Open Positions

 

Academic Publications

Forthcoming

Demirci, I., Huang, J., & Sialm, C. (forthcoming). Government debt and capital structure decisions: International evidence. Journal of Financial Economics.

Albuquerque, R., Brandao-Marques, L., Ferreira, M., & Matos, P. (forthcoming). International corporate governance spillovers: Evidence from cross-border mergers and acquisitions. Review of Financial Studies.

Santos, J., & Suarez, J. (forthcoming). Liquidity standards and the value of an informed lender of last resort. Journal of Financial Economics.

Anjos, F., & Fracassi, C. (forthcoming). Technological specialization and the decline of diversified firms. Journal of Financial and Quantitative Analysis.

Prado, M., & Boons, M. (forthcoming). Basis-momentum. Journal of Finance.

Pereira, J., & Rua, A. (forthcoming). Asset pricing with a bank risk factor. Journal of Money, Credit and Banking.

Ferreira, M., Matos, P., & Pires, P. (forthcoming). Asset management within commercial banking groups: International evidence. Journal of Finance.

Faias, J., & Ferreira, M. (forthcoming). Does institutional ownership matter for international stock return comovement? Journal of International Money and Finance.

Ferreira, D., Ferreira, M., & Mariano, B. (forthcoming). Creditor control rights and board independence. Journal of Finance.

Custodio, C., Ferreira, M., & Matos, P. (forthcoming). Do general managerial skills spur innovation? Management Science.

Ferreira, M., Massa, M., & Matos, P. (forthcoming). Investor-stock decoupling in mutual funds. Management Science.

 

2018

Sooji, K., C. Plosser, M. & Santos, J. (2018). Macroprudential policy and the revolving door of risk: Lessons from leveraged lending guidance. Journal of Financial Intermediation. DOI: 10.1016/j.jfi.2018.01.011

Demirci, I., Eichholtz, P., & Yönder, E. (2018). Corporate diversification and the cost of debt: Evidence from REIT bank loans and mortgages. Journal of Real Estate Finance and Economics, 1-53. DOI: 10.1007/s11146-017-9645-9

 Moreno, D., Rodríguez, R., & Zambrana, R. (2018). Management sub-advising in the mutual fund industry. Journal of Financial Economics, 127(3), 567-587. DOI: 10.1016/j.jfineco.2018.01.004

 

2017

Anjos, F., & Kang, C. M. (2017). Managerial myopia, financial expertise, and executive-firm matching. Journal of Corporate Finance, 43, 464-479. DOI: 10.1016/j.jcorpfin.2017.02.010

 Faias, J. A., & Ferreira, M. A. (2017). Does institutional ownership matter for international stock return comovement? Journal of International Money and Finance, 78, 64-83. DOI: 10.1016/j.jimonfin.2017.08.004

Bena, J., Ferreira, M. A., Matos, P., & Pires, P. (2017). Are foreign investors locusts? The long-term effects of foreign institutional ownership. Journal of Financial Economics, 126(1), 122-146. DOI: 10.1016/j.jfineco.2017.07.005

Ferreira, M. A., Matos, P., Pereira, J. P. D. S. S., & Pires, P. (2017). Do locals know better? A comparison of the performance of local and foreign institutional investors. Journal of Banking & Finance, 82, 151-164. DOI: 10.1016/j.jbankfin.2017.06.002

Adelino, M., Cunha, I., & Ferreira, M. A. (2017). The economic effects of public financing: Evidence from municipal bond ratings recalibration. Review of Financial Studies, 30(9), 3223-3268. DOI: 10.1093/rfs/hhx049

Evans, R., Ferreira, M. A., & Prado, M. P. (2017). Fund performance and equity lending: Why lend what you can sell? Review of Finance, 21(3), 1093-1121. DOI: 10.1093/rof/rfw059

Almeida, H., Cunha, I., Ferreira, M. A., & Restrepo, F. (2017). The real effects of credit ratings: The sovereign ceiling channel. Journal of Finance, 72(1), 249-290. DOI: 10.1111/jofi.12434

 Ferreira, M. A., Matos, P., Pereira, J. P., & Pires, P. (2017). Do locals know better? A comparison of the performance of local and foreign institutional investors. Journal of Banking & Finance, 82, 151-164. DOI: 10.1016/j.jbankfin.2017.06.002

Maio, P., & Santa-Clara, P. (2017). Short-term interest rates and stock market anomalies. Journal of Financial and Quantitative Analysis, 52(3), 927-961. DOI: 10.1017/S002210901700028X

