Daniel Ferreira - LSE - London School of Economics and Political ...

Daniel Ferreira
Address: Department of Finance, London School of Economics
Houghton Street, London WC2A 2AE
Telephone: (+44) 20 7955 7544. E-mail: D.Ferreira@lse.ac.uk
http://personal.lse.ac.uk/FERREIRD
Citizenship: Brazil and UK.
March 2013
Academic Experience
• London School of Economics and Political Science (LSE):
o Professor of Finance, since 2011.
o Associate Professor (a.k.a. “Reader” in the UK), 2008 – 2011.
o Assistant Professor (a.k.a. “Lecturer” in the UK), 2006 – 2008.
• Nova School of Business and Economics (Portugal), Assistant Professor, 2005 – 2006.
• Stockholm Institute of Transition Economics, Stockholm School of Economics (Sweden),
Assistant Professor, 2003 – 2005.
• Graduate School of Economics, Getulio Vargas Foundation (EPGE/FGV), Rio de Janeiro
(Brazil), Assistant Professor of economics, 2002 – 2003.
Other positions at LSE
• Programme Director, PhD Finance, since 2011.
• Programme Director, MSc Finance (Full-time), since 2010.
• Professorial Member, Academic Planning and Resources Committee, 2012-2015.
• Director, Corporate Finance and Governance Research Programme, Financial Markets Group
(FMG), 2008-2012.
Academic Networks
• Centre for Economic Policy Research (CEPR):
o Research Fellow, since 2011.
o Research Affiliate, 2006 – 2011.
• European Corporate Governance Institute (ECGI):
o ECGI Fellow, since 2012.
o Research Associate 2004 – 2012.
Pre-PhD Employment
• Full-time Lecturer in Economics, PUC-MG, Belo Horizonte, Brazil, 1995-1996.
• Part-time Lecturer and Graduate Teaching Assistant, PUC-Rio, Brazil, 1993-1994.
Education
Ph.D., Economics, University of Chicago, Department of Economics, 2002.
Master in Economics, Pontifical Catholic University (PUC), Rio de Janeiro, Brazil, 1996.
B.A. Economics, Federal University of Minas Gerais, Belo Horizonte, Brazil, 1992.
Primary research fields
Corporate governance, corporate finance, organizational economics, applied theory, and empirical
microeconomics.
I. Research output
I.1 Main journal publications/acceptances
1. “Unbundling Ownership and Control,” with Emanuel Ornelas and John L. Turner, Journal of
Economics and Management Strategy, conditionally accepted.

2. “Incentives to Innovate and the Decision to Go Public or Private,” with Gustavo Manso and
André Silva, Review of Financial Studies, forthcoming.
3. “Who Gets to the Top? Generalists versus Specialists in Managerial Organizations,” with
Raaj K. Sah, RAND Journal of Economics, Winter 2012, 43(4), 577-601.
• Lead article.
4. “Board Structure and Price Informativeness,” with Miguel Ferreira and Clara Raposo, Journal
of Financial Economics, March 2011, 99(3), 523-545.
• Egon Zehnder Prize for the best paper in the ECGI working paper series, 2008.
5. “Moderation in Groups: Evidence from Betting on Ice Break-ups in Alaska,” with Renée
Adams, Review of Economic Studies, July 2010, 77(3), 882–913.
6. “What Determines the Composition of Banks' Loan Portfolios? Evidence from Transition
Countries,” with Ralph de Haas and Anita Taci, Journal of Banking and Finance, February
2010, 34(2), 388-398.
7. “Women in the Boardroom and their Impact on Governance and Performance,” with Renée
Adams, Journal of Financial Economics, November 2009, 94(2), 291-309.
• Fourth most cited JFE article since 2009 (according to publisher).
8. “Understanding the Relationship Between Founder CEOs and Firm Performance,” with
Renée Adams and Heitor Almeida, Journal of Empirical Finance, January 2009, 16(1), 136-
150.
