J., & Lacerda, A. (2016). Randomized Stopping Times and Early Exercise for American Derivatives in Dry Markets. Journal of Mathematical Finance.

Anjos, F. (2016). Resource configuration, inter-firm networks, and organizational performance. Mathematical Social Sciences.

Boons, M. (2016). State variables, macroeconomic activity, and the cross section of individual stocks. Journal Of Financial Economics.

Brown, D. P., & Ferreira, M. A. (2016). Idiosyncratic Volatility of Small Public Firms and Entrepreneurial Risk. Quarterly Journal of Finance

Clegg, S., & de Matos, J. A. (2016). Sustainability and organizational change management. (1st ed.) London: Routledge.

Cremers, M., Ferreira, M. A., Matos, P., & Starks, L. (2016). Indexing and active fund management: International evidence. Journal Of Financial Economics.

Cruz, I., & Major, M. J. (2016). Challenges of the New Public Management in a Public Hospital. In J. Leitão, & H. Alves (Eds.), Entrepreneurial and Innovative Practices in Public Institutions: A Quality of Life Approach. (pp. 237-260). (Applying Quality of Life Research). SPRINGER INTERNATIONAL PUBLISHING.

Fernandes, A., Burnett, S., Major, M. J., & Figueiredo, M. (2016). The National Health System in Portugal: From Expansion to Crisis. Revista de Ciências Empresariais e Jurídicas, 27, 85-101.

Ferreira, M. A., & Laux, P. (2016). Corporate Boards and SEOs: The Effect of Certification and Monitoring. Journal of Financial and Quantitative Analysis.

Lopes, I. T., & Ferraz, D. P. (2016). The value of intangibles and diversity on boards looking towards economic future returns: Evidence from non-financial Iberian business organisations. International Journal of Business Excellence.

Lopes, I. T., Ferraz, D. P., & Martins, M. M. (2016). The influence of diversity on boards on profitability: An overview across Iberian non-financial listed companies. Corporate Ownership & Control, 13(2CONT2), 454-460.

Lopes, I. T., Ferraz, D. P., & Rodrigues, A. M. G. (2016). The drivers of profitability in the top 30 major airlines worldwide. Measuring Business Excellence, 20(2), 26-37.

Major, M. J. (2016). Book Review: Inside Accounting: The Sociology of Financial Reporting and Auditing, by David Leung, Gower Publishing: Surrey, European Accounting Association Newsletter.

Nunes, C., Peixinho, R., & Major, M. J. (2016). O Activity-Based Costing no Setor Hospitalar: O Caso do Serviço de Ortopedia do Hospital de Faro. Contabilidade Gestão, 18(Março), 55-84.

Pimentel, L., & Major, M. J. (2016). Key success factors for quality management implementation: evidence from the public sector. Total Quality Management & Business Excellence, 27(9-10), 997-1012.

Porras Prado, M., Saffi, P. A. C., & Sturgess, J. (2016). Ownership Structure, Limits to Arbitrage, and Stock Returns: Evidence from Equity Lending Markets. Review Of Financial Studies, 29(12), 3211-3244.

Rangvid, J., Santa-Clara, P., & Schmeling, M. (2016). Capital market integration and consumption risk sharing over the long run. Journal Of International Economics, 103, 27-43.

Villiers, C., & Marques, A. (2016). Corporate social responsibility, country-level predispositions, and the consequences of choosing a level of disclosure. Accounting and Business Research, 46(2), 167-195


Barroso, Pedro, and Pedro Santa-Clara, 2015, Momentum Has Its Moments, Journal of Financial Economics 116, 111-120.

Boons, Martijn, 2015, State Variables, Macroeconomic Activity and the Cross-Section of Individual Stocks, Journal of Financial Economics, forthcoming.

Ferreira, Miguel, and Paul Laux, 2015, Corporate Boards and SEOs: The Effect of Certification and Monitoring, Journal of Financial and Quantitative Analysis, forthcoming.

Ferreira, Miguel, Daniel Carvalho, and Pedro Matos, 2015, Lending Relationships and the Effect of Bank Distress: Evidence from the 2007-2008 Financial Crisis, Journal of Financial and Quantitative Analysis, forthcoming.

Ferreira, Miguel, Martijn Cremers, Pedro Matos, and Laura Starks, 2015, Indexing and Active Fund Management: International Evidence, Journal of Financial Economics, forthcoming.

Maio, Paulo, and Pedro Santa-Clara, 2015, Dividend Yelds, Dividend Growth, and Return Predictability in the Cross Section of Stocks, Journal of Financial and Quantitative Analysis 50, 33-60.

