CURRENT APPOINTMENTS
Since 2024 Professor of Finance, Imperial College Business School
Other appointments
Since 2024 Executive Committee Director - European Finance Association (EFA)
Since 2019 Director of the Board - The Global Corporate Governance Colloquia (GCGC)
Since 2017 Research Associate, European Corporate Governance Institute (ECGI)
Since 2016 Research Fellow, Centre for Economic Policy Research (CEPR)
Editorial positions
Since 2022 Associate Editor, Financial Management
Since 2022 Associate Editor, Journal of Financial Intermediation
Since 2017 Associate Editor, Journal of Empirical Finance
PREVIOUS APPOINTMENTS
2016 - 2024 Associate Professor of Finance, Imperial College Business School
2019 - 2024 Associate Editor, Economic Letters
2018 - 2018 Visiting Researcher, Bank of Portugal
2014 - 2016 Assistant Professor, Department of Finance - Nova SBE
2010 - 2014 Assistant Professor, Department of Finance - W. P. Carey School of Business, Arizona State University
2010 - 2020 Research Associate, Financial Markets Group, LSE
2009 - 2010 London School of Economics - Tutorial Fellow
2007 - 2010 Financial Markets Group - Research Assistant
2004 - 2010 ISCTE Business School (Lisbon) - Lecturer
2002 - 2004 ISCTE Business School (Lisbon) - Teaching Assistant
2002 - 2003 Borges, Macedo e Associados, SROC - Junior Financial Auditor
EDUCATION
2005-2010 PhD London School of Economics
Advisors: Antoine Faure-Grimaud, Daniel Ferreira and Denis Gromb
2002-2004 Master in Finance, ISCTE Business School (Lisbon)
1997-2002 Licenciatura (BA) in Business Administration, ISCTE Business School (Lisbon)
PUBLICATIONS
14. The Impact of Financial Education of Executives on Financial Practices of Medium and Large Enterprises, 2025, with Diogo Mendes and Daniel Metzger, Journal of Finance (Forthcoming)
13. Opioid Crisis and Real Estate Prices, 2025, with Dragana Cvijanovic and Moritz Wiedemann, Journal of Financial and Quantitative Analysis (Forthcoming)
12. Inventory decisions under political violence, with Bernardo Mendes and Diogo Mendes, 2025, Economic Letters Economics Letters, Volume 247, 112158.
11. Indirect Costs of Financial Distress, with Emilia Garcia-Appendini and Miguel Ferreira. 2023, Review of Finance, https://doi.org/10.1093/rof/rfad014
10. Supporting Small Firms Through Recessions and Recoveries, with Diana Bonfim and Clara Raposo, 2023, Journal of Financial Economics 147 (3): 658-688
9. Carvalho, B., Custódio, C., Geys, B., Mendes, D., and Peralta, S., 2023, Information, Perceptions, and Electoral Behaviour of Young Voters: A Randomised Controlled Experiment, Electoral Studies 84, https://doi.org/10.1016/j.electstud.2023.102625
8. CEO Compensation and Real Estate Prices: Pay for luck or pay for action?”, 2022, with Ana Albuquerque, Benjamin Bennett and Dragana Cvijanovic, Review of Accounting Studies, https://doi.org/10.1007/s11142-022-09700-5
7. Are Chief Executive Officers More Likely to be First-borns?, 2020, with Stephan Siegel, PLoS ONE 15(6): e0234987
6. Do General Managerial Skills Spur Innovation? 2019, with Miguel Ferreira and Pedro Matos, Management Science 65 (2), 459-954
5. Financial Expert CEOs: CEO’s Work Experience and Firm’s Financial Policies, 2014, with Daniel Metzger, Journal of Financial Economics 114(1): 125-154
4. Mergers and Acquisitions Accounting and the Diversification Discount, 2014, Journal of Finance 69(1): 219-240
3. How do CEOs matter? The Effect of Industry Expertise on Acquisition Returns, 2013, with Daniel Metzger, Review of Financial Studies 26(8): 2008-2047
2. Generalists vs. Specialists: Lifetime Work Experience and CEO Pay, 2013, with Miguel Ferreira and Pedro Matos, Journal of Financial Economics 108(2): 471-492
