Pablo Fernandez

IESE Business School

Professor of Corporate Finance

Avenida Pearson 21

Barcelona, 08034

Spain

http://web.iese.edu/PabloFernandez/

SCHOLARLY PAPERS

291

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167

CROSSREF CITATIONS

600

Scholarly Papers (291)

1.

Company Valuation Methods

Number of pages: 18 Posted: 22 Jul 2001 Last Revised: 26 May 2019
Pablo Fernandez
IESE Business School
Downloads 64,651 (22)
Citation 21

Abstract:

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Value, Price, Free cash flow, Equity cash flow, Capital cash flow, Book value, Market value, PER, Goodwill, Required return to equity, Working capital requirements

2.

Valuing Companies by Cash Flow Discounting: Ten Methods and Nine Theories

EFMA 2002 London Meetings
Number of pages: 16 Posted: 14 May 2004 Last Revised: 28 May 2019
Pablo Fernandez
IESE Business School
Downloads 37,952 (60)
Citation 3

Abstract:

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discounted cash flows, APV, WACC, Equity Cash Flow, beta

3.

Métodos de valoración de empresas (Company Valuation Methods)

Number of pages: 28 Posted: 15 Sep 2008 Last Revised: 26 Oct 2020
Pablo Fernandez
IESE Business School
Downloads 35,289 (70)

Abstract:

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Value, Price, Free cash flow, Equity cash flow, Capital cash flow, Book value, Market value

4.

Índice Libro Valoración de Empresas y Sensatez (Company Valuation and Common Sense)

Number of pages: 7 Posted: 28 Jan 2013 Last Revised: 14 Oct 2019
Pablo Fernandez
IESE Business School
Downloads 30,912 (89)

Abstract:

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Valuation, Free cash flow, Equity cash flow, Capital cash flow, Book value, Market value, PER, Goodwill, Required return to equity, Working capital requirements

5.

Market Risk Premium Used in 82 Countries in 2012: A Survey with 7,192 Answers

IESE Business School Working Paper No. WP-1059-E
Number of pages: 18 Posted: 16 Jun 2012 Last Revised: 12 Oct 2017
IESE Business School, IESE Business School and IESE
Downloads 25,864 (124)
Citation 18

Abstract:

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equity premium, required equity premium, expected equity premium, historical equity premium, market risk premium

6.

WACC: Definition, Misconceptions and Errors

Number of pages: 8 Posted: 05 Jun 2010 Last Revised: 26 May 2019
Pablo Fernandez
IESE Business School
Downloads 24,225 (140)
Citation 9

Abstract:

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WACC, Required Return to Equity, Value of Tax Shields, Company Valuation, APV, Cost of Debt

7.

Valoración de empresas por descuento de flujos: 10 métodos y 7 teorías (Valuing Companies by Cash Flow Discounting: 10 Methods and 7 Theories)

Number of pages: 16 Posted: 12 Sep 2008 Last Revised: 13 Oct 2019
Pablo Fernandez
IESE Business School
Downloads 19,911 (188)
Citation 3

Abstract:

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discounted cash flows, APV, WACC, equity cash flow

8.

Three Residual Income Valuation Methods and Discounted Cash Flow Valuation

Number of pages: 12 Posted: 16 Jan 2002 Last Revised: 02 Jun 2019
Pablo Fernandez
IESE Business School
Downloads 19,756 (192)
Citation 16

Abstract:

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Cash value added, EVA, Economic profit, Residual income valuation, Discounted cash flow valuation, Valuation

Ten Badly Explained Topics in Most Corporate Finance Books

Number of pages: 13 Posted: 28 Apr 2012 Last Revised: 12 Oct 2017
Pablo Fernandez
IESE Business School
Downloads 18,276 (218)
Citation 1

Abstract:

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WACC, beta, equity premium, EVA, value of tax shields, required return to equity

Ten Badly Explained Topics in Most Corporate Finance Books

IESE Business School Working Paper No. 954
Number of pages: 15 Posted: 07 Jun 2012
Pablo Fernandez
IESE Business School
Downloads 1,112 (26,427)
Citation 3

Abstract:

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WACC, beta, equity premium, EVA, value of tax shields, required return to equity

10.

Valuation Using Multiples: Dispersion. Useful to compare and to negotiate

Number of pages: 13 Posted: 17 Jul 2001 Last Revised: 26 May 2019
Pablo Fernandez
IESE Business School
Downloads 18,242 (225)
Citation 38

Abstract:

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Multiples, Dispersion of multiples, PER, Relative multiples, Analysts' recommendations

11.
Downloads 18,001 (231)
Citation 1

Abstract:

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Valuation, discounted cash flow, equity premium, required equity premium, expected equity premium, beta, VTS

12.

Market Risk Premium Used in 88 Countries in 2014: A Survey with 8,228 Answers

Number of pages: 18 Posted: 15 Jun 2014 Last Revised: 20 Jun 2014
Pablo Fernandez, Pablo Linares and Isabel Fernández Acín
IESE Business School, University of Navarra, IESE Business School and University of Navarra - University of Navarra, Students
Downloads 17,841 (233)
Citation 27

Abstract:

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equity premium; required equity premium; expected equity premium; historical equity premium

13.

Valuation of Brands and Intellectual Capital

Number of pages: 19 Posted: 29 May 2001 Last Revised: 26 May 2019
Pablo Fernandez
IESE Business School
Downloads 17,040 (253)
Citation 10

Abstract:

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brand, brand value, brand value drivers, brand equity, intellectual capital, brand valuation, brand valuation process

14.

Survey: Market Risk Premium and Risk-Free Rate used for 81 countries in 2020

IESE Business School Working Paper No. WP-1244-E
Number of pages: 15 Posted: 25 Mar 2020
Pablo Fernandez, Eduardo de Apellániz and Javier F. Acín
IESE Business School, Instituto de Estudos Sociais e Economicos (IESE) and Independent
Downloads 16,997 (255)
Citation 3

Abstract:

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equity premium; required equity premium; coronavirus; expected equity premium; risk-free rate

15.

Cash Flow Is a Fact: Net Income Is Just an Opinion

Number of pages: 10 Posted: 25 Sep 2002 Last Revised: 02 Jun 2019
Pablo Fernandez
IESE Business School
Downloads 16,426 (275)
Citation 1

Abstract:

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equity cash flow, free cash flow, capital cash flow, net income

16.

170 Errores en Valoraciones de Empresas (170 Errors in Company Valuations)

Number of pages: 47 Posted: 14 Feb 2007 Last Revised: 11 May 2017
Pablo Fernandez
IESE Business School
Downloads 16,391 (276)
Citation 1

Abstract:

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company valuation, equity premium, valuation errors, valoracion de empresas

17.

Market Risk Premium and Risk-Free Rate Used for 69 Countries in 2019: A Survey

Number of pages: 15 Posted: 18 Apr 2019 Last Revised: 26 May 2019
Pablo Fernandez, Mar Martinez and Isabel Fernández Acín
IESE Business School, University of Navarra, IESE Business School and University of Navarra - University of Navarra, Students
Downloads 16,236 (287)
Citation 10

Abstract:

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equity premium; required equity premium; expected equity premium; risk-free rate; heterogeneous expectations

18.

WACC: definición, interpretaciones equivocadas y errores (WACC: Definition and Errors)

Number of pages: 9 Posted: 03 Jul 2010 Last Revised: 13 Oct 2019
Pablo Fernandez
IESE Business School
Downloads 15,617 (316)

Abstract:

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WACC, Required Return to Equity, Value of Tax Shields, Company Valuation, Cost of Debt

19.

EVA and Cash Value Added Do NOT Measure Shareholder Value Creation

Number of pages: 10 Posted: 05 Jun 2001 Last Revised: 02 Jun 2019
Pablo Fernandez
IESE Business School
Downloads 15,484 (318)
Citation 12

Abstract:

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Shareholder value creation, Shareholder return, Value creation, EVA, Cash value added, Economic profit, Management performance indicator, Valuation

20.

CAPM: An Absurd Model

Number of pages: 17 Posted: 07 Oct 2014 Last Revised: 26 May 2019
Pablo Fernandez
IESE Business School
Downloads 14,597 (347)
Citation 6

Abstract:

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CAPM; Expected beta; historical beta; required beta; Expected Market Risk Premium; Required Market Risk Premium; Expected Return to Equity; Required Return to Equity; Company Valuation

Valuation of an Expropriated Company: The Case of YPF and Repsol in Argentina

IESE Business School Working Paper No. WP-1055-E
Number of pages: 14 Posted: 17 Nov 2012 Last Revised: 02 Jun 2019
Pablo Fernandez
IESE Business School
Downloads 7,961 (1,048)

Abstract:

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valuation, expropriation, Argentina, YPF, Repsol

Valoracion de una expropiacion: YPF y Repsol en Argentina (Valuation of an Expropriated Company: The Case of YPF and Repsol in Argentina)

IESE Business School Working Paper No. WP-1055-E
Number of pages: 14 Posted: 06 Dec 2012 Last Revised: 16 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 6,569 (1,476)
Citation 2

Abstract:

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valuation, expropriation, Argentina, YPF, Repsol

22.

Survey: Market Risk Premium and Risk-Free Rate used for 88 countries in 2021

IESE Business School Working Paper
Number of pages: 17 Posted: 16 Jun 2021
Pablo Fernandez, Sofia Bañuls and Pablo Fernandez Acin
IESE Business School, University of Navarra, IESE Business School and Independent
Downloads 14,460 (360)
Citation 1

Abstract:

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equity premium; required equity premium; expected equity premium; risk-free rate; survey

23.

Optimal Capital Structure: Problems with the Harvard and Damodaran Approaches

Number of pages: 12 Posted: 22 May 2001 Last Revised: 02 Jun 2019
Pablo Fernandez
IESE Business School
Downloads 14,401 (361)
Citation 2

Abstract:

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Optimal capital structure, Required return to incremental equity cash flow, Incremental cost of debt, Required return on debt, Required return to equity, Adjusted present value, Return on assets, Return on equity, Weighted average cost of capital, Free cash flow

24.

Market Risk Premium and Risk-Free Rate used for 59 Countries in 2018: A Survey

Number of pages: 16 Posted: 23 Apr 2018
IESE Business School, University of Navarra, IESE Business School and University of Navarra - University of Navarra, Students
Downloads 14,192 (371)
Citation 4

Abstract:

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equity premium; required equity premium; expected equity premium; risk-free rate; heterogeneous expectations

25.

119 Common Errors in Company Valuations

IESE Business School Working Paper No. 714
Number of pages: 27 Posted: 30 Oct 2007 Last Revised: 26 May 2019
Pablo Fernandez and Andrada Bilan
IESE Business School and University of Navarra - IESE Business School
Downloads 14,145 (376)
Citation 11

Abstract:

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company valuation, valuation errors, valuation, historical beta, CAPM

26.

The Equity Premium in 150 Textbooks

Number of pages: 24 Posted: 14 Sep 2009 Last Revised: 26 May 2019
Pablo Fernandez
IESE Business School
Downloads 13,714 (396)
Citation 30

Abstract:

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equity premium, equity premium puzzle, expected equity premium

27.

Prima de Riesgo del Mercado: Histórica, Esperada, Exigida e Implícita (Market Risk Premium: Historical, Expected, Required and Implied)

Number of pages: 22 Posted: 27 Apr 2006 Last Revised: 15 Oct 2019
Pablo Fernandez and Jose M. Carabias
IESE Business School and London School of Economics & Political Science (LSE) - London School of Economics
Downloads 13,695 (397)

Abstract:

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required market risk premium, historical market risk premium, expected market risk premium, risk premium, equity premium, market premium, prima de riesgo

28.

205 Preguntas y Respuestas sobre Finanzas (205 Questions on Finance) (Spanish)

Number of pages: 43 Posted: 29 May 2010 Last Revised: 09 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 13,184 (434)
Citation 1

Abstract:

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Shareholder Value Creation, EVA, Book Value, Return, Valuation, Beta

29.

Valoracion de Marcas e Intangibles (Brand Valuation)

Number of pages: 24 Posted: 27 Mar 2007 Last Revised: 13 Oct 2019
Pablo Fernandez
IESE Business School
Downloads 12,991 (444)

Abstract:

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brand, brand value, brand value drivers, brand equity, intellectual capital, brand valuation, brand valuation process

30.