• Most cited JEF article since 2009 (according to publisher).
9. “Do Directors Perform for Pay?,” with Renée Adams, Journal of Accounting and Economics,
September 2008, 46(1), 154-171.
10. “One Share-One Vote: The Empirical Evidence,” with Renée Adams, Review of Finance,
2008, 12(1), 51-91.
11. “A Theory of Friendly Boards,” with Renée Adams, Journal of Finance, February 2007, 62(1),
217-250.
• Emerald Citation of Excellence Award, 2011.
• Egon Zehnder Prize for the best paper in the ECGI working paper series, 2006.
• Second most cited Journal of Finance paper since 2007 (according to publisher).
12. “Corporate Strategy and Information Disclosure,” with Marcelo Rezende, RAND Journal of
Economics, Spring 2007, 38(1), 164-184.
13. “Options Can Induce Risk Taking for Arbitrary Preferences,” with Luis Braido, Economic
Theory, April 2006, 27(3), 513-522.
14. “Powerful CEOs and their Impact on Corporate Performance,” with Renée Adams and Heitor
Almeida, Review of Financial Studies, Winter 2005, 18(4), 1403-1432.
• Reprinted in Fundamentals of Corporate Governance, T. Clarke and M. Rama (eds.),
2007.
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15. “Biased Managers, Organizational Design, and Incentive Provision,” with C. Costa and H.
Moreira, Economics Letters, March 2005, 86(3), 379-385.
16. “Democracy and the Variability of Economic Performance,” with Heitor Almeida, Economics
and Politics, November 2002, 14(3), 225-257 (lead article).
I.2 Special issue papers (refereed)
17. “Regulatory Pressure and Bank Directors’ Incentives to Attend Board Meetings,” with Renée
Adams, International Review of Finance, Special issue: Governance, Policy, and the Crisis.
June 2012, 12(2), 227-248.
18. “Strong Managers, Weak Boards?” with Renée Adams, CESifo Economic Studies, September-
November 2009, 55 (3-4), 482-514, Special issue on Executive Pay.
I.3 Book Chapters
19. “Corporate Boards in Europe: Size, Independence, and Gender Diversity,” with Tom
Kirchmaier, to appear in Governing Corporate Europe Post-Crisis: Facts, Context and
Reforms, M. Belcredi and G. Ferrarini (Eds), Cambridge University Press, forthcoming.
20. “Corporate Strategy and Investment Decisions,” Chapter 2 in Capital Budgeting Valuation:
Financial Analysis for Today’s Investment Projects, Baker, H.K., and P. English (eds.), John
Wiley & Sons, 2011, pp. 19-35.
21. “Board Diversity,” Chapter 12 in Corporate Governance: A Synthesis of Theory, Research,
and Practice, Anderson, R. and H.K. Baker (eds.), John Wiley & Sons, 2010, pp. 225-242.
22. “Banking in Transition,” with R. de Haas, A. Taci, and P. Wachtel, chapter 4 in Transition
Report 2006: Finance in Transition, European Bank for Reconstruction and Development,
2006.
I.4 Working papers and in progress (selected)
23. “Competition and Organizational Change,” with Thomas Kittsteiner, R&R, Management
Science.
24. “Shareholder Empowerment and Bank Bailouts,” with David Kershaw, Tom Kirchmaier, and
Edmund Schuster.
25. “Corporate investment and changes in CEO stock option grants,” with Vasiliki Athanasakou
and Lisa Goh.
26. “Boards of Banks,” with Tom Kirchmaier and Daniel Metzger.
27. “Competitive Poaching and the Misallocation of Talent,” with Radoslawa Nikolowa.
28. “A Theory of the Evolution of Executive Labor Markets,” with Radoslawa Nikolowa.
29. “Capital Structure and Board Structure,” with Miguel Ferreira and Beatriz Mariano.