Prado, Melissa, 2015, Future Lending Income and Security Value, Journal of Financial and Quantitative Analysis, forthcoming.

Santa-Clara, Pedro, and Jose Faias, 2015, Optimal Option Portfolio Strategies, Journal of Financial and Quantitative Analysis, forthcoming.

Santa-Clara, Pedro, and Pedro Barroso, 2015, Beyond the Carry Trade: Optimal Currency Portfolios, Journal of Financial and Quantitative Analysis, forhcoming.

Marques, Ana, and Helena Isidro, 2015, The Role of Institutional and Economic Forces in the Strategic Use of Non-GAAP Disclosures to Beat Earnings Benchmarks, European Accounting Review 24, 95-128.

Santos, Joao C. and Vitaly M. Bord, 2015, Does Securitization of Corporate Loans Lead to Riskier Lending? Journal of Money, Credit and Banking 47, 415-44.


Silva, Andre, Daniel Ferreira, and Gustavo Manso, 2014, Incentives to Innovate and the Decision to Go Public or Private, Review of Financial Studies 27, 256-300.

Almeida, Heitor, Murillo Campello, Igor Cunha, and Michael. Weisbach, 2014, Corporate Liquidity Management: A Conceptual Framework and Survey, Annual Review of Financial Economics 6, 135-162.

Matos, Joao Amaro, and Nuno Silva, 2014, Consuming Durable Goods When Stock Markets Jump: A Strategic Asset Allocation Approach, Journal of Economic Dynamics and Control 42, 86-104.

Santos, Joao, and Vitaly Bord, 2014, Banks’ Liquidity and the Cost of Liquidity to Corporations, Journal of Money, Credit and Banking 46, 13-45.

Santos, João, 2014, Evidence from the Bond Market on Banks’ Too-Big-to-Fail Subsidy, Federal Reserve Bank of New York Economic Policy Review 20, 29-39.

Santos, João, and Galina Hale, 2014, Do Banks Propagate Shocks to the Debt Market?, Journal of Financial Economic Policy 6, 270-310.

Santos, João, Gara Afonso, and James Traina, 2014, Do Too-Big-to-Fail Banks Take on More Risk? Federal Reserve Bank of New York Economic Policy Review 20, 41-58.

Santos, João, Ivan Ivanov, and Thu Vo, 2014, The Introduction of Market-Based Pricing in Corporate Lending, Journal of Financial Perspectives 2, 1-10.


Brounen, Dirk, Melissa Porras Prado, and David Ling, 2013, Short Sales and Fundamental Value: Explaining the REIT Premium to NAV, Real Estate Economics 41, 481-516.

Fernandes, Nuno, Miguel Ferreira, Pedro Matos, and Kevin J. Murphy, 2013, Are U.S. CEOS Paid More? New International Evidence, Review of Financial Studies 26, 323-367.

Ferreira, Miguel, Claudia Custódio, and Luis Laureano, 2013, Why Are U.S. Firms Using More Short-Term Debt?, Journal of Financial Economics 108, 182-212.

Ferreira, Miguel, Aneel Keswani, António Miguel, and Sofia Ramos, 2013, The Determinants of Mutual Fund Performance: A Cross-Country Study, Review of Finance 17, 483-525.

Ferreira, Miguel, Claudia Custodio, and Pedro Matos, 2013, Generalists versus Specialists: Lifetime Work Experience and CEO Pay, Journal of Financial Economics 108, 471-492.

Marques, Ana, and Helena Isidro, 2013, The Effects of Compensation and Board Quality on Non-GAAP Reporting Decisions, International Journal of Accounting 48, 289-317.

Marques, Ana, and Ross Jennings, 2013, Amortized Cost for Operating Lease Assets, Accounting Horizons 27, 51-74.


Ferreira, Miguel, and Pedro Matos, 2012, Universal Banks and Corporate Control: Evidence from the Global Syndicated Loan Market, Review of Financial Studies 25, 2703-2744.

Ferreira, Miguel, and Aneel Keswani, Antonio Miguel and Sofia Ramos, 2012, The Flow-Performance Relationship Around the World, Journal of Banking and Finance 36, 1759-1780.

Maio, Paulo, and Pedro Santa-Clara, 2012, Multifactor models and their consistency with the ICAPM, Journal of Financial Economics 106, 586-613.

Silva, Andre, 2012, Rebalancing Frequency and the Welfare Cost of Inflation, American Economic Journal: Macroeconomics 4, 153-183.


