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Manuel Rocha Armada

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Manuel Rocha Armada

Ph.D in Business Administration University of Manchester

rarmada@eeg.uminho.pt

Campus de Gualtar - Edificio 8 - 3.16

ORCID

Researcher ID

About

Professor (in Full) of Finance. He was the Scientific Director of one of School’s Research Centers, Vice-President of the School and its President. He got a degree in Management from ISEG (Technical U. Lisbon), a Master degree in Management Science from the U. Kent and the PhD degree in Business Administration from the Manchester Business School.
He published in several international journals, including the European Journal of Finance, the European Financial Management Journal, Industrial and Corporate Change, Review of Derivatives Research, Quantitative Finance, and the Investment Analysts Journal. He is a member of the editorial board of several international journals.
Was also awarded with the “Best Paper Award” (with co-authors) in three International Finance Conferences.
He taught, gave speeches and seminars at several national and international universities and financial institutions.
Professor Armada has held visiting positions at The Wharton School (US), London Business School and Manchester Business Schoo (UKl, U. Zaragoza and U. Santiago (Spain), U. Bergamo (Italy) , U. São Paulo, Mackenzie U. and Getúlio Vargas Foundation (Brazil).
He is also a member of the Mexican Academy of Administrative Sciences.

Areas of interest

Corporate Finance

Behavioral Finance

Mutual Fund Performance

Real Options.

Publications

Sardo, F , Serrasqueiro, Z , & Armada, M R (2022)

The importance of owner loans for rebalancing the capital structure of small knowledge-intensive service firms

Research in International Business and Finance, 61, 101657 DOI

Sanvicente, A Z , Kayo, E K , da Rocha Armada, M J , & Nakamura, W T (2021)

New studies and research results on governance and finance in the Brazilian and Latin America contexts

Revista De Administracao Mackenzie, 21(6), ERAMD200301 DOI

Canton, C , Müller, M , da Silva, T P , & Armada, M R (2021)

Dificultad financiera y rendimiento de mercado de organizaciones latinoamericanas

Revista Facultad De Ciencias Económicas, 29(1), 11–26 DOI

Madaleno, M , Vieira, E , Lobão, J , & Armada, M R (2019)

Princípios de Finanças – Instrumentos financeiros – Teoria e Prática

Sílabo DOI

Prates, W , Jr , N D C , Armada, M R , & Silva, S D (2019)

Propensity to sell stocks in an artificial stock market

PLoS One, 14(4), e0215685 DOI

Leal, C C , Armada, M J R , & Loureiro, G (2018)

Individual investors repurchasing behaviour: evidence from the Portuguese stock market

European Journal of Finance, 24(11), 976–999 DOI

Leal, C C , Loureiro, G , & Armada, M J R (2018)

Selling Winners, Buying Losers: Mental Decision Rules Of Individual Investors On Their Holdings

European Financial Management, 24(3), 362–386 DOI

Leite, P , & Armada, M R (2017)

Bond Fund Performance During Recessions and Expansions: Empirical Evidence from a Small Market

International Review of Finance, 17(1), 163–170 DOI

Leite, P , Faria, O , & Armada, M R (2016)

The impact of the eurozone sovereign debt crisis on bond fund performance persistence: Evidence from a small market

Investment Analysts Journal, 45, S32–S45 DOI

Serrasqueiro, Z , Nunes, P M , & da Rocha Armada, M (2016)

Capital structure decisions: old issues, new insights from high-tech small- and medium-sized enterprises

European Journal of Finance, 22(1), 59–79 DOI

Armada, M J R , Sousa, R M , & Wohar, M E (2015)

Consumption growth, preference for smoothing, changes in expectations and risk premium

Quarterly Review of Economics and Finance, 56, 80–97 DOI

Silva, W M , Costa, N C A , Barros, L A , Armada, M R , & Norvilitis, J M (2015)

Behavioral finance: Advances in the last decade

RAE Revista De Administracao De Empresas, 55(1), 10–13 DOI

Armada, M J R , Pereira, P J , & Rodrigues, A (2013)

Optimal investment with two-factor uncertainty

Mathematics and Financial Economics, 7(4), 509–530 DOI

Pereira, P J , & Armada, M R (2013)

Investment decisions under hidden competition

Economics Letters, 121(2), 228–231 DOI

Adcock, C J , Cortez, M C , Armada, M J R , & Silva, F (2012)

Time varying betas and the unconditional distribution of asset returns

Quantitative Finance, 12(6), 951–967 DOI

Adcock, C , Areal, N , Armada, M , Cortez, M C , Oliveira, B , & Silva, F (2012)

