- Corporate Finance
- Credit Ratings
- Financial Intermediation
- International Capital Markets
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My primary research interests are in empirical corporate finance and financial intermediation. My current research focuses on the financial and real effects of bank transaction taxes, and on the impact of credit rating policies on the investment and financing decisions of firms.
I earned my PhD in Finance from Boston College in May, 2014. I have a Master of Science in Finance also from Boston College (2009) and a BS in Economics from EAFIT University in Medellin, Colombia (2004).
Before my PhD I worked for five years in the financial industry in Colombia. First in Valores Bancolombia, Colombia's largest brokerage firm, as a Quantitative Analyst in the Economic Research Department, and then in Bancolombia, Colombia's largest bank, as a Project Manager in the Derivatives and Risk Management division.
- Finance (HBA1)
- Global Corporate Finance (MSc)
- Ph.D. in Finance, Boston College
- M.S. in Finance, Boston College
Recent Refereed Articles
Almeida, H.; Cunha, I.; Ferreira, M. A.; Restrepo, F.,
2017, "The Real Effects of Credit Ratings: The Sovereign Ceiling Channel", Journal of Finance, January 72(1): 249 - 290.
Abstract: We show that sovereign debt impairments can have a significant impact on financial markets and real economies through a credit ratings channel. Specifically, we find that firms reduce their investment and reliance on credit markets due to a rising cost of debt capital following a sovereign rating downgrade. We identify these effects by exploiting exogenous variation on corporate ratings due to rating agencies' sovereign ceiling policies that require firms' ratings to remain at or below the sovereign rating of their country of domicile.
Link(s) to publication:
Works in Progress
- “Funding Liquidity Without Banks: Evidence from a Shock to the Cost of Very Short-Term Debt”, R&R at the Journal of Finance (with Philip Strahan and Lina Cardona)
- “Do Underwriters Price-Up IPOs to Prevent Withdrawal?”, R&R at the Journal of Financial and Quantitative Analysis (with Walid Busaba and Zheng Liu)
- “The Effects of Taxing Bank Transactions on Bank Credit and Industrial Growth: Evidence from Latin America”, R&R at the Journal of International Money and Finance
- “Private Firms' Incentives to Manage Earnings: Evidence from a Quasi-Natural Experiment” (with Jerome Taillard)
Honours & Awards
- Fulbright Foreign Scholarship, 2008
- Bancolombia - Colombia's largest Commercial Bank (Medellin, Colombia): Project Manager, Derivatives and Structured Products (2006 - 2008)
- Valores Bancolombia - Colombia's largest Brokerage Firm (Medellin, Colombia): Quantitative Analyst, Economic Research (2004 - 2006)
- Valores Bancolombia - Colombia's largest Brokerage Firm (Medellin, Colombia): Emerging Markets Analyst, Economic Research (2003 - 2004)