Mr Miguel Colburn Herculano
- Lecturer in Finance (Accounting & Finance)
Biography
Miguel is a Lecturer in Financial Economics at the Adam Smith Business School and an Advisor at the Alan Turing Institute. Before joining Glasgow, he worked as a Quant for Schroders, an Asset Management firm in London, and has taught at the School of Economics of the University of Nottingham.
He was a post-doc researcher at the University of Freiburg in Germany after completing a Ph.D. in Financial Economics at the University of Glasgow. Before graduate school, he trained and worked as an actuary in the Insurance Industry and as an economist for the Central Bank of Portugal.
His teaching & research interests lie in the intersection of macroeconomics, finance, and applied econometrics.
For more information, please visit Miguel's webpage.
Publications
2025
Herculano, Miguel C. (2025) Betting against (bad) beta. Quantitative Finance, (doi: 10.1080/14697688.2025.2517270) (Early Online Publication)
Herculano, Miguel, Pinheiro, Jorge and Tsafos, Yannis D. 
ORCID: https://orcid.org/0000-0002-2419-3674
(2025)
Dynamic CoVaR.
Working Paper.
SSRN.
(doi: 10.2139/ssrn.3923075).
2023
Herculano, Miguel C. and Jacob, Punnoose (2023) Financial condition indices in an incomplete data environment. Studies in Nonlinear Dynamics and Econometrics, (doi: 10.1515/snde-2022-0115) (Early Online Publication)
Herculano, Miguel C. and Lütkebohmert, Eva (2023) Investor sentiment and global economic conditions. Journal of Empirical Finance, 73, pp. 134-152. (doi: 10.1016/j.jempfin.2023.06.001)
2022
Herculano, Miguel Colburn (2022) A monthly financial conditions index for New Zealand. Discussion Paper. Reserve Bank of New Zealand.
2018
Herculano, Miguel Colburn (2018) The role of contagion in the transmission of financial stress. Working Paper Series No. 81. Working Paper. European Systemic Risk Board. (doi: 10.2849/73011).
Articles
Herculano, Miguel C. (2025) Betting against (bad) beta. Quantitative Finance, (doi: 10.1080/14697688.2025.2517270) (Early Online Publication)
Herculano, Miguel C. and Jacob, Punnoose (2023) Financial condition indices in an incomplete data environment. Studies in Nonlinear Dynamics and Econometrics, (doi: 10.1515/snde-2022-0115) (Early Online Publication)
Herculano, Miguel C. and Lütkebohmert, Eva (2023) Investor sentiment and global economic conditions. Journal of Empirical Finance, 73, pp. 134-152. (doi: 10.1016/j.jempfin.2023.06.001)
Research Reports or Papers
Herculano, Miguel, Pinheiro, Jorge and Tsafos, Yannis D. ORCID: https://orcid.org/0000-0002-2419-3674
(2025)
Dynamic CoVaR.
Working Paper.
SSRN.
(doi: 10.2139/ssrn.3923075).
Herculano, Miguel Colburn (2022) A monthly financial conditions index for New Zealand. Discussion Paper. Reserve Bank of New Zealand.
Herculano, Miguel Colburn (2018) The role of contagion in the transmission of financial stress. Working Paper Series No. 81. Working Paper. European Systemic Risk Board. (doi: 10.2849/73011).
Supervision
- Pang, Zhiyuan
The Emission Trading Schemes and Asset Pricing
Teaching
- Econometrics II (MRes)
- Statistical Machine Learning (MSc)
- Empirical Asset Pricing (MSc)
