Associate Professor Luis Filipe Goncalves-Pinto

My Expertise

Managerial compensation and incentives, delegated portfolio management, information and liquidity in financial markets, limits to arbitrage and return predictability.

Biography

I am a Senior Lecturer (Assistant Professor) at the School of Banking and Finance. Prior to joining UNSW, I was an Assistant Professor of Finance at the Chinese University of Hong Kong (CUHK), and at the National University of Singapore (NUS). I hold a Ph.D. in Finance from the University of Southern California (USA), and a M.Sc. in Finance from the University of Lisbon (Portugal). My research focuses on managerial compensation and incentives, delegated portfolio management, information and liquidity in financial markets, limits to arbitrage and return predictability. It has been cited in the Financial Times, Bloomberg, NBER Digest, and many other media outlets.

My Grants

FRC Tier 1 Research Grant, Singapore Ministry of Education, "Drivers and Spillovers of Hedge Fund Activism" [2014-2017]
STICERD Research Grant, "Contract Horizon and Dynamic (Dis)Incentive Effects of Long-Term Executive Pay" [joint with Moqi Groen-Xu (LSE)], March 2013
FRC Tier 1 Research Grant, Singapore Ministry of Education, "Delegated Asset Management in Illiquid Markets" [2011-2014]
EIF Travel Grant, Europlace Institute of Finance, Paris, France, Dec 2009
IFID Travel Grant, Individual Finance and Insurance Decisions Center, Toronto, Nov 2009
AFA Student Travel Grant, American Finance Association Annual Meetings, in San Francisco, California, Jan 2009

My Qualifications

Ph.D. in Finance, University of Southern California, Los Angeles, USA, 2011
M.Sc. in Business Administration (Specialization: Finance), University of Lisbon, Portugal, 2005
M.B.A. (Finance), Technical University of Lisbon, Portugal, 2003
Post-Grad Degree in Financial Analysis, University of Lisbon, Portugal, 2002

My Awards

Editor's Choice in the November 2018 Volume of the Review of Financial Studies for the paper "Strategic News Releases in Equity Vesting Months"
Semi-Finalist for Best Paper Award at the FMA Asia-Pacific Conference, April 2017
ASX Prize for Best Paper on Derivatives / Quantitative Finance at the Australasian Finance and Banking Conference, December 2016
INQUIRE Europe Research Award, April 2016
Best Paper Award at International Conference on Asia-Pacific Financial Markets (CAFM), December 2015
Best Paper Award at FIRN Conference, November 2015
CAMRI Applied Finance Research Award, July 2014
Semi-Finalist for Best Paper Award in Investments at the FMA Annual Meetings, October 2013
New Zealand Superannuation Fund Award for Best Paper at the Auckland Finance Meeting, New Zealand, Dec 2012
SAC Capital Ph.D. Candidate Award for Outstanding Research at the Western Finance Association Meetings, in Victoria, British Columbia, Canada, Jun 2010
LECG Prize for the Best Overall Conference Paper by a Ph.D. Student presented at the 36th European Finance Association Annual Meetings, in Bergen, Norway, Aug 2009
IFID 2009 Ph.D. Student Paper Competition Award, the Individual Finance and Insurance Decisions Center, in Toronto, Canada, Nov 2009
FCT Portuguese Foundation for Science and Technology, PhD Fellowship, 2010 - 2011
Calouste Gulbenkian Foundation Scholarship, 2006 - 2010
USC Marshall School of Business Graduate Assistantship, 2006 - 2010
Fulbright Scholarship, 2005 - 2010

My Research Activities

PublisP Published papers:

Strategic News Releases in Equity Vesting Months (with Alex Edmans, Moqi Groen-Xu, Yanbo Wang) Review of Financial Studies, 31 (2018), 4099-4141. (Lead Article, Editor's Choice)
Why Do Option Prices Predict Stock Returns? The Role of Price Pressure in the Stock Market (with Bruce Grundy, Allaudeen Hameed, Thijs Van Der Heijden, and Yichao Zhu), Management Science, 66 (2020), 3903-3926.
Incomplete Information and the Liquidity Premium Puzzle (with Yingshan Chen, Min Dai, Jing Xu, and Cheng Yan), Management Science (published online on Oct 12, 2020)
How Does Illiquidity Affect Delegated Portfolio Choice? (with Min Dai and Jing Xu), Journal of Financial and Quantitative Analysis, 54 (2019), 539-585.
The Invisible Hand of Internal Markets in Mutual Fund Families (with Juan Sotes-Paladino and Jing Xu), Journal of Banking and Finance, 89 (2018), 105-124.

Working papers:

Co-Insurance in Mutual Fund Families (with Breno Schmidt), R&R at Review of Financial Studies
Convex Incentives and Liquidity Premia (with Min Dai, Jing Xu, and Cheng Yan)
Predictable Stock Returns, Transaction Costs, and the (Un)Informativeness of Option Prices (with Jing Xu)
How Informationally Efficient Are Options Markets? (sole author)