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  • Full member

Manuel Rocha Armada

Ph.D in Business Administration University of Manchester


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.


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
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 , Pereira, P J , & Rodrigues, A (2013)

Optimal investment with two-factor uncertainty

Mathematics and Financial Economics, 7(4), 509–530 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
Serrasqueiro, Z S , Nunes, P M , Leitão, J , & Armada, M (2010)

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

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


Complementos de Finanças Licenciatura
Gestão Financeira Licenciatura
Introdução à Gestão Financeira Licenciatura
Princípios de Finanças Empresariais Licenciatura
Seminário em Gestão Doutoramento