Dr. Paulo Viegas de Carvalho

Overview of research interest & accomplishments 

Paulo Viegas de Carvalho is an integrated researcher of the Business Research Unit (BRU) of ISCTE-IUL. His research focuses on the development and evaluation of analytical models that quantify financial risks, support regulatory assessments, and enhance decision-making in financial markets. His work advances financial risk management by improving the measurement of market risk and credit risk, and by assessing how banking regulatory and supervisory changes shape modelling practices and institutional behaviour. He also studies financial markets and investments, including stress time asset behaviour and the risk-adjusted performance of portfolios, as illustrated by recent work analysing whether higher ESG scores translate into stronger risk‑adjusted returns.

Paulo’s publications appear in reputable, peer-reviewed outlets, with leading contributions in Finance Research Letters, the Journal of Risk, Resources Policy, International Journal of Finance & Economics, and The Journal of Economic Asymmetries, among others. He also serves as a peer reviewer for several international journals in finance and applied economics.

Journal articles

Peer Reviewed Articles

Carvalho, P. V., Falcão, P. F., Pinheiro, C. M., Carrão, D. (2026). Revisiting ESG performance: do high scores translate to higher returns? A risk-adjusted analysis of S&P 500 portfolios. Finance Research Letters. 91(109467). https://doi.org/10.1016/j.frl.2025.109467

Carvalho, P. V., Pinheiro, C., Rodrigues, M. S. (2024). The impact of the Fundamental Review of the Trading Book: Evaluation on a stylized portfolio. Journal of Risk. 26(3): 49-73. https://doi.org/10.21314/JOR.2023.014

Vieira, D. S., Carvalho, P. V., Curto, J. D., Laureano, L. (2023). Gold’s hedging and safe haven properties for European stock and bond markets. Resources Policy. 85, Part A, 103817. https://doi.org/10.1016/j.resourpol.2023.103817

Carvalho, P. V., Ferrão, J., Alves, J., Sarmento, M. (2023). The informational value contained in the different types of auditor’s opinions: Evidence from Portugal. Cogent Economics and Finance. 11(1). https://doi.org/10.1080/23322039.2022.2162688

Carvalho, P. V., Shah, S. S. H., Zaheer, A., Mata, M. N., Lourenço, A. M. (2022). The effect of inventory leanness on firms’ credit ratings: The case of Pakistan. Risks. 10(12): 226. https://doi.org/10.3390/risks10120226

Carvalho, P. V., Curto, J. D., & Primor, R. (2022). Macroeconomic determinants of credit risk: Evidence from the Eurozone. International Journal of Finance & Economics. 1–19. https://doi.org/10.1002/ijfe.2259

Veríssimo, P., Carvalho, P. V., Laureano, L. (2021). Asymmetries in the Euro Area banking profitability. 2019. The Journal of Economic Asymmetries. 24, e00224. https://doi.org/10.1016/j.jeca.2021.e00224

Adebayo, T. S., Coelho, M. C., Onbaşıoğlu, D. Ç., Rjoub, H., Mata, M. N., Carvalho, P. V., Rita, J. X., Adeshola, I. (2021). Modeling the Dynamic Linkage between Renewable Energy Consumption, Globalization, and Environmental Degradation in South Korea: Does Technological Innovation Matter? Energies. 14 (4265). https://doi.org/10.3390/en14144265

Conference attendance and proceedings

Rosário, J.; Carvalho; P. V., Boutin, L. (2021). Current Relation between Ecological Footprint and Country Risk Premium. 7th International Conference on CSR, Sustainability, Ethics and Governance. Lisbon.

Veríssimo, P.; Carvalho, P. V.; Laureano, L. (2018). The unfolding of Euro Area banks’ profitability 10th Portuguese Finance Network Conference. Lisbon.

Carvalho, P. V.; Laux, P.; Pereira, J. (2014). Is There a Self-fulfilling Prophecy in Credit Rating Announcements? 2014 FMA Annual Meeting. Nashville.

Carvalho, P.; Laux, P. Pereira, J. (2014). Is There a Self-fulfilling Prophecy in Credit Rating Announcements? 8th Portuguese Finance Network. Vilamoura.

Carvalho, P.; Laux, P. Pereira, J. (2014). Assessing the stability of credit ratings. IFABS 2014 Conference . Lisbon.

Carvalho, P.; Laux, P. Pereira, J. (2014). Is There a Self-fulfilling Prophecy in Credit Rating Announcements? 2014 FMA European Conference. Maastricht..

Carvalho, P.; Laux, P. Pereira, J. (2014). Is There a Self-fulfilling Prophecy in Credit Rating Announcements? EFMA 2014 Annual Meetings . Rome.

Books and book chapters

Books 

Carvalho, P.V. (2009). Fundamentos da Gestão de Crédito – Uma contribuição para o valor das organizações. Edições Sílabo

AC1025 Principles of accounting