Research Interests: Real Options Theory; Investment under Uncertainty; Dynamic Models in Corporate Finance.
Researcher ORCID: 0000-0001-7601-2372 // Scopus Author ID: 36904591500 // Google Scholar: here
PUBLICATIONS:
[27] Lukas, E.; P.J. Pereira & A. Rodrigues (2023); "On the Determinants of the Dynamic Choice Between Mergers and Tender Offers", Journal of Corporate Finance, 83, 102489. doi: https://doi.org/10.1016/j.jcorpfin.2023.102489
[26] Tavares-Gärtner, M.; P.J. Pereira & E. Brandão (2023); "Designing a Public-Private Co-Investment Mechanism to Foster Venture Capital", European Journal of Finance, 29(8), pp. 869–887. doi: https://doi.org/10.1080/1351847X.2022.2035791
[25] Paxson D.; P.J. Pereira & A. Rodrigues (2022); "Investment timing, capacity choice and optimal floors and ceilings", Journal of Economic Dynamics & Control, 139, 104430. doi: https://doi.org/10.1016/j.jedc.2022.104430
[24] Lacerda, J.; P.J. Pereira & A. Rodrigues (2021); "Toehold Acquisitions as Option Games", Economics Letters, 209, 110093. doi: https://doi.org/10.1016/j.econlet.2021.110093
[23] Ferreira, R. & P.J. Pereira (2021); "A Dynamic Model for Venture Capitalists' Entry-Exit Investment Decisions", European Journal of Operational Research, 290 (2), pp. 779-789. doi: https://doi.org/10.1016/j.ejor.2020.08.014
[22] Azevedo, A.; P.J. Pereira & A. Rodrigues (2021); "Optimal Timing and Capacity Choice with Taxes and Subsidies Under Uncertainty", Omega - International Journal of Management Science, 102-102312. doi: https://doi.org/10.1016/j.omega.2020.102312
[21] Pires M. & P.J. Pereira (2020); "Leverage, Premium and Timing in Corporate Acquisitions", Economics Letters, 188, pp. 1-5 doi: https://doi.org/10.1016/j.econlet.2019.108933
[20] Ribeiro, J.; P.J. Pereira & E. Brandão (2020); "A Real Options Approach to Optimal Bidding in Construction Projects Considering Volume Uncertainty", Managerial and Decision Economics, 41 (4), pp. 631-640. doi: https://doi.org/10.1002/mde.3126
[19] Lukas, E.; P.J. Pereira & A. Rodrigues (2019); "Designing Optimal M&A Strategies under Uncertainty", Journal of Economic Dynamics & Control, 104, pp. 1-20. doi: https://doi.org/10.1016/j.jedc.2019.04.006
[18] Adkins, R.; D. Paxson; P.J. Pereira & A. Rodrigues (2019); "Investment Decisions with Finite-Lived Collars", Journal of Economic Dynamics & Control, 103, pp. 185-204. doi: https://doi.org/10.1016/j.jedc.2019.04.008
[17] Pereira, P.J. & A. Rodrigues (2019); "Bargaining Merger Terms and the Effect on the Announcement Returns", International Review of Economics & Finance, 59, pp. 510–521. doi: https://doi.org/10.1016/j.iref.2018.10.015
[16] Azevedo, A.; P.J. Pereira & A. Rodrigues (2019); "Foreign Direct Investment with Tax Holidays and Policy Uncertainty", International Journal of Finance & Economics, 24 (2), pp. 727-739. doi: https://doi.org/10.1002/ijfe.1688
[15] Pereira, P.J. & A. Rodrigues (2019); "Investing in a Random Start American Option Under Competition", Finance Research Letters, 28, pp. 388-397. doi: https://doi.org/10.1016/j.frl.2018.06.013
