Financial Economics

A Dynamic Model for Venture Capitalists' Entry-Exit Investment Decisions

Ferreira, Ricardo and  Paulo J. Pereira; "A Dynamic Model for Venture Capitalists' Entry-Exit Investment Decisions", European Journal of Operational Research, forthcoming.
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Bond vs Bank Finance and the Great Recession

Martins, Manuel M. F. and Fábio Verona; “Bond vs Bank Finance and the Great Recession”, Finance Research Letters, forthcoming.
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Illiquidity as a signal

Jorge, José and Charles M. Kahn (2020); "Illiquidity as a signal", Journal of Financial Stability, 50, 100773.
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A Real Options Approach to Optimal Bidding in Construction Projects Considering Volume Uncertainty

Ribeiro, J., Paulo J. Pereira and E. Brandão (2020); "A Real Options Approach to Optimal Bidding in Construction Projects Considering Volume Uncertainty", Managerial and Decision Economics, 41(4), pp. 631-640.  
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Agglomeration and industry spillover effects in the aftermath of a credit crunch

Jorge, José and Joana Rocha (2020); "Agglomeration and industry spillover effects in the aftermath of a credit crunch", International Journal of Central Banking.
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Exposition of evidence for idiosyncratic versus induced seasonality in ETF performance

Alves, C. F. and D. A. Reis (2020); "Exposition of evidence for idiosyncratic versus induced seasonality in ETF performance", Applied Economics Letters, 27(1), pp.  14-18.
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Determinants shaping the international currency system: Where do currencies stand relative to their equilibria?

Siranova, M. and Manuel Duarte Rocha (2020); "Determinants shaping the international currency system: Where do currencies stand relative to their equilibria?",  The World Economy, 43(2), pp.458-483.  
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Using clustering ensemble to identify banking business models

Marques, B. and Carlos Alves (2020); “Using clustering ensemble to identify banking business models”,  Intelligent Systems in Accounting, Finance and Management, 27(2), pp. 66-94.
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Leverage, Premium and Timing in Corporate Acquisitions

Pires M. and Paulo J. Pereira (2020); "Leverage, Premium and Timing in Corporate Acquisitions", Economics Letters, 188, pp. 1-5.      
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The relationship between debt and a firm’s performance: the impact of institutional factors

Forte, R. and José Miguel Tavares (2019); "The relationship between debt and a firm’s performance: the impact of institutional factors", Managerial Finance, 45 (9), pp. 1272-1291.
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Feedback effects between credit ratings and financial markets

Jorge, José (2019); "Feedback effects between credit ratings and financial markets", Economic Modelling, 80, pp. 328-338.  
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Designing Optimal M&A Strategies under Uncertainty

Lukas, Elmar; Paulo J. Pereira and Artur Rodrigues (2019); "Designing Optimal M&A Strategies under Uncertainty", Journal of Economic Dynamics & Control, 104, pp. 1-20.  
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Investment Decisions with Finite-Lived Collars

Adkins, Roger, Dean Paxson, Paulo J. Pereira and Artur Rodrigues (2019); "Investment Decisions with Finite-Lived Collars", Journal of Economic Dynamics & Control, 103, pp. 185-204.  
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Foreign Direct Investment with Tax Holidays and Policy Uncertainty

Azevedo, A, Paulo J. Pereira and A. Rodrigues (2019); "Foreign Direct Investment with Tax Holidays and Policy Uncertainty", International Journal of Finance and Economics, 24(2), pp. 727-739.
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How does national culture affect corporate risk-taking?

Díez-Esteban, José María, Jorge Farinha and Conrado Diego García-Gómez (2019); "How does national culture affect corporate risk-taking?", Eurasian Business Review, 9(1), pp. 49-68.
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Are religion and culture relevant for corporate risk-taking? International evidence

Díez-Esteban, José María, Jorge Farinha and Conrado García-Gómez (2019); "Are religion and culture relevant for corporate risk-taking? International evidence", Business Research Quarterly, 22(1), pp. 36-55.
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Investing in a Random Start American Option Under Competition

Pereira, P.J. and A. Rodrigues (2019); "Investing in a Random Start American Option Under Competition", Finance Research Letters, 28, pp. 388-397.
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Residential Property Loans and Bank Performance during Property Price Booms: Evidence from Europe

Martins, A. M., A. P. Serra, F. V. Martins and S. Stevenson (2019); "Residential Property Loans and Bank Performance during Property Price Booms: Evidence from Europe", Annals of Economics and Finance, 20(1), pp. 247-295.
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Bargaining Merger Terms and the Effect on the Announcement Returns

Pereira, Paulo J. and A. Rodrigues (2019); "Bargaining Merger Terms and the Effect on the Announcement Returns", International Review of Economics & Finance, 59, pp. 510–521.
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Does the deposits channel work under a low interest rate environment?

