Nuno Fernandes - CATÓLICA-LISBON

July 2009
Nuno Fernandes
IMD
Ch. de Bellerive 23
P.O. Box 915
CH-1001 Lausanne, Switzerland
Tel: +41 21 618 06 58
Email: [email protected]
Web Page: http://www.nunofernandes.com
Education
Ph.D. in Management (Finance)
IESE Business School, Spain
1999 to 2003
Dissertation: Market Integration and International
Financial Markets
Visiting Scholar
Columbia Business School, US
Finance Department, 2002/2003
Licenciatura in Economics
Universidade Católica Portuguesa, Portugal
1992 to 1997
Warwick University, UK, 1995/96
Academic Employment and Professional Experience
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Professor of Finance, IMD, Switzerland, September 2008 – present
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Associate Professor, Universidade Católica Portuguesa, Portugal, (May 2008–present)
Director of the Master in Finance (2006- ). New program launched in 2006.
Assistant Professor (September 2003-May 2008)
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Lecturer, IESE Business School, Spain, 2000-2001
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Lecturer, Universidade Católica Portuguesa, Portugal, 1997-1999
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Research Economist and Pricing Specialist, Instituto das Comunicações de Portugal
(Telecom's Regulator), 1997-1999
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Risk Analyst, Banco Espirito Santo, 1996-1997
Academic Interests
Research
International Finance, Corporate Governance, Executive Compensation,
Sovereign Wealth Funds, Financial Transparency, Cross-Listings,
Idiosyncratic Risk, Liberalization of Financial Markets
Teaching
Investments and Capital Markets, Corporate Finance, Corporate Governance,
Advanced Corporate Finance, International Finance
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Consultant and Media
Consultancy Recent Projects: international project valuation, risk management and exotic
derivatives pricing, global portfolio management, banking in Emerging
Markets and anti-trust issues, for both Portuguese and Multinational
companies.
Media
Selected Media Appearances: Financial Times, Le Figaro (France), Liberation
(France), Le Temps, Valor Económico (Brazil), Exame (Brazil), Hedge Fund
Journal, SIC Noticias (TV: the main news channel in Portugal), Jornal de
Negócios (Portugal), Diario Economico (Portugal), Público (Portugal),
Expresso (Portugal)
Academic Publications
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Escape from New York: The market impact of loosening disclosure
requirements, with Darius Miller (Southern Methodist University) and Ugur Lel
(Federal Reserve Board), Journal of Financial Economics, Forthcoming.
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Market Liberalization at the firm level: Spillovers from ADRs and implications
for local markets, 2007, Journal of International Money and Finance, Forthcoming.
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Enforcement of Insider Trading Laws and Stock Price Informativeness, 2009,
with Miguel Ferreira, Review of Financial Studies, Volume 22, Pages 1845-1887
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Does International Cross-Listing Improve the Information Environment?, 2008,
with Miguel Ferreira, Journal of Financial Economics, Volume 88, Issue 2, Pages
216-244
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Keeping with the Jones: A Model and a Test of Collective Accounting Fraud, with
J. Guedes, European Financial Management, Forthcoming
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Board Compensation and Firm Performance: The Role of “Independent” Board
Members, 2008, Journal of Multinational Financial Management, Volume 18, Issue
1, Pages 30-44
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Market Integration and International Asset Allocation, 2006, Finance Letters
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Sources of Gains from International Portfolio Diversification, 2006, with Jose
Manuel Campa, Journal of Empirical Finance, Volume 13, Issues 4-5, Pages 417-443
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What Level of Portfolio Disaggregation in Emerging Market Investments?,
Journal of Portfolio Management, Winter 2005, Vol. 31, Issue 2, p41-49
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Perspectives on European Banking, with Jordi Gual, Economistas, November 2001,
Spain
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Working Papers in Progress
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Sovereign Wealth Funds: Investment Choices and Implications Around the
World
o Featured in the Financial Times, February 13th 2009
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The Pay Divide: (Why) Are U.S. Top Executives Paid More?, with K. Murphy
(University of Southern California), P. Matos (University of Southern California) and
M. Ferreira (UNL)
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On the Fortunes of Stock Exchanges and Their Reversals: Evidence from
Foreign Listing Waves, with Mariassunta Giannetti (Stockholm School of
Economics)
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The Evolution of Earnings Management and Firm Valuation: A Cross-Country
Analysis, with M. Ferreira (UNL)
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Board expertise and the impact of the sub-prime crisis on banks
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Financial Institutions Governance and Transparency and the Impact on Crisis
Performance, with Jose Manuel Campa (IESE)
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The World Price of Financial Transparency
Professional Publications
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Sovereign Wealth Revalued, Financial Times, February 2009
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The Rising Importance of Sovereign Wealth Funds: Challenges for Hedge Funds,
Hedge Fund Journal, April 2009
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Fundos Soberanos saem da sombra, Público, May 2009
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Os salários dos executivos são demasiado elevados?, Governação, April 2009
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New life for sovereign wealth funds?, Tomorrow’s Challenges, February 2009.
