IMD International

Nuno Fernandes awarded for top-quality research

The IMD Finance Professor wins the Journal of Financial Intermediation Best Paper Award 2014

June 4, 2015

IMD congratulates Professor Nuno Fernandes who was recently awarded the Journal of Financial Intermediation Best Paper Award 2014 at a ceremony in Reykjavik.

His paper titled "On the Fortune of Stock Exchanges and Their Reversals: Evidence from Foreign Listings" was written jointly with Mariassunta Giannetti from the Stockholm School of Economics.

Using a sample that provides unprecedented detail on foreign listings for 29 exchanges in 24 countries starting from the early 1980s, the paper shows that although firms list in countries with better investor protection, they are less likely to list in countries with excessively stronger investor protection. It provides evidence based on ex ante firm and market characteristics and ex post listing outcomes that the findings are due to lack of investor interest in firms from environments with much weaker investor protection. It also argues that the findings, together with a general trend of improvement in investor protection in many firms' countries of origin, can explain why US and UK exchanges have attracted an increasing number of foreign listings during the sample period.

"If publishing in JFI is already a great accomplishment, being the best author of the year places Nuno among the top finance academics," said IMD Professor Arturo Bris.

Nuno Fernandes is Professor of Finance at IMD, where he directs the Strategic Finance Program and also Finance Fundamentals for Executives, a new IMD "Global Leadership in the Cloud" program. He is the author of Finance for Executives: A Practical Guide for Managers.


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