Manuel Adelino

Manuel Adelino is an Assistant Professor of Finance at the Fuqua School of Business at Duke University. He conducts research on household finance, corporate finance and real estate finance. His current work focuses on the effect of access to collateral on new business creation and on the effects of the supply of mortgage credit on house prices. He has received a Ph.D. in Financial Economics from MIT Sloan School of Management. Before MIT he worked in the Lisbon office of McKinsey as a Business Analyst.

Education

• PhD MIT Sloan School of Management (2005 — 2010)
• BA Universidade Catolica Portuguesa (1998.09 — 2003.06)

Companies

• Associate Professor of Finance Duke University - The Fuqua School of Business (2012)
• Assistant Professor of Finance The Tuck School of Business at Dartmouth (2010 — 2012)
• Teaching Assistant Universidade Católica Portuguesa (2004 — 2005)
• Business Analyst McKinsey & Company (2003 — 2004)
• Summer Analyst Goldman Sachs (2001 — 2002)

Publications

1. Hospital financial health and clinical choices: evidence from the financial crisis

   With Katharina Lewellen and W. Ben McCartney

   Management Science, Accepted (November 2020).

2. Are Lemons Sold First? Dynamic Signaling in the Mortgage Marke

   With Kris Gerardi and Barney Hartman-Glaser

   Jensen Prize for Best Paper in Corporate Finance, Second Place

   Journal of Financial Economics, Volume 132, Issue 1, Pages 1-25, Lead Article (April 2019).

3. The Role of Housing and Mortgage Markets in the Financial Crisis

   With Antoinette Schoar and Felipe Severino

   Annual Review of Financial Economics, Vol. 10:25-41 (November 2018).

4. Dynamics of Housing Debt in the Recent Boom and Bust

   With Antoinette Schoar and Felipe Severino

   2017 NBER Macro Annual.

5. The Economic Effects of Public Financing: Evidence from Municipal Bond Ratings Recalibration

   With Igor Cunha and Miguel Ferreira

   Review of Financial Studies, Volume 30, Issue 9, Pages 3223–3268 (September 2017).

   1. Firm Age, Investment Opportunities, and Job Creation

   With Song Ma and David Robinson

   Featured in the VOX blog

   Best Paper Award at the 2014 Red Rock Conference

   Journal of Finance, Volume 72, Issue 3, pages 999-1038 (June 2017). 8. The Effect of Large Investors on Asset Quality: Evidence from Subprime Mortgage Securities

   With Scott Frame and Kris Gerardi

   Journal of Monetary Economics, Volume 87, Pages 34-51 (May 2017). 7. Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class

   With Antoinette Schoar and Felipe Severino

   RFS Editor's choice.

   RFS Best Paper Runner Up Award, 2017.

   Review of Financial Studies, Volume 29, Issue 7, pages 1635-1670 (July 2016). 6. Bank Ratings and Lending Supply: Evidence from Sovereign Downgrades

   With Miguel Ferreira

   Review of Financial Studies, Volume 29, Issue 7, pages 1709-1746 (July 2016). 5. Investment Decisions of Nonprofits: Evidence from Hospitals

   With Katharina Lewellen and Anant Sundaram

   Journal of Finance, Volume 70, Issue 4, pages 1583–1628 (August 2015). 4. House Prices, Collateral and Self-Employment

   With Antoinette Schoar and Felipe Severino

   Featured in the NBER Digest

   Journal of Financial Economics, Volume 117, Issue 2, Pages 288–306 (August 2015). 3. Corporate Distress and Lobbying. Evidence from the Stimulus Act

   With Serdar Dinc

   Featured in the Harvard Law School Forum on Corporate Governance and Financial Regulation

   Journal of Financial Economics, Volume 114, Issue 2, Pages 256–272 (November 2014). 2. Identifying the Effect of Securitization on Foreclosure and Modification Rates Using Early-Payment Defaults

   With Kris Gerardi and Paul Willen

   Journal of Real Estate Finance and Economics, Volume 49, Issue 3, Pages 352-378 (October 2014). 1. Why Don't Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures and Securitization

   With Kris Gerardi and Paul Willen

   Featured in The Economist, New York Times, Washington Post, Boston Globe, New Yorker, Bloomberg, BusinessWeek

   Journal of Monetary Economics, Volume 60, Issue 7, Pages 835-853 (October 2013).