Matías Braun

ECONOMIST, HARVARD PHD

Doctor Braun is Full Professor at ESE Business School, Universidad de los Andes. He is also a consultant on economics and investments, and member of the board of financial institutions. Until recently, in parallel to his academic appointment, he was Managing Director of Strategy at IM Trust-Credicorp Capital, an investment bank, where he helped set up the asset management area and oversaw a team of around 12 people in Chile, Colombia and Perú that helped invest around US$10 billion worldwide. Previously he worked as Full Professor at the Adolfo Ibáñez Business School, as well as the director of the Ph.D. in Finance and head of the finance area, and assistant professor at the University of California Los Angeles and Chief Economist of a Chilean economic group.

He holds a PhD. in Economics from Harvard University and a degree in Business, major in Economics, from the Pontificia Universidad Católica de Chile. He is specialized in international financial markets and corporate finance. Mr Braun has written on various subjects, including international corporate finance and macroeconomics, economic development and growth, political economy, voting, inequality, business and economic history, family firms, hedge funds, and behavioral finance, among others. He has published in many prestigious journals such as the Journal of Finance and the Review of Financial Studies- and has presented his research in the most relevant universities and study centers in the United States and the American Economic Association Meetings. He teaches investments and corporate finance courses across Latin America, the United States and Europe. Among the awards he has received are the best researcher award from Universidad Adolfo Ibáñez (2008), the Harvard University Term-Time Research Award (2003), the Bradley Fellowship (2002), and the Raul Iver award to the best alumni from the economics and business faculty from Universidad Católica (1996).

He has been visiting scholar at the Federal Reserve Bank of Boston and Oxford University, and also researcher and/or consultant for Harvard Center for International Development, National Bureau of Economic Research and Banco Interamericano de Desarrollo.

Dr Braun teaches courses on corporate finance, investments and financial institutions for undergraduates, masters, mbas and PhDs in Chile, Latin America, the US, and Europe.

Matías Braun es Ingeniero Comercial de la Universidad Católica de Chile y PhD en Economía de la Universidad de Harvard. Es profesor titular de ESE Business School, Universidad de los Andes. Es también consultor en materias económicas y de inversiones y director de entidades financieras. Hasta hace poco, paralelamente a su trabajo en la universidad y por 10 años, fue Socio y Estratega Jefe de Credicorp Capital (ex IMTrust), banco de inversión con operaciones en Chile, Perú y Colombia. En dicha posición, y a cargo de un equipo de 12 personas, co-lideró el diseño del sistema de administración de activos y manejo de patrimonio, ayudando a administrar aproximadamente US$ 10,000 millones. Anteriormente, fue profesor titular de la Escuela de Negocios de la Universidad Adolfo Ibáñez donde fue también Area Head del área de finanzas y director del Ph.D. en Finanzas. Economista Jefe en un conglomerado chileno y tenure-track Assistant Professor en Anderson School of Business de University of California Los Angeles.

Realiza investigación en temas diversos, como finanzas corporativas internacionales, crecimiento y ciclo económico, economía del desarrollo, economía política y voto, desigualdad, historia económica y de los negocios, empresas familiares, Hedge Funds y finanzas conductuales, entre otros. Ha publicado su trabajo en los principales Journals en el área de finanzas, como el Journal of Finance y el Review of Financial Studies y ha presentado su investigación en las más prestigiosas universidades Norteamericanas y en el American Economic Association Meetings. Ha recibido varias distinciones académicas como el premio al mejor investigador de la Universidad Adolfo Ibáñez, el Term-time Research Award de Harvard University, Bradley Fellowship y el premio al mejor egresado de Ingeniería Comercial de la Universidad Católica de Chile. Ha sido académico visitante en Federal Reserve Bank of Boston y Oxford University, además de consultor y/o investigador para el Harvard Center for International Development, National Bureau of Economic Research y el Banco Interamericano de Desarrollo.

Ha dictado clases de finanzas corporativas, inversiones e instituciones financieras en diferentes programas de pregrado, master, mba, ejecutivos y doctorado en Chile, Estados Unidos, España, Brasil, Mexico, Ecuador, Perú y Argentina.

Education

· Ph.D. in Economics, Harvard University, 2003.

· B.A. in Business and Economics (Maximum Distinction), P. Universidad Católica de Chile, 1995.

Appointments

· Full Professor ESE Business School, Unviersidad de los Andes, 2019-present.

Board member CredicorpCapital AGF, 2018-2023.

Board member Redbanc, 2019-2024.

Full Professor, Escuela de Negocios Universidad Adolfo Ibáñez, 2005-2019.

· Managing Director of Strategy IM Trust-Credicorp Capital, 2006-2016. Partner 2008-2016. Led a team of approximately 12 people in Chile, Colombia and Peru in charge of investing worldwide close to US$10 billion of clients´ funds across all asset classes.

· Assistant Professor, UCLA Anderson School of Management, 2003-2006.

