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Heitor Almeida

Professor of Finance and Stanley C. and Joan J. Golder Chair in Corporate Finance

Education

PhD Economics University of Chicago, 2000.
Master in Economics PUC-Rio, 1995.
BA Business Administration UNA, Belo Horizonte, UG, 1993.
BA Economics UFMG, 1991.

Positions

Faculty Research Fellow, National Bureau of Economic Research, 2005 - 2010
Associate Professor of Finance, University of Illinois, 2007 - 2009
Associate Professor of Finance, Stern School of Business, New York University, 2007 - 2008
Assistant Professor of Finance, Stern School of Business, New York University, 2000 - 2006
Visiting Professor, FGV-Rio, 2001 - 2003

Research Interests

Financial constraints, international corporate finance, business groups, financial distress, corporate governance and managerial decision-making.

Research

Journal Articles

"Aggregate Risk and the Choice Between Cash and Lines of Credit." H. Almeida, V. Acharya, M. Campello, Journal of Finance, (68) 2059-2116 2013


"Credited Lines as Monitored Liquidity Insurance: Theory and Evidence." Journal of Financial Economics, 2013


"Corporate Liquidity Management: A Conceptual Framework and Survey." Annual Review of Financial Economics, 2013


"Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis." H. Almeida, M. Campello, B. Laranjeira, S. Weisbenner, Critical Finance Review, (1) January: 1 3-58 2012


"Cash Matters." H. Almeida, L. Calabro, A. Kambil, CFO Insights, May: 2012


"Corporate Financial and Investment Policies when Future Financing is not Frictionless." H. Almeida, M. Campello, M. Weisbach, Journal of Corporate Finance, (17) 675-693 2011
SSRN Abstract


"Liquidity Mergers." H. Almeida, M. Campello, D. Hackbarth, Journal of Financial Economics, (102) December: 3 526-558 2011
SSRN Abstract


"The Structure and Formation of Business Groups: Evidence from Korean Chaebols." H. Almeida, D. Wolfenzon, S. Park, M. Subrahmanyam, Journal of Financial Economics, (99) 447-475 2011


"Financing Frictions and the Substitution Effect Between Internal and External Funds." H. Almeida, M. Campello, Journal of Financial and Quantitative Analysis, (45) 589-622 2010
SSRN Abstract


"Measurement Errors in Investment Equations." H. Almeida, M. Campello, A. Galvao, Review of Financial Studies, (23) 3279-3382 2010


"Understanding the Relationship Between Founder-CEOs and Corporate Performance." H. Almeida, R. Adams, D. Ferreira, Journal of Empirical Finance, (16) 136-150 2009
SSRN Abstract


"Estimating Risk-Adjusted Costs of Financial Distress." H. Almeida, T. Philippon, Journal of Applied Corporate Finance, Fall: 105-111 2008
SSRN Abstract


"Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies." V. Acharya, H. Almeida, Journal of Financial Intermediation, (16) 515-554 2007
SSRN Abstract


"The Risk-Adjusted Cost of Financial Distress." H. Almeida, T. Philippon, Journal of Finance, (62) December: 6 2557-2586 2007
SSRN Abstract


"Financial Constraints, Asset Tangibility and Corporate Investment." H. Almeida, M. Campello, Review of Financial Studies, (20) 1429-1460 2007
SSRN Abstract


"A Theory of Pyramidal Ownership and Family Business Groups." H. Almeida, D. Wolfenzon, Journal of Finance, (61) December: 2637-2681 2006
SSRN Abstract


"The Financial Accelerator: Evidence from International Housing Markets." H. Almeida, M. Campello, C. Liu, Review of Finance, (10) 1-32 2006
SSRN Abstract


"Should Business Groups Be Dismantled? The Equilibrium Costs of Efficient Internal Capital Markets." H. Almeida, D. Wolfenzon, Journal of Financial Economics, (79) 99-144 2006
SSRN Abstract


"Powerful CEOs and Their Impact on Corporate Performance." R. Adams, H. Almeida, D. Ferreira, Review of Financial Studies, (18) 1403-1432 2005
SSRN Abstract


"The Effect of External Finance on the Equilibrium Allocation of Capital." H. Almeida, D. Wolfenzon, Journal of Financial Economics, (75) 133-164 2005
SSRN Abstract


"The Cash Flow Sensitivity of Cash." H. Almeida, M. Campello, M. Weisbach, Journal of Finance, (59) 1777-1804 2004
SSRN Abstract


"Democracy and the Variability of Economic Performance." H. Almeida, D. Ferreira, Economics and Politics p. 225-257 2002
SSRN Abstract


"Optimal State-Dependent Rules, Credibility and Inflation Inertia." H. Almeida, M. Bonomo, Journal of Monetary Economics, (49) October: 1317-1336 2002
SSRN Abstract

Chapters in Books

"Assessing the Performance of Estimators that Deal with Measurement Error in Linear Models." H. Almeida, M. Campello, A. Galvao, In Handbook of Financial Econometrics and Statistics, (Eds: Chang-Few Lee), Springer: Dordrecht, 2013

Honors and Awards


Goldman Sachs Best Paper Prize, Review of Finance , 2006


Jensen Prize for Best Paper in Corporate Finance and Organizations (Second Prize), Journal of Financial Economics , 2005


Brattle Prize, first place, Journal of Finance , 2008


Finalist for the Journal of Finance Brattle Prize, Journal of Finance , 2007


Best Working Paper in Finance, Fitch Runner Up Award Stern/NYU , 2002-2003


Haralambos Simeonides Prize, Brazil , 2002


Referee of the Year, Review of Financial Studies , 2010


Scholar, CFO Program Fellows and Scholars, Deloitte LLP , 2011-2012


, Distinguished Service Award, Management Science , 2012-2013


, Excellence in Undergraduate Teaching, College of Business, UIUC , 2013


, Professor of the Year, 2014 EMBA Class, UIUC , 2014

 

Contact Information
4037 BIF
515 East Gregory Drive
MC- 520
Champaign IL 61820

(217) 333-2704
halmeida@illinois.edu

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