Fernando
Peñalva

Professor of Accounting and Control

  Doctor of Philosophy in Business Administration (Accounting), University of California-Berkeley
  Master of Science in Business Administration, University of California-Berkeley
  Degree in Industrial Engineering, Universitat Politècnica de Catalunya

Dr. Fernando Peñalva is a Professor of the Accounting and Control Department since 1998. His areas of specialization include financial accounting and corporate governance. His teaching concentration is financial accounting.
His research focuses on the impact of accounting conservatism, fair value, earnings management, corporate governance, corporate disclosure, and international accounting (IFRS and US GAAP). Professor Penalva has published in the top journals of his field: Journal of Accounting and Economics, Review of Accounting Studies, European Accounting Review, Journal of Business, Finance and Accounting, among others. Member of the Editorial Board of the European Accounting Review.
He was a member of the experts’ committee to improve the Spanish Governance Code of publicly traded companies appointed by the Government of Spain in May of 2013 on behalf of the Ministry of Economics. This committee produced the current governance code issued in 2015 by the Spanish regulator of the stock exchange (CNMV).
He was Secretary General of IESE’s Executive Committee for ten years until August 2016, and Vice Dean for Research and Development for three years. In total he has served thirteen years as a member of IESE’s Executive Committee. He was the Head of the Department of Accounting and Control for six years.

Areas of interest

* Accounting Attributes: Conservatism, Fair value, etc.
* Earnings management and accounting discretion
* Corporate Governance
* Corporate Disclosure
* International accounting (IFRS and US GAAP)

Publications

Journal Articles (refereed)

GARCÍA LARA, J., GARCÍA OSMA, B., PEÑALVA, F. (2020). Conditional conservatism and the limits to earnings management. Journal of Accounting and Public Policy, 39 (4). doi:https://doi.org/10.1016/j.jaccpubpol.2020.106738.
PEÑALVA, F., WAGENHOFER, A. (2019). Conservatism in Debt Contracting: Theory and Empirical Evidence. Accounting and Business Research, 49 (6), 619 - 647. doi:10.1080/00014788.2019.1609899.
BADIA, M., DURO, M., PEÑALVA, F., RYAN, S. (2017). Conditionally Conservative Fair Value Measurements. Journal of Accounting and Economics, 63 (1), 75 - 98. doi:10.1016/j.jacceco.2016.10.006.
GARCÍA LARA, J., GARCÍA OSMA, B., PEÑALVA, F. (2016). Accounting Conservatism and Firm Investment Efficiency. Journal of Accounting and Economics, 61 (1), 221 - 238. doi:10.1016/j.jacceco.2015.07.003.
GARCÍA LARA, J., GARCÍA OSMA, B., PEÑALVA, F. (2014). Information Consequences of Accounting Conservatism. European Accounting Review, 23 (2), 173 - 198. doi:10.1080/09638180.2014.882263.
GARCÍA LARA, J., GARCÍA OSMA, B., PEÑALVA, F. (2011). Conditional Conservatism and Cost of Capital. Review of Accounting Studies, 16 (2), 247 - 271. doi:10.1007/s11142-010-9133-4.
GARCÍA, J., GARCÍA, B., PEÑALVA, F. (2009). The Economic Determinants of Conditional Conservatism. Journal of Business Finance and Accounting, 36 (3-4), 336 - 372. doi:10.1111/j.1468-5957.2008.02122.x.
GARCÍA, J., GARCÍA, B., PEÑALVA, F. (2009). Accounting Conservatism and Corporate Governance. Review of Accounting Studies, 14 (1), 161 - 201. doi:10.1007/s11142-007-9060-1.
GARCÍA LARA, J., GARCÍA, B., PEÑALVA, F. (2007). 'Board of Directors' Characteristics and Conditional Accounting Conservatism. Spanish Evidence. European Accounting Review, 16 (4), 727 - 755. doi:10.1080/09638180701706922.
DÁVILA, A., PEÑALVA, F. (2006). Governance Structure and the Weighting of Performance Measures in CEO Compensation. Review of Accounting Studies, 11 (4), 463 - 493. doi:10.1007/s11142-006-9018-8.

Working Papers

DÁVILA, A., PEÑALVA, F. (2005). Governance structure and the weighting of performance measures in CEO compensation (DI-601-E).
DÁVILA, A., PEÑALVA, F. (2004). Corporate governance and the weighting of performance measures in CEO compensation (DI-556-E).
HILLEGEIST, S. A., PEÑALVA, F. (2004). Stock option incentives and firm performance (DI-535-E).

Articles in other publications

PEÑALVA, F. (2007). NIIF versus US GAAP: Resumen de las principales diferencias. Revista de Contabilidad y Dirección (4), pp. 55 - 70.
PEÑALVA, F. (2006). Principales diferencias entre las NIIF y las US GAAP. Harvard Deusto Finanzas & Contabilidad (70), pp. 46 - 55.
DÁVILA, A., PEÑALVA, F. (2004). The Small Print of Corporate Governance. Corporate Governance, Accounting and CEO Compensation. Alumni Magazine (95), pp. 12 - 15.
DÁVILA, A., PEÑALVA, F. (2004). La letra pequeña del gobierno corporativo. Gobierno corporativo, contabilidad y remuneración del consejero delegado. Revista de Antiguos Alumnos (95), pp. 12 - 14.

Book Chapters

GINER, B., PEÑALVA, F. (2014). Conservatism and Accounting Earnings. In Colin Clubb and Shahed Imam (Editors) (Ed.), Wiley Encyclopedia of Management; Vol. 1 Accounting (pp. 1 - 8). Chichester: John Wiley & Sons.
PEÑALVA, F. (2004). Gastos financieros. En Oriol Amat, Jordi Perramon (Eds.), Normas internacionales de contabilidad NIC/NIIF (pp. 393 - 400). Barcelona: Gestión 2000.

Cases

PEÑALVA, F., GRANDES, M. J. (2019). MdL (Mattoncini di Legno), Spa. IESE, C-791-E.
PEÑALVA, F., GRANDES, M. J. (2019). MdL (Mattoncini di Legno), Spa. IESE, C-791.
SOLER, E., PEÑALVA, F. (2017). The E-Line Cityboard. IESE, C-784-E.
SOLER, E., PEÑALVA, F. (2013). Bruxelles Services Linguistiques (BSL). IESE, C-772-E.
SOLER, E., PEÑALVA, F. (2013). Bruxelles Services Linguistiques (BSL). IESE, C-772.

Technical Notes

PEÑALVA, F., BADIA, M. (2016). Accounting for Inventories. IESE, CN-234-E.
PEÑALVA, F., BADIA, M. (2016). Noncurrent Assets. IESE, CN-236-E.
PEÑALVA, F., BADIA, M. (2016). Long-Term Debt and Bonds. IESE, CN-238-E.
PEÑALVA, F., BADIA, M. (2016). Consolidación. IESE, CN-240.
PEÑALVA, F., BADIA, M. (2016). Tax Accounting. IESE, CN-241-E.