Valuing Companies by Cash Flow Discounting: Fundamental Relationships and Unnecessary Complications

IESE Business School Working Paper No. WP-1062-E
Number of pages: 14 Posted: 27 Jul 2012 Last Revised: 26 May 2019
Pablo Fernandez
IESE Business School
Downloads 12,148 (502)
Citation 6

Abstract:

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Valuation, discounted cash flow, equity premium, required equity premium, WACC, expected equity premium, beta, VTS

31.

Market Risk Premium and Risk Free Rate Used for 51 Countries in 2013: A Survey with 6,237 Answers

Number of pages: 19 Posted: 15 Jul 2006 Last Revised: 27 Jun 2013
Pablo Fernandez, Javier Aguirreamalloa and Pablo Linares
IESE Business School, IESE Business School and University of Navarra, IESE Business School
Downloads 11,873 (522)
Citation 2

Abstract:

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equity premium, required equity premium, expected equity premium, historical equity premium, risk-free rate, heterogeneous investors

32.

Valuing Real Options: Frequently Made Errors

Number of pages: 15 Posted: 20 Jul 2001 Last Revised: 26 May 2019
Pablo Fernandez
IESE Business School
Downloads 11,731 (528)
Citation 8

Abstract:

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real options, volatility, Black and Scholes, option replication

33.

Shareholder Value Creation: A Definition

Number of pages: 10 Posted: 30 May 2001 Last Revised: 02 Jun 2019
Pablo Fernandez
IESE Business School
Downloads 11,591 (545)
Citation 11

Abstract:

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Shareholder value creation; Created shareholder value; Increase of equity market value; Shareholder value added; Shareholder return; Required return to equity

34.

Are Calculated Betas Good for Anything?

Number of pages: 22 Posted: 20 Feb 2004 Last Revised: 26 May 2019
Pablo Fernandez
IESE Business School
Downloads 11,585 (548)
Citation 32

Abstract:

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Beta, calculated betas

Market Risk Premium Used in 56 Countries in 2011: A Survey with 6,014 Answers

Number of pages: 14 Posted: 26 Apr 2011
IESE Business School, IESE Business School and IESE
Downloads 9,701 (745)
Citation 14

Abstract:

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equity premium, required equity premium, expected equity premium, historical equity premium

Market Risk Premium Used in 56 Countries in 2011: A Survey with 6,014 Answers

IESE Business School Working Paper No. 920
Number of pages: 21 Posted: 21 Oct 2011
IESE Business School, IESE Business School and IESE
Downloads 1,669 (14,399)
Citation 11

Abstract:

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equity premium, required equity premium, expected equity premium, historical equity premium

36.

Valoración y compra de RJR Nabisco (Valuation and Acquisition of RJR Nabisco)

Number of pages: 14 Posted: 17 Apr 2008 Last Revised: 17 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 10,751 (627)

Abstract:

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valuation, shareholder value creation, premium

37.

Discounted Cash Flow Valuation Methods: Examples of Perpetuities, Constant Growth and General Case

Number of pages: 20 Posted: 14 Jun 2005 Last Revised: 26 May 2019
Pablo Fernandez
IESE Business School
Downloads 10,697 (633)
Citation 2

Abstract:

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discounted cash flow valuation, cash flow valuation, value of tax shields, required return to equity

38.

Equity Premium: Historical, Expected, Required and Implied

Number of pages: 25 Posted: 27 Sep 2006 Last Revised: 26 May 2019
Pablo Fernandez
IESE Business School
Downloads 10,572 (645)
Citation 46

Abstract:

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equity premium, equity premium puzzle, required market risk premium, historical market risk premium, expected market risk premium, risk premium, market risk premium, market premium

39.

El Peligro de utilizar Betas Calculadas (The Danger of Using Calculated Betas)

Number of pages: 17 Posted: 27 Apr 2006 Last Revised: 16 Jan 2018
Pablo Fernandez and Jose M. Carabias
IESE Business School and London School of Economics & Political Science (LSE) - London School of Economics
Downloads 10,295 (674)

Abstract:

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Beta, CAPM, historical beta, betas historicas

40.

How to Value a Seasonal Company Discounting Cash Flows

Number of pages: 16 Posted: 18 Jun 2003 Last Revised: 26 May 2019
Pablo Fernandez
IESE Business School
Downloads 9,716 (750)
Citation 3

Abstract:

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valuation of seasonal companies, seasonality, cash flow discounting

41.

71 problemas sencillos de finanzas resueltos y 1.481 respuestas erróneas (71 Basic Finance Problems and 1.481 Wrong Answers)

Number of pages: 27 Posted: 15 Mar 2012 Last Revised: 09 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 9,500 (785)

Abstract:

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Cash flow, exam, NPV, free cash flow, WACC, equity cash flow

42.

Internet Valuations: The Case of Terra-Lycos

Number of pages: 12 Posted: 16 Apr 2001 Last Revised: 26 May 2019
Pablo Fernandez
IESE Business School
Downloads 9,475 (788)
Citation 5

Abstract:

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Internet, Valuation, Internet valuation

43.

Beneficio y flujos. El beneficio es una decisión discutible, pero el cash flow es un hecho (Cash Flow Is a Fact: Net Income Is Just an Opinion)

Number of pages: 15 Posted: 28 Jul 2008 Last Revised: 24 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 9,044 (849)

Abstract:

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Free Cash Flow, equity cash flow, net income, beneficio, flujo

44.

Discount Rate (Risk-Free Rate and Market Risk Premium) Used for 41 Countries in 2015: A Survey

Number of pages: 16 Posted: 25 Apr 2015 Last Revised: 18 Oct 2017
IESE Business School, University of Navarra, IESE Business School and University of Navarra - University of Navarra, Students
Downloads 8,869 (876)
Citation 9

Abstract:

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equity premium; required equity premium; expected equity premium; risk-free rate; heterogeneous expectations

45.

Valuation of Internet-Related Companies

Number of pages: 19 Posted: 15 Apr 2001 Last Revised: 26 May 2019
Pablo Fernandez
IESE Business School
Downloads 8,775 (896)
Citation 2

Abstract:

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Internet, Valuation, Amazon, Microsoft

46.

100 Questions About Finance (100 Preguntas Sobre Finanzas)

Number of pages: 25 Posted: 27 Feb 2008
Pablo Fernandez
IESE Business School
Downloads 8,513 (932)
Citation 2

Abstract:

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Value creation, shareholder value creation, EVA, book value, return

47.

β = 1 Does a Better Job than Calculated Betas

Number of pages: 17 Posted: 19 May 2009 Last Revised: 26 May 2019
Pablo Fernandez and Vicente J. Bermejo
IESE Business School and ESADE Business School
Downloads 8,505 (934)
Citation 8

Abstract:

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beta, historical beta, calculated beta, adjusted beta, common sense

48.

Valoración de opciones reales: dificultades, problemas y errores (Valuing Real Options: Difficulties and Errors)

Number of pages: 19 Posted: 12 Jul 2008 Last Revised: 13 Oct 2019
Pablo Fernandez
IESE Business School
Downloads 8,413 (952)

Abstract:

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Real options, put, call, volatility

49.

Betas utilizadas por directivos y profesores europeos en 2009 (Betas Used by Companies and Professors in Europe: A Survey)

Number of pages: 19 Posted: 15 Jun 2009 Last Revised: 09 Jan 2018
Pablo Fernandez and Vicente J. Bermejo
IESE Business School and ESADE Business School
Downloads 8,337 (969)
Citation 1

Abstract:

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beta, historical beta, calculated beta, common sense

50.

Levered and Unlevered Beta

Number of pages: 16 Posted: 14 Mar 2002 Last Revised: 17 Oct 2008
Pablo Fernandez
IESE Business School
Downloads 8,181 (1,000)
Citation 5

Abstract:

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unlevered beta, levered beta, asset beta, value of tax shields, required return to equity, leverage cost

51.

Market Risk Premium Used in 2010 by Analysts and Companies: A Survey with 2,400 Answers

Number of pages: 15 Posted: 19 May 2010 Last Revised: 24 May 2010
Pablo Fernandez and Javier del Campo Baonza
IESE Business School and affiliation not provided to SSRN
Downloads 8,047 (1,032)
Citation 26

Abstract:

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market risk premium, required equity premium, expected equity premium, historical equity premium

52.

La Prima de Riesgo del Mercado según 100 Libros (The Equity Premium in 100 Books)

Number of pages: 14 Posted: 25 Jul 2008 Last Revised: 16 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 8,026 (1,038)

Abstract:

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equity premium, required market risk premium, historical market risk premium

53.

Equivalence of the Different Discounted Cash Flow Valuation Methods: Different Alternatives for Determining the Discounted Value of Tax Shields and Their Implications for the Valuation

EFMA 2001 Lugano Meetings
Number of pages: 23 Posted: 09 Jan 2000 Last Revised: 16 Oct 2008
Pablo Fernandez
IESE Business School
Downloads 7,884 (1,081)
Citation 6

Abstract:

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valuation methods, WACC, cash flow discounting, Adjusted Present Value

54.

Prima de riesgo del mercado utilizada para España: encuesta 2011 (The Equity Premium in Spain: Survey 2011)

Number of pages: 10 Posted: 26 Apr 2011 Last Revised: 16 Jan 2018
IESE Business School, IESE Business School and IESE
Downloads 7,596 (1,151)
Citation 12

Abstract:

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equity premium, required market risk premium, historical market risk premium, expected market risk premium, market risk premium

55.

Betas Used by Professors: A Survey with 2,500 Answers

Number of pages: 22 Posted: 20 May 2009 Last Revised: 02 Jun 2019
Pablo Fernandez
IESE Business School
Downloads 7,573 (1,158)
Citation 12

Abstract:

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beta, historical beta, calculated beta, common sense

56.

Endesa: valoraciones y OPA a 41 euros/acción en 2007 (Valuations of Endesa and Purchase at 41 Euros/Share in 2007)

Number of pages: 18 Posted: 11 May 2006 Last Revised: 16 Jan 2018
Pablo Fernandez and José Manuel Campa
IESE Business School and University of Navarra - Madrid Campus - IESE Business School
Downloads 7,540 (1,168)
Citation 2

Abstract:

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Endesa, E.ON, Gas Natural, valuation, OPA

57.

Estructura óptima de capital y estructura de varias empresas (Optimal Capital Structure)

Number of pages: 12 Posted: 27 Feb 2011 Last Revised: 17 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 7,365 (1,218)
Citation 1

Abstract:

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Cash flow, Optimal capital structure, Incremental cost of debt, Required return on debt, Required return to equity

58.

Valoración de empresas estacionales por descuento de flujos (How to Value a Seasonal Company Discounting Cash Flows)

Number of pages: 12 Posted: 20 Apr 2009 Last Revised: 13 Oct 2019
Pablo Fernandez
IESE Business School
Downloads 7,313 (1,231)

Abstract:

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Cash flow, seasonal companies, monthly data

59.

Utilidad y limitaciones de las valoraciones por múltiplos (Valuations with Multiples)

Number of pages: 11 Posted: 25 Jul 2006 Last Revised: 02 Nov 2020
Pablo Fernandez and Jose M. Carabias
IESE Business School and London School of Economics & Political Science (LSE) - London School of Economics
Downloads 7,125 (1,292)

Abstract:

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Multiplos, aumento del valor para los accionistas, rentabilidad para los accionistas

60.

18 Topics Badly Explained by Many Finance Professors

Number of pages: 23 Posted: 27 Nov 2018 Last Revised: 02 Jun 2019
Pablo Fernandez
IESE Business School
Downloads 7,083 (1,307)

Abstract:

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WACC, Expected and the Required Rates of Return, Sharpe Ratio, CAPM

61.

La inflación disminuye el valor de las empresas (How Inflation Destroys Value)

Number of pages: 11 Posted: 29 Apr 2008 Last Revised: 13 Oct 2019
Pablo Fernandez
IESE Business School
Downloads 7,062 (1,312)

Abstract:

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company valuation, valuation errors, valuation, inflation

62.

Valoracion de las acciones de Electrabun (Valuation of the Shares of an Electric Company)

Number of pages: 6 Posted: 11 Feb 2012 Last Revised: 16 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 6,966 (1,341)

Abstract:

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Valuation, emerging county, errors in valuation, Free Cash Flow

63.

Tres sentencias judiciales con varios errores sobre la valoración de El Corte Inglés (A True Story About Civil Courts and Company Valuation)

Number of pages: 21 Posted: 20 Jan 2010 Last Revised: 16 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 6,847 (1,390)

Abstract:

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value of growth, value of growing opportunities, book value

64.

