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dr. M.F. Penas

Associate Professor 

Tilburg School of Economics and Management
Department of Finance


María Fabiana Penas is Associate Professor of Finance at Tilburg University-CentER, and a member of the European Banking Center and TILEC. She got her bachelor at the University of Buenos Aires, and her PhD in Economics at the University of Maryland. She held positions as Economist at the Central Bank of Argentina and at the Field Office of the World Bank in Buenos Aires. She has published in the Journal of Financial Economics, the Journal of Financial Intermediation, and the Review of Finance among other finance journals. Her current research interests include small business finance, financial intermediation, and corporate finance.

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Principal publications

  • Debtor rights, credit supply and innovation, with Geraldo Cerqueiro, Deepak Hegde and Robert Seamans, Management Science, forthcoming
  • Market size structure and small business lending: Are crisis times different from normal times?, with Allen Berger and Geraldo Cerqueiro, Review of Finance 2015, 19, 1965-1995.
  • Does Debtor Protection Really Protect Debtors? Evidence from the Small Business Credit Market, with Allen Berger and Geraldo Cerqueiro, Journal of Banking and Finance, 2011, No. 35, 1843-1857.
  • Deposit Insurance and Bank Risk-Taking: Evidence from Internal Loan Ratings, with Vasso Ioannidou, Journal of Financial Intermediation, 2010, No. 19, 95-115.
  • Gains in Bank Mergers: Evidence from the Bond Markets with Haluk Ünal, Journal of Financial Economics, 2004, Vol.74, No.1, 149-179. 
Last amended: 17 March 2016