Associate Professor of Finance
Brazilian School of Public and Business Administration (EBAPE)
Co-Head, Center for Banking and Finance Research (CBFR) in Rio
Getulio Vargas Foundation (FGV), Rua Jornalista Orlando Dantas 30
22231-010 Rio de Janeiro, Brazil
phone: +55 21 3083-2421
Last update - March 2019


I am an Associate Professor of Finance at the Brazilian School of Public and Business Administration (EBAPE) at the Getulio Vargas Foundation (FGV) in Rio de Janeiro. I do empirical research in the areas of Banking, Corporate Finance, and Microfinance and taught courses in Bank Risk Management, Financial Decision Making, Financial Markets and Instruments, Financial Institutions Management, Financial Intermediation, Introductory Accounting, and Microfinance at Coppead Graduate School of Business, EBAPE, Goethe University Frankfurt, National University of Singapore, and the University of Lugano. I published two books and several articles in major finance and management journals such as the Review of Finance, Journal of Financial and Quantitative Analysis, Management Science, the Journal of Banking and Finance, the Journal of Financial Services Research, and the Journal of Small Business Management. I did referee work for American Economic Review, Journal of Banking and Finance, Journal of Financial Intermediation, Management Science, Review of Finance, Review of Financial Studies, The Economic History Review, and World Development (among others) and was member of the program committees of/reviewer for the annual meetings of the Brazilian national association for research in business administration (Anpad), the Brazilian (SBFin), European (EFA), German Finance Association, and FIRS. My research was presented by me and coauthors at more than 60 international conferences (including AFA, EFA, FIRS), seminars, workshops in Asia, Europe, South America, and the U.S. I did consulting work for Brazilian and international companies and institutions such as Accenture, BNDES, the European Fund for Southeast Europe (EFSE), the German Stock Exchange, ProCredit Holding AG, and the OECD. From May 2013 to January 2017 I was a member of the board of directors of an international finance corporation active in the area of credit risk analysis. Since July 2015 I am a director of the Brazilian Finance Association (2 + 2 year terms). I am also the co-founder and since April 2016 Co-Head of the Center for Banking and Finance Research (CBFR) in Rio. I frequently comment on banking, rating and capital market issues in Brazilian and international media.

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[32] “Fake News and the Stock Market” with Matheus Moura (in progress)

[31] “Banks' Financial Statements as Strategic Variable: Evidence from Union Strikes” with Weichao Wang (in progress)

[30] “Information sharing, access to small business finance, and loan outcomes” with Thorsten Beck and Raquel de Freitas Oliveira (in progress)

[29] “The (un)desired effects of government bailouts: The impact of TARP on the interbank market and bank risk-taking” with Weichao Wang, March 2019 (SSRN)

[28] “The Real Effects of Bank-Firm Relationships” with Lars Norden and Raquel de Freitas Oliveira, October 2018 (SSRN)

[27] “Social Capital and Financial Inclusion: Evidence from a Randomized Field Experiment” with Jorge Jacob, October 2018 (SSRN)

[26] “Microcedit Impacts: Evidence from a large-scale Observational Study in Brazil” with Rafael Goldszmidt, Anna-Katharina Lenz, Cesar Zucco, Lauro Gonzalez, and Martin Valdivia, October 2018 (Link)

[25] “Market Demand and Default Risk in Small Business Finance: Evidence from the Financial Crisis”, with Andreas Madestam, February 2015

[24] “Credit Risk Transfer, Real Sector Productivity, and Financial Deepening”, with Samuel Lee, WP 153, Working Paper Series Finance & Accounting, Goethe University Frankfurt, 2008 (inactive)



[23] “Financial Incentives and Loan Officer Behaviour: Multitasking and Allocation of Effort under an Incomplete Contract” with Alejandro Drexler, Reint Gropp and André Güttler, Forthcoming Journal of Financial and Quantitative Analysis (Link)

