Financial Management Department

Head: Mireia Giné

The Financial Management Department prepares managers for the challenges associated with creating value for a firm’s shareholders and other stakeholders in a rapidly changing and highly competitive world.

Dedicated to research, teaching and consulting focused on finance and related business areas, the department emphasizes financial theory (concepts, methodology and the latest research), as well as training managers with the relevant insights and frameworks to aid them in their professional roles.

An important aspect of the department’s research activities is the Center for International Finance (CIF) which is led by departmental faculty members and other researchers.

Members of the Financial Management Department have held roles in the Spanish Ministry of Economics and acted as advisors and consultants for several international organizations including the World Bank, the International Monetary Fund and the Inter-American Development Bank.

Coursework includes Capital Markets, Corporate Finance, Advanced Applied Finance, Introduction to Entrepreneurial Finance, Financial Strategy, International Financial Management, Global Treasury Management, Mergers, Acquisitions and Restructuring, and Options, Futures and Valuation of Financial Instruments

Through their research, the department’s faculty is bringing the most recent and influential ideas in financial management to the business community. In addition to their numerous contributions to academic journals and literature, the department also contributes to the CIF newsletter.

Finance Seminars Blog

Conferences

  • Banking Industry Meeting
  • Center for International Finance Annual Symposium
  • Madrid Finance Forum

Areas of expertise

  • Capital markets
  • Exchange rate risk management
  • Emerging markets
  • Portfolio management
  • Real estate finance
  • Corporate Finance
  • Mergers, acquisitions and restructuring
  • Business valuation
  • Risk management

Head.

Mireia Giné

Mireia Giné

Professor

Financial Management

Full time.

Javier Aguirreamalloa Arizaga

Javier Aguirreamalloa Arizaga

Associate Professor of the Practice of Management

Financial Management
Miguel Antón

Miguel Antón

Professor

Financial Management
Javier Estrada

Javier Estrada

Professor

Financial Management
Christian Eufinger

Christian Eufinger

Professor

Financial Management
Pablo Fernández

Pablo Fernández

Professor

Financial Management
Heinrich Liechtenstein

Heinrich Liechtenstein

Professor

Financial Management
Eduardo Martínez Abascal

Eduardo Martínez Abascal

Professor

Financial Management
Valentina Raponi

Valentina Raponi

Assistant Professor

Financial Management
Claudio Rizzi

Claudio Rizzi

Assistant Professor

Financial Management
Stefano Sacchetto

Stefano Sacchetto

Associate Professor

Financial Management
Javier Santomá

Javier Santomá

Professor

Financial Management
David Teeters

David Teeters

Senior Lecturer

Financial Management
Tammaro Terracciano

Tammaro Terracciano

Assistant Professor

Financial Management
Carles Vergara

Carles Vergara

Professor

Financial Management
Xavier Vives

Xavier Vives

Professor

Economics and
Financial Management

Emeritus.

Ahmad Rahnema Alavi

Ahmad Rahnema Alavi

Emeritus Professor

Financial Management
José Luis Suárez

José Luis Suárez

Emeritus Professor

Financial Management

External collaborators.

Pedro Belisário

Pedro Belisário

Lecturer

Financial Management
José Manuel Campa

José Manuel Campa

Professor

Financial Management and Economics
Jose Paulo Carelli

Jose Paulo Carelli

Lecturer

Financial Management and Strategic Management
Ignasi Costas

Ignasi Costas

Lecturer

Law Teaching Unit
Rafael Faus

Rafael Faus

Lecturer

Financial Management
Nuno Fernandes

Nuno Fernandes

Professor

Financial Management
Uli Grabenwarter

Uli Grabenwarter

Lecturer

Financial Management
Carlos Halpern

Carlos Halpern

Lecturer

Financial Management
David Moreta

David Moreta

Lecturer

Financial Management
Carlos Sancho

Carlos Sancho

Senior Lecturer

Law Teaching Unit
Josep Maria Serra

Josep Maria Serra

Senior Lecturer

Financial Management
Oscar Simões

Oscar Simões

Lecturer

Financial Management
Jesús Tejero

Jesús Tejero

Lecturer

Financial Management

Former collaborators.

Juan Palacios

Juan Palacios

Former Collaborator

Financial Management

Publications

Journal Articles (refereed)

