Biography
Victor Barros is an Associate Professor of Finance at ISEG - Lisbon School of Economics and Management, part of Universidade de Lisboa. He holds a Ph.D. in Management and a Master’s in Finance from ISEG. His academic background also includes executive courses from international institutions such as Columbia University, Harvard Business School, and NYU Stern School of Business. He is a CFA® charterholder and a Portuguese Certified Accountant.
His teaching focuses primarily on finance across undergraduate, Master's, Ph.D., MBA, and executive education programs. He is a coordinator of ISEG's Master’s in Finance, Bachelor’s in Finance and executive program in Sustainable Finance, and serves as ISEG’s faculty adviser for the CFA Institute Research Challenge. His research centers on finance, with emphasis on corporate finance decisions, corporate taxation, fiscal policy evaluation, and sustainable/ESG performance.
Education
2023 | Executive course on ‘Sustainable Investing’ Harvard Business School, Harvard University (USA) |
2023 | Executive course on ‘Corporate Governance: Driving Business Value Creation and Growth’ Columbia Business School (USA) |
2022 | Executive course on ‘Advanced Valuation’ New York University (NYU) Stern School of Business (USA) |
2016 | Ph.D. in Management ISEG (Portugal) |
2011 | Mestrado em Finanças ISEG (Portugal) |
Publications & Citations
Year | Title / Publication | Link |
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2024 | ESG performance and firms’ business and geographical diversification: an empirical approach. Journal of Business Research |
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2023 | Shareholder Activism and Firms’ Performance Research in International Business and Finance |
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2023 | Drivers of the Tax Effort: Evidence from a Large Panel Comparative Economic Studies |
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2023 | High-tech firms: Dividend policy in a context of sustainability and technological change Technological Forecasting and Social Change |
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2023 | Environmental, Social and Governance Scores in Europe: What drives financial performance for larger firms? Economics and Business Letters |
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2023 | Can Corporate Sustainability Drive Economic Value Added? Evidence from Larger European Firms Journal of Risk and Financial Management |
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2022 | Corporate taxes and high-quality entrepreneurship Small Business Economics |
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2022 | Does CEO turnover influence dividend policy? Finance Research Letters |
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2022 | An alternative valuation of Public Private Partnerships by using the Black Scholes Model: The Portuguese highway case Global Business and Economics Review |
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2022 | M&A activity as a driver for better ESG performance Technological Forecasting and Social Change |
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2022 | Are more sustainable firms able to operate with lower working capital requirements? Finance Research Letters |
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2022 | Political elections uncertainty and earnings management: Does firm size really matter? Economics Letters |
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2022 | Sustainability Performance and the Cost of Capital International Journal of Financial Studies |
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2022 | Commodities and portfolio diversification: Myth or fact? Quarterly Review of Economics and Finance |
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2021 | Do managers increase tax disclosure when corporate tax avoidance is high? International Journal of Accounting Auditing and Performance Evaluation (IJAAPE) |
