Portrait of Dr Luis Correia da Silva

Dr Luis Correia da Silva : Chair and Partner

Oxera has been fortunate to have Luis as a leader. He brings clear sighted understanding, deep knowledge, an analytical mind, enormous enthusiasm and excellent interpersonal skills allied to a strong sense of ethics and focus on the needs of clients. I have worked with him on different projects for over a quarter of a century and he never fails to bring fresh insights and wise advice to our deliberations whether in finance, utilities or other regulated businesses

Sir Donald Brydon CBE

Luis holds a doctorate in Economics and Finance from the University of Oxford and leads the Finance & Valuation and Regulation teams at Oxera. He has over 25 years of experience of applying his expertise in economics and finance to competition, regulation and policy issues across a wide range of industries. He provides advice at the board and executive level to companies, regulators and governmental departments in Europe across many sectors, including asset management, banking, communications, energy, securities markets, transport, water and others. He has extensive experience of acting as an expert, providing oral and written evidence, in regulatory, competition, state aid, litigation and arbitration proceedings. His academic research focuses on financial markets, cost of capital, corporate finance, corporate dividend and capital structure policy, financial regulation and corporate governance, and he has published extensively in these areas. He has directed more than 50 policy and research studies for many institutions, for example the European Commission, as well as for the London Stock Exchange, European Asset Management, Ofcom and the UK Competition and Markets Authority, including on financial services, asset management, state aid and corporate control, and has advised financial institutions on state aid matters arising from the global financial crisis.

Luis is a Maître d’Enseignement at Solvay Brussels School of Economics and Management, Université Libre de Bruxelles. Before joining Oxera, he was a Researcher in the Economics and Finance departments of the University of Warwick (between 1992 and 1993) and the University of Oxford (between 1993 and 1994). Luis was a member of the Financial Innovation Standing Committee of the European Securities Markets Authority (ESMA) for six years until 2018. He has been a member of the UK Competition and Markets Authority’s (CMA) regulatory expert panel, and a trustee of Trust for London, an independent charitable foundation which aims to tackle poverty and its root causes among the people of London. He has also been a member of the Advisory Board of the Solvay Brussels School of Economics and Management.

“Having regard to Dr. da Silva’s qualifications and experience, none of which is in dispute, it is fair to say that few people could be more qualified than Dr. da Silva to comment on the consequences of the interpretations of the 1998 Act contended for by the ICCL. It might also be observed at this juncture that the ICCL decided against calling any expert evidence and confined themselves to the averments made by Mr. Fagan, including the worked exampled contained in his affidavits, as well as legal submissions made with great sophistication and skill by their senior counsel as to the literal meaning of the 1998 Act.”

Justice Heslin

Luis speaks English, French, Portuguese, and Spanish.

Tel: +44 (0) 1865 253018

Luis' specialisms include:

professional experience

  • Luis has been a senior executive-level adviser to many European companies, regulators and governmental departments in many sectors including financial services, transport, communications, water and energy. His advice covers economic and financial issues, strategy and corporate governance.

  • Luis has led Oxera’s work during regulatory and competition reviews in transport (rail, airports, bus), energy and communications across many countries including the UK, Italy, Belgium, Portugal, France, Brazil and Ireland.

  • Luis has supported many companies and regulators in the context of market studies and investigations by regulators and competition authorities.

  • Luis has led Oxera’s support in clearance by the competition authorities in mergers in the water, transport and energy sectors. due diligence in acquisition large pension fund and infrastructure investors of assets in the infrastructure space.

expert experience

  • Luis has submitted expert reports to, and testified before, the tribunal in an ICC-administered arbitration on behalf of an international company.

  • In Italy, regarding the alleged reputational harm to an asset management company; Luis submitted expert reports to, and testified before, a Swiss arbitration tribunal in the context of a dispute in banking.

  • Luis submitted an expert report and testified in a commercial dispute in Brazil between equity market participants in a dispute over access terms to the clearing and settlement infrastructure.

  • Luis submitted expert reports to the Competition Appeal Tribunal in British Telecommunications plc (Wholesale Broadband Access Charge Control) v Office of Communications.

  • Luis is currently involved in a dispute at the High Court of Ireland in a matter related to compensation to retail investors.

  • Luis has provided several written submissions in many other arbitration and dispute proceedings.


  • Correia da Silva, L., Goergen, M., Andres, C. and Betzer, A. (2008), ‘Trends in Dividends, Payers, Payouts and Yields’, chapter 3, in K. Baker (ed.), Blackwell Companion on Dividends.

  • Correia da Silva, L., Franks, J. and Mayer, C. (2008), ‘Asset Management in Europe’, chapter 13, in X. Freixas, P. Hartmann and C. Mayer, Handbook of European Financial Markets and Institutions, Oxford University Press.

  • Correia da Silva, L., Goergen, M. and Renneboog, L. (2005), ‘When do German Firms Change their Dividend?’, Journal of Corporate Finance, 11,1–2, pp. 375–99.

  • Correia da Silva, L., Goergen, M. and Renneboog, L. (2004), Dividend Policy and Corporate Governance, Oxford University Press.

  • Correia da Silva, L., Niels, G. and Chua, S. (2004), ‘Assessing Profitability in the Context of Competition Law’, Competition Law Journal, 2:3, pp. 248–58.

  • Correia da Silva, L., Franks, J. and Mayer, C. (2003), Asset Management and Investor Protection: an International Comparison, Oxford University Press.


  • DPhil Economics, University of Oxford

  • MBA European Studies, Solvay Business School, Belgium

  • MSc Economics, Université libre de Bruxelles, Belgium

  • BA Economics, Université libre de Bruxelles, Belgium

Latest Insights:  Dr Luis Correia da Silva

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How can data on the cost of debt be used to improve estimates of the cost of equity? A previous article on this topic, published in May 2023, explained that…
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Applications of the capital asset pricing model (CAPM) in some sectors (e.g. banking, utilities and infrastructure) imply very low estimates of the cost of equity. But when does ‘very low’…
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In his final Agenda article as a Director of Oxera, Mike Toms looks back on a 35+ year career in economic regulation, highlighting some of the key changes and drawing…
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Brussels was the ideal setting for our most recent two-part Agenda podcast, where the European Contact Group brought together different stakeholders to discuss the results of Oxera's report, An analysis…

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