Center for International Finance (CIF)

Director: Miguel Duro

+34 91 211 30 00

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 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

Coordinator

Natalia Pinacho

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

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 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.

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

Sponsors

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.