Social Equity Initiative

Fostering research and education on the role of finance in society

Chair in Responsible Finance

The BPI | Fundação “la Caixa” Chair in Responsible Finance aims to develop research and education on the important role that finance plays in societal progress and how a competitive and inclusive financial system can contribute to economic development.

The Chair's main goal is to produce research with high-quality research to be presented at top conferences, schools, regulators, and institutions worldwide and to be published in top academic journals.


Key topics:
Role of finance in society
- Corporate governance, stakeholders vs. shareholders, and value creation
- Long-term investment in human capital and innovation
- Role of government and financial system on firm creation and growth
- Climate change and finance
- Socially Responsible Investing (SRI)

Miguel Ferreira
BPI | Fundação “la Caixa” Chair in Responsible Finance
Academic Director of Faculty and Research & President of the Scientific Council


Trade Credit and the Transmission of Unconventional Monetary Policy
with Manuel Adelino, Mariassunta Giannetti and Pedro Pires, Review of Financial Studies, forthcoming

How Global is Your Mutual Fund? International Diversification from Multinationals
with Irem Demirci, Pedro Matos and Clemens Sialm, Review of Financial Studies 35 (2022), 3337-3372
Finance Forum, Best Paper in Asset Management Award, 2019

Can Credit Rating Agencies Affect Election Outcomes?
with Igor Cunha and Rui Silva, Review of Finance 26 (2022), 937-969

Hiding in Plain Sight: The Global Implications of Manager Disclosure​​​
with Richard Evans, Pedro Matos and Michael Young, 2021

Sovereign-Bank Diabolic Loop: The Government Procurement Channel
with Diana Bonfim, Francisco Queiro and Sujiao (Emma) Zhao, 2021

The Real Effects of FinTech Lending on SMEs: Evidence from Loan Applications
with Afonso Eca, Melissa Prado and Emanuele Rizzo, 2021

How Does Climate Change Affect Firm Sales? Identifying Supply Effects
with Claudia Custodio, Emilia Garcia-Appendini and Adrian Lam, 2020
EFiC Conference in Banking and Corporate Finance, Best Paper Award, 2021, Video

How Do Firms Respond to Demand Shocks? Evidence from the European Sovereign Debt Crisis
with Manuel Adelino, Paulo Fagandini and Francisco Queiro, 2019

Which Entrepreneurs Are Financially Constrained?
with Marta Lopes, Francisco Queiro and Hugo Reis, 2019

Do Cash Windfalls Affect Entrepreneurship? Evidence from the Spanish Christmas Lottery
with Vicente Bermejo, Daniel Wolfenzon and Rafael Zambrana, 2019
IDC Annual Conference in Financial Economics Research, Best Paper Award, 2019

Indirect Costs of Financial Distress
with Claudia Custodio and Emilia Garcia-Appendini, 2019

Collateral Value and Entrepreneurship: Evidence from a Property Tax Reform 
with João P. Santos and Ana Venancio, 2019
Ministry of Economy, Research Office, Best Paper Award in Savings and Financing, 2019

Fundação para a Ciência e Tecnologia (FCT), Research Grant for the Project “Financial Constraints, Public Policies and Firm Outcomes”, Principal Investigator, 2022-2024.

La Caixa Foundation, Social Research Call Grant for the Project “Entrepreneurship as a Social Mobility and Inclusion Strategy”, Principal Investigator, 2022-2023

Fundação Francisco Manuel dos Santos, Research Grant for the Project “Financing Entrepreneurship in Portugal?​”, Principal Investigator, 2019-2021

Report | Video | Video (Discussion Panel) | Podcast


This program will enable you to develop solid knowledge, analytical and problem-solving competencies in the financial area. You can choose to focus your studies in Portugal, but there’s also the opportunity to learn across borders and do business through our international tracks. 

Learn more.

This postgraduate program aims to provide highly motivated participants with high-quality, up-to-date training in the areas of corporate finance and financial investments. 

Learn more.

How will FinTech impact financial services and society?

FinTech Initiative

The Fintech Initiative is conducted by the Nova SBE Finance Knowledge Center. This initiative aims to develop research and education on how FinTech is going to change the financial services industry, such as commercial banking, investment banking, and asset management. It also aims to promote and disseminate research and knowledge of FinTech in Society, namely its impact on financial literacy and inclusion.

Key topics:
- E-money, mobile money products, and the use of technology to increase the efficiency of market infrastructures
- Using transaction data and social network data to improve credit appraisals and access to credit
- How to automate and disseminate affordable investment advice using technology
- Deposits, lending, and capital raising (crowdfunding, peer to peer lending, micro-credit, and internet-only banks


The Fintech initiative includes activities such as the development of research and training programs in Fintech, including the use of information and technology in the finance industry to improve the efficiency of payment systems, deposits, and credit for companies/individuals as well as asset management. This project will produce an annual published public report on the Iberian Fintech industry and emerging markets.

- Paper “How Does Peer-to-Business Lending Affect Financial Policy of SMEs?”  - available here
- FinTech Report – available here
- Work Project –  Master's Thesis - Intelligent mobility and the creation of an eWallet
- Work Project – Master's Thesis - Impact Venture Capital: An Evaluation of the Status Quo and Future Development
- Work Project –  Master's Thesis - INITIAL COIN OFFERING: Effective instrument for startups or speculation?“
- Master's course in Finance - Fintech ventures (Feb-May 2019)

Afonso Eça
Assistant Professor (Adjunct)
2022 Iberian FinTech Report

2022 Iberian FinTech Report

The 2022 Iberian FinTech Report consists of an in-depth study of the Fintech ecosystem in Portugal and Spain.

2022 Fintech in Africa Report

2022 Fintech in Africa Report

The 2022 Fintech in Africa Report consists of a detailed analysis of the impact of the FinTech industry on Africa’s challenging financial environment.