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2021 | Do activist shareholders influence a manager’s decisions on a firm’s dividend policy: A mixed-method study Journal of Business Research |
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2021 | Does Privatisation Affect Industries and Firms’ Capital Structure in Europe? Journal of Governance and Regulation |
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2021 | Are more sustainable firms able to operate with lower working capital requirements? Finance Research Letters |
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2021 | Is taxation being effectively used to promote public transport in Europe? Transport Policy |
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2020 | Board Meeting Attendance and Corporate Tax Avoidance: Evidence from the UK Business Perspectives and Research |
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2020 | What firm's characteristics drive the dividend policy? A mixed method study on the Euronext Stock Exchange Journal of Business Research |
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2020 | Market reaction following the award of highway concessions: market surprise or positive anticipation? Case Studies on Transport Policy |
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2020 | Does ESG Affect the Stability of Dividend Policies? Sustainability |
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2019 | Can Green Taxation Trigger Plug-In Hybrid Electric Vehicle Acquisition? EuroMed Journal of Business |
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2018 | Corporate Tax Avoidance and Profitability Followed by Mergers and Acquisitions Corporate Ownership & Control |
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2018 | “The Determinants of Dividend Policy in Euronext 100" Corporate Ownership & Control |
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2018 | Corporate Governance and Company Performance: Exploring the Challenging Issues Corporate Governance and Organizational Behavior Review |
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2017 | Corporate Tax Avoidance and Ex Ante Equity Cost of Capital in Europe European Journal of Management Studies |
Year | Title / Publication | Link |
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2023 | ESG Performance and Business Diversification: An Empirical Approach |
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2022 | High-tech” firms: dividend policy in a context of sustainability and technological change |
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2021 | Tax Avoidance and corporate financing in a ESG setting European Journal of Management Studies |
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2021 | M&A activity as a driver for better ESG performance |
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2020 | Do Shareholders Activists influence manager´s decisions on firm’s dividend policy: a mixed-method study |
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2020 | Does CEO Turnover influence the dividend policy? |
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2020 | Corporate taxes and high-quality entrepreneurship: Evidence from a tax reform |
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2018 | Does Privatization affect firm’s capital structure in Europe? |
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2018 | The Determinants of Dividend Policy in Euronext 100 |
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2018 | Can green taxation trigger plug-in hybrid electric acquisition? |
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2018 | Does Privatisation Affect Industries and Firms’ Capital Structure in Europe? |
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2017 | Corporate Tax Avoidance and Performance Followed by Mergers and Acquisitions |
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2017 | Can Corporate tax reforms foster entrepreneurial activity? Evidence from Portugal |
