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Paulo is a Full Professor of Finance at the School of Economics and Management, University of Porto (FEP.UP), where he teaches several undergraduate and graduate courses in finance (namely, Capital Budgeting, Real Options and Corporate Finance II). He is Associate Researcher at the Research Center in Economics and Finance (CEF-UP). Between 2011 and 2019, he served as Director of the Master in Finance Programme. He obtained the title of Agregado (Habil.) in Management from the School of Economics and Management, University of Porto in 2018 and a PhD in Business Administration (field: Finance) from the School of Economics and Management, University of Minho in 2006. Paulo's research interests are: Real Options Theory and Dynamic Models in Corporate Finance: investment decisions under uncertainty and (hidden) competition; M&A dynamic models; entrepreneurial finance/venture capital; management compensation. Real Options and public investment incentives; FDI; taxes/subsidies; revenue guaranties; collars agreements. His research has been published in the following academic journals (ABS4 and ABS3): European Journal of Operational Research; European Financial Management; Journal of Business Research; Journal of Economic Dynamics & Control; European Journal of Finance; International Review of Economics & Finance; Quantitative Finance; Economics Letters; among many others. Before joining FEP in 2009, he was the CFO of Valente Marques Group (2005-2009), Invited Assistant Lecturer at the University of Minho (2001-2005) and he assumed different management position before 2001 in several companies in Portugal.
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Identification

Personal identification

Full name
Paulo Jorge Marques de Oliveira Ribeiro Pereira

Citation names

  • Pereira, Paulo J.
  • Pereira, Paulo Jorge

Author identifiers

Ciência ID
C61B-19E3-92FF
ORCID iD
0000-0001-7601-2372
Scopus Author Id
36904591500

Websites

Knowledge fields

  • Social Sciences - Economics and Business
Education
Degree Classification
2018/07/17
Concluded
 Agregação em Gestão (Título de Agregado)
Universidade do Porto Faculdade de Economia, Portugal
2006/12/20
Concluded
 Doutoramento em Ciências Empresariais (Doutoramento)
Major in Finanças
Universidade do Minho Escola de Economia e Gestão, Portugal
"Contribuições para a decisão óptima de investir em contexto de incerteza e concorrência escondida." (THESIS/DISSERTATION)
Affiliation

Science

Category
Host institution 		Employer
2010 - Current Researcher (Research) Centro de Economia e Finanças, Portugal

Teaching in Higher Education

Category
Host institution 		Employer
2022/05/15 - Current Full Professor (University Teacher) Universidade do Porto Faculdade de Economia, Portugal
Universidade do Porto Faculdade de Economia, Portugal
2021/04/01 - 2022/05/15 Associate Professor (University Teacher) Universidade do Porto Faculdade de Economia, Portugal
Universidade do Porto Faculdade de Economia, Portugal
2009/09/15 - 2021/03/31 Assistant Professor (University Teacher) Universidade do Porto Faculdade de Economia, Portugal

Others

Category
Host institution 		Employer
2005/11/01 - 2009/08/31 Director Financeiro Valente Marques, SGPS, SA, Portugal
Projects

Contract

Designation Funders
2006 - 2008 Dynamic valuation of large scale infrastructures projects
info:eu-repo/grantAgreement/FCT/5876-PPCDTI/78033/PT
Researcher
Universidade do Minho Escola de Economia e Gestão, Portugal
Concluded
Outputs