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. DOI: 10.1017/S0022109016000831

 Paligorova, T., & Santos, J. A. C. D. (2017). Banks’ exposure to rollover risk and the maturity of corporate loans. Review of Finance, 21(4), 1739-1765. DOI: 10.1093/rof/rfw039

Santos, J. A. C. D., & 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. DOI: 10.1007/s10693-016-0249-y

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. DOI: 10.1016/j.jfi.2016.11.003

Mian, A., & Santos, J. A. C. (2017). Liquidity risk and maturity management over the credit cycle. Journal of Financial Economics. DOI: 10.1016/j.jfineco.2017.12.006

 

2016

Amaro de Matos, J., & Lacerda, A. (2016). Randomized stopping times and early exercise for American derivatives in dry markets. Journal of Mathematical Finance, 6(5), 842-865. DOI: 10.4236/jmf.2016.65057

Anjos, F. (2016). Resource configuration, inter-firm networks, and organizational performance. Mathematical social sciences, 82, 37-48. DOI: 10.1016/j.mathsocsci.2016.04.003

Boons, M. (2016). State variables, macroeconomic activity, and the cross section of individual stocks. Journal of Financial Economics, 119(3), 489-511. DOI: 10.1016/j.jfineco.2015.05.010

Ferreira, M., & Laux, P. (2016). Corporate boards and SEOs: The effect of certification and monitoring. Journal of Financial and Quantitative Analysis, 51(3), 899-927. DOI: 10.1017/S0022109016000405

Cremers, M., Ferreira, M. A., Matos, P., & Starks, L. (2016). Indexing and active fund management: International evidence. Journal of Financial Economics, 120(3), 539-560. DOI: 10.1016/j.jfineco.2016.02.008

Adelino, M., & Ferreira, M. A. (2016). Bank ratings and lending supply: Evidence from sovereign downgrades. Review of Financial Studies, 29(7), 1709-1746. DOI: 10.1093/rfs/hhw004

Brown, D. P., & Ferreira, M. A. (2016). Idiosyncratic volatility of small public firms and entrepreneurial risk. Quarterly Journal of Finance, 6(01), 1-59. DOI: 10.1142/S2010139216500026

Prado, M. P., 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. DOI: 10.1093/rfs/hhw058

Hassler, U., Rodrigues, P. M. M., & Rubia, A. (2016). Quantile regression for long memory testing: A case of realized volatility. Journal of Financial Econometrics, 14(4), 693-724. DOI: 10.1093/jjfinec/nbw001

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. DOI: 10.1016/j.jinteco.2016.08.001

Ivanov, I. T., Santos, J. A. C., & Vo, T. (2016). The transformation of banking: Tying loan interest rates to borrowers' CDS spreads. Journal of Corporate Finance, 38, 150-165. DOI: 10.1016/j.jcorpfin.2016.01.005

 

2015

Carvalho, D., Ferreira, M., & Matos, P. (2015). Lending relationships and the effect of bank distress: Evidence from the 2007-2009 financial crisis. Journal of Financial and Quantitative Analysis, 50(6), 1165-1197. DOI: 10.1017/S0022109015000551

Pires, P., Pereira, J. P., & Martins, L. F. (2015). The empirical determinants of credit default swap spreads: A quantile regression approach. European Financial Management, 21(3), 556-589. DOI: 10.1111/j.1468-036X.2013.12029.x

 Prado, M. P. (2015). Future lending income and security value. Journal of Financial and Quantitative Analysis, 50(4), 869-902. DOI: 10.1017/S0022109015000393

 Barroso, P., & Santa-Clara, P. (2015). Beyond the carry trade: Optimal currency portfolios. Journal of Financial and Quantitative Analysis, 50(5), 1037-1056. DOI: 10.1017/S0022109015000460

Maio, P., & Santa-Clara, P. (2015). Dividend yields, dividend growth, and return predictability in the cross section of stocks. Journal of Financial and Quantitative Analysis, 50(1-2), 33-60. DOI: 10.1017/S0022109015000058

Barroso, P., & Santa-Clara, P. (2015). Momentum has its moments. Journal of Financial Economics, 116(1), 111-120. DOI: 10.1016/j.jfineco.2014.11.010

 Bord, V. M., & Santos, J. A. C. (2015). Does securitization of corporate loans lead to riskier lending? Journal of Money, Credit and Banking, 47(2-3), 415-444. DOI: 10.1111/jmcb.12181

 

