FINE gathers researchers from IAG/PUC-Rio dedicated to the advancements and production of knowledge through academic research in finance. We aspire to transfer knowledge from academia to society and financial markets’ stakeholders. The group has three main areas: Behavioral finance, Corporate finance, and Capital markets, whose leaders are researchers and professors at PUC-Rio. Ph.D. and master students also participate in all research projects. FINE offers financial planning services, financial analysis, and finance project planning. Also, we promote human resources development in private and public companies, universities, and financial institutions. FINE provides access to all PUC-Rio databases and statistical packages to allow high-quality research projects.


  • Capital Markets
  • Analysis and portfolio optimization
  • Derivatives
  • Behavioral finance
  • Corporate finance
  • Financial corporate policy
  • Corporate governance


  • To foster the development and transfer of knowledge between the University and society;
  • To produce high-quality research with a high impact on society and financial markets’ stakeholders.
  • To produce PhD theses, Masters’ degree dissertations and papers in the topics of finance to be published in journals or presented in conferences,
  • To resolve empirical market problems in the topics of behavioral finance, corporate finance or capital markets
  • To promote human resources development through company training.
  • To promote workshops, conferences, and events to foster connections between stakeholders.


  • Finance digital training, in-company courses, and MBAs,
  • Research support to professor and students of PUC-Rio and financial markets agents;
  • Support to Ph.D. theses, master’s degree dissertations, and final courses projects
  • Promotion of experiences exchange between PUC-Rio and national and international universities and research groups;
  • Applied research and consulting projects execution.


1. Behavioral finance

We study behavioral and psychological biases in portfolio allocation and investment made by investors. In particular, we investigate problems such as herd effects, risk aversion, and personal decision-making biases.

Leader: Marcelo Klotzle (IAG/PUC-Rio)

2. Corporate Finance

We study capital structure decisions, investment decisions, and working capital management in companies. In particular, we aspire to understand the policies that maximize firm value, asset efficiency, and the use of all company’s resources. We also study the corporate governance mechanisms that provide the structure to firm value maximization.

Leader: Henrique Castro Martins (IAG/PUC-Rio)

3.Capital markets

We study portfolio allocation and risk management in capital markets. We also study hedge decisions with financial derivatives. In particular, we study hedge operations made by companies and institutional investors in all financial markets.

Leader: Antonio Figueiredo (IAG/PUC-Rio)