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2017 | Can Corporate tax reforms foster entrepreneurial activity? Evidence from Portugal |
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2014 | Can Corporate Tax Reforms Foster Entrepreneurial Activity? Evidence from Portugal |
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Year | Title / Publication | Link |
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2023 | ESG Performance and Business Diversification: An Empirical Approach ACIEK Conference |
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2022 | High-tech” firms: dividend policy in a context of sustainability and technological change ACIEK Conference |
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2021 | M&A activity as a driver for better ESG performance ACIEK Conference |
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2021 | Do Activist Shareholders Really Increase Firm Performance? Portuguese Finance Network |
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2021 | Tax Avoidance and corporate financing in a ESG setting Portuguese Finance Network |
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2021 | Shareholder Activism and Firms’ Performance EFMA - European Financial Management Association |
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2020 | Determinants of capital ratios in European banks after the sovereign crisis 13th Annual EMAB Conference |
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2020 | Corporate Taxes and High-Quality Entrepreneurship: Evidence from a Tax Reform 80th Annual Meeting of the Academy of Management |
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2020 | Do Shareholders Activists influence manager´s decisions on firm’s dividend policy: a mixed-method study ACIEK Conference |
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2020 | Does CEO turnover influence the dividend policy? International Conference on “Corporate Governance: Examining Key Challenges and Perspectives” |
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2020 | Corporate taxes and high-quality entrepreneurship: Evidence from a tax reform Academy of Management Annual Meeting Proceedings |
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2019 | Corporate social responsibility and limits for corporate tax avoidance Corporate Governance: Search for the Advanced Practices |
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2018 | Does Privatisation Affect Industries and Firms’ Capital Structure in Europe? 3rd CSG Research Forum |
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Year | Title / Publication | Link |
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2021 | Determinantes da Eficiência do IVA na União Europeia Editora Almedina |
Teaching
Semester | Course | Degree | Coordinator |
---|---|---|---|
1º | Advanced Corporate Finance | Licenciatura Bolonha em Economia - Economics, Licenciatura Bolonha em Finanças - Finance | No |
1º | Corporate Finance II | Licenciatura Bolonha em Economia - Economics, Licenciatura Bolonha em Gestão - Management | No |
2º | Finanças para Gestão de Recursos Humanos | Mestrado Bolonha em Gestão de Recursos Humanos - Gestão de Recursos Humanos, Mestrado Bolonha em Gestão - Management | Yes |
1º | Equity Research | Mestrado Bolonha em Finanças - Finance | Yes |
1º | Databases in Finance | Mestrado Bolonha em Finanças - Finance | Yes |
Year | Student Name / Title / Institution | Supervision Type | Link |
---|---|---|---|
2023/2024 | ANDRIANA CHORNENKA Equity Research NOS SGPS SA: Capital Structure Optimization Instituto Superior de Economia e Gestão |
Master | Ver |
2023/2024 | NICOLÒ GIOVANNI RIZZO How Does Physical Risk Impact the Cost of Capital? Instituto Superior de Economia e Gestão |
Master | Ver |
2023/2024 | ALIN ANDREI COJOCARU Equity Research NOS SGPS SA: User-Based vs Mainstream Valuation Instituto Superior de Economia e Gestão |
Master | Ver |
2023/2024 | JOÃO POIRET DE MENDONÇA E DE SALDANHA VIEIRA Equity Research NOS SGPS SA: Case Study on the Financial Policy Towards 6G Instituto Superior de Economia e Gestão |