· Visiting Research Fellow, University of Oxford, 2016-2017.

· Visiting Scholar, Federal Reserve Bank of Boston, Summer 2004.

· Center for International Development at Harvard University, Consultant, and Researcher.

· Harvard Business School, Researcher, fall 2001.

· National Bureau of Economic Research, Researcher, summer 2000.

· CB Group (Chile), Chief Economist (1997-1999), Research Analyst (1995-1997)

· Adjunct Assistant Professor of Economics, P. Universidad Católica de Chile (1996-1999)

Publications

Google Scholar site: https://scholar.google.com/citations?user=tW8cPncAAAAJ

· The Relationship Between Mother’s Workplace Flexibility and Child Development, 2025 (joint with MJ. Bosch and C. Cifuentes). Community Work and Family.

· Director Networks and Misconduct, 2025 (joint with E. Valdivieso and S. Truffa). Global Finance Journal

· How do ESG firms invest, 2025 (joint with F. Marcet and C. Raddatz). International Review of Financial Analysis.

· The good, the bad, and the not-so-ugly of credit booms?: capital allocation and financial constraints, 2024 (joint with F. Marcet and C. Raddatz). Journal of Banking and Finance.

· Hedge Fund Fee Structure, 2024 (joint with H Roche & J Riutort). Economic Modelling.

· Payout Policy around the World 2023 (joint with G Rubio and T Tigero), International Review of Financial Analysis

· Inheritance tax, shareholder protection and the value of family firms 2020 (joint with Ortiz, Carney, Durán, Riutort), Global Strategy Journal.

· Are there pricing spillovers within ETFs? Evidence from Emerging Markets Corporate Bonds 2020 (joint with R Wagner), Applied Economics.

· Inequality, Financial Development and Growth 2018 (joint with F Parro and P Valenzuela), Economic Inquiriy.

· Financial development and the role of corporate networks during early industrialization: Chile in the Americas’ context, 2017 (joint with I. Briones and G. Islas). Journal of Business Research.

· Financial Constraints, Competition, and Markup Cyclicality, (joint with C. Raddatz), 2016. Financial Management.

· How Do Investment, Fundamentals and Stock Prices Relate Around the World?, 2015. Emerging Markets Finance and Trade.

· The Structure of Equity Markets Across Countries: Scarcity and Stock Valuations, 2014. Finance Research Letters 11(4), 385—397

· Understanding Economic Growth in Venezuela 1970-2005: The Financial Sector, 2014. In Venezuela before Chavez. Edited by R. Hausmann and F Rodríguez. Penn State Publishers.

· The Decision to Go Public and the Structure of the Market, 2011 (joint with A. Astudillo & P. Castañeda), Journal of International Money and Finance,

· Banking on Politics, 2010 (joint with Claudio Raddatz.) World Bank Economic Review.

· Do IPOs Affect the Prices of Other Stocks? Evidence from Emerging Markets, 2009 (joint with B. Larrain.) Review of Financial Studies 2009 22(4):1505-1544.

· Competition and Productivity Growth in South Africa, 2008 (with P. Aghion and J. Fedderke.) Economics of Transition, Vol. 16, N. 4, p. 741-768. October 2008.

· Trade Liberalization and the Politics of Financial Development, 2008 (with Claudio Raddatz.) The Journal of Finance, Vol. 63, N. 3, p. 1469-1508, June 2008.

· The Development of the Chilean Bond Market, 2008 (joint with I. Briones.) Bond Markets in Latin America On the Verge of a Big Bang? Edited by Eduardo Borensztein, Kevin Cowan, Barry Eichengreen and Ugo Panizza, MIT Press 2008.

· Trade Liberalization, Capital Account Liberalization, and the Real Effects of Financial Development (with Claudio Raddatz), 2007. Journal of International Money and Finance, Vol. 26, N. 5, p. 730-761, September 2007.

· The International Exposure of U.S. Banks by Linda S. Goldberg, A comment, 2006. In International Capital Flows, Sebastian Edwards Editor, University of Chicago Press.

· Finance and the Business Cycle, 2005 (joint with B. Larrain.) The Journal of Finance 60 (3.)

· Disintegration and the Proliferation of Sovereigns: Are there Lessons for Integration?, In FTAA and Beyond : Prospects for Integration in the Americas (2004), Harvard University Press (joint with R. Hausmann and L. Pritchett.)

· Valuing Cash Flows in an International Context, Harvard Business School, Teaching Note 9-803-028 (2002) (joint with W. Kuemmerle.)

· Financial Development and Credit Crunches, The Latin American Competitiveness Report 2001-2002 (2003) (joint with R. Hausmann.) CID-World Economic Forum, 2002.

· Crecimiento Potencial en Chile, Cuadernos de Economía Latin American Journal of Economics 36, 1999 (joint with J. Braun.)

