Profile

Luis leads the Corporate Finance and Regulation teams at Oxera and applies his economic expertise to finance, competition, regulation and policy issues across a wide range of industries. His areas of specialisation are financial markets, corporate finance, financial regulation, the impact of corporate taxation, and corporate governance. He has also directed policy and research studies for both the Competition Commission and the Office of Fair Trading in the UK, and published on economics and finance matters. He has been involved in UK Competition Commission cases and European Commission regulatory and competition analysis, appeals and arbitration cases, and has provided written and oral evidence. He has directed many studies for the European Commission, 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 member of the Financial Innovation Standing Committee and the Competition and Markets Authority’s (CMA) regulatory expert panel. Luis is also 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 is also a Member of the Advisory Board of the Solvay Brussels School of Economics and Management.

Selected project experience

  • Lead economic adviser to Royal Mail (ongoing)
  • Leads Oxera’s advice to Water Industry Commission for Scotland (ongoing)
  • Leads Oxera’s advice to Network Rail (ongoing)
  • Leads Oxera’s advice to Stagecoach in the matter of the Quality Contract Scheme proposal for bus services in the North East of England (2012–)
  • Expert witness in commercial dispute in the International Court of Arbitration (2014)
  • Leads Oxera’s advice to Gatwick Airport, including impact assessment of the new runway and advice on cost of capital and international regulatory regimes (2012–14)
  • Leads Oxera’s work with PSP Investments (2013)
  • Leads Oxera’s transaction work for Ancala Partners Group (2012–13)
  • Undertaking finance work for Electricity North West (2012–13)
  • Working with the British Insurance Brokers’ Association on FSCS funding (2012–13)
  • Leads advice to CityFibre Holdings on delivering NGA in the UK market (2012–13)
  • Leading Oxera’s work with ORR on the fares review (2012–13)
  • Directed numerous studies for the UK Financial Services Authority on regulatory issues of design and cost–benefit analysis (before 2012)
  • Author of three expert reports (on pension deficits, cost of debt, beta and gearing) to the Competition Appeal Tribunal in British Telecommunications plc (Wholesale Broadband Access Charge Control) v Office of Communications (2011)
  • Advising The Royal Bank of Scotland on banking regulation and the Independent Commission on Banking, capital adequacy and Basel III (2011)
  • Led Oxera’s advice to Stagecoach during the Competition Commission’s market investigation into local buses (2010–11)
  • Leading advice to BAA during the reviews of Heathrow, Gatwick and Stansted Airport charges at the Competition Commission price control inquiries (2010)
  • Directed projects for the European Commission on state aid for research and development (2005), trading and post-trading in securities markets for the European Commission (2006–09), and state aid for the rescue and restructuring of firms in difficulty (2010)
  • Directed a project for the UK communications regulator, Ofcom, in relation to its investigation into the pay-TV market on the profitability of BSkyB (2009)
  • Supervised research into a ‘social time preference rate for use in long-term  discounting’, now applied as discount rate in HMT Green Book (2002)

Selected publications

  • Correia da Silva, L. and Hope, P. (2011), ‘Profitability Analysis in the Context of the Pay TV Market Inquiry’, Competition Law Journal, 10:4, pp. 328–32.
  • Correia da Silva, L., Franks, J. and Mayer, C. (2008), ‘Asset Management in Europe’, chapter 13, in X. Freixas, P. Hartmann and C. Mayer (eds), Handbook of European Financial Markets and Institutions, Oxford University Press.
  • Correia da Silva, L., Mautino, M., Dudley, P. and Payling, E. (2008), ‘An Incentive Regime for Quality of Service of Universal Service Providers in the Postal Sector’, chapter 16, in M. Crew and P. Kleindorfer (eds), Competition and Regulation in the Postal and Delivery Sector, Edward Elgar.
  • 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.
  • Barnes, F., Bell, L., Correia da Silva, L. and Ernstsone, E. (2008), ‘Occupational Retirement Provision: Are the Risks of Defined-contribution Schemes Overstated?’, Financieel Forum Financier, pp. 309–14, 2008/4-5.
  • Correia da Silva, L. and Becht, M. (2007), ‘External financial markets policy: Europe as global regulator?’ chapter 7, in A. Sapir (ed.), Fragmented Power: Europe and the Global Economy, Bruegel.
  • Correia da Silva, L. (2006), ‘The Cost of Capital: An International Comparison’, prepared for the City of London Corporation and the London Stock Exchange, June.
  • Correia da Silva, L., Estache, A. and Järvelä, S. (2006), ‘Is Debt Replacing Equity in Regulated Privatised Infrastructure in LDCs?’, Utilities Policy, 14, pp. 90–102.
  • 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., Dudley, P., Mautino, L. and Richard, S. (2004), ‘RPI – X Price Control Regulation in The Postal Sector’, chapter 7, in M. Crew and P. Kleindorfer (eds), Competitive Transformation of the Postal and Delivery Sector, Kluwer Academic Publishers.
  • Correia da Silva, L., Franks, J. and Mayer, C. (2003), Asset Management and Investor Protection: An International Analysis, Oxford University Press.
  • Correia da Silva, L., Niels, G. and Chua, S. (2003), ‘Assessing Profitability in the Context of Competition Law’, Competition Law Journal, 2:3, pp. 248–58.
  • Correia da Silva, L. (2003), ‘Assessing profitability in competition policy analysis’, Office of Fair Trading.
  • Jenkinson, T.J., Correia da Silva, L. and Mayer, C. (2003), ‘The Capital Structure of Water Companies’, in D. Helm (ed.), Water, Sustainability and Regulation, Oxera.
  • Correia da Silva, L., Franks, J. and Mayer, C. (2001), ‘Regulation and Asset Management’, Financial Times Mastering Investments, January.

Qualifications

  • 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