Tests of the Correlation between Portfolio Performance Measures

Journal of Financial Transformation, 35, 123–132 DOI

Armada, M J R , & Sousa, R M (2012)

Can the wealth-to-income ratio be a useful predictor in alternative finance? evidence from the housing risk premium

International Symposia in Economic Theory and Econometrics, 22, 67–79 DOI

Armada, M J R , Pereira, P J , & Rodrigues, A (2012)

Optimal subsidies and guarantees in public-private partnerships

European Journal of Finance, 18(5), 469–495 DOI

Serrasqueiro, Z , Mendes, S , Nunes, P M , & Armada, M (2012)

Do the Investment Determinants of New SMEs Differ From Existing SMEs? Empirical Evidence Using Panel Data

Investment Analysts Journal, 76, 51–67 DOI

Armada, M R , Kryzanowski, L , & Pereira, P J (2011)

Optimal Investment Decisions for Two Positioned Firms Competing in a Duopoly Market with Hidden Competitors

European Financial Management, 17(2), 305–330 DOI

Serrasqueiro, Z S , Armada, M R , & Nunes, P M M (2011)

Pecking Order Theory versus Trade-Off Theory: Are service SMEs' capital structure decisions different?

Service Business, 5(4), 381–409 DOI

Leal, C C , Armada, M J R , & Duque, J C (2010)

Are all individual investors equally prone to the disposition effect all the time? New evidence from a small market

Frontiers in Finance and Economics, 7(2), 38–68 DOI

Serrasqueiro, Z S , Nunes, P M , Leitão, J , & Armada, M R (2010)

Are there non-linearities between SME growth and its determinants? A quantile approach

Industrial and Corporate Change, 19(4), 1071–1108 DOI

Leite, P , Cortez, M C , & Armada, M R (2009)

Measuring Fund Performance Using Multi-Factor Models: Evidence for the Portuguese Market

International Journal of Business, 14(3) DOI

Areal, N , Rodrigues, A , & Armada, M R (2008)

On improving the least squares Monte Carlo option valuation method

Review of Derivatives Research, 11(1), 119-151 DOI

Armada, M R , Kryzanowski, L , & Pereira, P J (2007)

A modified finite-lived American exchange option methodology applied to real options valuation

Global Finance Journal, 17(3), 419–438 DOI

Rodrigues, A , & Armada, M J R (2007)

The valuation of modular projects: A real options approach to the value of splitting

Global Finance Journal, 18(2), 205-227 DOI

Oliveira, B M N , & Armada, M R (2005)

Structural changes of the conditional volatility of Portuguese stock market

Multinational Financial Journal, 9(3-4), 189–214 DOI

Silva, F , Cortez, M C , & Armada, M J R (2005)

The persistence of European bond fund performance: Does conditioning information matter?

International Journal of Business, 4(10), 341–361 DOI

Silva, F , Cortez, M C , & Armada, M R (2004)

Bond return predictability: The European market

International Journal of Finance, 16(3), 3083–3114 DOI

Silva, F , Cortez, M C , & Armada, M R (2003)

Conditioning Information and European Bond Fund Performance

European Financial Management, 9(2), 201–230 DOI

Armada, M R , & Adcock, C (2003)

European Journal of Finance: Preface

European Journal of Finance, 9(5) DOI

Areal, N , & Armada, M R (2002)

The long-horizon returns behaviour of the Portuguese stock market

European Journal of Finance, 8(1), 93–122 DOI

Pinto, M H F , & Armada, M R (2002)

An autoregressive approach of the APT to the Portuguese stock market

International Journal of Business, 7(2), 37–52 DOI

Jorge, S , & Armada, M R (2001)

Factores determinantes do endividamento: uma análise em painel

Revista De Administração Contemporânea, 5(2), 9–31 DOI

Oliveira, B , & Armada, M R (2001)

The impact of the futures market´s introduction on the conditional volatility of the Portuguese stock market

Finance India, 15(4), 1251–1278 DOI

Howell, S D , & Armada, M R (2000)

Variation and covariation between market timing and selectivity: an alternative to traditional meta-analysis

International Journal of Business, 5(2), 57–96 DOI

Armada, M R , & Cortez, M C (1999)

Portfolio performance evaluation: historical evolution, issues and directions for future research

Portuguese Review of Financial Markets, 1(3), 51–73 DOI

Cortez, M C , Paxson, D A , & Armada, M R (1999)

The persistence of Portuguese mutual fund performance

European Journal of Finance, 5(4), 342–365 DOI

Areal, N , & Armada, M R (1999)

Testes paramétricos e não paramétricos de reversão para a média da rendibilidade de índices do mercado accionista

Revista De Administração Contemporânea, 3(2), 7–28 DOI