Research Interests
Household Finance, Life cycle investment and portfolio performance, Pension Portfolios, Financial Markets & Institutions.
Teaching
Corporate Finance and Investment Analysis (Undergraduate and Postgraduate level).
Academic Positions
Professor of Finance, Instituto Tecnologico Autonomo de Mexico (ITAM), Since 2011.
Assistant Professor of Finance, Instituto Tecnologico Autonomo de Mexico (ITAM), 2004 to 2011
Visiting Scholar, UT Texas, Austin. Department of Economics. Aug-Dec 2019
Visiting Scholar, Boston University, Questrom School of Business. 2012 and Jan-June 2020
Lecturer in Finance, University of Exeter, School of Business and Economics (UK). 2002 to 2004
Research Assistant, University of Exeter, School of Business and Economics (UK). 2000 to 2002
Education
PhD. Economics, University of Exeter (UK), 2004
MSc. Financial Economics, University of Exeter (UK), 2000
MBA, Instituto Tecnológico Autónomo de México (ITAM), 1996
BSc. Chemical Engineering, Universidad Nacional Autonoma de México (UNAM), 1992
Publications
Amaya, D., Herrerias, R., Perez, F. and Vasquez, A. 2023. Realized Semibetas and International Stock Return Predictability. Finance Research Letters, Vol. 58-C, December. 104641
Herrerias, R. and Zamarripa, G. 2023. Institutional Design of Pension Systems Versus Labor Market Structure: What Matters Most? Work, Aging and Retirement, Forthcoming. waad019.
Gurrola, P. and Herrerias, R. (2021). Volatility patterns of short-term interest rate futures. The European Journal of Finance. Vol. 27(16), 1604-1625
Diaz-Ruiz, P., Herrerias, R., & Vasquez, A. (2020). Anomalies in emerging markets: The case of Mexico. The North American Journal of Economics and Finance, 53, 101188.
Berrospide J. and Herrerias, R., (2015). Finance Companies in Mexico: Unexpected Victims of the Global Liquidity Crunch, Journal of Financial Stability, Vol. 18, pp.33-54
Herrerias, R. and Moreno, J. O., (2015). Analyzing the Size, Diffusion, and Spillovers of Loans Risk, Revista Mexicana de Economía y Finanzas, Vol. 10, No. 2, pp.159-181.
Herrerias R. and Gurrola, P., (2012). Monetary Policy Announcements and Short-Term Interest Rate- Futures Volatility: Evidence from the Mexican Market. International Finance, vol. 15-2, 225-250.
Gurrola P. and Herrerias, R., (2011). Maturity effects in the Mexican interest rate futures market ̧ Journal of Futures Markets, vol. 34-4, 371-393.
Bulkley, G. and Herrerias, R., (2005). Does the Precision of News Affect Market Underreaction? Evidence from Returns Following Two Classes of Profit Warnings, European Financial Management Journal, vol. 11-5, pp. 603-624.
Bulkley G., Harris, R.D.F., and Herrerias, R., (2004). Why does book-to-market value of equity forecast cross-section stock returns? International Review of Financial Analysis, vol. 13, pp. 153-160.
Working papers
1. Herrerias, R. and Alvarez, C. M. O. (2022). Financial Inclusion and Financial Behavior.
2. Herrerias, R. and Zamarripa, G., 2019. Institutional Design of a DC Pension System and Individual Behavior: How Do Households Respond?
3. Gurrola P., and Herrerias, R., 2018, Volatility term structure of interest rate futures.
4. Herrerias, R. and Zamarripa, G., 2017. Analysis of Density of Contribution in the Mexican Pension System. FUNDEF. WP 001-2017
5. Body, Z. and Herrerias Renata, 2014. Human capital risk and Pension Portfolio Choice.
6. Bulkley, G. and Herrerias, R., 2006. Behavioural Models of Long-Run Returns Reversals: Evidence from Returns Following Profit Warnings.
7. Bulkley G., Harris, R.D.F., and Herrerias, R., 2002. Stock Returns Following Profit Warnings: A Test of Models of Behavioural Finance.
Other Publications
1. Herrerias R & Zamarripa, G. (2017). Análisis de las reglas de jubilación del SAR: ¿Quiénes cumplirán los requisitos?, FUNDEF, 2017-01.
2. Herrerias R., PYMES: Alternativas de Financiamiento, Contaduría Pública, No. 434, octubre, 2008.
3. Herrerias R., La oferta de crédito en México, Contaduría Pública, No. 431, julio, 2008.
4. Gurrola P. and Herrerias, R. (2007) Trading patterns in the Mexican TIIE futures market, Premio Nacional de Derivados, MexDer,
http://www.mexder.com.mx/MEX/Premio_Nacional_de_Derivados.html
5. Herrerias R., Perspectivas 2007: El acceso al Mercado de capitales en Mexico, Contaduría Pública, No. 413, Enero.
6. Arbeleche S. and Herrerias, R. (2005), Macroeconomic overview for Angel Investing in Mexico, Chapter 9, in Angel Investing in Latin America, Batten Executive Briefing Series, Darden, Graduate School of Business Administration, University of Virginia.
7. Herrerias, R. and Tucker, J. (2004) Slow Globalisation on Financial Integration, The Times and KPMG, in Managing for Growth Supplement, United Kingdom, March 2nd , pp. 10
Conference presentations
2022. Financial Management Association, FMA Europe, Global Finance Conference, Personal
Finance Symposium. University of Alabama
2020. American Economic Association, poster presentation
2019. Academy of Behavioral Finance and Economics, 7th Spring Conference of the Multinational
Finance Society, Southwestern Finance Association Annual Conference, FMA Global Conference in
Latin America
2018. Financial Management Association, European Financial Management Association, FMA Asian
Conference.
2014. Congreso de Investigación Financiera IMEF, International Congress on Actuarial Science and
Quantitative Finance
2013. Financial Management Association Annual Conference, Midwest Finance Association
2012. Eastern Finance Association, Midwest Finance Association
2010. Financial Management Association, FMA European Conference, BALAS Annual Conference,
Eastern Finance Association, Midwest Finance Association
2009. Financial Management Association, Multinational Finance Society
2008. European Financial Management Association, Midwest Finance Association
2007. Eastern Finance Association, Business Association of Latin America Studies
2006. EFMA Behavioral Finance Symposium
2002. Royal Economic Society Annual Conference
Other Professional Activities
Conference organizer
Financial Management Association, 1st Latin America Conference, co-chair. 2017
ITAM Finance Conference, co-chair 2014 to 2019
Other activities
Citibanamex AFORE, independent board member, and member of the risk committee, since 2022
Cetelem Mexico, independent board member, since 2022
Mexican Derivatives Market, Clearing House, Independent Member Risk Committee, 2011 to 2014
ITAM, Executive Education, Design of executive education in credit risk management and investments, since 2008
Fundacion Fullbright-Garcia Robles, Panel Member, Postgraduate Scholarships Committee, since 2013
BBVA, México. Several positions on Credit Risk Management Small Business lending and Corporate Financial Analysis. 1993 to 1999
Honors & Awards
FUNDEF Mexico. Research Grant, Mexican Pension System. $30,000 USD. 2014
Chartered Financial Analyst, CFA Institute, 2012
National Research and Technology Council (CONACYT, Mexico). Ph. D. Scholarship. $36,000 USD. 1999