Margarida Soares

Published Papers

The Value of Trademarks with Pranav Desai, Ekaterina Gavrilova and Rui Silva

Journal of Financial Economics, November 2026, Volume 185, 104358

Trademark value data  Chicago Booth Review article

Abstract: We create a new measure of the value of an important, but previously understudied, intangible asset—trademarks. We quantify the stock market reaction to the publication of individual trademarks manually matched to U.S. publicly traded firms. We find that trademarks are used ubiquitously and possess substantial value: the median trademark is worth $20.3 million. Firms that publish trademarks subsequently launch new products, increase sales, invest more in physical capital, hire more employees, increase production output, become more profitable, and increase their market share considerably. For identification, we exploit the quasi-random assignment of USPTO examining attorneys to trademarks.

Working Papers

Are Women More Exposed To Firm Shocks? with Ramin Baghai and Rui Silva 

Revise and Resubmit, Journal of Financial Economics

Abstract: Yes. Labor income risk is the main source of financial risk for most individuals. Given potentially differing risk attitudes between men and women, we examine whether gender differences exist in labor income exposure to idiosyncratic firm shocks. Using a comprehensive employer-employee matched dataset, we find significant gender disparities: women’s wages are 25% more elastic and their dismissal rates are 34% more sensitive to firm performance shocks than those of their male colleagues--a gender gap in firm insurance. We show both theoretically and empirically that gender differences in job flexibility can help explain these findings. 

• Presentations: UCL School of Management, Nova SBE, 2023 Midwestern Finance Association Annual Meeting, 2023 Labor and Finance Group Conference at Columbia, 2023 Financial Intermediation Research Society Conference, Mistra Center for Sustainable Markets at the Stockholm School of Economics, 2023 CSEF-RCFS Conference on Finance, Labor and Inequality, XII IBEO Workshop on Institutions, Individual Behaviour, and Economic Outcomes, ESSFM 2023 in Gerzensee, 2023 European Finance Association Conference, Cambridge-Nova Workshop 2023, 2024 American Economic Association Annual meeting, 2024 9th SDU Finance Workshop.

Sustainable Products and Cash Flow Risk with Pedro Pires, Miguel Ferreira and André Trindade

(previous version was titled Household Income Shocks and the Demand for Sustainable Products)

Abstract: We show that firms with greater sustainable product exposure have more cyclical cash flows, with larger sales declines in contractions. Using household scanner data, we trace this cyclicality to a demand channel: sustainable spending is more income elastic than conventional spending, especially among high-income households. Results extend across sustainability attributes and are not explained by health-related motives. A structural demand model shows that non-price sustainability preferences account for about half or more of the gap in sustainable purchases between high- and low-income households. Our findings suggest that sustainability-oriented product strategies increase firm exposure to macroeconomic conditions by amplifying sales cyclicality. 

• Presentations: ESCP Business School, 2025 SGFIN Annual Research Conference on Sustainability, Nova WU Workshop 2025, Symposium on Financial Market in the Era of the Climate Change at IE Business School,  and SHOF-GaPP Environmental Regulations and Industrial Structure Conference.

The Impact of IPOs on Workers with Ramin Baghai and Rui Silva 

Abstract: We study how initial public offerings affect workers. We focus on two dimensions central to employee welfare but unexplored in corporate finance: household finances and family outcomes. After an IPO, workers take more financial risk, invest more in real estate, and are more likely to marry and have children. We argue that these effects operate through two main channels: improved income dynamics, and reduced work commitments and career concerns. To identify causal effects, we instrument IPO completion using stock market returns during the book-building period. Our findings show that IPOs do not just change firm finances, they also affect workers' lives. 

• Presentations:  AFA Annual Meetings, Birkbeck College London, Central European University Vienna, Universidad Carlos III de Madrid, SFS Cavalcade Asia-Pacific, CSEF-RCFS Conference on Finance, Labor and Inequality, 7th Endless Summer Conference of Financial Intermediation and Corporate Finance, London Business School, NHH Bergen, Toulouse School of Economics, Stockholm School of Economics,  Wilfrid Laurier University, and 4th Workshop on Markets and Intermediaries.

Work in Progress

Risk sharing in teams with Ramin Baghai, Pranav Desai, Elena Ljusheva and Rui Silva (COMING SOON)

The Social Value of Patents with Ramin Baghai, Pranav Desai and Rui Silva

Media

In Portuguese:

Quando fazem os CEOs a diferença, Jornal Económico

As empresas e a desigualdade social, Jornal Económico

Efeitos sociais das quotas de género, Jornal Económico

O capital humano como motor de inovação, Jornal Económico

A mulher enquanto agente económico, Jornal Económico

A baixa representatividade feminina em cargos de liderança em Portugal, Jornal Económico