  • CUNHA, FELIPE ARIAS FOGLIANO DE SOUZA ; OLIVEIRA, ERICK MEIRA ; ORSATO, RENATO J. ; KLOTZLE, MARCELO CABUS ; CYRINO OLIVEIRA, FERNANDO LUIZ ; CAIADO, RODRIGO GOYANNES GUSMÃO . Can sustainable investments outperform traditional benchmarks? Evidence from global stock markets. Business Strategy and the Environment, v. 29, p. 682-697, 2020.
  • DA GAMA SILVA, PAULO VITOR JORDÃO ; KLOTZLE, MARCELO CABUS ; Pinto, Antonio Carlos Figueiredo ; GOMES, LEONARDO LIMA . Herding behavior and contagion in the cryptocurrency market. JOURNAL OF BEHAVIORAL AND EXPERIMENTAL FINANCE, v. 22, p. 41-50, 2019.
  • DE OLIVEIRA, ERICK MEIRA ; CYRINO OLIVEIRA, FERNANDO LUIZ ; KLÖTZLE, MARCELO CABUS ; Pinto, Antonio Carlos Figueiredo . Dynamic Associations between GDP and Crude Oil Prices in Brazil: Structural Shifts and Nonlinear Causality. EMERGING MARKETS FINANCE AND TRADE, v. 1, p. 1-25, 2019.
  • JÚNIOR, GERSON DE SOUZA RAIMUNDO ; PALAZZI, RAFAEL BAPTISTA ; KLOTZLE, MARCELO CABUS ; PINTO, ANTONIO CARLOS FIGUEIREDO . Analyzing herding behavior in commodities markets – an empirical approach. Finance Research Letters, v. 1, p. 1, 2019.
  • JÚNIOR, GERSON DE SOUZA RAIMUNDO ; PALAZZI, RAFAEL BAPTISTA ; KLOTZLE, MARCELO CABUS ; Pinto, Antonio Carlos Figueiredo . Analyzing herding behavior in commodities markets – an empirical approach. Finance Research Letters, v. X, p. 1, 2019.
  • LEITE, ANDRÉ LUIS ; KLOTZLE, MARCELO CABUS ; PINTO, ANTONIO CARLOS FIGUEIREDO ; DA SILVEIRA BARBEDO, CLAUDIO HENRIQUE . The Fama-French?s five-factor model relation with interest rates and macro variables. North American Journal of Economics and Finance, v. 53, p. 101197, 2020.
  • MARTINS, H. C.. Investor Protection, Managerial Entrenchment, and Cash Holdings: Cross-Country Evidence. International Finance, v. 22, p. 422-438, 2019.
  • MARTINS, H. C.; COSTA, C. M. . Does control concentration affect board busyness? International evidence. The Journal of Management and Governance (Print), 2020.
  • MARTINS, H. C.; SCHIEHLL, E. ; TERRA, P. R. S. . Do shareholder protection and creditor rights have distinct effects on the association between debt maturity and ownership structure?. Journal of Business Finance & Accounting, 2020.
  • MARTINS, HENRIQUE. The Brazilian bankruptcy law reform, corporate ownership concentration, and risk-taking. MDE. Managerial and Decision Economics (Print), v. 41, p. 562-573, 2020.
  •  OLIVEIRA, E. M. ; CUNHA, F. A. F. S. ; PALAZZI, RAFAEL BAPTISTA ; KLOTZLE, M. C. ; MACAIRA, P. M. . On the effects of uncertainty measures on sustainability indices: An empirical investigation in a nonlinear framework. International Review of Financial Analysis, v. 1, p. 101505, 2020.
  • PALAZZI, RAFAEL BAPTISTA; FIGUEIREDO PINTO, ANTONIO CARLOS ; KLOTZLE, MARCELO CABUS ; MEIRA DE OLIVEIRA, ERICK . Can we still blame index funds for the price movements in the agricultural commodities market?. International Review of Economics & Finance, p. 84-93, 2019.
  • RAIMUNDO JÚNIOR, GERSON DE SOUZA; KLOTZLE, MARCELO CABUS ; Pinto, Antonio Carlos Figueiredo ; LUIS LEITE, ANDRÉ . Political risk, fear, and herding on the Brazilian stock exchange. APPLIED ECONOMICS LETTERS, v. 1, p. 1-5, 2019.
  • SILVA, P. V. J. G. E.; COSTA NETO, A. F. ; KLOTZLE, MARCELO CABUS ; PINTO, A.C.F. ; Gomes, L.L. . Does the cryptocurrency market exhibits feedback trading?. ECONOMICS BULLETIN, v. 39, p. 1-10, 2019.
  • Silva, P.V.J. G.; KLOTZLE, M. C. ; PINTO, A.C.F. ; Gomes, L.L. . Volatility estimation for cryptocurrencies using Markov-switching GARCH models. International Journal of Financial Markets and Derivatives, v. 7, p. 1-14, 2019.
  • VIOLA, ALESSANDRA PASQUALINA ; KLOTZLE, MARCELO CABUS ; Pinto, Antonio Carlos Figueiredo ; DA SILVEIRA BARBEDO, CLAUDIO HENRIQUE . Foreign exchange interventions in Brazil and their impact on volatility: A quantile regression approach. RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE, v. 47, p. 251-263, 2019.


Prof. Dr. Antonio Carlos Figueiredo  –
Prof. Dr. Henrique Castro Martins
Prof. Dr. Marcelo Klotzle


Augusto Costa –

Gerson Júnior –

Márcio Pimenta –

Rafael Palazzi  –


IAG – Escola de Negócios da PUC-Rio
Marquês de São Vicente st. , 225 – Gávea
22541-900 – Rio de Janeiro, RJ
Phone: +55 (21) 2138-9322