Beneficio, flujos, balance reducido y RNC - resta negociada de cuadre (Net Income, Cash Flows, Reduced Balance Sheet and Working Capital Requirements)

Number of pages: 10 Posted: 14 Apr 2006 Last Revised: 17 Jan 2018
Pablo Fernandez, Isabel Fernández Acín and Pablo Linares
IESE Business School, University of Navarra - University of Navarra, Students and University of Navarra, IESE Business School
Downloads 6,692 (1,447)

Abstract:

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equity cash flow, free cash flow, net income, beneficio, flujo

65.

Valoraciones de Amazon, Terra y empresas de Internet (Valuations of Amazon, Terra and Internet Companies)

Number of pages: 22 Posted: 03 Oct 2006 Last Revised: 17 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 6,597 (1,479)
Citation 9

Abstract:

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Internet, Valuation, Internet valuation

66.

Valuation Methods and Shareholder Value Creation

VALUATION METHODS AND SHAREHOLDER VALUE CREATION, Academic Press, 2002
Number of pages: 13 Posted: 22 Nov 2004
Pablo Fernandez
IESE Business School
Downloads 6,559 (1,495)
Citation 1

Abstract:

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Free cash flow, WACC, equity cash flow, required return to equity, capital cash flows, APV, economic profit, EVA, value creation, VTS

67.

CAPM: un modelo absurdo (CAPM: An Absurd Model)

Number of pages: 16 Posted: 23 Sep 2014 Last Revised: 13 Oct 2019
Pablo Fernandez
IESE Business School
Downloads 6,425 (1,548)
Citation 4

Abstract:

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CAPM; Beta; Calculated beta; Market risk premium

68.

Madera Inc: Significado de Fondos Propios y Beneficio (Meaning of Net Worth and Net Income)

Number of pages: 8 Posted: 18 Apr 2013 Last Revised: 17 Jan 2018
Pablo Fernandez, Isabel Fernández Acín and Pablo Linares
IESE Business School, University of Navarra - University of Navarra, Students and University of Navarra, IESE Business School
Downloads 6,233 (1,632)

Abstract:

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net income, net worth, fondos propios, beneficios

69.

On the Instability of Betas

Number of pages: 16 Posted: 29 Feb 2004 Last Revised: 02 Jun 2019
Pablo Fernandez
IESE Business School
Downloads 6,184 (1,660)
Citation 22

Abstract:

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Beta, CAPM, beta-ranked portfolios, historical beta, expected beta

70.

Shareholder Value Creators in the S&P 500: 1991-2010

Number of pages: 11 Posted: 13 Feb 2011 Last Revised: 02 Jun 2019
IESE Business School, IESE Business School and IESE
Downloads 6,131 (1,682)
Citation 2

Abstract:

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Shareholder value creation, created shareholder value, equity market value, shareholder value added, shareholder return, required return to equity

71.

Ejemplos de burbujas: Telepizza y otras 6 empresas (Telepizza and Boston Chicken: Examples of Value Destruction)

Number of pages: 21 Posted: 12 Dec 2006 Last Revised: 17 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 6,111 (1,689)

Abstract:

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Value creation, company valuation, value destruction, analysts

72.

El valor de las Acciones sin Voto: un caso real (The Value of Non-Voting Shares)

Number of pages: 10 Posted: 24 Jun 2011 Last Revised: 16 Jan 2018
IESE Business School, IESE Business School and IESE
Downloads 6,107 (1,692)

Abstract:

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value of voting rights, voting rights, valor del derecho a voto, valor de acciones sin voto

73.

Market Risk Premium Used in 2008 by Professors: A Survey with 1,400 Answers

Number of pages: 21 Posted: 16 Feb 2009 Last Revised: 21 Apr 2009
Pablo Fernandez
IESE Business School
Downloads 6,100 (1,695)
Citation 39

Abstract:

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equity premium puzzle, equity premium, market risk premium, survey

74.

Análisis del trabajo de los analistas y de los gestores de fondos (Analysts and Fund Managers)

Number of pages: 23 Posted: 25 Jul 2004 Last Revised: 24 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 5,960 (1,768)
Citation 2

Abstract:

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Valuation, company valuation, valuation errors

75.

Una respuesta al caso Valoracion de las acciones de ELECTRABUN (An Answser to Valuation of the Shares of an Electric Company)

Number of pages: 10 Posted: 20 Feb 2012 Last Revised: 16 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 5,865 (1,811)

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valuation, emerging county, errors in valuation, Free Cash Flow

76.

10 Errores frecuentes de algunos Abogados sobre Finanzas y Contabilidad (10 Errors of Lawyers About Finance and Accounting)

Number of pages: 13 Posted: 15 Apr 2014 Last Revised: 17 Jan 2018
Pablo Fernandez, Isabel Fernández Acín and Pablo Linares
IESE Business School, University of Navarra - University of Navarra, Students and University of Navarra, IESE Business School
Downloads 5,760 (1,858)
Citation 1

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valuation errors, cash flow, net income, lawyer

77.

Valoración de empresas por descuento de flujos: ejemplos sencillos (Discounted Cash-Flow Valuation. Easy Examples)

Number of pages: 11 Posted: 29 Apr 2014 Last Revised: 13 Oct 2019
Pablo Fernandez
IESE Business School
Downloads 5,740 (1,866)

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discounted cash flows, APV, WACC, Equity Cash Flow, beta, valuation

78.

75 Common and Uncommon Errors in Company Valuation

Number of pages: 28 Posted: 24 Jun 2003
Pablo Fernandez
IESE Business School
Downloads 5,568 (1,952)
Citation 2

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valuation, company valuation, valuation errors

79.

US Market Risk Premium Used in 2011 by Professors, Analysts and Companies: A Survey with 5.731 Answers

Number of pages: 17 Posted: 11 Apr 2011
IESE Business School, IESE Business School and IESE
Downloads 5,408 (2,048)
Citation 21

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equity premium, required equity premium, expected equity premium, historical equity premium

80.

Price to Earnings Ratio, Value to Book Ratio and Growth

Number of pages: 19 Posted: 12 Feb 2013 Last Revised: 26 May 2019
Pablo Fernandez
IESE Business School
Downloads 5,296 (2,124)

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value, price, book value, market value, PER, Price to Book

81.

Preguntas para consejeros sobre el dinero de la empresa (Questions for Board Members)

Number of pages: 6 Posted: 29 Jul 2011 Last Revised: 17 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 5,011 (2,346)
Citation 16

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beneficio, cash flow, net income, flujo, consejeros, Board Members

82.

CAPM: The Model and 307 Comments About It

Number of pages: 46 Posted: 14 Nov 2014 Last Revised: 26 May 2019
Pablo Fernandez
IESE Business School
Downloads 4,968 (2,381)
Citation 6

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CAPM; Expected beta; historical beta; required beta; Expected Market Risk Premium; Required Market Risk Premium; Expected Return to Equity; Required Return to Equity

83.

Valuation of the Shares after an Expropriation: The Case of ElectraBul

Number of pages: 5 Posted: 30 Dec 2012 Last Revised: 02 Jun 2019
Pablo Fernandez
IESE Business School
Downloads 4,794 (2,558)

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valuation, emerging county, errors in valuation, Free Cash Flow, electric

84.

El PER, la Rentabilidad Exigida y el Crecimiento Esperado (PER, Required Return and Expected Growth)

Number of pages: 7 Posted: 30 Apr 2014 Last Revised: 02 Nov 2020
Pablo Fernandez
IESE Business School
Downloads 4,790 (2,568)

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PER, required return, expected growth, rentabilidad exigida, crecimiento esperado

85.

1959 valoraciones de la expropiacion del 51% d YPF (Valuations of the Expropriation of YPF)

Number of pages: 31 Posted: 23 Jan 2013 Last Revised: 16 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 4,757 (2,607)

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valuation, expropriation, Argentina, YPF, Repsol

86.

It Has Been Very Easy to Beat the S&P500 in 2000-2018: Several Examples

Number of pages: 15 Posted: 30 Jun 2018 Last Revised: 02 Jun 2019
Pablo Fernandez and Pablo Fernandez Acin
IESE Business School and Independent
Downloads 4,608 (2,735)

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Unweighted Indexes, Market Unefficient, Sharpe Ratio, Small Companies

87.

A Solution to 'Valuation of the Shares after an Expropriation: The Case of Electrabul'

Number of pages: 11 Posted: 15 Feb 2013 Last Revised: 02 Jun 2019
Pablo Fernandez
IESE Business School
Downloads 4,599 (2,745)

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valuation, emerging county, errors in valuation, Free Cash Flow, electric company

88.

Market Risk Premium Used in 2010 by Professors: A Survey with 1,500 Answers

Number of pages: 15 Posted: 16 May 2010 Last Revised: 17 May 2010
Pablo Fernandez and Javier del Campo Baonza
IESE Business School and affiliation not provided to SSRN
Downloads 4,588 (2,760)
Citation 23

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market risk premium, required equity premium, expected equity premium, historical equity premium

89.

Dividends and Share Repurchases

Number of pages: 11 Posted: 12 Feb 2013 Last Revised: 26 May 2019
Pablo Fernandez
IESE Business School
Downloads 4,542 (2,809)

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value, price, dividends, Share Repurchases, equity cash flow

90.

Interest Rates and Company Valuation

Number of pages: 9 Posted: 12 Feb 2013 Last Revised: 26 May 2019
Pablo Fernandez
IESE Business School
Downloads 4,515 (2,850)

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Value, Interest rates, Yield curve, Treasuries

91.

How Inflation Destroys Value: Taxes

Number of pages: 11 Posted: 12 Feb 2013 Last Revised: 26 May 2019
Pablo Fernandez
IESE Business School
Downloads 4,495 (2,874)

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Value, inflation, free cash flow, equity cash flow

92.

A More Realistic Valuation: APV and WACC with Constant Book Leverage Ratio

IESE Business School Working Paper No. 715
Number of pages: 15 Posted: 21 Nov 2006 Last Revised: 19 Jun 2012
Pablo Fernandez
IESE Business School
Downloads 4,144 (3,287)
Citation 20

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value of tax shields, required return to equity, WACC, company valuation, APV, cost of equity

93.

Bankia y Caja Madrid (Bankia and Caja Madrid)

Number of pages: 24 Posted: 24 Jan 2007 Last Revised: 05 Nov 2019
Pablo Fernandez
IESE Business School
Downloads 4,039 (3,442)

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Bankia, participaciones preferentes, FROB, Banco de España, CNMV, verdad, responsabilidad

94.

Equivalence of Ten Different Methods for Valuing Companies by Cash Flow Discounting

EFMA 2004 Basel Meetings Paper
Number of pages: 25 Posted: 06 May 2004 Last Revised: 19 Oct 2008
Pablo Fernandez
IESE Business School
Downloads 3,977 (3,530)
Citation 21

Abstract:

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95.

339 Questions on Valuation and Finance

Number of pages: 17 Posted: 23 Nov 2013 Last Revised: 02 Jun 2019
Pablo Fernandez
IESE Business School
Downloads 3,942 (3,583)

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flow, net income, intangibles, required return, simple return, weighted return, market premium, beta, value, book value, value creation, EVA, FCF, WACC

96.

WACC and CAPM According to Utilities Regulators: Confusions, Errors and Inconsistencies

Number of pages: 19 Posted: 11 Mar 2019 Last Revised: 02 Jun 2019
Pablo Fernandez
IESE Business School
Downloads 3,936 (3,592)
Citation 4

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Regulatory WACC; Regulatory CAPM; European Redulators; Errors; Confusion

97.

Madera Inc: Significado de las Cuentas de Resultados y de los Balances (Meaning of the P&L and of the Balance Sheet)

Number of pages: 5 Posted: 28 May 2014 Last Revised: 17 Jan 2018
Pablo Fernandez, Isabel Fernández Acín and Pablo Linares
IESE Business School, University of Navarra - University of Navarra, Students and University of Navarra, IESE Business School
Downloads 3,893 (3,643)
Citation 2

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cuenta de resultados, balance, P&L, Balance Sheet, net income, money, Net Worth

98.

1,959 Valuations of the YPF Shares Expropriated to Repsol

Number of pages: 15 Posted: 02 Mar 2013 Last Revised: 02 Jun 2019
Pablo Fernandez
IESE Business School
Downloads 3,872 (3,677)

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valuation, expropriation, Argentina, YPF, Repsol

99.