1. Why are US firms using more short term debt, 2013, with Miguel Ferreira and Luis Laureano, Journal of Financial Economics 108(1): 182-212
INVITED TALKS
2025 Faculdade de Economia do Porto - FEP (Scheduled)
2024 CUNEF (scheduled), Bundesbank; University of Bonn; LUISS Rome (scheduled), University of Manchester, Tinbergen Institute – VU Amsterdam; University of Naples Federico II
2023 European Central Bank; Bank of Portugal; University of Warwick; University of Luxemburg; University of Lugano; Conference on ESG and climate finance - Manchester Business School; Munich University; City University London; University of Essex;
2022 Lancaster University, Bath University, Universidade do Minho; London Business School; CEPR Caffe Seminar Series; Stockholm Business School; ISEG Lisbon; University of St Gallen
2021 Bank of Greece; Bayes Business School; CEMFI; Goethe University; Humboldt University; Lehigh; University of Groningen; Universidad Carlos III Madrid; Temple University;
2020 ESSEC Paris; La Trobe University; University of Glasgow; London School of Economics; Universidade Nova de Lisboa; Tilburg University (to be rescheduled); University of Amsterdam (to be rescheduled).
2019 Arizona State University; Bank of Italy, Bristol University; EBRD; EINAUDI Rome; Surrey Business School; Erasmus University Rotterdam; Fundação Getúlio Vargas – São Paulo School of Economics; Toulouse School of Economics; Universita Bocconi; University of Geneva – Swiss Finance Institute; University of Liverpool; University of Washington;
2018 Alto University and Henken School of Economics; Bank of Portugal; Cambridge University; Stockholm School of Economics; University of Nottingham
2017 Birkbeck College; Cass Business School; Edinburgh University; Exeter University; University of Piraeus; WHU Otto Beisheim School of Management
2016 Instituto de Empresa; Universita Bocconi; University of Southampton
2015 Universidad Pompeu Fabra
2014 Boston College; IESE; Imperial College; Norwegian School of Economics; Queen Mary College; University of Colorado; University of Mannheim; Stanford GSB; University of Liverpool
2013 Oxford University; University of Utah
2012 Cass Business School; University of Arizona; University of Washington; London School of Economics
2011 Ohio State University; University of Oregon
2010 Arizona State University; Instituto de Empresa; London Business School; Maastricht University; Notre Dame University; Oxford University; Queen Mary College; Stanford GSB; Universidad Pompeu Fabra; Universidade Nova de Lisboa; University of Washington
KEYNOTES AND OTHER TALKS
Keynotes
September 2023 - Dolomites Summer Finance (DSF) 2023 conference in Bolzano-Bozen – Keynote: “Supporting Small Firms”
November 2021 - SUERF – Keynote - Comisión Nacional del Mercado de Valores Conference - “Overview of recent developments in corporate governance and executive compensation: ESG challenges”
Other
September 2024 - Panel Discussion - BAFA (British Accounting and Finance Association) - Corporate finance and asset pricing annual conference
August 2023 – "Humour and Finance" - workshop at the European Finance Association
May 2023 - Leading People – Leadership Summit Portugal May 2023, Panel discussion on economics and emotions
June 2022 - FMARC, Cyprus – PhD Mentoring Talk – “Academic Paper Writing”
March 2020 - "Role Models" - International Women Day Event at Imperial College
CONFERENCES
