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Founded in 1978, NOVA School of Business & Economics is one of the most prestigious schools in the areas of Economics, Finance and Management, and a reference in research, pre experience, and executive education that offers Undergraduate, Masters', Ph.D., MBA and Executive Education programs.
NOVA School of Business & Economics is one of the few schools in the world to hold the Triple Crown accreditation, and the exclusive Portuguese member school of CEMS, offering the CEMS Master's in International Management, featured by the Financial Times as one of the best pre-experience Master's in Management programs in the world.
Nova SBE's research seeks to produce knowledge in economics, finance, and management that can foster positive change. We focus on developing research in some of the most challenging economic and social issues, informing on public policies and management practices.
Research is in line with the school's mission which aims to be a community dedicated to the development of talent and knowledge that impacts the world. The school develops top talent through its programs, generating cutting-edge knowledge, both academic and applied.
The Nova School of Business and Economics Working Paper Series was established in January 1983 and includes working papers from faculty, researchers, and Ph.D. students. The Nova SBE Working Paper Series welcomes research containing preliminary findings on three primary disciplinary areas - Economics, Finance, and Management. The series is meant to stimulate research and academic debate. In 2022 an Editorial Board was defined for the series and all the papers submitted undergo peer review to guarantee quality and relevance.
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- From destination to originPublication . Batista, Cátia; Bohnet, Lara; Gazeaud, Jules; Seither, Julia; NOVA School of Business and Economics (NOVA SBE)International migration can promote development in both origin and destination countries. We hypothesize that migrant integration in destination countries is an important constraint on these gains. Using a randomized controlled trial, we study the effects of a low-cost, scalable digital intervention designed to reduce information frictions among Cape Verdean immigrants in Portugal. Access to the intervention improves migrants’ labor market outcomes, legal status, social integration with native-born individuals, and aspirations. These integration gains generate international spillovers, increasing political participation and leading to more egalitarian gender norms in the migrants’ origin-country. Leveraging variation in official destination country electoral data, we show that political participation transmits through increased exposure of better-integrated migrants to prevalent local norms at destination. These international turnout spillovers are weaker in localities with higher far-right support, consistent with a less migrant welcoming political climate attenuating norm diffusion.
- Cooperation between national armiesPublication . Richard, Marion; Vanden Eynde, Oliver; NOVA School of Business and Economics (NOVA SBE)The effectiveness of security operations often depends on cooperation between national armies. Such cooperation can be particularly important when international borders are porous and armed groups can operate across borders. We investigate how the creation of an international armed force that could operate across international borders (the G5-Sahel Joint Force) together with improved communication between national armies affected conflict dynamics in the Sahel region. Relying on a regression discontinuity design, we find that the G5 mission lowered the intensity of conflict locally in its zone of operation, especially along border segments more porous due to their geographical features or ethnic composition. Further analysis of geographical conflict propagation patterns indicates that the G5-Sahel force facilitated security operations in border areas.
- Artisanal mining and urbanization in AfricaPublication . Girard, Victoire; Pignède, Édouard; NOVA School of Business and Economics (NOVA SBE)The past three decades have witnessed a dramatic expansion of artisanal and smallscale gold mining (ASgM), transforming the economic and spatial opportunities of tens of millions of people. We show how this transformation has shaped urbanization in Sub-Saharan Africa since 1975. Our empirical strategy exploits plausibly exogenous variation in ASgM activity driven by the interaction between international gold-price shocks and local geological suitability for artisanal extraction, and combines it with new continent-wide data on urban population, nighttime lights, and household welfare. Although ASgM is commonly viewed as a rural activity, we find that ASgM exposure significantly accelerates urbanization, accounting for roughly five percent of total urban population growth. This expansion takes the form of extensive, decentralized urbanization: new towns emerge in remote, infrastructure-poor areas, while the growth of pre-existing towns and cities does not accelerate. Both new and existing urban entities exposed to ASgM exhibit lower living standards and limited industrial activity. Overall, ASgM contributes to a fragmented pattern of urbanization without structural transformation.
- Sibling spillovers and free schoolingPublication . Ferreira, João R.; Sandholtz, Wayne Aaron; NOVA School of Business and Economics (NOVA SBE)We use administrative data to measure sibling spillovers on academic performance before and after the introduction of Free Secondary Education (FSE) in Tanzania. Prior to FSE, students whose older siblings narrowly passed the secondary school entrance exam were less likely to go to secondary school themselves; with FSE, the effect became positive. A triple-differences analysis, using geographic variation in FSE exposure, shows that FSE caused the reversal. Mechanism analyses suggest that changes in parental investments were a more likely channel for this reversal than direct sibling interactions. By alleviating financial constraints, FSE allowed households to distribute educational investments more equitably rather than concentrating resources on high-performing children.
