Center for International Finance (CIF)

Directors: Miguel Duro and Christian Eufinger

We are an interdisciplinary research center focused on the financial sector and its impact on the global economy. Since our founding in 1992, we have worked to contribute to best business practices in the field of finance and economics.

Objectives:

  • Promote academic initiatives and continuous contact with business leaders, regulators and entrepreneurs.
  • Generate innovative ideas and perspectives through publications, programs, industry meetings and conferences.
  • Drive positive impact in the financial management of firms and regulators, triggering a positive ripple effect on society as a whole.

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Research lines:

  • Market globalization
  • Market trends
  • Insurance
  • Creating value for shareholders
  • International finance
  • Capital markets
  • Corporate finance
  • Management by objectives
  • Means of payment
  • Application of new regulatory changes
  • Real estate
  • Company valuation
  • Mergers and acquisitions
  • Banking
  • Emerging markets
  • Initial public offerings
  • Cash management
  • Investment fund management

CIF Co-Director

Miguel Duro

Miguel Duro

Professor

Accounting and Control

CIF Co-Director

Christian Eufinger

Christian Eufinger

Professor

Financial Management

Academic Director

Miguel Antón

Miguel Antón

Professor

Financial Management

Academic Director

Germán López Espinosa

Germán López Espinosa

Professor
Joint Appointment

Accounting and Control

Executive Director

Rosa Magán

Rosa Magán

Coordinator

Natalia Pinacho

Natalia Pinacho

  • José Eduardo Álvarez-Naveiro
    Head of Corporate Governance and Legal Affairs, Abanca
  • Emilio Bobadilla
    Head of Retail and Marketing, Bestinver
  • Michael John Brederode
    CFO, ING Spain and Portugal
  • Ignacio Castejón
    CFO, AENA
  • José Carlos Hernández Barrasús
    Partner, Spain Assurance Leader for Financial Services, EY Spain
  • Enrique Serra
    CEO, Banco Caminos
  • Pere Viñolas
    CEO, Inmobiliaria Colonial

Director.

Miguel Duro

Miguel Duro

Professor

Accounting and Control

Academic Committee.

Miguel Antón

Miguel Antón

Professor

Financial Management
Germán López Espinosa

Germán López Espinosa

Professor
Joint Appointment

Accounting and Control
Marc Badia

Marc Badia

Professor

Accounting and Control
Christian Eufinger

Christian Eufinger

Professor

Financial Management
Gaizka Ormazabal

Gaizka Ormazabal

Professor

Accounting and Control

Team.

José Azar

José Azar

Visiting Professor

Economics
José Manuel Campa

José Manuel Campa

Professor

Financial Management and Economics
Jaime Caruana

Jaime Caruana

Senior Lecturer

Economics
Nuno Fernandes

Nuno Fernandes

Professor

Financial Management
Pablo Fernández

Pablo Fernández

Professor

Financial Management
Mireia Giné

Mireia Giné

Professor

Financial Management
José Manuel González-Páramo

José Manuel González-Páramo

Professor

Economics
Jordi Gual

Jordi Gual

Professor

Economics
Sergio Mayordomo

Sergio Mayordomo

Research Fellow
Head Financial Analysis Division
Banco de España
Manuel Mueller-Frank

Manuel Mueller-Frank

Professor

Economics
Fernando Peñalva

Fernando Peñalva

Professor

Accounting and Control
Valentina Raponi

Valentina Raponi

Associate Professor

Financial Management
Yuki Sakasai

Yuki Sakasai

Senior Researcher

José Luis Suárez

José Luis Suárez

Professor Emeritus

Financial Management
Juan José Toribio

Juan José Toribio

Professor Emeritus

Economics
Carles Vergara

Carles Vergara

Professor

Financial Management

Activities.

We organize events and academic congresses designed to explain and make public our research. Our researchers also participate actively in international conferences and congresses.

Banking Industry Meeting
Insurance Industry Meeting
Real Estate Industry Meeting

Projects.

We organize research projects and courses that advance knowledge and training in the field.

