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.