- 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
- PhD in Finance, Boston College
Recent Refereed Articles
Almeida, H, Cunha, I, Ferreira, M, Restrepo, F,
2017, "The Real Effects of Credit Ratings: The Sovereign Ceiling Channel", Journal of Finance 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
- “The Real Effects of Credit Ratings: The Sovereign Ceiling Channel” with Heitor Almeida, Igor Cunha and Miguel A. Ferreira. Journal of Finance, forthcoming
- “Bank Account Debit (BAD) Taxes, Bank Lending and Industrial Growth: Evidence from Latin America”
- “The Effect of BAD Taxes on the Financing and Investment Decisions of Private Firms in Colombia”
- "Do Inflation Adjustments Lead to Inflated Earnings? Large Sample Evidence of Managerial Discretion" 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)