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

Former Collaborators


Journal Articles (refereed)

JOU, A., MAS, N., VERGARA, C. (2023). Housing wealth, health and deaths of despair. JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS, 66 (3), 569-602. doi:
ERLA JONSDOTTIR, G., MITCHELL, J., OLAF SIGURJONSSON, T., RAHNEMA ALAVI, A. (2023). Responsible ownership fostering green tech innovation. Sustainable Energy Technologies and Assessments, 55, Article 102923. doi:10.1016/j.seta.2022.102923.
ESTRADA, J. (2023). PVGO and expected stock returns. Journal of Applied Corporate Finance. doi:10.1111/jacf.12534. (Online first)
GÓMEZ‐BISCARRI, J., LÓPEZ ESPINOSA, G., MESA‐TORO, A. (2022). Drivers of depositor discipline in credit unions. Annals of Public & Cooperative Economics, 93 (4), 849-885. doi:10.1111/apce.12352.
HUANG, T., KUMAR, A., SACCHETTO, S., VERGARA, C. (2022). Stock comovement and financial flexibility. Journal of Financial and Quantitative Analysis. doi:10.1017/S0022109022001338. (Online first)
ESTRADA, J. (2022). The Gain-pain index. Asset allocation for individual (and other?) investors. Journal of Wealth Management, 25 (2), 34-48. doi:10.3905/jwm.2022.1.173.
ANTÓN, M., AZAR, J., GINÉ, M., LIN, L. X. (2022). Beyond the target: M&A decisions and rival ownership. Journal of Financial Economics, 144 (1), 44-66. doi:10.1016/j.jfineco.2022.01.002.
ESTRADA, J. (2022). No Hedge funds, no cry. Journal of Personal Finance, 21 (1), 51-61.
MONDRIA, J., VIVES, X., YANG, L. (2022). Costly interpretation of asset prices. Management Science, 68 (1), 52-74. doi:10.1287/mnsc.2020.3871.
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.

Working Papers

ISSLER, P., STANTON, R., VERGARA, C., WALLACE, N. (2020). Mortgage markets with climate-change risk. Evidence from wildfires in California. Journal of Finance.
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).
FERNANDES, N. (2020). Economic Effects of Coronavirus Outbreak (COVID-19) on the World Economy (WP-1240-E).

ESTRADA, J. (2022). Target-date funds. Some thoughts on their underlying strategy. CFA Institute – West Michigan.
ESTRADA, J. (2022). The Gain-pain index. Asset allocation for individual (and other?) investors. 2022 FMA Annual Meeting. Financial Management Association.
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.

Articles in other publications

LAURA VELDKAMP, (2023). 6 enfoques para valorar tus datos. IESE Business School Insight (163).
LAURA VELDKAMP, (2023). 6 approaches to valuing data. IESE Business School Insight (163).
IESE INSIGHT, (2021). The Big Picture: The New drivers of value. IESE Business School Insight (159).
IESE INSIGHT, (2021). El nuevo motor de la valoración de empresas. IESE Business School Insight (159).
FERNANDES, N. (2021). How to capitalize on the coming M&A wave. Harvard Business Review Digital Articles.


FERNANDES, N. (2023). Climate Finance. NPV Publishing.
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.

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.


VERGARA, C., MATEU, A. (2022). Shell: Green Finance and Sustainability Challenges. Activist Investor Demand to Split the Company. IESE, F-991-E.
ESTRADA J., J. (2022). Dividend Policy - Four Decisions. IESE, F-989-E.
KOLAROVA, L., LIECHTENSTEIN H., H., GRABENWARTER U. (2022). Accent Equity Partners and the San Sac Deal. IESE, F-983-E.
JANSAT MAYENCH, O., CARBONELL LÓPEZ; ÓSCAR, RAHNEMA ALAVI, A. (2022). Jose Cuervo. Salida a bolsa. IESE, F-975.

Technical Notes

FRODSHAM, D., LIECHTENSTEIN, H. (2023). Winning the VCIC. How to win the VCIC 3 times. IESE, FN-651-E.
VERGARA, C., SACCHETTO, S., MATEU, A. (2022). Project Evaluation. IESE, FN-650-E.
ANTÓN, M., GINÉ, M., DE LA PEÑA, J. V., VILLAMOR, M. (2021). Financial Regulations. IESE, FN-649-E.
ANTÓN, M., GINÉ, M. (2021). The Payments System. IESE, FN-648-E.
ANTÓN, M., GINÉ, M., MA, D. (2021). Central Bank Digital Currencies. IESE, FN-645-E.