Financial Management Department

The Financial Management Department prepares managers for the challenges associated with creating value for a firm’s shareholders and other stakeholders in a rapidly changing and highly competitive world.

Dedicated to research, teaching and consulting focused on finance and related business areas, the department emphasizes financial theory (concepts, methodology and the latest research), as well as training managers with the relevant insights and frameworks to aid them in their professional roles.

An important aspect of the department’s research activities is the Center for International Finance (CIF) which is led by departmental faculty members and other researchers.

Members of the Financial Management Department have held roles in the Spanish Ministry of Economics and acted as advisors and consultants for several international organizations including the World Bank, the International Monetary Fund and the Inter-American Development Bank.

Coursework includes Capital Markets, Corporate Finance, Advanced Applied Finance, Introduction to Entrepreneurial Finance, Financial Strategy, International Financial Management, Global Treasury Management, Mergers, Acquisitions and Restructuring, and Options, Futures and Valuation of Financial Instruments

Through their research, the department’s faculty is bringing the most recent and influential ideas in financial management to the business community. In addition to their numerous contributions to academic journals and literature, the department also contributes to the CIF newsletter.

Finance Seminars Blog


  • Banking Industry Meeting
  • Center for International Finance Annual Symposium
  • Madrid Finance Forum

Areas of expertise

  • Capital markets
  • Exchange rate risk management
  • Emerging markets
  • Portfolio management
  • Real estate finance
  • Corporate Finance
  • Mergers, acquisitions and restructuring
  • Business valuation
  • Risk management


Journal Articles (refereed)

RAPONI, V., ROBOTTI, C., ZAFFARONI, P. (2020). Testing Beta-Pricing Models Using Large Cross-Sections. Review of Financial Studies, 33 (6), 2796-2842. doi:10.1093/rfs/hhz064.
ESTRADA, J. (2020). Managing to target (II). Dynamic adjustments for retirement strategies. Journal of Retirement, 7 (4), 28 - 38. doi:
ANTÓN, M., XIANRAN LIN, L. (2020). The Mutual Friend: Dual Holder Monitoring and Firm Investment Efficiency. The Review of Corporate Finance Studies, 9 (1), 81 - 115. doi:10.1093/rcfs/cfz010.
KUMAR, A., VERGARA, C. (2020). The Effect of Financial Flexibility on Payout Policy. Journal of Financial and Quantitative Analysis, 55 (1), 263 - 289. doi:10.1017/S002210901800114X.
RAPONI, V., CENTONI, M., DEL PANTA, V., MARUOTTI, A. (2019). Concomitant-variable latent-class beta inflated models to assess students’ performance. An Italian case study. Social Indicators Research, 146, 7-18. doi:
ACHARYA, V. V., EISERT, T., EUFINGER, C., HIRSCH, C. (2019). Whatever It Takes: The Real Effects of Unconventional Monetary Policy. The Review of Financial Studies, 32 (9), 3366 - 3411. doi:10.1093/rfs/hhz005.
RAPONI, V., PETRELLA, L. (2019). Joint estimation of conditional quantiles in multivariate linear regression models with an application to financial distress. JOURNAL OF MULTIVARIATE ANALYSIS, 173, 70-84. doi:
ESTRADA, J. (2019). Managing to Target: Dynamic Adjustments for Accumulation Strategies. Journal of Financial Planning, 32 (8), 46 - 53.
EISERT, T., EUFINGER, C. (2019). Interbank Networks and Backdoor Bailouts: Benefiting from other Banks' Government Guarantees. Management Science, 65 (8), 3449 - 3947. doi:10.1287/mnsc.2017.2968.
ESTRADA, J. (2019). The Bucket Approach for Retirement: A Suboptimal Behavioral Trick? Journal of Investing, 28 (5), 54 - 68. doi:10.3905/joi.2019.1.093.

Working Papers

FERNÁNDEZ, P. (2020). A Wrong valuation using WACC and the right solution (WP-1249-E).
FERNANDES, N. (2020). Economic Effects of Coronavirus Outbreak (COVID-19) on the World Economy (WP-1240-E).
FERNÁNDEZ, P., DE APELLÁNIZ, E., ACÍN, J. F. (2020). Survey: market risk premium and risk-free rate used for 81 countries in 2020 (WP-1244-E).
FERNÁNDEZ, P. (2020). The Most common error in valuations using WACC (WP-1247-E).
BARCELONA, R. G., RONOH, G., TCHÓRZEWSKA, K. B. (2019). Kenya's Imperfect Fuel Market: Tackling Real Problems With Real Solutions (WP-1200-E). Barcelona: IESE.

