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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.


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.


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
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"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
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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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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

Faculty Research Fellow, NBER , 2005-2011

Nomination for Brattle Prize, Journal of Finance , 2004

Glucksman First Prize Award, NYU/Stern , 2004

Nomination for the Brattle Prize, Journal of Finance , 2007

Brattle Prize, first place, Journal of Finance , 2008

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

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

Associate Editor, Management Science , 2010-2012


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

(217) 333-2704

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