[14] Tavares-Gärtner, M.; P.J. Pereira & E. Brandão (2018); "Optimal Contingent Payment Mechanisms and Entrepreneurial Financing Decisions", European Journal of Operational Research, 270 (3), pp. 1182-1194. doi: https://doi.org/10.1016/j.ejor.2018.04.044
[13] Azevedo, A.; P.J. Pereira & A. Rodrigues (2018); "Non-Compete Covenants, Litigation and Garden Leaves", Journal of Business Research, 88, pp. 197-211. doi: https://doi.org/10.1016/j.jbusres.2018.03.020
[12] Tavares-Gärtner, M.; P.J. Pereira & E. Brandão (2018); "Heterogeneous Beliefs and Optimal Ownership in Entrepreneurial Financing Decisions", Quantitative Finance, 18 (11), pp. 1947-1958. doi: https://doi.org/10.1080/14697688.2018.1432882
[11] Ribeiro, J.; P.J. Pereira & E. Brandão (2018); "An Option Pricing Approach to Optimal Bidding in Construction Projects", Managerial and Decision Economics, 39 (2), pp. 171–179. doi: https://doi.org/10.1002/mde.2878
[10] Azevedo, A.; P.J. Pereira & A. Rodrigues (2016); "Non-Competition Covenants in Acquisition Deals", Economics Letters, 143, pp. 61-65. doi: https://doi.org/10.1016/j.econlet.2016.03.025
[9] Barbosa, D.; V. Carvalho & P.J. Pereira (2016); "Public Stimulus for Private Investment: An Extended Real Options Model", Economic Modelling, 52, pp. 742-748. doi: https://doi.org/10.1016/j.econmod.2015.10.013
[8] Cardoso, D. & P.J. Pereira (2015); "A Compensation Scheme for Optimal Investment Decisions", Finance Research Letters, 14, pp. 150-159. doi: https://doi.org/10.1016/j.frl.2015.05.004
[7] Loureiro, M.; J. Claro & P.J. Pereira (2015); "Capacity Expansion in Transmission Networks Using Portfolios of Real Options", International Journal of Electrical Power & Energy Systems, 64, pp. 439-446. doi: https://doi.org/10.1016/j.ijepes.2014.07.047
[6] Pereira, P.J. & A. Rodrigues (2014); "Investment Decisions in Finite-Lived Monopolies", Journal of Economic Dynamics & Control, 46, pp. 219-236. doi: https://doi.org/10.1016/j.jedc.2014.07.003
[5] Pereira, P.J. & M. Armada (2013); "Investment Decisions under Hidden Competition", Economics Letters, 121 (2), pp. 228-231. doi: https://doi.org/10.1016/j.econlet.2013.07.029
[4] Armada, M.; P.J. Pereira & A. Rodrigues (2013); "Optimal Investment with Two-Factor Uncertainty", Mathematics & Financial Economics, 7 (4), pp. 509-530. doi: https://doi.org/10.1007/s11579-013-0101-1
[3] Armada, M.; P.J. Pereira & A. Rodrigues (2012); "Optimal Subsidies and Guarantees in Public-Private Partnerships", European Journal of Finance, 18 (5), pp. 469-495. doi: https://doi.org/10.1080/1351847X.2011.639789
[2] Armada, M.; L. Kryzanowski & P.J. Pereira (2011); "Optimal Investment Decisions for Two Positioned Firms Competing in a Duopoly Market with Hidden Competitors", European Financial Management, 17 (2), pp. 305-330. doi: https://doi.org/10.1111/j.1468-036X.2009.00514.x
[1] Armada, M.; L. Kryzanowski & P.J. Pereira (2007); "A Modified Finite-Lived American Exchange Option Methodology Applied to Real Options Valuation", Global Finance Journal, 17 (3), pp. 419-438. doi: https://doi.org/10.1016/j.gfj.2006.05.006
SUBMITTED PAPERS:
SELECTED WORKING PAPERS:
Lukas, E.; P.J. Pereira & A. Rodrigues; "Toehold M&A Strategies and Dynamic Games";
Pereira, P.J. & A. Rodrigues "M&As under Overlapping Ownership".
