Digital Markets and the Economics of Data
Fundación Ramón Areces - IESE Business School Seminar · June 17-20, 2025
The Digital Markets and the Economics of Data Seminar, organized by Fundación Ramón Areces and IESE Business School, is a Summer Symposium designed for faculty and postdoc researchers in the fields of accounting, economics, finance, and management. The theme for this edition explores the rapid changes in data-driven economies and the regulatory challenges they present. Key topics include digital market regulation, antitrust issues in data economics, digital asset valuation, and data privacy.
The Symposium brings together leading academics and industry experts to equip participants with cutting-edge theoretical and methodological insights. It also provides a platform for meaningful discussions and professional networking that extends beyond the event.
Course Structure and Objectives:
- Foundations of Digital Markets:
The Seminar begins with an overview of key topics, including digital market regulation, antitrust challenges, the economics of data, and the valuation, measurement, and reporting of digital assets.
- Critical Issues in Digitalization:
Participants will explore essential aspects of digital markets, such as data privacy, geopolitical concerns, and ethical challenges in the digital age.
- Industry Insights:
The program includes visits to leading companies in digital markets and the data-driven economy, such as Santander Bank and Indra. Executives and industry professionals will provide insights into real-world applications and emerging challenges in the sector.
This Symposium forms part of IESE’s Center for International Finance (CIF), which advocates a multidisciplinary approach to generate and disseminate knowledge and promotes best practices in financial institutions and capital markets.
Summer Symposium information.
Dates: June 17-20, 2025
Venues: IESE Business School, Madrid campus, Camino del Cerro del Águila 3, 28023 Madrid (June 17-19) and Fundación Ramón Areces, Vitruvio 5, 28006 Madrid (June 20)
Language: English
Cost: The Summer Symposium (including lunches and Gala Dinner) is free. Attendants must cover their travel and accommodation expenses.
Participants: Places are limited to 70 participants.
Applying to the Symposium.
This Seminar is aimed at academics and researchers in the fields of accounting, economics, finance, and management. To participate, please pre-register online via the link below before March 28, 2025* and upload the following documents:
- Currículum Vítae (in English).
* New extended deadline for pre-registrations: April 7, 2025
Selection Process
A Selection Committee, comprising representatives from IESE and Fundación Ramón Areces, will evaluate all applications and offer places based on merit.
Selected candidates will be notified of their acceptance on April 4, 2025*.
*New extended notification of acceptance date: April 10, 2024
For any questions regarding the program or the registration process, please contact us at cif@iese.edu.
APPLYAgenda.
June 17th: Digital Markets and Regulation
09:30-13:00 Digital Money
- Mr. David Martín, Partner, Monitor Deloitte. Member of the European Centre of Regulatory Strategy (London) and the Banking Union Centre (Frankfurt). Before his career in consulting, he worked for some of the main authorities in the financial services industry, like the European Commission (DG Competition), the European Central Bank, and the Bank of Spain.
14:00-16:45 Digital Markets Regulation
- Ariel Ezrachi, Slaughter and May Professor of Competition Law at the University of Oxford and Director of the University of Oxford Centre for Competition Law and Policy. He is author, co-author and editor of numerous books, including “Virtual Competition – The Promise and Perils of the Algorithm-Driven Economy” (2016, Harvard) and “Competition and Antitrust Law – VSI” (2021 OUP).
17:30-19:30 Firm Visit: Indra
- Indra Group, a global leader in defense, air traffic, and space, along with Minsait, its digital transformation and IT branch. In 2023, Indra Group reported revenues of €4,343 million, employed over 57,000 people, and operated in more than 140 countries.
June 18th: Economics of Digital Markets and Antitrust
09:00-11:45 Blockchain and Criptonomics
- Manuel Mueller-Frank, Professor of Economics at IESE Business School.
12:00-13:30 Digital European Policy
- Alberto Bacchiega, Director DG for Competition, Markets and Cases: Digital Platforms, European Commission. Responsible for the implementation of the Digital Market Act.
- Moderator: Mr. David Martín, Partner, Monitor Deloitte.
14:30-16:45 Antitrust cases
- Enrique Andreu, Executive Vice President in Compass Lexecon’s European competition policy practice, Head of Brussels Office and EMEA Head of People. As a leading global economic consulting firm, Compass Lexecon provides law firms, corporations, and government clients with critical insight into legal and regulatory proceedings, strategic decisions, and public policy debates. Its staff includes more than 850 employees.
