Heitor Almeida

Heitor Almeida

Stanley C. and Joan J. Golder Chair in Corporate Finance and Academic Director of iMBA

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Biography

Heitor Almeida is Stanley C. and Joan J. Golder Chair in Corporate Finance and academic director of I-degrees at Gies College of Business. He joined the University of Illinois in 2007, and also works as a research associate for the National Bureau of Economic Research. His research specialties include financial constraints, liquidity management, business groups, financial distress, innovation, and stock repurchases. He serves or has served as associate editor for numerous financial journals, and is currently in that role for the Journal of Financial Intermediation and the Journal of Banking and Finance. He will become managing editor at the Journal of Corporate Finance in January 2021. Almeida received two BAs, one from the Federal University of Minas Gerais at Belo Horizonte in 1991, the other from Central University Una at Belo Horizonte in 1993. He went on to earn a master’s degree in economics from Pontifical Catholic University of Rio de Janeiro and a PhD in economics from the University of Chicago in 2000.

Contact

4037 Business Instructional Facility

515 Gregory Drive

Champaign, IL 61820

217-333-2704

halmeida@illinois.edu

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Educational Background

  • PhD Economics, University of Chicago, 2000
  • Master in Economics, PUC-Rio at Rio de Janeiro, RJ, 1995
  • BA Business Administration, UNA, Belo Horizonte, UG, 1993
  • BA Economics, UFMG at Belo Horizonte, MG, 1991

Positions Held

  • Academic Director of iMBA Programs, Online Programs, University of Illinois at Urbana-Champaign, 2019 to present
  • Stanley C. and Joan J. Golder Distinguished Chair in Corporate Finance, University of Illinois at Urbana-Champaign, 2011 to present
  • Research Associate, National Bureau of Economic Research, 2010 to present
  • Professor of Finance, University of Illinois at Urbana-Champaign, 2009 to present
  • Director of the Finance PhD program, University of Illinois, 2008-2017
  • Associate Professor of Finance, College of Business, University of Illinois, 2007-2009
  • Faculty Research Fellow, National Bureau of Economic Research, 2005-2010
  • Visiting Professor, FGV-Rio, 2001-2003
  • Assistant Professor of Finance, Stern School of Business, New York University, 2000-2006

Recent Publications

  • Almeida, H., Acharya, V., Ippolito, F., & Perez-Orive, A. Forthcoming. Credit Lines and the Liquidity Insurance Channel. Journal of Money, Credit, and Banking.  link >
  • Almeida, H. Forthcoming. Liquidity Management During the Covid-19 Pandemic. Asia-Pacific Journal of Financial Studies.  link >
  • Almeida, H. (2020). Bank Lines of Credit as Contingent Liquidity: Covenant Violations and their Implications. Journal of Financial Intermediation.  link >

Other Publications

Articles

  • Almeida, H., Hsu, P., Li, D., & Tseng, K. (2019). More Cash, Less Innovation: The Effect of the American Jobs Creation Act of Patent Vlaue. Journal of Financial and Quantitative Analysis.  link >
  • Almeida, H. (2018). Is it Time to Get Rid of Earnings-per-Share. Review of Corporate Finance Studies.  link >
  • Almeida, H., Kristine, H., & Williams, R. (2017). Risk Management with Supply Contracts. Review of Financial Studies, 30 (12), 4179–4215.  link >
  • Almeida, H., Cunha, I., Ferreira, M., & Restrepo, F. (2017). The Real Effects of Credit Ratings: The Sovereign Ceiling Channel. Journal of Finance, 249-290.
  • Almeida, H., Fos, S., & Kronlund, M. (2016). The Real Effects of Share Repurchases. Journal of Financial Economics.  link >
  • Almeida, H., Acharya, V., & Baker, M. (2015). Introduction: New Perspectives on Corporate Capital Structures. Journal of Financial Economics.
  • Almeida, H., Kim, H., & Kim, C. (2015). Internal Capital Markets in Business Groups: Evidence from the Asian Financial Crisis. Journal of Finance, 2539-2586.
  • Almeida, H., Acharya, V., & Ippolito, F. (2014). Credit Lines as Monitored Liquidity Insurance: Theory and Evidence. Journal of Financial Economics, 287-319.
  • Almeida, H., Acharya, V., & Campello, M. (2013). Aggregate Risk and the Choice Between Cash and Lines of Credit. Journal of Finance, 68 2059-2116.
  • Almeida, H., Calabro, L., & Kambil, A. (2012). Cash Matters. CFO Insights.
  • Almeida, H., Campello, M., Laranjeira, B., & Weisbenner, S. (2012). Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis. Critical Finance Review, 1 (1), 3-58.
  • Almeida, H., Campello, M., & Weisbach, M. (2011). Corporate Financial and Investment Policies when Future Financing is not Frictionless. Journal of Corporate Finance, 17 675-693.  link >
  • Almeida, H., Wolfenzon, D., Park, S., & Subrahmanyam, M. (2011). The Structure and Formation of Business Groups: Evidence from Korean Chaebols. Journal of Financial Economics, 99 447-475.
  • Almeida, H., & Campello, M. (2010). Financing Frictions and the Substitution Effect Between Internal and External Funds. Journal of Financial and Quantitative Analysis, 45 589-622.  link >
  • Almeida, H., Campello, M., & Galvao, A. (2010). Measurement Errors in Investment Equations. Review of Financial Studies, 23 3279-3382.
  • Almeida, H., Adams, R., & Ferreira, D. (2009). Understanding the Relationship Between Founder-CEOs and Corporate Performance. Journal of Empirical Finance, 16 136-150.  link >
  • Almeida, H., & Philippon, T. (2008). Estimating Risk-Adjusted Costs of Financial Distress. Journal of Applied Corporate Finance, 105-111.  link >
  • Almeida, H., & Philippon, T. (2007). The Risk-Adjusted Cost of Financial Distress. Journal of Finance, 62 (6), 2557-2586.  link >
  • Almeida, H., & Campello, M. (2007). Financial Constraints, Asset Tangibility and Corporate Investment. Review of Financial Studies, 20 1429-1460.  link >
  • Avharya, V., Campello, M., & Almeida, H. (2007). Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies. Journal of Financial Intermediation, 16 515-554.
  • Almeida, H., & Wolfenzon, D. (2006). A Theory of Pyramidal Ownership and Family Business Groups. Journal of Finance, 61 2637-2681.  link >
  • Almeida, H., & Wolfenzon, D. (2006). Should Business Groups Be Dismantled? The Equilibrium Costs of Efficient Internal Capital Markets. Journal of Financial Economics, 79 99-144.  link >
  • Almeida, H., Campello, M., & Liu, C. (2006). The Financial Accelerator: Evidence from International Housing Markets. Review of Finance, 10 1-32.  link >
  • Adams, R., Almeida, H., & Ferreira, D. (2005). Powerful CEOs and Their Impact on Corporate Performance. Review of Financial Studies, 18 1403-1432.  link >
  • Almeida, H., & Wolfenzon, D. (2005). The Effect of External Finance on the Equilibrium Allocation of Capital. Journal of Financial Economics, 75 133-164.  link >
  • Almeida, H., Campello, M., & Weisbach, M. (2004). The Cash Flow Sensitivity of Cash. Journal of Finance, 59 1777-1804.  link >
  • Almeida, H., & Bonomo, M. (2002). Optimal State-Dependent Rules, Credibility and Inflation Inertia. Journal of Monetary Economics, 49 1317-1336.  link >