Ferreira, Miguel, and Pedro Santa-Clara, 2011, Forecasting Stock Market Returns: The Sum of the Parts is More than the Whole, Journal of Financial Economics 100, 514-537.

Aggarwal, Reena, Isil Erel, Miguel Ferreira, and Pedro Matos, 2011, Does Governance Travel Around the World? Evidence from Institutional Investors, Journal of Financial Economics 100, 154-181.

Ferreira, Daniel, Miguel Ferreira, and Clara Raposo, 2011, Board Structure and Price Informativeness, Journal of Financial Economics 99, 523-545

Ferreira, Miguel, and Antonio Miguel, 2011, The Determinants of Domestic and Foreign Bond Bias, Journal of Multinational Financial Management 21 (2011), 279-300

Alves, Paulo, and Miguel Ferreira, Capital Structure and Law Around the World, 2011, Journal of Multinational Financial Management 21, 119-150.


Ferreira, Miguel, Massimo Massa, and Pedro Matos, 2010, Shareholders at the Gate: Institutional Investors and Cross-Border Mergers and Acquisitions, Review of Financial Studies 23, 601-644.

Ferreira, Miguel, and Paulo Gama, Correlation Dynamics of Global Industry Portfolios, Journal of Multinational Financial Management 20, 35-47.

Santa-Clara, Pedro, and Shu Yan, 2010, Crashes, Volatility, and the Equity Premium: Lessons from S&P 500 Options, Review of Economics and Statistics 92, 435-451.

Silva, Andre, 2010, Managerial Ability and Capital Flows, Journal of Development Economics 93, 126-136.

Hsu, Jason, Jesús Saá-Requejo, and Pedro Santa-Clara, 2010, A Structural Model of Default Risk, Journal of Fixed Income, Winter, 77-94.


Santa-Clara, Pedro, and Alessio Saretto, 2009, Option Strategies: Good Deals and Margin Calls, Journal of Financial Markets 12, 391-417.

Brandt, Michael, Pedro Santa-Clara, and Rossen Valkanov, 2009, Parametric Portfolio Policies: Exploiting Characteristics in the Cross Section of Equity Returns, Review of Financial Studies 22, 3411-3447.

Consulting Projects

by Nova Finance User.

Nova Finance Center - Companies' academic partner for finance knowledge dissemination

We can be your organization’s academic partner, providing access to the latest thinking and knowledge in Finance.
We offer a range of solutions tailor-made to suit your company, from a short-term consultancy package through to a long-term partnership.

The services available include:

  • Advisory in M&A, MBOs, LBOs, joint ventures and alliances

  • Valuation of companies and/or investment projects

  • Development of business plans

  • Financial restructuring of companies and/or groups

  • Support for equity and/or debt-raising projects

  • Support for application to European Community incentives (QREN, Portugal 20-20, etc.)

  • Support for financial negotiations, arbitration and litigation processes

  • Portfolio management and valuation

  • Derivatives valuation

  • Financial risk management


Examples of projects already concluded:



           “Investment funds’ portfolio optimization”
           “Management and control of market’s risk and liquidity”



           “Capital structure optimization and deleverage process”




         “Process optimization”
         “Strategic marketing”

Post Graduate Program in Banking, Financial Regulation and Supervision

by Nova Finance User.

Logos Artigo

The Post Graduate Program in Banking, Financial Regulation and Supervision is a partnership between the Nova Finance Center and the Bank of Portugal. It aims to prepare students in government agencies and financial institutions in the areas of financial regulation, stability and supervisions. The course is open to employees and trainees of the Bank of Portugal as well as other financial institutions. The coursework has the duration of one academic year and consists of MSc-level courses.


Course List

Financial Reporting (3.5 ECTS)
Accounting for Financial Institutions (3.5 ECTS)
Audit and Supervision Techniques(3.5 ECTS)
Investments(7 ECTS)

Financial Econometrics (7 ECTS)
Banking (7 ECTS)
Fixed Income(3.5 ECTS)

Banking Regulation (3.5 ECTS)
Credit Risk (3.5 ECTS)

Financial Intermediation (3.5 ECTS)
Risk Management (3.5 ECTS)
Futures and Options (3.5 ECTS)
Financial Modeling (3,5 ECTS)
Workshop in Banking, Financial Regulation and Supervision (3.5 ECTS)




Miguel Viana: Investor Relations Officer At Edp

by Super User.

International Focus and Network

by Super User.

Our alumni working abroad share their experience. 

