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

(217) 333-2704

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Heitor Almeida

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


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

Research Interests

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


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.
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"The Financial Accelerator: Evidence from International Housing Markets" H. Almeida, M. Campello, C. Liu, Review of Finance, (10) 1-32 2006.
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"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.
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"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.
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"Democracy and the Variability of Economic Performance" H. Almeida, D. Ferreira, Economics and Politics p. 225-257 2002.
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"Optimal State-Dependent Rules, Credibility and Inflation Inertia" H. Almeida, M. Bonomo, Journal of Monetary Economics, (49) October, 1317-1336 2002.
SSRN Abstract

Working Papers

"The Real Effects of Credit Ratings: The Sovereign Rating Channel" [WorkingPaper.pdf] 2014.

"The Real Effects of Share Repurchases" H. Almeida, V. Fos, M. Kronlund, 2013.
SSRN Abstract

"Internal Capital Markets in Business Groups: Evidence from the Asian Financial Crisis" [WorkingPaper.pdf] 2013.

"More on the Performance of Higher Order Moment Estimators in Investment Equations" H. Almeida, M. Campello, A. Galvao, 2013.

"Less is More: Financial Constraints and Innovative Efficiency" H. Almeida, P. Hsu, D. Li, 2013.

"Financial Constraints and Investment-Cash Flow Sensitivities: New Research Directions" H. Almeida, 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

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

, Distinguished Service Award, Management Science , 2012-2013

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

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

Referee of the Year , Review of Financial Studies , 2010

Brattle Prize, first place , Journal of Finance , 2008

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

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

Glucksman Prize Honorable Mention for “Best Working Paper in Finance” , Stern/NYU , 2005

Nomination for Brattle Prize , Journal of Finance , 2004

Glucksman First Prize Award , NYU/Stern , 2004

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

Haralambos Simeonides Prize , Brazil , 2002


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