- Socially responsible investing and multinationals' environmental harm: Evidence from global remote sensing dataPublication . Gianinazzi, Virginia; Girard, Victoire; Lehlali, Mehdi; Prado, Melissa P.This paper examines how Socially Responsible Investment (SRI) capital affects the environmental footprint of multinational enterprises. We exploit the inverse relationship between local pollution and high-frequency-and-precision satellite-based measurements of vegetation health, captured through the normalized difference vegetation index (NDVI). Combining NDVI with SRI ownership data for 52,806 facilities belonging to 911 multinationals in 124 countries between 2006 and 2020 allows us to leverage both cross-sectional and within-facility variation in SRI exposure over time. We find that, on average, greater SRI ownership is associated with improved vegetation health in surrounding areas, consistent with reductions in firm-induced environmental damage. Using mergers as a plausibly exogenous source of variation in SRI ownership corroborates these findings. However, exploiting the global structure of multinational production networks, we find a striking asymmetry: improvements near facilities located in OECD countries coincide with deterioration near the same firms’ facilities in non-OECD countries, consistent with pollution offshoring. Finally, we show that this asymmetry intensifies with more active investor oversight, suggesting that investor engagement alone is insufficient to mitigate environmental harm in the absence of strong domestic regulation or global coordinated monitoring.
- Trading choicesPublication . Dyskant, Lucas B.; Silva, André C.; Sultanum, BrunoWe propose a model of over-the-counter markets based on three trading methods: principal inventory, agency risk-free, and all-to-all (A2A) trading. Principal and agency trading occur through dealers. A2A trading occurs directly through customer-customer trading. The model predicts that A2A size can remain stable while principal and agency trading change. Higher inventory costs shifts trading from principal to agency and decrease dealers’ net positions. Bid-ask spreads can decrease even though transaction costs increase. High transaction costs can lead to multiple equilibria. The model shows how regulatory and technological changes affect trading choices, stability, and market indicators.
- Shopping missions in online grocery shoppingPublication . Pocsay, Marc Enrico; Han, Qiwei; Kaiser, Maximilian; NOVA School of Business and Economics (NOVA SBE)This study introduces a novel mission-based model for segmenting consumers in the online grocery market, leveraging extensive transaction data from a leading U.S. supermarket chain. Utilizing BERTopic modeling, we analyze shopping basket compositions to identify distinct consumer shopping missions. Our methodology uncovers fifteen unique missions, each reflecting specific consumer preferences and behaviors. These range from "Versatile Kitchen Staples" to "Health and Self-Care," highlighting diverse shopping strategies. The findings reveal dynamic shifts in consumer behavior during the COVID-19 pandemic and suggest targeted marketing strategies that can enhance customer engagement.
- Pricing and consumption in subscription settingsPublication . Gardete, Pedro; Schmitt, Daniela; Stahl, FlorianThis paper investigates how subscription pricing affects usage intensity, a key performance driver for firms operating under subscription-based business models. We analyze data from an online news publisher, a setting in which promotional pricing is commonly employed to attract new subscribers, though its broader effects remain ambiguous. Standard economic intuition suggests that lower-paying subscribers derive lower utility and thus consume less. In contrast, we document that promotional subscribers, on average, consume substantially more than those paying regular price, even after accounting for differences in churn behavior. This empirical pattern is inconsistent with simple demand models and points to the importance of taking unobserved heterogeneity into account. We develop and estimate an empirical model of subscription and consumption behavior, showing that, because subscription costs are sunk at the time of consumption, it is possible to recover the correlation between consumption levels and consumers’ unobserved willingness to pay. We use the model to recover the underlying consumer parameters and to evaluate the impact of alternative pricing policies on both subscription revenues (via customer acquisition) and advertising revenues (via subsequent consumption). Our findings highlight the economic value of understanding how price shapes not only who subscribes, but also how much they engage with the product.
- Demand elasticities in promotional pricing: A theory-based analysis of empirical challengesPublication . Gardete, Pedro; Silva, TâniaThis paper develops a continuous-time model of selling in which a firm optimally offers price promotions in a market with static but heterogeneous consumer preferences. While consumer preferences are fixed, price promotions induce dynamic sorting behavior, causing price sensitivity to evolve over time. This dynamic response can create challenges for empirical analyses. We use the promotion-cycles model to examine these challenges for both experimental and observational settings. For experimental approaches, we show that failing to align interventions with the market’s equilibrium timing of promotions can lead to elasticity estimates that diverge from those naturally observed in the market. For observational methods, we demonstrate that – in the absence of price endogeneity – using lagged prices as instruments may introduce a spurious instrumentation bias that may be mistakenly attributed to endogeneity. We provide empirical guidance and show that, in most cases, such biases can be anticipated by directly examining how sales evolve during promotional cycles.
- Does financial education impact school attainment?Publication . Chiavenato, Daniele; Madeira, Ricardo; Vaccaro, Victor; NOVA School of Business and Economics (NOVA SBE)an an applied mathematics curriculum enhance student intrinsic motivation and improve math achievement? We tackle this question through a randomized control trial of a program that integrates financial education into the mathematics curriculum in Brazil. Spanning 190 public schools and over 15,000 students, our study reveals that the program significantly boosts students' interest in mathematics and enhances financial literacy and math performance, particularly among students from poorer socioeconomic backgrounds. Initially, the program strengthens these students' internal locus of control and broad interest in mathematics during the first year. By the second year's conclusion, it positively impacts their financial literacy, math proficiency, and specific socio-emotional skills crucial for the labor market. However, we do not observe significant changes in self-reported financial behaviors or attitudes as measured by a financial autonomy index.