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Carlos Santos has obtained his Habilitation for Full Professorship (Agregação) in Econometrics, at the Rectorship of the Portuguese Catholic University, in 2013. He holds a Ph.D. in Economics from the University of Oxford (2006), having worked under the supervision of Professor David F. Hendry. He concluded his undergraduate studies in Economics in 1999, at the University of Porto, with a final mark of 17 ou of 20 (the best among 237 candidates). Currently, he is an Associate Professor (w/ Habilitation) at the University of Maia. He has previously lectured at the Portuguese Catholic University and at Oxford University. He is also a Researcher at NECE-UBI (Research Center in Business Sciences, University of Beira Interior). He has also colaborated with CeBER (Research Centre in Business and Economics - Univ. of Coimbra) and with UNICES (Research Unit in Business Sciences and Sustainability - University of Maia). In the past, we was a a Graduate Visitor at the European Central Bank, DG-Research, where he worked with Andreas Bayer,. He has published numerous scientific papers in international quality journals. His research is mainly focused on Finance, Econometrics, Machine Learning and Macro- Financial Linkages. In 2022, he went back to Oxford, to work on the Statistical Theory of Machine Learning under the guidance of Professor Max Kasy. He has been a part of nationally (FCT) and internationally (ESRC, UK) financed research teams. He has delivered seminars in various universities, and has been the receiver of several awards and distinctions, most noticeably the Sir John Hicks Scholarship from Oxford University (2004 & 2005).
Identification

Personal identification

Full name
Carlos Manuel Ferreira dos Santos

Citation names

  • Santos, Carlos
  • Santos, C.

Author identifiers

Ciência ID
B21B-EE12-A3EC
ORCID iD
0000-0002-5100-0794

Email addresses

  • cmsantos@ismai.pt (Professional)

Knowledge fields

  • Social Sciences - Economics and Business - Econometrics

Languages

Language Speaking Reading Writing Listening Peer-review
English Advanced (C1) Advanced (C1) Advanced (C1) Advanced (C1)
French Intermediate (B1) Advanced (C1) Intermediate (B1) Intermediate (B1)
Spanish; Castilian Advanced (C1) Advanced (C1) Intermediate (B1) Advanced (C1)
Education
Degree Classification
2013/02/04
Concluded
Provas Públicas de Agregação (Título de Agregado)
Universidade Católica Portuguesa, Portugal
Aprovado
2006/06
Concluded
D.Phil. in Economics (Doutoramento)
University of Oxford, United Kingdom
"Structural Breaks and Outliers in Economic Time Series" (THESIS/DISSERTATION)
Distinction
2003
Concluded
M.Phil. in Economics (Mestrado)
University of Oxford, United Kingdom
"Statistical Inference in Econometric Models with Indicator Variables" (THESIS/DISSERTATION)
Distinction
1999/07
Concluded
Economia (Licenciatura)
Universidade do Porto Faculdade de Economia, Portugal
17 valores
Affiliation

Science

Category
Host institution
Employer
2023/07/03 - Current Researcher (Research) Universidade da Beira Interior Núcleo de Estudos em Ciências Empresariais, Portugal
2017/06/01 - Current Researcher (Research) Universidade de Coimbra, Portugal
Universidade de Coimbra Centro de Investigação em Economia e Gestão, Portugal

Teaching in Higher Education

Category
Host institution
Employer
2019/03/01 - Current Associate Professor (University Teacher) Universidade da Maia Departamento de Ciências Empresariais, Portugal
2017/02 - 2019/02/28 Assistant Professor (University Teacher) Instituto Universitário da Maia, Portugal
2006/09 - 2016/11 Assistant Professor (University Teacher) Universidade Católica Portuguesa Católica Porto Business School, Portugal
2003 - 2006 Invited Assistant (University Teacher) University of Oxford Department of Economics, United Kingdom
1999 - 2001 Trainee Assistant (University Teacher) Universidade Católica Portuguesa Católica Porto Business School, Portugal
Projects

Contract

Designation Funders
2023/03/01 - 2024/08/29 The Diagnosis Network App (DiNA): Development of a computational system for the diagnosis of DSM-5 mental disorders based on complex networks
2022.07384.PTDC
Researcher
Instituto Universitário da Maia, Portugal
Ongoing
2007/01/01 - 2009/12/31 Social welfare, immigrant population and labour market exclusion
Researcher
Universidade Católica Portuguesa Centro de Estudos de Gestão e Economia, Portugal
Fundação para a Ciência e a Tecnologia
Concluded
2005/10/01 - 2006/09/30 Model Selection and Forecasting with Structural Breaks
RES 051270035
Research Fellow
University of Oxford Department of Economics, United Kingdom
Economic and Social Research Council
Concluded
Outputs

