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João Cabral dos Santos
João Cabral dos Santos
Professor (Adjunct)
Finance
Web site
Ciência ID: B812-48F1-07FF
ORCID ID: 0000-0002-6002-5969

João Santos joined Nova School of Business and Economics as a Visiting Professor in September 2011.

João Santos currently serves as Senior Vice President of the Federal Reserve Bank of New York. Prior to joining the bank in 2000; he was an Economist at the Bank for International Settlements and previously; an Economist at the Federal Reserve Bank of Cleveland.

His research interests include financial systems design; banking; banking regulation and corporate finance. His articles have been published in various academic journals including the Journal of Finance; Review of Financial Studies; Journal of Financial Economics; Journal of Monetary Economics; Journal of Accounting and Economics; Journal of Banking and Finance; European Economic Review; Journal of Financial Intermediation; Journal of Money Credit and Banking; and in various Federal Reserve publications. João Santos is a Fellow of the Wharton Financial Institutions Center since 2003; and a Member of the Editorial Board of the Journal of Money; Credit and Banking; Journal of Financial Intermediation; Journal of Financial Economic Policy and of the Journal of Financial Services Research. He has also participated in numerous scientific and program committees.


1995 Ph.D. Department of Economics - Boston University

1995 M.A. Department of Economics - Boston University

1986 B.Sc. in Economics - Nova School of Business and Economics

His research interests include financial systems design; banking; banking regulation and corporate finance. 

