Center for International Finance (CIF)

Director: Miguel Duro
+34 91 211 30 00
cif@iese.edu

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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Director

Miguel Duro

Miguel Duro

Associate Professor

Accounting and Control

Academic Directors

Miguel Antón

Miguel Antón

Associate Professor

Financial Management
Germán López Espinosa

Germán López Espinosa

Professor
Joint Appointment

Accounting and Control

Manager

Rosa Magán

Rosa Magán

 

  • Gonzalo Alcubilla 
    Deputy General Director of Business Banking, Bankia
  • Emilio Bobadilla
    Head of Retail and Marketing, Bestinver
  • Ignacio Eyries
    CEO, Caser Seguros
  • Óscar Fernández de Llano
    CFO, El Corte Inglés
    Fundación Ramón Areces
  • Adolfo García Nombela
    Head of Finance and Insurance, Endesa
  • Ignacio Juliá
    CEO, ING Spain
  • José Leo
    CFO, AENA
  • Pedro Mateache
    President, Kearney España y Portugal
  • Francisco Velasco
    Managing Partner, Financial Services, EY
  • Pere Viñolas
    CEO, Inmobiliaria Colonial

Director

Miguel Duro

Miguel Duro

Associate Professor

Accounting and Control

Academic Committee

Academic Directors

Miguel Antón

Miguel Antón

Associate Professor

Financial Management
Germán López Espinosa

Germán López Espinosa

Professor
Joint Appointment

Accounting and Control
Marc Badia

Marc Badia

Associate 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

Associate Professor

Financial Management
José Manuel González-Páramo

José Manuel González-Páramo

Professor

Economics
Jordi Gual

Jordi Gual

Professor

Economics
Manuel Mueller-Frank

Manuel Mueller-Frank

Associate 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 an annual symposium and a series of academic congresses designed to explain and make public our research. Our researchers also participate actively in international conferences and congresses.

CIF Annual Symposium

Banking Industry Meeting

Insurance Industry Meeting

Real Estate Industry Meeting

Sponsors

AENA
Bankia
Bestinver
Caser
Colonial
Endesa
EY
Fundación Areces
ING
Kearney

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

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

Publications

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

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.
DE APELLÁNIZ, E., SUÁREZ, J. L. (2019). Neinor Homes (B): los primeros años de cotización en bolsa. IESE, F-950.
DE APELLÁNIZ, E., SUÁREZ, J. L. (2019). Neinor Homes (B): The Early Years as a Publicly Quoted Company. IESE, F-950-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.