Center for International Finance (CIF)

Director: Miguel Duro

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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Research lines:

  • Market globalization
  • Market trends
  • Insurance
  • Creating value for shareholders
  • International finance
  • Capital markets
  • Corporate finance
  • Management by objectives
  • Means of payment
  • Application of new regulatory changes
  • Real estate
  • Company valuation
  • Mergers and acquisitions
  • Banking
  • Emerging markets
  • Initial public offerings
  • Cash management
  • Investment fund management

Director

Miguel Duro

Miguel Duro

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

Rosa Magán

Coordinator

Natalia Pinacho

Natalia Pinacho

  • José Eduardo Álvarez-Naveiro
    Head of Corporate Governance and Legal Affairs, Abanca
  • Emilio Bobadilla
    Head of Retail and Marketing, Bestinver
  • Ignacio Eyriès
    CEO, Caser Seguros
  • Adolfo García Nombela
    Head of Finance and Insurance, Endesa
  • Sara González Losantos
    CFO, ING Spain
  • Ignacio Castejón
    CFO, AENA
  • José Carlos Hernández Barrasús
    Partner, Spain Assurance Leader for Financial Services, EY Spain
  • Enrique Serra
    CEO, Banco Caminos
  • Pere Viñolas
    CEO, Inmobiliaria Colonial

Director.

Miguel Duro

Miguel Duro

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

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

Professor

Economics
Fernando Peñalva

Fernando Peñalva

Professor

Accounting and Control
Valentina Raponi

Valentina Raponi

Assistant Professor

Financial Management
Yuki Sakasai

Yuki Sakasai

Senior Researcher

José Luis Suárez

José Luis Suárez

Emeritus 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.

Bestinver - IESE CIF Observatorio del Ahorro y la Inversión
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

Videos.

An interview with Jamie Dimon, CEO of JP Morgan

An interview with Jamie Dimon, CEO of JP Morgan

Sponsors.

logo-abanca-cut
AENA
Bestinver
Logotipo_CBNK_final
Caser
Colonial
Endesa
EY
ING

Collaborate with us by becoming a Sponsor of the Center for International Finance. For more information, contact RMagan@iese.edu.

Publications

Journal Articles (refereed)

FRIEDMAN, H., ORMAZABAL, G. (2024). The Role of information in building a more sustainable economy. A Supply and demand perspective. Journal of Accounting Research, 62 (5), 1575-1609. doi:10.1111/1475-679X.12581. 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. GONZÁLEZ-PÁRAMO, J. M. (2024). In Defense of Central Bank Independence against its enthusiasts. Hacienda Publica Espanola-Review of Public Economics, 250 (3), 109-128. doi:10.7866/HPE-RPE.24.3.5. GODECHOT, O., TOMASKOVIC-DEVEY, D., BOZA, I., HENRIKSEN, L., HERMANSEN, A. S., HOU, F., KODAMA, N., KŘÍŽKOVÁ, A., JUNG, J., LIPPÉNYI, Z., MELZER, S. M., MUN, E., SABANCI, H., THANING, M., AVENT-HOLT, D., BANDELJ, N., APASCARITEI, P., BAUDOUR, A., CORT, D., ELVIRA, M., HAJDU, G., KANJUO-MRČELA, A., KING, J., PENNER, A., PETERSEN, T., POJE, A., RAINEY, W., SAFI, M., ... SOENER, M. (2024). The Great separation. Top earner segregation at work in advanced capitalist economies. AMERICAN JOURNAL OF SOCIOLOGY, 130 (2), 439-495. doi:10.1086/731603. 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) AZAR, J., MARINESCU, I. (2024). Monopsony power in the labor market. From theory to policy. Annual Review of Economics, 16 (1), 491-518. doi:10.1146/annurev-economics-072823-030431. AZAR, J., HUET-VAUGHN, E., MARINESCU, I., TASKA, B., VON WACHTER, T. (2024). Minimum wage employment effects and labour market concentration. Review of Economic Studies, 91 (4), 1843-1883. doi:10.1093/restud/rdad091. 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. 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. ANDERSSON, P. A., VARTANOVA, I., VÄSTFJÄLL, D., TINGHÖG, G., STRIMLING, P., WU, J., HAZIN, I., AKOTIA, C. S., ALDASHEV, A., ANDRIGHETTO, G., ANUM, A., ARIKAN, G., BAGHERIAN, F., BARRERA, D., BASNIGHT-BROWN, D., BATKEYEV, B., BEREZINA, E., BJÖRNSTJERNA, M., BOSKI, P., BOVINA, I., HUYEN, B. T. T., ČEKRLIJA, Đ., CHOI, H.-S., CONTRERAS-IBÁÑEZ, C. C., COSTA-LOPES, R., DE BARRA, M., DE ZOYSA, P., DORROUGH, A. R., DVORYANCHIKOV, N., ENGELMANN, J. B., EUH, H., FANG, X., FIEDLER, S., FOSTER-GIMBEL, O. A., FÜLÖP, M., GARDARSDOTTIR, R. B., GILL, C. M. H. D., GLÖCKNER, A., GRAF, S., GRIGORYAN, A., GRITSKOV, V., GROWIEC, K., HALAMA, P., HARTANTO, A., HOPTHROW, T., HŘEBÍČKOVÁ, M., ILIŠKO, D., IMADA, H., KAPOOR, H., KAWAKAMI, K., KHACHATRYAN, N., KHARCHENKO, N., KIYONARI, T., KOHÚT, M., LESLIE, L. M., LI, Y., LI, N. P., LI, Z., LIIK, K., MAITNER, A. T., MANHIQUE, B., MANLEY, H., MEDHIOUB, I., MENTSER, S., NEJAT, P., NIPASSA, O., NUSSINSON, R., ONYEDIRE, N. G., ONYISHI, I. E., PANAGIOTOPOULOU, P., PEREZ-FLORIANO, L. R., PERSSON, M., PIRTTILÄ-BACKMAN, A.-M., POGOSYAN, M., RAVER, J., RODRIGUES, R. B., ROMANÒ, S., ROMERO, P. P., SAKKI, I., SAN MARTÍN, Á., SHERBAJI, S., SHIMIZU, H., SIMPSON, B., SZABO, E., TAKEMURA, K., TEIXEIRA, M. L. M., THANOMKUL, N., TILIOUINE, H., TRAVAGLINO, G. A., TSIRBAS, Y., WIDODO, S., ZEIN, R., ZIRGANOU-KAZOLEA, L., ... ERIKSSON, K. (2024). Anger and disgust shape judgments of social sanctions across cultures, especially in high individual autonomy societies. Scientific Reports, 14 (1), Article 5591. doi:10.1038/s41598-024-55815-x.

