Miguel Ferreira

Miguel A. Ferreira is the BPI | Fundação “la Caixa” Chair Professor of Responsible Finance at Nova School of Business and Economics (Nova SBE). He is the Vice-Dean of Faculty and Research at Nova School of Business and Economics and the Academic Director of the Nova Finance Knowledge Center. He is also a research associate of the European Corporate Governance Institute (ECGI) and a research fellow of the Centre for Economic Policy Research (CEPR). He has a PhD in Finance from the University of Wisconsin-Madison, a Master in Economics from Nova SBE, and a Bachelor in Business from ISCTE-IUL.

His research interests include corporate finance, sustainable finance, and asset management. His research has been published in academic journals, including the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, and Management Science. He is among the top 100 most prolific authors in the top three finance journals of all time in the world, and he has been the most cited Portuguese economist since 2000. He has received several research grants and awards, including a European Research Council (ERC) grant, la Caixa Foundation Social Research Call, and Fundação para a Ciência e Tecnologia. He was the President of the European Finance Association.

He teaches corporate finance in the bachelor program. He is also an independent board member at BPI Asset Management and a Scientific Advisor for Economics studies at Fundação Francisco Manuel dos Santos. He has extensive experience teaching finance in graduate degree programs and executive education programs and is an expert witness and consultant for companies, financial institutions, central banks, and government agencies.

• BPI | Fundação "la Caixa" Chair in "Responsible Finance", 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 (Panel Discussion)     Podcast
• Fundação para a Ciência e Tecnologia (FCT), Research Grant for the Project “Non-Bank Financing, Business Cycles and Financial Crises”, Principal Investigator, 2018-2020
• Fundação para a Ciência e Tecnologia (FCT), Research Grant for the Project “Credit Ratings”, Principal Investigator, 2016-2019
• Fondation Banque de France, Research Grant for the Project “Bank Ratings and Lending Supply: Evidence from Sovereign Downgrades”, 2014-2015
• European Research Council, Starting Grant for the Project “Universal Banking, Corporate Control and Crises”, 2013-2018
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• Inquire Europe, Research Grant for the Project “The Mutual Fund Industry Worldwide: Explicit and Closet Indexing, Fees, and Performance”, 2011
• Fundação para a Ciência e Tecnologia (FCT), Research Grant for the Project “Financial Intermediation, Banking Conglomerates, and Crises”, Principal Investigator, 2011-2013
• Bank of Portugal, Research Grant for the Project “When Banks are Insiders: Evidence from the Global Syndicated Loan Market”, 2008
• Inquire Europe, Research Grant for the Project “Do Locals Know Better? A Cross-Country Analysis of the Performance of Domestic and Foreign Money Managers”, 2007
• Fundação para a Ciência e Tecnologia (FCT), Research Grant for the Project “International Corporate Governance and Financial Markets”, Investigator, 2007-2010
• Yale Millstein Center for Corporate Governance and Performance, Research Fellowship for the Project “When Banks are Insiders: Evidence from the Global Syndicated Loan Market”, 2007
• Federal Deposit Insurance Corporation (FDIC), Research Fellowship for the Project “When Banks are Insiders: Evidence from the Global Syndicated Loan Market”, 2007
• Fundação para a Ciência e Tecnologia (FCT), Research Grant for the Project “The Mutual Fund Industry: Asset Pricing, Corporate Governance and Competition”, Principal Investigator, 2005-2007

• Indirect Costs of Financial Distress
  with Claudia Custodio and Emilia Garcia-Appendini, Review of Finance 27 (2023), 2233-2270.

• Trade Credit and the Transmission of Unconventional Monetary Policy
  with Manuel Adelino, Mariassunta Giannetti and Pedro Pires, Review of Financial Studies 36 (2023), 775-813.

• 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

• International Corporate Governance Spillovers: Evidence from Cross-Border Mergers and Acquisitions 
  with Rui Albuquerque, Luis Marques and Pedro Matos, Review of Financial Studies 32 (2019), 738-770 
  China International Conference in Finance, Best Paper Award, 2014
  Data: Governance index

• Do General Managerial Skills Spur Innovation? 
  with Claudia Custodio and Pedro Matos, Management Science 65 (2019), 459-476 (Lead Article)

• What Determines Fund Performance Persistence? International Evidence 
  with Aneel Keswani, Antonio Miguel and Sofia Ramos, Financial Review 4 (2019), 1-30

• Asset Management within Commercial Banking Groups: International Evidence 
  with Pedro Matos and Pedro Pires, Journal of Finance 73 (2018), 2181-2227

• Creditor Control Rights and Board Independence 
  with Daniel Ferreira and Beatriz Mariano, Journal of Finance 73 (2018), 2385-2423

• Investor-Stock Decoupling in Mutual Funds 
  with Massimo Massa and Pedro Matos, Management Science (2018), 1974-2471

• Does Institutional Ownership Matter for International Stock Return Comovement? 
  with José Faias, Journal of International Money and Finance 78 (2017), 64-83

• Are Foreign Investors Locusts? The Long-Term Effects of Foreign Institutional Ownership 
  with Jan Bena, Pedro Matos and Pedro Pires, Journal of Financial Economics 126 (2017), 122-146 
  Data: Global Corporate Patents

• The Economic Effects of Public Financing: Evidence from Municipal Bond Ratings Recalibration 
  with Manuel Adelino and Igor Cunha, Review of Financial Studies 30 (2017), 3223-3268