[22] “Did Government Regulations Lead to Inflated Credit Ratings?”, with Darren Kisgen and Jerome Taillard, Management Science 64(3), 1034-1054, 2018

[21] “Sex and Credit: Do Gender Interactions Matter for Credit Market Outcomes?”, with Thorsten Beck and Andreas Madestam, Journal of Banking and Finance 80, 380-397, 2018

Covered in:

[20] “Individual versus village lending: Evidence from Montenegro” with Thorsten Beck, Review of Development Economics 21(4), e67-e87, 2017

[19] “Cyclicality of SME Lending and Government Involvement in Banks” with Daniel Foos and Lars Norden, Journal of Banking and Finance 77, 64-77, 2017

[18] “The German Banking System”, with Reinhard H. Schmidt, in: Beck, T. and Casu, B. (eds.):  The Palgrave Handbook of European Banking, Palgrave MacMillan, London, Chapter 21, 541-566, 2017

[17] “Financial Constraints of Private Firms and Bank Lending Behaviour”, with Lars Norden and Felix Noth, Journal of Banking and Finance 37(9), 3472-3485, 2013

[16] “Gender and Banking: Are Women Better Loan Officers?”, with Thorsten Beck and André Güttler, Review of Finance 17(4), 1279-1321, 2013

Covered in:

[15] “On Portfolio Optimization: Imposing the Right Constraints”, with Andre Güttler and Felix Miebs, Journal of Banking and Finance 37(4), 1232-1242, 2013

[14] “Opaqueness and Bank Risk Taking”, Brazilian Review of Finance 10(4), 499-527, 2012

[13] “The effect of information sharing between lenders on access to credit, cost of credit, and loan performance - Evidence from a credit registry introduction” with Simon Sonnekalb, Journal of Banking and Finance 36(11), 3017-3032, 2012

[12] “Using Industry Momentum to Improve the Performance of Minimum-Variance Portfolios”, with André Güttler and Fabian Trübenbach, Journal of Banking and Finance 36(5) 1414-1423, 2012
[11] “How do Lending Relationships affect Access to Credit and Loan Conditions in Microlending?” with André Güttler and Annekathrin Entzian, Journal of Banking and Finance 35(8), 2169-2178, 2011
[10] “Rating opaque borrowers: why are unsolicited ratings lower?”, with Christina Bannier and André Güttler, Review of Finance 14(2), 263-294, 2010

[9] “Market Structure, Capital Regulation and Bank Risk Taking”, with Reinhard H. Schmidt and Ru Xie, Journal of Financial Services Research 37(2), 131-158, 2010

[8] “On the necessity to regulate credit derivatives markets”, with Rym Ayadi, Journal of Banking Regulation 10(3), 179-201, 2009

[7] “On the required regulatory support for credit derivative markets”, with Rym Ayadi, in: Anderloni, L., Llewellyn, D. T., Schmidt, R.H. (eds.): Financial innovation in Retail and Corporate Banking, Edward Elgar, Cheltenham, 2008
[6] “The informational content of unsolicited ratings”, with André Güttler, Journal of Banking & Finance 32(4), 587-599, 2008
[5] “Risk and return characteristics of the new Covered Call-Index of the German Stock Exchange”, with Hartmut Graf and André Güttler, Kredit und Kapital 41(1), 37-58, 2008 (in German)
[4] “Credit risk assessment and relationship lending: An empirical analysis of German SMEs”, with André Güttler, Journal of Small Business Management 45(2), 194-213, 2007
[3] “Risk exposure of German universal and mortgage banks to macroeconomic shocks” with Steffen Sebastian, Kredit und Kapital 39(4), 513 - 536, 2006 (in German)
[2] Basel II and Controlling: A practical concept for a Basel II-adequate management, with Jörg Fischer, Gabler-Verlag, 227 p., 2005 (in German)
[1] Internal and external ratings: importance, development, tests, with André Güttler, Bankakademie-Verlag, 177 p., 2004 (in German)