Publications

Book chapter
  1. Hendry, David F.; Santos, Carlos. "An Automatic Test of Super Exogeneity*". In Volatility and Time Series Econometrics, edited by Bollerslev, T.; Russell, J.; Watson, M., 164-193. Oxford University Press, 2010.
    10.1093/acprof:oso/9780199549498.003.0009
Conference paper
  1. Santos, Carlos; Oliveira, M. A.. "Sovereign CDS contagion in the European Union: A Multivariate GARCH with variables analysis of volatility spill-overs". Paper presented in 27th Business Research Conference, Toronto, 2014.
    Published
  2. Santos, Carlos; Oliveira, M. A.. "An Overlapping Generations Model of the Savings Rate Decline: The Case of Portugal". Paper presented in World Business and Social Science Research Conference, Bangkok, 2013.
    Published
  3. Carlos Santos; Maria Alberta Oliveira; João Coelho. "The Budgeting of Portuguese Public Museums: A Dynamic Panel Data Approach". Paper presented in World Business and Economics Research Conference, Auckland, 2012.
    Published • 10.2139/ssrn.2185135
Journal article
  1. Maria Alberta Oliveira; Carlos Santos. "Unveiling trading patterns: iTraxx Europe financials from the great financial crisis to ECB monetary easing". Banks and Bank Systems (2022): https://doi.org/10.21511/bbs.17(3).2022.16.
    10.21511/bbs.17(3).2022.16
  2. Oliveira, M. A.; Santos, Carlos. "Determinants of credit default swaps implied ratings during the crisis: was sovereign risk mispriced?". Investment Management and Financial Innovations 15 3 (2018): 1-14. https://doi.org/10.21511%2Fimfi.15%283%29.2018.01.
    10.21511/imfi.15(3).2018.01
  3. Santos, Carlos; Oliveira, M. A.. "A volatility-based approach to gold as a safe haven: can it explain the abnormalities in gold returns during periods of extreme financial adversity?". Investment Management and Financial Innovations 13 3(1) (2016): 203-214. https://doi.org/10.21511%2Fimfi.13%283-1%29.2016.06.
    10.21511/imfi.13(3-1).2016.06
  4. Oliveira, M. A.; Santos, Carlos. "Market exuberance in sovereign credit default swaps: Assessing the EU regulatory framework and trading profit opportunities". Investment Management and Financial Innovations 12 4 (2015): 70-80. http://www.scopus.com/inward/record.url?eid=2-s2.0-84955438772&partnerID=MN8TOARS.
  5. Santos, Carlos; Oliveira, Maria Alberta; Coelho, João. "The Budgeting of Portuguese Public Museums: A Dynamic Panel Data Approach". World Review of Business Research 3 3 (2013): 145-156.
    Published
  6. Santos, Carlos. "The Euro Sovereign Debt Crisis: Determinants of Default Probabilities and Implied Ratings in the CDS Market: An Econometric Analysis". Journal of Advanced Studies in Finance 2 1 (2011): 53-61. https://journals.aserspublishing.eu/jasf/article/view/46.
    Published
  7. Santos, C.; Oliveira, M.A.. "Assessing French inflation persistence with impulse saturation break tests and automatic general-to-specific modeling". Applied Economics 42 12 (2010): 1577-1589. http://www.scopus.com/inward/record.url?eid=2-s2.0-77952341377&partnerID=MN8TOARS.
    10.1080/00036840701721521
  8. Oliveira, M.A.; Santos, C.. "Looking for a change point in French monetary policy in the early eighties". Applied Economics Letters 17 4 (2010): 387-392. http://www.scopus.com/inward/record.url?eid=2-s2.0-76749129274&partnerID=MN8TOARS.
    10.1080/13504850701735898
  9. Santos, C.. "Impulse saturation break tests". Economics Letters 98 2 (2008): 136-143. http://www.scopus.com/inward/record.url?eid=2-s2.0-37549043491&partnerID=MN8TOARS.
    10.1016/j.econlet.2007.04.021
  10. Hendry, D.F.; Johansen, S.; Santos, C.. "Erratum: Automatic selection of indicators in a fully saturated regression". Computational Statistics 23 2 (2008): 337-339. http://www.scopus.com/inward/record.url?eid=2-s2.0-42149157786&partnerID=MN8TOARS.
    10.1007/s00180-008-0112-1
  11. Santos, C.; Hendry, D.F.; Johansen, S.. "Automatic selection of indicators in a fully saturated regression". Computational Statistics 23 2 (2008): 317-335. http://www.scopus.com/inward/record.url?eid=2-s2.0-42149138564&partnerID=MN8TOARS.
    10.1007/s00180-007-0054-z
  12. Santos, C.. "A pitfall in joint stationarity, weak exogeneity and autoregressive distributed lag models". Economics Bulletin 3 53 (2007): http://www.scopus.com/inward/record.url?eid=2-s2.0-36749095584&partnerID=MN8TOARS.
  13. Santos, Carlos; Oliveira, M. A.. "Modelling the German Yield Curve and Testing the Lucas Critique: 1975-2001". Applied Econometrics and International Development 7 1 (2007): 51-62. http://www.usc.es/economet/aeid.htm#Vol7-1.
    Published
  14. Santos, Carlos; Hendry, D.F.. "Saturation in Autoregressive Models". Notas Económicas 24 (2006): 8-19. https://www.uc.pt/feuc/notas-economicas/artigos/pdf/ne024n0177.
    Open access • Published
  15. Hendry, D.F.; Santos, C.. "Regression models with data-based indicator variables". Oxford Bulletin of Economics and Statistics 67 5 (2005): 571-595. http://www.scopus.com/inward/record.url?eid=2-s2.0-26944446963&partnerID=MN8TOARS.
    10.1111/j.1468-0084.2005.00132.x
  16. Oliveira, M.A.; Santos, C.. "Assessing school efficiency in Portugal using FDH and bootstrapping". Applied Economics 37 8 (2005): 957-968. http://www.scopus.com/inward/record.url?eid=2-s2.0-18844409385&partnerID=MN8TOARS.
    10.1080/00036840500061095
Activities

