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Artur Rodrigues is Full Professor of Finance at the School of Economics and Management of the University of Porto. He is Associate Researcher at the CEF.UP, University of Porto. He obtained the title of Agregado (Habilitation) in Business Administration from the School of Economics and Management, University of Minho in 2017 and a PhD in Business Administration (field: Finance) from the same School in 2006. His research interests include Options valuation, Real Options Theory and Dynamic models in Corporate Finance. His research has been published in Energy Economics, European Journal of Operational Research, Journal of Business Research, Journal of Corporate Finance, Journal of Derivatives, Journal of Economic Dynamics and Control, Quantitative Finance, and Review of Derivatives Research, among others. He teaches undergraduate, master and PhD courses on Corporate Finance, Derivatives and Real Options. He was visiting professor at the University of Milan - Bicocca and University of Rome - Tor Vergata. He supervised more than 30 master students and one PhD student. Before joining the University of Porto, he held various positions at the University of Minho until September 2024.
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Identification

Personal identification

Full name
Artur Jorge Pereira Rodrigues

Citation names

  • Rodrigues, Artur

Author identifiers

Ciência ID
1211-D4F5-639F
ORCID iD
0000-0002-7279-4490
Google Scholar ID
E4sUQh0AAAAJ
Researcher Id
A-1098-2009
Scopus Author Id
24399735500

Addresses

  • Faculdade de Economia da Universidade do Porto, Rua Dr. Roberto Frias s/n, 4200-464, Porto, Porto, Portugal (Professional)

Websites

  • sites.google.com/site/arturrodriguesum (Personal)

Knowledge fields

  • Social Sciences - Economics and Business

Languages

Language Speaking Reading Writing Listening Peer-review
English Advanced (C1) Advanced (C1) Advanced (C1) Advanced (C1) Advanced (C1)
Spanish; Castilian Intermediate (B1) Advanced (C1) Elementary (A2) Advanced (C1) Intermediate (B1)
Education
Degree Classification
2017/07 - 2017/07
Concluded
 Ciências Empresariais (Título de Agregado)
Universidade do Minho, Portugal
2006
Concluded
 Ciências Empresariais (Doutoramento)
Major in Especialidade: Finanças Empresariais
Universidade do Minho, Portugal
"Contribuições para a Avaliação da Modularidade no Contexto das Opções Reais" (THESIS/DISSERTATION)
1997 - 2000
Concluded
 Gestão de Empresas (Mestrado)
Major in Finanças Empresariais
Universidade do Minho, Portugal
1989 - 1994
Concluded
 Economia (Licenciatura)
Universidade do Porto, Portugal
 14
Affiliation

Teaching in Higher Education

Category
Host institution 		Employer
2024/10/01 - Current Full Professor (University Teacher) Universidade do Porto Faculdade de Economia, Portugal
Universidade do Porto Faculdade de Economia, Portugal
2015/05/05 - 2024/09/30 Associate Professor (University Teacher) Universidade do Minho, Portugal
Universidade do Minho Escola de Economia e Gestão, Portugal
2006/04 - 2015/05 Assistant Professor (University Teacher) Universidade do Minho, Portugal
Universidade do Minho Escola de Economia e Gestão, Portugal
2000/02 - 2006/04 Assistant (University Teacher) Universidade do Minho, Portugal
Universidade do Minho Escola de Economia e Gestão, Portugal
1995/11 - 2000/02 Trainee Assistant (University Teacher) Universidade do Minho, Portugal
Universidade do Minho Escola de Economia e Gestão, Portugal

Positions / Appointments

Category
Host institution 		Employer
2011/10 - 2020/12 Vice-President Universidade do Minho, Portugal
School of Economics and Management, University of Minho, Portugal
2013/04 - 2017/10 President of the Pedagogic Council Universidade do Minho, Portugal
School of Economics and Management, University of Minho, Portugal
Projects

Contract

Designation Funders
2007/10/01 - 2011/03/31 Avaliação dinâmica de projectos de larga escala em infraestruturas
PTDC/GES/78033/2006
Universidade do Minho, Portugal