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II. Professional service
II.1 Ad hoc referee
Journal of Finance, Journal of Financial Economics, Review of Financial Studies, American
Economic Review, Econometrica, Journal of Political Economy, Review of Economic Studies, The
Accounting Review, Management Science (Finance, Business Strategy, and Behavioral Economics
Departments), Proceedings of the National Academy of Sciences, Review of Finance, Journal of
Financial Intermediation, RAND Journal of Economics, Journal of Economics and Management
Strategy, Journal of Law, Economics, and Organization, Journal of the European Economic
Association, Economic Journal, Journal of Banking and Finance, Journal of Corporate Finance,
Economica, European Financial Management, Contemporary Accounting Research, European
Accounting Review, Economic Policy, European Journal of Finance, Economics of Transition,
Corporate Governance: An International Review, Journal of the Japanese and International
Economies.
Grants reviewer: Economic and Social Research Council (UK), Research Grants Council of Hong
Kong, Institute of Chartered Accountants in England and Wales, AXA research grants.
II.2 Editorial service
• Associate editor, European Financial Management, 2007-
• Associate editor, Brazilian Review of Finance (Revista Brasileira de Finanças), 2006-
II.3 Conference organization/reviewing
• Program committee: Paris Spring Corporate Finance Conference, 2011 and 2012.
• Co-organizer, FMG conference on “Managers, Incentives, and Organizational Structure:
Latest research and implications for the financial services industry,” FMG/LSE, 26-27 th June
2009.
• Scientific committee: “Private Equity and Corporate Governance,” ESSEC Business School
Paris, France, October 24-25, 2008.
• Organizing committee: “Corporate Governance in Emerging Markets,” Istanbul, Turkey, 16-
17 th November 2007.
• Program committee: “Latest Developments in Corporate Governance,” London Business
School, 2-3 rd September 2007.
• Program committee or paper reviewer: European Finance Association (2011, 2010, 2009),
Financial Management Association (2012, 2011, 2010), Latin American and Caribbean
Economic Association meeting (2008), Portuguese Finance Network Conference (2006),
Brazilian Finance Association Meeting (2004), Latin American Meeting of the Econometric
Society (Panama, 2003), Brazilian Econometrics Society Meeting (2010, 2003).
III. Awards and Grants
• Elected Fellow of ECGI, 2012.
• Winner of Emerald Citation of Excellence award, 2011, for paper “A Theory of Friendly
Boards,” for papers with proven impact since publication.
• Two-time winner (2006 and 2008) of the Egon Zehnder Prize for best paper in the European
Corporate Governance Institute’s working paper series.
• PI for FMG Grant from Emittenti Titoli, 2011-2012.
• Co-director of the FMG team in the research grant from AXA Research Programme on Risk
Management and Regulation of Financial Institutions, 2009-2011 (8 team members).
• FCT (Portugal’s Research Council) research grant for project “The use of information in firms
and markets,” 2008-2010 (4 team members).
• FCT (Portugal’s Research Council) research grant for project “corporate governance,
performance and capital markets,” 2007-2010 (8 team members).
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• Egide grant, U. Nova de Lisboa, 2005-2006.
• Bank of Sweden Tercentenary Foundation grant, January 2004-December 2005 (joint with R.
Adams and M. Giannetti).
• Third place in the national exam for admission to graduate studies in economics (the ANPEC
Exam) in 1993, Brazil.
IV. Non-academic impact (selected)
IV.1 Invited speaker at practitioner/policy conferences or events
• Main Speaker, Center for Corporate Governance, UC: "What do we know about corporate
boards?" Santiago, Chile, June 2012.
• Main speaker, European Bank for Reconstruction and Development Seminar: "What do we
know about corporate boards?" London, September 2010.
• Invited speaker, Workshop on Corporate Governance in the Financial Sector in the EU,
National Bank of Belgium, Brussels, July 2010.
• Invited panel member, International Corporate Governance Network, 2010 Annual
Conference, Toronto (June 2010).