Supervision

Thesis Title
Role
Degree Subject (Type)
Institution / Organization
2022/10/01 - 2023/09/20 Sustainable Finance: Retornos Sustentáveis vs. Retornos Tradicionais
Supervisor
Mestrado em Gestão de Empresas (Master)
Instituto Universitário da Maia, Portugal
2023/02/15 - 2023/06/20 Relatório de Estágio: Covet Group
Supervisor
Gestão de Marketing (Degree)
Instituto Universitário da Maia, Portugal
2021/10/01 - 2022/10/01 Instrumentos Financeiros e sua Volatilidade
Supervisor
Mestrado em Gestão de Empresas (Master)
Instituto Universitário da Maia, Portugal
2020/10/01 - 2021/09/20 Restauração em tempos de Pandemia: A importância das plataformas de entrega de refeições ao domicílio
Supervisor
Mestrado em Marketing (Master)
Instituto Universitário da Maia, Portugal
2020/10/01 - 2021/09/20 Estratégias de Pricing, comportamento do consumidor e compras por impulso
Supervisor
Mestrado em Marketing (Master)
Instituto Universitário da Maia, Portugal
2020/10/01 - 2021/07/02 Reação dos Mercados Financeiros à Crise Pandémica do Covid 19
Supervisor
Mestrado em Gestão de Empresas (Master)
Instituto Universitário da Maia, Portugal
2020/10/01 - 2021/06/20 Impacto Financeiro do Covid-19: análise dos spreads de CDS na aviação
Supervisor
Mestrado em Gestão de Empresas (Master)
Instituto Universitário da Maia, Portugal
2019/10/01 - 2020/09/20 Turismo de Cruzeiros e Inovação de Modelos de Negócio (Fly-cruise): Enquadramento de Stakeholders e Comunicação B2B no caso do binómio Aeroporto Francisco Sá Carneiro/Terminal de Leixões
Supervisor
Mestrado em Gestão de Empresas (Master)
Instituto Universitário da Maia, Portugal
2015/10/01 - 2016/03/05 The Bail-In Enforcement: Application of the Resolution Tool do Banco Espírito Santo
Supervisor
Mestrado em Finanças (Master)
Universidade Católica Portuguesa Católica Porto Business School, Portugal
2015/10/01 - 2016/03/05 Proibição de Naked Sovereign CDS: liquidez e aversão ao risco
Supervisor
Mestrado em Finanças (Master)
Universidade Católica Portuguesa Católica Porto Business School, Portugal
2015/10/01 - 2016/03/05 A Estrutura Temporal dos CDS: Modelização e Análise
Supervisor
Mestrado em Finanças (Master)
Universidade Católica Portuguesa Católica Porto Business School, Portugal
2015/10/01 - 2016/03/05 Relação entre Liquidez e Risco de Mercado: o paradoxo do ouro
Supervisor
Mestrado em Finanças (Master)
Universidade Católica Portuguesa Católica Porto Business School, Portugal
2015/10/01 - 2016/03/05 Euribor Evolution and Risk on Bank’s Assets
Supervisor
Mestrado em Finanças (Master)
Universidade Católica Portuguesa Católica Porto Business School, Portugal
2015/10/01 - 2016/03/05 CDS Bancários, Bail-In e Protecção Obrigacionista
Supervisor
Mestrado em Finanças (Master)
Universidade Católica Portuguesa Católica Porto Business School, Portugal
2015/10/01 - 2016/03/05 Trading of Credit Indices – Behaviour Analysis
Supervisor
Mestrado em Finanças (Master)
Universidade Católica Portuguesa Católica Porto Business School, Portugal
2015/10/01 - 2016/03/05 A atuação das Farmácias, Parafarmácias e Grandes Superfícies na Venda de Medicamentos
Supervisor
Mestrado em Gestão (Master)
Universidade Católica Portuguesa Católica Porto Business School, Portugal
2015/10/01 - 2016/03/05 Percepções do Consumidor sobre a estratégia de preços do Modelo Continente Hipermercados
Supervisor
Mestrado em Marketing (Master)
Universidade Católica Portuguesa Católica Porto Business School, Portugal