Universidade do Minho Escola de Economia e Gestão, Portugal
Fundação para a Ciência e a Tecnologia
Concluded
2007/10/01 - 2010/12/31 Avaliação de opções utilizando métodos numéricos
PTDC/GES/72476/2006
Universidade do Minho, Portugal

Universidade do Minho Escola de Economia e Gestão, Portugal
Fundação para a Ciência e a Tecnologia
Concluded
2003/10 - 2007/09 O valor da modularidade: A perspetiva das opções reais
POCTI/GES/46947/2002.
Researcher
Fundação para a Ciência e a Tecnologia
Concluded
Outputs

Publications

Journal article
  1. Elmar Lukas; Paulo J. Pereira; Artur Rodrigues. "On the determinants of the dynamic choice between mergers and tender offers". Journal of Corporate Finance (2023): https://doi.org/10.1016/j.jcorpfin.2023.102489.
    10.1016/j.jcorpfin.2023.102489
  2. Dean Paxson; Paulo J. Pereira; Artur Rodrigues. "Investment timing, capacity choice and optimal floors and ceilings". Journal of Economic Dynamics and Control (2022): https://doi.org/10.1016/j.jedc.2022.104430.
    10.1016/j.jedc.2022.104430
  3. Barbosa, Luciana; Rodrigues, Artur; Alberto Sardinha. "Optimal price subsidies under uncertainty". European Journal of Operational Research (2022): https://doi.org/10.1016/j.ejor.2022.02.024.
    10.1016/j.ejor.2022.02.024
  4. Lacerda, JF; Pereira, Paulo Jorge; Rodrigues, Artur. "Toehold acquisitions as option games". Economics Letters 209 (2021): 110093-110093. http://dx.doi.org/10.1016/j.econlet.2021.110093.
    10.1016/j.econlet.2021.110093
  5. Azevedo, Alcino; Pereira, Paulo J.; Rodrigues, Artur. "Optimal timing and capacity choice with taxes and subsidies under uncertainty". Omega 102 (2021): 102312. http://dx.doi.org/10.1016/j.omega.2020.102312.
    10.1016/j.omega.2020.102312
  6. Barbosa, Luciana; Nunes, Cláudia; Rodrigues, Artur; Sardinha, Alberto. "Feed-in tariff contract schemes and regulatory uncertainty". European Journal of Operational Research 287 1 (2020): 331-347. http://dx.doi.org/10.1016/j.ejor.2020.04.054.
    10.1016/j.ejor.2020.04.054
  7. Elmar Lukas; Paulo J. Pereira; Artur Rodrigues. "Designing optimal M&A strategies under uncertainty". Journal of Economic Dynamics and Control 104 (2019): 1-20. https://doi.org/10.1016/j.jedc.2019.04.006.
    10.1016/j.jedc.2019.04.006
  8. Alcino Azevedo; Paulo J. Pereira; Artur Rodrigues. "Foreign direct investment with tax holidays and policy uncertainty". International Journal of Finance & Economics (2019): https://doi.org/10.1002/ijfe.1688.
    10.1002/ijfe.1688
  9. Pereira, P.J.; Rodrigues, A.. "Bargaining merger terms and the effect on the announcement returns". International Review of Economics and Finance 59 (2019): 510-521. http://www.scopus.com/inward/record.url?eid=2-s2.0-85055670942&partnerID=MN8TOARS.
    10.1016/j.iref.2018.10.015
  10. Azevedo, A.; Pereira, P.J.; Rodrigues, A.. "Non-compete covenants, litigation and garden leaves". Journal of Business Research 88 (2018): 197-211. http://www.scopus.com/inward/record.url?eid=2-s2.0-85044585292&partnerID=MN8TOARS.
    10.1016/j.jbusres.2018.03.020
  11. Barbosa, L.; Ferrão, P.; Rodrigues, A.; Sardinha, A.. "Feed-in tariffs with minimum price guarantees and regulatory uncertainty". Energy Economics 72 (2018): 517-541. http://www.scopus.com/inward/record.url?eid=2-s2.0-85047070757&partnerID=MN8TOARS.
