Fernando
Peñalva

Professor of Accounting and Control

• Doctor of Philosophy in Business Administration (Accounting), University of California-Berkeley
• Master of Science in Business Administration, University of California-Berkeley
• Degree in Industrial Engineering, Universitat Politècnica de Catalunya

Professor Fernando Peñalva is a Professor of the Accounting and Control Department. His research focuses on the impact of accounting conservatism, fair value, earnings management and other accounting attributes, financial regulation and enforcement, sustainability, corporate governance, and international accounting (IFRS and US GAAP).

Professor Penalva has published in the top journals of his field: Journal of Accounting and Economics, Journal of Accounting Research, Review of Accounting Studies, Journal of Accounting and Public Policy, European Accounting Review, Journal of Business, Finance and Accounting, Accounting and Business Research, among others. Member of the Editorial Boards of the European Accounting Review, and Accounting and Business Research.

He was a member of the experts’ committee to improve the Spanish Governance Code of publicly traded companies appointed by the Government of Spain in May of 2013 on behalf of the Ministry of Economics. This committee produced the governance code of the Spanish regulator of the stock exchange (CNMV) published in February 2015, and subsequently revised in June 2020.

He was Secretary General of IESE’s Executive Committee for ten years until August 2016, and Vice Dean for Research and Development for three years. In total, he has served thirteen years as a member of IESE’s Executive Committee. He was the Head of the Department of Accounting and Control for six years.

Areas of interest.

• ESG reporting and disclosure
• Innovation and financial information
• Financial regulation and enforcement
• Accounting Attributes: Fair value, Conservatism, etc.
• Earnings management and accounting discretion
• Corporate Governance
• International accounting (IFRS and US GAAP)

Publications

Journal Articles (refereed)

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. DYRENG, S., HILLEGEIST, S. A., PEÑALVA, F. (2022). Earnings management to avoid debt covenant violations and future performance. European Accounting Review, 31 (2), 311-343. doi:10.1080/09638180.2020.1826337. 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.

Working Papers

DAI, J., ORMAZABAL, G., PEÑALVA, F., RANEY, R. (2024). Imposing sustainability disclosure on investors. Does it lead to portfolio decarbonization? PEÑALVA, F., DAI, J., ORMAZABAL, G., RANEY, R. (2023). Can mandatory disclosure curb Greenwashing? First evidence from the EU SFDR. DÁVILA, A., PEÑALVA, F. (2005). Governance structure and the weighting of performance measures in CEO compensation (DI-601-E).

Outreach Articles

PEÑALVA, F. (2007). NIIF versus US GAAP: Resumen de las principales diferencias. Revista de Contabilidad y Dirección (4), pp. 55 - 70. PEÑALVA, F. (2006). Principales diferencias entre las NIIF y las US GAAP. Harvard Deusto Finanzas & Contabilidad (70), pp. 46 - 55. DÁVILA, A., PEÑALVA, F. (2004). The Small Print of Corporate Governance. Corporate Governance, Accounting and CEO Compensation. Alumni Magazine (95), pp. 12 - 15.

Book Chapters

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. GINER, B., PEÑALVA, F. (2014). Conservatism and Accounting Earnings. In Colin Clubb and Shahed Imam (Editors) (Ed.), Wiley Encyclopedia of Management; Vol. 1 Accounting (pp. 1 - 8). Chichester: John Wiley & Sons. PEÑALVA, F. (2004). Gastos financieros. En Oriol Amat, Jordi Perramon (Eds.), Normas internacionales de contabilidad NIC/NIIF (pp. 393 - 400). Barcelona: Gestión 2000.

Cases

GRANDES, M. J., PEÑALVA, F., SOLER, E. (2024). Weber Industrie GmbH. IESE, C-819. SOLER, E., PEÑALVA, F. (2022). Becker Textilwerk GmbH. IESE, C-810. SOLER, E., PEÑALVA, F. (2022). Becker Textilwerk GmbH. IESE, C-810-E.

Technical Notes

PEÑALVA, F., BADIA, M., DURO, M. (2022). Financial Assets. IESE, CN-243-E. PEÑALVA, F., BADIA, M. (2016). Accounting for Inventories. IESE, CN-234-E. PEÑALVA, F., BADIA, M. (2016). Noncurrent Assets. IESE, CN-236-E.