17:30-19:30 Firm Visit: Santander Bank
- Santander is a global financial leader with significant operations in Europe, North America, and South America. It serves 171 million customers, employs 210,000 people, and manages assets worth €1.802 trillion.
June 19th: Digital Assets Valuation
09:30-13:00 Financial Reporting and Data Valuation
- Anup Srivastava, Professor of Accounting and Canada Research Chair at University of Calgary. He is one of the world’s leading scholar, writer, and speaker on the financial, valuation, strategy, governance, and executive compensation issues of modern technology companies. In May, 2024, he was honored as an Influential thought leaderby AACSB.
14:00-17:30 Data Measurement and Valuation
- Laura Veldkamp, Leon G. Cooperman Professor of Finance & Economics at Columbia University. She has been a board member and chair of the governance committee for the American Finance Association, and editor of the Journal of Economic Theory. She is co-author, with Isaac Baley, of the book “The Data Economy: Tools and Applications” (Princeton University Press).
20:00 Gala Dinner
June 20: Data Polluters: Privacy and Cybersecurity
09:15-10:15 Digitalization and the Future of Work
- Jan Eeckhout, Professor of Economics at Universidad Pompeu Fabra. Author of the book “The profit paradox. How thriving firms threaten the future of work” (Princeton University Press 2021). He is a fellow of the Econometric Society, the EEA and Academia Europaea.
10:15-11:15 Emerging Cybersecurity Trends: Shaping the Future of Digital Defense
- Carlos Abad, Head of the Cybersecurity Department at National Cryptology Centre, Ministry of Defense, Government of Spain. He has specialized training in Cryptology and Information Security. Representative in various national and international cybersecurity forums (NATO, EGC, FIRST, CSIRT.es, among others).
11:45-12:45 Ethics of the AI
- Carisa Véliz, Associate Professor in Philosophy at Institute for Ethics in AI, University of Oxford. She is the recipient of the 2021 Herbert A. Simon Award for Outstanding Research in Computing and Philosophy. She is the author of the book “Privacy Is Power” (Penguin Random House, an Economist book of the year, 2020), “The Ethics of Privacy and Surveillance” (Oxford University Press 2024) and the editor of the “Oxford Handbook of Digital Ethics” (2023). She is a popular keynote speaker, and she advises companies and policymakers around the world on privacy and the ethics of AI.
12:45-13:55 Panel Discussion
- Mr. Carlos Abad, Head of the Cybersecurity Department, National Cryptology Centre, Ministry of Defense, Government of Spain
- Prof. Jan Eeckhout, Professor of Economics, Universidad Pompeu Fabra
- Prof. Carisa Véliz, Associate Professor in Philosophy, Institute for Ethics in AI, University of Oxford
Pre-recorded content will be available several weeks in advance to prepare for the presential classes:
-
- Introduction to the Economics of Data – Prof. Isaac Baley
- Introduction to the Economics of Antitrust – Mr. Enrique Andreu
- Introduction to Digital Markets Regulation – Prof. Ariel Ezrachi
- Introduction to Blockchain and Bitcoin – Prof. Manuel Mueller-Frank
- Fundamentals of Money and Payment Systems – Mr. David Martín
** Shuttle buses will be provided June 17-19 to commute round trip from (collection point tbc) to IESE Business School and back.
Speakers.
Getting to the venues.
Camino del Cerro del Águila 3, 28023 Madrid
If you come by car or motorcycle, you can park in the parking facilities at no charge. Using public transportation, you can take bus 160 from Moncloa and stop at IESE (Carretera de Castilla-IESE). Remember to remind the driver to stop or request that the bus stop by pressing the button.
Accommodation.
We recommend staying at one of the two hotels detailed below:
NH Madrid Balboa
- A very centrally located hotel in the Salamanca neighborhood.
- We have negotiated a special group rate (see details below).
- It is a 20-minute walk or a 6-minute drive from the Ramón Areces Foundation (where the sessions will take place on June 20).
Hotel Exe Moncloa
- Located in the Moncloa area, closer to the road leading to IESE Business School (where the sessions will take place from June 17-19).
- We have not negotiated a special group rate.
The shuttle-bus that will be provided by IESE for June 17-19 will have two pick-up points: one near the NH Madrid Balboa area and another one near the Moncloa area.