ISSUE #06, June 2023

Research E-News

We want to change the world and we will do it with the right people.


Giorgio Ottonello wins RAPS Best Paper of the Year Award 

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Giorgio Ottonello won the best paper of the year award with the article Inventory-Constrained Underwriters and Corporate Bond Offerings, published in the Review of Asset Pricing Studies in 2022. The award was announced at the SFS Cavalcade.


Griffin, J. M., Hirschey, N. H., & Kruger, S. (2023). Do municipal bond dealers give their customers 'fair and reasonable' pricing? The Journal of Finance, 78(2), 887-934.

Bicho, M., Nikolaeva, R., & Lages, C. (2023). Complementary and alternative medicine legitimation efforts in a hostile environment: The case of Portugal. Sociology of Health and Illness, 45(4), 890-913.

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  • Fagandini, P., & Dierickx, I. (2023). Computing profit-maximizing bid shading factors in first-price sealed-bid auctions. Computational Economics, 61, 1009–1035.

  • Guterres, L. M. A., Barnabé, J., Barros, A., Charrua, A. B., Duarte, M. C., Romeiras, M. M., & Monteiro, F. (2023). East Timor as an important source of cashew (Anacardium occidentale L.) genetic diversity. PeerJ, 11, [e14894].

  • Paschoalotto, M. A. C., Costa, E., Almeida, S. V. D., Cima, J., Costa, J. G. D., Santos, J. V., Passador, C. S., Passador, J. L., & Barros, P. P. (2023). Perceptions of institutional performance and compliance to non-pharmaceutical interventions: How performance perceptions and policy compliance affect public health in a decentralized health system. PLoS ONE, 18(5), [0285289].

  • Hoang, D., Kousi, S., Martinez, L. F., & Kumar, S. (2023). Revisiting a model of customer engagement cycle: A systematic review. Service Industries Journal, 43(9-10), 579-617. 

  • Duarte, J. B., & Pereira, N. (2023). The effect of monetary policy on household consumption expenditures in Portugal: A decomposition of the transmission channel. Portuguese Economic Journal, 22, 149-172.


  • Eduardo Costa part of the CNCR

    Eduardo Costa is part of the Comissão Nacional para os Centros de Referência (CNCR). These centers were designed to improve the ability to diagnose and treat highly complex medical and surgical pathologies, and to maximize the innovative potential of medical sciences and health technologies, with the aim of improving responses in terms of quality, cost, effectiveness and safety, in situations that require highly differentiated medical knowledge.

  • Luis Martinez invited to editorial board

    Luis Martinez was invited to be the Associate Editor of Science Directs's Electronic Commerce Research and Applications (ECRA) journal. Together with Aristides I. Ferreira (ISCTE), he also launched the Manual of diagnosis and organizational change (2nd revised and enlarged edition).

  • Pedro Brinca in the IGCP advisory board

    Pedro Brinca is one of the “new personalities of recognized competence in economic and financial matters” in the advisory board of the Agência de Gestão da Tesouraria e da Dívida Pública – IGCP for 2023/2026.

  • New episode of The Design Thinking Roudtable

    The latest episode of The Design Thinking Roundtable podcast is out. In this episode Anne-Laure Fayard talked with Isaac Jumba, social innovator and entrepreneur, founder of Mideva Labs and co-founder of Idea Studio Africa.

Researchers on Media

Ana Balcão Reis

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Ana Balcão Reis participated in a debate on “New Public Policies on Education”, held in the context of the Education conferences organized by the Amarante municipality. The event was mentioned in A Verdade and Rádio Região de Basto.

João Amaro de Matos

Read more

João Amaro de Matos spoke to Expresso about the internationalization of universities in Portugal. The professor stated that “Portuguese universities are no longer Portuguese universities, but European universities” and highlighted Nova SBE as an example, mentioning that “in the Master's program at SBE, we have recruited about 1700 students this academic year. Only about 600 are Portuguese”.

Miguel Pina e Cunha

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The article “A vulnerabilidade dos invulneráveis”, written by Miguel Pina e Cunha, was published in Líder Magazine. In this article he highlights the ability to assume vulnerabilities as one of the biggest current challenges for leaderships.

