Miguel
Duro

Professor of Accounting and Control

• PhD in Accounting, Columbia Business School
• M.Phil. in Accounting, Columbia Business School
• Executive MBA, IESE Business School
• B.Sc. in Business Administration, Universidad de Sevilla

Director, CIF - Center for International Finance

Miguel Duro is a Professor in the Accounting and Control department and Director of the Center for International Finance (CIF). Professor Duro received a PhD and a M. Phil. in Business (Accounting) from Columbia Business School, an Executive MBA from IESE Business School, and a Bachelor’s Degree in Business Administration from the University of Seville.

He is a Certified International Investor Analyst (CIIA®) with 10 years of experience. He worked in senior management positions for Sybari Software (Microsoft), Pepsi Bottling Group, and Metrovacesa, one of the biggest listed European real estate companies. Currently, he works as expert witness in corporate valuation and accounting fraud litigations.

Miguel has served as visiting scholar at the Harvard Business School (2023-2024) and is a research member in the European Corporate Governance Institute (ECGI). His research focuses on the impact of corporate governance, banking, corporate disclosure and public enforcement in capital markets, earnings management and other accounting attributes. Professor Duro has published several papers at top-tier finance and accounting journals (Journal of Financial Economics, Journal of Accounting Research, Journal of Accounting and Economics, The Accounting Review, etc.). His dissertation on the role of institutional investors in SEC enforcement has received several awards, such as the Nasdaq Educational Foundation Doctoral Dissertation Fellowship and the Jerome A. Chazen Institute Doctoral Research Grant.

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Areas of interest.

• Corporate governance
• Banking
• Corporate Disclosure and SEC Enforcement
• Accounting attributes: Fair Value, Conservatism, Earnings Management, etc.
• The relation between accounting information and valuation

Publications

Journal Articles (refereed)

AZAR, J., DURO, M., KADACH, I., ORMAZABAL, G. (2021). The Big three and corporate carbon emissions around the world. Journal of Financial Economics, 142 (2), 674-696. doi:10.1016/j.jfineco.2021.05.007. BADIA, M., DURO, M., JORGENSEN, B. N., ORMAZABAL, G. (2021). Disclosure regulation and competitive interactions. Evidence form the oil and gas industry. The Accounting Review, 96 (5), 1-29. doi:10.2308/TAR-2018-0436. 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., DURO, M., JORGENSEN, B. N., ORMAZABAL, G. (2020). The Informational Effects of Tightening Oil and Gas Disclosure Rules. Contemporary Accounting Research, 37 (3), 1720-1755. doi:10.1111/1911-3846.12572. BONETTI, P., DURO, M., ORMAZABAL, G. (2020). Disclosure Regulation and Corporate Acquisitions. Journal of Accounting Research, 58 (1), 55 - 103. doi:https://doi.org/10.1111/1475-679X.12298. 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. DURO, M., HEESE, J., ORMAZABAL, G. (2019). The Effect of Enforcement Transparency: Evidence from SEC Comment-Letter Reviews. Review of Accounting Studies, 24 (3), 780 - 823. doi:10.1007/s11142-019-09503-1. BADIA, M., DURO, M., PEÑALVA, F., RYAN, S. (2017). Conditionally Conservative Fair Value Measurements. Journal of Accounting and Economics, 63 (1), 75 - 98. doi:10.1016/j.jacceco.2016.10.006.

Book Chapters

DURO, M., ORMAZABAL, G. (2018). Does Regulating Banks' Corporate Governance Help? A Review of the Empirical Evidence. In Belén Díaz Díaz, Samuel O. Idowu, Philip Molyneux (Eds.), Corporate Governance in Banking and Investor Protection: From Theory to Practice (pp. 3 - 20). Cham: Springer International Publishing.

Cases

DURO, M. (2023). Vidrala 2017: Deciphering Its Annual Report. IESE, C-814-E. DURO, M., GRANDES, M. J., PALENCIA, L. (2021). Health-at-Risk Plc.: Financial Investments. IESE, C-802-E. DURO, M., GRANDES, M. J., PALENCIA, L. (2021). Biosafety Level Logistics (BLL). IESE, C-803-E. GRANDES, M. J., PALENCIA, L., DURO, M. (2021). Electroareta. IESE, C-801-E. GRANDES, M. J., PALENCIA, L., DURO, M. (2021). Dermolab. IESE, C-800-E.

Technical Notes

SOLER, E., DURO, M., COBO, E. (2023). Sacando partido a la auditoría de cuentas anuales. IESE, CN-244. SOLER, E., DURO, M., COBO, E. (2023). Getting the most out of a financial statement audit. IESE, CN-244-E. DURO, M. (2023). How to Analyze an Annual Report. IESE, CN-245-E. PEÑALVA, F., BADIA, M., DURO, M. (2022). Financial Assets. IESE, CN-243-E. COBO, E., DURO, M., SOLER, E. (2020). Preparación y auditoría de las cuentas anuales. IESE, CN-242.