"We have been exposed since day 1 to a very international way of doing business of Nova School of Business and Economics. Even before the Erasmus experience (both outgoing - as I spent a year in Rome - and incoming - as we receive dozens of international students every year), I felt the university had a clear global focus, with many classes taught based on international case studies, visiting professors from industry, and all courses being taught in English. 

NOVA SBE is the first place where I heard the word glocal: being global but acting local, wherever you are; adapting to local characteristics with an open-mind; learning the local language and adapting to costume, but keeping your roots (and your core fundamental business plan!) intact; networking with respect but without losing character; opening your eyes, but not so wide that you can't see the global picture anymore. 

My career and aspirations have taken me far from home, for a number of reasons, and one of them is the solid approach to business and its integration in a global economy that I learnt during my university years."

"Currently working at JP Morgan, I can clearly say that a significant part of this achievement was due to the excellent financial training and international exposure that I received while studying at Nova School of Business and Economics. 

Besides all the soft skills that I developed during my education at NOVA SBE, the school has given me the knowledge and technical tools to execute my everyday work in Investment Banking. The strong interest in finance of students, the resources and most importantly the quality of the professors are some of the distinguishing factores of the Finance Program at this school. 

The school has clearly focused on international experience and this helps students follow an international career. Students are used to work in English and interact with people from all over the world, just as it happens in a multinational company. 

As a result, the school has been able to place more and more students in top investment banks and this will clearly help to expand the school networking. 

I strongly believe that NOVA SBE is a great solution for someone who is looking for a successful career in the Finance sector." 

"I am currently Managing Director in the Investment Banking Division and Head of Fixed Income and Equity Derivatives Coverage for Iberia at Credit Suisse. 

I studied Economics at Nova School of Business and Economics and started working in Portugal at Citigroup. After two years I embraced an opportunity at Credit Suisse and started my international career. 

After 10 years at Credit Suisse, I have a team of 18 people covering Iberia and during the past years the recruitment process has been central to accomplish my strategy for the team's growth and development. CS is particularly focused in hiring and developing junior talent so we have a very good Campus Recruitment Platform and very close dialogue with the top ranked global universities, among which NOVA SBE.

We are looking for people with very good communication skills, good technical skills and most importantly appetence for innovative and out of the box thinking. Our main focus is in identifying potential that will be developed and trained during the first years at CS on graduate trainings and continuous coaching. Having strong team spirit is fundamental to excel in our working environment. My moto is One Team, One Dream regardless of cultural or geographical backgrounds. 

I believe NOVA SBE has been preparing its students along the same values. I believe a lot of our success comes from being simultaneously very innovative, focused on the business and placing people at the centre of our business activity. 

Looking forward to seeing some of you at Credit Suisse!" 

"After an undregraduate degree in Economics at Nova School of Business and Economics and an internship in Germany, I've spent four months working as a volunteer in Mozambique. From my experience there, I decided to found an NGO called A Little Gesture, a Great Help with the mission of improving life conditions of unpriviledge children and their families in Mozambique. At the same time, I started a professional career in Investment Banking, in Leveraged Finance and later in M&A. I got an MBA at the Harvard Business School, did an internship on micro-credit in Mozambique and grew our NGO, presently supporting 775 children, with a team of 25 volunteers and 9 local partners (see how you can make your Little Gesture).

Presently living in London, I work in M&A in the Investment Banking Division of Morgan Stanley. I am currently on a rotation in Firm Management, working at the office of the CEO and COO for 6 months, and I continue to devote a crucial part of my life to our NGO. Life runs very fast and sleeping is at a premium. Nevertheless, I think I have found a balance between social and business life. 

NOVA SBE opened me the access to an international world, not always easy to find. By inviting international investment banks to recruit on campus, NOVA gave me the opportunity and the incentive to start an international career. 


Since then I have continuously been in touch with the university (participating in workshops, mentoring students, recruiting) and find that NOVA SBE students are well prepared - this year I had a difficult time in the selection and recruiting process, which is a very good sign!" 


Initiatives in Finance

by Super User.


We believe that dynamic students learn by doing, as ilustrated by the quantity and quality of their many initiatives. 

We trust that student's initiatives are a major component of their development. We thus fully support their successful development of a wide range of activities in Finance - among which the Nova Investment Club - a students run club. 

As part of the Master in Finance Work Project, our students prepare on a regular basis equity research notes on the main PSI-20 and IBEX-35 corporates. Nova SBE is the first business school with an exclusive dedicated page on Bloomberg Professional and the only university duly registered with CMVM (the Portuguese Securities and Exchange Commission).