ISSUE #09, September 2021

Research E-News

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


Nova SBE welcomes new faculty

We are pleased to welcome our new faculty. Lenka Fiala (Economics), Pedro Martins (Economics), Daniele D'arienzo (Finance), Ekaterina Gavrilova (Finance), Angelo Corelli (Finance), Daniela Schmitt (Management), Aman Asija (Management), Sreyaa Guha (Management), Roberto Ragozzino (Management) and Anne-Laure Fayard (Management) just became part of Nova SBE community, and with their expertise, ideas and experiences, they will help us continue to develop talent and knowledge that impacts the world. We wish all an excellent academic year.

... and new PhD students

We also welcome our new PhD Students that are starting  their academic journey. Faculty and current PhD students attended the PhD Welcome Session that took place on August 30. Welcome to our community!

  • Ayodeji Daramola, PhD in Management
  • Daniele Chiavenato, PhD in Economics & Finance
  • Fabian Wassmann, PhD in Economics & Finance
  • Frederica Mendonça, PhD in Economics & Finance
  • Galina Vysotskaya, PhD in Economics & Finance
  • Isabel Carvalho, PhD in Management
  • Jiaming Liu, PhD in Economics & Finance
  • João André Cimbron Cabral Mendes Jerónimo, PhD in Economics & Finance
  • João Vaz Pato, PhD in Economics & Finance
  • Mariana Videira, PhD in Economics & Finance
  • Mariana Pires, PhD in Economics & Finance
  • Marlon Francisco, PhD in Economics & Finance
  • Priya Krishnan, PhD in Management
  • Radek Oros, PhD in Management
  • Samuel Applebee, PhD in Management
  • Stefano Grancini, PhD in Economics & Finance


Gomes, E., Lehman, D. W., Vendrell-Herrero, F., & Bustinza, O. F. (2021). A history-based framework of servitization and deservitization. International Journal of Operations and Production Management, 41(5), 723-745.

SDG 8 – Economic growth and decent work

Choi, D. B., Santos, J. A. C. D., & Yorulmazer, T. (2021). A theory of collateral for the lender of last resort. Review Of Finance, 25(4), 973-996.

SDG 17 – Partnerships for the Goals

Almeida, S. V. D., Paolucci, G., Seita, A., & Ghattas, H. (2021). Effects of change in hospital treatment payment policy for Palestinian refugees in Lebanon: a health economics analysis. Lancet (London, England), 398(S23).

SDG 17 – Partnerships for the Goals

Solís Arce, J. S., Warren, S. S., Meriggi, N. F., Scacco, A., McMurry, N., Voors, M., Syunyaev, G., Malik, A. A., Aboutajdine, S., Adeojo, O., Anigo, D., Armand, A., Asad, S., Atyera, M., Augsburg, B., Awasthi, M., Ayesiga, G. E., Bancalari, A., Björkman-Nyqvist, Fracchia, M., ... Vicente, P. C. (2021). COVID-19 vaccine acceptance and hesitancy in low- and middle-income countries. Nature Medicine, 27(8), 1385 - 1394.

SDG 3 - Good health and well-being


  • Antunes, A. A., & Ercolani, V. (2021). Health and earnings: a general equilibrium evaluation. Research in Economics, 75 (3), 203-214.

  • Balboa, M., Rodrigues, P., Rubia, A., & Taylor, A. M. R. (2021). Multivariate fractional integration tests allowing for conditional heteroskedasticity with an application to return volatility and trading volume. Journal Of Applied Econometrics, 36(5), 544 - 565.

  • Bourreau, M., Cambini, C., Hoernig, S., & Vogelsang, I. (2021). Co-investment, uncertainty, and opportunism: ex-Ante and ex-Post remedies. Information Economics and Policy, 56, [100913].

  • Cruz, J., Nicolau, J., & Rodrigues, P. (2021). Structural changes in the duration of bull markets and business cycle dynamics. Asia-Pacific Financial Markets, 28(3), 333-352.

  • Cui, Y., & Martins, P. S. (2021). What drives social returns to education? A meta-analysis. World Development, 148, [105651].