· Rentabilidad de la Educación Formal en Chile, Cuadernos de Economía Latin American Journal of Economics 36, 1999 (joint with S. Arellano.)

· Stock de Recursos de la Economía Chilena, Cuadernos de Economía Latin American Journal of Economics 36, 1999 (joint with S. Arellano.)

Working Papers and other work

· Economic Policy Uncertainty; A view from the firms. Working paper.

· Economic Outcomes and Politician Turnover, 2015 (joint with J. Guzmán). Working Paper

· Gloomy days for Latin America: Success and Failures in past decisions and Future Capital Structure Choices, 2016 (joint with J Lavín and N Magner). Working paper.

· Economic voting in Municipal elections: Chile 1992-2012, 2015 (joint with F Escobar). Working Paper.

· The Political Economy of the Financial Crisis: Evidence from US Banks, 2012 (joint with C. Raddatz). Working Paper

· Understanding Economic Growth in Perú 1970-2005: The Financial Sector, 2007 CID-CAF (joint with C. Serra.) Working Paper.

· Understanding Economic Growth in Bolivia 1970-2005: The Financial Sector, 2007. CID-CAF (joint with C. Serra.) Working Paper.

· Competitiveness and Growth in Latin America: The Chilean Case, 2007 (joint with I. Briones and C. Johnson.) Working Paper.

· The development of bond markets around the world, 2006 (joint with I. Briones.) Working Paper.

· El efecto de la oferta y el mercado de bonos públicos en la valoración de los bonos corporativos en Chile, 2006 (joint with I. Briones.)

· Financial Contractibility and Asset Hardness, 2002. Working Paper.

· Tradables, nontradables and the Real Exchange Rate: Evidence from Less Developed Countries, 2001. Working Paper.

· Economía Chilena 1810-1995: Estadísticas Históricas, Documento de Trabajo #187, Instituto de Economía U. Católica de Chile, 2000 (joint with J. Braun, I. Briones, J. Díaz, R. Lűders, and G. Wagner.) Working Paper.

· Transition and the Real Exchange Rate, 1999. Working Paper.

Honors, Awards, and Fellowships

· “Mejor Investigador Universidad Adolfo Ibáñez” Award to the best researcher at Universidad Adolfo Ibáñez 2009.

· “Excelencia Académica” Award for Academic Excellence in Research 2006, 2007 & 2008, Universidad Adolfo Ibáñez.

· Term-Time Research Award, Harvard University, Spring 2003.

· President of the Republic (Chile) Scholarship for Foreign Graduate Studies, 1999- 2002.

· Friends of U. Católica Business and Economics School for Ph.D. studies, 1999.

· Raúl Iver Award, 1996 (top student graduating from U. Católica Business and Economics School.)

· Price Waterhouse Award for Academic Excellence, U. Católica, 1992.

Professional Service

· Conference Chair LACEA-LAMES Meetings 2011.

· Referee for American Economic Review, Quarterly Journal of Economics, Journal of Finance, Economics of Transition, Journal of Development Economics, Journal of Comparative Economics.

· Program Committee Member, Reviewer, and session Chair for Western Finance Association (WFA) Annual Meetings 2005, 2006.

· Economia Panel Member 2008.

Invited Seminars and Presentations

2020 UAI 2019 UAI, U de Chile, UAndes, SECHI 2017 Oxford University 2014 U. Católica de Chile, Universidad Adolfo Ibáñez, Universidad de Chile. 2013 U. Católica de Chile, Universidad Adolfo Ibáñez, Banco Central, Universidad de Chile. 2012 U. Católica de Chile, Universidad Adolfo Ibáñez, Banco Central. 2011 American Economic Association Annual Meetings. 2010 American Economic Association Annual Meetings, U. Católica de Chile, SECHI. 2009 Banco Central de Chile, SVS Seminar, LACEA, SECHI. 2008 Economia Panel – LACEA, The Chile Club, SVS Seminar, LACEA, Universidad de Chile. 2007 ASSA Annual Meetings, Banco Central de Chile, NBER Corporate Finance, SVS Seminar. 2006 Stockholm School of Economics, WFA, HKIMR conference on Capital Markets in Asia, Sociedad Económica de Chile 2006. 2005 UCLA, Chicago, NYU, WFA, NBER Corporate Finance, The World Bank. 2004 Global Finance, UCLA, Federal Reserve Bank of Boston, UC Santa Cruz, NBER Corporate Finance, NBER International Finance and Macroeconomics. 2003 Chicago, Northwestern, MIT, Pompeu Fabra, UCLA, Latin America Econometric Society, Latin American Financial Network. 2002 U. Católica de Chile, U. de Chile, Banco Central de Chile. 1999 U. Católica de Chile.

Funded Research Projects

· 2007 Inter American Development Bank: Competitiveness and Growth in Latin America: The Chilean Case.

· 2006 Fondecyt Chile: Banking on Politics.

· 2006 Inter American Development Bank: The Development of Corporate Bond Markets.

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