Bruno Cara Giovannetti
Associate Professor, Sao Paulo School of Economics - FGV
E-mail: bruno.giovannetti@fgv.br
Research interests: Investments, Behavioral Finance, Limits to Arbitrage
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About me
I hold a Ph.D. in Economics from Columbia University. I was a faculty member at University of Sao Paulo from 2011 to 2017, and since 2017 I have been at the São Paulo School of Economics – Fundação Getulio Vargas (EESP-FGV).
My research interests include Investments, Behavioral Finance, and Limits to Arbitrage. I am particularly interested in studying investors’ behavioral biases, short-selling restrictions, and how their interaction can drive asset prices away from fundamentals during long periods.
I also work to better inform individual investors by studying their performance in stock market speculation and evaluating the quality of financial products that banks and brokerage firms offer them.
Working papers
"Counting pennies, losing pounds: biased learning about own trading ability" (with F. Chague, B. Guimaraes, and B. Maciel), R&R at the Review of Finance
"Familiarity breeds day trade" (with F. Chague and G. Paiva), R&R at the Journal of Banking and Finance
"Information leakage from short sellers" (with F. Chague and B. Herskovic), R&R at the Journal of Finance
"Negative Returns and Unbacked Risk in Capital Guarantee Products" (with O. Bitu and B. Guimarães) - The 1,847 SRPs
"The overpricing of popular high-risk stocks" (with F. Chague and B. Guimarães), R&R at the Review of Asset Pricing Studies
"Trading and Sentiment: a Tale of Two Cities" (with F. Chague), coming soon
Publications in international journals
"Attention and biases: evidence from tax-inattentive investors" (with J. Birru, F. Chague, and R. De-Losso), Management Science, 2024 (Internet appendix)
"Price transparency in OTC equity lending markets: evidence from a loan fee benchmark" (with F. Cereda, F. Chague, R. De-Losso, and A. Genaro), Journal of Financial Economics, 2022
"US risk-premia under emerging markets constraints" (with E. Cavalcante, F. Chague and R. De-Losso), Journal of Empirical Finance, 2022
"The short-selling skill of institutions and individuals" (with F. Chague and R. De-Losso), Journal of Banking and Finance, 2019 (Internet appendix)
"Well-connected short-sellers pay lower loan fees: a market-wide analysis" (with F. Chague, R. De-Losso, and A. Genaro), Journal of Financial Economics, 2017
"Short-sellers: informed but restricted" (with F. Chague, R. De-Losso, and A. Genaro), Journal of International Money and Finance, 2014
"Asset pricing under quantile utility maximization", Review of Financial Economics, 2013
"Nonlinear forecasting using factor-augmented models", Journal of Forecasting, 2011
Publications in Brazilian journals
"As pandemias de COVID-19 e de day trade no Brasil" (with F. Chague), Revista Brasileira de Finanças, 2025
- media: Folha de São Paulo, UOL, Monitor do Mercado, O Estado do Ceará
"O retorno esperado dos COEs" (with O. Bitu, F. Chague, and T. Hamdan), Revista Brasileira de Finanças, 2021 (COEs brochures)
- media: CNN Brasil, Você S/A, Valor Invest
"É possível viver de day trading em ações?" (with F. Chague), Revista Brasileira de Finanças, 2020
- media: Fantástico
"Attention-grabbing stocks and the behavior of individual investors in Brazil" (with F. Chague and A. Silva), Revista Brasileira de Finanças, 2020
"Variance premium and implied volatility in a low-liquidity option market" (with E. Astorino, F. Chague, and M. da Silva), Revista Brasileira de Economia, 2017
"Central bank communication affects the term-structure of interest rates" (with F. Chague, R. De-Losso, and P. Manoel), Revista Brasileira de Economia, 2015
Books (in Portuguese)
"Trader ou investidor: aprenda a investir na bolsa sem cair nas armadilhas dos vieses comportamentais" (with F. Chague), Editora Intrínseca, 2023
- livro semifinalista do Prêmio Jabuti, 2024
-media: Folha de São Paulo, Valor Econômico, Brazil Journal, VC S/A, Zero Hora, Jornal da Noite (Band)
"Economia na palma da mão: do economês para o português"(with C.E. Gonçalves), Editora Saraiva - selo Benvirá, 2015
Dormant working papers
"Day trading for a living?" (with F. Chague and R. De-Losso), 2020
- among the most downloaded papers of all time on SSRN (rank 132, last time I checked)
- media: CNBC, Financial Times, Forbes, Bloomberg, Business Insider, Burton Malkiel, CNN Brasil, Exame, Valor
"Individuals neglect the informational role of prices: evidence from the stock market" (with F. Chague and R. De-Losso), 2018
last update: Oct 11 2025
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