Philipe Balan
Ph.D. Student in Finance, FGV EBAPE, Rio de Janeiro
Philipe Balan is a Ph.D. student in Finance at FGV EBAPE in Rio de Janeiro, working at the intersection of banking, corporate finance, and sustainable finance. His research examines how financial frictions and ESG information shape firms’ financing conditions, risk, and real decisions, with particular interest in ratings, regulation, disclosure, and credit and capital markets. He also studies the impact of fast payment systems on the banking system.
- Email: philipe.sousa@fgv.edu.br
- Institution: Fundação Getulio Vargas (FGV), Rio de Janeiro, Brazil
- Lattes: lattes.cnpq.br/9007148418942430
Bio
I am a Ph.D. student in Public Administration and Government (Finance) at Fundação Getulio Vargas (FGV), advised by Lars Norden. My research focuses on corporate finance, banking and financial intermediation, emerging market finance, ESG ratings, and fast payment systems, with a particular emphasis on Brazil.
Prior to the doctorate, I completed an M.A. in Administration at FGV, where I wrote the dissertation Are Measures of Financial Constraints Universal? Evidence from Brazil. I also hold an MBA in Investment Management from PUC-Rio, a B.A. in Administration, and a B.S. in Production Engineering from PUC-Rio.
Current Occupation and Research
Current Occupation
Ph.D. Student in Public Administration and Government (Finance)
Fundação Getulio Vargas (FGV)
2025–Present
Advisor: Lars Norden
CAPES Doctoral Fellow
Research Interests
- Corporate Finance
- Financial Constraints
- Banking and Financial Intermediation
- Emerging Market Finance
- ESG Ratings
- Fast Payment Systems (Pix)
Working Paper
- Balan, Philipe; Marcelo Cabús Klötzle; Lars Norden. Fast Payment Systems and Deposit Dynamics: Evidence from Brazil’s Pix. Working paper, 2026.
Publications
- Balan, Philipe; Antunes, Jorge; Wanke, Peter; Tan, Yong; Gerged, Ali Meftah. (2025). The Black-Box of ESG Scores From Rating Agencies: Do They Genuinely Reflect Sustainability Practices, or Are They Disproportionately Shaped by Financial Performance? International Journal of Finance & Economics.
- Balan, Philipe; Norden, Lars. (2024). Are Measures of Corporate Financial Constraints Universal? Evidence from Brazil. Finance Research Letters, 70, 106353.
Conference Presentations
- Balan, P. (2025). Do Fast Payment Systems Affect Bank Deposits? Evidence from Brazil’s Pix. Rio Finance Meeting, Rio de Janeiro, Brazil.
- Sousa, P. B. S.; Peres, Igor; Marchesi, J. F. (2022). Impact of the COVID-19 Pandemic on Orthopedic Surgeries in the State of Rio de Janeiro. 54th Brazilian Symposium on Operations Research (SBPO).
Teaching and Research Experience
Teaching Experience
- Teaching Assistant, Statistics 1B, Fundação Getulio Vargas (2026)
- Teaching Assistant, Machine Learning in Business, Fundação Getulio Vargas (2025)
- Teaching Assistant, Investment Analysis, Fundação Getulio Vargas (2023)
Research Experience
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Research Assistant, Fundação Getulio Vargas (2024)
Supervisor: Octavio Amorim Neto
Project: Prime Minister of the World
Education
- Ph.D. in Public Administration and Government (Finance), Fundação Getulio Vargas, 2025–Present
- M.A. in Administration, Fundação Getulio Vargas, 2023–2024
- MBA in Investment Management, Pontifícia Universidade Católica do Rio de Janeiro, 2022–2023
- B.A. in Administration, ADESA / Estácio, 2022–2024
- B.S. in Production Engineering, Pontifícia Universidade Católica do Rio de Janeiro, 2015–2021
Curriculum Vitae
A PDF version of my curriculum vitae is available below.
Download CV