    10.1016/j.eneco.2018.04.028
  12. Pereira, P.J.; Rodrigues, A.. "Investing in a random start American option under competition". Finance Research Letters (2018): http://www.scopus.com/inward/record.url?eid=2-s2.0-85050669290&partnerID=MN8TOARS.
    10.1016/j.frl.2018.06.013
  13. Azevedo, A.; Pereira, P.J.; Rodrigues, A.. "Non-competition covenants in acquisition deals". Economics Letters 143 (2016): 61-65. http://www.scopus.com/inward/record.url?eid=2-s2.0-84962696292&partnerID=MN8TOARS.
    10.1016/j.econlet.2016.03.025
  14. Rodrigues, Artur; Rodrigues, Artur. "Investment decisions in finite-lived monopolies". Journal of Economic Dynamics and Control (2014): http://dx.doi.org/10.1016/j.jedc.2019.04.008.
    10.1016/j.jedc.2014.07.003
  15. Areal, N.; Rodrigues, A.. "Discrete dividends and the FTSE-100 index options valuation". Quantitative Finance 14 10 (2014): 1765-1784. http://www.scopus.com/inward/record.url?eid=2-s2.0-84961314505&partnerID=MN8TOARS.
    10.1080/14697688.2011.618457
  16. Armada, M.J.R.; Pereira, P.J.; Rodrigues, A.. "Optimal investment with two-factor uncertainty". Mathematics and Financial Economics 7 4 (2013): 509-530. http://www.scopus.com/inward/record.url?eid=2-s2.0-84881073430&partnerID=MN8TOARS.
    10.1007/s11579-013-0101-1
  17. Rodrigues, A.. "Real options - introduction to the state of the art". European Journal of Finance 19 7-8 (2013): 589-590. http://www.scopus.com/inward/record.url?eid=2-s2.0-84884238566&partnerID=MN8TOARS.
    10.1080/1351847X.2013.830868
  18. Areal, N.; Rodrigues, A.. "Fast trees for options with discrete dividends". Journal of Derivatives 21 1 (2013): 49-63. http://www.scopus.com/inward/record.url?eid=2-s2.0-84883574829&partnerID=MN8TOARS.
    10.3905/jod.2013.21.1.049
  19. Rocha Armada, M.J.; Pereira, P.J.; Rodrigues, A.. "Optimal subsidies and guarantees in public-private partnerships". European Journal of Finance 18 5 (2012): 469-495. http://www.scopus.com/inward/record.url?eid=2-s2.0-84865625795&partnerID=MN8TOARS.
    10.1080/1351847X.2011.639789
  20. Areal, N.; Rodrigues, A.. "On the dangers of a simplistic American option simulation valuation method". European Journal of Finance 16 4 (2010): 373-379. http://www.scopus.com/inward/record.url?eid=2-s2.0-77953102009&partnerID=MN8TOARS.
    10.1080/13518470903314428
  21. Areal, N.; Rodrigues, A.; Armada, M.R.. "On improving the least squares Monte Carlo option valuation method". Review of Derivatives Research 11 1-2 (2008): 119-151. http://www.scopus.com/inward/record.url?eid=2-s2.0-59949100781&partnerID=MN8TOARS.
    10.1007/s11147-008-9026-x
  22. Portela, M.; Areal, N.; Sá, C.; Alexandre, F.; Cerejeira, J.; Carvalho, A.; Rodrigues, A.. "Evaluating student allocation in the Portuguese public higher education system". Higher Education 56 2 (2008): 185-203. http://www.scopus.com/inward/record.url?eid=2-s2.0-45749157537&partnerID=MN8TOARS.
    10.1007/s10734-007-9097-x
  23. Rodrigues, A.; Armada, M.J.R.. "The valuation of modular projects: A real options approach to the value of splitting". Global Finance Journal 18 2 (2007): 205-227. http://www.scopus.com/inward/record.url?eid=2-s2.0-35449005809&partnerID=MN8TOARS.
    10.1016/j.gfj.2006.10.002
Activities

