Marcus V. Braga-Alves, Ph.D.

Marcus V. Braga-Alves, Ph.D.

Title: Associate Professor
Department: Department of Finance
Office: CBA 222


  • Ph.D., Finance, 2008
    University of Pittsburgh
  • Master of Business Administration, 2002
    Pace University
  • Agricultural Engineering, 1993
    Londrina State University


Professional & Academic Experience:

  • Academic Experience
    • Assistant Professor of Finance, Marquette University, 2008-2014
    • Part-time Lecturer, University of Pittsburgh, 2006-2008
  • Professional Experience
    • Special Assistant to the Director, Parana State Bank, Brazil, 1997-2000
    • Technical Consultant, Parana Commodities Exchange, 1996-1997

    Research Accomplishments


    • “The Flash Crash: An Examination of Shareholder Wealth and Market Quality” with Thomas Boulton and Manoj Kulchania, Journal of Financial Intermediation, 23 (2014) 140-156.
    • “The Discretionary Effect of CEOs and Board Chairs on Corporate Governance Structures” with Matteo Arena, Journal of Empirical Finance, 21 (2013) 121-131.
    • “Predicting Corporate Governance in Emerging Markets” with Matthew Morey, Journal of International Money and Finance, 31 (2012) 1414-1439.
    • “Payout Policy in Brazil: Dividends versus Interest on Equity” with Thomas Boulton and Kuldeep Shastri, Journal of Corporate Finance, 18 (2012) 968-979.
      • Best paper award, Journal of Corporate Finance Special Issue on South American Corporate Finance
    • “Naked Short Selling and Market Returns” with Thomas Boulton, Journal of Portfolio Management, 38 (2012) 133-142
      • Presented at The Federal Reserve Bank of Atlanta Conference on Short Selling: Costs and Benefits, Oct. 9, 2009
      • Profiled in “Struggle against speculators” Financial Times Deutschland, Apr. 9, 2009
    • “Corporate Governance, Valuation and Performance: Evidence from a Voluntary Market Reform in Brazil” with Kuldeep Shastri, Financial Management, 40 (2011) 139-157.
      • Profiled in CFA Digest, Aug. 2011, vol. 41, n. 3
    • “The Skinny on the 2008 Naked Short Sale Restrictions” with Thomas Boulton, Journal of Financial Markets, 13 (2010) 397–421.
      • Cited by the Center for the Study of Financial Regulation in their Finance Newsletter, Fall 2010
      • Cited by the World Federation of Exchanges in their Statement on Short Selling Bans, Feb. 9, 2009
      • Profiled in “Ban on short selling: a double-edged sword” LesEchos, Sep. 24, 2008

    Working Papers

    • “Failures to Deliver, Short Sale Constraints, and Stock Overvaluation” with Don Autore and Thomas Boulton
    • “Does Equity-Based Compensation Make CEOs More Acquisitive?” with Thomas Boulton and Frederik Schlingemann
    • “Political Institutions and the Equity Trading Costs of Cross-Listed Firms”

    Honors and Awards

    • College of Business Miles Competitive Summer Research Grant, 2011-2013, Marquette University
    • College of Business Research Mini-Grant, 2008-2011, Marquette University
    • International Business Center Doctoral Research Grant, 2006, University of Pittsburgh
    • Katz Doctoral Student Research Grant, 2005, University of Pittsburgh
    • Graduate Assistantship, 2002 – 2006, University of Pittsburgh
    • Beta Gamma Sigma, 2002, Pace University Chapter