Rafael Zambrana

Rafael Zambrana is an assistant professor of finance at the University of Notre Dame. His research deals broadly with the investment behavior of institutional investors and the impact of their trades on stock markets. His current research projects explore portfolio manager incentives and the role of political identity and business connections in the asset management industry. His academic work has been published in top academic journals such as the Journal of Financial Economics and Management Science, and it has been presented at global academic conferences, such as the American Finance Association, the Western Finance Association, and the European Finance Association. Rafael has taught courses in corporate finance, asset valuation, and financial accounting at the undergraduate and graduate levels. He received a Ph.D. in Finance and an MSc. degree in Business Economics and Quantitative Methods from Universidad Carlos III (Madrid, Spain). Prior to his Ph.D. studies, he worked as a hedge fund accountant for State Street.

Areas of Interest:

• Asset Management
• Mutual Fund Governance
• Financial Intermediation

Publications

• "A Tale of two Types: Generalists vs. Specialists in Mutual Fund Asset Management", (With Fernando Zapatero), Journal of Financial Economics, 2021

• "Asset Management and Financial Conglomerates: Attention through Stellar Portfolios", Management Science, 2020

• "Competition and Cooperation in the Mutual Fund Industry", (With Richard Evans, Melissa Prado), Journal of Financial Economics, 2020

• "Management Sub-Advising in the Mutual Fund Industry", (With David Moreno, Rosa Rodriguez), Journal of Financial Economics, 2018