Is It Ethical to Teach That Beta and CAPM Explain Something?

Number of pages: 37 Posted: 19 Jun 2017 Last Revised: 02 Jun 2019
Pablo Fernandez
IESE Business School
Downloads 3,819 (3,769)
Citation 6

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Ethics, Beta, Models, CAPM, Sharpe, Fama, Required Return, Expected Return, Risk, Recipes

100.

The Most Common Error in Valuations using WACC

Number of pages: 17 Posted: 10 Feb 2020
Pablo Fernandez
IESE Business School
Downloads 3,795 (3,806)
Citation 1

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company valuation; WACC; required return to equity; discounted cash flow; equity cash flows; free cash flows

101.

The Equity Premium in 100 Textbooks

Number of pages: 25 Posted: 25 Jun 2008 Last Revised: 06 Feb 2009
Pablo Fernandez
IESE Business School
Downloads 3,637 (4,072)
Citation 18

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equity premium, required market risk premium, historical market risk premium

102.

Financial Literature About Discounted Cash Flow Valuation

IESE Business School Working Paper No. 606
Number of pages: 24 Posted: 14 Jun 2005
Pablo Fernandez
IESE Business School
Downloads 3,603 (4,141)
Citation 3

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Discounted cash flow valuation, cash flow valuation, value of tax shields, present value of the net increases of debt, required return to equity

103.

21 Bonos Estructurados y 9 Participaciones Preferentes (21 Structured Bonds and 9 Preferred Shares)

Number of pages: 27 Posted: 26 Mar 2012 Last Revised: 24 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 3,597 (4,150)

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structured bonds, Spain, preferred shares, lawyers

104.
Downloads 3,578 (4,191)
Citation 1

Abstract:

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Lehman, CDS, analysts, rating

105.

100 Questions on Finance

Number of pages: 24 Posted: 08 Apr 2008
Pablo Fernandez
IESE Business School
Downloads 3,480 (4,398)

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cash flow; net income, intangibles, required return, simple return, weighted return, market premium, beta, value, book value, value creation, EVA, FCF, WACC

106.

Valoración de Bonos del Estado: Valor Actual y TIR (Valuation of Government Bonds: Present Value and IRR)

Number of pages: 12 Posted: 29 Apr 2014 Last Revised: 13 Apr 2020
Pablo Fernandez and Pablo Fernandez Acin
IESE Business School and Independent
Downloads 3,406 (4,574)

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Bond, Government Bond, present value, internal rate of return

107.

Equivalence of the Apv, Wacc and Flows to Equity Approaches to Firm Valuation

Number of pages: 28 Posted: 29 Jun 2002
Pablo Fernandez
IESE Business School
Downloads 3,387 (4,623)
Citation 1

Abstract:

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108.

Conceptos básicos sobre derivados: Opciones, Forwards y Futuros (Options, Forwards and Futures: Basic Concepts)

Number of pages: 13 Posted: 10 Jul 2014 Last Revised: 24 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 3,318 (4,791)
Citation 4

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Call, Put, Forward, Future, Arbitrage, Arbitraje

109.

Analisis de Bonos: Duracion y Convexidad (Bond Analysis: Duration and Convexity)

Number of pages: 11 Posted: 23 May 2014 Last Revised: 08 Apr 2020
Pablo Fernandez and Pablo Fernandez Acin
IESE Business School and Independent
Downloads 3,299 (4,845)

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duracion, convexidad, duration, convexity, bond, coupon payment

110.

The Market Portfolio is NOT Efficient: Evidences, Consequences and Easy to Avoid Errors

Number of pages: 23 Posted: 06 Mar 2016 Last Revised: 02 Jun 2019
IESE Business School, ISE Business School and University of Navarra, IESE Business School
Downloads 3,258 (4,959)
Citation 1

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Unweighted indexes, Market unefficient, CAPM, Sharpe ratio, efficient portfolio

111.

Algunos Swaps de Tipos de Interés (Some Interest Rate Swaps)

IESE Business School Working Paper No. WP-1063
Number of pages: 24 Posted: 19 Dec 2012 Last Revised: 24 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 3,216 (5,058)
Citation 1

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swap, interest rate swap, Spain, bets, interest rate risk

112.

Market Risk Premium: Required, Historical and Expected

Number of pages: 27 Posted: 12 Oct 2004
Pablo Fernandez
IESE Business School
Downloads 3,176 (5,169)
Citation 2

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Required market risk,premium, historical market risk premium, expected market risk premium, risk premium, equity premium, market premium

113.

80 Common Errors in Company Valuation

Number of pages: 27 Posted: 13 May 2004
Pablo Fernandez
IESE Business School
Downloads 3,138 (5,268)

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Company valuation, valuation errors, valuation

114.

The Correct Value of Tax Shields. An Analysis of 23 Theories

Number of pages: 23 Posted: 21 Jul 2001
Pablo Fernandez
IESE Business School
Downloads 3,037 (5,569)
Citation 15

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Value of the tax shield; Tax shield valuation; APV; Present value of taxes; Required return to taxes; Taxes; Debt value; Creation

115.

Bancos españoles en 1991-2013. Rentabilidad para los accionistas: simple y ponderada (Banks in Spain 1991-2013: All-Period and All-Shareholders Returns)

Number of pages: 24 Posted: 18 Feb 2014 Last Revised: 24 Jan 2018
Pablo Fernandez, Pablo Linares and Isabel Fernández Acín
IESE Business School, University of Navarra, IESE Business School and University of Navarra - University of Navarra, Students
Downloads 3,026 (5,599)

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Banks, Spain, all-period return, all-shareholder return, Santander, BBVA, Popular, Bankinter, Sabadell

116.

Meaning of the P&L and of the Balance Sheet: Madera Inc.

Number of pages: 12 Posted: 22 Oct 2015 Last Revised: 02 Jun 2019
IESE Business School, University of Navarra - University of Navarra, Students and University of Navarra, IESE Business School
Downloads 2,970 (5,783)

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net income, equity, book value of equity, money, dictionary

117.

Balance y Cuenta de Resultados de la Familia Sanz (Balance Sheet and P&L of the Family Sanz)

Number of pages: 9 Posted: 01 May 2015 Last Revised: 17 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 2,809 (6,345)

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cobros y pagos; ingresos y gastos; costes; beneficio; ahorro; familia; net income, savings

118.

Informacion adicional para saber algo de un Banco (Additional Financial Statements to Know Something About Any Bank)

Number of pages: 18 Posted: 24 Feb 2015 Last Revised: 24 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 2,801 (6,375)
Citation 1

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Bank, Loan, Cash flow, Interest, Accrual, Collection

119.

Shareholder Value Creators and Shareholder Value Destroyers in USA: Year 2001

Number of pages: 22 Posted: 04 Feb 2002
Pablo Fernandez and Laura Reinoso
IESE Business School and IESE Business School - University of Navarra
Downloads 2,770 (6,498)
Citation 2

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Shareholder value creation; Created shareholder value; Equity market value; Shareholder value added; Shareholder return; Required return to equity; EVA

120.

All-Shareholder Return, All-Period Returns and Total Index Return

Number of pages: 12 Posted: 23 Nov 2013 Last Revised: 02 Jun 2019
Pablo Fernandez
IESE Business School
Downloads 2,766 (6,512)
Citation 1

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all-shareholder return; shareholder return; unique shareholder; all-period shareholder return

121.

Liberbank: expropiación ilegal de €484 millones. (Liberbank: Preferred Without Preference. An Expropriation of About €484 Million)

Number of pages: 19 Posted: 29 Jun 2014 Last Revised: 05 Nov 2019
Pablo Fernandez
IESE Business School
Downloads 2,759 (6,530)
Citation 4

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Expropiación, Expropriation, Caja Cantabria, Caja Asturias, Caja Extremadura, Liberbank, CNMV, FROB, Banco de España

122.

Liberbank, las Preferentes de Caja Cantabria y el Banco de España (Liberbank, Preferred and Bank of Spain)

Number of pages: 68 Posted: 15 Jun 2006 Last Revised: 24 Jul 2013
Pablo Fernandez
IESE Business School
Downloads 2,724 (6,645)

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Liberbank, participaciones preferentes, FROB, Banco de España, marca España, CNMV, verdad, responsabilidad, código penal, engaño, mentira, fraude, falsedad en documento mercantil, shareholder value added

123.

Abengoa y su Auditoría: Algunas Preguntas (Abengoa and the Audited Accounts: Some Questions)

Number of pages: 27 Posted: 18 Dec 2015 Last Revised: 24 Jan 2018
IESE Business School, University of Navarra, IESE Business School and University of Navarra - University of Navarra, Students
Downloads 2,710 (6,714)
Citation 1

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Abengoa, Auditors, Value, cash flow, perimetro de consolidacion

124.

102 Errors in Company Valuations (102 Errores En Valoraciones De Empresas)

Number of pages: 38 Posted: 14 Apr 2006
Pablo Fernandez
IESE Business School
Downloads 2,710 (6,714)
Citation 1

Abstract:

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125.

Iron West: Analisis de una Inversion (Iron West: Investment Analysis)

Number of pages: 4 Posted: 23 May 2014 Last Revised: 17 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 2,685 (6,797)

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inversión, analisis de inversiones, investment analysis, required return, present value

126.

Facts and Questions About the Crisis in Spain (in Spanish)

Number of pages: 15 Posted: 09 Mar 2011
Pablo Fernandez
IESE Business School
Downloads 2,644 (6,950)

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Crisis, unemployment, common sense, truth, responsibility

127.

Bonos Singulares: Perpetuos, 'Bella Durmiente,' 'Matusalén,' Basura... (Singular Bonds: Perpetuals, Matusalem, Junk Bonds...)

Number of pages: 6 Posted: 23 May 2014 Last Revised: 24 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 2,638 (6,978)

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perpetual bond, Matusalem bond, zero coupon bond, duration

128.

Huge Dispersion of the Risk-Free Rate and Market Risk Premium Used by Analysts in USA and Europe in 2015

Number of pages: 14 Posted: 03 Nov 2015 Last Revised: 12 Oct 2017
IESE Business School, University of Navarra, IESE Business School and University of Navarra - University of Navarra, Students
Downloads 2,528 (7,490)

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analyst, market risk premium; required equity premium; risk-free rate

129.

Discount Rate (Risk-Free Rate and Market Risk Premium) Used for 41 Countries in 2017: A Survey

Number of pages: 15 Posted: 19 Apr 2017
IESE Business School, University of Navarra, IESE Business School and University of Navarra - University of Navarra, Students
Downloads 2,499 (7,639)
Citation 8

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Market Risk Premium; Equity Premium; Required Equity Premium; Expected Equity Premium; Historical Equity Premium

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restructuring, negative book value, fondos propios negativos

131.

El Estado español está quebrado. España todavía no (The Spanish State is Bankrupt. Spain Not Yet)

IESE Business School Working Paper
Number of pages: 19 Posted: 18 Nov 2021 Last Revised: 14 Jan 2022
IESE Business School, Independent and Independent
Downloads 2,467 (7,775)

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Spain, Debt, Social Security, VAT, Personal Income Tax

132.

Primera Pregunta sobre la Crisis de España (First Question About the Crisis in Spain)

Number of pages: 26 Posted: 17 Apr 2012 Last Revised: 12 Nov 2019
Pablo Fernandez
IESE Business School
Downloads 2,438 (7,944)
Citation 2

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Crisis, unemployment, common sense, truth, responsibility, Bank of Spain

133.

Value of Tax Shields (VTS): 3 Theories with 'Some' Sense

Number of pages: 11 Posted: 15 Jan 2015 Last Revised: 29 May 2019
Pablo Fernandez
IESE Business School
Downloads 2,431 (7,972)
Citation 3

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value of tax shields, VTS, required return to equity, WACC, company valuation, APV, cost of equity

134.

Rentabilidad De Los Fondos De Inversión En España 1998-2013 (Return of Mutual Funds in Spain 1998-2013)

Number of pages: 13 Posted: 22 Feb 2014 Last Revised: 27 May 2017
Pablo Fernandez, Pablo Linares and Pablo Fernandez Acin
IESE Business School, University of Navarra, IESE Business School and Independent
Downloads 2,408 (8,097)
Citation 2

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Mutual Funds, Spain, Mutual Fund Performance, Fondos de Inversion

135.

