Nuno
Fernandes

Professor of Financial Management

• PhD in Management (Finance), IESE Business School
• Degree in Economics, Universidade Católica Portuguesa

Nuno Fernandes is a full professor of finance at IESE Business School. He is also Non-Executive Director (Member of Audit Committee) at the European Investment Bank, the Managing Partner at Odgers Berndtson Board Solutions, where he focuses on helping boards establish and maintain strong corporate governance, and Research Associate of the European Corporate Governance Institute. His particular areas of interest are corporate finance, climate finance, mergers and acquisitions, corporate governance, banking, and financial strategies. From 2018 to 2023 he was the Chairman of the Board of Auditors at the Portuguese Central Bank (Banco de Portugal).

Before joining IESE, he was the Dean of Católica Lisbon. In addition, for a decade he was Professor of Finance at IMD (Lausanne, Switzerland). At IMD, Fernandes directed the Strategic Finance program, as well as other specific programs for major international companies. He was also a member of the advisory committee of the World Economic Forum, as well as a visiting professor at Columbia Business School (New York).

Professor Fernandes holds a doctorate in Business Administration (Finance) from IESE Business School and a degree in Economics from the Universidade Católica Portuguesa.

He has received numerous teaching and research distinctions as an expert in valuation, international financial markets, and emerging market risks. He has published in some of the leading international academic journals, including the Journal of Financial Economics, Review of Financial Studies, Journal of International Business Studies, Journal of Financial Intermediation, Journal of Applied Corporate Finance, Journal of Portfolio Management, and Harvard Business Review. He is a speaker at business conferences around the world and a regular contributor to international media such as the Financial Times and Wall Street Journal. He is also the author of several books and book chapters, including Finance for Executives: A Practical Guide for Managers (Second Edition), The Value Killers: How Mergers and Acquisitions Cost Companies Billions—And How to Prevent It, and his latest book Climate Finance.

His work has been awarded various awards and with a grant from the FDIC (US federal agency in charge of regulating financial entities). In 2008 he received the Lamfalussy Fellowship, an award given by the European Central Bank to the world's best researchers in the field of finance. In 2015 he received the “Best Paper of the Year Award” in the Journal of Financial Intermediation. In 2022, he won the award as “Outstanding Teacher”, in The Case Center's global competition, also known as “the Oscars of business education”.

Throughout his career, Professor Nuno Fernandes has advised the boards and C-suites of companies and financial institutions in Asia, Europe, Latin America, and the Middle East on corporate governance, financial strategy, mergers & acquisitions, and sustainability.

Areas of interest.

• Mergers and Acquisitions
• Corporate Governance
• Climate Finance
• Banking
• Financial Strategies

Publications

Journal Articles (refereed)

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. FERNANDES, N., GONENC, H. (2016). Multinationals and cash holdings. Journal of Corporate Finance, 39, 139 - 154. doi:10.1016/j.jcorpfin.2016.06.003. FERNANDES, N., GIANNETTI, M. (2014). On the fortunes of stock exchanges and their reversals: Evidence from foreign listings waves. Journal of Financial Intermediation, 23 (2), 157 - 176. doi:10.1016/j.jfi.2013.04.005. FERNANDES, N. (2014). The Impact of Sovereign Wealth Funds on Corporate Value and Performance. Journal of Applied Corporate Finance, 26 (1), 76 - 85. FERNANDES, N., FERREIRA MA., MATOS, P., MURPHY K. J. (2013). Are U.S. CEOs paid more? New international evidence. The Review of Financial Studies, 26 (2), 323 - 367. doi:10.1093/rfs/hhs122. FERNANDES, N. (2011). Global convergence of financing policies: Evidence for emerging-market firms. Journal of International Business Studies, 42 (8), 1043 - 1059. doi:10.1057/jibs.2011.27. FERNANDES, N., LEL, U., MILLER, D. P. (2010). Escape from New York: The market impact of loosening disclosure requirements. Journal of Financial Economics, 95 (2), 129 - 147. doi:10.1016/j.jfineco.2008.12.010. FERNANDES, N., FERREIRA MA. (2009). Insider Trading Laws and Stock Price Informativeness. The Review of Financial Studies, 22 (5), 1845 - 1887. doi:10.1093/rfs/hhn066. FERNANDES, N. (2009). Market liberalizations at the firm level: Spillovers from ADRs and implications for local markets. Journal of International Money and Finance, 28 (2), 293 - 321. doi:10.1016/j.jimonfin.2007.12.001. FERNANDES, N., FERREIRA MA. (2008). Does International Cross-Listing Improve the Information Environment? Journal of Financial Economics, 88 (2), 216 - 244. doi:10.1016/j.jfineco.2007.06.002.

Working Papers

FERNANDES, N. (2020). Economic Effects of Coronavirus Outbreak (COVID-19) on the World Economy (WP-1240-E). CAMPA, J. M., FERNANDES, N. (2004). Sources of gains from international portfolio diversification (DI-559-E).

Articles in other publications

FERNANDES, N. (2021). How to capitalize on the coming M&A wave. Harvard Business Review Digital Articles. GUAL, J., FERNANDES, N. (2001). Perspectivas del sistema bancario europeo. El sistema bancario en el siglo XXI (89), pp. 6 - 14.

Books

FERNANDES, N. (2023). Climate Finance. NPV Publishing. FERNANDES, N. (2019). The Value Killers. How Mergers and Acquisitions Cost Companies Billions - And How to Prevent It. Basingstoke [England]: Palgrave Macmillan. FERNANDES, N. (2017). Finance for Executives: A Practical Guide for Managers. NPV Publishing.

Book Chapters

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. CONYON, M. J., FERNANDES, N., FERREIRA MA., MATOS, P., MURPHY K. J. (2013). The Executive Compensation Controversy. A Transatlantic Analysis. In Tito Boeri, Claudio Lucifora, Kevin J. Murphy (Eds.), Executive Remuneration and Employee Performance-Related Pay: A Transatlantic Perspective (pp. 11 - 116). Cape Town: Oxford University Press. FERNANDES, N. (2010). Sovereign Possibilities. In International Corporate Governance Network (Ed.), International Corporate Governance Network Yearbook 2010 (pp. 22 - 24). International Corporate Governance Network.

Cases

FERNANDES, N. (2021). Sony and the Activist Threat. IESE, F-970-E. FERNANDES, N. (2021). The International Airline Group Rights Issue. IESE, F-965-E.