Professor Catedrático de Finanças. Foi diretor de um Centro de Investigação da Escola, Vice-Presidente e Presidente da Escola. Licenciou-se em Gestão pelo ISEG, obteve o grau de Mestre em Gestão pela U. Kent e Doutoramento em Ciências Empresariais pela Manchester Business School.
Publicou em diversas revistas científicas, incluindo o European Journal of Finance, European Financial Management Journal, Industrial and Corporate Change, Review of Derivatives Research, Quantitative Finance, e Investment Analysts Journal. É membro do corpo editorial de várias revistas científicas.
Foi galardoado com o prémio “Best Paper Award” (com coautores) em três conferências internacionais de Finanças.
Ensinou, proferiu palestras e seminários em várias universidades e instituições financeiras nacionais e internacionais.
O Professor Rocha Armada foi visitante na Wharton School (EU), London Business School e Manchester Business School (RU), U. Zaragoza e U. Santiago (Espanha), U. Bergamo (Itália), U. São Paulo, U. Mackenzie e Fundação Getúlio Vargas (Brasil).
É/foi membro de várias associações académicas, e membro da direção da European Finance Association, Financial Management Association International e Portuguese Finance Network. É também membro da Academia Mexicana de Ciências da Administração.
Finanças Empresariais
Finanças Comportamentais
Avaliação de desempenho de fundos de investimento
Opções Reais.
Publicações selecionadas
Prates, W., Jr., N. D. C., Armada, M. R., & Silva, S. D. (2019). Propensity to sell stocks in an artificial stock market. PLoS One, 14(4), e0215685. DOI
Serrasqueiro, Z., Nunes, P. M., & da Rocha Armada, M. (2016). Capital structure decisions: old issues, new insights from high-tech small- and medium-sized enterprises. European Journal of Finance, 22(1), 59–79. DOI
Armada, M. J. R., Pereira, P. J., & Rodrigues, A. (2013). Optimal investment with two-factor uncertainty. Mathematics and Financial Economics, 7(4), 509–530. 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
Serrasqueiro, Z. S., Nunes, P. M., Leitão, J., & Armada, M. (2010). Are there non-linearities between SME growth and its determinants? A quantile approach. Industrial and Corporate Change, 19(4), 1071–1108. DOI
Outras publicações
Rogers, D., Armada, M. R., & Rogers, P. Financial well-being, health, and quality of life: Evidence from investors in the Brazilian Capital Market. International Journal for Quality Research. DOI
da Silva, R. A., da Costa, J. N., Piccoli, P., & Armada, M. R. (2023). Capital gains overhang and irrelevant value characteristics of Brazilian companies. Contaduria y Administración, 68(4), 287–316. DOI
Sardo, F., Serrasqueiro, Z., & Armada, M. R. (2022). The importance of owner loans for rebalancing the capital structure of small knowledge-intensive service firms. Research in International Business and Finance, 61, 101657. DOI
Sardo, F., Serrasqueiro, Z., Vieira, E., & Armada, M. R. (2022). Is financial distress risk important for manufacturing SMEs to rebalance the short-term debt ratio? Journal of Risk Finance, 35(5), 516–534. DOI
Sardo, F., Serrasqueiro, Z., Vieira, E., & Armada, M. R. (2022). Is financial distress risk important for manufacturing SMEs to rebalance the short-term debt ratio? Journal of Risk Finance, 23(5), 516–534. DOI
Sanvicente, A. Z., Kayo, E. K., da Rocha Armada, M. J., & Nakamura, W. T. (2021). New studies and research results on governance and finance in the Brazilian and Latin America contexts. Revista De Administracao Mackenzie, 21(6), ERAMD200301. DOI
Madaleno, M., Vieira, E., Lobão, J., & Armada, M. R. (2019). Princípios de Finanças – Instrumentos financeiros – Teoria e Prática. Sílabo. DOI
Prates, W., Jr., N. D. C., Armada, M. R., & Silva, S. D. (2019). Propensity to sell stocks in an artificial stock market. PLoS One, 14(4), e0215685. DOI
Leal, C. C., Armada, M. J. R., & Loureiro, G. (2018). Individual investors repurchasing behaviour: evidence from the Portuguese stock market. European Journal of Finance, 24(11), 976–999. DOI
Leal, C. C., Loureiro, G., & Armada, M. J. R. (2018). Selling Winners, Buying Losers: Mental Decision Rules Of Individual Investors On Their Holdings. European Financial Management, 24(3), 362–386. DOI
Leite, P., & Armada, M. R. (2017). Bond Fund Performance During Recessions and Expansions: Empirical Evidence from a Small Market. International Review of Finance, 17(1), 163–170. DOI
Leite, P., Faria, O., & Armada, M. R. (2016). The impact of the eurozone sovereign debt crisis on bond fund performance persistence: Evidence from a small market. Investment Analysts Journal, 45, S32–S45. DOI
Serrasqueiro, Z., Nunes, P. M., & da Rocha Armada, M. (2016). Capital structure decisions: old issues, new insights from high-tech small- and medium-sized enterprises. European Journal of Finance, 22(1), 59–79. DOI