El descenso bursátil de 2008 (The Stock Market Crash of 2008)

Number of pages: 10 Posted: 13 Oct 2015
Pablo Fernandez and Vicente J. Bermejo
IESE Business School and ESADE Business School
Downloads 2,382 (8,229)

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Share price, Maximum, Minimum, IBEX 35

136.

Liberbank y las Preferentes de Caja Cantabria: derecho y sensatez (Liberbank and the Preferred Shares of Caja Cantabria: Law and Common Sense)

Number of pages: 23 Posted: 29 Apr 2014 Last Revised: 05 Nov 2019
Pablo Fernandez
IESE Business School
Downloads 2,378 (8,253)
Citation 1

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Caja Cantabria, Caja Asturias, Caja Extremadura, Liberbank, auditor

137.

Net Income, Cash Flows, Reduced Balance Sheet and WCR (Working Capital Requirements)

Number of pages: 17 Posted: 22 Oct 2015 Last Revised: 02 Jun 2019
IESE Business School, University of Navarra - University of Navarra, Students and University of Navarra, IESE Business School
Downloads 2,375 (8,268)

Abstract:

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Equity Cash Flow, net income, money, Working Capital Requirements

138.

The Value of Tax Shields is Not Equal to the Present Value of Tax Shields

EFMA 2003 Helsinki Meetings
Number of pages: 22 Posted: 05 May 2003 Last Revised: 05 Aug 2008
Pablo Fernandez
IESE Business School
Downloads 2,359 (8,341)
Citation 5

Abstract:

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value of tax shields, required return to equity, leverage cost, unlevered beta, levered beta

139.

El Corte Inglés, Mercadona, DIA y Amazon: Análisis de Balances y Cuentas de Resultados de Cuatro Empresas (Analysis of Balance Sheets and P&Ls of Four Companies)

Number of pages: 18 Posted: 09 Dec 2015 Last Revised: 24 Jan 2018
IESE Business School, University of Navarra, IESE Business School and University of Navarra - University of Navarra, Students
Downloads 2,274 (8,825)

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net income, beneficio, tesorería, cash, balance reducido, reduced balance sheet

140.

Meaning of Net Income and Shareholders’ Equity

Number of pages: 16 Posted: 25 Oct 2015 Last Revised: 02 Jun 2019
IESE Business School, University of Navarra - University of Navarra, Students and University of Navarra, IESE Business School
Downloads 2,258 (8,944)

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Book Value, Free cash flow, Equity cash flow, Capital cash flow, Book value, Market value, Net Income, Working capital requirements

141.

'Normalized' Risk-Free Rate: Fiction or Science Fiction?

Number of pages: 16 Posted: 15 Dec 2020
Pablo Fernandez
IESE Business School
Downloads 2,253 (8,978)

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Normalized Risk-Free rate; normalization; company valuation; WACC; required return to equity; discounted cash flow

142.

The Value of Tax Shields is Not Equal to the Present Value of Tax Shields: A Correction

Number of pages: 8 Posted: 03 Feb 2005
Pablo Fernandez
IESE Business School
Downloads 2,245 (9,016)
Citation 20

Abstract:

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Value of tax shields, present value of the net increases of debt, required return to equity

143.

Contabilidad: Qué Dice y qué no Dice (Accounting: What It Is and What It Is Not)

Number of pages: 18 Posted: 19 Jun 2017 Last Revised: 24 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 2,210 (9,239)

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Net Income, Equity Cash Flow, Accounting, Money

144.

A General Formula for the Wacc: A Correction

Number of pages: 6 Posted: 05 Dec 2006
Pablo Fernandez
IESE Business School
Downloads 2,167 (9,575)
Citation 7

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WACC, required return to equity, value of tax shields, company valuation, APV, cost of equity

145.

Rentabilidad y creación de valor de 121 empresas españolas hasta el 31 de octubre de 2008 (Shareholder Return of Spanish Companies in 2008)

Number of pages: 13 Posted: 09 Apr 2008 Last Revised: 27 May 2017
Pablo Fernandez and Vicente J. Bermejo
IESE Business School and ESADE Business School
Downloads 2,104 (10,055)

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Shareholder Value Creation, Spain, Shareholder return

146.

Rentabilidad de los Fondos de Inversión en España. 2006-2021 (Return of Mutual Funds in Spain, 2006-2021)

Number of pages: 12 Posted: 29 Mar 2022
IESE Business School, Independent, Independent and Independent
Downloads 2,090 (10,190)

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Mutual Funds, Spain, Mutual Fund Performance, Fondos de Inversion

147.

23 errores y faltas de sensatez de algunos Abogados del Estado (23 Errors of some State Lawyers)

Number of pages: 14 Posted: 11 Jul 2015 Last Revised: 24 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 2,077 (10,271)
Citation 1

Abstract:

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Valor de las acciones, beneficio, preferencia, equity value, net income

148.

A Wrong Valuation Using WACC and the Right Solution

IESE Business School Working Paper No. WP-1249-E
Number of pages: 13 Posted: 08 May 2020
Pablo Fernandez
IESE Business School
Downloads 2,071 (10,320)
Citation 1

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company valuation; WACC; required return to equity; discounted cash flow; equity cash flows; free cash flows; tax shields

149.

96 Common Errors in Company Valuations

Number of pages: 29 Posted: 07 Apr 2006
Pablo Fernandez and Jose M. Carabias
IESE Business School and London School of Economics & Political Science (LSE) - London School of Economics
Downloads 2,066 (10,361)
Citation 2

Abstract:

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company valuation, valuation errors, valuation

150.

Shareholder Value Creation in Europe. Eurostoxx 50: 1997-2003

Number of pages: 23 Posted: 13 Apr 2004
Pablo Fernandez and Alvaro Villanueva
IESE Business School and University of Navarra - IESE Business School
Downloads 2,039 (10,599)
Citation 2

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Shareholder value creation, created shareholder value, shareholder value added, shareholder return

151.

A Case of Insider Trading in Spain (in Spanish)

Number of pages: 19 Posted: 30 Jul 2009 Last Revised: 09 Sep 2009
Pablo Fernandez
IESE Business School
Downloads 2,036 (10,629)

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insider trading, judges, Spain, indirect transactions

152.

Rentabilidad de los Fondos de Pensiones en España. 2003-2018 (Return of Pension Funds in Spain. 2003-2018)

Number of pages: 25 Posted: 03 Feb 2019
Pablo Fernandez and Juan Fernández Acín
IESE Business School and Independent
Downloads 2,035 (10,644)

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Pension Funds, Mutual Funds, INVERCO, Spain, Fondos Pensiones

153.

Shareholder Value Creation of Microsoft and Ge

Number of pages: 16 Posted: 29 Jun 2004
Pablo Fernandez
IESE Business School
Downloads 2,033 (10,662)

Abstract:

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Shareholder value added, shareholder value creation, created shareholder value

154.

Return of Mutual Funds in Spain 1991-2009 (Rentabilidad de los Fondos de Inversión en España 1991-2009) (Spanish)

Number of pages: 23 Posted: 29 Jan 2010
Pablo Fernandez and Javier del Campo Baonza
IESE Business School and affiliation not provided to SSRN
Downloads 1,978 (11,153)

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Mutual Funds, Spain, Benchmark, Mutual Fund Performance

155.

71 Problemas Sencillos de Finanzas Resueltos y 1481 Respuestas Erróneas (71 Simple Problems of Finance: Solution and 1481 Wrong Answers)

IESE Business School Working Paper No. WP 1058
Number of pages: 25 Posted: 08 Oct 2014 Last Revised: 16 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 1,852 (12,398)

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156.

Shareholder Value Creators and Shareholder Value Destroyers in USA: Year 2000

Number of pages: 20 Posted: 06 Jun 2001
Pablo Fernandez
IESE Business School
Downloads 1,843 (12,466)
Citation 1

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Shareholder value creation; Created shareholder value; Equity market value; Shareholder value added; Shareholder return; Required return to equity; EVA

157.

Para mejorar el Dictamen del Congreso sobre la Crisis Financiera (To Improve the Congress Report on the Financial Crisis)

Number of pages: 23 Posted: 17 Jan 2019 Last Revised: 05 Nov 2019
Pablo Fernandez
IESE Business School
Downloads 1,837 (12,532)

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banking crisis in Spain; Bank of Spain; unemployment; Spanish Congress Report

158.

210 Errores en Valoraciones de Empresas (210 Errors in Company Valuations)

Number of pages: 53 Posted: 17 Mar 2017 Last Revised: 13 Oct 2019
Pablo Fernandez
IESE Business School
Downloads 1,803 (12,923)

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company valuation, equity premium, valuation errors, valoracion de empresas

159.

Dilema Familiar moral sobre Impuestos y Respuestas de Lectores (Tax Dilemma About Family Taxes and Answers from Readers)

Number of pages: 50 Posted: 25 Jan 2016 Last Revised: 24 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 1,762 (13,389)
Citation 1

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Taxes, Spain, Marriage deductions, ethics, law and ethics

160.

IBEX 35: 1991-2014. Rentabilidad y Creacion de Valor (IBEX 35: 1991-2014. Value Creation and Return)

Number of pages: 18 Posted: 24 Feb 2015 Last Revised: 24 Jan 2018
Pablo Fernandez and Alberto Ortiz Pizarro
IESE Business School and University of Navarra, IESE Business School
Downloads 1,745 (13,606)
Citation 2

Abstract:

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IBEX 35, shareholder value creation, IGBM, ITBM, Spain

161.

Valuing Companies by Cash Flow Discounting: Only APV Does Not Require Iteration

Number of pages: 18 Posted: 19 Oct 2020
Pablo Fernandez
IESE Business School
Downloads 1,738 (13,711)

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discounted cash flows, APV, WACC, Equity Cash Flow, beta, iteration

162.

Mutual Funds in Spain (Rentabilidad de los Fondos de Inversion en 1991-2006)

Number of pages: 21 Posted: 02 May 2007
Pablo Fernandez, Jose M. Carabias and Lucia de Miguel
IESE Business School, London School of Economics & Political Science (LSE) - London School of Economics and University of Navarra - IESE Business School
Downloads 1,730 (13,802)
Citation 2

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mutual funds, Spain, benchmark, mutual fund performance

163.

Rentabilidad de los Fondos de Pensiones en España, 2001-2011(Pension Funds in Spain, 2001-2011)

IESE Business School Working Paper No. WP-1060
Number of pages: 26 Posted: 07 Feb 2012
IESE Business School, IESE Business School and IESE
Downloads 1,714 (14,001)

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pension funds, mutual funds, INVERCO, Spain, benchmark

164.

IBEX 35: 1991-2010 - Value Creation and Return

Number of pages: 16 Posted: 11 Jan 2011 Last Revised: 23 Jan 2011
IESE Business School, IESE Business School and IESE
Downloads 1,684 (14,417)

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IBEX 35, shareholder value creation, IGBM, ITBM, Spain

165.

Rentabilidad de los Fondos de Pensiones en España. 2000-2015 (Return of Pension Funds in Spain. 2000-2015)

Number of pages: 20 Posted: 30 Jan 2016 Last Revised: 24 Jan 2018
IESE Business School, University of Navarra, IESE Business School, Independent and University of Navarra - University of Navarra, Students
Downloads 1,681 (14,463)
Citation 1

Abstract:

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pension funds, mutual funds, INVERCO, Spain, fondos pensiones

166.

Equity Mutual Funds in Spain (Fondos de Inversión de Renta Variable Nacional 1991-2006)

Number of pages: 19 Posted: 10 May 2007
Pablo Fernandez, Jose M. Carabias and Lucia de Miguel
IESE Business School, London School of Economics & Political Science (LSE) - London School of Economics and University of Navarra - IESE Business School
Downloads 1,655 (14,819)
Citation 2

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Spain, equity mutual funds, fondos de inversión, CNMV, INVERCO, benchmark, apreciación de los fondos, TER

167.

Rentabilidad de los Fondos de Pensiones en España. 2002-2017 (Return of Pension Funds in Spain. 2002-2017)

Number of pages: 24 Posted: 17 Feb 2018
IESE Business School, Independent and University of Navarra - University of Navarra, Students
Downloads 1,630 (15,160)

Abstract:

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Pension Funds, Mutual Funds, INVERCO, Spain, Fondos Pensiones

168.