Master | Ver |
2023/2024 | KUAN HON CHEANG Does Political Uncertainty and Political Ideology Place a Discount on the M&A Premiums? Instituto Superior de Economia e Gestão |
Master | Ver |
2023/2024 | MANUEL VIEIRA CUNHA Equity Research NOS SGPS SA: An Integrated Value Approach Instituto Superior de Economia e Gestão |
Master | Ver |
2022/2023 | FRANCISCO MANUEL PATRICIO GONÇALVES Socializing Through Food – An Approach to Improving Iseg Canteen And Fostering Community |
Master | Ver |
2022/2023 | ANDRÉ ALBUQUERQUE CARVALHO PIMENTA Food Ecosystem: Enhancing the Food Experience at ISEG Campus Instituto Superior de Economia e Gestão |
Master | Ver |
2022/2023 | JOÃO PEDRO PALHAVÃ DE ALMEIDA ANDRADE MARTINS Informal Learning Café - A Working Model For Understanding Key Connections Between Food And Learning Instituto Superior de Economia e Gestão |
Master | Ver |
2022/2023 | MARGARIDA MARTINS VALENTE Unveiling the Drivers of Analyst Coverage: The Role of the Head of Investor Relations Instituto Superior de Economia e Gestão |
Master | Ver |
2022/2023 | MELISSA LOPES SILVA Corporate Governance and Financial Health: Evidence from Canada Instituto Superior de Economia e Gestão |
Master | Ver |
2022/2023 | CATARINA BORGES PINHO Sustainable and ethical issues in the decision making of finance professionals Instituto Superior de Economia e Gestão |
Master | Ver |
2022/2023 | DAVID FILIPE DE SOUSA TITA Equity Research Jerónimo Martins SGPS, SA: Pricing Discount for Limited Liquidity in the Food Retail Industry Instituto Superior de Economia e Gestão |
Master | Ver |
2022/2023 | BEATRIZ LOBATO CALVÁRIO Equity Research Jerónimo Martins SGPS S.A.: Alternative Methods to the CAPM Instituto Superior de Economia e Gestão |
Master | Ver |
2022/2023 | GONÇALO ALEXANDRE SIMÃO DIAS Equity Research Jerónimo Martins SGPS SA: Using the Expected Effect of the Macroeconomic Indicators Instituto Superior de Economia e Gestão |
Master | Ver |
2022/2023 | JAKOV PAVLOVIKJ LATAS Equity Research Jerónimo Martins: introducing an alternative approach to the capital structure puzzle |
Master | Ver |
2021/2022 | LAURENCE GEORG BEYER Assessing factors affecting Cross-border M&A versus Greenfield FDI: a Cross Country Analysis Instituto Superior de Economia e Gestão |
Master | Ver |
2021/2022 | EDOARDO MARINO SPACs: performance analysis on a constantly evolving trend Instituto Superior de Economia e Gestão |
Master | Ver |
2021/2022 | LI PEI Equity Research: NH Hotel Group, S.A. Instituto Superior de Economia e Gestão |
Master | Ver |
2021/2022 | JOÃO ANDRÉ ALMEIDA MOTRENA Equity Research EDP Renováveis S.A.: The Value of Financial Flexibility Instituto Superior de Economia e Gestão |
Master | Ver |
2021/2022 | BEATRIZ RIBEIRO DE OLIVEIRA CORREIA Equity Research EDP Renováveis S.A.: The Return and Cost of Tax Equity Agreements Instituto Superior de Economia e Gestão |
Master | Ver |
2021/2022 | ALEXANDRE DANIEL FIALHO SILVA Equity Research EDP Renováveis, S.A.: Australia - Successful (Over)Diversification Instituto Superior de Economia e Gestão |
Master | Ver |
2021/2022 | ANA RITA MACHADO AMORIM Equity Research EDP Renováveis S.A.: Integrating Sustainability Risks into the Valuation Instituto Superior de Economia e Gestão |
Master | Ver |
2021/2022 | RITA ISABEL CORREIA PANÓIAS Equity Research EDP Renováveis S.A.: Hybridization is a Real Option Instituto Superior de Economia e Gestão |
Master | Ver |
2020/2021 | ANTONIO MANUEL FIRMINO CALAPEZ CORREIA Equity Research: ExxonMobil Corporation Instituto Superior de Economia e Gestão |
Master | Ver |
2020/2021 | CAROLINA PORTELA CLEMENTE Board Gender Diversity and Corporate Tax Avoidance in Europe: the Role of ESG Instituto Superior de Economia e Gestão |
Master | Ver |
2020/2021 | ANA MARGARIDA COTRIM CARRASQUEIRA Equity Research Sonae SGPS SA: The Retail Market in the Aftermath of the Covid-19 Pandemic |
Master | Ver |
2020/2021 | ANA MAFALDA BENTO BORRALHO Equity Research Sonae SGPS SA: A Divestment Scenario in Times of Uncertainty |