EUFINGER, C., GILL, A., HETT, F. (2024). Domestic financial conditions and MNCs' global competitiveness. Evidence from the Swiss franc shock. Journal of International Business Studies, 55 (8), 1057-1068. doi:10.1057/s41267-024-00703-9. ANTÓN, M., EDERER, F., GINÉ, M., SCHMALZ, M. C. (2024). Innovation: The Bright side of common ownership? Management Science. doi:10.1287/mnsc.2024.04363. (Online first) ACHARYA, V. V., CROSIGNANI, M., EISERT, T., EUFINGER, C. (2024). Zombie credit and (dis-)inflation. Evidence from Europe. Journal of Finance, 79 (3), 1883-1929. doi:10.1111/jofi.13342. ESTRADA, J. (2024). Retirement Planning: The Volatility-Adjusted Coverage Ratio. Journal of Retirement, 12 (1), 40 - 60. doi:10.3905/jor.2024.1.152. HUANG, T., KUMAR, A., SACCHETTO, S., VERGARA, C. (2024). Stock comovement and financial flexibility. Journal of Financial and Quantitative Analysis, 59 (3), 1141-1184. doi:10.1017/S0022109022001338. BRONK, K. C., LIECHTENSTEIN, H., EL SEHITY, T., MITCHELL, C., POSTLEWAITE, E., COLBY, A., DAMON, W., ... SWANSON, Z. (2024). Family purpose. An empirical investigation of collective purpose. Journal of Positive Psychology, 19 (4), 662-674. doi:10.1080/17439760.2023.2254738. ESTRADA, J. (2024). Multifactor Funds vs. Homemade Factor Diversification Strategies. Journal of Beta Investment Strategies , 15 (1), pp. 54-65. 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. ESTRADA, J. (2023). Multifactor funds. An early (bearish) assessment. Journal of Asset Management, 24 (4), 299-311. doi:10.1057/s41260-023-00314-3. ESTRADA, J. (2023). Retirement planning: is one number enough? Journal of Financial Planning, 36 (7), 64-81.

Working Papers

ISSLER, P., STANTON, R., VERGARA, C., WALLACE, N. (2024). Mortgage markets with climate-change risk. Evidence from wildfires in California. Journal of Finance. KIM, S., RAPONI, V., ZAFFARONI, P. (2024). Testing for weak factors in asset pricing. RAPONI, V., ZAFFARONI, P. (2024). Dissecting anomalies in conditional asset pricing. RAPONI, V., UPPAL, R., ZAFFARONI, P. (2024). Robust Portfolio Choice. ALEKSEEVA, L., ANTÓN, M. (2020). Local human capital and innovation spillovers.

Proceedings

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.

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. LAURA VELDKAMP, (2023). 6 enfoques para valorar tus datos. IESE Business School Insight (163). LAURA VELDKAMP, (2023). 6 approaches to valuing data. IESE Business School Insight (163). IESE INSIGHT, (2021). The Big Picture: The New drivers of value. IESE Business School Insight (159).

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.

Book Chapters

SUÁREZ, J. L., JIMÉNEZ, M. (2024). Valorando la naturaleza. En Fité, R.M.; Nueno, P.; Mehta, K. and Vilà, J. (Eds.), Primero las personas: pensamiento emprendedor para resolver problemas empresariales (pp. 179-186). Barcelona: Gestión 2000. FERNÁNDEZ, P. (2019). Prólogo. En Oriol Amat (Ed.), Valoración y compraventa de empresas: con casos prácticos resueltos (pp. 1 - 10). Barcelona: Profit Editorial. 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. ESTRADA, J. (2017). Prólogo. En John C. Bogle (Ed.), Cómo invertir en fondos de inversión con sentido común: Nuevos imperativos para el inversor inteligente (pp. 16 - 19). Barcelona: Deusto. FERNANDES, N. (2017). Sovereign Wealth Funds. Investment Choices and Implications Around the World. In Douglas J. Cumming, Geoffrey Wood, Igor Filatotchev, Juliane Reinecke (Eds.), The Oxford Handbook of Sovereign Wealth Funds (pp. 322 - 349). Cape Town: Oxford University Press.

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

LECONTE, C., LIECHTENSTEIN, H., GRABENWARTER, U. (2024). What it takes to be in private equity. Do you have what it takes to be a successful private equity professional? IESE, F-1006-E. LIECHTENSTEIN, H., ROMANCE HERNÁNDEZ, R., DEL POTRO, E. (2024). Diana Mensah. IESE, F-1004-E. SACCHETTO, S. (2024). Harley-Davidson: Valoración Empresarial con Flujos de Caja Descontados. IESE, FI-1. SACCHETTO, S. (2024). Harley-Davidson: Business Valuation with Discounted Cash Flows. IESE, FI-1-E. MARTÍNEZ ABASCAL, E. (2024). PolyPanel. Financiar el crecimiento. IESE, F-1000.

Technical Notes

ESTRADA, J. (2024). The expected return of bonds. IESE, FN-654-E. AGUIRREAMALLOA ARIZAGA, J. (2024). Instrumentos de deuda para financiación de pymes. IESE, FN-653. SUÁREZ, J. L., JIMÉNEZ, M. (2023). Ecosystem Services: Definition, Classifications and Valuations. IESE, FN-652-E. FRODSHAM, D., LIECHTENSTEIN, H. (2023). Winning the VCIC. How to win the VCIC 3 times. IESE, FN-651-E. VERGARA, C., SACCHETTO, S., MATEU, A. (2022). Project Evaluation. IESE, FN-650-E.