Rentabilidad de los Fondos de Inversión en España, 2003-2018 (Return of Mutual Funds in Spain, 2003-2018)

Number of pages: 13 Posted: 28 Feb 2019
Pablo Fernandez, Juan Fernández Acín and Mar Martinez
IESE Business School, Independent and University of Navarra, IESE Business School
Downloads 1,605 (15,516)
Citation 2

Abstract:

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Mutual Funds, Spain, Mutual Fund Performance, Fondos de Inversion

169.

Rentabilidad de los Fondos de Inversión en España. 2005-2020 (Return of Mutual Funds in Spain, 2005-2020)

Number of pages: 13 Posted: 15 Mar 2021
Pablo Fernandez, Sofia Bañuls and Juan Fernández Acín
IESE Business School, University of Navarra, IESE Business School and Independent
Downloads 1,597 (15,635)

Abstract:

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Mutual Funds, Spain, Mutual Fund Performance, Fondos de Inversion

170.

Rentabilidad De Los Fondos De Pensiones En España. 1999-2014 (Return of Pension Funds in Spain. 1999-2014)

Number of pages: 13 Posted: 28 Feb 2015 Last Revised: 19 May 2015
IESE Business School, University of Navarra, IESE Business School, Independent and University of Navarra - University of Navarra, Students
Downloads 1,595 (15,661)

Abstract:

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pension funds, mutual funds, INVERCO, Spain, fondos pensiones

171.

Fondos de Inversion, 1991-2007 (Mutual Funds in Spain, 1991-2007)

Number of pages: 24 Posted: 25 Feb 2008 Last Revised: 27 May 2017
Pablo Fernandez and Vicente J. Bermejo
IESE Business School and ESADE Business School
Downloads 1,592 (15,705)

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mutual funds, Spain, benchmark, mutual fund performance

172.

Descensos de las cotizaciones de 154 empresas españolas 1991-2008 (Highs and Lows of 154 Spanish Companies)

Number of pages: 21 Posted: 17 Apr 2008 Last Revised: 17 Oct 2015
Pablo Fernandez and Vicente J. Bermejo
IESE Business School and ESADE Business School
Downloads 1,536 (16,582)

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Share price, Maximum, Minimum

173.

IBEX 35: 1992-2007

Number of pages: 20 Posted: 17 Jan 2008 Last Revised: 27 May 2017
Pablo Fernandez and Vicente J. Bermejo
IESE Business School and ESADE Business School
Downloads 1,499 (17,193)
Citation 3

Abstract:

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IBEX 35, shareholder value creation, IGBM, ITBM, Spain

174.

Market Risk Premium Used in 71 Countries in 2016: A Survey with 6,932 Answers

Number of pages: 16 Posted: 09 May 2016
IESE Business School, University of Navarra, IESE Business School and University of Navarra - University of Navarra, Students
Downloads 1,497 (17,229)
Citation 10

Abstract:

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Market risk premium; equity premium; required equity premium; expected equity premium; historical equity premium

175.

Creación de Valor de las Empresas Españolas en 2007 (Shareholder Value Creation of 125 Spanish Companies in 2007)

Number of pages: 22 Posted: 21 Jan 2008 Last Revised: 27 May 2017
Pablo Fernandez and Vicente J. Bermejo
IESE Business School and ESADE Business School
Downloads 1,484 (17,468)

Abstract:

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Shareholder Value Creation, Spain, Shareholder return

176.

A Problem With My Van (Un Problema con mi Furgoneta)

Number of pages: 8 Posted: 30 May 2007
Pablo Fernandez
IESE Business School
Downloads 1,461 (17,888)

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spare key, customer service, ethical precepts, Ethics Committee, action plan

177.

Rentabilidad De Los Fondos De Inversión En España, 2000-2015 (Return of Mutual Funds in Spain, 2000-2015)

Number of pages: 14 Posted: 25 Jan 2016 Last Revised: 31 Jan 2016
IESE Business School, University of Navarra, IESE Business School, Independent and University of Navarra - University of Navarra, Students
Downloads 1,449 (18,099)

Abstract:

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Mutual Funds, Spain, Mutual Fund Performance, Fondos de Inversion

178.

Ranking of the Mutual Fund Industry in Spain: 1991-2010 (Ranking de Gestoras de Fondos de Inversión) (In Spanish)

Number of pages: 10 Posted: 26 Jan 2011
IESE Business School, IESE Business School and IESE
Downloads 1,445 (18,176)

Abstract:

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Mutual Fund Industry, Mutual Funds, Spain, Mutual Fund Performance

179.

Pension Funds in Spain, 1994-2009 (Fondos De Pensiones)

Number of pages: 22 Posted: 01 Mar 2010
Pablo Fernandez and Javier del Campo Baonza
IESE Business School and affiliation not provided to SSRN
Downloads 1,435 (18,381)

Abstract:

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pension funds, mutual funds, INVERCO, Spain, benchmark

180.

Opciones, Forwards y Futuros (Options, Forwards and Futures)

Number of pages: 22 Posted: 12 Jul 2008 Last Revised: 18 Oct 2013
Pablo Fernandez
IESE Business School
Downloads 1,422 (18,647)

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Option, put, call, future, forward

181.

Fondos de Pensiones en España, 1991-2007 (Pension Funds in Spain, 1991-2007)

Number of pages: 24 Posted: 04 Mar 2008 Last Revised: 27 May 2017
Pablo Fernandez and Vicente J. Bermejo
IESE Business School and ESADE Business School
Downloads 1,416 (18,758)

Abstract:

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pension funds, fondos de pensiones, fondos de inversion, INVERCO, Spain, benchmark

182.

Preguntas Y Respuestas Sobre Valoración (Questions and Answers on Valuation)

Number of pages: 17 Posted: 22 Oct 2019
Pablo Fernandez
IESE Business School
Downloads 1,377 (19,549)

Abstract:

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Shareholder Value Creation, EVA, Book Value, Return, Valuation, Beta

183.

A General Formula for the WACC: A Comment

International Journal of Business, Vol. 12, No. 3, 2007
Number of pages: 5 Posted: 06 Sep 2007 Last Revised: 14 Oct 2007
Pablo Fernandez
IESE Business School
Downloads 1,372 (19,660)

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WACC, required return to equity, value of tax shields, company valuation, APV, cost of equity

184.

The Value of Tax Shields is the Difference of Two Present Values with Different Risk

Number of pages: 13 Posted: 17 Dec 2001
Pablo Fernandez
IESE Business School
Downloads 1,345 (20,274)

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Value of tax shields; Tax shields, APV; Costs of leverage

185.

Valoración de Opciones por Simulación (Simulation for Option Valuation)

CIIF Working Paper No. 309
Number of pages: 56 Posted: 18 Apr 2008 Last Revised: 18 Oct 2013
Pablo Fernandez
IESE Business School
Downloads 1,323 (20,772)

Abstract:

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Simulation, teaching, Black and Scholes

186.

The Correct Value of Tax Shields

Number of pages: 17 Posted: 30 Sep 2002
Pablo Fernandez
IESE Business School
Downloads 1,318 (20,869)
Citation 1

Abstract:

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value of tax shields, required return to equity, leverage cost, unlevered beta, levered beta

187.

Valoración de Bonos con Opciones (Valuation of Bonds with Options)

Number of pages: 14 Posted: 18 Apr 2008 Last Revised: 18 Oct 2013
Pablo Fernandez
IESE Business School
Downloads 1,306 (21,146)

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bonos bolsa, teaching, Black and Scholes, simulation

188.

Bolsa en España. ITBM: 1940-2020 (27marzo), (Spanish Stock Exchange. ITBM. 1940-27 March 2020)

IESE Business School Working Paper No. WP-1243
Number of pages: 8 Posted: 30 Mar 2020
Pablo Fernandez and Eduardo de Apellániz
IESE Business School and Instituto de Estudos Sociais e Economicos (IESE)
Downloads 1,300 (21,302)
Citation 3

Abstract:

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ITBM, IBEX 35, 2020 crisis, coronavirus, descenso de cotizaciones

189.

Telefonica: 1991-2007. Creación de valor y rentabilidad (Shareholder Value Creation of Telefonica: 1991-2007)

Number of pages: 37 Posted: 30 Jan 2008 Last Revised: 27 May 2017
Pablo Fernandez and Vicente J. Bermejo
IESE Business School and ESADE Business School
Downloads 1,297 (21,383)

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Telefonica, IBEX, shareholder return, shareholder value creation

190.

Rentabilidad de los Fondos de Inversión en España, 1999-2014 (Return of Mutual Funds in Spain, 1999-2014)

Number of pages: 12 Posted: 07 Mar 2015
IESE Business School, University of Navarra, IESE Business School, Independent and University of Navarra - University of Navarra, Students
Downloads 1,294 (21,472)

Abstract:

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Mutual Funds, Spain, Mutual Fund Performance, Fondos de Inversion

191.

APV and WACC with Constant Book Leverage Ratio

Number of pages: 14 Posted: 15 Apr 2007
Pablo Fernandez
IESE Business School
Downloads 1,264 (22,236)
Citation 1

Abstract:

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value of tax shields, required return to equity, WACC, company valuation, APV, cost of equity

192.

Convertibles in Spain: An Example of 'Back Door' Equity Financing

Number of pages: 37 Posted: 13 Nov 2001
Pablo Fernandez
IESE Business School
Downloads 1,252 (22,543)
Citation 1

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Convertible bonds; "Back Door" equity financing; Undervaluation; Expropriation

193.

The Equity Premium in July 2008: Survey (in Spanish)

Number of pages: 10 Posted: 14 Jul 2008
Pablo Fernandez
IESE Business School
Downloads 1,243 (22,790)
Citation 4

Abstract:

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equity premium, required market risk premium, historical market risk premium, expected market risk premium, market risk premium

194.

Ranking of the Mutual Fund Industry in Spain: 1994-2009 (Ranking de Gestoras de Fondos de Inversión en España 1994-2009) (Spanish)

Number of pages: 26 Posted: 03 Feb 2010 Last Revised: 15 Feb 2010
Pablo Fernandez and Javier del Campo Baonza
IESE Business School and affiliation not provided to SSRN
Downloads 1,238 (22,932)
Citation 1

Abstract:

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Mutual Fund Industry, Mutual Funds, Spain, Mutual Fund Performance

195.

Common Sense and Illogical Models: Finance and Financial Economics

Number of pages: 35 Posted: 30 Jan 2017 Last Revised: 02 Jun 2019
Pablo Fernandez
IESE Business School
Downloads 1,209 (23,773)
Citation 4

Abstract:

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Finance, Financial Economics, Models, CAPM, Sharpe, Fama, Required return, Risk

196.

Rentabilidad de los Fondos de Pensiones en España. 1998-2013 (Pension Funds in Spain. 1998-2013)

Number of pages: 13 Posted: 11 Feb 2014 Last Revised: 12 Feb 2014
Pablo Fernandez, Pablo Linares and Pablo Fernandez Acin
IESE Business School, University of Navarra, IESE Business School and Independent
Downloads 1,205 (23,875)
Citation 1

Abstract:

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pension funds, mutual funds, INVERCO, Spain, fondos pensiones

197.

Rentabilidad De Los Fondos De Inversion En España, 2001-2011 (Mutual Funds in Spain, 2001-2011)

IESE Business School Working Paper No. WP-1061
Number of pages: 26 Posted: 16 Feb 2012
IESE Business School, IESE Business School and IESE
Downloads 1,197 (24,124)

Abstract:

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fondos de inversion, CNMV, INVERCO, rentabilidad para los partícipes, benchmark, TER

198.

Shareholder Value Creation of Utilities in Spain: 1991-2006

Number of pages: 47 Posted: 17 Feb 2007
Pablo Fernandez and Jose M. Carabias
IESE Business School and London School of Economics & Political Science (LSE) - London School of Economics
Downloads 1,178 (24,642)

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Endesa, Iberdrola, Union Fenosa, Shareholder Value Creation

199.

Finance for Managers

Number of pages: 17 Posted: 13 Jun 2019
Pablo Fernandez
IESE Business School
Downloads 1,123 (26,438)

Abstract:

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Value, Price, Free cash flow, Equity cash flow, Capital cash flow, Book value, Market value, PER, Goodwill, Required return to equity, Working capital requirements

200.