Publications

Journal article
  1. Elmar Lukas; Paulo J. Pereira; Artur Rodrigues. "On the determinants of the dynamic choice between mergers and tender offers". Journal of Corporate Finance (2023): https://doi.org/10.1016/j.jcorpfin.2023.102489.
    10.1016/j.jcorpfin.2023.102489
  2. Dean Paxson; Paulo J. Pereira; Artur Rodrigues. "Investment timing, capacity choice and optimal floors and ceilings". Journal of Economic Dynamics and Control (2022): https://doi.org/10.1016/j.jedc.2022.104430.
    10.1016/j.jedc.2022.104430
  3. Miguel Tavares-Gärtner; Paulo J. Pereira; Elísio Brandão. "Designing a public-private co-investment mechanism to foster venture capital". The European Journal of Finance (2022): https://doi.org/10.1080/1351847X.2022.2035791.
    10.1080/1351847X.2022.2035791
  4. José Lacerda; Paulo J. Pereira; Artur Rodrigues. "Toehold acquisitions as option games". Economics Letters 209 (2021): 110093-110093. https://doi.org/10.1016/j.econlet.2021.110093.
    10.1016/j.econlet.2021.110093
  5. Ricardo M. Ferreira; Paulo J. Pereira. "A Dynamic Model for Venture Capitalists’ Entry–Exit Investment Decisions". European Journal of Operational Research 290 2 (2021): 779-789. https://doi.org/10.1016/j.ejor.2020.08.014.
    Published • 10.1016/j.ejor.2020.08.014
  6. Pereira, Paulo J.. "Optimal timing and capacity choice with taxes and subsidies under uncertainty". Omega (2020): http://dx.doi.org/10.1016/j.omega.2020.102312.
    10.1016/j.omega.2020.102312
  7. Ribeiro, J.A.; Pereira, P.J.; Brandão, E.M.. "A real options approach to optimal bidding in construction projects considering volume uncertainty". Managerial and Decision Economics 41 4 (2020): 631-640. http://www.scopus.com/inward/record.url?eid=2-s2.0-85078885096&partnerID=MN8TOARS.
    Published • 10.1002/mde.3126
  8. Pires, M.; Pereira, P.J.. "Leverage, premium and timing in corporate acquisitions". Economics Letters 188 (2020): http://www.scopus.com/inward/record.url?eid=2-s2.0-85078110778&partnerID=MN8TOARS.
    10.1016/j.econlet.2019.108933
  9. Pereira, P.J.; Rodrigues, A.. "Bargaining merger terms and the effect on the announcement returns". International Review of Economics and Finance 59 (2019): 510-521. http://www.scopus.com/inward/record.url?eid=2-s2.0-85055670942&partnerID=MN8TOARS.
    10.1016/j.iref.2018.10.015
  10. Adkins, R.; Paxson, D.; Pereira, P.J.; Rodrigues, A.. "Investment decisions with finite-lived collars". Journal of Economic Dynamics and Control 103 (2019): 185-204. http://www.scopus.com/inward/record.url?eid=2-s2.0-85065504795&partnerID=MN8TOARS.
    10.1016/j.jedc.2019.04.008
  11. Azevedo, A.; Pereira, P.J.; Rodrigues, A.. "Foreign direct investment with tax holidays and policy uncertainty". International Journal of Finance and Economics 24 2 (2019): 727-739. http://www.scopus.com/inward/record.url?eid=2-s2.0-85055725198&partnerID=MN8TOARS.
    10.1002/ijfe.1688
  12. Pereira, P.J.; Rodrigues, A.. "Investing in a random start American option under competition". Finance Research Letters 28 (2019): 388-397. http://www.scopus.com/inward/record.url?eid=2-s2.0-85050669290&partnerID=MN8TOARS.
    10.1016/j.frl.2018.06.013
  13. Lukas, E.; Pereira, P.J.; Rodrigues, A.. "Designing optimal M&A strategies under uncertainty". Journal of Economic Dynamics and Control 104 (2019): 1-20. http://www.scopus.com/inward/record.url?eid=2-s2.0-85065853030&partnerID=MN8TOARS.
    10.1016/j.jedc.2019.04.006
  14. Ribeiro, J.A.; Pereira, P.J.; Brandão, E.M.. "An option pricing approach to optimal bidding in construction projects". Managerial and Decision Economics 39 2 (2018): 171-179. http://www.scopus.com/inward/record.url?eid=2-s2.0-85041308044&partnerID=MN8TOARS.
    10.1002/mde.2878
