Patrick Behr
PhD in Finance, Goethe University Frankfurt - Germany

Last update: May 2020


I am an Associate Professor of Finance at the Brazilian School of Public and Business Administration (EBAPE) at the Getulio Vargas Foundation (FGV) in Rio de Janeiro. I received my doctoral degree in finance from the Goethe University Frankfurt in 2005 and spent research and teaching visits at, e.g., Coppead Graduate School of Business, the National University of Singapore (NUS), the University of Lugano, and the Wharton School. I do empirical research in the areas of Banking, Corporate Finance, and Microfinance and taught courses in Bank Risk Management, Bank Strategy, Corporate Finance, Financial Decision Making, Financial Institutions Management, Financial Intermediation, Financial Markets and Instruments, Introductory Accounting, and Microfinance at Bankakademie (now Frankfurt School of Finance and Management), Coppead Graduate School of Business, EBAPE, Goethe Business School, Goethe University Frankfurt, Federal University of Espirito Santo, National University of Singapore, and the University of Lugano (at the graduate, post-graduate, doctoral, and executive level). I published two books and several articles in major finance and management journals such as the Review of Finance, Journal of Financial and Quantitative Analysis, Management Science, the Journal of Banking and Finance, and the Journal of Small Business Management. I did referee work for American Economic Review, Journal of Banking and Finance, Journal of Financial Intermediation, Management Science, Review of Finance, Review of Financial Studies, The Economic History Review, The IMF Economic Review, and World Development and was a member of the program committees of / reviewer for the annual meetings of the Brazilian national association for research in business administration (Anpad), the Brazilian (SBFin), European (EFA), German Finance Association (DGF), and the Financial Intermediation Research Society (FIRS). My research was presented by me and coauthors at more than 65 international conferences (including AFA, EEA, EFA, FIRS), seminars (including FDIC, Fed Chicago, Fed NY, NUS, Wharton, World Bank, Yale), workshops in Asia, Europe, South America, and the U.S. I did consulting work for Brazilian and international companies and institutions such as Accenture, BNDES, Eurohypo, the European Fund for Southeast Europe (EFSE), the German Stock Exchange, the OECD, and ProCredit Holding AG. From May 2013 to January 2017 I was a member of the board of directors and partial owner of an international finance corporation active in the area of algorithm-based investment strategies, and from July 2015 to July 2019 I was a director of the Brazilian Finance Association. I am also the co-founder and since April 2016 Co-Head of the Center for Banking and Finance Research (CBFR) in Rio. I frequently comment on banking, rating and capital market issues in Brazilian and international media.



CV (pdf)

Google Scholar



  • Post-doctoral degree (Habilitation / Venia Legendi in Business Administration), Finance Department, Goethe University Frankfurt, Germany, 2010
  • Post-doctoral researcher, Finance Department, Wharton School, University of Pennsylvania, U.S., 2007
  • Doctoral degree, Finance,  Goethe University Frankfurt, Germany, 2005
  • Diploma, Business Administration, Goethe University Frankfurt, Germany, 2001



  • April 2016 to present, Co-Head, Center for Banking and Finance Research (CBFR) in Rio
  • August 2015 to July 2019, Director, Brazilian Finance Association (SBFin)
  • February 2013 to June 2016, Visiting Associate Professor of Finance, Department of Economics, University of Lugano
  • February 2011 to present, Associate Professor of Finance, FGV-EBAPE, Rio de Janeiro
  • March to May 2009, Visiting Senior Fellow, Department of Finance, National University of Singapore
  • August to October 2008, German Academic Exchange Service (DAAD) Visiting Assistant Professor of Finance, Coppead Graduate School of Business, Federal University of Rio de Janeiro
  • September 2006 to December 2011, Visiting Lecturer, University of Lugano
  • March to May 2006, Visiting Assistant Professor of Finance, Coppead Graduate School of Business, Federal University of Rio de Janeiro
  • November 2005 to October 2010, Assistant Professor of Finance, Finance Department, Goethe University Frankfurt



  • International conference "Banking and Economic Development" (together with Lars Norden), Rio de Janeiro, December 6-7, 2018
  • International conference "Small Business Finance" (together with Lars Norden), Rio de Janeiro, December 8-9, 2016
  • International conference "Banking in Emerging Economies" (together with Thorsten Beck, Andre Guettler, Ricardo Leal), Rio de Janeiro, September 3-4, 2015



  • Brazilian National Association for Research in Business Administration, ANPAD, 2012-
  • Brazilian Finance Association, SBFin, 2014-2018
  • Conference on Banking in Emerging Economies, Cape Town, 2016
  • European Finance Association, EFA, 2015-
  • Financial Intermediation Research Society, FIRS, 2019-
  • German Finance Association, DGF, 2011, 2017-



[32] “The Impact of Social Safety Nets on the Markets for Mortgage Lending in the U.S.: Evidence from Natural Disasters”, with Weichao Wang (in progress)

[31] “Information Sharing, Access to Small Business Finance, and Loan Outcomes” with Thorsten Beck and Raquel de Freitas Oliveira (in progress)

[30] “Labor and Finance: The Effect of Bank Relationships” with Lars Norden and Raquel de Freitas Oliveira, March 2020 (SSRN)

[29] “ Social Capital and Account Usage in Low Income Countries:  Experimental Evidence from Senegal and Brazil” with Jorge Jacob, June 2019 (SSRN)

[28] “Banks' Balance Sheet Management as Strategic Variable: Evidence from Union Strikes” with Weichao Wang, May 2019

