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 holder of IESE’s Corporate Finance Chair. 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 It has more than 1,000 comments of readers of previous editions. He uses the book with MBAs and Executives. Professor Fernandez is the most downloaded author (among more than 300,000 authors) in since 2016.

Areas of interest

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


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.
FERNÁNDEZ, P. (2012). Internet Valuations: The Case of Terra-Lycos. European Research Studies Journal, 15 (2), 3 - 22.
FERNÁNDEZ, P. (2011). How to Value a Seasonal Company's Discounting Cash Flows. European Research Studies Journal, 14 (2), 27 - 52.
FERNÁNDEZ, P., AGUIRREAMALLOA ARIZAGA, J., CORRES, L. (2011). Market Risk Premium Used in 56 Countries in 2011: A Survey with 6,014 Answers. Journal of Business Valuation, 2, 55 - 72.
FERNÁNDEZ, P. (2011). WACC: Definition, Misconceptions and Errors. Business Valuation Review, 29 (4), 138 - 144. doi:10.5791/0897-1781-29.4.138.
FERNÁNDEZ, P. (2009). Prima de riesgo del mercado: Histórica, esperada, exigida e implícita. Universia Business Review (21), 56 - 65.
FERNÁNDEZ, P. (2007). A More Realistic Valuation: Adjusted Present Value and WACC with Constant Book Leverage Ratio. Journal of Applied Finance, 17 (2), 13 - 20.
FERNÁNDEZ, P. (2007). Valuing Companies by Cash Flow Discounting. Ten Methods and Nine Theories. Managerial Finance, 33 (11), 853 - 876. doi:10.1108/03074350710823827.

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).
FERNÁNDEZ, P., DE APELLÁNIZ, E. (2020). Bolsa en España. ITBM: 1940-2020 (27 marzo), (Spanish Stock Exchange. ITBM. 1940-27 March 2020) (WP-1243).
FERNÁNDEZ, P., DE APELLÁNIZ, E., FERNÁNDEZ ACÍN, J. (2020). Rentabilidad de los fondos de inversión en España, 2004-2019 (Return of mutual funds in Spain, 2004-2019) (WP-1245).

Articles in other publications

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.
FERNÁNDEZ, P. (2018). Contabilidad: qué dice y qué NO dice (qué es y qué no es). Algunas sugerencias para mejorar la información de las empresas. Técnica Contable y Financiera (4), pp. 34 - 46.
FERNÁNDEZ, P., PERSHIN, V., FERNÁNDEZ ACÍN, I. (2017). Tasa de Descuento [Prima de Riesgo de Mercado y Tasa Libre de Riesgo: encuesta 2017]. Revista Española de Capital Riesgo (3), pp. 47 - 62.


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.
FERNÁNDEZ, P. (2005). Guía rápida de valoración de empresas. Barcelona: Gestión 2000.
FERNÁNDEZ, P., NOUSSAN, G. L. (2005). Finanzas para directivos de empresa. Buenos Aires: Temas Grupo Editorial (Argentina).

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.
GRABOWSKI, R., ET AL. (2015). Strengths and Weaknesses of Commonly Used Models. In Roger Grabowski, James Harrington, Carla Nunes (Eds.), 2015 International Valuation Handbook: Guide to the Cost of Capital (pp. 1 - 13). Chichester: John Wiley & Sons.
FERNÁNDEZ, P. (2011). Standard valuation methods for M&As. In H. Kent Baker and Halil Kiymaz (Ed.), The Art of Capital Restructuring. Creating Shareholder Salue through Mergers and Acquisitions (pp. 127 - 149). Chichester: John Wiley & Sons.


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.
FERNÁNDEZ, P. (2003). Valoraciones de una empresa de tecnología de telecomunicaciones en un proceso de arbitraje. IESE, F-750.
FERNÁNDEZ, P. (2003). Creación de valor por reestructuración: Sealed Air Co.. IESE, F-747.

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.
BADENES, C., SANTOS, J. M., FERNÁNDEZ, P. (1999). Introducción a la valoración de empresas por el método de los múltiplos de compañías comparables. IESE, FN-462.
MARTÍNEZ ABASCAL, E., FERNÁNDEZ, P. (1998). Fundamental analysis: Stock valuation. IESE, FN-449-E.