Pablo Fernandez

University of Navarra - IESE Business School

PricewaterhouseCoopers Professor of Corporate Finance

Camino del Cerro del Aguila 3

28023 Madrid

Spain

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

SCHOLARLY PAPERS

246

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CITATIONS
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Top 684

in Total Papers Citations

735

Scholarly Papers (246)

1.

Company Valuation Methods

Number of pages: 18 Posted: 22 Jul 2001 Last Revised: 17 Mar 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 53,525 (8)
Citation 5

Abstract:

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: 18 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 32,802 (32)
Citation 19

Abstract:

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

3.

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: 22 Mar 2016
University of Navarra - IESE Business School, IESE Business School and IESE
Downloads 23,218 (53)
Citation 1

Abstract:

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

4.

WACC: Definition, Misconceptions and Errors

Number of pages: 8 Posted: 05 Jun 2010 Last Revised: 18 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 19,913 (72)

Abstract:

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

Ten Badly Explained Topics in Most Corporate Finance Books

Number of pages: 13 Posted: 28 Apr 2012 Last Revised: 18 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 16,858 (109)

Abstract:

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
University of Navarra - IESE Business School
Downloads 815 (21,865)

Abstract:

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

6.

Three Residual Income Valuation Methods and Discounted Cash Flow Valuation

Number of pages: 12 Posted: 16 Jan 2002 Last Revised: 18 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 16,930 (89)
Citation 4

Abstract:

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

7.

Valuation Using Multiples: How Do Analysts Reach Their Conclusions?

Number of pages: 12 Posted: 17 Jul 2001 Last Revised: 22 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 14,338 (123)
Citation 4

Abstract:

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

8.

Valuation of Brands and Intellectual Capital

Number of pages: 18 Posted: 29 May 2001 Last Revised: 22 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 14,198 (133)
Citation 8

Abstract:

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

9.

EVA and Cash Value Added Do NOT Measure Shareholder Value Creation

Number of pages: 10 Posted: 05 Jun 2001 Last Revised: 22 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 13,393 (158)
Citation 11

Abstract:

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

10.

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

Number of pages: 10 Posted: 25 Sep 2002 Last Revised: 18 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 12,890 (149)
Citation 3

Abstract:

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

11.

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

Number of pages: 47 Posted: 14 Feb 2007 Last Revised: 26 Nov 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 12,196 (161)
Citation 1

Abstract:

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

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
University of Navarra - IESE Business School, University of Navarra, IESE Business School and University of Navarra
Downloads 12,026 (128)

Abstract:

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

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: 16 Posted: 17 Nov 2012 Last Revised: 22 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 7,009 (576)

Abstract:

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: 02 May 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 5,018 (1,036)

Abstract:

valuation, expropriation, Argentina, YPF, Repsol

14.

Optimal Capital Structure: Problems with the Harvard and Damodaran Approaches

Number of pages: 13 Posted: 22 May 2001 Last Revised: 19 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 11,857 (184)
Citation 1

Abstract:

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

15.

The Equity Premium in 150 Textbooks

Number of pages: 25 Posted: 14 Sep 2009 Last Revised: 20 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 11,344 (198)
Citation 15

Abstract:

equity premium, equity premium puzzle, expected equity premium

16.

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

Number of pages: 14 Posted: 28 Jan 2013 Last Revised: 25 Oct 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 11,292 (117)

Abstract:

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

17.

119 Common Errors in Company Valuations

IESE Business School Working Paper No. 714
Number of pages: 27 Posted: 30 Oct 2007 Last Revised: 22 Nov 2015
Pablo Fernandez and Andrada Bilan
University of Navarra - IESE Business School and University of Navarra - IESE Business School
Downloads 11,005 (200)
Citation 2

Abstract:

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

18.

Métodos de valoración de empresas (Company Valuation Methods)

Number of pages: 27 Posted: 15 Sep 2008 Last Revised: 28 Mar 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 10,805 (110)

Abstract:

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

19.

