Financial Management Department

Head: Mireia Giné

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

Conferences

  • 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

Head

Mireia Giné

Mireia Giné

Professor

Financial Management

Full Time

Javier Aguirreamalloa Arizaga

Javier Aguirreamalloa Arizaga

Associate Professor of the Practice of Management

Financial Management
Miguel Antón

Miguel Antón

Professor

Financial Management
Javier Estrada

Javier Estrada

Professor

Financial Management
Christian Eufinger

Christian Eufinger

Associate Professor

Financial Management
Pablo Fernández

Pablo Fernández

Professor

Financial Management
Heinrich Liechtenstein

Heinrich Liechtenstein

Professor

Financial Management
Eduardo Martínez Abascal

Eduardo Martínez Abascal

Professor

Financial Management
Ahmad Rahnema Alavi

Ahmad Rahnema Alavi

Professor

Financial Management
Valentina Raponi

Valentina Raponi

Assistant Professor

Financial Management
Claudio Rizzi

Claudio Rizzi

Assistant Professor

Financial Management
Stefano Sacchetto

Stefano Sacchetto

Associate Professor

Financial Management
Javier Santomá

Javier Santomá

Professor

Financial Management
José Luis Suárez

José Luis Suárez

Professor

Financial Management
David Teeters

David Teeters

Senior Lecturer

Financial Management
Tammaro Terracciano

Tammaro Terracciano

Assistant Professor

Financial Management
Carles Vergara

Carles Vergara

Professor

Financial Management
Xavier Vives

Xavier Vives

Professor

Economics and
Financial Management

External Collaborators

Pedro Belisário

Pedro Belisário

Lecturer

Financial Management
José Manuel Campa

José Manuel Campa

Professor

Financial Management and Economics
Jose Paulo Carelli

Jose Paulo Carelli

Lecturer

Financial Management and Strategic Management
Enrique Chinchilla

Enrique Chinchilla

Lecturer

Law Teaching Unit
Ignasi Costas

Ignasi Costas

Lecturer

Law Teaching Unit
Rafael Faus

Rafael Faus

Lecturer

Financial Management
Nuno Fernandes

Nuno Fernandes

Professor

Financial Management
Uli Grabenwarter

Uli Grabenwarter

Lecturer

Financial Management
Carlos Halpern

Carlos Halpern

Lecturer

Financial Management
Enrique Morera

Enrique Morera

Senior Lecturer

Law Teaching Unit
David Moreta

David Moreta

Lecturer

Financial Management
Prudencio Pedrosa

Prudencio Pedrosa

Lecturer

Financial Management
Carlos Sancho

Carlos Sancho

Senior Lecturer

Law Teaching Unit
Josep Maria Serra

Josep Maria Serra

Senior Lecturer

Financial Management
Oscar Simões

Oscar Simões

Lecturer

Financial Management
Jorge Soley

Jorge Soley

Senior Lecturer

Financial Management
Jesús Tejero

Jesús Tejero

Lecturer

Financial Management

Former Collaborators

Juan Palacios

Juan Palacios

Former Collaborator

Financial Management

Publications

Journal Articles (refereed)

NGUYEN, V. N., VERGARA, C. (2023). Political uncertainty and housing markets. JOURNAL OF HOUSING ECONOMICS, 61, Article 101952. doi:10.1016/j.jhe.2023.101952. ESTRADA, J. (2023). Multifactor funds. An early (bearish) assessment. Journal of Asset Management, 24 (4), 299-311. doi:10.1057/s41260-023-00314-3. ESTRADA, J. (2023). Retirement planning: is one number enough? Journal of Financial Planning, 36 (7), 64-81. EUFINGER, C., ACHARYA, V. V., CROSIGNANI, M., EISERT, T. (2023). Zombie credit and (dis-)inflation. Evidence from Europe. Journal of Finance. (Forthcoming) ANTÓN, M., EDERER, F., GINÉ, M., SCHMALZ, M. (2023). Common ownership, competition, and top management incentives. Journal of Political Economy, 131 (5), 1294 – 1355. doi:10.1086/722414. 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:https://doi.org/10.1007/s11146-020-09801-5. JONSDOTTIR, G. E., MITCHELL, J., SIGURJONSSON, T. O., 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. FERNANDES, N., FICH, E. M. (2023). Are outside directors with greater board tenure valuable? Evidence from the last credit crisis. Journal of Accounting and Public Policy, 42 (1), Article 107037. doi:10.1016/j.jaccpubpol.2022.107037. 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)

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. ALEKSEEVA, L., ANTÓN, M. (2020). Local human capital and innovation spillovers. 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).

Proceedings

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.

Articles in other publications

VERGARA, C., MAS, N., JOU, A. (2023). Housing wealth and deaths of despair. IESE Business School Insight (165), pp. 54-61. VERGARA, C., MAS, N., JOU, A. (2023). Riqueza inmobiliaria y muertes por desesperación. IESE Business School Insight (165), pp. 54-61. 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).

Books

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.

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. 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.

Cases

EUFINGER, C. (2023). Banking with N26. IESE, F-998-E. EUFINGER, C. (2023). Risk management at Silicon Valley Bank. IESE, F-997-E. ANTÓN, M., GINÉ, M., EUFINGER, C., SACCHETTO, S. (2023). HIFU TAOC: Investing in Tech Projects. Introduction to Project Valuation. IESE, F-996-E. AGUIRREAMALLOA, J. (2023). Soter. La apertura de un nuevo hospital en Madrid. IESE, F-990. VERGARA, C., MATEU, A. (2022). Shell: Green Finance and Sustainability Challenges. Activist Investor Demand to Split the Company. IESE, F-991-E.

Technical Notes

SUÁREZ, J. L., JIMÉNEZ, M. (2023). Ecosystem Services: Definition, Classifications and Valuations. IESE, FN-652-E. 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. VERGARA, C., SACCHETTO, S., MATEU, A. (2022). Evaluación de proyecto. IESE, FN-650. ANTÓN, M., GINÉ, M., DE LA PEÑA, J. V., VILLAMOR, M. (2021). Financial Regulations. IESE, FN-649-E.