2014/10/01 - 2015/03/05 Clarifying What is a Safe Haven: an application to the Gold market
Supervisor
Mestrado em Finanças (Master)
Universidade Católica Portuguesa Católica Porto Business School, Portugal
2014/10/01 - 2015/03/05 Contágio Centro-Periferia na Crise da Zona Euro, no mercado de Credit Default Swaps: uma análise DCC-MGARCH
Supervisor
Mestrado em Finanças (Master)
Universidade Católica Portuguesa Católica Porto Business School, Portugal
2014/10/01 - 2015/03/05 Are IPOs underpriced: Testing for Bubbles in IPOs – An empirical analysis?
Supervisor
Mestrado em Finanças (Master)
Universidade Católica Portuguesa Católica Porto Business School, Portugal
2014/10/01 - 2015/03/05 Regulating Sovereign Credit Default Swaps
Supervisor
Mestrado em Finanças (Master)
Universidade Católica Portuguesa Católica Porto Business School, Portugal
2014/10/01 - 2015/03/05 Risco Soberano e Consequências do Bail In Cipriota: Análise 1 ano e meio depois
Supervisor
Mestrado em Finanças (Master)
Universidade Católica Portuguesa Católica Porto Business School, Portugal
2014/10/01 - 2015/03/05 Análise e Previsão de Bolhas Especulativas
Supervisor
Mestrado em Finanças (Master)
Universidade Católica Portuguesa Católica Porto Business School, Portugal
2013/10/01 - 2014/03/05 A decomposição do risco no mercado de Credit Default Swaps
Supervisor
Mestrado em Finanças (Master)
Universidade Católica Portuguesa Católica Porto Business School, Portugal
2013/10/01 - 2014/03/05 O comportamento do mercado de Credit Default Swaps no contexto de um processo de reestruturação de dívida: o caso de Chipre
Supervisor
Mestrado em Finanças (Master)
Universidade Católica Portuguesa Católica Porto Business School, Portugal
2013/10/01 - 2014/03/05 China Goes Global: Investimento Externo, Fusões e Aquisições –Tendências e Motivações do (a)braço corporativo da geopolítica chinesa no sector da Energia & Utilites
Supervisor
Mestrado em Gestão (Master)
Universidade Católica Portuguesa Católica Porto Business School, Portugal
2012/10/01 - 2013/03/05 Validade dos Ratings Implícitos nos Mercados de CDS sobre Dívida Soberana
Supervisor
Mestrado em Finanças (Master)
Universidade Católica Portuguesa Católica Porto Business School, Portugal
2009/10/01 - 2010/03/05 A Eficiência na Regulação do Fornecimento de Eletricidade
Supervisor
Mestrado em Economia (Master)
Universidade Católica Portuguesa Católica Porto Business School, Portugal
2007/10/01 - 2009/03/05 BiPower Variation and Realized Volatility: An Empirical Assessment of the Efficient Market Hypothesis
Supervisor
Mestrado em Finanças (Master)
Universidade Católica Portuguesa Católica Porto Business School, Portugal
2007/10/01 - 2009/03/05 A Sobrevivência de Empresas Micro Financiadas
Supervisor
Mestrado em Economia (Master)
Universidade Católica Portuguesa Católica Porto Business School, Portugal
2006/10/01 - 2008/03/05 A Orçamentação dos Museus Públicos Portugueses
Supervisor
Mestrado em Economia (Master)
Universidade Católica Portuguesa Católica Porto Business School, Portugal
Distinctions

Award

2014 Best Paper Award in Banking and Finance
World Business Institute, Australia
1999 Award for the best student completing the Economics degree in 1999 at FEP
Banco de Portugal, Portugal
1999 Award for the student with highest mark in the Economics degree with completion in 1999 at FEP
Fundação Engenheiro António de Almeida, Portugal
1998 Best student at Faculdade de Economia do Porto
Universidade do Porto, Portugal

Title

2004 John Hicks Scholar
University of Oxford, United Kingdom