  15. Tavares-Gärtner, M.; Pereira, P.J.; Brandão, E.. "Heterogeneous beliefs and optimal ownership in entrepreneurial financing decisions". Quantitative Finance 18 11 (2018): 1947-1958. http://www.scopus.com/inward/record.url?eid=2-s2.0-85046030364&partnerID=MN8TOARS.
    10.1080/14697688.2018.1432882
  16. Tavares-Gärtner, M.; Pereira, P.J.; Brandão, E.. "Optimal contingent payment mechanisms and entrepreneurial financing decisions". European Journal of Operational Research 270 3 (2018): 1182-1194. http://www.scopus.com/inward/record.url?eid=2-s2.0-85047241353&partnerID=MN8TOARS.
    10.1016/j.ejor.2018.04.044
  17. Azevedo, A.; Pereira, P.J.; Rodrigues, A.. "Non-compete covenants, litigation and garden leaves". Journal of Business Research 88 (2018): 197-211. http://www.scopus.com/inward/record.url?eid=2-s2.0-85044585292&partnerID=MN8TOARS.
    10.1016/j.jbusres.2018.03.020
  18. Barbosa, D.; Carvalho, V.M.; Pereira, P.J.. "Public stimulus for private investment: An extended real options model". Economic Modelling 52 (2016): 742-748. http://www.scopus.com/inward/record.url?eid=2-s2.0-84958610719&partnerID=MN8TOARS.
    10.1016/j.econmod.2015.10.013
  19. Azevedo, A.; Pereira, P.J.; Rodrigues, A.. "Non-competition covenants in acquisition deals". Economics Letters 143 (2016): 61-65. http://www.scopus.com/inward/record.url?eid=2-s2.0-84962696292&partnerID=MN8TOARS.
    10.1016/j.econlet.2016.03.025
  20. Loureiro, M.V.; Claro, J.; Pereira, P.J.. "Capacity expansion in transmission networks using portfolios of real options". International Journal of Electrical Power and Energy Systems 64 (2015): 439-446. http://www.scopus.com/inward/record.url?eid=2-s2.0-84905862603&partnerID=MN8TOARS.
    10.1016/j.ijepes.2014.07.047
  21. Cardoso, D.; Pereira, P.J.. "A compensation scheme for optimal investment decisions". Finance Research Letters 14 (2015): 150-159. http://www.scopus.com/inward/record.url?eid=2-s2.0-84939256968&partnerID=MN8TOARS.
    10.1016/j.frl.2015.05.004
  22. Pereira, P.J.; Rodrigues, A.. "Investment decisions in finite-lived monopolies". Journal of Economic Dynamics and Control 46 (2014): 219-236. http://www.scopus.com/inward/record.url?eid=2-s2.0-84905975231&partnerID=MN8TOARS.
    10.1016/j.jedc.2014.07.003
  23. Pereira, P.J.; Armada, M.R.. "Investment decisions under hidden competition". Economics Letters 121 2 (2013): 228-231. http://www.scopus.com/inward/record.url?eid=2-s2.0-84883781464&partnerID=MN8TOARS.
    10.1016/j.econlet.2013.07.029
  24. Armada, M.J.R.; Pereira, P.J.; Rodrigues, A.. "Optimal investment with two-factor uncertainty". Mathematics and Financial Economics 7 4 (2013): 509-530. http://www.scopus.com/inward/record.url?eid=2-s2.0-84881073430&partnerID=MN8TOARS.
    10.1007/s11579-013-0101-1
  25. Rocha Armada, M.J.; Pereira, P.J.; Rodrigues, A.. "Optimal subsidies and guarantees in public-private partnerships". European Journal of Finance 18 5 (2012): 469-495. http://www.scopus.com/inward/record.url?eid=2-s2.0-84865625795&partnerID=MN8TOARS.
    10.1080/1351847X.2011.639789
  26. Armada, M.R.; Kryzanowski, L.; Pereira, P.J.. "Optimal Investment Decisions for Two Positioned Firms Competing in a Duopoly Market with Hidden Competitors". European Financial Management 17 2 (2011): 305-330. http://www.scopus.com/inward/record.url?eid=2-s2.0-79952016914&partnerID=MN8TOARS.
    10.1111/j.1468-036X.2009.00514.x
  27. Armada, M.R.; Kryzanowski, L.; Pereira, P.J.. "A modified finite-lived American exchange option methodology applied to real options valuation". Global Finance Journal 17 3 (2007): 419-438. http://www.scopus.com/inward/record.url?eid=2-s2.0-33846807308&partnerID=MN8TOARS.
    10.1016/j.gfj.2006.05.006
Activities