Sá, Ana Isabel and José Jorge (2019); “Does the deposits channel work under a low interest rate environment?”, Economics Letters, 185, 108736.        
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Investment, Tobin's Q, and Cash Flow Across Time and Frequencies

Canova, Fabio (2019); "Investment, Tobin's Q, and Cash Flow Across Time and Frequencies",  Oxford Bulletin of Economics and Statistics, 82, 2, pp. 331-346.
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Non-Compete Covenants, Litigation and Garden Leaves

Azevedo, A., P.J. Pereira and A. Rodrigues (2018); "Non-Compete Covenants, Litigation and Garden Leaves", Journal of Business Research, 88, pp. 197-211.
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Cash holdings and earnings quality; evidence from the Main and Alternative UK markets

Farinha, J., C. Mateus and N. Soares (2018); "Cash holdings and earnings quality: evidence from the Main and Alternative UK markets", International Review of Financial Analysis, 56, pp. 238-252.
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Bank Governance and Performance: A Survey of the Literature

Fernandes, Catarina, Jorge Farinha, Francisco Vitorino Martins and Cesário Mateus (2018); "Bank Governance and Performance: A Survey of the Literature", Journal of Banking Regulation, 19, pp. 236-256.
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Control Mechanisms in the Corporate Governance of State-Owned Enterprises (SOEs): a Comparison Between Brazil and Portugal

Fontes-Filho, J. and Carlos Alves (2018); "Control Mechanisms in the Corporate Governance of State-Owned Enterprises (SOEs): a Comparison Between Brazil and Portugal", Cadernos EBAPE.BR, 6(1), pp. 1-13.
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An Option Pricing Approach to Optimal Bidding in Construction Projects

Ribeiro, J., P.J. Pereira and E. Brandão (2018); "An Option Pricing Approach to Optimal Bidding in Construction Projects", Managerial and Decision Economics, 39(2), pp. 171–-179.
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Optimal Contingent Payment Mechanisms and Entrepreneurial Financing Decisions

Tavares-Gärtner, M., P.J. Pereira and E. Brandão (2018); "Optimal Contingent Payment Mechanisms and Entrepreneurial Financing Decisions", European Journal of Operational Research, 270(3), pp. 1182-1194.
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Heterogeneous Beliefs and Optimal Ownership in Entrepreneurial Financing Decisions

Tavares-Gärtner, M., P.J. Pereira and E. Brandão (2018); "Heterogeneous Beliefs and Optimal Ownership in Entrepreneurial Financing Decisions", Quantitative Finance, 18(11), pp. 1947-1958.
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Strength of the Association between R&D Volatility and Firm Growth: The Roles of Corporate Governance and Tangible Asset Volatility

Patel, Pankaj C., Maria João Guedes, Nuno Soares and Vítor da Conceição Gonçalves (2018); "Strength of the Association between R&D Volatility and Firm Growth: The Roles of Corporate Governance and Tangible Asset Volatility", Journal of Business Research, 88, pp. 282-288.
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Forecasting stock market returns by summing the frequency-decomposed parts

Faria, Gonçalo and Fabio Verona (2018); "Forecasting stock market returns by summing the frequency-decomposed parts", Journal of Empirical Finance, 45, pp. 228-242.
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Why do Entrepreneurs Choose Risky R&D Projects - But Still Not Risky Enough

Damsgaard, Erika Färnstrand, Per Hjertstrand, Pehr-Johan Norbäck, Lars Persson and Hélder Vasconcelos (2017); "Why do Entrepreneurs Choose Risky R&D Projects -– But Still Not Risky Enough", The Economic Journal, 127(605), pp. 164-199.
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Supervisory Boards, Financial Crisis and Bank Performance: Does Board Characteristics Matter?

