WAlter Novaes


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

                                                PUC-Rio, 1988

                                                Dissertation: "Inflação e Preço de Ação de Bancos Comerciais”

                                                Advisor: Pedro Bodin de Moraes


                                                B.A. Business Administration

                                                EBAPE-Fundação Getúlio Vargas, 1981



NATIONALITY                    Brazilian


LANGUAGES                       Portuguese, English (fluent)





                                                Associate Professor

                                                Department of Economics

                                                PUC-Rio (since July 2002) 


                                                Assistant Professor,

                                                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.



Working Papers


“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


                                                MBA:                          Finance


                                                PHD:                           Corporate Finance, Asset Pricing, Microeconomics, Mathematics





Research Interests


                                                Corporate Governance, Capital Structure, Financial Intermediation, Political Economy