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
Financial Statement Analysis
Master
Corporate Valuation
Master
Complements of Finance
Bachelor
Advanced Finance
Doctorate
Sustainable and Climate Finance
Doctorate
Sustainable Finance
Master
Seminar in Economics and Finance
Doctorate