Articles in other publications

VERGARA, C. (2020). Calculating the cost of climate change. IESE Business School Insight (156), pp. 56-63.
ANTÓN, M., AZAR, J., GINÉ, M., LIN, L. X. (2019). Does Common Ownership Increase Incentives for Mergers and Acquisitions? Competition Policy International, 2 (2).
GINÉ, M., ANTÓN, M. (2018). How Big Data, AI and Blockchain Are Changing Finance. The Fintech Revolution. IESE Insight (38), pp. 15 - 21.
EUFINGER, C. (2018). Could Crowdfunding Be Right for Your Business?. Alternative Financing. IESE Insight (38), pp. 22 - 29.
TIETZ, M. A., WONG, M. A., RAO, J., CHUÁN, F., WEINTRAUB, J. (2018). Six Innovation Pain Points and How to Overcome Them. Building an Innovation Culture. IESE Insight (38), pp. 55 - 61.


VERGARA, C., GUTÉS, J. D. (2019). Timing, Marketability, And Location: The New Real Estate Paradigm.
FERNANDES, N. (2019). The Value Killers. How Mergers and Acquisitions Cost Companies Billions - And How to Prevent It. Basingstoke [England]: Palgrave Macmillan.
FERNÁNDEZ, P. (2017). Valuation and Common Sense. Madrid: Social Science Research Network.
FERNANDES, N. (2017). Finance for Executives: A Practical Guide for Managers. NPV Publishing.
SUÁREZ, J. L., DONNNELLY, D. (2015). Outstanding Resorts in Spain. Barcelona: IESE.

Book Chapters

ACHARYA, V. V., EISERT, T., EUFINGER, C., HIRSCH, C. (2018). Same Story, Different Place? Post-Crisis Recapitalization of Banks in Japan and Europe. In C. Mayer, S. Micossi, M. Onado, M. Pagano and A. Polo (Eds.), Finance and Investment: The European Case (pp. 137 - 148). Cape Town: Oxford University Press.
FERNANDES, N. (2017). Sovereign Wealth Funds. Investment Choices and Implications Around the World. In Douglas J. Cumming, Geoffrey Wood, Igor Filatotchev, Juliane Reinecke (Eds.), The Oxford Handbook of Sovereign Wealth Funds (pp. 322 - 349). Cape Town: Oxford University Press.
FERNÁNDEZ, P. (2017). Méthodes d'évaluation d'entreprises. In Jean-Michel Rocchi (Ed.), MBA Finance (pp. 313 - 420). Francia: Les Editions d'Organisation.
RAHNEMA ALAVI, A., SIMON, J., SEAGER, P. (2017). Corporate and Entrepreneurial Finance: Moving Your Business from Back of the Envelope to Front of the Class. In Mike Rosenberg and Philip H. Seager (Ed.), Managing Media Businesses: A Game Plan to Navigate Disruption and Uncertainty (pp. 183 - 204).
FERNÁNDEZ, P. (2017). The Capital Asset Pricing Model. In Bruno S. Frey and David Iselin (Ed.), Economic Ideas You Should Forget (pp. 47 - 50). Cham: Springer International Publishing.


GROH, A., LIECHTENSTEIN, H., LIESER, K., BIESINGER, M. (2018). Venture Capital and Private Equity Country Attractiveness Index. 2018 Annual.
GROH, A., LIECHTENSTEIN, H., LIESER, K., BIESINGER, M. (2016). Venture Capital and Private Equity Country Attractiveness Index. 2016 Annual.
SUÁREZ, J. L., IESE (2016). 2nd Investors Survey in Commercial Real Estate 2016 - Spain.
BRIGL, M., LIECHTENSTEIN, H. (2015). The State of European Venture Capital: A Rise in Good Deals, but an Investor Drought.
GROH, A., LIECHTENSTEIN, H., LIESER, K., BIESINGER, M. (2015). The Venture Capital and Private Equity Country Attractiveness Index. 2015 Annual.


ESTRADA, J. (2020). Atlas Financial Advisors. IESE, F-954-E.
DE APELLÁNIZ, E., SUÁREZ, J. L. (2019). Neinor Homes (B): The Early Years as a Publicly Quoted Company. IESE, F-950-E.
SIMON, J. (2019). Santa's Workshop (B). Forecasting and Diagnosis. IESE, F-949-E.
SIMON, J. (2019). Santa's Workshop (A): Analysis and Diagnosis. IESE, F-948-E.
CARELLI, J. P., MARTÍNEZ ABASCAL, E. (2018). Novocabos 2016. Management of Working Capital. IESE, F-942-E.

Technical Notes

ESTRADA, J. (2020). The Arithmetic of Active Management: An Example. IESE, FN-643-E.
SIMON, J. (2019). Bootstrapping and the Zero-Coupon Yield Curve. IESE, FN-642-E.
SIMON, J. (2019). Hedge Funds and Portfolio Management Applications. IESE, FN-641-E.
SANTOMÁ, J., VÁZQUEZ- DODERO, J. C., MAZA MUR, J. (2018). Negotiating with Banks. IESE, FN-639-E.
ESTRADA, J. (2018). Modern Portfolio Theory: Essential Concepts and Messages. IESE, FN-640-E.