Fernando Anjos
Fernando Anjos
Associate Professor of Finance
NOVA SBE
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Recent work
Aspiration Style and Organizational Memory: A Case-Based Reasoning Model of Personnel Turnover, May-26
Value-Maximization Spillovers in Merger Markets, with Luiza Llussá and Miguel Oliveira, May-26
Upcoming presentations: SDU Finance workshop (June), FMA International (June)
Recent presentations: PSU/Pitt/CMU conference (March 2026)
A Behavioral Theory of Managerial Brownshifting, with Irem Demirci, Jan-26
Upcoming presentations: SABE 2026 annual conference (June), EDHEC 2026 SGIF workshop (June).
Recent presentations: Sustainable and Impact Investments International Conference (Jan. 2026), Exeter Sustainable Finance conference (Sep. 2025).
Halfway There? Labor-Market Equilibrium in a Sorting Model with Endogenous Discrimination, Dec-25
Upcoming presentations: 2026 BSA Work, Employment and Society conference (September)
M&A Handbook, chapter on conglomeration (forthcoming), Dec-25, with Cláudia Custódio and Rui Silva (eds. Ran Duchin and Jarrad Harford)
Do Specialized Distress Investors Undermine Firms Ex Ante? A Simple Model of Private Bailouts, with Irem Demirci and Miguel Oliveira, Oct-25
Publications
Third-Party Bailouts and Tough Lenders , with Irem Demirci and Miguel Oliveira, Finance Research Letters, vol. 103, August 2026
Networks in the Balance: An Agent-Based Model of Optimal Exploitation, with Ray Reagans, Journal of Organization Design, vol. 9, October 2020
Technological Specialization and the Decline of Diversified Firms, with Cesare Fracassi, Journal of Financial and Quantitative Analysis, vol. 53, August 2018, pgs. 1581-1614
Managerial Myopia, Financial Expertise, and Executive-Firm Matching, with Chang-Mo Kang, Journal of Corporate Finance, vol. 43, April 2017, pgs. 464-479
- best paper award at 2014 FIRN conference
Resource Configuration, Inter-Firm Networks, and Organizational Performance, Mathematical Social Sciences, vol. 82, July 2016, pgs. 37-48
- Matlab code for equilibrium computation and simulations data
Social Ties and Economic Development, with Jose Anchorena, Journal of Macroeconomics, vol. 45, September 2015, pgs. 63-84
Inter-Company Matching and the Supply of Informed Capital, with Alejandro Drexler, Journal of Economic Behavior and Organization, vol. 111, March 2015, pgs. 119-136
Shopping for Information? Diversification and the Network of Industries, with Cesare Fracassi, Management Science, vol. 61, no. 1, January 2015, pgs. 161-183
Commitment, Learning, and Alliance Performance: A Formal Analysis Using an Agent-Based Network Formation Model, with Ray Reagans, Journal of Mathematical Sociology, vol. 37, no. 1, February 2013, pgs. 1-23
Investment Commitment and the Valuation of Underwriting Agreements for Rights Issues, Finance Research Letters, vol. 7, no. 4, December 2010, pgs. 202-213
Costly Refocusing, the Diversification Discount, and the Pervasiveness of Diversified Firms, Journal of Corporate Finance, vol. 16, no. 3, June 2010, pgs. 276-287
Other Working Papers
A Signaling Theory of Derivatives-Based Hedging, with Adam Winegar, Jun-22
Conglomerates with Financial Divisions: An Internal Capital Markets Perspective, with Cláudia Custódio, Nuno Fernandes, and João Magro, Mar-18
Corporate Alliances, Resource Reallocation, and the Propagation of Merger Activity, with Harvey Jing, Oct-13
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