Oral presentation

Presentation title Event name
Host (Event location)
2023/07 Dual Ownership, Capital Structure and Investment 26th Annual International Real Options Conference
(Durham, United Kingdom)
2023/07 Strategic investment and subsidies within an asymmetric duopoly under uncertainty 26th Annual International Real Options Conference
(Durham, United Kingdom)
2023/07 Strategic investment and subsidies within an asymmetric duopoly under uncertainty 31st Annual Meeting of the European Financial Management Association
(Cardiff, United Kingdom)
2023/07 Strategic investment and subsidies within an asymmetric duopoly under uncertainty 12th Portuguese Finance Network Conference
(Funchal, Portugal)
2023/07 The Interaction Between Capital Structure and Merger Decisions 26th Annual International Real Options Conference
(Durham, United Kingdom)
2023/07 The Interaction Between Capital Structure and Merger Decisions 12th Portuguese Finance Network Conference
(Funchal, Portugal)
2022/07 Investment timing and leverage decisions with caps and floors 25th Annual International Real Options Conference
(Porto, Portugal)
2022/07 Overlapping ownership in M&A deals 25th Annual International Real Options Conference
(Porto, Portugal)
2022/07 Auctions and real options: Bidding for feed-in tariff 25th Annual International Real Options Conference
(Porto, Portugal)
2022/06 Investment timing and leverage decisions with caps and floors 30th Annual Meeting of the European Financial Management Association
(Rome, Italy)
2022/06 Investment timing and leverage decisions with caps and floors 29th Annual Global Finance Conference
(Braga, Portugal)
2022/06 Auctions and real options: Bidding for feed-in tariff 29th Annual Global Finance Conference
(Braga, Portugal)
2021/09/03 On the determinants of the dynamic choice between mergers and tender offers 24th Annual International Real Options Conference
(Porto, Portugal)
2021/07/06 On the Determinants of the Dynamic Choice Between Mergers and Tender Offers 11th Portuguese Finance Network Conference
(Braga, Portugal)
2019/06 Toehold M&A Strategies and Dynamic Games 23rd Annual International Real Options Conference
(London, United Kingdom)
2019/06 Toehold M&A Strategies and Dynamic Games 27th Annual Meeting of the European Financial Management Association
(Ponta Delgada, Portugal)
2018/07 M&A Dynamic Games under the Threat of Hostile Takeovers 10th Portuguese Finance Network Conference
(Lisboa, Portugal)
2018/07 Investing in a Random-start American Option Under Competition 22nd Annual International Real Options Conference
(Dusseldorf, Germany)
2018/06 Feed-in Tariff Contract Schemes in Oligopoly 22nd Annual International Real Options Conference
(Dusseldorf, Germany)
2016/06 Non-competition covenants in employment contracts with litigation uncertainty 24thAnnualMeetingoftheEuropeanFinancialManagementAssociation
(Basel, Switzerland)
2016/06 Non-competition covenants in employment contracts with litigation uncertainty 9th Portuguese Finance Network Conference
(Covilhã, Portugal)
2016/06 Non-competition covenants in employment contracts with litigation uncertainty 20th Annual International Real Options Conference
(Trondheim, Norway)
2016/06 Renewable energy policy: Feed-in tariffs with minimum price guarantees 20th Annual International Real Options Conference
(Trondheim, Norway)
2015/06 A Theory on Merger Timing and Announcement Returns 19th Annual International Real Options Conference
(Ahens, Greece)
2014/06 The timing and terms of mergers and golden parachutes 8th Portuguese Finance Network Conference
(Vilamoura, Portugal)
2012/07 Fast trees for options with discrete dividends 7th Portuguese Finance Network Conference
(Aveiro, Portugal)
2012/06 Fast trees for options with discrete dividends 21st Annual Meeting of the European Financial Management Association
(Barcelona, Spain)
2011/06 Investment decisions in granted monopolies under the threat of a random demonopolization 20th Annual Meeting of the European Financial Management Association
(Braga, Portugal)
2010/10 Discrete dividends and the FTSE-100 index options valuation 2010 FMA Annual Meeting
(New York, United States)
2010/07 Investment, exogenous entry and expandable markets under uncertainty 6th International Conference of the Portuguese Finance Network
(Ponta Delgada, Portugal)
2010/07 Investment, exogenous entry and expandable markets under uncertainty 14th Annual International Real Options Conference
(Rome, Italy)
2010/07 Market segmentation under uncertainty 6th International Conference of the Portuguese Finance Network
(Ponta Delgada, Portugal)
2010/06 Optimal incentives to early exercise of large scale investments 19th Annual Meeting of the European Financial Management Association
(Aarhus, Denmark)
2009/06 Market segmentation under uncertainty 13thAnnualInternationalRealOptionsConference
(Santiago de Compostela, Spain)
2008/07 Optimal incentives to early exercise of public-private partnerships 12th Annual International Real Options Conference
(Rio de Janeiro, Brazil)
2008/05 Optimal incentives to early exercise of public-private partnerships XLII Euro Working Group on Financial Modelling Meeting
(Stocholm, Sweden)
2007/07 The optimal timing for the construction of an airport Optimization 2007 Conference
(Porto, Portugal)
2007/05 Improvements to the least squares Monte Carlo option valuation method XL Euro Working Group on Financial Modelling Meeting
(Roterdham, Netherlands)
2006/07 The valuation of modular projects: A real options approach to the value of splitting 4th Portuguese Finance Network Conference
(Porto, Portugal)
2006/07 The valuation of real options with the least squares Monte Carlo simulation method 4th Portuguese Finance Network Conference
(Porto, Portugal)
2006/06 The optimal timing for the construction of an airport 10th Annual International Real Options Conference
(New York, United States)
2006/06 The valuation of modular projects: A real options approach to the value of splitting 15th Annual Meeting of the European Financial Management Association
(Madrid, Spain)
2006/04 The valuation of modular projects: A real options approach to the value of splitting 13th Global Finance Conference
(Rio de Janeiro, Brazil)
2005/06 The valuation of modular projects: A real options approach to the value of splitting 9th Annual Real Options Conference
(Paris, France)
2005/06 The valuation of real options with the least squares Monte Carlo simulation method 12th Annual Meeting of the Global Finance Conference
(Dublin, Ireland)
2005/05 The valuation of real options with the least squares Monte Carlo simulation method XXXVI EWGFM Meeting
(Brescia, Italy)

