Associate Professor of Accounting and Control

Grupo Santander Chair of Financial Institutions and Corporate Governance

• Ph.D. in Business, Stanford University
• Ph.D. in Construction Engineering, Universitat Politècnica de Catalunya
• Degree in Civil Engineering, Universitat Politècnica de Catalunya

Professor Gaizka Ormazabal received a PhD in Business from Stanford University, a PhD in Construction Engineering from Universitat Politecnica de Catalunya, and a Bachelor’s Degree in Civil Engineering (Ingeniería de Caminos, Canals y Puertos) from Universitat Politécnica de Catalunya.

Professor Ormazabal’s research focuses on executive compensation and corporate governance. His work examines the choice and valuation implications of corporate governance mechanisms. His current research projects analyze managerial risk-taking incentives, corporate risk oversight, financial regulation, asset securitization, and the role of corporate governance intermediaries.

His research appears in leading academic journals including Journal of Accounting and Economics, Journal of Financial EconomicsJournal of Law and Economics, The Accounting Review, Journal of Finance, and Journal of Accounting Research. His research has been featured in the popular media, including such outlets as the Wall Street Journal, the New York Times, and The Economist, and has been cited in final rulings by the U.S. Securities and Exchange Commission.  He is a Research Affiliate in the Financial Economics program of the Center for Economic Policy Research (CEPR) and research member in the European Corporate Governance Institute (ECGI). He holds the Grupo Santander Chair of Financial Institutions and Corporate Governance and serves as academic director at the IESE Center for Corporate Governance.


Areas of interest

* Executive compensation
* Corporate Governance
* Risk Management
* Financial regulation and enforcement
* Securitization
* Governance intermediaries
* Applied econometrics


Journal Articles (refereed)

BADIA, M., DURO, M., JORGENSEN, B. N., ORMAZÁBAL, G. (2020). The Informational Effects of Tightening Oil and Gas Disclosure Rules. Contemporary Accounting Research, 37 (3), 1720-1755. doi:10.1111/1911-3846.12572.
BADIA, M., DURO, M., JORGENSEN, B. N., ORMAZÁBAL, G. (2020). Disclosure regulation and competitive interactions. Evidence form the oil and gas industry. Accounting Review. doi: (Forthcoming)
JAGOLINZER, A. D., LARCKER D. F., ORMAZÁBAL, G., TAYLOR, D. (2020). Political connections and the informativeness of insider trades. Journal of Finance, 75 (4), 1833-1876. doi:
BONETTI, P., DURO, M., ORMAZÁBAL, G. (2020). Disclosure Regulation and Corporate Acquisitions. Journal of Accounting Research, 58 (1), 55 - 103. doi:
FERRES, D., ORMAZÁBAL, G., POVEL, P., SERTSIOS, G. (2020). Capital Structure under Collusion. Journal of Financial Intermediation. doi: (Online first)
BADIA, M., BARTH, M. E., DURO, M., ORMAZÁBAL, G. (2020). Firm Risk and Disclosures about Dispersion of Asset Values: Evidence from Oil and Gas Reserves. Accounting Review, 95 (1), 1 - 29. doi:10.2308/accr-52445.
DURO, M., HEESE, J., ORMAZÁBAL, G. (2019). The Effect of Enforcement Transparency: Evidence from SEC Comment-Letter Reviews. Review of Accounting Studies, 24 (3), 780 - 823. doi:10.1007/s11142-019-09503-1.
ORMAZÁBAL, G. (2018). Are Directors More Likely to Relinquish Their Riskiest Directorships after the Financial Crisis? Journal of Corporate Finance, 53, 1 - 20. doi:10.1016/j.jcorpfin.2018.09.001.
ORMAZÁBAL, G. (2018). The Role of Stakeholders in Corporate Governance: A View from Accounting Research. Foundations and Trends in Accounting, 11 (4), 193 - 290. doi:10.1561/1400000053.
CAMPELLO, M., FERRES, D., ORMAZÁBAL, G. (2017). Whistle-Blowers on the Board? The Role of Independent Directors in Cartel Prosecutions. Journal of Law & Economics, 60 (2), 241 - 268. doi:10.1086/694826.

Working Papers

BONETTI, P., DURO, M., ORMAZÁBAL, G. (2018). Disclosure Regulation and Corporate Acquisitions (WP-1215-E).
JAGOLINZER, A. D., LARCKER, D. F., ORMAZÁBAL, G., TAYLOR, D., ROCK CENTER FOR CORPORATE GOVERNANCE AT STANFORD UNIVERSITY (2016). Political Connections and the Informativeness of Insider Trades (WP-1160-E).
LARCKER, D. F., MCCALL, A. L., ORMAZÁBAL, G. (2014). Outsourcing Shareholder Voting to Proxy Advisory Firms (WP-1096-E).
LARCKER D. F.,, MCCALL, A. L., ORMAZÁBAL, G., TAYAN, B. (2012). Ten Myths of "Say on Pay" (WP-1001-E).

Articles in other publications

ORMAZÁBAL, G. (2016). Lo que todo consejero debería saber. Supervisión de riesgos. IESE Insight (28), pp. 23 - 28.
ORMAZÁBAL, G. (2016). Risk Oversight: What Every Director Should Know. Are Risky Boards Getting Riskier? IESE Insight (28), pp. 23 - 28.
ORMAZÁBAL, G., MCCALL, A. L. (2014). Are Voting Guidelines Ruling Your Business?. Proxy Advisors. IESE Insight (21), pp. 31 - 35.
ORMAZÁBAL, G., MCCALL, A. L. (2014). ¿Las asesorías de voto gobiernan su negocio?. El poder de decisión en las juntas de accionistas. IESE Insight (21), pp. 37 - 41.
ORMAZÁBAL, G. (2012). ¿Son realmente culpables?. Agencias de calificación crediticia. Revista de Antiguos Alumnos (127), pp. 26 - 29.

Book Chapters

DURO, M., ORMAZÁBAL, G. (2018). Does Regulating Banks' Corporate Governance Help? A Review of the Empirical Evidence. In Belén Díaz Díaz, Samuel O. Idowu, Philip Molyneux (Eds.), Corporate Governance in Banking and Investor Protection: From Theory to Practice (pp. 3 - 20). Cham: Springer International Publishing.


ORMAZÁBAL, G., KADACH, I., KANJHAN, B. (2019). Al Jakani Computers. IESE, C-794-E.
ORMAZÁBAL, G., KADACH, I. (2019). Say on Pay at Citigroup. IESE, C-795-E.
SOLER, E., ESTEVES, J., ORMAZÁBAL, G. (2015). Salers Dairy Products. IESE, C-781-E.
ORMAZÁBAL, G., SOLER, E. (2014). The British Parbaked Bread Ltd.. IESE, C-782.
ORMAZÁBAL, G., SOLER, E. (2014). The British Parbaked Bread Ltd.. IESE, C-782-E.

Technical Notes

ORMAZÁBAL, G., SOLER, E. (2015). Variance Analysis. IESE, CN-226-E.
ORMAZÁBAL, G., SOLER, E. (2015). Monetary Incentives. IESE, CN-229-E.
ORMAZÁBAL, G., SOLER, E. (2015). Performance Measurement. IESE, CN-228-E.
ORMAZÁBAL, G., SOLER, E. (2014). Transfer Pricing. IESE, CN-227-E.
ORMAZÁBAL, G., SOLER, E. (2014). Introducción a la contabilidad de gestión. IESE, CN-223.