Bestinver - IESE CIF Observatorio del Ahorro y la Inversión
Citi-IESE Credit and Debt Markets Research Project (CREDET)
Fundación Ramón Areces-IESE Annual Seminar: Digital Markets and the Economics of Data Symposium
Corporate Valuation Seminar

Videos.

An interview with Jamie Dimon, CEO of JP Morgan

An interview with Jamie Dimon, CEO of JP Morgan

Sponsors.

logo-abanca-cut
AENA
Bestinver
AF_LOGO_FUND_CBNK_189
Colonial
EY
ING

Collaborate with us by becoming a Sponsor of the Center for International Finance. For more information, contact RMagan@iese.edu.

Publications

Journal Articles (refereed)

ORMAZABAL, G. (2026). Trust and credibility in sustainability reporting. Accounting and Business Research. (Forthcoming) ALONSO, M., JACOB, M., ORMAZABAL, G., RANEY, R. (2026). Cross-border carbon taxes and shareholder wealth. Management Science. doi:10.2139/ssrn.4832122. (Forthcoming) ACZEL, B., SZASZI, B., CLELLAND, H. T., KOVACS, M., HOLZMEISTER, F., VAN RAVENZWAAIJ, D., SCHULZ-KÜMPEL, H., HOFFMANN, S., NILSONNE, G., KOSA, L., TORMA, Z. A., ABDELFATAH, Y., ABERSON, C. L., ACAR, O. A., ACEM, E., ADAMKOVIC, M., ADAMOVICH, T., ADIASTO, K., AHNSTRÖM, L., AKIL, A. M., AL-BUSAIDI, A. S., AL-HOORIE, A. H., ALBERS, C., ALLEN, P. J., ALSALTI, T., ALTMAN, M., ALZAHAWI, S., AMBROSINI, E., ANAFINOVA, S., ANAND, R., ANGERER, M., ANGULO-BRUNET, A., ANTONIETTI, A., ARATO, J., ARENAS, A., AVIÑA, M. M., AZEVEDO, F., BACHL, M., BAGO, B., BAHNÍK, Š., BAKER, B. J., BALAYAN, E., BALDWIN, C. L., BANAI, B., BANAS, K., BARTOŠ, F., BASKIN, E., BASTIAANSEN, J. A., BAULT, N., BAUMAN, C. W., BEAZER, Q. H., BEHNKE, M., BENDIXEN, T., BERGER, S., BERNARD, A., BERNARDIC, U., BLOOM, P. A., BOLDT, A., BOSCH-ROSA, C., BOTVINIK-NEZER, R., BOUYAMOURN, A., BOZKURT, O., BREHM, L., BREUER, J., BRIGGS, R., BROHMER, H., BUCHANAN, E., BUCKENMAIER, J., BUCKLEY, J., BUCZNY, J., BURGHART, M., BUTT, B. H., BYRD, N., CAFARELLI, V., CALLAHAN, P., CAPITAN, T., CARRIERE, K., CATALDO, A. M., CEPALUNI, G., CHAN, E., CHANDLER, J. J., CHANG, C.