Pedro Matos BW

Pedro Matos

James A. and Stacy Cooper Bicentennial Professor of Business Administration
John G. Macfarlane Family Chair
Academic Director of Richard A. Mayo Center for Asset Management


FOB 267

Academic Area

Areas of Expertise

Asset Management, Investments, Corporate Governance, International Finance

Education: B.A., Universidade Nova de Lisboa; M.S., IST Universidade Tecnica de Lisboa and INSEAD; Ph.D., INSEAD

Pedro Matos is the academic director of the Richard A. Mayo Center for Asset Management, holds both the James A. and Stacy Cooper Bicentennial Professorship and the John G. Macfarlane Family Chair in Business Administration, and is a professor of business administration (Finance) at the University of Virginia Darden School of Business.

His research focuses on the growing importance of institutional investors in financial markets worldwide. His work has been published in top academic journals and featured in the press, including in The EconomistFinancial TimesThe New York TimesThe Washington PostFortune and Forbes. Matos is a research associate at the European Corporate Governance Institute (ECGI), and his work has received numerous research grants and awards.

At Darden, Matos has published numerous case studies and has won the Wells Fargo Award for Excellence in Course Material Development (twice), the Wells Fargo Award for Outstanding Research Publication and the Darden Multiyear Publications Award. He previously taught at the University of Southern California Marshall School of Business, where he received a Golden Apple teaching award.

Matos holds a B.A. in economics from Nova University in Lisbon (Portugal) and a Ph.D. in finance from INSEAD in Fontainebleau (France). Prior to his Ph.D., he worked with the Portuguese Ministry of Finance and consulted for the World Bank.


Selected Publications

"Leviathan Inc. and Corporate Environmental Engagement", with H. Liang and P. Hsu, Management Science (forthcoming, Special Issue on Business and Climate Change).

"Do Responsible Investors Invest Responsibly?", with S. Glossner, R. Gibson, P. Krueger and T. Steffen, Review of Finance 26 (6), pp. 1389-1432 (November 2022, Special Issue on Sustainable Finance).

"How Global is Your Mutual Fund? International Diversification from Multinationals", with I. Demirci, M. Ferreira and C. Sialm, The Review of Financial Studies, 35 (7), pp. 3337-3372 (July 2022).

"International Corporate Governance Spillovers: Evidence from Cross-Border Mergers and Acquisitions", with R. Albuquerque, M. Ferreira and L. Marques, The Review of Financial Studies, Vol. 32 (2), pp. 738-770 (February 2019).

"Do General Managerial Skills Spur Innovation?", with C. Custodio and M. Ferreira, Management Science, Vol. 65(2), pp. 459-476 (February 2019).

"Asset Management within Commercial Banking Groups: International Evidence", with M. Ferreira and P. Pires, The Journal of Finance, Vol. 83 (5), pp. 2181-2227 (October 2018).

"Investor-Stock Decoupling in Mutual Funds", with M. Ferreira and M. Massa, Management Science, Vol. 64 (5), pp. 2144-2163 (May 2018).

"Are Foreign Investors Locusts? The Long-Term Effects of Foreign Institutional Ownership", with J. Bena, M. Ferreira, and P. Pires, Journal of Financial Economics, Vol. 126, pp. 122-146 (October 2017).

"Do Locals Know Better? A Comparison of the Performance of Local and Foreign Institutional Investors", with M. Ferreira, J. Pereira and P. Pires, Journal of Banking & Finance, Vol. 82, pp. 151-164 (September 2017).

"Indexing and Active Fund Management: International Evidence", with M. Cremers, M. Ferreira and L. Starks, Journal of Financial Economics,(June 2016).

"Lending Relationships and the Effects of Bank Distress: Evidence from the 2007-2008 Financial Crisis", with D. Carvalho and M. Ferreira,  Journal of Financial and Quantitative Analysis,(December 2015).

"The Executive Compensation Controversy: A Transatlantic Analysis", with M. Conyon, N. Fernandes, M. Ferreira, and K. Murphy in Executive Packages: Productivity, Profits, and Pay, Fondazione Rodolfo De Benedetti (Editor), Oxford University Press, (May 2013).

"Generalists Versus Specialists: Managerial Skills and CEO Pay", with C. Custodio and M. Ferreira. Journal of Financial Economics, Vol. 108 (2), p. 471-492, (May 2013).

"Are US CEOs Paid More? New International Evidence." with N. Fernandes, M. Ferreira and K. Murphy. The Review of Financial Studies, Vol. 26 (2), p. 323-367, (February 2013).

"Payout Policy, Governance and Shareholder Investment Horizons." by J. Gaspar, M. Massa, P. Matos, R. Patgiri and Z. Rehman. Review of Finance, Vol. 17 (1), p. 261-320, (January 2013).

"Universal Banks and Corporate Control: Evidence from the Global Syndicated Loan Market." with M. Ferreira. The Review of Financial Studies, Vol. 25 (9), p. 2703-2744, (September 2012).

"Corporate Governance in the 2007-2008 Financial Crisis: Evidence from Financial Institutions Worldwide." by D. Erkens, M. Hung and P. Matos. Journal of Corporate Finance, Vol. 18, p. 389-411, (April 2012).

"Does Governance Travel Around the World? Evidence from Institutional Investors." with R. Aggarwal, I. Erel and M. Ferreira. Journal of Financial Economics, Vol. 100 (1), p. 154-181, (April 2011).

"Shareholders at the Gate? Institutional Investors and Cross-Border Mergers and Acquisitions." with M. Ferreira and M. Massa. Review of Financial Studies, Vol. 23 (2), p. 601-644, (February 2010).

"The Colors of Investors' Money: The Role of Institutional Investors Around the World." with M. Ferreira. Journal of Financial Economics, Vol. 88 (3), p. 499-533, (June 2008).

"Favoritism in Mutual Fund Families? Evidence on Strategic Cross-Fund Subsidization." with J. Gaspar and M. Massa. The Journal of Finance, Vol. 61 (1), p. 73-104, (February 2006).

"Shareholder Investment Horizon and the Market for Corporate Control." with J. Gaspar and M. Massa. Journal of Financial Economics, Vol. 76 (1), p. 135-165, (April 2005).


Case Studies

Advancing knowledge through research that shapes business, Darden professors are recognized thought leaders in their fields. They are not only master case method teachers, they also author many of the cases used in Darden classrooms and around the world.

Pedro Matos' cases are available in the Darden Business Publishing website.