Pontifical Catholic University of Rio de Janeiro (PUC-Rio)
Departament of Economics
Marquês de São Vicente, 225
Rio de Janeiro, RJ 22453-900
Work: (55)(21) 3527-1078
Cel: (55)(21) 81220291
EDUCATION Ph.D. in Economics
Massachusetts Institute of Technology, 1993
Dissertation: "Managerial Incentives and Corporate Control"
Advisors: Oliver Hart e Jeremy Stein
Master in Economics
Dissertation: "Inflação e Preço de Ação de Bancos Comerciais”
Advisor: Pedro Bodin de Moraes
B.A. Business Administration
EBAPE-Fundação Getúlio Vargas, 1981
LANGUAGES Portuguese, English (fluent)
Department of Economics
PUC-Rio (since July 2002)
Department of Finance and Business Economics
University of Washington, Seattle
September 1993-June 2002
Visiting Professor, Anderson School of Management
University of California Los Angeles. September 97 - July 98
Visiting Professor, EPGE-FGV: March 1988 – August 1988
Citibank N.A. Rio de Janeiro, Brazil: July 1981- March 86
• Relationship Manager, Corporate Bank Group
(Member of Credit Committee, 1985)
October 1983-March 1986
• Management Information Analyst
January 1983-September 1983
• Financial Analyst - Corporate Bank Group
July 1981-December 1982
“ Mandatory dividend rules: Do they make it harder for firms to invest?” (with Theo Martins), Journal of Corporate Finance, 18, 2012: 953-957
“Anatomy of a regulatory race to the top: Changes in delisting rules at Korea’s two stock exchanges, 1999-2002” (with Kathryn Dewenter and Chang-Soo Kim), Journal of Corporate Finance, 16, 2010, pp. 456-468.
“A pesquisa em Economia no Brasil: Uma Avaliação Empírica dos Conflitos entre Quantidade e Qualidade.” Revista Brasileira de Economia, v. 62, n.4, 2008, pp. 467-495.
“Bureaucracy as a mechanism to generate information.” (with Luigi Zingales) Rand Journal of Economics, Vol. 35, 2, Summer 2004 pp. 2455-259.
“Capital structure choice when managers are in control: Entrenchment versus efficiency.” Journal of Business, v. 76. 2003, pp. 49-81.
“Managerial turnover and leverage under a takeover threat.” Journal of Finance, v. 57, n. 6, 2002, pp. 2619-2650.
“Visibility versus complexity in business groups: evidence from Japanese Keiretsu.” (with Kathy Dewenter and Dick Petway) Journal of Business, v. 74, 2001, pp. 79-100.
“Inflationary bias and state owned financial institutions.” (with Sergio R.C. Werlang) Journal of Development Economics, v. 47, 1995, p. 135-154.
“Interest rates in trade credit markets” (with Klênio Barbosa and Humberto Moreira)
“Campaign contributions of interest groups: Catering to one candidate or to all? (with Renato Gomes)
“Covert contribution in campaign financing” (with Renato Gomes)
“Balance Sheet Effects in Currency Crises: Evidence from Brazil” (with Marcio Janot and Marcio Garcia)
“Sharing of control versus monitoring as corporate governance mechanisms” (with Armando Gomes)
“Political risk and capital structure choice of foreign subsidiaries: An empirical analysis” (with Sérgio R. C. Werlang)
2004: Prêmio Haralambos Simeonides: “Capital structure choice when managers are in control: Entrenchment versus efficiency.”
2003: Prêmio Haralambos Simeonides and nomination for 2003 Brattle Prize (best corporate finance article in the Journal of Finance): “Managerial turnover and leverage under a takeover threat.”
1988: Prêmio BNDES: Inflação e Preço de Ação de Bancos Comerciais.
American Economic Review, American Economic Journal: Microeconomics, Economics of Governance, Economic Journal, Journal of Business, Journal of Development Economics, Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Management and Economy Strategy, Journal of Public Economics, Journal of Political Economy, Pesquisa e Planejamento Econômico, Rand Journal of Economics, Review of Financial Studies, Revista Brasileira de Economia
Undergraduate: Principles of Finance, Financial Derivatives, Macroeconomics, Microecomonics, Money and Banking, Developement Economics, Principles of Economics
PHD: Corporate Finance, Asset Pricing, Microeconomics, Mathematics
Corporate Governance, Capital Structure, Financial Intermediation, Political Economy