Master | Ver |
2020/2021 | MAX ERIK PETER RÖMBO Effects of MiFID II: Corporate Governance as a Mitigating Factor for Sell-Side Analysts Coverage |
Master | Ver |
2020/2021 | MARINA SANTOS DIAS Determinants of Zombie Firms in the Eurozone |
Master | Ver |
2020/2021 | ENRIQUE QUESADA FONSECA Equity Research Sonae SGPS SA: A Value-at-Risk Assessment |
Master | Ver |
2020/2021 | RODRIGO MIGUEL GONÇALVES MARQUES Equity Research Sonae SGPS SA: Structural Approach to Soane's Probability of Default |
Master | Ver |
2020/2021 | GUILHERME MARTINS DA CONCEIÇÃO FERREIRA E CORGA Equity Research Sonae SGPS SA: Replicating Soane's Portfolio |
Master | Ver |
2020/2021 | MARGARIDA MARTINS VALENTE Head of IR Profile and Analyst's Coverage |
Master | |
2019/2020 | PEDRO DANIEL XAVIER PATEIRO On inside ownership of biddings and M&A premia |
Master | Ver |
2019/2020 | JOÃO CÉSAR GOMES TEIXEIRA Equity Research GALP Energia SGPS SA: ESG Approach to Valuation |
Master | Ver |
2019/2020 | ARTHUR PINHEIRO QUITES Equity Research GALP Energa SGPS SA: Expected Cash Flow Approach |
Master | Ver |
2019/2020 | JOKO SUPRIYANTO Type of earnings management and the effect of auditors' size and dividend threshold: evidence from Portugal |
Master | Ver |
2019/2020 | SÉRGIO RAFAEL DOS SANTOS SOUSA Equity Research: Royal Dutch Shell Plc |
Master | Ver |
2019/2020 | ALEXANDRE DIOGO FIGUEIRA DA SILVA CORREIA ESG performance, tax avoidance and external financing decisions in Europe |
Master | Ver |
2019/2020 | ANA PATRÍCIA DOS SANTOS FERREIRA Equity Research GALP Energia SGPS SA: GALP Competitors and Relative Valuation |
Master | Ver |
2019/2020 | ANA MARGARIDA MACHADO ALPALHÃO Equity Research GALP Energia SGPS SA: Valuation of the Power Business Unit |
Master | Ver |
2019/2020 | ANDRÉ FILIPE ROSEIRO SANTOS Equity Research: Navigator Company SA |
Master | Ver |
2019/2020 | JORGE MANUEL SARROEIRA SANTOS ALVES DE FARIA Equity Research GALP Energia SGPS SA: Mozambique - GALP's Greener Future is a Real Option |
Master | Ver |
2019/2020 | PAULA ALEXANDRA TAPIERO MORENO Equity Research: Stora Enso Oyj |
Master | Ver |
2019/2020 | ANTÓNIO NUNO PINTO DIAS RAIMUNDO Equity Research: Ence Energia y Celulosa SA |
Master | Ver |
2019/2020 | MARIANA VIEIRA DA SILVA Equity Research: UPM-Kymmene Corporation |
Master | Ver |
2018/2019 | EMANUEL ANTÓNIO BARBOSA LOURENÇO Equity Research: Hugo Boss AG |
Master | Ver |
2018/2019 | SÉRGIO RAFAEL DOS SANTOS SOUSA Equity Research: Royal Dutch Shell Plc |
Master | |
2018/2019 | PEDRO MIGUEL NUNES LOURENÇO Equity Research: Total SA |
Master | Ver |
2018/2019 | CAROLINA FILIPA ABREU FREITAS Equity Research Corticeira Amorim SGPS SA: Dividend Policy under Family-Owned Company |
Master | Ver |
2018/2019 | PEDRO DANIEL XAVIER PATEIRO Does Inside Ownership Raise Bid Premiums in M&A Deals? |
Master | |
2018/2019 | GONÇALO ANTUNES MARQUES Equity Research: BP PLC |
Master | Ver |
2018/2019 | ANTONIO MANUEL FIRMINO CALAPEZ CORREIA Equity Research: Exxon Mobil Corp |
Master | |
2018/2019 | JOANA RITA DAVID SANTOS Activist Shareholders: Do They Boost or Hurt Firm?s Performance? |
Master | Ver |
2018/2019 | JOKO SUPRIYANTO Earnings Management and the Dividend Signaling Theory |
Master | |
2018/2019 | ANA FILIPA DA SILVA CARREIRA Equity Research Corticeira Amorim SGPS SA: Automatized Multiples, Reliable or Misleading? |
Master | Ver |
2018/2019 | TOMÁS CABRAL JÚDICE DA COSTA Os Impostos e a Escolha do Meio de Transporte na União Europeia |
Master | Ver |
2018/2019 | ZARKO LJUBENOVIC Equity Research Corticeira Amorim SGPS SA: Vertical and Horizontal Integration |
Master | Ver |
2018/2019 | PEDRO JOSÉ INÁCIO DA COSTA SANTOS Does CEO Turnover Influence Dividend Policy? |
Master | Ver |
2018/2019 | CAROLINA BRANCO ALVES DA SILVA Equity Research: PVH Corp |
Master | Ver |
2018/2019 | FÁBIO DOS SANTOS RUANO Commodities and Portfolio Diversification: Myth or Fact? |
Master | Ver |
2018/2019 | JOANA JETAL CHHOTOBHAI Equity Research Corticeira Amorim SGPS SA: Will the Increase of Temperatures Affect Harvesting Cycles? |
