Center for International Finance (CIF)

Director: Miguel Duro

We are an interdisciplinary research center focused on the financial sector and its impact on the global economy. Since our founding in 1992, we have worked to contribute to best business practices in the field of finance and economics.

Objectives:

  • Promote academic initiatives and continuous contact with business leaders, regulators and entrepreneurs.
  • Generate innovative ideas and perspectives through publications, programs, industry meetings and conferences.
  • Drive positive impact in the financial management of firms and regulators, triggering a positive ripple effect on society as a whole.

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Research lines:

  • Market globalization
  • Market trends
  • Insurance
  • Creating value for shareholders
  • International finance
  • Capital markets
  • Corporate finance
  • Management by objectives
  • Means of payment
  • Application of new regulatory changes
  • Real estate
  • Company valuation
  • Mergers and acquisitions
  • Banking
  • Emerging markets
  • Initial public offerings
  • Cash management
  • Investment fund management

Director

Miguel Duro

Miguel Duro

Associate Professor

Accounting and Control

Academic Director

Miguel Antón

Miguel Antón

Professor

Financial Management

Academic Director

Germán López Espinosa

Germán López Espinosa

Professor
Joint Appointment

Accounting and Control

Manager

Rosa Magán

Rosa Magán

Coordinator

Natalia Pinacho

Natalia Pinacho

  • José Eduardo Álvarez-Naveiro
    Head of Corporate Governance and Legal Affairs, Abanca
  • Emilio Bobadilla
    Head of Retail and Marketing, Bestinver
  • Ignacio Eyries
    CEO, Caser Seguros
  • Adolfo García Nombela
    Head of Finance and Insurance, Endesa
  • Ignacio Juliá
    CEO, ING Spain
  • José Leo
    CFO, AENA
  • Pedro Pérez Iruela
    Managing Partner, Financial Services, EY
  • Enrique Serra
    CEO, Banco Caminos
  • Pere Viñolas
    CEO, Inmobiliaria Colonial

Director.

Miguel Duro

Miguel Duro

Associate Professor

Accounting and Control

Academic Committee.

Miguel Antón

Miguel Antón

Professor

Financial Management
Germán López Espinosa

Germán López Espinosa

Professor
Joint Appointment

Accounting and Control
Marc Badia

Marc Badia

Professor

Accounting and Control
Christian Eufinger

Christian Eufinger

Associate Professor

Financial Management
Gaizka Ormazabal

Gaizka Ormazabal

Professor

Accounting and Control

Team.

Liudmila Alekseeva

Liudmila Alekseeva

PhD Student
IESE Business School

José Azar

José Azar

Visiting Professor

Economics
Jaime Caruana

Jaime Caruana

Senior Lecturer

Economics
Nuno Fernandes

Nuno Fernandes

Professor

Financial Management
Pablo Fernández

Pablo Fernández

Professor

Financial Management
Mireia Giné

Mireia Giné

Professor

Financial Management
José Manuel González-Páramo

José Manuel González-Páramo

Professor

Economics
Jordi Gual

Jordi Gual

Professor

Economics
Sergio Mayordomo

Sergio Mayordomo

Research Fellow
Head Financial Analysis Division
Banco de España
Manuel Mueller-Frank

Manuel Mueller-Frank

Professor

Economics
Fernando Peñalva

Fernando Peñalva

Professor

Accounting and Control
Valentina Raponi

Valentina Raponi

Assistant Professor

Financial Management
Stefano Sacchetto

Stefano Sacchetto

Associate Professor

Financial Management
Yuki Sakasai

Yuki Sakasai

Senior Researcher

José Luis Suárez

José Luis Suárez

Professor

Financial Management
Juan José Toribio

Juan José Toribio

Emeritus Professor

Economics
Carles Vergara

Carles Vergara

Professor

Financial Management

Activities

We organize events and academic congresses designed to explain and make public our research. Our researchers also participate actively in international conferences and congresses.

Banking Industry Meeting
Insurance Industry Meeting
Real Estate Industry Meeting

Projects

We organize research projects and courses that advance knowledge and training in the field.