  • Blickle, Kristian, Santos, João A.C. (2024). The costs of corporate debt overhang. Journal of Financial Intermediation, 60.
  • Luck, Stephan, Santos, João A.C. (2024). The valuation of collateral in bank lending. Journal of Financial and Quantitative Analysis, 59 (5), 2038-2067.
  • Plosser, Matthew C., Santos, João A.C. (2024). The cost of bank regulatory capital. Review Of Financial Studies, 37 (3), 685-726.
  • Bonfim, Diana, Santos, João A.C. (2023). The importance of deposit insurance credibility. Journal of Banking and Finance, 154.
  • Santos, João A.C., Shao, Pei (2023). Investor diversity and liquidity in the secondary loan market. Journal of Financial Services Research, 63, 249-272.
  • Ivanov, Ivan T., Macchiavelli, Marco, Santos, João A. C. (2022). Bank lending networks and the propagation of natural disasters. Financial Management, 51 (3), 903-927.
  • Choi, Dong Beom, Santos, João António Cabral dos, Yorulmazer, Tanju (2021). A theory of collateral for the lender of last resort. Review Of Finance, 25 (4), 973-996.
  • Pennacchi, George G., Santos, João A.C. (2021). Why do banks target ROE?. Journal of Financial Stability, 54.
  • Iannotta, Giuliano, Pennacchi, George, Santos, João A. C. (2019). Ratings-based regulation and systematic risk incentives. Review Of Financial Studies, 32 (4), 1374-1415.
  • Peristiani, Stavros, Santos, João A. C. (2019). CLO trading and collateral manager bank affiliation. Journal of Financial Intermediation, 39, 47-58.
  • Santos, João A. C., Winton, Andrew (2019). Bank capital, borrower power, and loan rates. Review Of Financial Studies, 32 (11), 4501-4541.
  • Santos, João A. C., Suarez, Javier (2019). Liquidity standards and the value of an informed lender of last resort. Journal of Financial Economics, 132 (2), 351-368.
  • Kim, Sooji, Plosser, Matthew C., Santos, João A. C. (2018). Macroprudential policy and the revolving door of risk: lessons from leveraged lending guidance. Journal of Financial Intermediation, 34, 17-31.
  • Mian, Atif, Santos, João A. C. (2018). Liquidity risk and maturity management over the credit cycle. Journal of Financial Economics, 127 (2), 264-284.
  • Plosser, Matthew C., Santos, João A. C. (2018). Banks' incentives and inconsistent risk models. Review Of Financial Studies, 31 (6), 2080-2112.
  • Paligorova, Teodora, Santos, João A. C. (2017). Banks’ exposure to rollover risk and the maturity of corporate loans. Review Of Finance, 21 (4), 1739-1765.
  • Paligorova, Teodora, Santos, João A C (2017). Monetary policy and bank risk-taking: evidence from the corporate loan market. Journal of Financial Intermediation, 30, 35-49.
  • Santos, João A. C., Wilson, Kristin E. (2017). Does banks’ corporate control lower funding costs? Evidence from US banks’ control over firms’ voting rights. Journal of Financial Services Research, 51 (3), 283-311.
  • Ivanov, Ivan T., Santos, João A. C., Vo, Thu (2016). The transformation of banking: tying loan interest rates to borrowers' CDS spreads. Journal of Corporate Finance, 38, 150-165.
  • Bord, Vitaly M., Santos, João A. C. (2015). Does securitization of corporate loans lead to riskier lending?. Journal of Money, Credit and Banking, 47 (2-3), 415-444.
  • Afonso, Gara, Santos, João A. C., Traina, James (2014). Do 'Too-Big-To-Fail' Banks Take on More Risk?. FRBNY Economic Policy Review, 20 (December), 1-20.
  • Hale, Galina, Santos, João A. C. (2014). Do banks propagate debt market shocks?. Journal of Financial Economic Policy, 6 (3), 270-310.
  • Ivanov, Ivan, Santos, João A. C., Vo, Thu (2014). The introduction of market-based pricing in corporate lending. Journal of Financial Perspectives, 2 (1), 1-5.
  • McAndrews, James J, Morgan, Donald P, Santos, Joao A. C., Yorulmazer, Tanju (2014). What makes large bank failures so messy and what to do about it?. FRBNY Economic Policy Review, 20 (December), 229-244.
  • Santos, João A. C., Bord, Vitaly M. (2014). Banks' liquidity and the cost of liquidity to corporations. Journal of Money, Credit and Banking, 46 (SUPPL.1), 13-45.
  • Santos, Joao A. C. (2014). Evidence from the bond market on banks' ''too-big-to-fail' subsidy. FRBNY Economic Policy Review, 20 (2), 29-39.
  • Abreu, Margarida, Mendes, Victor, Santos, João A. C. (2011). Home country bias: does domestic experience help investors enter foreign markets?. Journal of Banking and Finance, 35 (9), 2330-2340.
  • Santos, João A. C. (2011). Bank corporate loan pricing following the subprime crisis. Review Of Financial Studies, 24 (6), 1916-1943.
  • Ashcraft, Adam B., Santos, João A. C. (2009). Has the CDS market lowered the cost of corporate debt?. Journal of Monetary Economics, 56 (4), 514-523.
  • Hale, Galina, Santos, João A. C. (2009). Do banks price their informational monopoly?. Journal of Financial Economics, 93 (2), 185-206.
  • Santos, João A. C., Nigro, Peter (2009). Is the secondary loan market valuable to borrowers?. Quarterly Review of Economics and Finance, 49 (4), 1410-1428.
  • Hale, Galina, Santos, João A. C. (2008). The decision to first enter the public bond market: The role of firm reputation, funding choices, and bank relationships. Journal of Banking and Finance, 32 (9), 1928-1940.
  • Santos, João A. C., Winton, Andrew (2008). Bank loans, bonds, and information monopolies across the business cycle. The Journal of Finance, 63 (3), 1315-1359.
  • Adams, Renée B., Santos, João A. C. (2006). Identifying the effect of managerial control on firm performance. Journal of Accounting and Economics, 41 (1-2), 55-85.
  • Kahn, Charles M., Santos, João A. C. (2006). Who should act as lender of last resort? An incomplete contracts model: a comment. Journal of Money, Credit and Banking, 38 (4), 1111-1118.
  • Santos, João A. C., Rumble, Adrienne S. (2006). The American keiretsu and universal banks: investing, voting and sitting on nonfinancials' corporate boards. Journal of Financial Economics, 80 (2), 419-454.
  • Santos, João A. C. (2006). Why firm access to the bond market differs over the business cycle: a theory and some evidence. Journal of Banking and Finance, 30 (10), 2715-2736.
  • Santos, João A. C. (2006). Insuring banks against liquidity shocks: the role of deposit insurance and lending of last resort. Journal of Economic Surveys, 20 (3), 459-482.
  • Haubrich, Joseph G., Santos, João A. C. (2005). Banking and commerce: A liquidity approach. Journal of Banking and Finance, 29 (2), 271-294.
  • Kahn, Charles M., Santos, João A. C. (2005). Allocating bank regulatory powers: lender of last resort, deposit insurance and supervision. European Economic Review, 49 (8), 2107-2136.
  • Haubrich, Joseph G., Santos, João A. C. (2003). Alternative forms of mixing banking with commerce: evidence from American History. Financial Markets, Institutions and Instruments, 12 (2), 121-164.
  • Longhofer, Stanley D., Santos, João A. C. (2003). The paradox of priority. Financial Management, 32 (1), 69-81.
  • Farinha, Luísa A., Santos, João A. C. (2002). Switching from single to multiple bank lending relationships: determinants and implications. Journal of Financial Intermediation, 11 (2), 124-151.
  • Longhofer, Stanley D., Santos, João A. C. (2000). The importance of bank seniority for relationship lending. Journal of Financial Intermediation, 9 (1), 57-89.
  • Santos, João A. C. (1999). Bank capital and equity investment regulations. Journal of Banking and Finance, 23 (7), 1095-1120.
  • Santos, João A. C. (1998). Commercial Banks in the Securities Business: a Review. Journal of Financial Services Research, 14 (1), 35-60.
  • Kahn, Charles M., Santos, João A. C. (2007). Institutional allocation of bank regulation: a review. The Structure of Financial Regulation. Routledge, 185-204.
  • Kahn, Charles M., Santos, João A. C. (2004). Allocating lending of last resort and supervision in the Euro Area. Monetary Unions and Hard Pegs. : Effects on Trade, Financial Development, and Stability. Oxford University Press.