• Invited speaker, Copenhagen Conference on Control Enhancing Mechanisms, September
2007.
IV.2 Policy activities
• Expert witness for the UK Treasury Select Committee inquiry on Women in the City. Invited
to give oral evidence and answer questions from MPs in the House of Commons (UK
Parliament). (October 2009).
• Team member of ECGI, ISS consortium analyzing the issue of “one-share, one-vote” for the
European Commission. (2006/2007).
• Consultant to the European Bank for Reconstruction and Development. Topic: Banking in
transition economies. (2006)
IV.3 Newspaper articles
• “If women ruled boards,” invited comment, The Sunday Telegraph, August 9, 2009,
(Business, page 4).
IV.4 Media coverage of research papers
Featured, mentioned or discussed in The Wall Street Journal, The Economist, Financial Times,
The Times (with interview fragments), Guardian (with interview fragments), Financial Director
Magazine (with interview fragments), Daily Telegraph, Daily Express, Boston Globe (with
interview fragments), El Mercurio (Chile, with interview fragments), Australian Associated Press,
Courier Mail, The Australian, China Daily, Irish Herald, Scotland on Sunday, BBC News (on line),
Board IQ, Management Issues (with interview fragments), Management Today, Human
Resources Magazine, Press Trust of India, The New Zealand Herald, Berlingske Nyhedsmagasin,
NK (Norway), Politiken (Denmark), and many others.
V. Academic presentations
V.1 Invited seminar presentations
• 2012-13: Boston University, University of Southern California, Board of Governors of the
Federal Reserve System (Washington, DC), Bocconi University (Economics Dept.), Rotterdam
(Economics Dept.), U. Paris Dauphine, Duisenberg School of Finance (Amsterdam), São Paulo
School of Economics, U. of Nottingham, University of St. Gallen.
• 2011-12: Tilburg U., Rotterdam, Frankfurt.
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• 2010-11: Arizona State University, Imperial College, Oxford, Lancaster, HEC Paris, Paris
Dauphine, ESSEC Business School, Vienna Graduate School of Finance, Mannheim, BI-Oslo,
Porto, ISCTE Lisbon.
• 2009-10: Zurich, Pompeu Fabra, Stockholm School of Economics, Queen Mary (Economics
Dept.), Exeter, Stockholm University (Economics Dept.), University of Lausanne, European
Bank for Reconstruction and Development, Financial Services Authority (FSA).
• 2008-09: U. of Illinois-Urbana, Michigan State U., U. of Iowa, Warwick Business School, Cass
Business School, U. of Alicante, CERGE-EI (Prague), U. of Aberdeen, U. of Munich.
• 2007-08: U. of Maryland, Tilburg U., U. of Mannheim, U. Carlos III (Madrid), U. of Edinburgh,
Manchester Business School, U. of Bristol, and ESCP-EAP (Paris).
• Earlier (selected): Imperial College, U. of Cologne, Fondazione Collegio Carlo Alberto (U. of
Turin), Helsinki School of Economics and the Swedish School of Economics, U. Nova de
Lisboa, Uppsala University, Ente Einaudi (Rome), U. of Rochester, Harvard Business School,
UC San Diego, U. of Texas-Dallas.
V.2 Papers in conferences (selected)
UBC Winter Finance Conference (2013), Columbia Law School/Oxford conference on
Governance after the Crisis (2012), American Finance Association (2011, 2004), Argentum/SIFR
Conference on Private Equity (2010), European Summer Symposium in Financial Markets –
Gerzensee (2010), European Finance Association (2012, 2010, 2008, 2004), Madrid Conference
on Governance and Regulation of Financial Institutions (2010), MBS corporate finance
conference (2008), Corporate Governance and Politics of Finance (Hitotsubashi U., Tokyo, 2008),
Econometric Society North-American winter meeting (2008, 2007), Econometric Society World
meeting (2010), NBER corporate finance (2001), NBER corporate governance (2003), American
Economic Association (2005), Econometric Society European meeting (2006, 2004, 2003),
Econometric Society summer meeting (2003), European Economic Association (2010, 2004,
2003), European Winter Finance Meeting (2006), MIT Sloan-Lisbon Workshop (2007), Northern
Finance Association (2002), Oxford Corporate Governance Conference (2005), INSEAD Family
Firms conference (2004), Financial Management Association (2005), European Financial
Management Association (2006), International Industrial Organization Conference (2006, 2004).