Bestinver - IESE CIF Observatorio del Ahorro y la Inversión
Citi-IESE Credit and Debt Markets Research Project (CREDET)
Fundación Ramón Areces-IESE Annual Seminar:  Machine Learning for Textual and Unstructured Data 2023
Seminario de valoración de empresas

Videos

An interview with Jamie Dimon, CEO of JP Morgan

An interview with Jamie Dimon, CEO of JP Morgan

Sponsors

logo-abanca-cut
AENA
Bestinver
logo-caminos-cut
Caser
Colonial
Endesa
EY
ING

Collaborate with us by becoming a Sponsor of the Center for International Finance. For more information, contact RMagan@iese.edu.

Publications

Journal Articles (refereed)

NGUYEN, V. N., VERGARA, C. (2023). Political uncertainty and housing markets. JOURNAL OF HOUSING ECONOMICS, 61, Article 101952. doi:10.1016/j.jhe.2023.101952. COHEN, S., KADACH, I., ORMAZABAL, G. (2023). Institutional investors, climate disclosure, and carbon emissions. Journal of Accounting and Economics, 81. doi:10.2139/ssrn.4138869. (Online first) LÓPEZ, G., PEÑALVA, F. (2023). Evidence from the adoption of IFRS 9 and the impact of COVID-19 on lending and regulatory capital on Spanish Banks. Journal of Accounting and Public Policy, 42 (4), Article 107097. doi:10.1016/j.jaccpubpol.2023.107097. COHEN, S., KADACH, I., ORMAZABAL, G., REICHELSTEIN, S. (2023). Executive Compensation Tied to ESG Performance: International Evidence. Journal of Accounting Research, 61 (3), 805-853. doi:10.1111/1475-679X.12481. EUFINGER, C., ACHARYA, V. V., CROSIGNANI, M., EISERT, T. (2023). Zombie credit and (dis-)inflation. Evidence from Europe. Journal of Finance. (Forthcoming) ANTÓN, M., EDERER, F., GINÉ, M., SCHMALZ, M. (2023). Common ownership, competition, and top management incentives. Journal of Political Economy, 131 (5), 1294 – 1355. doi:10.1086/722414. JOU, A., MAS, N., VERGARA, C. (2023). Housing wealth, health and deaths of despair. JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS, 66 (3), 569-602. doi:https://doi.org/10.1007/s11146-020-09801-5. BONETTI, P., ORMAZABAL, G. (2023). Boosting foreign investment. The Role of cerfitication of corporate governance. Journal of Accounting Research, 61 (1), 95-140. doi:10.1111/1475-679X.12468. 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. AZAR, J., BARRIOLA, X. (2022). Did the MillerCoors joint venture strengthen the craft beer revolution? International Journal of Industrial Organization, 85, article 102890. doi:10.1016/j.ijindorg.2022.102890.

Working Papers

PEÑALVA, F., DAI, J., ORMAZABAL, G., RANEY, R. (2023). Can mandatory disclosure curb Greenwashing? First evidence from the EU SFDR. N'GATTA, D., ORMAZABAL, G., RANEY, R. (2022). Trading of Emission Allowances and Financial Frictions. COHEN, S., KADACH, I., ORMAZABAL, G. (2022). Why do institutional investors request climate related disclosures?. COHEN, S., KADACH, I., ORMAZABAL, G., REICHELSTEIN, S. (2022). Executive compensation tied to ESG performance. International evidence. BISSESSUR, S., LITJENS, R., ORMAZABAL, G. (2021). What hinders accounting harmonization?. Learning from the enforcement of IFRS in the European Union.

Proceedings

CHEN, Y.-C., MUELLER-FRANK, M., PAI, M. M. (2023). The Wisdom of the crowd and higher-order beliefs. EC '23: Proceedings of the 24th ACM Conference on Economics and Computation. New York, NY: Association for Computing Machinery. ANTÓN, M., EDERER, F., GINÉ, M., PELLEGRINO, B. (2023). Mergers and acquisitions under common ownership. AEA Papers and Proceedings (pp. 294-298). American Economic Association. AZAR, J., VIVES, X. (2019). Common Ownership and the Secular Stagnation Hypothesis. AEA Papers and Proceedings, Vol. 109 (pp. 322 - 326). American Economic Association.

