Professor of Financial Management

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

Nuno Fernandes is Full Professor of Finance at IESE Business School. He is also the Chairman of the Board of Auditors of the Portuguese Central Bank (Banco de Portugal), Non-Executive (Member of Audit Committee) at the European Investment Bank, and a Research Associate of the European Corporate Governance Institute.

Prior to joining IESE, he was the Dean of Católica-Lisbon. In addition, he was, for a decade, Professor of Finance at IMD (Lausanne, Switzerland). At IMD, Professor Fernandes directed the Strategic Finance program, among other customized programs for leading international companies. He was also a member of the Advisory Committee for the World Economic Forum and a Visiting Scholar at Columbia Business School (New York).

Professor Fernandes has a PhD in Management (Finance) from IESE Business School, and a degree in Economics from Universidade Católica Portuguesa.

A specialist in valuation, international financial markets, and emerging market risks, Professor Fernandes has received numerous teaching and research awards. He has been published in 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, the Journal of Portfolio Management and the Harvard Business Review. He speaks at business conferences worldwide, and is a regular contributor to international media, including the Financial Times, Forbes, and the Wall Street Journal. He is the author of several books, including Finance for Executives: A Practical Guide for Managers (second edition), and his newest book, The Value Killers: How Mergers and Acquisitions Cost Companies Billions—And How to Prevent It.

His work has been honored with several awards and an FDIC grant (American regulator for financial institutions). In 2008, he was awarded the Lamfalussy Fellowship, an award given by the European Central Bank to the best researchers in finance worldwide. In 2015, he won the “Best Paper of the Year Award” in the Journal of Financial Intermediation. In 2022, he won the “Outstanding Teacher” award, in The Case Centre’s Worldwide Competition, also known as “business education’s Oscars.”

Professor Fernandes regularly advises companies and financial institutions in Asia, Europe, Latin America, and the Middle East on formulating winning financial strategies, M&As, international valuations, and risk management.

Areas of interest

* International Finance
* Mergers and Acquisitions
* Corporate Governance
* Banking
* Financial Strategies
* Corporate Finance


Journal Articles (refereed)

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.
FERNANDES, N. (2008). EC: Board Compensation and Firm Performance: The Role of "Independent" Board Members. Journal of Multinational Financial Management, 18 (1), 30 - 44. doi:10.1016/j.mulfin.2007.02.003.

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.


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.


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.