• Corporate Finance / Derivatives and financial reporting

RECENT RESEARCH AND PUBLICATIONS:

• Co-author with R. N. N. Jacinto and R. A. Rodriguez and author of chapters in “The Macroeconomic Environment and Industry Analysis” and “Equity Derivatives”.  In Investment Management and the Philippine Stock Market (2nd ed.), eds. , A. Ilano, R. Mariano and R. Ybañez.  Manila: Development Center for Finance and the FINEX Research and Development Foundation, Inc., 2003.

• “Enron and the Lessons of Corporate Finance Theory”, BusinessWorld, February 8-9, 2002.

• “An Options Analysis of Deferred Payment Plans”.  Philippine Management Review, vol. 9 no. 1, 2001.

• “Project Finance.”  In Philippine Corporate Finance, eds. A. Ilano and R. Ybañez, 305-314.  Manila: Development Center for Finance and the FINEX Research and Development Foundation, Inc., 1998.

• “Managing Foreign Exchange Risk.” In Philippine Corporate Finance, eds. A. Ilano and R. Ybañez, 341-429.  Manila: Development Center for Finance and the FINEX Research and Development Foundation, Inc., 1998.

• “First Philippine Holding Corporation.”  In Strategic Management in the Asian Context- A Casebook in Business Policy and Strategy, ed. L. Calingo, 1997.

• “Pricing the Pre-termination Option in Deposits: An Adaptation of the Binomial Option Pricing Model.” Philippine Management Review, 1994.

• “Price Volatility in the Manila Stock Exchange: 1986-1993.” Philippine Management Review, 1993.

• “Innovations in Corporate Securities in the Philippines: 1987-August 1992.” Philippine Management Review, 1992.

• “Credit Derivatives”, Professorial Chair Lecture, 2008.

• “Private Equity in Emerging Markets”, Professorial Chair Lecture, 2007.

• “Variable Interest Entities”, Professorial Chair Lecture, 2006.

• Co-author with N. Poblador and A. Solis, “Studies on the Wood-Based Furniture, Leather Products, and Footwear Manufacturing Industries of the Philippines”, PIDS Working Paper 83-1, 1983.

• Co-author with F. Cantoria, et al., “Currency Levels Study for the Central Bank of the Philippines”, BRPP Discussion Paper 83-4. Business Research and Publications Program, U.P. CBA, 1983.

• Various cases in financial management.

Awards

• Gawad Chanselor awardee as "Pinakamahusay na Guro", 1993

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• "Efficiency of the Philippine Stock Market", Applied Economics Letters, vol. 13, no. 7, 2006.

• "A Variance Equality Test of ICAPM on Philippine Stocks: Post-Asian Financial Crisis Period", Applied Economics, vol. 38, 2006, 353-362. (UP President's International Publication Awardee)

• "Exchange Rate Risk and Philippine Stock Returns: Before and After the Asian Financial Crisis", forthcoming in the Applied Financial Economics, vol. 15, no. 11, 2005, 765-771.

• "A Multifactor Model of Philippine Stock Returns Using Latent Macro Risk Factors", Applied Economics Letters, Vol. 11 No. 11, December 2004. (UP President's International Publication Awardee)

• “Problems with Testing the CAPM in the Philippine Setting”. Philippine Management Review. Volume 10, No. 1, 2002-2003.

• “Macroeconomic Factors and the Philippine Stock Returns”. Philippine Management Review. Volume 10, No. 1, 2002-2003.

• “Risk and the Cost of Equity Capital” in IDEAS Vol. II, Issue 02, April 2002, Institute for Development and Econometric Analysis, Inc.

• “Volatility and Returns in the Philippine Stock Market”. Philippine Management Review. Volume 9, No. 1, 2001.

• “How Do Philippine Listed Firms Make Investment Decisions?”. Philippine Management Review. Volume 8, No. 1, 1999-2000.

• Main author and editor, Introduction to Computers and Data Processing. 1987.

• “Operations Research, Computers, and the Decision Maker”. SGV Journal. No. 3, 1984.

• “Operations Research in the Philippines: A Thumbnail Sketch”. SGV Journal. No. 3, 1984.

• “Computers and Economic Development”. SGV Journal. No. 4, 1983.

• “Test of the CCAPM in the Philippines: 1987-2000”. Discussion Paper, University of the Philippines, College of Business Administration, 2003.

• “Corporate Diversification and Firm Value”. Discussion Paper, University of the Philippines, College of Business Administration, 2003.

• “A History of Philippine Corporate Finance Theory and Practice”, Professorial Chair Lecture, 2002.

• “Allocative Efficiency of the Philippine Stock Market”. Discussion Paper, University of the Philippines, College of Business Administration, 2002.

• “Informational Efficiency Characteristics of the Philippine Stock Market”. Discussion Paper, University of the Philippines, College of Business Administration, 2002.

• “Determinants of Cross Sectional Stock Returns Variation - Part 2 - Systematic and Idiosyncratic Risks”. Discussion Paper, University of the Philippines, College of Business Administration, 2002.

• “The Peso Problem: Theory, Measurement and Philippine Asset Prices”. Discussion Paper, University of the Philippines, College of Business Administration, April 2001.

• “Econometric Testing of the Rationality of Investment Decision Making by Publicly Listed Philippine Firms.” Discussion Paper, University of the Philippines, College of Business Administration.

• “What Did Ricardo Actually Say on the Ricardo Equivalence Theorem”.

• “The Use of Sample Characteristic Functions in the Analysis of the Collective Risk Process”, Paper presented at the Joint National Meeting of the Operations Research Society of America and the Institute of Management Science, New Orleans, U.S.A., May 1, 1979.

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