2014

Amaro de Matos, J., & Silva, N. (2014). Consuming durable goods when stock markets jump: A strategic asset allocation approach. Journal of Economic Dynamics and Control, 42(NA), 86-104. DOI: 10.1016/j.jedc.2014.02.013

Ferreira, D., Manso, G., & Castro Silva, A. (2014). Incentives to innovate and the decision to go public or private. Review of Financial Studies, 27(1), 256-300. DOI: 10.1093/rfs/hhs070

Hassler, U., Rodrigues, P. M. M., & Rubia, A. (2014). Persistence in the banking industry: Fractional integration and breaks in memory. Journal of Empirical Finance, 29(SI), 95-112. DOI: 10.1016/j.jempfin.2014.03.004

Hale, G., & Santos, J. A. C. (2014). Do banks propagate debt market shocks? Journal of Financial Economic Policy, 6(3), 270-310. DOI: 10.1108/JFEP-03-2014-0023

Santos, J. A. C., & Bord, V. M. (2014). Banks' liquidity and the cost of liquidity to corporations. Journal of Money, Credit and Banking, 46(SUPPL.1), 13-45. DOI: 10.1111/jmcb.12076

Santos, J. A. C. (2014). Evidence from the Bond Market on Banks' ''Too-Big-To-Fail' Subsidy. FRBNY Economic Policy Review, December, 29-39.

Ivanov, I., Santos, J. A. C., & Vo, T. (2014). The Introduction of Market-Based Pricing in Corporate Lending. Journal of Financial Perspectives, 2(1), 1-10.

 

2013

Custódio, C. P. D., Ferreira, M., & Matos, P. (2013). Generalists versus specialists: Lifetime work experience and chief executive officer pay. Journal of Financial Economics, 108(NA), 471-492. DOI: 10.1016/j.jfineco.2013.01.001

Custódio, C. P. D., Ferreira, M., & Laureano, L. (2013). Why are US firms using more short-term debt? Journal of Financial Economics, 108(1), 182-212. DOI: 10.1016/j.jfineco.2012.10.009

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), 323-367. DOI: 10.1093/rfs/hhs122

Custódio, C. P. D., Ferreira, M., & Matos, P. (2013). Generalists versus specialists: Lifetime work experience and chief executive officer pay. Journal of Financial Economics, 108(NA), 471-492. DOI: 10.1016/j.jfineco.2013.01.001

Ferreira, M., Keswani, A., Miguel, A. F., & Ramos, S. B. (2013). The determinants of mutual fund performance: A cross-country study. Review of Finance, 17(2), 483-525. DOI: 10.1093/rof/rfs013

Custódio, C. P. D., Ferreira, M., & Laureano, L. (2013). Why are US firms using more short-term debt? Journal of Financial Economics, 108(1), 182-212. DOI: 10.1016/j.jfineco.2012.10.009

Brounen, D., Ling, D. C., & Prado, M. (2013). Short sales and fundamental value: Explaining the REIT premium to NAV. Real Estate Economics, 41(3), 481–516. DOI: 10.1111/reec.12004

 

2012

Ferreira, M., Keswani, A., Miguel, A. F., & Ramos, S. B. (2012). The flow-performance relationship around the world. Journal of Banking & Finance, 36(6), 1759-1780. DOI: 10.1016/j.jbankfin.2012.01.019

Ferreira, M., & Matos, P. (2012). Universal Banks and Corporate Control: Evidence from the Global Syndicated Loan Market. Review of Financial Studies, 25(9), 2703-2744. DOI: 10.1093/rfs/hhs076

Maio, P., & Santa-Clara, P. (2012). Multifactor models and their consistency with the ICAPM. Journal of Financial Economics, 106(3), 586-613. DOI: 10.1016/j.jfineco.2012.07.001

 

2011

Ferreira, M. A., & Gama, P. M. (2011). The International Stock Market Impact of Sovereign Debt Ratings News. In Sovereign Debt: From Safety to Default (pp. 361-367). John Wiley and Sons. DOI: 10.1002/9781118267073.ch40

Ferreira, D., Ferreira, M., & Raposo, C. C. (2011). Board structure and price informativeness. Journal of Financial Economics, 99(3), 523-545. DOI: 10.1016/j.jfineco.2010.10.007

Alves, P., & Ferreira, M. (2011). Capital structure and law around the world. Journal of Multinational Financial Management, 21(3), 119-150. DOI: 10.1016/j.mulfin.2011.02.001