IBEX 35: 1991-2009 - Value Creation and Return

Number of pages: 15 Posted: 23 Jan 2010 Last Revised: 06 Feb 2010
Pablo Fernandez and Javier del Campo Baonza
IESE Business School and affiliation not provided to SSRN
Downloads 1,123 (26,438)

Abstract:

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IBEX 35, shareholder value creation, IGBM, ITBM, Spain

201.

Bancos españoles en 1991-2007. Creación de valor y rentabilidad para los accionistas (Shareholder Value Creation of Banks in Spain: 1991-2007)

Number of pages: 50 Posted: 12 Feb 2008 Last Revised: 27 May 2017
Pablo Fernandez and Vicente J. Bermejo
IESE Business School and ESADE Business School
Downloads 1,111 (26,877)

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Value creation, shareholder value creation, Santander, BBVA, Popular, Bankinter, weighted shareholder return

202.

Shareholder Value Creators and Shareholder Value Destroyers in USA. Year 2002

Number of pages: 20 Posted: 14 Apr 2003
Pablo Fernandez and Laura Reinoso
IESE Business School and IESE Business School - University of Navarra
Downloads 1,071 (28,324)

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203.

Using the Black and Scholes Formula (in Spanish)

Number of pages: 30 Posted: 07 Apr 2008
Pablo Fernandez
IESE Business School
Downloads 1,057 (28,844)

Abstract:

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Black and Scholes, volatility, arbitrage, early exercise, put, call

204.

Shareholder Value Creation of 125 Spanish Companies in 2009 (Spanish)

Number of pages: 12 Posted: 12 Feb 2010
Pablo Fernandez
IESE Business School
Downloads 996 (31,398)

Abstract:

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shareholder value creation, Spain, shareholder return, shareholder value destruction

205.

Which is the Right 'Market Beta'? 1,385 US Companies and 147 Betas/Company in a Single Date

Number of pages: 13 Posted: 18 Oct 2014 Last Revised: 02 Jun 2019
ISE Business School, IESE Business School, University of Navarra - University of Navarra, Students and University of Navarra, IESE Business School
Downloads 988 (31,786)
Citation 2

Abstract:

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Beta, calculated betas, beta ranking, CAPM

206.

Rentabilidad De Los Fondos De Inversión En España, 2001-2016 (Return of Mutual Funds in Spain, 2001-2016)

Number of pages: 11 Posted: 17 Mar 2017
IESE Business School, University of Navarra, IESE Business School, Independent and University of Navarra - University of Navarra, Students
Downloads 984 (31,948)

Abstract:

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Mutual Funds, Spain, Mutual Fund Performance, Fondos de Inversion

207.
Downloads 981 (32,079)

Abstract:

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cash flow, Valuation, exam, NPV, free cash flow, WACC, equity cash flow

208.

3 Artículos cortos sobre Finanzas y Sensatez (3 Notes About Finance and Common Sense)

Number of pages: 19 Posted: 04 Jul 2015
IESE Business School, University of Navarra, IESE Business School and University of Navarra - University of Navarra, Students
Downloads 961 (32,993)

Abstract:

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auditoria, pension, management, buen gobierno

209.

Rentabilidad de los Fondos de Pensiones en España, 2002-2012 (Pension Funds in Spain, 2002-2012)

Number of pages: 15 Posted: 13 Feb 2013
Pablo Fernandez, Javier Aguirreamalloa and Pablo Linares
IESE Business School, IESE Business School and University of Navarra, IESE Business School
Downloads 955 (33,326)

Abstract:

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pension funds, mutual funds, INVERCO, Spain, fondos pensiones

210.

Comisión RESI para el Tribunal Supremo (RESI Committee for the Supreme Court)

Number of pages: 11 Posted: 21 Feb 2018 Last Revised: 10 Mar 2018
Pablo Fernandez
IESE Business School
Downloads 952 (33,479)

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Tribunal Supremo, Jurisprudencia, Swap muy sencillo, Supreme Court, Jurisprudence, Swap very simple

211.

The Value of Tax Shields and the Risk of the Net Increase of Debt

Number of pages: 22 Posted: 24 Feb 2004
Pablo Fernandez
IESE Business School
Downloads 952 (33,479)
Citation 7

Abstract:

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Value of tax shields, present value of the net increases of debt

212.

Rentabilidad de los Fondos de Pensiones en España. 2004-2019 (Return of Pension Funds in Spain. 2004-2019)

IESE Business School Working Paper No. WP-1246
Number of pages: 26 Posted: 17 Mar 2020
IESE Business School, Instituto de Estudos Sociais e Economicos (IESE) and Independent
Downloads 949 (33,623)

Abstract:

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Pension Funds, Mutual Funds, INVERCO, Spain, Fondos Pensiones

213.

Rentabilidad de los Fondos de Inversion en España, 2002-2012 (Mutual Funds in Spain, 2002-2012)

Number of pages: 15 Posted: 02 Mar 2013
Pablo Fernandez, Javier Aguirreamalloa and Pablo Linares
IESE Business School, IESE Business School and University of Navarra, IESE Business School
Downloads 942 (33,974)

Abstract:

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fondos de inversion, CNMV, INVERCO, rentabilidad para los partícipes, mutual funds

214.

Ranking of the Pension Fund Industry in Spain: 1994-2009 (Ranking De Gestoras De Fondos De Pensiones En España 1994-2009)

Number of pages: 19 Posted: 04 Mar 2010
Pablo Fernandez and Javier del Campo Baonza
IESE Business School and affiliation not provided to SSRN
Downloads 939 (34,125)

Abstract:

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Pension Fund Industry, Pension Funds, Spain, Pension Fund Performance

215.

Valuing Companies with a Fixed Book-Value Leverage Ratio

Number of pages: 37 Posted: 13 Nov 2005
Pablo Fernandez
IESE Business School
Downloads 930 (34,591)

Abstract:

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valuation, company valuation, valuation errors, value of tax shields, present value of the net increases of debt, required return to equity

216.

Rentabilidad de los Fondos de Inversion 1991-2008 (Mutual Funds in Spain 1991-2008)

Number of pages: 22 Posted: 04 Feb 2009 Last Revised: 13 Oct 2015
Pablo Fernandez and Vicente J. Bermejo
IESE Business School and ESADE Business School
Downloads 927 (34,747)

Abstract:

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mutual funds, Spain, benchmark, mutual fund performance

217.

Pension Funds in Spain, 1991-2006 (Fondos de Pensiones en España, 1991-2006)

Number of pages: 15 Posted: 29 May 2007
Pablo Fernandez, Jose M. Carabias and Lucia de Miguel
IESE Business School, London School of Economics & Political Science (LSE) - London School of Economics and University of Navarra - IESE Business School
Downloads 913 (35,561)

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pension funds, fondos de pensiones, fondos de inversion, INVERCO, rentabilidad para los partícipes, benchmark

218.

Creation of Value for the Shareholders of the Bank Santander 1991-2006

Number of pages: 40 Posted: 24 Jan 2007
Pablo Fernandez and Jose M. Carabias
IESE Business School and London School of Economics & Political Science (LSE) - London School of Economics
Downloads 892 (36,675)

Abstract:

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Santander, IBEX, EuroStoxx, shareholder value creation

219.

Ingresos del Estado español: origen, distribución y sostenibilidad (Revenues of the Spanish State: Origin, Distribution and Sustainability)

Number of pages: 17 Posted: 16 Dec 2019
Pablo Fernandez and Eduardo de Apellániz
IESE Business School and Instituto de Estudos Sociais e Economicos (IESE)
Downloads 890 (36,795)

Abstract:

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Estado Español; Seguridad Social; IVA; IRPF; Impuesto de Sociedades; Social Security; VAT; Personal Income Tax

220.

Crisis En España: Omisiones Del Banco De España (Crisis in Spain: Omissions of the Bank of Spain)

Number of pages: 26 Posted: 14 Sep 2017 Last Revised: 05 Nov 2019
Pablo Fernandez
IESE Business School
Downloads 883 (37,200)

Abstract:

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banking crisis in Spain; Bank of Spain; unemployment

221.

Ranking of the Pension Fund Industry in Spain: 1990-2010 (Ranking De Gestoras De Fondos De Pensiones)

Number of pages: 8 Posted: 31 Jan 2011
IESE Business School, IESE Business School and IESE
Downloads 879 (37,453)

Abstract:

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Pension Fund Industry, Pension Funds, Spain, Pension Fund Performance

222.

Finanzas y Economía Financiera (Finance and Financial Economics)

Number of pages: 27 Posted: 20 Jan 2017 Last Revised: 24 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 868 (38,125)

Abstract:

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Market Risk Premium; Required Equity Premium; Expected Equity Premium; Finance; Financial Economics

223.

The Equity Premium Puzzle: High Required Premium, Undervaluation and Self Fulfilling Prophecy

IESE Business School Working Paper
Number of pages: 25 Posted: 29 Sep 2008 Last Revised: 27 Dec 2008
IESE Business School, IESE Business School and University of Navarra - IESE Business School
Downloads 862 (38,496)
Citation 18

Abstract:

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equity premium puzzle, required equity premium, historical equity premium

224.

Rentabilidad de los Fondos de Inversión en España, 2004-2019 (Return of Mutual Funds in Spain, 2004-2019)

IESE Business School Working Paper No. WP-1245
Number of pages: 14 Posted: 19 Mar 2020
IESE Business School, Instituto de Estudos Sociais e Economicos (IESE) and Independent
Downloads 844 (39,634)

Abstract:

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Mutual Funds, Spain, Mutual Fund Performance, Fondos de Inversion

225.

Maquitech: Financiación de la Diversificación (Maquitech: Financing of Diversification)

Number of pages: 5 Posted: 12 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 820 (41,275)

Abstract:

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Cuenta de Resultados, Balance, P&L, Balance Sheet, Net Income, Money, Net Worth

226.

Shareholder Value Creation of Banks in Spain: 1991-2006

Number of pages: 49 Posted: 06 Feb 2007
Pablo Fernandez and Jose M. Carabias
IESE Business School and London School of Economics & Political Science (LSE) - London School of Economics
Downloads 814 (41,620)

Abstract:

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Value creation, shareholder value creation, Santander, BBVA, Popular, Bankinter, weighted shareholder return

227.

Bolsas en España y USA en 1940-2020. ITBM y S&P (Stock Markets in Spain and USA in 1940-2020. ITBM and S&P)

IESE Business School Working Paper No. WP-1242
Number of pages: 9 Posted: 06 Apr 2020
Pablo Fernandez and Eduardo de Apellániz
IESE Business School and Instituto de Estudos Sociais e Economicos (IESE)
Downloads 810 (41,923)

Abstract:

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ITBM, S&P Composite, 2020 crisis, coronavirus, inflación

228.

IBEX 35: Shareholder Value Creation 1992-2006

Number of pages: 21 Posted: 24 Jan 2007
Pablo Fernandez and Jose M. Carabias
IESE Business School and London School of Economics & Political Science (LSE) - London School of Economics
Downloads 802 (42,484)

Abstract:

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IBEX 35, Shareholder value creation, IGBM, ITBM

229.

BBVA: 1991-2007 (BBVA: 1991-2007)

Number of pages: 41 Posted: 06 Feb 2008 Last Revised: 27 May 2017
Pablo Fernandez and Vicente J. Bermejo
IESE Business School and ESADE Business School
Downloads 786 (43,653)

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Value creation, shareholder value creation, BBVA, Banco Bilbao Vizcaya Argentaria

230.

Once índices bursátiles 2007- 15 abril 2020 y desempleo en 30 países 2000-2020 (Eleven Stock Market Indices 2007- April 15, 2020 and Unemployment in 30 Countries 2000-2020)

IESE Business School Working Paper No. WP-1241
Number of pages: 13 Posted: 21 Apr 2020
Pablo Fernandez and Eduardo de Apellániz
IESE Business School and Instituto de Estudos Sociais e Economicos (IESE)
Downloads 777 (44,296)

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IBEX, S&P, DAX, CAC, Unemployment, 2020 Crisis, coronavirus

231.

Once índices bursátiles 2007- 7 enero 2021 y desempleo en 30 países 2000-2020 (Eleven Stock Market Indices 2007- January 7, 2021 and Unemployment in 30 Countries 2000-2020)

IESE Business School Working Paper
Number of pages: 15 Posted: 16 Jan 2021
Pablo Fernandez and Sofia Bañuls
IESE Business School and University of Navarra, IESE Business School
Downloads 775 (44,461)

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IBEX, S&P, DAX, CAC, Unemployment, 2020 Crisis, coronavirus, COVID

232.