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Milton de Sousa

In the context of the publication of his book The Meaningful Leader, Milton de Sousa was interviewed by Líder Magazine. He spoke about meaningful leadership, the necessary skills, and the challenges leaders face today. He argued that “vulnerability and humility do not imply the absence of assertiveness, determination, and courage”.

Portugal, Social Balance 2022

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The “Portugal, Social Balance 2022” report, authored by Susana Peralta, Bruno P. Carvalho, and Miguel Fonseca, in the scope of Social Equity Initiative, was published. The main conclusions of the report are that one out of ten workers in Portugal is poor and that the pandemic increased the gap between rich and poor people in Portugal. The report was mentioned in CNN, TSF, Sábado, Rádio Renascença, Público, Observador, Diário de Notícias, Antena 1, among others.

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Nova SBE Health Economics & Management Knowledge Center 

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Nova SBE Health Economics & Management Knowledge Center promoted the third workshop of the series “Designing the future in healthcare”, with the topic “Mental Health and Work: from diagnosis to action”, in a partnership with Escola Nacional de Saúde Pública (ENSP). The event was mentioned in media such as Human Resources and Postgraduate Medicine.

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Pedro Brinca 

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Pedro Brinca spoke about the inflation dynamics and economic growth on Antena 1, Expresso, TVI, RTP 3, and CNN and commented on the banking sector profits and interest rates on RTP 3, CNN and TVI. He also spoke to RTP 3, Antena 1, and SIC Notícias about the European Commission forecasts for the Portuguese economy and to Expresso and SIC Notícias about the housing market crisis. He approached the immigration of young talent on Rádio Observador and on CNN he discussed the political crisis and its impacts on the economy. He was interviewed by ECO about the unemployment rates and wages and, also to ECO, he talked about his nomination for the IGCP’s advisory board.

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Pedro Freitas

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Pedro Freitas was invited to Esta Manhã (TVI) to comment on digital assessment tests. He was also on Falar Global (CMTV) where he talked about inequalities in the Portuguese schooling system and the evolution of education data in the country.

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Pedro Oliveira

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Pedro Oliveira participated in the debate "Intrapreneurship and Innovation: the Role of Tech Talent", in the presentation of the CHRLY startup. He stated that teaching methods "have to be rethought" and explained that "entrepreneurship is an excellent platform to teach". The event was mentioned in Business.IT.

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Pedro Pita Barros

Pedro Pita Barros spoke to ECO about the delay in approving the National Health Service executive board’s bylaws. He was also invited to comment on CNN about the sustainability of the National Health service and the shortage of family doctors in Portugal, stating that it is “an organizational issue”.

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Social Sector Database

Social Sector Database, a project developed by Nova SBE Data Science Knowledge Center in the scope of the Social Equity Initiative, was mentioned in media such as Expresso and Forbes Portugal. The database has over 18.000 social organizations registered and aims to provide complete information about all social and environmental impact organizations in Portugal.

Susana Peralta

In the context of the release of the “Portugal, Social Balance 2022” report, Susana Peralta was interviewed by Diário de Notícias, Jornal Económico and Jornal de Negócios. She also spoke to CNN, Rádio Observador, and TSF about the report’s conclusions. About the housing problem in Portugal she was interviewed by SIC and about the crisis in the government she was in Antena Aberta (Antena 1). Furthermore, she continues to have a regular presence at Fora do Baralho (Observador podcast).

Sustainable Value Creation Summit

The Sustainable Value Creation Summit, an international event promoted by VCW Lab that aims for a reflection on how to create value in sustainability, took place in Nova SBE from May 23rd to 26th. The summit was mentioned in Jornal Económico and Diário Imobiliário.

Researchers Corner

Short and Variable lags of Monetary Policy

Friedman famously argued that "monetary actions affect economic conditions only after a lag that is both long and variable". In recent work (Buda et al. 2023), we use novel daily series to challenge this view. We use three daily-frequency measures of economic activity for Spain:

  1. Daily consumption from the universe of consumption-related bank transactions recorded in the Spanish retail accounts of Banco Bilbao Vizcaya Argentaria (BBVA).
  2. Daily corporate sales from daily Value Added Tax (VAT) declarations by firms and made publicly available by the Spanish Tax Authority.
  3. Daily employment from the total number of workers registered in the Spanish Social Security made publicly available by the Spanish Ministry for Inclusion, Social Security and Migration.