Supervision

Thesis Title
Role 		Degree Subject (Type)
Institution / Organization
2014/12/03 - 2019/06/07 Real Options, Equilibrium Analysis, and Feed-in tariff models
Co-supervisor
 Sistemas Sustentáveis de Energia (PhD)
Universidade de Lisboa Instituto Superior Técnico, Portugal

Event organisation

Event name
Type of event (Role) 		Institution / Organization
2022/01/01 - 2022/06/22 29th Annual Global Finance Conference (2022/06/20 - 2022/06/22)
Conference (Member of the Organising Committee)
2021/01/01 - 2021/07/07 11th Portuguese Finance Network Conference (2021/07/05 - 2021/07/07)
Conference (Member of the Organising Committee)
2011/01/01 - 2011/06/25 20th Annual Meeting of the European Financial Management Association (2011/06/22 - 2011/06/25)
Conference (Member of the Organising Committee)
2009/01/01 - 2009/06/20 13th Annual International Conference on Real Options (2009/06/17 - 2009/06/20)
Conference (Member of the Organising Committee)

Consulting

Activity description Institution / Organization
2023 - 2024 Economic and Financial Analysis of the New Lisbon Airport Laboratório Nacional de Engenharia Civil, Portugal
2022 - 2022 Viability study of the Project H2 Green Valley: REN - Redes Energéticas Nacionais Magellan - European Affairs Consulting, Portugal
2022 - 2022 Business Plan for the application the Innovation Fun- Project H2RENGRID - REN - Redes Energéticas Nacionais Magellan - European Affairs Consulting, Portugal
2020 - 2020 Business Plan for the application to the Innovation Fund - project H2RENGRI - REN - Redes Energéticas Nacionais Magellan - European Affairs Consulting, Portugal
Distinctions

Award

2006 Global Finance Conference, Best Paper Award in Corporate Finance