SAMILA, S., ALEKSEEVA, L., GINÉ, M., TASKA, B. (2021). AI adoption and firm performance. Management versus IT. DRUID21. SAMILA, S., ALEKSEEVA, L., GINÉ, M., TASKA, B. (2021). AI adoption and firm performance. Management versus IT. SMS 41st Annual Conference, Virtual Toronto. ALEKSEEVA, L., GINÉ, M., SAMILA, S., TASKA, B. (2021). AI Adoption and Firm Performance: Management versus IT. AOM Annual Meeting Proceedings 2021. Academy of Management Proceedings. SAMILA, S., ALEKSEEVA, L., GINÉ, M., TASKA, B. (2021). AI Adoption and firm performance. Management versus IT. 19th ZEW Conference on the Economics of Information and Communication Technologies. Mannheim: ZEW Economics of ICT Conference. ISSLER, P., STANTON, R., VERGARA, C., WALLACE, N. (2021). Mortgage markets with climate-change risk. Evidence from wildfires in California. American Finance Association 2021 Annual Meeting.

Articles in other publications

VERGARA, C., MAS, N., JOU, A. (2023). Housing wealth and deaths of despair. IESE Business School Insight (165), pp. 54-61. VERGARA, C., MAS, N., JOU, A. (2023). Riqueza inmobiliaria y muertes por desesperación. IESE Business School Insight (165), pp. 54-61. AZAR, J. (2022). Lo que la propiedad común esconde. Implicaciones de compartir accionistas. IESE Business School Insight (162), pp. 68-75. IESE INSIGHT, (2022). ¿Hasta dónde subirán los tipos de interés? IESEconomics. IESE INSIGHT, (2022). How high will interest rates go? IESEconomics.

Books

FERNANDES, N. (2023). Climate Finance. NPV Publishing. VERGARA, C., GUTÉS, J. D. (2019). Timing, Marketability, And Location: The New Real Estate Paradigm. FERNANDES, N. (2019). The Value Killers. How Mergers and Acquisitions Cost Companies Billions - And How to Prevent It. Basingstoke [England]: Palgrave Macmillan. FERNÁNDEZ, P. (2017). Valuation and Common Sense. Madrid: Social Science Research Network. FERNANDES, N. (2017). Finance for Executives: A Practical Guide for Managers. NPV Publishing.

Edited books

SUÁREZ, J. L. (2011). La inversión inmobiliaria en España 2001-2011. 10 años de IPD en España. Barañain: Eunsa. SUÁREZ, J. L. (2004). El mercado de vivienda vacacional: situación actual y perspectivas. ARGANDOÑA, A., GUAL, J. (2003). The social dimensions of employment. Institutional reforms in labour markets. Aldershot, UK: Edward Elgar. GUAL, J. (2001). Empleo y nuevas tecnologías. Cómo las nuevas tecnologías transforman el mundo del trabajo. Barcelona: Estudios y Ediciones IESE. GUAL, J., RICART, J. E. (2001). Strategy, organization and the changing nature of work. Cheltenham: Edward Elgar Publishing.

Book Chapters

GONZÁLEZ-PÁRAMO, J. M. (2022). Regulating and supervising BigTech in finance. In Holzmann, Robert and Restoy, Fernando (Eds.), Central banks and supervisory architecture in Europe (pp. 181–193). Cheltenham: Edward Elgar Publishing. PEÑALVA, F., WAGENHOFER, A. (2021). Conservatism in debt contracting. Theory and empirical evidence. In Clatworthy, Mark ; García Lara, Juan Manuel; Lee, Edward. (Eds.), Accounting and debt markets: four pieces on the role of accounting information in debt markets. Abingdon, Oxon ; New York: Routledge. FERNÁNDEZ, P. (2019). Prólogo. En Oriol Amat (Ed.), Valoración y compraventa de empresas: con casos prácticos resueltos (pp. 1 - 10). Barcelona: Profit Editorial. DURO, M., ORMAZABAL, 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. ACHARYA, V. V., EISERT, T., EUFINGER, C., HIRSCH, C. (2018). Same Story, Different Place? Post-Crisis Recapitalization of Banks in Japan and Europe. In C. Mayer, S. Micossi, M. Onado, M. Pagano and A. Polo (Eds.), Finance and Investment: The European Case (pp. 137 - 148). Cape Town: Oxford University Press.

