Almeida, Heitor I HAVE MOVED TO THE UNIVERSITY OF ILLINOIS. PLEASE SEE NEW PAGE Associate Professor of Finance Joined Stern 2000 (on leave during 2007-2008) Faculty Research Fellow, NBER

Education:

• PhD   Economics University of Chicago  2000
• MS    Economics PUC-Rio  1995
• BA     Economics UFMG  1992
• BA     Business Administration UNA 1992

Teaches:

• Financial Management, Corporate Finance

Research Interests:(research statement)

• Business Groups
• Financial Constraints
• Financial Distress
• Corporate Governance and Decision-Making

Publications: (full vita)

• "Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies," (with V. Acharya and Murillo Campello), 2007, Journal of Financial Intermediation (pdf)
• "The Risk-Adjusted Cost of Financial Distress," (with T. Philippon), December 2007, Journal of Finance, (pdf)
• "Financial Constraints, Asset Tangibility and Corporate Investment," (with M. Campello), 2007, Review of Financial Studies, (pdf)
• "A Theory of Pyramidal Ownership and Family Business Groups," (with D. Wolfenzon), Journal of Finance 61, p. 2637-2681, 2006, (pdf)
• "The Financial Accelerator: Evidence From International Housing Markets," (with M. Campello and C. Liu), Review of Finance 10, 1-32, issue 3, 2006 (lead article) (pdf)
• "Should Business Groups Be Dismantled? The Equilibrium Costs of Efficient Internal Capital Markets,"(with D. Wolfenzon), Journal of Financial Economics 79, p. 99-144, January 2006. (pdf)
• "Powerful CEOs and Their Impact on Corporate Performance," (with R. Adams and D. Ferreira), Review of Financial Studies 18: 1403-1432, Winter 2005.(pdf)
• "The Effect of External Finance on the Equilibrium Allocation of Capital," (with D. Wolfenzon), Journal of Financial Economics 75, 133-164, January 2005. (pdf)
• "The Cash Flow Sensitivity of Cash" (with M. Campello and M. Weisbach), Journal of Finance, 59, p. 1777-1804, August 2004. (pdf)
• "Optimal State-Dependent Rules, Credibility, and Inflation Inertia" (with M. Bonomo), Journal of Monetary Economics, 49, p. 1317-1336, October 2002 (lead article).(pdf)
• "Democracy and the Variability of Economic Performance" (with D. Ferreira), Economics and Politics, 14, p. 225-257, November 2002 (lead article). (pdf)

• "Beyond Cash Flow and Voting Rights: Valuation and Performance of Firms in Complex Ownership Structures," with Sang Yong Park, Marti Subrahmanyam and Daniel Wolfenzon, (pdf)
• "Financing Frictions and the Substitution Between Internal and External Funds," with Murillo Campello, (pdf)
• "Corporate Financial and Investment Policies when Future Financing is not Frictionless," with Murillo Campello and Michael Weisbach, (pdf)
• "Understanding the Relationship between Founder-CEOs and Firm Performance," (with R. Adams and D. Ferreira),(pdf)
• "Financial Constraints and Investment-Cash Flow Sensitivities: New Research Directions" (with M. Campello), (pdf)