Fernandes, Catarina, Jorge Farinha, Francisco Vitorino Martins and Cesário Mateus (2017); "Supervisory Boards, Financial Crisis and Bank Performance: Does Board Characteristics Matter?", Journal of Banking Regulation, 18(4), pp. 310-337.
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Price discounts in rights issues: why do managers insist on what investors hate

Mateus, Cesario, Jorge Farinha and Nuno Soares (2017); "Price discounts in rights issues: why do managers insist on what investors hate?", European Business Review, 29(4), pp. 457-475.
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Is there still a Berlin Wall in the post-issue operating performance of European IPOs?

Pereira, Tiago Pinho and Miguel Sousa (2017); "Is there still a Berlin Wall in the post-issue operating performance of European IPOs?", International Journal of Finance & Economics, 22(2), pp. 139-158.
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Analysis of market quality before and during short-selling bans

Alves, Carlos, Victor Mendes and Paulo Pereira da Silva (2016); "Analysis of market quality before and during short-selling bans", Research in International Business and Finance, 37, pp. 252-–268.
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Non-Competition Covenants in Acquisition Deals

Azevedo, A., P.J. Pereira and A. Rodrigues (2016); "Non-Competition Covenants in Acquisition Deals", Economics Letters, 143, pp. 61-65.
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Public Stimulus for Private Investment: An Extended Real Options Approach

Barbosa, D., V. Carvalho and P.J. Pereira (2016); "Public Stimulus for Private Investment: An Extended Real Options Approach", Economic Modelling, 52B, pp. 742-748.
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The role of institutional investors in propagating the 2007 financial crisis in Southern Europe

Díez-Esteban, José, Jorge Farinha and Conrado Garcia-Gomez (2016); "The role of institutional investors in propagating the 2007 financial crisis in Southern Europe", Research in International Business and Finance, 38, 439-–454.
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Determinants of European Bank's Bailouts following the 2007-2008 Financial Crisis

Fernandes, Catarina, Jorge Farinha, Francisco Vitorino Martins and Cesário Mateus (2016); Determinants of European Bank's Bailouts following the 2007-2008 Financial Crisis, Journal of International Economic Law, 19(3), pp. 707-742.
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Loss persistence and returns in the UK

Jiang, Wei, Nuno Soares and Andrew W. Stark (2016); "Loss persistence and returns in the UK", Accounting and Business Research, 46(3), pp. 221-242.
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A Compensation Scheme for Optimal Investment Decisions

Cardoso, D. and P. J. Pereira (2015); "A Compensation Scheme for Optimal Investment Decisions", Finance Research Letters, 14, pp. 150-159.
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Do stress tests matter? A study on the impact of the disclosure of stress test results on European financial stocks and CDS markets

Alves, Carlos, Victor Mendes and Paulo Pereira Silva (2015); "Do stress tests matter? A study on the impact of the disclosure of stress test results on European financial stocks and CDS markets", Applied Economics, 47(12), pp. 1213-1229.
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What determines the exit decision for leveraged buyouts?

Jenkinson, Tim and Miguel Sousa (2015); "What determines the exit decision for leveraged buyouts?", Journal of Banking & Finance, 59, pp. 399-408.
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Capacity Expansion in Transmission Networks Using Portfolios of Real Options

Loureiro, Manuel, João Claro and Paulo J. Pereira (2015); "Capacity Expansion in Transmission Networks Using Portfolios of Real Options", International Journal of Electrical Power & Energy Systems, 64, pp. 439-446.
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A Closed-form Solution for Options with Ambiguity About Stochastic Volatility

Faria, Gonçalo and João Correia-da-Silva (2014); "A Closed-form Solution for Options with Ambiguity About Stochastic Volatility", Review of Derivatives Research, 17(2), pp. 125-159.
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Investment Decisions in Finite-Lived Monopolies

Pereira, Paulo J. and Artur Rodrigues (2014); "Investment Decisions in Finite-Lived Monopolies", Journal of Economic Dynamics & Control, 46, pp. 219-236.
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The Technological and Environmental Efficiency of the EU-27 Power Mix: An Evaluation Based on MPT

de Llano Paz, Fernando, Susana Iglesias Antelo, Anxo R. Calvo Silvosa and Isabel Soares (2014); "The Technological and Environmental Efficiency of the EU-27 Power Mix: An Evaluation Based on MPT", Energy, 69, pp. 67-81.
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Evidence for the Seasonality of European Equity Fund Performance

Alves, Carlos (2014); "Evidence for the Seasonality of European Equity Fund Performance", Applied Economic Letters, 21(16), pp. 1156-1160.
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Loan Interest Rates Under Risk-based Capital Requirements: The Impact of Banking Market Structure