Invited Talks and Conference Presentations
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SIFR, Sweden, November 2009 (Scheduled)
European Finance Association, Norway, August 2009 (Scheduled)
NBER Summer Institute Corporate Finance, July 2009
CEO Innovation Forum, May 2009
IDC Caesarea Academic Annual Conference, May 2009 (co-author)
Conference on Financial Markets; Federal Reserve Bank of San Francisco; January
2009 (co-author)
V Madrid Finance Workshop, December 2008
University of Zurich, November 2008
Foro de Finanzas, Barcelona, November 2008
Stockholm School of Economics, October 2008
ESSEC Private Equity Conference, Paris, October 2008
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European Finance Association, Greece, August 2008
Helsinki School of Economics, Sweden, January 2008
European Finance Association, Ljubljana, Slovenia, August 2007
CEPR Summer Symposium in Financial Markets, Gerzensee, July 2007
European Financial Management Association, Vienna, Austria, June 2007
Keynote Speech: CNMV Round Table on Corporate Governance, Castellon, Spain,
November 2006
International Workshop on Executive Compensation, University of Stirling, UK,
September 2006
European Finance Association, Zurich, Switzerland, August 2006
Western Finance Association, Keystone, US, June 2006
European Finance Association, Moscow, Russia, August 2005
International Economic Association World Congress, Marrakech, Morocco,
September 2005
LIFE / Journal of Empirical Finance Conference on International Finance, Maastricht,
Netherlands, July 2005
Portuguese Finance Network, Lisbon, Portugal, July 2004
European Financial Management Association, Basel, Switzerland, July 2004
Faculdade de Economia do Porto, Portugal, October 2003
European Finance Association, Scotland, August 2003 - Finalist (Top 3) in the Award
for Best Paper by Recent Graduates
European Financial Management Association, Finland, June 2003
Sociedade Portuguesa de Investigação em Economia, Portugal, June 2003
9th International Finance Conference - Georgia Tech, USA, April 2003
Bank of International Settlements, Switzerland, March 2003
Copenhagen Business School, Denmark, February 2003
Tilburg University, Netherlands, February 2003
Universidad Carlos III, Spain, February 2003
Norwegian School of Management, Norway, February 2003
Lancaster University, UK, January 2003
Universidade Católica Portuguesa, Portugal, January 2003
Stern School of Business, New York University, US, December 2002
Financial Management Association, San Antonio, US, October 2002
Baruch College, City University of New York, US, October 2002
European Financial Management Association, London, UK, June 2002
Universidad Pompeu Fabra, Barcelona, Spain, June 2002
Portuguese Finance Network, Évora, Portugal, June 2002
Universidade Católica Portuguesa, Lisbon, Portugal, June 2002
Center of Financial Studies, Germany, August 2001
Aarhus Business School, Denmark, May 2001
Universidad Complutense, Spain, June 2000
Universidade Autónoma, Portugal, January 2000
Professional Service
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Director of the Master in Finance at FCEE-UCP
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Referee: Review of Financial Studies, Journal of Empirical Finance, Journal of
Banking and Finance, Journal of International Financial Management, Journal of
International Business Studies, European Financial Management, Emerging Markets
Review
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Program Committee: European Finance Association (2006, 2007, 2008, 2009),
Financial Management Association (2009), Portuguese Finance Network (2006,
2008), Spanish Finance Association (2006, 2009)
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Discussant: European Finance Association (2003, 2005, 2006, 2007, 2008), Foro de
Finanzas (2008), European Financial Management Association (2002, 2003, 2004),
Conference on M&A in Europe (IESE 2002)
Scholarships and Grants
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Lamfalussy Fellow, the European Central Bank, 2008.
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US Federal Deposit Insurance Corporation (FDIC) Center for Financial Research,
Research Grant for the project “Subprime crisis and Bank Governance and
Transparency”, 2008.
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Fundação para a Ciência e Tecnologia (FCT), Research Grant for the Project
“International Corporate Governance", 2007-2010.
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Research Grant BBVA Foundation for the project “Integration of International Capital
Markets”, 2003-2004.
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Best Doctoral Dissertation in Spain for the period 2000-2003. Prize awarded by the
Spanish Finance Association.
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Top 3 in the Award for Best Paper by Recent Graduates in the European Finance
Association 2003 Meetings in Glasgow.
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Doctoral Scholarship - Fundação para a Ciência e Tecnologia, 1999-2003.
Languages
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Fluent in English and Spanish. Regular in French. Portuguese (mother tongue)
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