Joaquim J.S. Ramalho

ISCTE-IUL Instituto Universitário de Lisboa

ISCTE Business School, Department of Economics, Business Research Unit (BRU-IUL)


2010 Agregação (Economics) Universidade de Évora, Portugal
2002 Ph.D. (Economics) University of Bristol, UK
   1996 M.Sc. (Mathematics Applied to Economics and
            Business) ISEG/UTL, Portugal
   1993 B.A. (Economics) Universidade de Évora, Portugal

Publications and Projects:
Published papers
   Research and industry-related projects

Econometria I (Lic. Economia)
Econometric Methods I (M.Sc. Economics)
Advanced Econometrics I (Ph.D. Economics / Ph.D. Finance)

Research interests:
Fractional regression models
   Exponential regression models
   Applied microeconometrics
   Empirical corporate finance

Pages about me:
Official page at ISCTE-IUL
   Google Scholar



Published papers
# Year Authors


Journal / Book Volume and pages Supplementary Files
40 2024 Morais, F., Z. Serrasqueiro, J.J.S. Ramalho The zero-leverage phenomenon in European listed firms: a financing decision or an imposition of the financial market? BRQ Business Research Quarterly forthcoming  
39 2023 Pedro, C.P., J.S.S. Ramalho and J.V. Silva How to measure banking regulation and supervision Research in International Business and Finance 66, article 102059  
38 2022 Morais, F., Z. Serrasqueiro, J.J.S. Ramalho Capital structure speed of adjustment heterogeneity across zero leverage and leveraged European firms Research in International Business and Finance 62, article 101682  
37 2022 Morais, F., Z. Serrasqueiro, J.J.S. Ramalho The heterogeneous effect of governance mechanisms on zero-leverage phenomenon across financial systems Corporate Governance 22(1), 67-88  
36 2021 Hou, Z., C.R. Palma, J.J.S. Ramalho Does directed technological change favor energy? Firm-level evidence from Portugal Energy Economics 98, article 105248  
35 2020 Hou, Z., C.R. Palma, J.J.S. Ramalho Directed technological change, energy and more: a modern story Environment and Development Economics 25(6), 611-633  
34 2020 Stephan, U., S.M. Tavares, H. Carvalho, J. Ramalho, S. Santos, M. van Veldhoven Self-employment and eudaimonic well-being: energized by meaning, enabled by societal legitimacy Journal of Business Venturing 35(6), article 106047  
33 2020 Morais, F., Z. Serrasqueiro, J.J.S. Ramalho The zero-leverage phenomenon: a bivariate probit with partial observability approach Research in International Business and Finance 53, article 101201  
32 2019 Ramalho, J.J.S. Modeling fractional responses using R Conceptual Econometrics Using R - Handbook of Statistics 41, H.D. Vinod, C.R. Rao (eds.) Elsevier, 245-279  
31 2018 Ramalho, J.S.S., R. Rita and J.V. Silva The impact of family ownership on capital structure of firms: Exploring the role of zero-leverage, size, location and the global financial crisis International Small Business Journal 36(5), 574-604  
30 2018 Pedro, C.P., J.S.S. Ramalho and J.V. Silva The main determinants of banking crises in OECD countries Review of World Economics 154(1), 203-227 Appendix
29 2018 Ramalho, E.A., J.J.S. Ramalho and L.M.S. Coelho Exponential regression of fractional-response fixed-effects models with an application to firm capital structure Journal of Econometric Methods 7(1), article 20150019 Zip file
28 2017 Barreira, A.P., J.J.S. Ramalho, T. Panagopoulos and M.H. Guimarães Factors driving the population growth and decline of Portuguese cities Growth and Change 48(4), 853-868  
27 2017 Ramalho, E.A., J.J.S. Ramalho and R. Evangelista Combining micro and macro data in hedonic price indexes Statistical Methods and Applications 26(2), 317-332  
26 2017 Ramalho, E.A. and J.J.S. Ramalho Moment-based estimation of nonlinear regression models with boundary outcomes and endogeneity, with applications to non-negative and fractional responses Econometric Reviews 36(4), 397-420 Data (txt), Code (R)
25 2016 Bastos, J.A. and J.J.S. Ramalho Nonparametric models of financial leverage decisions Bulletin of Economic Research 68(4), 348-366  
24 2016 Murteira, J.M.R. and J.J.S. Ramalho Regression analysis of multivariate fractional data Econometric Reviews 35(4), 515-552  
23 2014 Ramalho, E.A., J.J.S. Ramalho and J.M.R. Murteira A generalized goodness-of-functional form test for binary and fractional regression models Manchester School 82(4), 488-507 Data (dta), Data (txt), Code (Stata), Code (R)
22 2014 Ramalho, E.A. and J.J.S. Ramalho Convenient links for the estimation of hedonic price indexes Statistica Neerlandica 68(2), 91-117 Supplement
21 2013 Brito, D., P. Pereira and J.J.S. Ramalho Mergers, coordinated effects and efficiency in the Portuguese non-life insurance industry International Journal of Industrial Organization 31(5), 554-568  
20 2013 Murteira, J.M.R., E.A. Ramalho and J.J.S. Ramalho Heteroskedasticity testing through comparison of Wald-type statistics Portuguese Economic Journal 12(2), 131-160  
19 2013 Ramalho, J.J.S. and J.V. Silva Functional form issues in the regression analysis of financial leverage ratios Empirical Economics 44(2), 799-831  
18 2012 Guggenberger, P., J.J.S. Ramalho, R.J. Smith GEL statistics under weak identification Journal of Econometrics 170(2), 331-349  
17 2012 Ramalho, E.A., J.J.S. Ramalho and J.M.R. Murteira A supremum-type RESET test for binary choice models Economics Bulletin 32(1), 905-912  
16 2012 Ramalho, E.A. and J.J.S. Ramalho Alternative versions of the RESET test for binary response index models: a comparative study Oxford Bulletin of Economics and Statistics 74(1), 107-130  
15 2011 Ramalho, E.A., J.J.S. Ramalho and J.M.R. Murteira Alternative estimating and testing empirical strategies for fractional regression models Journal of Economic Surveys 25(1), 19-68  
14 2010 Ramalho, E.A., J.J.S. Ramalho and P.D. Henriques Fractional regression models for second stage DEA efficiency analyses Journal of Productivity Analysis 34(3), 239-255 Data (dta), Data (txt), Code (Stata), Code (R)
13 2010 Ramalho, E.A. and J.J.S. Ramalho Is neglected heterogeneity really an issue in binary and fractional regression models? A simulation exercise for logit, probit and loglog models Computational Statistics and Data Analysis 54(4), 987-1001  
12 2009 Ramalho, J.J.S. and J.V. Silva A two-part fractional regression model for the financial leverage decisions of micro, small, medium and large firms Quantitative Finance 9(5), 621-636  
11 2009 Ramalho, J.J.S. A test statistic equation for obtaining alternative Wald and score statistics in the generalized method of moments framework Applied Economics Letters 16(5), 489-494  
10 2007 Ramalho, E.A. and J.J.S. Ramalho On the weighted maximum likelihood estimator for endogenous stratified samples when the population strata probabilities are unknown Applied Economics Letters 14(3), 171-174  
9 2006 Ramalho, E.A. and J.J.S. Ramalho Bias-corrected moment-based estimators for parametric models under endogenous stratified sampling Econometric Reviews 25(4), 475-496  
8 2006 Baptista, J.A.G., J.J.S. Ramalho and J.V. Silva Understanding the microenterprise sector to design a tailor-made microfinance policy for Cape Verde Portuguese Economic Journal 5(3), 225-241  
7 2006 Ramalho, E.A. and J.J.S. Ramalho Two-step empirical likelihood estimation under stratified sampling when aggregate information is available Manchester School 74(5), 577-592  
6 2006 Ramalho, J.J.S. Bootstrap bias-adjusted GMM estimators Economics Letters 92(1), 149-155  
5 2005 Ramalho, J.J.S. Feasible bias-corrected OLS, within-groups, and first-differences estimators for typical micro and macro AR(1) panel data models Empirical Economics 30(3), 735-748  
4 2005 Newey, W.K., J.J.S. Ramalho and R.J. Smith Asymptotic bias for GMM and GEL estimators with estimated nuisance parameters Identification and Inference in Econometric Models:  Essays in Honor of Thomas J.U. Rothenberg, D.W.K. Andrews and J.H. Stock (eds.) Cambridge University Press, 245-281  
3 2005 Ramalho, J.J.S. Small sample bias of alternative estimation methods for moment condition models: Monte Carlo evidence for covariance structures Studies in Nonlinear Dynamics and Econometrics 9(1), article 3  
2 2002 Ramalho, J.J.S. and R.J. Smith Generalized empirical likelihood non-nested tests Journal of Econometrics 107(1/2), 99-125  
1 1997 Ramalho, J.J.S. Testes de especificação para modelos de regressão para dados de contagem. Estudo de simulação sobre a aplicação de testes de hipóteses não encaixadas Economia 21, 67-91  