Oral presentation

Presentation title Event name
Host (Event location)
2019 A Theory on R&D Investment Dynamics Under Optimal Effort Allocation 23nd Annual International Conference on Real Options
(London, United Kingdom)
2018 Investment Decisions with Finite-Lived Collars 22nd Annual International Conference on Real Options
(Dusseldorf, Germany)
2017 Tax and Subsidy Incentives and their Effect on Investment Timing and Scale 21st Annual International Conference on Real Options
(Boston, United States)
2016 Greenfield Investment or Acquisition? The Decision under Hidden Competition 20th Annual International Conference on Real Options
(Oslo and Trondheim, Norway)
2015 Entrepreneurs, Financiers and Growth Opportunities: Models for Entrepreneurial Financing Decisions Based on Real Options 19th Annual International Conference on Real Options
(Atenas e Monemvasia, Greece)
2015 Non-Competition Covenants in Acquisition Deals 19th Annual International Conference on Real Options
(Atenas e Monemvasia, Greece)
2014 A Two-Factor Uncertainty Model to Determine the Optimal Contractual Penalty for a Build-Own-Transfer Project EFMA, European Financial Management Association Annual Meetings
(Rome, Italy)
2014 Optimal Timing for Introducing a New Product Generation: a Real Options Approach 8th Portuguese Finance Network Conference
(Vilamoura, Portugal)
2013 Investment Decisions in Finite-Lived Monopolies 17th Annual International Conference on Real Options
(Tokyo, Japan)
2011 Investment Decisions in Monopolies Under Random Change in Market Structure 15th Annual International Conference on Real Options
(Turku, Finland)
2008 Optimal incentives to early exercise of public-private partnership investments under constrained growth 5th Portuguese Finance Network Conference
(Coimbra, Portugal)
2007 The optimal timing for the construction of an airport Optimization2007 Conference
(Porto, Portugal)
2004 The optimal decision to invest in a duopoly market for (two) positioned companies when there are hidden competitors 3rd Portuguese Finance Network Conference
(Lisbon, Portugal)
2004 The optimal decision to invest in a duopoly market for (two) positioned companies when there are hidden competitors 8th Annual International Conference on Real Options
(Montreal, Canada)
2003 The value of timing of shared real options with random maturity 7th Annual International Conference on Real Options
(Washington DC, United States)
2002 Real investment opportunity valuation and timing using a finite-lived American exchange option methodology 6th Annual International Conference on Real Options
(Paphos, Cyprus)
2000 A contribution to the determination of value and timing of investment opportunities as finite lived American exchange options 40th Southern Finance Association Annual Meeting
(Savannah GE, United States)

