Faculty member of the management department, School of Economics, Management and Political Science, University of Minho.
Member of NIPE research unit.
Currently a member of the School Council and a member of the scientific board of the Master's in Finance.
Fund Performance Evaluation
Socially Responsible Investments
Bond Markets
Green Finance
Climate Risks.
Selected publications
Brito-Ramos, S., Cortez, M. C., & Silva, F. (2024). Do Sustainability Signals Diverge? An Analysis of Labeling Schemes for Socially Responsible Investments. Business and Society, 63(6), 1380–1425. DOI
Cortez, M. C., Andrade, N., & Silva, F. (2022). The environmental and financial performance of green energy investments: European evidence. Ecological Economics, 197, 107427. DOI
Leite, C., Cortez, M. C., Silva, F., & Adcock, C. (2018). The performance of socially responsible equity mutual funds: Evidence from Sweden. Business Ethics, 27(2), 108–126. DOI
Silva, F., & Cortez, M. C. (2016). The performance of US and European green funds in different market conditions. Journal of Cleaner Production, 135, 558–566. DOI
Cortez, M. C., Silva, F., & Areal, N. M. P. C. (2009). The performance of european socially responsible funds. Journal of Business Ethics, 87(4), 573–588. DOI
Other publications
Silva, F., & Silva, S. Working Capital Management and Corporate Performance: The Role of Financial Constraints. International Review of Economics and Finance. DOI
Badía, G., Cortez, M. C., & Silva, F. (2024). Do investors benefit from investing in stocks of green bond issuers? Economics Letters, 242(111859). DOI
Brito-Ramos, S., Cortez, M. C., & Silva, F. (2024). Do Sustainability Signals Diverge? An Analysis of Labeling Schemes for Socially Responsible Investments. Business and Society, 63(6), 1380–1425. DOI
Silva, F., Ferreira, A., & Cortez, M. C. (2024). The performance of green bond portfolios under climate uncertainty: A comparative analysis with conventional and black bond portfolios. Research in International Business and Finance, 70(102354). DOI
Abadi, R. T., & Silva, F. (2022). Do Islamic fundamental weighted indices outperform their conventional counterparts? An empirical investigation during the crises in the MENA region. Eurasian Economic Review, 12, 241–266. DOI
Cortez, M. C., Andrade, N., & Silva, F. (2022). The environmental and financial performance of green energy investments: European evidence. Ecological Economics, 197, 107427. DOI
Adcock, C., Areal, N., Cortez, M. C., Oliveira, B., & Silva, F. (2020). Does the choice of fund performance measure matter? Investment Analysts Journal, 49(1), 53–77. DOI
Abadi, R., & Silva, F. (2019). Common risk factors in stock returns in the mena region. Asian Journal of Business and Accounting, 12(2), 29–60. DOI
Abadi, R., & Silva, F. (2019). Do Fundamental Portfolios Outperform in the MENA Equity Markets? International Journal of Islamic and Middle Eastern Finance and Management, 12(2), 265–281. DOI
Pereira, P., Cortez, M. C., & Silva, F. (2019). Socially responsible investing and the performance of Eurozone corporate bond portfolios. Corporate Social Responsibility and Environmental Management, 26, 1407–1422. DOI
Leite, C., Cortez, M. C., Silva, F., & Adcock, C. (2018). The performance of socially responsible equity mutual funds: Evidence from Sweden. Business Ethics, 27(2), 108–126. DOI
Oliveira, I., Silva, F., & Martins, F. (2016). A relação (não) condicional dos fatores de risco mercado, dimensão e valor: evidência em cinco países da Europa. Revista De Gestão, Finanças e Contabilidade, 6(3), 177–195. DOI
Silva, F., & Cortez, M. C. (2016). The performance of US and European green funds in different market conditions. Journal of Cleaner Production, 135, 558–566. DOI
Areal, N., Cortez, M. C., & Silva, F. (2013). The conditional performance of US mutual funds over different market regimes: Do different types of ethical screens matter? Financial Markets and Portfolio Management, 27(4), 397–429. DOI
Adcock, C. J., Cortez, M. C., Armada, M. J. R., & Silva, F. (2012). Time varying betas and the unconditional distribution of asset returns. Quantitative Finance, 12(6), 951–967. DOI
Adcock, C., Areal, N., Armada, M., Cortez, M. C., Oliveira, B., & Silva, F. (2012). Tests of the Correlation between Portfolio Performance Measures. Journal of Financial Transformation, 35, 123–132. DOI
Cortez, M. C., Silva, F., & Areal, N. M. P. C. (2012). Socially responsible investing in the global market: The performance of US and European funds. International Journal of Finance and Economics, 17(3), 254–271. DOI
Cortez, M. C., Silva, F., & Areal, N. M. P. C. (2009). The performance of european socially responsible funds. Journal of Business Ethics, 87(4), 573–588. DOI
Silva, F., Cortez, M. C., & Armada, M. J. R. (2005). The persistence of European bond fund performance: Does conditioning information matter? International Journal of Business, 4(10), 341–361. DOI
Silva, F., Cortez, M. C., & Armada, M. R. (2004). Bond return predictability: The European market. International Journal of Finance, 16(3), 3083–3114. DOI
Silva, F., Cortez, M. C., & Armada, M. R. (2003). Conditioning information and European bond fund performance. European Financial Management, 9(2), 201–230. DOI
Cortez, M. C., & Silva, F. (2002). Conditioning information on portfolio performance evaluation: a reexamination of performance persistence in the portuguese mutual fund market. Finance India, 16(4), 1393–1408. DOI
Financial Analysis and Planning
Bachelor
Advanced Finance
Doctorate