Supplementary Files
Ramalho, J.J.S. and R.J. Smith Goodness of fit tests for moment condition models  



Year Authors


Statistical package
2015 Ramalho, J.J.S. frmpd: Regression Analysis of Panel Fractional Responses R
2014 Ramalho, J.J.S. frmhet: Regression Analysis of Fractional Responses Under Heterogeneity R
2014 Ramalho, J.J.S. frm: Regression Analysis of Fractional Responses R
2013 Ramalho, J.J.S. FRM: Stata Module to Estimate and Test Fractional Regression Models Stata



Funded research and industry-related projects
Period Title

Funding institution

2012-2015 Theoretical Developments in the Regression Analysis of Fractional Data and its Applications to Finance FCT (Portuguese Foundation for Science and Technology) - PTDC/EGE-ECO/119148/2010 Principal Investigator
2011-2014 Family-Owned Fims: Financing and Survival FCT (Portuguese Foundation for Science and Technology) - PTDC/EGE-GES/116004/2009 Research team member
2010-2012 Coordination and Support for the Owner-Occupied Housing Statistics Pilot Project Statistics Portugal / EUROSTAT Consultant
2007-2010 Econometric Models for Fractional Response Variables with Applications to Corporate Financing Choices FCT (Portuguese Foundation for Science and Technology) - PTDC/ECO/64693/2006 Principal Investigator
2007-2008 Development of an Econometric Model of Industrial Organization for the Insurance Sector Portuguese Competition Authority Consultant