Supervision

Thesis Title
Role 		Degree Subject (Type)
Institution / Organization
2019 - 2019 Investment on On-The-Job Training – A Real Options Approach
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2019 - 2019 Are mergers and acquisitions driven by mispricing?
Co-supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2019 - 2019 Real Options in Human Capital Investments
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2019 - 2019 Optimal Timing, Leverage and Premium in M&As - A Real Options Approach
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2019 - 2019 Toehold Acquisition as a Staging Real Option
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2019 - 2019 The IPO Underpricing: Comparison of fintech companies and non-fintech companies
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2019 - 2019 The Launch of a New Technology: a Real Options Approach
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2018 - 2018 Corporate Diversification: A Real Options Approach
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2018 - 2018 The Venture Capitalist Investment Decision: A Dynamic Real Options Approach
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2018 - 2018 Port Wine - An alternative investment?
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2018 - 2018 FDI under political risk and competition, a real options approach
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2018 - 2018 Portugal and its Venture Capital Industry - an analysis on the portuguese companies backed-up by Venture Capital
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2018 - 2018 R&D Investment Dynamics Under Optimal Managerial Effort Allocation
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2017 - 2017 The option to spy: The Firm Behaviour, Global Welfare and Policy Measures
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2017 - 2017 Vilarinho das Furnas - Avaliação de tecnologia inovadora pela perspetiva das opções reais
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2016 - 2016 Option to reveal an R&D Investment
Co-supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2016 - 2016 A dynamic setting for understanding tax evasion
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2016 - 2016 The Valuation of IPOs in a Privatization context: A real options approach
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2016 - 2016 Early Stage Biopharmaceutical R&D Financing: A Real Options Approach
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2016 - 2016 Underpricing as compensation for the uncertainty surrounding the IPO share value
Co-supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2016 - 2016 Tracking error of Exchange-Traded Index Funds and their determinants: Evidence from the U.S
Co-supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2016 - 2016 Introducing a new High-Tech product considering Market Expansion: A Real Options approach
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2016 - 2016 The risk variable in a sequential investment option: a Real Options approach
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2016 - 2016 The equity-holder abandonment option. A comparison between voluntary and involuntary banktuptcy petitions
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2016 - 2016 The oil price shocks impact on stock market returns in developed oil-exporting and oil-importing countries
Co-supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2013 - 2016 A Real Options Approach to Venture Capital-Backed Entrepreneurial Financing Decisions
Supervisor
 Doutoramento em Ciências Empresariais (PhD)
Universidade do Porto Faculdade de Economia, Portugal
2015 - 2015 Optimal Timing for an IPO with Market Sentiment Uncertainty
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2015 - 2015 Impact of Troika's intervention on Capital Structure of Irish, Greek and Portuguese Companies
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2015 - 2015 O papel da relação banco-empresa e da informação informal na decisão de concessão de crédito a pequenas e médias empresas portuguesas
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2015 - 2015 The valuation of the buyback option in football contracts
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2015 - 2015 A Two-Factor Uncertainty Model to Determine the Optimal Timing for an Incumbent Manager to Venture as an Entrepreneur
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2014 - 2014 A Renegociação das Parcerias Público-Privadas no Setor Rodoviário: A opção de extensão das subconcessões
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2014 - 2014 A Consistência entre Mercado de Opções e o Mercado à Vista de Londres
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2014 - 2014 Optimal Timing for an IPO with Market Sentiment
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2014 - 2014 Impact of the Financial Crisis on Dividend Payout: Evidence from portuguese market
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2013 - 2013 Avaliação de Direitos Desportivos segundo a Teoria das Opções Reais
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2013 - 2013 Real Options in Determining the Optimal Timing to Introduce a Technological Product
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2013 - 2013 Portfolios of Real Options: Capacity Expansion in Transmission Networks
Co-supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2013 - 2013 Opções Reais na Avaliação de Projectos de IDE - um estudo de caso
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2011 - 2013 Essays on construction projects valuation under the real options approach
Supervisor
 Doutoramento em Ciências Empresariais (PhD)
Universidade do Porto Faculdade de Economia, Portugal
2012 - 2012 Opções Reais no Futebol: Da Opção de Expansão à (Re)Negociação de Contratos com Cláusula de Rescisão
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2012 - 2012 The interaction between firms and Government in the context of investment decisions: a real options approach
Co-supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2012 - 2012 Incentivos ao Investimento em Energia Eólica: A Perspectiva das Opções Reais
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2012 - 2012 A Avaliação da Flexibilidade nos Contratos de Franchising
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2012 - 2012 Os determinantes do Corporate Cash Holdings: Um estudo da realidade portuguesa
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2012 - 2012 Bid or buy it now: uma abordagem das opções reais
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2011 - 2011 Avaliação de um Projecto de Extracção de Recursos Naturais pelo Método das Opções Reais - Estudo de Caso
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2011 - 2011 Flexibility in the Deployment of Next Generation Nextwoks in Portugal
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal
2011 - 2011 Contributions on Real Options Agency Theory
Supervisor
 Master Dissertation (Master)
Universidade do Porto Faculdade de Economia, Portugal

Conference scientific committee

Conference name Conference host
2019 - 2019 IFABS – International Finance and Banking Society Conference PBS - U.Porto
2018 - 2018 PFN – Portuguese Finance Network Conference ISCTE, Lisbon