Paper discussions: 25+, including WFA, AFA, EFA, etc.
V.3 Invited/special/keynote talks at academic conferences
• Finance UC Conference, Santiago, Chile, June 2012.
• Rotterdam conference on Governance and Executive Compensation, May 2012.
• Tilburg Accounting Spring Camp, March 2012.
• Brazilian Econometrics meeting, Foz do Iguaçu, December 2011.
• Brazilian Finance Association meeting, Rio de Janeiro, July 2011.
• Corporate Governance Conference, Toulouse Business School, June 2009.
• CESifo Workshop on Executive Pay, Venice, Italy, July 2008.
• International Tor Vergata Conference on Banking and Finance in Rome, December 2007.
• Brazilian Finance Association meeting, São Paulo, July 2007.
• Roundtable panelist at the European Financial Management Symposium on “Corporate
Governance and Shareholder Activism,” Milan, Italy, May 2007.
VI. Visiting academic positions
• Visiting Fellow, Department of Economics, European University Institute, Florence, Italy,
September 2010.
• Visiting Professor, Department of Economics, University of São Paulo, Brazil, 2004.
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• Visiting Professor, PUC, Department of Economics, Rio de Janeiro, Brazil, 2001.
VII. Teaching experience
At LSE
Program type Course title
Master programs in Finance Corporate Finance, Applied Corporate Finance
Master programs in Management Incentives and Governance in Organizations
PhD Empirical Finance
Executive Education Corporate Finance and Strategy, Financial Management
Summer School Strategic Management, Organizational Strategy
Previously (outside LSE), also taught Corporate Finance (executive, MBA, PhD), International
Finance (MBA), Introductory Finance (undergraduate), Industrial Organization (PhD),
Organizational Economics (MSc, PhD), Microeconomics (undergraduate, MSc), Mathematics
(undergraduate), Econometrics (undergraduate).
Ph.D. Students
As main advisor or co-advisor:
• Daniel Metzger (PhD Economics, LSE) – placed at Stockholm School of Economics,
Department of Finance, 2011.
• Cláudia Custódio (PhD Management, LSE) – placed at Arizona State University, Department
of Finance, 2010.
• Min Park, (PhD Management, LSE), in progress.
• Jing Zeng (PhD Finance, LSE), in progress.
• Gennaro Catapano (PhD Finance, LSE), in progress.
• Yiqing Lu (PhD Finance, LSE), in progress.
• Adeline Pelletier (PhD Management, LSE), in progress.
As job market referee:
• Dragana Cvijanović (PhD Finance, LSE) – placed at HEC Paris, Department of Finance, 2011;
now at U. of North Carolina, Chapel Hill.
• Alberta Di Giuli (PhD Finance, Bocconi) – placed at ISCTE Business School, Department of
Finance, 2008 (main job market advisor; unofficial advisor); now at ESCP-EAP (Paris).
External examiner for PhD dissertations: London Business School, University of New South
Wales.
MSc/MA dissertations supervised: LSE (20+), Getulio Vargas Foundation (2).
External examiner for MSc/MA dissertations: Getulio Vargas Foundation, PUC-Rio, Ibmec-Rio,
ISCTE (Lisbon).
VIII. Personal
Born in 1970 (Florianópolis, Brazil). Grew up in Rio de Janeiro and Belo Horizonte. Married to
Ana Beatriz Galvão (since 2005). UK citizen since 2012. Native Portuguese speaker.
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