4 Nations Cup in Finance Copenhagen (2016); AFA Meetings (2011, 2012, 2015, 2020); EFA Meetings (2012, 2014, 2019); WFA meetings (2011, 2015); FMA Meetings (2009, 2011); EFMA Meetings (2008, 2009); CICF conference (2014); Financial Economics and Accounting - UNC (2013); LBS Corporate Finance symposium (2013, 2019); Portuguese Finance Association (2012); German Finance Association (2012); GEA conference (2012); SFS Financial Cavalcade (2011, 2021); Money Macro and Finance Group Annual Conference at Kings College (2017); Money Macro and Finance Group Meetings at Paris Dauphine Conference (2018); HKUST Finance Symposium (2018, invited); Erasmus University Rotterdam - Workshop on Executive Compensation and Corporate Governance (2014, invited); University of Belfast Workshop (2018, invited); NHH Bergen CCF Conference (2018, invited); 2018 Annual Corporate Finance Conference at Manchester University (invited); Labor and Finance Conference, Booth (2019); 2019 ABFER- Annual Accounting Conference; Lubrafin (2013; 2014; 2022); European Meeting of the Urban Economics Association, LSE (2022); CICF (2022); EFIC Conference 2021, Essex Business School, NBER SI (2020)
*as speaker or paper presented by co-author
Discussions: CEPR-LUISS Finance Workshop (2023); GCGC- ECGI – Oxford Conference (2022); ESADE Spring Workshop (2022); Corporations and Covid 19 – Oxford (2022); Urban Economic Meetings - LSE (Apr 2022); NOVA SBE conference (Oct 2021); Endless Summer Conference (2021); SIF (2021); CIFC (July 2021); Portuguese Finance Association (Jul 2021); MoFiR (April 2021); European Central Bank-Review of Financial Studies Conference (March 2021); Midwest Finance Association (March 2021); European Finance Association (2020); American Finance Association (2020); European System of Central Banks' Conference – Lisbon (2019); LBS Summer Symposium (2019); RFS Climate Finance Conference, London (2018); European Finance Association (2018); CAIR (2018); GCGC- ECGI – Harvard Conference (2018) Adam Smith Conference (2018); American Finance Association (2018); Annual Corporate Finance Conference at Manchester University (2018); Theories and Methods in Macroeconomics - Dauphine (2018); European Finance Association (2017); Mofir – Bank of England (2017); Warwick - Frontiers of Finance Conference (2017); RFS Conference on “Banks, Systemic Risk, Measurement and Mitigation (2017); FIRS (2016); CEPR- Bank of England Conference on Finance, Investment and Productivity (2016); NOVA SBE - BPI Asset Management Conference (2015); Lisbon Accounting conference (2015); Lubrafin (2015); EFA (2014); Gerzensee (2014); Minnesota Finance Conference (2014); LBS Summer Symposium (2013); Lubrafin (2013); WFA(2011)
FELLOWSHIPS GRANTS AND AWARDS
2019 - 2024 European Research Council Starting Grant – 1,357,099 EUR- “Information Frictions, Financing and Growth: The Impact of Firm Certification “
2019 - 2020 Global Challenges Research Fund 2019/20– “Trade finance in developing countries” – 41,425 GBP
2018-2019 Global Challenges Research Fund 2018/19– “Trade finance in developing countries” - 68,310 GBP
2018-2020 “Fundação para a Ciência e Tecnologia” and “Fundacao Francisco Manuel dos Santos” (co-PI) – “Certification of SMEs” - 339,873.86 EUR -
2018 Visiting fellow – Bank of Portugal
2016 – 2018 International Growth Centre Research – Mozambique - Grant – 60,000 GBP
2015 International Growth Centre Research – Mozambique - Grant – 20,000 GBP
2014 - 2016 “Fundação para a Ciência e Tecnologia” – “Investigador FCT”, Portugal – 50,000 EUR
2005 - 2009 “Fundação para a Ciência e Tecnologia” PhD Scholarship, Portugal
1999 - 2000 Merit Scholarship – ISCTE, Portugal
GRADUATE STUDENTS AND POSTDOCTORAL FELLOWS
Current doctoral students: Matilde Faralli, Costanza Tomaselli, Sandra Bernick, Xuelai Li
Doctoral students committees: Eugenia Yeh, 2015, Tae Lee, 2015 (Korea Energy Economics Institute); Benjamin Bennett, 2013 (Tulane University); Diogo Mendes 2020 (Stockholm School of Economics), Adrian Lam 2022 (University of Amsterdam), Joao Magro (ECB), Yifan Yang.