Valuing Real Options: Frequently Made Errors

Number of pages: 16 Posted: 20 Jul 2001 Last Revised: 22 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 10,324 (269)
Citation 6

Abstract:

real options, volatility, Black and Scholes, option replication

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

Number of pages: 14 Posted: 26 Apr 2011
University of Navarra - IESE Business School, IESE Business School and IESE
Downloads 8,974 (366)
Citation 4

Abstract:

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
University of Navarra - IESE Business School, IESE Business School and IESE
Downloads 1,268 (11,101)
Citation 4

Abstract:

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

21.

CAPM: An Absurd Model

Number of pages: 17 Posted: 07 Oct 2014 Last Revised: 20 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 9,982 (205)
Citation 1

Abstract:

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

22.

Shareholder Value Creation: A Definition

Number of pages: 10 Posted: 30 May 2001 Last Revised: 22 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 9,570 (259)
Citation 7

Abstract:

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

23.

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

IESE Business School Working Paper No. WP-1062-E
Number of pages: 15 Posted: 27 Jul 2012 Last Revised: 18 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 9,373 (266)

Abstract:

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

24.

Are Calculated Betas Good for Anything?

Number of pages: 22 Posted: 20 Feb 2004 Last Revised: 22 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 9,287 (281)
Citation 32

Abstract:

Beta, calculated betas

25.

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
University of Navarra - IESE Business School, IESE Business School and University of Navarra, IESE Business School
Downloads 8,767 (296)

Abstract:

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

26.

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: 15 Posted: 12 Sep 2008 Last Revised: 19 Mar 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 8,489 (212)

Abstract:

discounted cash flows, APV, WACC, equity cash flow

27.

Equity Premium: Historical, Expected, Required and Implied

Number of pages: 26 Posted: 27 Sep 2006 Last Revised: 19 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 8,169 (358)
Citation 16

Abstract:

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

28.

100 Questions About Finance (100 Preguntas Sobre Finanzas)

Number of pages: 25 Posted: 27 Feb 2008
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 7,944 (445)

Abstract:

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

29.

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

Number of pages: 20 Posted: 14 Jun 2005 Last Revised: 18 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 7,924 (356)
Citation 1

Abstract:

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

30.

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

Number of pages: 15 Posted: 17 Apr 2008 Last Revised: 16 May 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 7,878 (369)

Abstract:

valuation, shareholder value creation, premium

31.

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

Number of pages: 43 Posted: 29 May 2010 Last Revised: 02 May 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 7,693 (315)

Abstract:

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

32.

Valoracion de Marcas e Intangibles (Brand Valuation)

Number of pages: 25 Posted: 27 Mar 2007 Last Revised: 19 Mar 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 7,633 (348)
Citation 3

Abstract:

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

33.

Internet Valuations: The Case of Terra-Lycos

Number of pages: 12 Posted: 16 Apr 2001 Last Revised: 22 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 7,621 (422)
Citation 6

Abstract:

Internet, Valuation, Internet valuation

34.

How to Value a Seasonal Company Discounting Cash Flows

Number of pages: 16 Posted: 18 Jun 2003 Last Revised: 18 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 7,590 (412)
Citation 2

Abstract:

valuation of seasonal companies, seasonality, cash flow discounting

35.
Downloads 7,432 (261)

Abstract:

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

36.

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
University of Navarra - IESE Business School
Downloads 7,416 (507)
Citation 4

Abstract:

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

37.

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

Number of pages: 10 Posted: 03 Jul 2010 Last Revised: 19 Mar 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 7,231 (312)

Abstract:

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

38.

La Prima de Riesgo del Mercado: Histórica, Esperada, Exigida e Implícita (Market Risk Premium)

Number of pages: 22 Posted: 27 Apr 2006 Last Revised: 02 May 2016
Pablo Fernandez and Jose M. Carabias
University of Navarra - IESE Business School and London School of Economics
Downloads 7,230 (342)
Citation 1

Abstract:

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

39.

