Associate Professor of Finance
Co-Head, Center for Banking and Finance Research (CBFR) in Rio
Brazilian School of Public and Business Administration (EBAPE)
Getulio Vargas Foundation (FGV), Rua Jornalista Orlando Dantas 30
22231-010 Rio de Janeiro, Brazil
phone: +55 21 3083-2421
Last update - September 2017


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. My main areas of research are Banking, Corporate Finance, and Microfinance. I 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 have published two books and several articles in major finance and management journals such as the Review of Finance, Management Science, the Journal of Banking and Finance, the Journal of Financial Services Research, and the Journal of Small Business Management. Besides, I have done referee work for American Economic Review, Journal of Banking and Finance, Journal of Financial Intermediation, Journal of Financial Services Research, Journal of Financial Stability, Journal of Small Business Management, Review of Finance, Review of Financial Studies, and World Development (among others) and was member of the program committee of the annual meetings of the Brazilian, European and German Finance Association. 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. In July 2015 I was elected as 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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[28] “How does Social Capital Affect Financial Inclusion of the Poor? Evidence from the Field” with Jorge Jacob and Eduardo Marinho (in progress)

[27] “Bank-firm relationships and economic activity” with Lars Norden and Raquel de Freitas Oliveira (in progress)

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

[25] “Sex and Credit: Is there a Gender Bias in Lending?”, with Thorsten Beck and Andreas Madestam, Working Paper IGIER/Bocconi & Tilburg University, September 2017 (R&R at Journal of Banking and Finance)

Covered in:

[24] “Financial Incentives and Loan Officer Behaviour: Multitasking and Allocation of Effort under an Incomplete Contract” with Alejandro Drexler, Reint Gropp and André Güttler, September 2017

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

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



[21] “Individual versus village lending: Evidence from Montenegro” with Thorsten Beck (Forthcoming Review of Development Economics)

[20] “Did Government Regulations Lead to Inflated Credit Ratings?”, with Darren Kisgen and Jerome Taillard (Forthcoming  Management Science)

[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)