Aggarwal, R., Erel, I., Ferreira, M., & Matos, P. (2011). Does governance travel around the world? Evidence from institutional investors. Journal of Financial Economics, 100(1), 154-181. DOI: 10.1016/j.jfineco.2010.10.018

Ferreira, M., & Santa-Clara, P. (2011). Forecasting stock market returns: The sum of the parts is more than the whole. Journal of Financial Economics, 100(3), 514-537. DOI: 10.1016/j.jfineco.2011.02.003

Ferreira, M., & Miguel, A. F. (2011). The determinants of domestic and foreign bond bias. Journal of Multinational Financial Management, 21(5), 279-300. DOI: 10.1016/j.mulfin.2011.07.004

Ferreira, M., & Santa-Clara, P. (2011). Forecasting stock market returns: The sum of the parts is more than the whole. Journal of Financial Economics, 100(3), 514-537. DOI: 10.1016/j.jfineco.2011.02.003

 

2010

Ferreira, M., & Gama, P. M. (2010). Correlation dynamics of global industry portfolios. Journal of Multinational Financial Management, 20(1), 35-47. DOI: 10.1016/j.mulfin.2009.11.003

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. DOI: 10.1093/rfs/hhp070

Hsu, J. C., Saa-Requiejo, J., & Santa-Clara, P. (2010). A structural model of default risk. Journal of Fixed Income, 19(3), 77-95. DOI: 10.3905/JFI.2010.19.3.077

Santa-Clara, P., & Yan, S. (2010). Crashes, volatility, and the equity premium: Lessons from S&P 500 options. Review of Economics and Statistics, 92(2), 435-451. DOI: 10.1162/rest.2010.11549

 

2009

Garcia, R., Ghysels, E., Renault, E., & Rodrigues, P. (2009). Special issue on 'multivariate volatility models'. Journal of Financial Econometrics, 7(4), 339-340. DOI: 10.1093/jjfinec/nbp017

Santa-Clara, P., & Saretto, A. (2009). Option strategies: Good deals and margin calls. Journal of Financial Markets, 12(3), 391-417. DOI: 10.1016/j.finmar.2009.01.002

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. DOI: 10.1093/rfs/hhp003

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:

   transferir

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

 

      edp

           “Capital structure optimization and deleverage process”

 

       

        millennium-bcp

         “Process optimization”
         “Strategic marketing”

Directed Research Internship Work Project

by Nova Finance User.

What it is

A DRI comprises an individual dissertation established on a given organization in which the student is doing an internship. The DRI must have a problem solving format or research approach to an empirical question to be addressed and also include the following aspects:

  • Objectives of the internship, with relevant academic and/or business oriented literature review.
  • Analysis methodology.
  • Proposed solution for the organization, based on literature review.
  • A list of themes and professors will be available in this WP category (DRI) on Moodle. Students may also find an internship that complies with the DRI’s guidelines and ask for MO responsible for WPs (This email address is being protected from spambots. You need JavaScript enabled to view it.) support to find a suitable academic advisor.
  • The DRI projects are focused on current high-impact organizational problems that the student may face in the professional future and offers the possibility to integrate distinct knowledge areas.

Private Equity Challenge

by Nova Finance User.

The Private Equity Challenge proposes a Master Thesis in the form of an Investment Committee Paper (“ICP”), such as is usually produced by deal teams at leading Private Equity funds, seeking approval for an Investment by their Investment Committees. As in real life, this paper will be presented to a group of Investment Professionals, Nova SBE Faculty and distinguished Alumni who will challenge the deal team and take a decision on the investment.

Additional information available

Post Graduate Program in Banking, Financial Regulation and Supervision

by Nova Finance User.

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:

  • Accounting for Financial Institutions: 3.5 ECTS
  • Asset Management: 3.5 ECTS
  • Auditing & Supervision Techniques: 3.5 ECTS
  • Bank Regulation: 3.5 ECTS
  • Banking: 7 ECTS
  • Corporate Valuation: 3.5 ECTS
  • Credit Risk: 3.5 ECTS
  • Empirical Methods for Finance: 3.5 ECTS
  • Financial Econometrics : 3.5 ECTS
  • Financial Intermediation: 3.5 ECTS
  • Financial Modeling : 3.5 ECTS
  • Financial Reporting: 3.5 ECTS
  • Fixed Income: 3.5 ECTS
  • Hedge Funds: 3.5 ECTS
  • Investments: 7 ECTS
  • Risk Management: 3.5 ECTS
  • Skill Module: 2 ECTS
  • Derivatives: 3.5 ECTS
  • Workshop Banking: 3.5 ECTS