Drumond, Inês and José Jorge (2013); "Loan Interest Rates Under Risk-based Capital Requirements: The Impact of Banking Market Structure", Economic Modelling, 32, pp. 602-607.
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Investment Decisions under Hidden Competition

Pereira, Paulo and Manuel Armada (2013); "Investment Decisions under Hidden Competition",  Economics Letters, 121(2), pp. 228-231.
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Optimal Investment with Two-Factor Uncertainty

Armada, Manuel R., Paulo J. Pereira and Artur Rodrigues (2013); "Optimal Investment with Two-Factor Uncertainty", Mathematics and Financial Economics, 7(5), 509-530.
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(Un)anticipated Monetary Policy in a DSGE Model with a Shadow Banking System

Verona, Fabio, Manuel M. F. Martins and Inês Drumond (2013); "(Un)anticipated Monetary Policy in a DSGE Model with a Shadow Banking System", International Journal of Central Banking, 9(3), pp. 73-117.
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Does the Latin Model of Corporate Governance Perform Worse than Other Models in Preventing Earnings Management?

Alves, Carlos and Fernando Vicente (2013); "Does the Latin Model of Corporate Governance Perform Worse than Other Models in Preventing Earnings Management?", Applied Financial Economics, 23(21), pp. 1663-1673.
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Optimal Subsidies and Guarantees in Public-Private Partnerships

Armada, Manuel R., Paulo Jorge Pereira and Artur J. Rodrigues (2012); "Optimal Subsidies and Guarantees in Public-Private Partnerships", European Journal of Finance, 18(5), pp. 469-495.
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External Vulnerability, Balance Sheet Effects, and the Institutional Framework — Lessons from the Asian Crisis

Mulder, Christian, Roberto Perrelli and Manuel Duarte Rocha (2012); "External Vulnerability, Balance Sheet Effects, and the Institutional Framework — Lessons from the Asian Crisis", International Review of Economics & Finance, 21(1), pp. 16-28.
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Interest Rate Pass-through in Portugal: Interactions, Asymmetries and Heterogeneities

Rocha, Manuel Duarte (2012); "Interest Rate Pass-through in Portugal: Interactions, Asymmetries and Heterogeneities", Journal of Policy Modeling, 34(1), pp. 64-80.
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Mutual Funds Withdraw Shield: Performance or Agency Costs Driver?

Alves, Carlos and Helena Mouta (2012); "Mutual Funds Withdraw Shield: Performance or Agency Costs Driver?", Economics and Business Letters, 1(1), pp. 30–34.
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Level, Slope, Curvature of the Sovereign Yield Curve, and Fiscal Behaviour

Afonso, António and Manuel M. F. Martins (2012); "Level, Slope, Curvature of the Sovereign Yield Curve, and Fiscal Behaviour", Journal of Banking and Finance, 36(6), pp. 1789-1807.
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The Price of Risk and Ambiguity in an Intertemporal General Equilibrium Model of Asset Prices

Faria, Gonçalo and João Correia-da-Silva (2012); "The Price of Risk and Ambiguity in an Intertemporal General Equilibrium Model of Asset Prices", Annals of Finance, 8(4), pp. 507-531.
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Do Financial Conglomerates Have an Incentive to Prevent Managers of Other Firms From Pursuing Their Own Interest?

Alves, Carlos and Victor Mendes (2011); "Do Financial Conglomerates Have an Incentive to Prevent Managers of Other Firms From Pursuing Their Own Interest?", International Finance Review, 12, pp. 187–204.
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Financial Constraints and Exports: Evidence from Portuguese Manufacturing Firms

Silva, Armando (2011); "Financial Constraints and Exports: Evidence from Portuguese Manufacturing Firms", International Journal of Economic Sciences and Applied Research 4(3), pp. 7-19.
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Does Performance Explain Mutual Fund Flows in Small Markets? The Case of Portugal

Alves, Carlos and Victor Mendes (2011); "Does Performance Explain Mutual Fund Flows in Small Markets? The Case of Portugal", Portuguese Economic Journal, 10(2), pp. 129-147.
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Optimal Investment Decisions for Two Positioned Firms Competing in a Duopoly Market with Hidden Competitors

Armada, Manuel R., Lawrence Kryzanowski and Paulo J. Pereira (2011); "Optimal Investment Decisions for Two Positioned Firms Competing in a Duopoly Market with Hidden Competitors", European Financial Management, 17(2), pp. 305-330.
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Market Impact of International Sporting and Cultural Events