Armada, M. J. R., Sousa, R. M., & Wohar, M. E. (2015). Consumption growth, preference for smoothing, changes in expectations and risk premium. Quarterly Review of Economics and Finance, 56, 80–97. DOI
Silva, W. M., Costa, N. C. A., Barros, L. A., Armada, M. R., & Norvilitis, J. M. (2015). Behavioral finance: Advances in the last decade. RAE Revista De Administracao De Empresas, 55(1), 10–13. DOI
Armada, M. J. R., Pereira, P. J., & Rodrigues, A. (2013). Optimal investment with two-factor uncertainty. Mathematics and Financial Economics, 7(4), 509–530. DOI
Pereira, P. J., & Armada, M. R. (2013). Investment decisions under hidden competition. Economics Letters, 121(2), 228–231. 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
Armada, M. J. R., & Sousa, R. M. (2012). Can the wealth-to-income ratio be a useful predictor in alternative finance? evidence from the housing risk premium. International Symposia in Economic Theory and Econometrics, 22, 67–79. DOI
Armada, M. J. R., Pereira, P. J., & Rodrigues, A. (2012). Optimal subsidies and guarantees in public-private partnerships. European Journal of Finance, 18(5), 469–495. DOI
Serrasqueiro, Z., Mendes, S., Nunes, P. M., & Armada, M. (2012). Do the Investment Determinants of New SMEs Differ From Existing SMEs? Empirical Evidence Using Panel Data. Investment Analysts Journal, 76, 51–67. DOI
Armada, M. R. R., Kryzanowski, L., & Pereira, P. J. (2011). Optimal Investment Decisions for Two Positioned Firms Competing in a Duopoly Market with Hidden Competitors. European Financial Management, 17(2), 305–330. DOI
Serrasqueiro, Z. S., Armada, M. R. R., & Nunes, P. M. M. (2011). Pecking Order Theory versus Trade-Off Theory: Are service SMEs' capital structure decisions different? Service Business, 5(4), 381–409. DOI
Leal, C. C., Armada, M. J. R., & Duque, J. C. (2010). Are all individual investors equally prone to the disposition effect all the time? New evidence from a small market. Frontiers in Finance and Economics, 7(2), 38–68. DOI
Serrasqueiro, Z. S., Nunes, P. M., Leitão, J., & Armada, M. (2010). Are there non-linearities between SME growth and its determinants? A quantile approach. Industrial and Corporate Change, 19(4), 1071–1108. DOI
Leite, P., Cortez, M. C., & Armada, M. R. (2009). Measuring fund performance using multi-factor models: Evidence for the Portuguese market. International Journal of Business, 14(3), 175–198. DOI
Areal, N. M. P. C., Rodrigues, A., & Armada, M. R. R. (2008). On improving the least squares Monte Carlo option valuation method. Review of Derivatives Research, 11(1-2), 119–151. DOI
Armada, M. R. R., Kryzanowski, L., & Pereira, P. J. (2007). A modified finite-lived American exchange option methodology applied to real options valuation. Global Finance Journal, 17(3), 419–438. DOI
Rodrigues, A., & Armada, M. R. R. (2007). The valuation of modular projects: A real options approach to the value of splitting. Global Finance Journal, 18(2), 205–227. DOI
Oliveira, B. M. N., & da Rocha Armada, M. J. (2005). Structural changes of the conditional volatility of Portuguese stock market. Multinational Financial Journal, 9(3-4), 189–214. 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
Areal, N. M. P. B. C., & Armada, M. J. D. R. (2002). The long-horizon returns behaviour of the Portuguese stock market. European Journal of Finance, 8(1), 93–122. DOI
Pinto, M. H. F., & Armada, M. J. R. (2002). An autoregressive approach of the APT to the Portuguese stock market. International Journal of Business, 7(2), 37–52. DOI
Jorge, S., & da Rocha Armada, M. J. (2001). Factores determinantes do endividamento: uma análise em painel. Revista De Administração Contemporânea, 5(2), 9–31. DOI
Oliveira, B., & Armada, M. R. (2001). The impact of the futures market´s introduction on the conditional volatility of the Portuguese stock market. Finance India, 15(4), 1251–1278. DOI
Howell, S. D., & Armada, M. J. R. (2000). Variation and covariation between market timing and selectivity: an alternative to traditional meta-analysis. International Journal of Business, 5(2), 57–96. DOI
Armada, M. R., & Cortez, M. C. (1999). Portfolio performance evaluation: historical evolution, issues and directions for future research. Portuguese Review of Financial Markets, 1(3), 51–73. DOI
Cortez, M. C., Paxson, D. A., & Armada, M. J. R. (1999). The persistence of Portuguese mutual fund performance. European Journal of Finance, 5(4), 342–365. DOI
de P. B. da Costa Areal, N. M., & da Rocha Armada, M. J. (1999). Testes paramétricos e não paramétricos de reversão para a média da rendibilidade de índices do mercado accionista. Revista De Administração Contemporânea, 3(2), 7–28. DOI
