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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

"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.

"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.
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"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.
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"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.
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"Estimating Risk-Adjusted Costs of Financial Distress" H. Almeida, T. Philippon, Journal of Applied Corporate Finance, Fall, 105-111 2008.
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"Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies" V. Acharya, H. Almeida, Journal of Financial Intermediation, (16) 515-554 2007.
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"The Risk-Adjusted Cost of Financial Distress" H. Almeida, T. Philippon, Journal of Finance, (62) December, 6 2557-2586 2007.
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"Financial Constraints, Asset Tangibility and Corporate Investment" H. Almeida, M. Campello, Review of Financial Studies, (20) 1429-1460 2007.
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"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.
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"The Effect of External Finance on the Equilibrium Allocation of Capital" H. Almeida, D. Wolfenzon, Journal of Financial Economics, (75) 133-164 2005.
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"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.
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Working Papers

"The Real Effects of Share Repurchases" H. Almeida, V. Fos, M. Kronlund, 2013.
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"Aggregate Risk and the Choice Between Cash and Lines of Credit" 2011.

"Financial Constraints and Investment-Cash Flow Sensitivities: New Research Directions" H. Almeida, 2002.
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Honors and Awards

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

Associate Editor , Management Science , 2010-2012

Faculty Research Fellow , NBER , 2005-2011

Referee of the Year , Review of Financial Studies , 2010

Brattle Prize, first place , Journal of Finance , 2008

Nomination for the Brattle Prize , Journal of Finance , 2007

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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