Pablo
Fernández

Professor of Financial Management

Chair of Corporate Finance

• Ph.D. in Business Economics (Finance), Harvard University
• Master of Arts in Business Economics, Harvard University
• Master in Business Administration, IESE, University of Navarra
• Bachelor’s degree in Industrial Engineering, University of Navarra

Pablo Fernández’s career at IESE started in 1985. Today he is professor in the Department of Financial Management and Chair of Corporate Finance at IESE. He is also visiting professor at the Piura (Peru), INALDE (Colombia), IAE (Argentina), IEEM (Uruguay) and IPADE (Mexico) Business Schools. In addition, he carries out extensive consultancy work for numerous firms and banks.

Prof. Fernández was awarded his PhD and MA in business economics from Harvard University. He also holds an MBA from IESE and a degree in industrial engineering from the University of Navarra in San Sebastian.

Prof. Fernández is a widely published author with an impressive list of book chapters, working and research papers, case studies, technical notes and journal articles on his curriculum. Recent book chapters include “Valuation of Brands and Intellectual Capital” in Brand Valuation -Concepts and Applications (2005). Recent peer-reviewed articles include “The Value of Tax Shields is NOT Equal to the Present Value of Tax Shields” in the Journal of Financial Economics (2004). In June 2006 he published the article “A New Formula for Value Creation” in the Financial Times.

His free book Valuation and Common Sense may be downloaded in ssrn.com/abstract=2209089. It has more than 1,000 comments of readers of previous editions. He uses the book with MBA’s and Executives. Professor Fernandez is the most downloaded author (among more than 300,000 authors) in www.ssrn.com since 2016.

Areas of interest.

• Company valuations
• Value creation: Design, analysis and implementation
• Investment banking, mergers, acquisitions and negotiations
• Expert witness for arbitration procedures

Publications

Journal Articles (refereed)

FERNÁNDEZ, P., DE APELLÁNIZ, E. (2021). Total return and total return for all shareholders. Differences of sustainably developing companies in the S&P100. Sustainable Development and Engineering Economics, 2 (2), 7-20. doi:10.48554/SDEE.2021.2.1. FERNÁNDEZ, P. (2017). Market risk Premium used in 71 Countries in 2016: A survey with 6,932 answers. Journal of International Business Research and Marketing, 2 (6), 23 - 31. doi:10.18775/jibrm.1849-8558.2015.26. FERNÁNDEZ, P., AGUIRREAMALLOA ARIZAGA, J., FERNÁNDEZ ACÍN, I. (2015). Required Market Risk Premium among countries in 2012. The Journal of Finance and Data Science, 1 (1), 42 - 54. doi:10.1016/j.jfds.2015.07.003.

Working Papers

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).

Books

FERNÁNDEZ, P. (2017). Valuation and Common Sense. Madrid: Social Science Research Network. FERNÁNDEZ, P. (2016). Valoración de empresas y sensatez. Madrid: Social Science Research Network. FERNÁNDEZ, P. (2008). 201 errores en la valoración de empresas. diagnóstico para conocerlos y prevenirlos. Barcelona: Ediciones Deusto.

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. FERNÁNDEZ, P. (2017). Méthodes d'évaluation d'entreprises. In Jean-Michel Rocchi (Ed.), MBA Finance (pp. 313 - 420). Francia: Les Editions d'Organisation. FERNÁNDEZ, P. (2017). The Capital Asset Pricing Model. In Bruno S. Frey and David Iselin (Ed.), Economic Ideas You Should Forget (pp. 47 - 50). Cham: Springer International Publishing.

Non-refereed articles

FERNÁNDEZ, P. (2019). Comentarios de la comisión RESI a una decisión del Tribunal Supremo relativa a cláusulas suelo. Técnica Contable y Financiera (15), pp. 124 - 131. FERNÁNDEZ, P. (2018). Métodos de valoración de empresas. Técnica Contable y Financiera (6), pp. 62 - 94. FERNÁNDEZ, P. (2018). El Supremo considera el "swap" un producto complicado. Consejeros, 14 (136), pp. 57 - 60.

Cases

FERNANDEZ GARCIA-ANDRADE, P., OLIVER, X. (2015). Privalia: From Private Club to Fashion Brand. IESE, M-1330-E. FERNANDEZ GARCIA-ANDRADE, P., OLIVER, X. (2015). Privalia: de private club a marca de moda. IESE, M-1330. CAMPA, J. M., FERNÁNDEZ, P., OLEAGA M. (2006). Oleina Holding S.A.. IESE, F-791-E.

Technical Notes

FERNÁNDEZ, P. (2014). CAPM: A Critique. IESE, FN-622-E. FERNÁNDEZ, P. (2001). Valoración de marcas e intangibles. IESE, FN-479. FERNÁNDEZ, P. (2001). Valuing companies by cash flow discounting: Eight methods and six theories. IESE, FN-478-E.

Outputs in other media

FERNÁNDEZ, P. (2020). Ingresos del Estado español: origen, distribución y sostenibilidad. Capital, Madrid. FERNÁNDEZ, P. (2019). Cómo se crea valor para el accionista. Expansión, Madrid. FERNÁNDEZ, P. (2019). De 385 fondos de pensiones, solo seis superaron la rentabilidad del Ibex 35. Consejeros.