Francisco Queiró is an Assistant Professor of Finance at Nova School of Business & Economics.
Prior to joining Nova; he was a postdoctoral fellow at the National Bureau of Economic Research; and before his graduate studies he worked as a consultant at McKinsey & Co.
- Ph.D. in Business Economics, 2015 - Harvard University
- MBA, 2007 - Harvard Business School
- BA in Law, 2002 - Portuguese Catholic University
- Entrepreneurial Human Capital and Firm Dynamics
R&R Review of Economic Studies
This paper shows that entrepreneurial human capital is a key driver of firm dynamics using administrative panel data on the universe of firms and workers in Portugal. Firms started by more educated entrepreneurs are larger at entry and exhibit higher growth throughout the life cycle. The differences are driven by productivity, are particularly strong in the upper tail of the distribution, and do not hold for more educated workers in general. In addition, they do not appear to be driven by omitted ability or selection. Combining these findings with cross-country data to calibrate a simple model of heterogeneous firms, I find that accounting for the effect of entrepreneurial human capital on firm-level productivity increases the fraction of cross-country income differences explained by human and physical capital from 40% to 65%-76%.
- Surviving the Perfect Storm: Exports, Fiscal Austerity, and Firm Heterogeneity
with Manuel Adelino, Paulo Fagandini and Miguel Ferreira
We show that shocks to domestic demand can have important effects on exports. Austerity measures implemented in southern European countries as a result of the 2010-2011 sovereign debt crisis were a large and unanticipated shock to government spending. We find that firms with higher ex-ante government exposure significantly increase their exports following such a shock. Older and larger firms are better able to substitute domestic sales with entry into export markets than younger and smaller firms. Higher-quality firms (i.e., firms with higher paid workers, higher productivity and more educated managers) are also more likely to start exporting. Unlike previous research on non-tradable industries, our results suggest that more mature firms drive the response of tradable industries to demand shocks.
I investigate the relationship between knowledge diffusion and city growth using a new dataset of 5.5 million books published in Europe from 1450 to 1800. The dataset consists of individual book data drawn from over 72,000 library catalogs around the world, including most major national and research libraries. Exploiting within-city variation, I find that book production is a strong predictor of subsequent population growth. Splitting books by subject, I find that the results are robust for books on technology, finance, medicine and history, with technology and finance having the largest coefficients. In addition, although science books as a whole are insignificant, books on chemistry and geology also increase growth, which is consistent with the important roles of chemistry and coal mining during the Industrial Revolution. Books on other topics, such as religion or literature, are not associated with growth.
Selected Work in Progress
- Financial Constraints and Entrepreneurial Heterogeneity
with Miguel Ferreira, Marta Lopes and Hugo Reis
- Do the Best Students Make the Best Entrepreneurs?
with Isaac Hacamo
- Sovereign-Bank Diabolic Loop: The Government Procurement Channel
with Diana Bonfim, Miguel Ferreira and Sujiao (Emma) Zhao
- Entrepreneurship, Corporate Finance, Economic Growth