-C., CHEN, X., CHEN, S. S., CHEN, F., CHEN, H., CHIRKOV, V., CIALFI, D., CLARKE, B., COELHO, S. G., COHEN, C., COLLINS, J., COOK, S. W., CORLAZZOLI, G., CUMMINS, J., CZYMARA, C., D’HONDT, J., DALLA ROSA, A., DAVIS, A. M. B., DAVIS, C. P., DAY, M. V., DE KEYZER, F., DE LEEUW, J. R., DE VRIES, T. R., DEBNATH, R., DECHTERENKO, F., DEMIRAL, E. E., DESGROSEILLIERS, M., DIANOVICS, D., DIVEICA, V., DOCHOW-SONDERSHAUS, S., DOHLE, S., DONG, L., DORA, J., DORROUGH, A. R., DREBER, A., DU, H., EDLUND, J., EERLAND, A., EFENDIĆ, E., ELDER, J., ELSHERIF, M. M., ERNST, M., ESTRADA, E., EUDAVE, L., EVANS, T. R., FARRERA, A., FERROUHI, E. M., FIALA, L., FIALHO, F. M., FIECHTER, J. L., FIŠAR, M., FLORES-KANTER, P. E., FOLWARCZNY, M., FOSSUM, J. L., FRANCO, V. R., FREICHEL, R., FREIRE, D., FRESE, J., FURNAS, A. C., GAEBLER, J. D., GAJARY, L. C., GALANG, C. M., GANSCHOW, B., MASON GARRISON, S., GASIOROWSKA, A., GASPAROTTO PONNE, B., GAURIOT, R., GEMINIANI, A., GERALDES, D., GERNSBACHER, M. A., GIANI, C., GLEREAN, E., GLIGORIĆ, V., GNAMBS, T., GODEFROIDT, A., GONZÁLEZ-BUSTAMANTE, B., GOREIS, A., GRAF-VLACHY, L., GRIEDER, M., GRIGORYEV, D., GRINSCHGL, S., GRÜNING, D. J., GUASSI MOREIRA, J. F., GUICHET, C., GURGAND, L., HABIBNIA, H., HAFENBRACK, A. C., HAFENBRÄDL, S., HÄFFNER, C., HAGEMEISTER, F., HAIGH, M., HAJDU, N., HAJIMOLADARVISH, N., HALL, J. D., HAMJEDIERS, M., HARDWICK, R. M., HARMA, M., HARP, N. R., HARTVIG, Á. D., HEIBERGER, R. H., HEIM, A., HERNÆS, Ø., HERNAUS, D., HEYMAN, T., HICKS, J., HOGEVEEN, J., HÖPLER, J., DAE HOULIHAN, S., HUBER, C., HUGHES, C., HUMMLER, T., HUTH, K., INGENDAHL, M., ISHII, T., ISLER, O., IZYDORCZAK, K., JACKSON, I. R., JAHN, A., JAIN, M., JAKUBOW, A., JANG, D., JANG, J., JEKEL, M., JIA, F., JIMÉNEZ-LEAL, W., JOHNSON, R., JONES, A., JUNGKUNZ, S., KAČMÁR, P., KAISER, C., KALAYCI, Y., KANTOROWICZ, J., KARABULUT, A., KARCH, J. D., KARIMI-ROUZBAHANI, H., KARL, J. A., KAŽEMEKAITYTĖ, A., KAZLOU, A., KEKECS, Z., KIM, J., KIRCHLER, M., KISS-DOBRONYI, B., KLASMEIER, K. N., ... KLEIN, J. W. (2026). Investigating the analytical robustness of the social and behavioural sciences. Nature (652), 135–142. doi:10.1038/s41586-025-09844-9.