Fondos de Pensiones, 1991-2008 (Pension Funds in Spain, 1991-2008)

Number of pages: 22 Posted: 04 Mar 2009 Last Revised: 27 May 2017
Pablo Fernandez and Vicente J. Bermejo
IESE Business School and ESADE Business School
Downloads 772 (44,666)

Abstract:

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pension funds, mutual funds, INVERCO, Spain, benchmark

233.

Rentabilidad y creación de valor de 136 empresas españolas en 2008 (Shareholder Value Creation of 136 Spanish Companies in 2008)

Number of pages: 12 Posted: 10 Jan 2009 Last Revised: 17 Oct 2015
Pablo Fernandez and Vicente J. Bermejo
IESE Business School and ESADE Business School
Downloads 748 (46,657)

Abstract:

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Shareholder Value Creation, Spain, Shareholder return

234.

Shareholder Value Creation of Banks in Spain: 1991-2010 (in Spanish)

Number of pages: 14 Posted: 04 Feb 2011
IESE Business School, IESE Business School and IESE
Downloads 745 (46,904)

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Value creation, shareholder value creation, Santander, BBVA, Popular, Bankinter, weighted shareholder return

235.
Downloads 723 (48,797)

Abstract:

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Shareholder Value Creation, Spain, Shareholder Return, Shareholder Value Destruction

236.

Banco Santander: 1991-2007. Creación de valor y rentabilidad (Shareholder Value Creation of Santander: 1991-2007)

Number of pages: 42 Posted: 05 Feb 2008 Last Revised: 27 May 2017
Pablo Fernandez and Vicente J. Bermejo
IESE Business School and ESADE Business School
Downloads 712 (49,827)

Abstract:

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Santander, IBEX, EuroStoxx, shareholder value creation

237.

Telefonica: 1991-2010 (Spanish)

Number of pages: 25 Posted: 18 Jan 2011 Last Revised: 24 Jan 2011
IESE Business School, IESE Business School and IESE
Downloads 707 (50,312)

Abstract:

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Telefonica, IBEX, Shareholder Return, Shareholder Value Creation

238.

Shareholder Return of the Euro Stoxx 50 Companies: 2004 – 2020

Number of pages: 14 Posted: 09 Jun 2020
Pablo Fernandez and Eduardo de Apellániz
IESE Business School and Instituto de Estudos Sociais e Economicos (IESE)
Downloads 695 (51,488)

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Euro Stoxx 50, Shareholder Return, Price Decrease, Capitalization

239.

Rentabilidad de los Fondos de Pensiones en España. 2005-2020 (Return of Pension Funds in Spain. 2005-2020)

Number of pages: 26 Posted: 11 Mar 2021
IESE Business School, University of Navarra, IESE Business School, Independent and affiliation not provided to SSRN
Downloads 688 (52,121)

Abstract:

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Pension Funds, Mutual Funds, INVERCO, Spain, Fondos Pensiones

240.

Rentabilidad de los Fondos de Pensiones en España. 2006-2021. (Return of Pension Funds in Spain. 2006-2021)

Number of pages: 17 Posted: 04 Apr 2022
IESE Business School, Independent, Independent and Independent
Downloads 680 (52,946)

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Pension Funds, Mutual Funds, INVERCO, Spain, Fondos Pensiones

241.

Endesa 1991-2006

Number of pages: 35 Posted: 24 Jan 2007
Pablo Fernandez and Jose M. Carabias
IESE Business School and London School of Economics & Political Science (LSE) - London School of Economics
Downloads 654 (55,708)
Citation 1

Abstract:

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Endesa, shareholder value creation

242.

The Value of Tax Shields Depends Only on the Net Increases of Debt

IESE Business School Working Paper No. 613
Number of pages: 30 Posted: 27 Oct 2005
Pablo Fernandez
IESE Business School
Downloads 654 (55,708)
Citation 12

Abstract:

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Value of tax shields, present value of the net increases of debt, required return to equity, valuation

243.

Shareholder Value Creation of Companies in Spain: 2006

Number of pages: 20 Posted: 27 Jan 2007
Pablo Fernandez and Jose M. Carabias
IESE Business School and London School of Economics & Political Science (LSE) - London School of Economics
Downloads 643 (56,902)

Abstract:

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Value creation, shareholder value creation, IBEX, Spain

244.

Creation of Value for the Shareholders of Repsol: 1991-2006

Number of pages: 40 Posted: 24 Jan 2007
Pablo Fernandez and Jose M. Carabias
IESE Business School and London School of Economics & Political Science (LSE) - London School of Economics
Downloads 635 (57,828)

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Repsol, Shareholder Value Creation, Shareholder Value Added

245.

Shareholder Value Creators in the S&P 500: Year 2003

Number of pages: 29 Posted: 24 Feb 2004
Pablo Fernandez and Laura Reinoso
IESE Business School and IESE Business School - University of Navarra
Downloads 625 (58,991)
Citation 1

Abstract:

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Shareholder value creation

246.

Shareholder Value Creation of 136 Spanish Companies in January-September 2009 (Spanish)

Number of pages: 8 Posted: 07 Oct 2009
Pablo Fernandez
IESE Business School
Downloads 619 (59,709)

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shareholder value creation, Spain, shareholder return, shareholder value destruction

247.

Eléctricas españolas: 1991-2007. Creación de valor y rentabilidad para los accionistas (Shareholder Value Creation of Utilities in Spain: 1991-2007)

Number of pages: 42 Posted: 17 Mar 2008 Last Revised: 27 May 2017
Pablo Fernandez and Vicente J. Bermejo
IESE Business School and ESADE Business School
Downloads 616 (60,073)
Citation 1

Abstract:

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Endesa, Iberdrola, Union Fenosa, Shareholder Value Creation

248.

Telefonica 2005

Number of pages: 38 Posted: 18 May 2006
Pablo Fernandez and Jose M. Carabias
IESE Business School and London School of Economics & Political Science (LSE) - London School of Economics
Downloads 607 (61,177)

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Telefonica, IBEX, shareholder return

249.

Total Return (TR) and Total Return for All Shareholders (TRAS). Difference for the Companies in the S&P 100

Number of pages: 15 Posted: 18 Jun 2020
Pablo Fernandez
IESE Business School
Downloads 606 (61,305)

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Total Return, Total Return for All Shareholders, S&P 100, Share Repurchases

250.

Shareholder Value Creation of Spanish Companies in 2010 (Until June 4)

Number of pages: 11 Posted: 09 Jun 2010
Pablo Fernandez and Javier del Campo Baonza
IESE Business School and affiliation not provided to SSRN
Downloads 600 (62,108)

Abstract:

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shareholder value creation, Spain, shareholder return, shareholder value destruction

251.

Reply to 'the Value of Tax Shields is Equal to the Present Value of Tax Shields'

Number of pages: 16 Posted: 01 Nov 2004
Pablo Fernandez
IESE Business School
Downloads 580 (64,801)
Citation 7

Abstract:

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Value of tax shields, present value of the net increases of debt, required return to equity

252.

Shareholder Value Creators and Shareholder Value Destroyers in Europe. Year 2002

Number of pages: 21 Posted: 04 Aug 2003
Pablo Fernandez and Alvaro Villanueva
IESE Business School and University of Navarra - IESE Business School
Downloads 577 (65,243)

Abstract:

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shareholder value creation, created shareholder value, equity market value, shareholder value added, shareholder return, required return to equity

253.

Madera Inc. Contabilidad, Flujos, Deuda y Sensatez (Madera Inc. Accounting, Cash Flows, Debt and Common Sense)

Number of pages: 19 Posted: 13 Nov 2017 Last Revised: 19 Dec 2018
Pablo Fernandez
IESE Business School
Downloads 561 (67,644)
Citation 2

Abstract:

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Cuenta de Resultados, Balance, P&L, Balance Sheet, Net Income, Money, Net Worth

254.

Reply to Comment on the Value of Tax Shields is Not Equal to the Present Value of Tax Shields

Number of pages: 5 Posted: 11 Jan 2005
Pablo Fernandez
IESE Business School
Downloads 558 (68,089)
Citation 1

Abstract:

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Value of tax shields, Required return to equity, leverage cost, unlevered beta, levered beta

255.
Downloads 532 (72,331)

Abstract:

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Tribunal Supremo, Jurisprudencia, crédito, cláusula suelo, Supreme Court, Jurisprudence, credit, floor

256.

Comments on 'a Reconsideration of Tax Shield Valuation'

Number of pages: 6 Posted: 22 Nov 2004
Pablo Fernandez
IESE Business School
Downloads 530 (72,673)

Abstract:

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Value of tax shields, APV, required return to equity, cost of capital, net increase of debt

257.

Bob Carter y Madera Inc: Balance, Beneficio y Deuda (Bob Carter and Madera Inc: Balance Sheet, Net Income and Debt)

Number of pages: 4 Posted: 16 Nov 2017 Last Revised: 30 Jun 2018
Pablo Fernandez
IESE Business School
Downloads 529 (72,830)

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Cuenta de Resultados, Balance, P&L, Balance Sheet, Net Income, Money, Net Worth

258.

Shareholder Value Creation of Bankinter: 1991-2006

Number of pages: 41 Posted: 27 Jan 2007
Pablo Fernandez and Jose M. Carabias
IESE Business School and London School of Economics & Political Science (LSE) - London School of Economics
Downloads 523 (73,835)

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Value creation, shareholder value creation, Bankinter, IBEX

259.

Rentabilidad y creación de valor de 136 empresas españolas en el primer trimestre de 2009 y en 2008 (Shareholder Value Creation of 136 Spanish Companies in IT 2009)

Number of pages: 13 Posted: 02 Apr 2009 Last Revised: 27 May 2017
Pablo Fernandez and Vicente J. Bermejo
IESE Business School and ESADE Business School
Downloads 522 (73,994)

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Shareholder Value Creation, Spain, Shareholder return

260.

Bsch 1991-2005

Number of pages: 43 Posted: 14 Jun 2006
Pablo Fernandez and Jose M. Carabias
IESE Business School and London School of Economics & Political Science (LSE) - London School of Economics
Downloads 518 (74,670)
Citation 1

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BSCH, BS, Banco Santander, Shareholder Value Creation, Shareholder Value Added, creacion de valor para los accionistas, aumento del valor para los accionistas, rentabilidad para los accionistas

261.

50 Largest Companies: 2000-2005 Shareholder Value Creation in Latin America

Number of pages: 9 Posted: 03 Jul 2006
ESE Business School - Universidad de Los Andes, Universidad Panamericana - Instituto Panamericano de Alta Dirección de Empresa (IPADE), IESE Business School and London School of Economics & Political Science (LSE) - London School of Economics
Downloads 511 (75,939)
Citation 3

Abstract:

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Value Creation

262.

Euro Stoxx 50: 1997-2005 - Shareholder Value Creation in Europe

Number of pages: 23 Posted: 07 Apr 2006
IESE Business School, London School of Economics & Political Science (LSE) - London School of Economics, ESE Business School - Universidad de Los Andes and Universidad Panamericana - Instituto Panamericano de Alta Dirección de Empresa (IPADE)
Downloads 510 (76,129)
Citation 4

Abstract:

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Shareholder value creation, created shareholder value, shareholder value added, shareholder return, required return to equity

263.

IBEX 35: 1991-2008 (IBEX 35: 1991-2008)

Number of pages: 14 Posted: 19 Jan 2009 Last Revised: 13 Oct 2015
Pablo Fernandez and Vicente J. Bermejo
IESE Business School and ESADE Business School
Downloads 503 (77,433)

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IBEX 35, shareholder value creation, IGBM, ITBM, Spain

264.

EL Eva, EL Beneficio Económico y El CVA No Miden La Creación De Valor (Eva and Cash Value Added Do Not Measure Shareholder Value Creation)

Number of pages: 15 Posted: 17 Nov 2011 Last Revised: 23 Nov 2011
Pablo Fernandez
IESE Business School
Downloads 499 (78,212)

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Creación de valor, EVA, Rentabilidad para los accionistas

265.

Shareholder Value Creators in the S&P 500: Year 2004

Number of pages: 33 Posted: 27 Jan 2005
Pablo Fernandez and Alvaro Villanueva
IESE Business School and University of Navarra - IESE Business School
Downloads 496 (78,785)

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Shareholder value creation, created shareholder value, equity market value, shareholder value added, shareholder return, required return to equity, EVA

266.