Post-Docs: Matthijs Oosterveen (ISEG Lisbon)
Pre-doc students: Bernardo Mendes (London Business School); Paula Ruiz (CEMFI); João Maria Cordeiro (Frankfurt)
TEACHING ACTIVITIES
Corporate Finance, Advanced Managerial Finance, Quantitative Methods, Advanced Corporate Finance, Corporate Financial Policy, Financial Accounting, Principles of Finance, and Financial Markets.
BOOKS AND BOOK CHAPTERS
Textbooks:
Mota, A. and Custódio C. 2020, Finanças da Empresa - Finanças da Empresa - Um guia para a análise e decisão de executivos, Edições Sílabo (Corporate Finance Textbook in portuguese)
ISBN: 978-989-5611-44-7
Mota, A. and Custódio C. 2006, Finanças da Empresa, Booknomics (Corporate Finance Textbook in portuguese)
ISBN: 978-989-7130-49-6
Other books:
Bonfim, D., Custodio, C., and Raposo, C., 2022, Apoio a empresas em tempos de crise e recuperação, Lisboa: Fundação Francisco Manuel dos Santos
ISBN: 978-989-9118-12-6
Book chapters
Vários, 2024, 79 Vozes pela Literacia Financeira, Oficina do Livro
ISBN: 978-989-5811-07-6
INSTITUTIONAL RESPONSIBILITIES
Committee assignments: EDI committee (2023-2026) – academic staff co-chair; Recruiting committee (2012/2013; 2013/2014; 2015/2016; 2016/2017; 2017/2018; 2019/2020; 2020/2021; 2021/2022); Research committee (2017/18; 2018/19; 2019/2020; 2020/2021); PhD program (2010/2011, 2011/2012, 2014/2015 and 2015/2016); Brownbag seminar (2010/2011, 2011/2012 and 2012/2013); Regular seminar series (2012/2013); Business School Strategic Review (2018); President’s Award for Research Excellence – Outstanding Innovation category committee (2017/2018; 2018/2019; 2019/2020; 2020/2021; 2021/2022; 2022/2023)
Refereeing: American Economic Review; Economic Journal; Journal of Finance; Journal of Financial Economics; Review of Financial Studies; Journal of Financial and Quantitative Analysis; Review of Finance; Financial Management; Journal of Banking and Finance; RAND Journal of Economics; Economic Inquiry; Management Science; Review of Corporate Finance Studies; European Financial Management; North American Journal of Economics and Finance; Journal of Business Research; Journal of Empirical Finance; The Journal of Law, Economics and Organization; Journal of Accounting and Economics; Journal of Economic Surveys; Journal of Corporate Finance; PLOS One; The Financial Review; The Accounting Review; Journal of Financial Intermediation
Conference Committees: Adam Smith Conference (2017, 2018, 2019); AFA Meetings (2016); ASU Sonoran Conference (2014, 2015, 2016, 2017, 2018, 2019) EFA Meetings (2014, 2015; 2016; 2017, 2018, 2019 (track chair); FMA-Asia Best Paper Award committee (2013); WFA Meetings (2015, 2016, 2017, 2018, 2019);
MEMBERSHIPS OF SCIENTIFIC SOCIETIES AND OTHER ROLES
American finance Association (member); European Finance Association (member); Nominating committee AFA 2022
CAREER BREAKS
Maternity leave January 2011-February 2011 and November 2013-December 2013
LANGUAGES
Portuguese (Native); English (Fluent spoken and written); Spanish, French (Basic spoken and written)