Working Papers

EUFINGER, C., LIN, L. X., RAPONI, V., WANG, H. (2026). Common lenders and borrower return comovement. SSRN Electronic Journal. AZAR, J., GINÉ, M., SANZ-ESPÍN, J. (2025). AI is already eroding wages. Quasi-experimental evidence from occupational exposure. SSRN Electronic Journal. ROSANAS, J. M., CUGUERÓ-ESCOFET, N. (2025). La justicia como elemento fundamental en la dirección de organizaciones (WP-1316). Barcelona: IESE.

Proceedings

CHEN, Y.-C., MUELLER-FRANK, M., PAI, M. M. (2023). The Wisdom of the crowd and higher-order beliefs. EC '23: Proceedings of the 24th ACM Conference on Economics and Computation. New York, NY: Association for Computing Machinery. ANTÓN, M., EDERER, F., GINÉ, M., PELLEGRINO, B. (2023). Mergers and acquisitions under common ownership. AEA Papers and Proceedings (pp. 294-298). American Economic Association. AZAR, J., VIVES, X. (2019). Common Ownership and the Secular Stagnation Hypothesis. AEA Papers and Proceedings, Vol. 109 (pp. 322 - 326). American Economic Association.

Books

TORRES-POLO, M., PIN ARBOLEDAS, J. R., EXPÓSITO SÁEZ, L. (2025). Casos de éxito y fracaso en empresas I. Aprender de los aciertos y de los errores. Editorial UFV. MELÉ, D. (2025). Fundamentos para una empresa humanista centrada en la persona: Pensando en la compañía mercantil del futuro. Barañáin: EUNSA. Ediciones Universidad de Navarra. GUAL, J. (2024). Confiar no tiene precio. La confianza en el capitalismo y las políticas públicas. Madrid: Debate.

Edited books

FITÉ, R. M., NUENO, P., MEHTA, K., VILÀ, J. (2024). Primero las personas. Pensamiento emprendedor para resolver problemas empresariales. Barcelona: Gestión 2000. DE TORO, J. M., BEL, I., SÁNCHEZ TABERNERO, A. (2012). La Televisión en España. Informe 2012. UTECA (Unión de Televisiones Comerciales Asociadas). SUÁREZ, J. L. (2011). La inversión inmobiliaria en España 2001-2011. 10 años de IPD en España. Barañain: Eunsa.

Book Chapters

ORMAZABAL, G. (2024). The Role of Board on Corporate Reporting. In Ge, Weili ; Koester, Allison & McVay, Sarah (Eds.), Handbook on the Financial Reporting Environment. Cheltenham: Edward Elgar Publishing. SUÁREZ, J. L., JIMÉNEZ, M. (2024). Valorando la naturaleza. En Fité, R.M.; Nueno, P.; Mehta, K. and Vilà, J. (Eds.), Primero las personas: pensamiento emprendedor para resolver problemas empresariales (pp. 179-186). Barcelona: Gestión 2000. ORMAZABAL, G., FITÉ, R. M. (2024). Ver, contar y hacer crecer el valor. En Fité, R.M.; Nueno, P.; Mehta, K. and Vilà, J. (Eds.), Primero las personas: pensamiento emprendedor para resolver problemas empresariales (pp. 257-269). Barcelona: Gestión 2000.

Non-refereed articles

JANÉ, J. (2025). Hazlo ágil. IESE Business School Insight (169), pp. 56-60. GINÉ, M. (2025). AI is increasing demand for managers and changing their skill sets. IESE Business School Insight (169), pp. 62-67. GINÉ, M. (2025). La IA aumenta la demanda de directivos y redefine sus competencias. IESE Business School Insight (169), pp. 62-67.

Studies

ARRIBAS, F. M., CANALS, J., ORMAZABAL, G. (2026). Corporate governance in a context of disruption: 2026 IESE Survey of Boards of Directors. IESE. NUENO, J. L., MASIP, S., SOROA RUBIO, J., URIEN LUZÓN, A. (2026). El consumo generacional. IESE. BLAZQUEZ, M. L., ARRIBAS, F. M., LAS HERAS, M., PÉREZ DEL VALLE, J., CANALS, J. (2025). El futuro del trabajo: educación, tecnología y competencias necesarias. IESE.

Cases

INIESTA, F., DE TORO, J. M. (2026). Eight & Bob: El valor de la exclusividad. IESE, M-1441. DURO, M., RIERA, S., CHEVALLIER, C. (2026). Harman Automotive: Driving decarbonization. IESE, C-837-E. VERGARA, C., SACCHETTO, S. (2026). Novartis: Cost of capital and value creation. The spin-off of Sandoz. IESE, F-1008-E.

Technical Notes

DURO, M., ORMAZABAL, G., CHEVALLIER, C. (2026). Sustainability reporting. IESE, CN-261-E. BERRONE, P. (2026). Estrategia competitiva en la era de la IA. Lo que cambia, lo que no y lo que aún no sabemos. IESE, SMN-721. SIEBER, S. (2026). Del potencial a la aplicación práctica. Guía metodológica para descubrir y validar casos de uso de la IA generativa. IESE, EN-55.

