Chair in Financial Market Risk by Frederico BELO

Professor Frederico Belo, the third holder of the AXA Chair in Financial Market Risk at INSEAD,  conducts both theoretical and empirical research on the intersection of finance and macroeconomics. His groundbreaking research delves into asset valuation and risk management from a macroeconomic perspective, with a particular focus on the growing significance of intangible assets, such as knowledge and brand value, in determining company valuation. Professor Belo's extensive study has revealed that intangible assets can represent a substantial portion of a firm’s market value, often accounting for 26% to 68% across various industries. His ongoing examination of this trend across 77 countries has provided invaluable insights into the variations in growth rates between emerging markets and developed economies, offering essential guidance for policymakers and business leaders to make informed decisions about investing in intangible assets, thereby enhancing global competitiveness.

At INSEAD, Professor Belo shares his wealth of knowledge and research expertise with Master in Management (MIM) and Master of Business Administration (MBA) students, drawing on his influential work. His appointment as the AXA Chair in Financial Market Risk underscores the pivotal role played by the Chair in advancing thought leadership and teaching in finance. Prior to Professor Belo, the Chair was held by distinguished faculty members, including Lily Fang, Dean of Research and Innovation, and Joel Peress, Professor of Finance and the Claude Janssen Chaired Professor of Business Administration.

Professor Belo's career encompasses roles such as an Associate Editor for prestigious journals like the Journal of Financial Economics (JFE), the Review of Asset Pricing Studies (RAPS), and Economics Letters (EL). Additionally, he has been a research fellow of the Center for Economic and Policy Research (CEPR), a former research associate at the National Bureau of Economic Research (NBER), and a former Associate Editor of Management Science.

With a strong academic background, Professor Belo holds a B.Sc. degree in Economics from the Catholic University of Portugal, an MSc. in Finance and Economics from the London School of Economics, and a Ph.D. and MBA from the University of Chicago. His pioneering research has been published in renowned academic journals, including the Journal of Political Economy, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Monetary Economics, and Review of Economic Dynamics, solidifying his contributions to shaping the understanding of asset valuation and risk management on a global scale.

The AXA Chair in Financial Market Risk at Institut Européen d'Administration des Affaires (INSEAD) was previously led by Lily FANG