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The Center for Finance was created to fill an important gap and meet the need in Brazil’s financial markets for a center that fosters research in various fields of finance and develops financial models customized to local markets.


The Center for Finance offers support for research in the field of finance and disseminates the work of the academic community. To achieve its goals, the Center for Finance produces scientific papers and research reports in the areas of research of its members, maintains a research database and organizes seminars to discuss technical and academic work. It also offers companies and public organizations temporary support specialized in solving complex technical problems and consulting services focused on advanced financial investments.

The activities of the Center for Finance include: Research in various areas of finance: corporate finance, asset pricing and derivatives, portfolio management, international finance, and more.

Seminars and open-enrollment programs

Project development and applied research services to professionals and organizations, leading to the production of scholarly publications.

Modeling and reporting of indicators

The members of the Center for Finance are Insper faculty who combine high academic qualification and rich market experience, and have acquired the expertise to develop applied research projects to meet organizational needs in the various areas of finance. When executing these projects, an applied research report is also prepared, which is later disclosed provided authorization is received from the organization involved in the project. Projects can be developed in the areas of research expertise of the Center for Finance .

Research Fields

  • Asset pricing and derivatives
  • Valuation
  • Portfolio performance evaluation
  • Term structure of interest rates
  • Corporate finance
  • International finance
  • Portfolio management
  • Corporate governance


The activities of the Center for Finance are financed through assistance from research support organizations, sponsorships, applied research projects and donations.

For more information please contact: cefi@insper.edu.br

Ruy Monteiro Ribeiro (coordenador)
Doutor em Finanças – University of Chicago Booth School of Business

Adalto Barbaceia
Doutor em Administração de Empresas – FGV/SP

Adhemar Villani Junior
Ph.D. em Economia – University of Pennsylvania

Adriana Bruscato Bortoluzzo
Doutora em Estatística – USP

Andrea Minardi
Doutora em Administração – EAESP-FGV

Bernardo Ricca
Doutor em Finanças pela London School of Economics and Political Science

Diogo Abry Guillen
Ph.D em Economia – Princeton University

Eduardo Faingold
PhD em Economia – University of Pennsylvania

Gino Olivares 
Doutor em Economia – PUC-Rio

João Manoel P. de Mello
Ph.D. em Economia – Stanford University

José Heleno Faro
Doutor em Economia Matemática – IMPA

Marcelo Rodrigues dos Santos
Doutor em Economia – FGV-RJ

Marco Bonomo 
Ph.D. em economia – Princeton University

Miguel Bandeira
PhD em Economia – London School of Economics

Advisory Board of the Center for Finance

Marco Bonomo (Insper)
Claudio Haddad (Insper)
Marcos Lisboa (Insper)
Annamaria Lusardi (George Washington University)
Eduardo Loyo (BTG Pactual)
João Manoel Pinho de Mello (Assessoria Especial de Reformas Microeconômicas – Ministério da Fazenda)
Fernando Russo (Accrex Gestão de Recursos)