  • Han, Q., Abreu Novais, M., & Zejnilovic, L. (2021). Toward travel pattern aware tourism region planning: a big data approach. International Journal of Contemporary Hospitality Management, 33(6), 2157-2175.

  • Martins, P. S. (2021). Do entry wages increase when severance pay drops? Not in recessions. Economics Letters, 201, [109798].

  • Martins, P. S. (2021). Should the maximum duration of fixed-term contracts increase in recessions? Evidence from a law reform. International Review of Law and Economics, 68, [106009].

  • Raposo, P., Portugal, P., & Carneiro, A. (2021). The sources of the wage losses of displaced workers. The role of the reallocation of workers into firms, matches, and job titles. Journal of Human Resources, 56(3), 586-820.


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    SDG #. Description

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Patient Innovation Bootcamp first week at Nova SBE

The 2021 edition of the Patient Innovation Bootcamp has started. The first of the threes-weeks program took place at Nova SBE and Pedro Oliveira and Daniel Traça welcomed the participating teams. Miguel Pina e Cunha talked about leadership and its challenges and Leid Zejnilovic encouraged a debate on evidence-based validation and the role of data analysis bringing examples from medicine and other practices. On the last day, Pedro Pita Barros talked about Portugal’s Healthcare system. At the end of this first week, each team gave an updated pitch based on the feedbacks received throughout the week. The second week happens online and is focused on developing a business model, and the last in Copenhagen focused on implementation.

Researchers on Media

Pedro Martins

Pedro Martins was one of the economists interviewed by Expresso about companies that are testing a shorter workweek. The assessment is positive. Experts said that there are productivity gains, but the transition to this model can be problematic in our country. Who pays for the adjustment? In a country with low wages and a fragile business sector, much reticence is raised. Pedro Martins considered that “without higher levels of remuneration in Portugal, it is very difficult to reduce working time without salary cuts.”

João Duarte

The assets of the United States Federal Reserve (Fed) plus the European Central Bank (ECB) are worth more than China's GDP forecast for this year and half of the wealth in the portfolio of the main central banks. This weight has kept debt interest rates and interbank rates low, benefiting the financing of public indebtedness, companies, and families during the pandemic and now in the economic recovery. João Duarte, in an interview to Expresso on this topic, said that “special attention needs to be paid to the transmission that a tightening of monetary policy by the ECB will bring to the cost of housing, namely in countries where most mortgage loan contracts are at variables interest rates.”

Miguel Pina e Cunha e Pedro Neves

Diário de Notícias, about the leadership of Vice Admiral Gouveia e Melo, coordinator of the task force for the vaccination plan against COVID-19, interviewed Miguel Pina e Cunha who stated that “his technical competence, mission orientation (…) and great communication skills were decisive." He also emphasized the "assertive and technically grounded responses", which "transmitted authenticity and were very important to gain people's trust". Pedro Neves, to the same newspaper, considered that “it is part of military training to have knowledge of leadership and organization. But there is still another element – genuineness – that characterizes the Vice Admiral.” He also highlighted that “in vaccines there were, and still are, (doubts among the population), about whether they worked or not. In view of this, the vice-admiral's approach was to convey calm, confidence in the work of his team.”

Susana Peralta

Susana Peralta, to Jornal Económico, about the moratoriums that are postponing unemployment and the bankruptcy of companies explained that despite the mood that the decrease in the unemployment rate in the second quarter of the year brings, it is mainly due to the support still in force in the Portuguese economy. "There will be companies going bankrupt, which will not resist, even with all the Government's policies to mitigate the effects of the end of the moratoriums. Companies with a weaker financial health, which had already accumulated problems before the pandemic, and which are in sectors particularly affected by the pandemic will have difficulties", she explained.

Cátia Batista

Cátia Batista participated in the InPertinente podcast, promoted by the Fundação Francisco Manuel dos Santos, where she talked about why and how to use experiments to test and measure the impact of economic policies before these are replicated at a large scale. What is the use of implementing economic policies without knowing for sure the population's needs? What is the use of an economic solution if the target audience does not know how to use it? “Economic policies must be tested like medicines”, she explained.

