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New faculty

April 2016
Rui Albuquerque

Rui Albuquerque  

 

Associate Professor, Finance

Ph.D. in Economics, University of Rochester

 

Associate Professor of Finance Rui Albuquerque’s main areas of research expertise are capital markets, governance, and international finance.

Prior to joining the Carroll School, he held teaching positions at Boston University, the University of Rochester, and the Portuguese Catholic University, and consulted for the Centre of Applied Studies of the Portuguese Catholic University, the Bank of Portugal, and the World Bank.

His 2008 paper “Agency Conflicts, Investment, and Asset Pricing” (with Neng Wang) was awarded the 2008 Smith Weeden Distinguished Paper Prize by the Journal of Finance, the European Corporate Governance Institute’s 2008 Finance Prize, and several other major awards, and his research paper “Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence” (with Artyom Durnev and Yrjo Koskinen) won the ECGI’s Finance Prize again in 2013. Professor Albuquerque currently serves as an associate editor of the Journal of Banking and Finance and the Portuguese Economic Journal.

“In some of my recent work, I study the impact that controlling shareholders have on their corporations,” Albuquerque says. “This is a critical question because US equity markets no longer operate with dispersed shareholders. Instead, financial intermediaries, founding shareholders, and other insiders often have large enough blocks of shares that allow them to effectively have full control over a firm even though, by necessity, they do not bear the full consequences of their policy choices because they do not own all the shares in the firm.” In his research he asks, “How are these large blocks of shares that suffer from a lack of marketability valued? What are investment and dividend policies for firms with controlling shareholders? Are there sizable private benefits of being a controlling shareholder?”