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. BONETTI, P., EN, Y., KADACH, I., ORMAZABAL, G. (2024). Climate disclosures and decarbonization along the supply chain. SPANN, M., BERTINI, M., KOENIGSBERG, O., ZEITHAMMER, R., APARICIO, D., CHEN , Y., FANTINI, F., JIN, G., MORWITZ, V., LESZCZYC, P., ... VITORINO, M. (2024). Algorithmic pricing. Implications for consumers, managers, and regulators (No. w32540). Cambridge, MA: National Bureau of Economic Research. DAI, J., ORMAZABAL, G., PEÑALVA, F., RANEY, R. (2024). Imposing sustainability disclosure on investors. Does it lead to portfolio decarbonization? ALONSO, M., JACOB, M., ORMAZABAL, G., RANEY, R. (2024). Cross-border carbon taxes and shareholder wealth.

Proceedings

CHEN, Y.-C., MUELLER-FRANK, M., PAI, M. M. (2023). The Wisdom of the crowd and higher-order beliefs. EC '23: Proceedings of the 24th ACM Conference on Economics and Computation. New York, NY: Association for Computing Machinery. 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. AZAR, J., VIVES, X. (2019). Common Ownership and the Secular Stagnation Hypothesis. AEA Papers and Proceedings, Vol. 109 (pp. 322 - 326). American Economic Association.

Articles in other publications

ALEX EDMANS (2024). Combate las noticias falsas. IESE Business School Insight (168), pp. 70-75. BERENGUER, G., SÁEZ DE TEJADA CUENCA, A. (2024). La diversidad se abre camino en las cadenas de suministro. Harvard Deusto Business Review (345). GUAL, J., IESE INSIGHT (2024). A tiempo para recuperar la confianza en el capitalismo. IESE Business School Insight (167), pp. 70-75. GUAL, J., IESE INSIGHT (2024). Restoring trust in capitalism. IESE Business School Insight (167), pp. 70-75. SAMILA, S., GANS, J. S. (2024). Inteligencia artificial: entre la promesa y la realidad. IESE Business School Insight (166), pp. 68-75.

Books

GUAL, J. (2024). Confiar no tiene precio. La confianza en el capitalismo y las políticas públicas. Madrid: Debate. DE LA CIERVA, Y., CASTELLÓ, M., GUZIK, P. (2024). Gestión de crisis en universidades. Casos, buenas prácticas y manual de crisis. Barañáin: EUNSA. Ediciones Universidad de Navarra. FONCILLAS, P., GONZÁLEZ, J. (2023). Maestros del juego. 18 reglas para ganar la partida de los negocios. Conecta. NUENO, J. L. (2023). Todo es terrible, pero yo estoy bien. Barcelona: AECOC. FERNANDES, N. (2023). Climate Finance. NPV Publishing.

