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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 (2024)

Is the zero-leverage policy a persistent phenomenon? Evidence from Portuguese SMEs

Research in International Business and Finance, 69 DOI
da Silva, R A , da Costa, J N , Piccoli, P , & Armada, M R (2023)

Capital gains overhang and irrelevant value characteristics of Brazilian companies

Contaduria y Administracion, 68(4), 287-316 DOI
Sardo, F , Serrasqueiro, Z , Vieira, E , & Armada, M R (2022) Is financial distress risk important for manufacturing SMEs to rebalance the short-term debt ratio? The Journal of Risk Finance, 23(5), 516-534 DOI
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

SDG

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