We show that the economy also reacts at high frequency to a monetary tightening. Consumption declines substantially within five days, and corporate sales within 30 days. Employment also drops quickly, but more modestly. Additionally, we show that these effects disappear when aggregating data to quarterly frequency.

We should emphasize that very short lags are already seen in a number of recent studies documenting same-month responses using long samples. Our study points to the potential benefits of ‘opening the box’ via the extensive use of information at high frequency.

Afonso S. Moura, PhD student in Economics and Finance


Buda, G., V. M. Carvalho, G. Corsetti, J. B. Duarte, S. Hansen, A. S. Moura, A. Ortiz, T. Rodrigo, J. V. R. Mora, G. A. Silva (2023), “Short and variable lags”, Janeway Institute Working Paper No. 2308.

Opinion Articles


  • Entrepreneurship & Innovation Symposium 2023

    The Entrepreneurship & Innovation Symposium 2023 is an academic conference that will bring to Nova SBE (June 30) more than 14 experts from around Europe, the USA, and Canada to discuss 7 papers on the latest research on innovation and Entrepreneurship. From the growing challenges to investment rounds, business angels, and failure, this event will provide an insightful perspective on the last findings on the topic. Register here.

  • Miguel Ferreira at the Workshop on Climate Change and Energy Finance

    Miguel Ferreira was a speaker at the 2023 Workshop on Climate Change and Energy Finance, which was held in Paris. The workshop aimed to provide academics, policymakers, and practitioners with a valuable forum for discussion and of the major issues and challenges that interrelate Energy, Environment, Sustainability, Social transition, Economics, and Finance. 

  • Ana Balcão Reis at Conferência da Educação

    Ana Balcão Reis participated in the first edition of the Conferência da Educação, organized by the Câmara de Amarante, under the theme "Disturbing: the core of education". The teacher contributed to the debate on "New Public Education Policies".

  • Innov8rs Lisbon conference at Nova SBE

    Anne-Laure Fayard, alongside with Rui Coutinho (Executive Director of the Innovation Ecosystem at Nova SBE) gave a workshop about Sustainable Innovation 101 in the Innov8rs Lisbon conference at Nova SBE. Luis Filipe Lages was also a speaker in a session about Space for Business - How Will Innovation from The New Space Economy Help Us to Be Competitive?

  • Eduardo Costa at APES Conference

    Eduardo Costa opened the conference of the Associação Portuguesa de Economia da Saúde and the Comprehensive Health Research Center called “Fronteiras da Economia da Saúde” which will allow to know some of the work carried out in Portugal by researchers associated with these institutions. He also participated in the Congresso Insular de Enfermagem to reflect on the economic value of Nursing in the Portuguese Health System, and in a satellite symposium at APIH (Associação Portuguesa de Infecção Hospitalar).

  • Nova SBE faculty at international conferences

    Pedro Neves and Filipa Castanheira participated on the 6th Interdisciplinary Perspectives on Leadership Symposium (IPLS). They both made a presentation about incivility (on the part of managers) and the impact it has on dysfunctional behaviours. They also attended the European Association of Work and Organizational Psychology (EAWOP) where they presented Technostress and addiction to technology: The augmenting effect of perceived usefulness of technology. Emanuel Gomes also participated at EAWOP where he presented “Do you remember? Exploring employees’ nostalgia after mergers and acquisitions” alongside Pedro Neves and other researchers.

  • Pedro Pita Barros at Encontro Nacional de Centros de Formação do SNS

    Pedro Pita Barros participated in the II Encontro Nacional de Centros de Formação do SNS, under the theme “Why it is important to think about the future…”. This initiative intends to bring to debate the strategic value of training in the health services of the National Health Service, new methodologies for training, among other themes.

  • Pedro Oliveira opened the Portugal Balanço Social report launch 

    Pedro Oliveira opened the “Portugal, Social Balance 2022” report launch and second edition of the Tourism Leaders Conference & Awards by, in collaboration with Nova SBE Westmont Institute of Tourism & Hospitality. He also opened the Lisbon Block Chain Conference, organized by our students of Nova Blockchain Club. He also joined the event “How to do more good” where he shared how Artificial Intelligence can help humanity to be better.

  • Anne-Laure Fayard at NYU Tandon School of Engineering

    Anne-Laure Fayard was invited by the Department of Technology Management & Innovation of the NYU Tandon School of Engineering for a two hour interactive lecture on design thinking on the  NYU Tandon MakerSpace Event Space.

