The 5th Madrid Finance Workshop, a joint project between the Financial Management departments at IESE, the Instituto de Empresa business school, Universidad Carlos III and CEMFI, focused on corporate finance. The topic complemented the previous editions of the event, which covered asset management and hedge funds, corporate governance, risk credit, and asset prices.

Held biannually, the workshop features the participation of four renowned specialists on the subject presenting work done by their peers on financed-related topics.

In the latest edition, which took place on December 1, 2008, Prof. María Gutierrez of Universidad Carlos III presented the paper “Stock Option Grants to Target CEOs During Merger Negotiations,” by researchers Eliezer M. Fich, Jie Cai and Anh L. Tran of Drexel University.

For his part, Prof. Juan Santaló of the Instituto de Empresa business school discussed the research paper “Globalization and the Provision of Incentives Inside the Firm: The Effect of Foreign Competition,” by Vicente Cuñat, professor at the London School of Economics, and María Guadalupe, a specialist at Columbia University.

The presentation of the paper “On the Fortunes of Stock Exchanges and Their Reversals: Evidence from Foreign Listings,” prepared by Nuno Fernandes of the IMD and Mariassunta Giannet, professor at the Stockholm School of Economics, was done by José Marín of IMDEA.

The session was concluded with a round table moderated by IESE Prof. José Manuel Campa. The participants were José Luis Palomo, member of the consultant committee Gómez-Acebo & Pombo, and Juan Carlos García Centeno, head of the Royal Bank of Scotland for Spain and Portugal.