• Do Locals Know Better? A Comparison of the Performance of Local and Foreign Mutual Fund Managers 
  with Pedro Matos, Joao Pereira and Pedro Pires, Journal of Banking and Finance 82 (2017), 151-164

• Fund Performance and Equity Lending: Why Lend What You Can Sell? 
  with Richard Evans and Melissa Prado, Review of Finance 21 (2017), 1093-1121

• The Real Effects of Credit Ratings: The Sovereign Ceiling Channel 
  with Heitor Almeida, Igor Cunha and Felipe Restrepo, Journal of Finance 72 (2017), 249-290

• Corporate Boards and SEOs: The Effect of Certification and Monitoring 
  with Paul Laux, Journal of Financial and Quantitative Analysis 51 (2016), 899-927

• Bank Ratings and Lending Supply: Evidence from Sovereign Downgrades 
  with Manuel Adelino, Review of Financial Studies 29 (2016), 1709-1746

• Indexing and Active Fund Management: International Evidence 
  with Martijn Cremers, Pedro Matos and Laura Starks, Journal of Financial Economics 120 (2016), 539-560 
  S&P Dow Jones third annual SPIVA Award (runner up), 2014

• Idiosyncratic Risk of Small Public Firms and Entrepreneurial Risk 
  with David P. Brown, 2006, Quarterly Journal of Finance 6 (2016), 1-59

• Lending Relationships and the Effect of Bank Distress: Evidence from the 2007-2008 Financial Crisis 
  with Daniel Carvalho and Pedro Matos, Journal of Financial and Quantitative Analysis 50 (2015), 1165-1197

• The Determinants of Mutual Fund Performance: A Cross-Country Study 
  with Aneel Keswani, Antonio Miguel and Sofia Ramos, Review of Finance 17 (2013), 483-525

• Generalists versus Specialists: Lifetime Work Experience and CEO Pay 
  with Claudia Custodio and Pedro Matos, Journal of Financial Economics 108 (2013), 471-492 
  Data: General Ability Index     New Data (1992-2016): General Ability Index

• Why Are U.S. Firms Using More Short-Term Debt? 
  with Claudia Custodio and Luis Laureano, Journal of Financial Economics 108 (2013), 182-212

• Are U.S. CEOs Paid More? New International Evidence 
  with Nuno Fernandes, Pedro Matos and Kevin J. Murphy, Review of Financial Studies 26 (2013), 323-267 
  Data: CEO Compensation

• Universal Banks and Corporate Control: Evidence from the Global Syndicated Loan Market 
  with Pedro Matos, Review of Financial Studies 25 (2012), 2703-2744

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

• Forecasting Stock Market Returns: The Sum of the Parts is More than the Whole 
  with Pedro Santa-Clara, Journal of Financial Economics 100 (2011), 514-537

• Does Governance Travel Around the World? Evidence from Institutional Investors 
  with Reena Aggarwal, Isil Erel and Pedro Matos, Journal of Financial Economics 100 (2011), 154-181 
  Data: International Corporate Governance Index 
  China International Conference in Finance, Best Paper Award, 2010

• Board Structure and Price Informativeness 
  with Daniel Ferreira and Clara Raposo, Journal of Financial Economics 99 (2011), 523-545 
  Egon Zehnder Best Paper Prize, ECGI, 2008

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

• Capital Structure and Law Around the World 
  with Paulo Alves, Journal of Multinational Financial Management 21 (2011), 119-150

• Shareholders at the Gate: Institutional Investors and Cross-Border Mergers and Acquisitions 
  with Massimo Massa and Pedro Matos, Review of Financial Studies 23 (2010), 601-644

• Correlation Dynamics of Global Industry Portfolios 
  with Paulo Gama, Journal of Multinational Financial Management 20 (2010), 35-47

• Insider Trading Laws and Stock Price Informativeness 
  with Nuno Fernandes, Review of Financial Studies 22 (2009), 1845-1877

• Portfolio Flows, Volatility, and Growth 
  with Paul Laux, Journal of International Money and Finance 28 (2009), 271-292

• The Colors of Investors’ Money: The Role of Institutional Investors Around the World 
  with Pedro Matos, Journal of Financial Economics 88 (2008), 499-533

• Does International Cross-listing Improve the Information Environment 
  with Nuno Fernandes, Journal of Financial Economics 88 (2008), 216-244

• Does Sovereign Debt Ratings News Spillover to International Stock Markets? 
  with Paulo Gama, Journal of Banking and Finance 31 (2007), 3162-3182

• Corporate Governance, Idiosyncratic Risk, and Information Flow 
  with Paul Laux, Journal of Finance 62 (2007), 951-989

• The Importance of Industry and Country Effects in the EMU Equity Markets 
  with Miguel Angelo Ferreira, European Financial Management 12 (2006), 341-373

• Evaluating Interest Rate Covariance Models within a Value-at-Risk Framework 
  with Jose Lopez, Journal of Financial Econometrics 3 (2005), 126-168

• Have World, Country and Industry Risk Changed Over Time? An Investigation of the Developed Stock Markets Volatility 
  with Paulo Gama, Journal of Financial and Quantitative Analysis 40 (2005), 195-222

• Forecasting the Comovements of Spot Interest Rates 
  Journal of International Money and Finance 24 (2005), 766-792

• Why Do Firms Hold Cash? Evidence from EMU Countries 
  with Antonio Vilela, European Financial Management 10 (2004), 295-319

• The Heterogeneous Effects of Household Debt Relief
  with Manuel Adelino and Miguel Oliveira, 2023

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

• Fiscal Policy and Credit Supply: The 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

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

• Corporate Finance, Bachelor in Economics and Management