Edited books

FITÉ, R. M., NUENO, P., MEHTA, K., VILÀ, J. (2024). Primero las personas. Pensamiento emprendedor para resolver problemas empresariales. Barcelona: Gestión 2000. DE TORO, J. M., BEL, I., SÁNCHEZ TABERNERO, A. (2012). La Televisión en España. Informe 2012. UTECA (Unión de Televisiones Comerciales Asociadas). SUÁREZ, J. L. (2011). La inversión inmobiliaria en España 2001-2011. 10 años de IPD en España. Barañain: Eunsa. DE TORO, J. M. (2009). La marca y sus circunstancias. guía completa de brand management. Barcelona: Deusto. SENDAGORTA, E., MELÉ, D. (2008). Liderazgo y espiritualidad. Reus: Empresa & Humanidades.

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. ORMAZABAL, G., FITÉ, R. M. (2024). Ver, contar y hacer crecer el valor. En Fité, R.M.; Nueno, P.; Mehta, K. and Vilà, J. (Eds.), Primero las personas: pensamiento emprendedor para resolver problemas empresariales (pp. 257-269). Barcelona: Gestión 2000. GONZÁLEZ-PÁRAMO, J. M. (2022). Regulating and supervising BigTech in finance. In Holzmann, Robert and Restoy, Fernando (Eds.), Central banks and supervisory architecture in Europe (pp. 181–193). Cheltenham: Edward Elgar Publishing. GIL, R. (2021). La política de competencia y antimonopolio en el ámbito de la cultura en España. En Ateca Amestoy, Victoria; Ganuza, Juan-José & Prieto Sacristán, Jesús (Eds.), Economía y cultura. Una mirada hacia el futuro (pp. 263-293). Madrid: Fundación de las Cajas de Ahorros - FUNCAS. 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.

Studies

FONTRODONA, J., MARTÍNEZ, B. (2024). Hacia una IA ética en la empresa: Aplicaciones, riesgos y respuestas normativas para una IA fiable. IESE. NUENO, J. L., URIEN LUZÓN, A. (2024). Descubriendo la lealtad del consumidor a través de la IA. IESE. RIBERA, J., COHEN, J., CAUSANILLES, A., DE PAZ, H. (2024). Invisitbles. Dando voz al vitíligo. Visibilización de la enfermedad y avances en su manejo. IESE. BORRÀS, J., PLANA, A., RICART, J. E. (2024). El reto de la movilidad en el Área Metropolitana de Barcelona. IESE. CANALS, J., ORMAZABAL, G., SAKASAI, Y. (2024). How can boards improve their effectiveness? 2024 IESE survey on boards of directors. IESE.

Cases

VILLANUEVA, J., INIESTA, F., DE TORO, J. M., FERRÁNDIZ, L. (2024). Cleardent: hincando el diente al mercado. IESE, M-1410. SACCHETTO, S. (2024). Harley-Davidson: Valoración Empresarial con Flujos de Caja Descontados. IESE, FI-1. VALOR SABATIER, J., ZAMORA, J., LAGO, A., SASTRE BOQUET, I. (2024). En la nube: migrar para salvaguardar las operaciones de TI de PrivatBank durante la guerra en Ucrania. IESE, OIT-49. MOSCOSO, P., SASTRE BOQUET, I., LAGO, A. (2024). La estrategia "Reinvención de Starbucks": el rol de su Consejo de Administración. IESE, OIT-52. KLUETER, T. M., SOLER, E. (2024). RELE-Rouen: el consejo de familia. IESE, ASN-107.

Technical Notes

FERRÁNDIZ, L., VILLANUEVA, J., SIMARRO, S., FERNÁNDEZ-VELILLA, R. (2024). Search Engine Marketing (SEM). IESE, MN-422. FERRÁNDIZ, L., VILLANUEVA, J., SIMARRO, S., FERNÁNDEZ-VELILLA, R. (2024). Search Engine Optimization (SEO): Análisis y relevancia. IESE, MN-421. AGUIRREAMALLOA ARIZAGA, J. (2024). Instrumentos de deuda para financiación de pymes. IESE, FN-653. CALLEJA, R., GARCÍA DE SANTOS, T. (2024). Reformista II: estrategias de cambio. IESE, BEN-161. SUÁREZ, J. L., JIMÉNEZ, M. (2023). Ecosystem Services: Definition, Classifications and Valuations. IESE, FN-652-E.

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. 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

EUFINGER, C. (2023). Banking with N26. IESE, F-998-E. EUFINGER, C. (2023). Risk management at Silicon Valley Bank. IESE, F-997-E. 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.

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.