MANUEL ADELINO Duke University's Fuqua School of Business 100

Home , Fuqua School of Business

MANUEL ADELINO Duke University’s Fuqua School of Business 100 Fuqua Drive, Durham, NC 27708 919-660-7981 [email protected] This version: January 2017

CURRENT APPOINTMENTS 2016 - Associate Professor of Finance (untenured), Fuqua School of Business, Duke University 2016 - CEPR Research Aﬃliate 2010 - Academic Advisor, ideas42

PAST APPOINTMENTS 2012 -2016 Assistant Professor of Finance, Fuqua School of Business, Duke University 2010-2012 Assistant Professor of Finance, Tuck School of Business, Dartmouth 2008-2012 Research Associate and Visiting Scholar, Federal Reserve Bank of Boston 2003-2004 Business Analyst, McKinsey & Company, Lisbon 2001, 2002 Summer Analyst, Goldman Sachs, London

EDUCATION 2010 Ph.D., Financial Economics, MIT Sloan School of Management 2003 Licenciatura, Business Administration, Universidade Cat´olicaPortuguesa

PUBLICATIONS

• “Firm Age, Investment Opportunities, and Job Creation,” with Song Ma and David Robinson. Best paper award, Red Rock conference. Journal of Finance, Forthcoming, July 2016. • “Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class,” with An- toinette Schoar and Felipe Severino. Review of Financial Studies, Volume 29, Issue 7, pages 1635-1670 (July 2016). Editor’s choice. • “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). • “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). • “House Prices, Collateral and Self-Employment,” with Antoinette Schoar and Felipe Severino. Journal of Financial Economics, Volume 117, Issue 2, Pages 288-306 (August 2015). • “Corporate Distress and Lobbying: Evidence From the Stimulus Act,” with Serdar Dinc. Journal of Financial Economics, Volume 114, Issue 2, Pages 256-272 (November 2014). • “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. Journal of Monetary Economics, Volume 60, Issue 7, Pages 835-853 (October 2013).

WORKING PAPERS

• “Are Lemons Sold First? Dynamic Signaling in the Mortgage Market,” with Kris Gerardi and Barney Hartman-Glaser. • “Financial Condition and Product Quality: The Case of Nonproﬁt Hospitals,” with Katharina Lewellen and Ben McCartney.

• “The Economic Eﬀects of Public Financing: Evidence from Municipal Bond Ratings Recalibration,” with Igor Cunha and Miguel Ferreira. • “The Eﬀect of Large Investors on Asset Quality: Evidence from Subprime Mortgage Securities,” with Scott Frame and Kris Gerardi.

• “Loan Originations and Defaults in the Mortgage Crisis: Further Evidence,” with Antoinette Schoar and Felipe Severino, NBER Working Paper w21320. • “Credit Supply and House Prices: Evidence from Mortgage Market Segmentation,” with Antoinette Schoar and Felipe Severino, NBER Working Paper w17832.

HONORS, FELLOWSHIPS AND GRANTS 2015 Kauffman Junior Faculty Fellowship in Entrepreneurship Research Fondation Banque de France Research Grant Member, Conselho da Diáspora Portuguesa (World Portuguese Network) 2014 Winner, Excellence in Teaching Award, Daytime MBA 2013 Finalist, Excellence in Teaching Award, Daytime MBA 2012 NBER Household Finance Grant 2005-2010 MIT Sloan Fellowship 2005-2008 Gulbenkian Doctoral Fellowship 2003 “Democracia e Desenvolvimento” award for highest GPA 1998-2003 Universidade Católica Portuguesa Fellowship

TEACHING 2013 - 2016 Entrepreneurial Finance (MBA) Fuqua School of Business, Duke University 2011, 2012 Futures and Options Markets (MBA) Tuck School of Business, Dartmouth 2012 Economics of the Credit Crisis (MBA) Tuck School of Business 2004, 2005 Finance I and II (Undergraduate) Universidade Cat´olicaPortuguesa

INVITED PRESENTATIONS

†: Discussant; ‡: session chair; *: scheduled

2017: AFA, AEA†, AREUEA†, INSEAD*, University of Minnesota*, MIT*.

2016: AEA†, AFA, AREUEA†, Econometric Society, Kauﬀman Emerging Scholars Conference, Texas A&M, Chicago Fed, NBER Corporate Finance†, University of Indiana, NY Fed / NYU Conference on Financial Intermediation†, FIRS, WFA†‡, University of South Carolina, University of Notre Dame, Louisiana State University, University of Arizona.

2 2015: AFA, Virginia (Darden), Berkeley, NY Fed Conference on Mortgage Design†, SFS Cavalcade†, NBER Real Estate†, Brandeis Municipal Finance Conference, MIT Junior Finance Conference†, Harvard Business School, Yale University, Federal Reserve Board, CMU Conference on Credit Ratings.

2014: AEA, AFA†, AREUEA†, UNC Charlotte, NBER (Productivity and Innovation, Entrepreneurship, CRIW†), NY Fed / NYU Conference on Financial Intermediation, SFS Cavalcade†, FIRS†, WFA†, NBER SI (Risks of Financial Institutions†, Credit Ratings, Entrepreneurship†), UT Austin, Red Rock Confer- ence, Wharton Liquidity Conference, Harvard Business School, New York University, University of Chicago (Booth), Stockholm School of Economics, Stanford University.

2013: Jackson Hole Finance Meeting, UNC-Duke Corporate Finance Conference†, Kauﬀman Early Stage Investing Conference, Harvard Business School, AREUEA National Meetings, EFIC (Brandeis), WFA, Cleveland Fed Policy Summit, Bank of Canada Macro-Financial Conference, North Carolina State Uni- versity, Philadelphia Fed Consumer Credit Conference, HULM, Northwestern (Kellogg).

2012: AEA, Columbia University, Duke University, Weimer School May Meetings, Kellogg Junior Finance Conference, WFA, Federal Reserve Board, EFA, UNC Kenan Flagler, Princeton University, NBER En- trepreneurship.

2011: AFA†, CFS-EIEF Conference on Household Finance, Philadelphia Fed Consumer Credit and Pay- ments Conference, Federal Reserve Bank of Boston, NBER Asset Pricing, NBER Household Finance, McGill.

2010: Tuck School of Business at Dartmouth, Federal Reserve Bank of New York, Ohio State University, Boston University, University of Toronto, London School of Economics, Imperial College in London, IESE Business School, University of Rochester, Universidade Nova de Lisboa, Universidade Cat´olicaPortuguesa, NBER Political Economy Public Finance, Federal Reserve System Committee on Financial Structure and Regulation.

PROFESSIONAL ACTIVITIES Conference organizer: Duke-UNC Corporate Finance Conference (2015, 2017), NBER Entrepreneurship and Economic Growth (2016).

Program committee: EFA, FIRS, MFA, WFA, Philadelphia Fed Consumer Credit and Payments Confer- ence (2015, 2017), NY Fed / NYU Conference on Financial Intermediation (2016).

Associate editor: Journal of Empirical Finance (2016-).

Referee: AEJ Macro, American Economic Review, Econometrica, Journal of Banking and Finance, Journal of Finance, Journal of Financial Economics, Journal of Mone- tary Economics, Journal of Political Economy, Journal of Public Economics, Man- agement Science, Quarterly Journal of Economics, Review of Corporate Finance Studies, Review of Financial Studies, Southern Economic Journal.