Other Publications

  • Almeida, H. (2012). How CFO's are using cash and the choices ahead.
  • Almeida, H. (2011). Apple investors steadfast, for now".
  • Almeida, H. (2011). Flight to safety may no longer include America.
  • Almeida, H. (2010). A funny thing happened on the way to the bank: Huge corporate cash holdings not what they seam".
  • Almeida, H. (2007). "Decline sets in at the conglomerate.
  • Almeida, H. (2006). Corporate and Monetary Policy".
  • Almeida, H. (2006). Corporate Cash Balances and Economic Activity".

Working Papers

  • Almeida, H. Do Short-term Incentives Affect Long-term Productivity.  link >
  • Almeida, H. Do Short-term Incentives Hurt Innovation.  link >
  • Almeida, H. How Does Health Insurance Affect Firm Employment and Performance? Evidence from Obamacare.  link >
  • Almeida, H. Do Firms Hedge During Distress.  link >
  • Almeida, H. The Working Capital Credit Multiplier.
  • Campello, M., & Almeida, H. Financial Constraints and Investment-Cash Flow Sensitivities: New Research Directions.

Grants

  • UIUC Research Board Grant, University of Illinois at Urbana-Champaign, 2008,2011
  • Research Grant from the Aspen Institute's Business & Society Program, Aspen Institute's Business & Society Program, 2004

Service

  • Managing editor, Journal of Corporate Finance, 2021 to present
  • Associate Editor, Journal of Banking and Finance, 2017 to present
  • Associate Editor, Journal of Financial Intermediation, 2013 to present
  • Associate Editor, Management Science, 2011-2014, 2010-2018
  • Conference Organizer, SFS, 2015-2017
  • Associate Chair, SFS Finance Cavalcade, 2015, 2015-2017

Teaching Interests

Mergers and acquisitions, corporate finance

Research Interests

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

Current Courses

  • Mergers & Acquisitions Topics (FIN 527) Focuses on identifying ways to increase firm value through mergers and acquisitions (M&A) and corporate restructurings. We will develop your skills in the design and evaluation of transactions. Specific topics addressed in the course are the valuation of companies, structuring of transactions, deal tactics and strategy, valuation of leveraged buyouts, and spin-offs/carve-outs. We will also delve into issues of law, accounting and taxation and how they affect the structuring and outcome of merger transactions. Knowledge about M&A is an important component of any corporate finance professional and is the foundation for effective work in a wide range of fields including corporate development, investment banking, consulting, and advising senior management.

  • Corporate Finance I & II (FIN 580) Lectures and discussions relating to new areas of interest. See class schedule for topics and prerequisites.

  • Corporate Finance I and II (FIN 580) Lectures and discussions relating to new areas of interest. See class schedule for topics and prerequisites.

  • Individual Study and Research (FIN 590) Directed reading and research.

  • Seminar in Corporate Finance (FIN 594) Theories, paradigms, and models of nonfinancial corporations; investigates the theoretical foundations and empirical evidence regarding corporate resource allocation, capital structure decisions, and dividend policies; covers in detail contingent claim analysis, signaling theory, and agency theory.

Contact

4037 Business Instructional Facility

515 Gregory Drive

Champaign, IL 61820

217-333-2704

halmeida@illinois.edu

Vita

Google Scholar

SSRN

Website

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