Research Centre in Management and Economics

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Publications

A comparative analysis of ex ante credit spreads: structured finance versus straight debt finance

Publication . Marques, Manuel O.; Pinto, João M.

This paper examines the pricing of structured finance (SF) – asset-backed securities (ABS), mortgage-backed securities (MBS), and collateralized debt obligations (CDO) – and straight debt finance transactions. Using a cross-section of 24,525 European bonds issued by financial and nonfinancial firms in the 2000–2016 period, we show that although ratings are the most important pricing determinant for SF and corporate bonds (CB) at issuance, investors rely on other contractual, macroeconomic, and firms’ characteristics beyond these ratings. We find that CDO tranches have, on average, higher credit spreads than similarly rated CB, while investors are not compensated for facing higher systematic risk components in relation to investment-grade ABS and MBS. Our results also support the hypothesis of SF transactions as mechanisms of reducing funding costs: SF transactions’ weighted average spread is lower than that of comparable CB and originating firms’ creditworthiness does not deteriorate when compared to a sample of matched firms.

2020Journal article

Open access

Leader-expressed humility predicting team psychological safety: a personality dynamics lens

Publication . Rego, Arménio; Melo, Ana Isabel; Bluhm, Dustin J.; Cunha, Miguel Pina e; Júnior, Dálcio Reis

In an application of the personality dynamics framework, we advance understanding on the relationship between baseline leader humility and team psychological safety by exploring the roles of humility variability and attractor strength. Specifically, we examine how the (in)consistency (i.e., variability) of leader-expressed humility across team members operates as a boundary condition in the relationship between leader-expressed humility and team psychological safety. We also explore how the agreement between leader self-reported humility and leader-expressed humility (i.e., self-other agreement, SOA) operates as an attractor to predict such a consistency. We test the hypothesized model through a sample of 85 teams, rated by 354 team members. The findings suggest that consistency reinforces, while inconsistency weakens, the effect of leaderexpressed humility on team psychological safety. The findings also reveal that SOA relates to the consistency of leaderexpressed humility, depending on the level at which the (dis)agreement occurs. We conclude that to better understand the outcomes of humble leadership, it is necessary to take into account not only the baseline of humility expressed by the leader (as most studies do), but also his/her humility variability and the strength of the attractor.

2020Journal article

Restricted access

Resilient leadership as paradox work: notes from COVID-19

Publication . Giustiniano, Luca; Cunha, Miguel Pina e; Simpson, Ace V.; Rego, Arménio; Clegg, Stewart

2020Journal article

Restricted access