Cardoso, D. & P.J. Pereira; "Investing in Patent Litigations under the Hatch-Waxman Integrity Act;
Borges, N. & P.J. Pereira; "A Theory on R&D Investment Dynamics Under Optimal Managerial Effort Allocation";
Lukas, E. & P.J. Pereira; "Corporate Growth Dynamics under Hidden Competition".
PAPERS IN CONFERENCES:
EFMA, European Financial Management Association Annual Meetings, Azores, Portugal, 2019:
Toehold M&A Dynamic Games (with Elmar Lukas and Artur Rodrigues)
23nd Annual International Conference on Real Options, London, UK, to take place in June 2019:
A Dynamic Model for Venture Capitalists’ Entry–Exit Investment Decisions (with Ricardo Ferreira)
Toehold M&A Dynamic Games (with Elmar Lukas and Artur Rodrigues)
A Theory on R&D Investment Dynamics Under Optimal Effort Allocation (with Nuno Borges)
IFABS 2018, Porto Conference, June 30 -July 2:
Should Public Venture Capitalists invest, co-invest or not invest in Start-up Firms? (with Miguel Tavares-Gärtner and Elísio Brandão)
10th Portuguese Finance Network Conference, Lisbon, ISCTE, July 2-4:
A Theory on R&D Investment Dynamics Under Optimal Managerial Effort Allocation (with Nuno Borges)
22nd Annual International Conference on Real Options, Düsseldorf, Germany, June 2018:
M&A Games under Threat of Hostile Takeovers (with Elmar Lukas and Artur Rodrigues)
Investment Decisions with Finite-Lived Collars (with Roger Adkins, Dean Paxson and Artur Rodrigues)
Investing in a Random-Start American Option Under Competition (with Artur Rodrigues)
21st Annual International Conference on Real Options, Boston, USA, June 2017:
Dynamic M&A Strategies under Uncertainty: Small Steps or a Big Leap? (with Elmar Lukas and Artur Rodrigues)
Tax and Subsidy Incentives and their Effect on Investment Timing and Scale (with Alcino Azevedo and Artur Rodrigues)
FDI under Tax Benefits and Uncertainty (with Alcino Azevedo and Artur Rodrigues)
20th Annual International Conference on Real Options, Oslo and Trondheim, Norway, 2016
Greenfield Investment or Acquisition? The Decision under Hidden Competition (co-author: Elmar Lukas)
Entrepreneurial Financing Decisions and Contingent Payment Mechanisms (co-authors: Miguel Tavares-Gartner and Elísio Brandão)
Non-Competition Covenants in Employment Contracts with Litigation Uncertainty (co-authors: Alcino Azevedo and Artur Rodrigues)
ENTFIN - Entrepreneurial Finance Conference, Lyon 2016
Should Public Venture Capitalists Invest, Co-Invest, or not Invest in Start-up Firms? (co-authors: Miguel Tavares-Gartner and Elísio Brandão)
19th Annual International Conference on Real Options, Athens and Monemvasia, Greece, 2015
A theory on merger timing and announcement returns (co-author: Artur Rodrigues)
Entrepreneurs, Financiers and Growth Opportunities: Models for Entrepreneurial Financing Decisions Based on Real Options (co-authors: Miguel Tavares-Gartner and Elísio Brandão)
Non-Competition Covenants in Acquisition Deals (co-authors: Alcino Azevedo and Artur Rodrigues)
EFMA, European Financial Management Association Annual Meetings, Rome, Italy, 2014:
A Two-Factor Uncertainty Model to Determine the Optimal Contractual Penalty for a Build-Own-Transfer Project (co-authors: João Ribeiro and Elísio Brandão)
8th Portuguese Financial Network International Conference, Vilamoura, Portugal, 2014:
Optimal Timing for Introducing a New Product Generation: a Real Options Approach (co-author: Hugo Fernandes)
EcoMod, International Conference on Economic Modeling, Prague, Czech Republic, 2013:
The Interaction Between Firms and Government in the Context of Investment Decisions: a Real Options Approach (co-authors: Diogo Barbosa and Vitor Carvalho)
17th Annual International Conference on Real Options, Tokyo, Japan, 2013:
Investment Decisions in Finite-Lived Monopolies (co-author: Artur Rodrigues)
16th Annual International Conference on Real Options, London, UK, 2012:
How and When Entrepreneurs Seek Venture Capital Financing (co-authors: Miguel Tavares and Elísio Brandão);
Duopolistic Investment with Agency Risk and Contract Design (co-author: David Cardoso);
Real Options Portfolios and Capacity Expansion in Transmission Network Expansion (co authors: Manuel Loureiro and João Claro).