Pedro Brinca

Pedro Brinca commented the recovery dynamics of the Portuguese economy to Expresso . “GDP is close to pre-crisis levels but risks are still there”. He also mentioned, on the structural impacts of the pandemic on the Portuguese economy, that “the economy is coming back to normal, albeit a new normal”. Still to Expresso he said that “Summer is better than 2020 but tourism still drags on growth”. In an interview to Jornal Económico he stressed that “specialists claim that the end of moratoriums will be the litmus test for the economy.”

Pedro Pita Barros

Pedro Pita Barros in an interview to Explicador (Rádio Observador Podcast) said that “according to a survey carried out in an international project on the availability of people to be vaccinated, Portugal is one of the countries where there is greater confidence in vaccination.” He added that “obligation should not be placed in Portugal” the "vaccine is the way forward" and will not be put at risk by the “irrelevant number of deniers”. “There must always be credible and honest information given at every moment by the authorities of each country, he highlighted.

Daniel Traça

Daniel Traça gave an interview to Líder Magazine about the role of a leader and his decisions during troubled times. He stated that the lesson learned from the pandemics is that “there is no problem bigger than us, except health issues. The rest is to bring people together, talk, respect and make them go in the same direction.”

Researchers Corner

Creatives who dislike a brand produce more rational advertising

What if there were a positive side to working on tasks we would rather not do? My research shows that, in the context of advertising, working for a disliked brand is not necessarily detrimental. I conducted a field experiment with creatives from national and international advertising agencies, and I found that creatives produced more rational and less emotional ads for brands they disliked than for brands they liked. I propose that this happens because creatives who dislike the brand believe that their negative attitudes might impact the work negatively. In order to correct for this, they approach the creative task in a level-headed way: by suppressing emotions and staying rational. Importantly, both emotional and functional ads can be beneficial. For instance, functional ads outperform emotional ads if the objective is to advertise products in new markets. Thus, contrary to common wisdom, managers might consider assigning creatives not only to brands they like, but also to brands they dislike. Of course, in the latter case, I cannot guarantee that creatives are going to be happy about it.

Cátia Alves, PhD student in Management 

Research co-authored with Irene Consiglio, academic director of the Nova SBE Behavioral Lab

Opinion Articles


Cátia Batista at Jorge Moreira da Silva book launch

Cátia Batista was part of the group of commentators at the launch of the book by Jorge Moreira da Silva. The former minister of Environment and Energy and director at the OECD launched “Direito ao Futuro”, a book about global challenges, the post-pandemic and the profile of the “server leader”. The book brings together 90 articles published between 2016 and 2021 in the national and foreign press. In the introduction, the author goes through the most urgent international issues, from climate change, biodiversity, the Paris Agreements, to the rise of populism, as well as post-pandemic policies to development models in the world, but also in Portugal.

Other News

Third edition of the Social Leadership for Managers program

Nova SBE will hold the third edition of the “Social Leadership for Managers”, a program under the scope of the Social Equity Initiative. This program has the support of the “la Caixa” Foundation and BPI and aims to provide professionals in the private sector with the knowledge and network necessary to take their first steps in the social sector.

Good to Know

  • How to create a Google Scholar profile

    Creating a Google Scholar Profile is easy, gives range to your work and contributes to university rankings that use web visibility. To contribute to Nova SBE visibility, remember to add your affiliation and verify your email. A Google Scholar profile is especially useful to find “stray” citations and correct affiliation problems in publications that are not indexed in databases such as Web of Science or Scopus. “Stray” citations tend to be particularly common for "non-traditional" publications, such as software, books, book chapters, and conference papers as there is generally no standardised way to reference them. It is therefore much harder for Google Scholar to figure out whether they do refer to the same publication or not. Find out here what you need to create a Google Scholar Profile.

  • Nova SBE Data Science Knowledge Center is hiring

    Nova SBE Data Science Knowledge Center is hiring! A research fellowship position for a Data Scientist just opened at Nova SBE. If you hold a PhD obtained in the last 3 years, apply now and join our Data Science for Social Good projects! Check all the info here.

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