Frederico Belo
3-233 Carlson School
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Frederico Belo

Associate Professor, US Bancorp Professorship in Financial Markets and Institutions


  • PhD, 2006
    Economics, University of Chicago

  • MBA, 2006
    Business, University of Chicago

  • MS, 2002
    Finance and Economics, London School of Economics

  • BS, 2000
    Economics, Universidade Catolica Portuguesa


  • Asset Pricing

Frederico Belo is an Associate Professor in Finance at the Carlson School of Management, University of Minnesota. He conducts both theoretical and empirical research on the intersection of finance and macroeconomics. He is a research associate at the National Bureau of Economic Research (NBER). His research is published in academic journals such as Journal of Political Economy, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Monetary Economics, and Review of Economic Dynamics. Belo holds a B.Sc. degree in Economics from 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.

Selected Works

Dividend Dynamics and the Term Structure of Dividends Strips (with Bob Goldstein and Pierre Collin-Dufresne), 2014, Journal of Finance, 70(3), 1115-1160
Brand Capital and Firm Value (with Maria Ana Vitorino and Xiaoji Lin), 2013, 2014, Review of Economic Dynamics, 17(1) 150-169
Government Spending, Political Cycles and the Cross Section of Stock Returns (joint with Vito Gala and Jun Li), 2013, Journal of Financial Economics, 107, 305-324.
Labor Hiring, Investment, and Stock Return Predictability in the Cross Section (with Xiaoji Lin and Santiago Bazdresch), 2014, Journal of Political Economy, 122(1), 129-177
Government Investment and the Stock Market (with Jianfeng Yu), 2013, Journal of Monetary Economics, 60(3), 325-339.
The Inventory Growth Spread (joint with Xiaoji Lin), 2012, Review of Financial Studies, 25(1), 278-313.
External Equity Financing Shocks, Financial Flows, and Asset Prices (with Xiaoji Lin and Fan Yang), 2017
Labor-Force Heterogeneity and Asset Prices: the Importance of Skilled Labor (with Xiaoji Lin, Jun Li and Xiaofei Zhao), 2016, forthcoming Review of Financial Studies
Production-Based Measures of Risk For Asset Pricing, 2010, Journal of Monetary Economics, 57(2), 146-163.
A Supply Approach to Valuation (with Chen Xue and Lu Zhang), 2013, Review of Financial Studies, 26 (12), 3029-3067

Current Activities

Scholarly Service

  • National Bureau of Economic Research Fellow, 2013-present