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)

MERLO, L., PETRELLA, L., RAPONI, V. (2021). Forecasting VaR and ES using a joint quantile regression and its implications in portfolio allocation. Journal of Banking & Finance, 133, Article 106248. doi:10.1016/j.jbankfin.2021.106248.
ESTRADA, J. (2021). Sequence risk. Is it really a big deal? Journal of Investing, 30 (6), 47-69. doi:10.3905/joi.2021.1.193.
JONSDOTTIR, G. E., SIGURJONSSON, T. O., RAHNEMA ALAVI, A., MITCHELL, J. (2021). Applying Responsible Ownership to Advance SDGs and the ESG Framework, Resulting in the Issuance of Green Bonds. Sustainability, 13 (13). doi:10.3390/su13137331.
MONDRIA, J., VIVES, X., YANG, L. (2021). Costly interpretation of asset prices. Management Science. doi:10.1287/mnsc.2020.3871. (Online first)
SAFFI, P., VERGARA, C. (2020). The Big Short: Short Selling Activity and Predictability in House Prices. Real Estate Economics, 48 (4), 1030-1073. doi:10.1111/1540-6229.12219.
ESTRADA, J. (2020). Factor tilts and asset allocation. Journal of Investment Consulting, 20 (1), 30-39.
JOU, A., MAS, N., VERGARA, C. (2020). Housing wealth, health and deaths of despair. JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS. doi: (Online first)
BERMEJO, V. J., CAMPA, J. M., CAMPOS, R., ZAKRIYA, M. (2020). Do foreign stocks substitute for international diversification? European Financial Management, 26 (5), 1191-1223. doi:10.1111/eufm.12275.
CUÑAT, V., GINÉ, M., GUADALUPE, M. (2020). Price and probability. Decomposing the takeover effects of anti‐takeover provisions. Journal of Finance, 75 (5), 2591-2629. doi:10.1111/jofi.12908.
ESTRADA, J. (2020). Retirement planning. From Z to A. Journal of Retirement, 8 (2), 8-22. doi:

Working Papers

HUANG, T., KUMAR, A., SACCHETTO, S., VERGARA, C. (2021). Stock comovement and financial flexibility.
ISSLER, P., STANTON, R., VERGARA, C., WALLACE, N. (2020). Mortgage markets with climate-change risk. Evidence from wildfires in California.
FERNÁNDEZ, P. (2020). A Wrong valuation using WACC and the right solution (WP-1249-E).
FERNÁNDEZ, P., DE APELLÁNIZ, E. (2020). Once índices bursátiles 2007- 15 abril 2020 y desempleo en 30 países 2000-2020 (Eleven stock market indices 2007- April 15, 2020 and unemployment in 30 countries 2000-2020) (WP-1241).
FERNÁNDEZ, P., DE APELLÁNIZ, E. (2020). Bolsas en España y USA en 1940-2020. ITBM y S&P (Stock markets in Spain and USA in 1940-2020. ITBM and S&P) (WP-1242).

ESTRADA, J. (2021). Managing to target (II). Dynamic adjustments for retirement strategies. Financial Management Association, 2021 Virtual European Conference.
ESTRADA, J. (2021). A Simple and effective framework to manage your portfolio. CFA Institute, Doha-Qatar Chapter.
ISSLER, P., STANTON, R., VERGARA, C., WALLACE, N. (2021). Mortgage markets with climate-change risk. Evidence from wildfires in California. American Finance Association 2021 Annual Meeting.
ESTRADA, J. (2020). Turbulent markets and sequence risk. Morningstar Spain Annual Conference. Morningstar.
ESTRADA, J. (2020). Factor tilts and asset allocation. 2020 FMA Virtual Conference.

Articles in other publications

FERNANDES, N. (2021). How to capitalize on the coming M&A wave. Harvard Business Review Digital Articles.
ZUNINO, D., GRODAL, S., SUÁREZ, F. F. (2020). Cómo lanzar nuevos productos para llegar al mercado de masas. IESE Business School Insight (157), pp. 68-75.
ZUNINO, D., GRODAL, S., SUÁREZ, F. F. (2020). New product launch strategy. Mix novelty and familiarity to move from niche to mainstream. IESE Business School Insight (157), pp. 68-75.
VERGARA, C. (2020). Calculating the cost of climate change. IESE Business School Insight (156), pp. 56-63.
VERGARA, C. (2020). El coste del cambio climático. IESE Business School Insight (156), pp. 56-63.


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.
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.
SUÁREZ, J. L. (2004). El mercado de vivienda vacacional: situación actual y perspectivas.

Book Chapters

FERNÁNDEZ, P. (2019). Prólogo. En Oriol Amat (Ed.), Valoración y compraventa de empresas: con casos prácticos resueltos (pp. 1 - 10). Barcelona: Profit Editorial.
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.
ESTRADA, J. (2017). Prólogo. En John C. Bogle (Ed.), Cómo invertir en fondos de inversión con sentido común: Nuevos imperativos para el inversor inteligente (pp. 16 - 19). Barcelona: Deusto.
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.


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.
SUÁREZ, J. L., BESTINVER (2018). Observatorio del ahorro y la inversión en España. 2018.
GROH, A., LIECHTENSTEIN, H., LIESER, K., BIESINGER, M. (2018). Venture Capital and Private Equity Country Attractiveness Index. 2018 Annual.


ANTÓN, M. (2021). The Personal Finances of Rogelio Arnau. IESE, F-972-E.
FERNANDES, N. (2021). The International Airline Group Rights Issue. IESE, F-965-E.
ANTÓN, M., GINÉ, M., DE LA PEÑA JUAN, LLORENS ALBERT (2021). bnc10: An Alternative to Traditional Banking. IESE, F-969-E.
ANTÓN, M., GINÉ, M., DE LA PEÑA JUAN (2021). Investing in Bitcoin. IESE, F-968-E.
SUÁREZ J. L., J. L. (2021). Determinación de la tarifa del sector eléctrico. IESE, F-961.

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). Negociando con los bancos. IESE, FN-639.
SANTOMÁ, J., VÁZQUEZ- DODERO, J. C., MAZA MUR, J. (2018). Negotiating with Banks. IESE, FN-639-E.