  • Sustainable Value Creation Summit at Nova SBE

    Several of our faculty attended different panels of the Sustainable Value Creation Summit (SVCS) hosted by Nova SBE. The event was the meeting point between Academia and Industry, where Innovators, Leaders, and Society meet to Create Value and Solve Problems. The SVCS was powered by the VCW (Value Creation Wheel) Method, a method for Innovation, Decision Making and Problem Solving.

  • Cátia Batista speaker at Girl Talk

    Cátia Batista was a guest speaker at the second edition of the annual Girl Talk conference, an initiative created by EXAME to highlight women and promote female networking, where she spoke about the asymmetric effect of inflation.

  • Rodrigo Tavares keynote speaker at Turismo de Portugal event

    Rodrigo Tavares was keynote speaker in the event “Empresas Turismo 360º”, organized by the Turismo de Portugal to recognize companies that have made a practical commitment to sustainability in the tourism sector. He also gave a lecture on global trends (2-10 years) in corporate sustainability and sustainable finance at VdA Vieira de Almeida attorneys.

  • Finanças para Todos at Associação Abraço

    Finanças para Todos was at Associação Abraço to talk about topics such as savings, planning and financial behaviour. The first edition of Finanças para Todos came to an end in the best way possible: with a celebration on the Nova SBE campus, with the whole team. The 2nd edition will start in September.

  • Milton de Sousa at the HR Digital 2023

    Milton de Sousa attended the HR DIGITAL 2023, for the very first time in Portugal, it brought together the top minds in HR tech, Big Data, and Artificial Intelligence to share their insights and expertise. He spoke about Meaningful Leadership in the Digital Era.

Other News

  • Nova SBE faculty nominations

    Pedro Oliveira, after listening to the Faculty Council, nominated:

    - Area Coordinator of Economics: Pedro Vicente

    - Area Coordinator of Finance: Melissa Prado

    - Area Coordinator of Management: Pedro Neves

    - Sub-area Coordinator of Management and Organizations: Filipa Castanheira

    - Sub-area Coordinator of Operations, Technology, and Innovation Management: Rodrigo Belo

    - Sub-area Coordinator of Strategy & Entrepreneurship: Pedro Neves (by default)

    - Sub-area Coordinator of Marketing: Pedro Neves (by default)

  • Susana Lopes part of advisory board

    Susana Lopes, our Head Librarian, is now part of the advisory board of the Open Research Europe (ORE) Librarians Advisory Group – LIBER Europe, a peer-reviewed, Diamond Open Access multidisciplinary publishing platform, funded by the European Commission. Members of this advisory group will contribute to driving the movement forward and making Open Research publishing practices, like those employed on ORE, the norm across the academic dissemination landscape. They will take part in knowledge-sharing exercises and will help improve and promote the ORE platform by sharing their expertise. Members will be able to network and collaborate with a group of multidisciplinary experts, scholars and practitioners. LIBER has collaborated with ORE with the aim of engaging with the research library community with the platform. Libraries and their librarians are important gateways to research dissemination, as they are the link between the (research) community and an institution. LIBER is now developing an ORE Librarian Advisor Group to provide a valuable contribution to the functionality and sustainability of the ORE platform.

  • Submissions open to the Finance PhD Final Countdown

    Submissions to the 3rd edition of Finance PhD Final Countdown event are open! Deadline is July 15. This is a great opportunity for job market candidates to practice their job talks and receive high quality feedback from the outstanding coaches. Check details here.

Good to know

Rights Retention Strategy

The draft of the new open access policy for scientific publications resulting from research funded by FCT (Foundation for Science and Technology) was shared with the scientific community. Among the main changes is the Rights Retention Strategy, which guides authors to ensure they negotiate with publishers that at least the version of the Author Accepted Manuscript (AAM) can be made available in open access immediately through the CC BY license.

When it comes to benefits for authors, we can highlight the fact that by retaining the rights to their own work they can use and reuse their work as they choose. This may include actions such as freely distributing copies of the work via any research network or freedom to use the work for teaching.

For further information about the strategy, you can access all the content prepared by the cOAlition S as a short explanation in video about how a researcher can maintain their intellectual property rights, access the FAQ, and test your knowledge of your rights as an author by replying to The author's rights quiz.

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