7th Portuguese Financial Network International Conference, Aveiro, Portugal, 2012:
Duopolistic Investment with Agency Risk and Contract Design (co-author: David Cardoso);
Reaching an Optimal Mark-Up Bid through the Valuation of the Option to Sign the Contract by the Successful Bidder (co-authors: João Ribeiro and Elsíio Brandão).
6th Annual Meeting of the Portuguese Economic Journal, Porto, Portugal, 2012:
Duopolistic Investment with Agency Risk and Contract Design (co-author or: David Cardoso)
Reaching an Optimal Mark-Up Bid through the Valuation of the Option to Sign the Contract by the Successful Bidder (co-authors: João Ribeiro and Elsíio Brandão)
EFMA - European Financial Management Association Annual Meetings, Braga, Portugal, 2011:
Investment Decisions in Granted Monopolies Under the Threat of a Random Demonopolization (co-author: Artur Rodrigues)
15th Annual International Conference on Real Options, Turku, Finland, 2011:
Designing Contracts for Optimal Investment Decisions (co- author: David Cardoso)
Investment Decisions in Monopolies Under Random Change in Market Structure (co-author: Artur Rodrigues)
14th Annual International Conference on Real Options, Rome, Italy, 2010:
Investment, Exogenous Entry and Expandable Markets Under Uncertainty (co-author: Artur Rodrigues)
EFMA - European Financial Management Association Annual Meetings, Aarhus, Denmark, 2010:
Optimal incentives to early exercise of large scale investments (co-authors: Manual Armada and Artur Rodrigues)
5th Portuguese Financial Network International Conference, Coimbra, Portugal, 2008:
Optimal incentives to early exercise of public-private partnership investments under constrained growth (co-authors: Manual Armada and Artur Rodrigues)
11th Annual International Conference on Real Options, Rio de Janeiro, Brazil, 2008:
Optimal incentives to early exercise of public-private partnership investments under constrained growth (co-authors: Manual Armada and Artur Rodrigues)
Optimization2007 Conference, Porto, Portugal, 2007:
The optimal timing for the construction of an airport (co-authors: Manual Armada and Artur Rodrigues)
10th Annual International Conference on Real Options, New York, USA, 2006:
The optimal timing for the construction of an international airport: A real options approach with multiple stochastic factors and shocks (co-authors: Manual Armada and Artur Rodrigues)
3rd Portuguese Financial Network International Conference, Lisbon, Portugal, 2004:
The optimal decision to invest in a duopoly market for (two) positioned companies when there are hidden competitors (co-authors: Manuel Armada)
8th Annual International Conference on Real Options, Montreal, Canada, 2004:
The optimal decision to invest in a duopoly market for (two) positioned companies when there are hidden competitors (co-authors: Manuel Armada)
7th Annual International Conference on Real Options, Washington DC, USA, 2003:
The value of timing of shared real options with random maturity (co-autor: Manuel Armada)
6th Annual International Conference on Real Options, Paphos, Cyprus, 2002:
Real investment opportunity valuation and timing using a _nite-lived American exchange option methodology (co-autores: Manuel Armada and Lawrence Kryzanowski)
40th Southern Finance Association Annual Meeting, Savannah GE, USA, 2000:
A contribution to the determination of value and timing of investment opportunities as finite lived American exchange options (co-autor: Manuel Armada)