Outputs in other media

MORENO-SALAMANCA, A. (2026). La responsabilidad del líder en el alto desempeño del equipo. Portafolio, Bogotá, Colombia. ÁLVAREZ DE MON, S. (2026). Lecciones, las justas. Expansión. ÁLVAREZ DE MON, S. (2026). Asignatura pendiente. Expansión.

Journal Articles (refereed)

EUFINGER, C., GILL, A., HETT, F. (2024). Domestic financial conditions and MNCs' global competitiveness. Evidence from the Swiss franc shock. Journal of International Business Studies, 55 (8), 1057-1068. doi:10.1057/s41267-024-00703-9. BADIA, M., DURO, M., PEÑALVA, F., RYAN, S. (2021). Debiasing the measurement of conditional conservatism. Journal of Accounting Research, 59 (4), 1221-1259. doi:10.1111/1475-679X.12366. BADIA, M., BARTH, M. E., DURO, M., ORMAZABAL, G. (2020). Firm Risk and Disclosures about Dispersion of Asset Values: Evidence from Oil and Gas Reserves. The Accounting Review, 95 (1), 1 - 29. doi:10.2308/accr-52445.

Working Papers

FERNÁNDEZ, P. (2012). Ten badly explained topics in most corporate finance books (DI-954-E). FERNÁNDEZ, P., AGUIRREAMALLOA ARIZAGA, J. (2012). La insolvencia de Lehman Brothers en septiembre de 2008. sobre su previsibilidad y sobre algunos "profetas a posteriori" (DI-950). FERNÁNDEZ, P., AGUIRREAMALLOA ARIZAGA, J., CORRES, L. (2012). Rentabilidad de los Fondos de Pensiones en España. 2001-2011 (DI-947).

Books

FERNÁNDEZ, P. (2017). Valuation and Common Sense. Madrid: Social Science Research Network. FERNÁNDEZ, P. (2016). Valoración de empresas y sensatez. Madrid: Social Science Research Network.

Edited books

SUÁREZ, J. L. (2011). La inversión inmobiliaria en España 2001-2011. 10 años de IPD en España. Barañain: Eunsa.

Non-refereed articles

FERNÁNDEZ, P., AGUIRREAMALLOA ARIZAGA, J., CORRES, L. (2014). Market Risk Premium and Risk Free Rate. A Survey 2013. Revista Española de Capital Riesgo (2), pp. 37 - 57. FERNÁNDEZ, P., AGUIRREAMALLOA ARIZAGA, J., CORRES, L. (2013). Market Risk Premium. A Survey 2012. Revista Española de Capital Riesgo (1), pp. 31 - 48. FERNÁNDEZ, P., AGUIRREAMALLOA ARIZAGA, J., CORRES, L. (2011). Prima de riesgo de mercado. Encuesta 2011, a analistas, empresas y profesores. Revista Española de Capital Riesgo (2), pp. 59 - 70.

Studies

LIECHTENSTEIN, H., GROH, A., LIESER, K., BIESINGER, M. (2021). The Venture Capital and Private Equity Country Attractiveness Index 2021. SUÁREZ, J. L., BESTINVER (2020). II Observatorio del Ahorro y la Inversión en España. BESTINVER - IESE. SOLEY, J., MATEACHE, P., GUEVARA, E. (2018). Desempeño de los bancos en España: una mirada más certera. Barómetro Bancario IESE CIF - A.T.KEARNEY.

Cases

EUFINGER, C. (2023). Banking with N26. IESE, F-998-E. EUFINGER, C. (2023). Risk management at Silicon Valley Bank. IESE, F-997-E. SUÁREZ J. L., J. L., MARIOLA SORIANO (2021). Indexa Capital: Getting Ready for a New Round of Capitalization. IESE, F-963-E.

Technical Notes

SOLEY, J. (2014). Bank Valuations. IESE, FN-623-E. SOLEY, J. (2014). Valoración de una entidad bancaria. IESE, FN-623. FERNÁNDEZ, P. (2014). CAPM: A Critique. IESE, FN-622-E.