Studies

SAKASAI, Y., ORMAZÁBAL, G., CANALS, J. (2022). 2022 IESE Survey on Boards of Directors: Corporate Purpose, Culture and Strategy. IESE. BARCELÓ, S. P., CORONA, J. F., PUIG, M., ARGANDOÑA, A., CANALS, J., DÍAZ GIMÉNEZ, J., ... VIVES, X. (2020). El impulso del empleo y el relanzamiento de la empresa. algunas reflexiones para la acción. SUÁREZ, J. L., BESTINVER (2020). II Observatorio del Ahorro y la Inversión en España. BESTINVER - IESE. SUÁREZ, J. L., BESTINVER (2018). Observatorio del ahorro y la inversión en España. 2018. SUÁREZ, J. L., IESE (2016). 2nd Investors Survey in Commercial Real Estate 2016 - Spain.

Cases

DURO, M. (2023). Vidrala 2017: Deciphering Its Annual Report. IESE, C-814-E. EUFINGER, C. (2023). Banking with N26. IESE, F-998-E. EUFINGER, C. (2023). Risk management at Silicon Valley Bank. IESE, F-997-E. ANTÓN, M., GINÉ, M., EUFINGER, C., SACCHETTO, S. (2023). HIFU TAOC: Investing in Tech Projects. Introduction to Project Valuation. IESE, F-996-E. SOLER, E., PEÑALVA, F. (2022). Becker Textilwerk GmbH. IESE, C-810.

Technical Notes

SUÁREZ, J. L., JIMÉNEZ, M. (2023). Ecosystem Services: Definition, Classifications and Valuations. IESE, FN-652-E. SOLER, E., DURO, M., COBO, E. (2023). Sacando partido a la auditoría de cuentas anuales. IESE, CN-244. SOLER, E., DURO, M., COBO, E. (2023). Getting the most out of a financial statement audit. IESE, CN-244-E. DURO, M. (2023). How to Analyze an Annual Report. IESE, CN-245-E. PEÑALVA, F., BADIA, M., DURO, M. (2022). Financial Assets. IESE, CN-243-E.

Journal Articles (refereed)

BADIA, M., DURO, M., PEÑALVA, F., RYAN, S. (2021). Debiasing the measurement of conditional conservatism. Journal of Accounting Research, 59 (4), 1221-1259. doi:10.1111/1475-679X.12366. BADIA, M., BARTH, M. E., DURO, M., ORMAZABAL, G. (2020). Firm Risk and Disclosures about Dispersion of Asset Values: Evidence from Oil and Gas Reserves. The Accounting Review, 95 (1), 1 - 29. doi:10.2308/accr-52445. EISERT, T., EUFINGER, C. (2019). Interbank Networks and Backdoor Bailouts: Benefiting from other Banks' Government Guarantees. Management Science, 65 (8), 3449 - 3947. doi:10.1287/mnsc.2017.2968. ESTRADA, J. (2017). Maximum Withdrawal Rates: A Novel and Useful Tool. Journal of Applied Corporate Finance, 29 (4), 134 - 137. doi:10.1111/jacf.12268. ANTÓN, M., POLK, C. (2014). Connected Stocks. Journal of Finance, 69 (3), 1099 - 1127. doi:10.1111/jofi.12149.

