Thanks to AXA’s continued support towards INSEAD, Frederico Belo, Professor of Finance, has been appointed to the AXA Chair in Financial Market Risk at INSEAD. Belo will focus on advancing finance research in risk management and asset valuation over the next three to five years.
The AXA Chair in Financial Market Risk was established at INSEAD in 2013 through a generous gift from the AXA Research Fund, the scientific philanthropy initiative of the global insurance group AXA. Since its creation, the Chair has played a key role in advancing thought leadership and teaching in finance by supporting distinguished faculty members. Belo is the third holder of the AXA Chair. He succeeds Lily Fang, Dean of Research and Innovation, who held the Chair from 2017 to 2024. Joel Peress, Professor of Finance and the Claude Janssen Chaired Professor of Business Administration, held the Chair from 2012 to 2017
At INSEAD, Belo teaches MIM and MBA students, drawing on his extensive research in asset valuation and risk management from a macroeconomic perspective. He conducts both theoretical and empirical research at the intersection of finance and macroeconomics. One of his key research areas highlights the growing importance of intangible assets, such as knowledge and brand value, in determining company valuation. His research shows that intangible assets can constitute a substantial portion of a firm’s market value, ranging from 26 to 68 percent across industries.
In his ongoing study, he examines this trend across 77 countries, revealing variations in growth rates between emerging and developed economies. These insights provide valuable guidance for policymakers and business leaders, helping them make informed decisions about investing in intangible assets to enhance global competitiveness.
His research has been published in academic journals including Journal of Political Economy, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Monetary Economics, and Review of Economic Dynamics.
Beyond his role at INSEAD, Belo is an associate editor of the Journal of Financial Economics, the Review of Asset Pricing Studies, and Economics Letters, as well as a research fellow of the Center for Economic and Policy Research (CEPR). In addition, he is the executive director of the European Finance Association and a board member of the Macro Finance Society. Previously, he held the roles of research associate at the National Bureau of Economic Research (NBER) and the associate editor of Management Science.
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.
