Research

Research Interests: theory and practice of Real Options, and their links with various topics in Corporate Finance

Researcher ORCID: 0000-0001-7601-2372

Scopus Author ID: 36904591500

PUBLICATIONS:

[15] Pereira, P.J. & A. Rodrigues; "Investing in a Random Start American Option Under Competition", Finance Research Letters, forthcoming;

doi: https://doi.org/10.1016/j.frl.2018.06.013

[14] Tavares-Gärtner, M.; P.J. Pereira & E. Brandão; "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; "Heterogeneous Beliefs and Optimal Ownership in Entrepreneurial Financing Decisions", Quantitative Finance, forthcoming;

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: http://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: http://dx.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: http://dx.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: http://dx.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: http://dx.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: http://dx.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: http://dx.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: http://dx.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: http://dx.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: http://dx.doi.org/10.1111%2Fj.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: http://dx.doi.org/10.1016%2Fj.gfj.2006.05.006


SUBMITTED PAPERS:

[5] Adkins, R.; D. Paxson; P.J. Pereira & A. Rodrigues; "Investment Decisions with Finite-Lived Collars";

[4] Azevedo, A; P.J. Pereira & A. Rodrigues; "Optimal Timing and Capacity Choice with Taxes and Subsidies Under Uncertainty";

[3] Lukas, E.; P.J. Pereira & A. Rodrigues; "Dynamic M&A Strategies under Uncertainty: Small Steps or a Big Leap?";

[2] Azevedo, A; P.J. Pereira & A. Rodrigues; "Foreign Direct Investment with Tax Holidays and Policy Uncertainty", revise and resubmit to the International Journal of Finance and Economics;

[1] Pereira, P.J. & A. Rodrigues; "Bargaining Merger Terms and the Effect on the Announcement Returns", revise and resubmit to the International Review of Economics and Finance.


SELECTED WORKING PAPERS:

Borges, N. & P.J. Pereira; "A Theory on R&D Investment Dynamics Under Optimal Managerial Effort Allocation"

Lukas, E.; P.J. Pereira & A. Rodrigues; "M&A Games under Threat of Hostile Takeovers";

Lukas, E. & P.J. Pereira; "Corporate Growth Dynamics under Hidden Competition";

Tavares-Gärtner, M.; P.J. Pereira & E. Brandão; "Should Public Venture Capitalists Invest, Co-Invest, or not Invest in Start-up Firms?";

Ribeiro, J.; P.J. Pereira & E. Brandão; "A Two-Factor Uncertainty Model to Determine the Optimal Contractual Penalty for a Build-Own-Transfer Project";

Ribeiro, J.; P.J. Pereira & E. Brandão; "Volume Uncertainty in Construction Projects: a Real Options Approach";

Cardoso, D. & P.J. Pereira; "Duopolistic Investment Opportunities under Agency Risk: Designing Contracts for Optimal Investment Decisions".


PAPERS IN CONFERENCES:

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)