Master | Ver |
2018/2019 | JOANA CATARINA SAMPAIO PINA Equity Research Corticeira Amorim SGPS SA: Green Bonds - Sustainable Finance, But Not For All |
Master | Ver |
2017/2018 | SIMÃO LOURENÇO PEREIRA Equity Research: Ibersol SGPS SA |
Master | Ver |
2017/2018 | PEDRO FILIPE HENRIQUES CAIRES Equity Research: BHP Billiton Limited |
Master | Ver |
2017/2018 | RICARDO JORGE PEDROSO DUARTE Equity Research REN SGPS, S.A.: The Bond Proxy |
Master | Ver |
2017/2018 | JOÃO MIGUEL GONÇALVES DA SILVA Equity Research REN SGPS, S.A.: Growth in LATAM following Electrogas Acquisition |
Master | Ver |
2017/2018 | ANDRÉ FILIPE FERREIRA SANTA MARTA CSR and Corporate Tax Avoidance |
Master | Ver |
2017/2018 | KATHARINE JEAN ZOGLAUER CARDWELL Equity Research Redes Eléctricas Nacionais SGPS SA: Examining DCF Valuation Model Invariance |
Master | Ver |
2017/2018 | JOANA SILVA MENDES Equity Research REN SGPS, S.A.: A Regulation Approach Based on TOTEX |
Master | Ver |
2017/2018 | PEDRO MIGUEL VIEGAS GOMES Equity Research REN SGPS, S.A.: Yield's Double Hedge |
Master | Ver |
2016/2017 | DÉCIO ARLINDO DA CUNHA CHILUMBO Industry Specificities and Debt after Privatization: Evidence from European Firms |
Master | Ver |
2016/2017 | SIMÃO LOURENÇO PEREIRA Equity Research: Ibersol SGPS SA |
Master | |
2016/2017 | RHODA RAQUEL TICHATSCHEK Equity Research: NH Hotel Group SA |
Master | Ver |
2016/2017 | BENEDIKT GRUNDHEBER Equity Research Mota-Engil SGPS SA: Political Uncertainties in LATAM |
Master | Ver |
2016/2017 | VÍTOR MIGUEL DOS SANTOS GERALDES Equity Research: Peugeot SA |
Master | Ver |
2016/2017 | FÁTIMA JÉSSICA ABREU DE FREITAS Equity Research Mota-Engil SGPS SA: Risk of Default in Africa |
Master | Ver |
2016/2017 | PAULO JORGE PEREIRA PEDRO The Effect of Leverage, Liquidity and Analysts on Earnings and Capital Management in Europe |
Master | Ver |
2016/2017 | ANA CATARINA DUARTE AFONSO Determinantes do corporate tax avoidance e da utilização de tax havens |
Master | Ver |
2016/2017 | HUGO MIGUEL MELO DE PÁDUA Can green taxation trigger plug-in hybrid acquisition? |
Master | Ver |
2016/2017 | BRUNO ANTÓNIO GOMES FERNANDES Equity Research Mota-Engil SGPS SA: Upside with EGF's Acquisition |
Master | Ver |
2016/2017 | VLADMIR ADÃO CARLOS Analise da Performance de Fundos de Investimento Mobiliário |
Master | Ver |
2016/2017 | CATARINA MARIA CATARINO TRINDADE Equity Research Mota-Engil SGPS SA: Growth in New Markets in Africa |
Master | Ver |
2016/2017 | RICARDO FILIPE NUNES BOTO Equity Research: Ryanair Holdings Plc |
Master | Ver |
2015/2016 | DANIEL JOSÉ DA SILVA DUARTE Corporate Tax Avoidance followed by Mergers and Acquisitions |
Master | Ver |
2015/2016 | HUGO MIGUEL MELO DE PÁDUA Tratamento fiscal dos ativos biológicos não consumíveis: sua consideração como elemento depreciável do ativo e efeitos no investimento |
Master | |
2015/2016 | GONÇALO FERNANDO ARAÚJO DA SILVA Equity Research: LafargeHolcim Ltd in the aftermath of a mega M&A |
Master | Ver |
2015/2016 | MARY ANNE GARCIA BOLOS Equity Research of Volkswagen: Valuation Amidst of an Emissions Scandal |
Master | Ver |
2015/2016 | IVO SÁ VIEIRA RODRIGUES Plafonds de aplicação da taxa reduzida em IRC e os limites máximos anuais de benefícios na ZFM |
Master | Ver |
2015/2016 | MATILDE MAIA MENDES PULIDO Corporate Tax Avoidance and Ex Ante Equity Cost of Capital in Europe |
Master | Ver |
2015/2016 | JOSÉ PEDRO GOMES MOTA PINTO DE ABREU EQUITY RESEARCH NOVABASE SGPS SA |
Master | Ver |
Professional Experience
Name / Description | Date | Organization |
---|---|---|
Associate Professor of Finance |
2024 | ISEG |
Coordinator of the Bachelor in Finance Coordenador de curso |
2023 | ISEG |
Coordinator of the Masters in Finance Coordenador de curso |
2022 | ISEG |
Coordinator of the executive course in Sustainable Finance Coordenador de curso |
2022 | ISEG |
Assistant Professor of Finance, tenure-track |
2020 - 2024 | ISEG |
Visiting Assistant Professor |
2016 - 2020 | ISEG |
Teaching Assistant Professor assistente |
2013 - 2016 | ISEG |