[27] “Microcedit Impacts: Evidence from a large-scale Observational Study in Brazil” with Rafael Goldszmidt, Anna-Katharina Lenz, Cesar Zucco, Lauro Gonzalez, and Martin Valdivia, July 2018 (Link)

[26] “Product Markets and Default Risk of Small Businesses: Evidence from a Financial Crisis”, with Andreas Madestam, April 2017

[25] “Credit Risk Transfer, Real Sector Productivity, and Financial Deepening”, with Samuel Lee, WP 153, Working Paper Series Finance & Accounting, Goethe University Frankfurt, 2008 (inactive)



[24] “The (Un)Intended Effects of Government Bailouts: The Impact of TARP on the Interbank Market and Bank Risk-Taking” with Weichao Wang, Journal of Banking and Finance 116, 2020 (Paper)

[23] “Financial Incentives and Loan Officer Behaviour: Multitasking and Allocation of Effort under an Incomplete Contract” with Alejandro Drexler, Reint Gropp and André Güttler, Journal of Financial and Quantitative Analysis 55(4), 1243-1267, 2020

  • Semifinalist best paper award in the category Financial Markets and Institutions, Financial Management Association 2016, Las Vegas

[22] “Did Government Regulations Lead to Inflated Credit Ratings?”, with Darren Kisgen and Jerome Taillard, Management Science 64(3), 1034-1054, 2018

  • Abstracted in the Notre Dame Center for the Study of Financial Regulation's Studies Review of Financial Regulation Studies Winter 2015, Issue 14

[21] “Sex and Credit: Do Gender Interactions Matter for Credit Market Outcomes?”, with Thorsten Beck and Andreas Madestam, Journal of Banking and Finance 80, 380-397, 2018

Covered in:

  • Financial Times Adviser
  • Vox
  • World Bank Economics Blog

[20] “Individual versus village lending: Evidence from Montenegro” with Thorsten Beck, Review of Development Economics 21(4), e67-e87, 2017

[19] “Cyclicality of SME Lending and Government Involvement in Banks” with Daniel Foos and Lars Norden, Journal of Banking and Finance 77, 64-77, 2017

[18] “The German Banking System”, with Reinhard H. Schmidt, in: Beck, T. and Casu, B. (eds.):  The Palgrave Handbook of European Banking, Palgrave MacMillan, London, Chapter 21, 541-566, 2017

[17] “Financial Constraints of Private Firms and Bank Lending Behaviour”, with Lars Norden and Felix Noth, Journal of Banking and Finance 37(9), 3472-3485, 2013

[16] “Gender and Banking: Are Women Better Loan Officers?”, with Thorsten Beck and André Güttler, Review of Finance 17(4), 1279-1321, 2013

Covered in:

  • NY Times Economics Blog
  • The Wall Street Journal Economics Blog
  • Vox

[15] “On Portfolio Optimization: Imposing the Right Constraints”, with Andre Güttler and Felix Miebs, Journal of Banking and Finance 37(4), 1232-1242, 2013

[14] “Opaqueness and Bank Risk Taking”, Brazilian Review of Finance 10(4), 499-527, 2012

  • Award for the best published paper in the Brazilian Review of Finance in 2012

[13] “The effect of information sharing between lenders on access to credit, cost of credit, and loan performance - Evidence from a credit registry introduction” with Simon Sonnekalb, Journal of Banking and Finance 36(11), 3017-3032, 2012

[12] “Using Industry Momentum to Improve the Performance of Minimum-Variance Portfolios”, with André Güttler and Fabian Trübenbach, Journal of Banking and Finance 36(5) 1414-1423, 2012

[11] “How do Lending Relationships affect Access to Credit and Loan Conditions in Microlending?” with André Güttler and Annekathrin Entzian, Journal of Banking and Finance 35(8), 2169-2178, 2011

[10] “Rating opaque borrowers: why are unsolicited ratings lower?”, with Christina Bannier and André Güttler, Review of Finance 14(2), 263-294, 2010

[9] “Market Structure, Capital Regulation and Bank Risk Taking”, with Reinhard H. Schmidt and Ru Xie, Journal of Financial Services Research 37(2), 131-158, 2010

  • Award for the best paper in the category Banking and Financial Institutions of the Midwest Finance Association 2008

[8] “On the necessity to regulate credit derivatives markets”, with Rym Ayadi, Journal of Banking Regulation 10(3), 179-201, 2009

[7] “On the required regulatory support for credit derivative markets”, with Rym Ayadi, in: Anderloni, L., Llewellyn, D. T., Schmidt, R.H. (eds.): Financial innovation in Retail and Corporate Banking, Edward Elgar, Cheltenham, 2008

[6] “The informational content of unsolicited ratings”, with André Güttler, Journal of Banking & Finance 32(4), 587-599, 2008

[5] “Risk and return characteristics of the new Covered Call-Index of the German Stock Exchange”, with Hartmut Graf and André Güttler, Kredit und Kapital 41(1), 37-58, 2008 (in German)

[4] “Credit risk assessment and relationship lending: An empirical analysis of German SMEs”, with André Güttler, Journal of Small Business Management 45(2), 194-213, 2007

[3] “Risk exposure of German universal and mortgage banks to macroeconomic shocks” with Steffen Sebastian, Kredit und Kapital 39(4), 513 - 536, 2006 (in German)

[2] Basel II and Controlling: A practical concept for a Basel II-adequate management, with Jörg Fischer, Gabler-Verlag, 227 p., 2005 (in German)

[1] Internal and external ratings: importance, development, tests, with André Güttler, Bankakademie-Verlag, 177 p., 2004 (in German)

Última atualização: 13/05/2020