Working Papers

FERNÁNDEZ, P. (2012). Ten badly explained topics in most corporate finance books (DI-954-E). FERNÁNDEZ, P., AGUIRREAMALLOA ARIZAGA, J. (2012). La insolvencia de Lehman Brothers en septiembre de 2008. sobre su previsibilidad y sobre algunos "profetas a posteriori" (DI-950). FERNÁNDEZ, P., AGUIRREAMALLOA ARIZAGA, J., CORRES, L. (2012). Rentabilidad de los Fondos de Pensiones en España. 2001-2011 (DI-947). FERNÁNDEZ, P., AGUIRREAMALLOA ARIZAGA, J., CORRES, L. (2011). Market risk premium used in 56 countries in 2011: A survey with 6,014 answers (DI-920-E). FERNÁNDEZ, P., AGUIRREAMALLOA ARIZAGA, J., CORRES, L. (2011). US market risk premium used in 2011 by professors, analysts and companies: A survey with 5.731 answers (DI-918-E).

Articles in other publications

FERNÁNDEZ, P., AGUIRREAMALLOA ARIZAGA, J., CORRES, L. (2014). Market Risk Premium and Risk Free Rate. A Survey 2013. Revista Española de Capital Riesgo (2), pp. 37 - 57. FERNÁNDEZ, P., AGUIRREAMALLOA ARIZAGA, J., CORRES, L. (2013). Market Risk Premium. A Survey 2012. Revista Española de Capital Riesgo (1), pp. 31 - 48. FERNÁNDEZ, P., AGUIRREAMALLOA ARIZAGA, J., CORRES, L. (2011). Prima de riesgo de mercado. Encuesta 2011, a analistas, empresas y profesores. Revista Española de Capital Riesgo (2), pp. 59 - 70. TORIBIO, J. J., CAMPA, J. M., AGUIRREAMALLOA ARIZAGA, J., FERNÁNDEZ, P. (2009). La reestructuración del sector bancario. Newsletter del Centro Internacional de Investigación Financiera (4). TORIBIO, J. J., CAMPA, J. M., AGUIRREAMALLOA ARIZAGA, J., FERNÁNDEZ, P. (2009). Restructuring the Banking Industry. Newsletter of International Center for Financial Research (4).

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.

Edited books

SUÁREZ, J. L. (2011). La inversión inmobiliaria en España 2001-2011. 10 años de IPD en España. Barañain: Eunsa.

Studies

LIECHTENSTEIN, H., GROH, A., LIESER, K., BIESINGER, M. (2021). The Venture Capital and Private Equity Country Attractiveness Index 2021. SUÁREZ, J. L., BESTINVER (2020). II Observatorio del Ahorro y la Inversión en España. BESTINVER - IESE. SOLEY, J., MATEACHE, P., GUEVARA, E. (2018). Desempeño de los bancos en España: una mirada más certera. Barómetro Bancario IESE CIF - A.T.KEARNEY. SUÁREZ, J. L., BESTINVER (2018). Observatorio del ahorro y la inversión en España. 2018. GROH, A., LIECHTENSTEIN, H., LIESER, K., BIESINGER, M. (2018). Venture Capital and Private Equity Country Attractiveness Index. 2018 Annual.

Cases

EUFINGER, C. (2023). Banking with N26. IESE, F-998-E. EUFINGER, C. (2023). Risk management at Silicon Valley Bank. IESE, F-997-E. SUÁREZ J. L., J. L., MARIOLA SORIANO (2021). Indexa Capital: Getting Ready for a New Round of Capitalization. IESE, F-963-E. SUÁREZ J. L., J. L., MARIOLA SORIANO (2021). Indexa Capital: preparando una nueva ronda de capitalización. IESE, F-963. BADIA, M., SERRA, C., NANCE, C. (2020). Investing in Special Situations: SEACOR Marine Holdings. IESE, C-798-E.

Technical Notes

SOLEY, J. (2014). Bank Valuations. IESE, FN-623-E. SOLEY, J. (2014). Valoración de una entidad bancaria. IESE, FN-623. FERNÁNDEZ, P. (2014). CAPM: A Critique. IESE, FN-622-E. SOLEY, J., SÁNCHEZ DE LEÓN, C. (2014). La financiación multilateral. IESE, FN-621. SOLEY, J., SÁNCHEZ DE LEÓN, C. (2014). Multilateral Financing. IESE, FN-621-E.