Martins, António Miguel and Ana Paula Serra (2011); "Market Impact of International Sporting and Cultural Events", Journal of Economics and Finance, 35(4), pp. 382-416.
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Why SPAC Investors Should Listen to the Market

Jenkinson, Tim and Miguel Sousa (2011); "Why SPAC Investors Should Listen to the Market", Journal of Applied Finance, 21 (2), pp. 38-57.
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The Impact of FDI, Cross Border Mergers and Acquisitions and Greenfield Investments on Economic Growth

Neto, Paula, António Brandão and António Cerqueira (2010); "The Impact of FDI, Cross Border Mergers and Acquisitions and Greenfield Investments on Economic Growth", IUP Journal of Business Strategy, 7(4), pp. 24-44.
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Mutual Funds Biased Preference for the Parents Stock: Evidence and Explanation

Alves, Carlos and Victor Mendes (2010); "Mutual Funds Biased Preference for the Parents Stock: Evidence and Explanation", Applied Financial Economics, 20(16), pp. 1309-1320.
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The Relation Between Dividends and Insider Ownership in Different Legal Systems: International Evidence

Farinha, Jorge and Óscar López-de-Foronda (2009); "The Relation Between Dividends and Insider Ownership in Different Legal Systems: International Evidence", The European Journal of Finance, 15(2), pp. 169-189.
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The Accruals Anomaly – Can Implementable Portfolio Strategies Be Developed that Are Profitable Net of Transactions Costs in the UK?

Soares, Nuno and Andrew W. Stark (2009); "The Accruals Anomaly – Can Implementable Portfolio Strategies Be Developed that Are Profitable Net of Transactions Costs in the UK?", Accounting and Business Research, 39(4), pp. 321-345.  
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Why Do Bank Loans React with a Delay to Shifts in Interest Rates? A Bank Capital Explanation

Jorge, José (2009); "Why Do Bank Loans React with a Delay to Shifts in Interest Rates? A Bank Capital Explanation", Economic Modelling, 26(5), pp. 799-806.
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The Role of Interbank Markets in Monetary Policy: A Model with Rationing

Freixas, Xavier and José Jorge (2008); "The Role of Interbank Markets in Monetary Policy: A Model with Rationing", Journal of Money, Credit and Banking, 40(6), pp. 1151-1176.
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What Drives Idiosyncratic Volatility Over Time?

Sousa, Sónia R. and Ana Paula Serra (2008); "What Drives Idiosyncratic Volatility Over Time?", Portuguese Economic Journal, 7(3), pp. 155-181.
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Are Mutual Fund Investors in Jail?

Alves, Carlos and Victor Mendes (2007); "Are Mutual Fund Investors in Jail?", Applied Financial Economics, 17(16), pp. 1301-1312.
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Private Information: Similarity as Compatibility

Correia-da-Silva, João and Carlos Hervés-Beloso (2007); "Private Information: Similarity as Compatibility", Economic Theory, 30(3), pp. 395-407.
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A Modified Finite-Lived American Exchange Option Methodology Applied to Real Options Valuation

Armada, Manuel R., Lawrence Kryzanowski and Paulo J. Pereira (2007); "A Modified Finite-Lived American Exchange Option Methodology Applied to Real Options Valuation", Global Finance Journal, 17(3), pp. 419-438.
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Risk and Return in Emerging Markets: Family Matters?

Serra, Ana Paula and Javier Estrada (2005); "Risk and Return in Emerging Markets: Family Matters?", Journal of Multinational Financial Management, 15(3), pp. 257-272.
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Corporate Governance: A Survey of the Literature

Farinha, Jorge (2004); "Corporate Governance: A Survey of the Literature", Review of Financial Markets, 6 (1-2), pp. 5-52.
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Dividend Policy, Corporate Governance and the Managerial Entrenchment Hypothesis: An Empirical Analysis

Farinha, Jorge (2003); "Dividend Policy, Corporate Governance and the Managerial Entrenchment Hypothesis: An Empirical Analysis", Journal of Business Finance and Accounting, 30 (9-10), pp. 1173-1209.
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The Cross-Sectional Determinants of Returns: Evidence from Emerging Markets' Stocks

Serra, Ana Paula (2003); "The Cross-Sectional Determinants of Returns: Evidence from Emerging Markets' Stocks", Journal of Emerging Markets Finance, 2(2), pp. 122-162.
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