The academic excellence of Católica Porto Business School is once again recognised internationally. Our alumnae Beatriz Ponte da Silva and Joana Kanda joined efforts with João Pinto, dean and professor at Católica Porto Business School, to publish an article in the Journal of Financial Stability, one of the most prestigious scientific journals in the fields of macroeconomics, monetary policy, financial crises, and public policies. 

What began as a topic for their master's dissertations culminated in an academic paper. Beatriz Ponte da Silva and Joana Kanda are former students of the Master's in Finance at Católica Porto Business School and currently work, respectively, as senior auditor at Deloitte in Luxembourg and as supervision analyst at the European Central Bank in Germany. The article, titled "The ECB's APP's impact on non-financial firms' cost of borrowing and debt choice", results from their Master’s Final Assignment (MFA), both supervised by João Pinto. 

The study evaluates the impact of the European Central Bank's (ECB) Asset Purchase Programmes (APP) on the cost of borrowing and debt choice for non-financial firms.  

Joana Kanda explains: "This study was developed in a context where the ECB's asset purchase programmes were intensifying again, and the literature analysing their effects on non-financial firms was still limited."  

Beatriz Ponte da Silva adds: "Our research contributes to the debate on the role of monetary policy by examining how the CSPP (Corporate Sector Purchase Programme) influences bond and loan spreads."  

For João Pinto, this is a significant milestone: "The process from supervising Joana and Beatriz's theses to the decision to write this paper was a natural progression, given the topic's relevance. As dean and a professor at Católica Porto Business School, I am proud to see the potential of our students materialise in high-level and impactful research and to directly contribute to developing their knowledge, critical thinking, and careers."  

The publication in this scientific journal is particularly noteworthy. The "Journal of Financial Stability" focuses on applied research that can influence the formulation of public policies for financial stability. Thus, this article represents an essential contribution to the academic debate and policymakers' reflections on the impact of ECB policies.  

Once again, Católica Porto Business School reaffirms its commitment to academic excellence and knowledge production with a real-world impact on economics and management.  

The full article is available here: “The ECB’s APP’s impact on non-financial firms’ cost of borrowing and debt choice”