Valuation of Internet-Related Companies

Number of pages: 19 Posted: 15 Apr 2001 Last Revised: 22 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 6,750 (509)
Citation 2

Abstract:

Internet, Valuation, Amazon, Microsoft

40.

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
University of Navarra - IESE Business School and affiliation not provided to SSRN
Downloads 6,722 (562)
Citation 7

Abstract:

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

41.

β = 1 Does a Better Job than Calculated Betas

Number of pages: 17 Posted: 19 May 2009 Last Revised: 22 Nov 2015
Pablo Fernandez and Vicente Bermejo
University of Navarra - IESE Business School and Universidad Carlos III
Downloads 6,365 (561)
Citation 2

Abstract:

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

42.

Levered and Unlevered Beta

Number of pages: 16 Posted: 14 Mar 2002 Last Revised: 17 Oct 2008
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 6,216 (646)

Abstract:

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

43.

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

Number of pages: 18 Posted: 27 Apr 2006 Last Revised: 07 May 2015
Pablo Fernandez and Jose M. Carabias
University of Navarra - IESE Business School and London School of Economics
Downloads 6,098 (492)
Citation 1

Abstract:

Beta, CAPM, historical beta, betas historicas

44.

65 problemas sencillos de finanzas resueltos y 1.462 respuestas erróneas (65 Basic Finance Problems and 1.462 Wrong Answers)

Number of pages: 25 Posted: 15 Mar 2012 Last Revised: 02 May 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 6,035 (474)

Abstract:

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

45.

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

Number of pages: 22 Posted: 20 May 2009 Last Revised: 22 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 5,919 (630)
Citation 1

Abstract:

beta, historical beta, calculated beta, common sense

46.

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
University of Navarra - IESE Business School
Downloads 5,272 (882)
Citation 71

Abstract:

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

47.

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
University of Navarra - IESE Business School
Downloads 5,216 (909)
Citation 13

Abstract:

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

48.

75 Common and Uncommon Errors in Company Valuation

Number of pages: 28 Posted: 24 Jun 2003
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 5,140 (959)
Citation 4

Abstract:

valuation, company valuation, valuation errors

49.

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
University of Navarra - IESE Business School, IESE Business School and IESE
Downloads 4,855 (1,034)
Citation 7

Abstract:

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

50.

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

Number of pages: 11 Posted: 13 Feb 2011 Last Revised: 13 Jan 2015
University of Navarra - IESE Business School, IESE Business School and IESE
Downloads 4,779 (925)
Citation 1

Abstract:

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

51.

On the Instability of Betas: The Case of Spain

Number of pages: 16 Posted: 29 Feb 2004 Last Revised: 22 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 4,687 (936)
Citation 26

Abstract:

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

52.

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: 14 Posted: 28 Jul 2008 Last Revised: 28 Mar 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 4,620 (728)

Abstract:

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

53.

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: 19 Mar 2016
Pablo Fernandez and José Manuel Campa
University of Navarra - IESE Business School and University of Navarra - Madrid Campus - IESE Business School
Downloads 4,568 (838)

Abstract:

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

54.

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: 02 May 2016
Pablo Fernandez and Vicente Bermejo
University of Navarra - IESE Business School and Universidad Carlos III
Downloads 4,541 (806)

Abstract:

beta, historical beta, calculated beta, common sense

55.

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

Number of pages: 15 Posted: 25 Jul 2008 Last Revised: 02 May 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 4,290 (840)

Abstract:

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

56.

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

Number of pages: 20 Posted: 12 Jul 2008 Last Revised: 28 Mar 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 4,271 (892)

Abstract:

Real options, put, call, volatility

57.

Tres sentencias judiciales con varios errores sobre valoración (A True Story About Civil Courts and Company Valuation)

Number of pages: 23 Posted: 20 Jan 2010 Last Revised: 08 May 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 4,237 (958)

Abstract:

Value of growth, Value of growing opportunities, book value

58.

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
University of Navarra - IESE Business School and affiliation not provided to SSRN
Downloads 4,168 (1,385)
Citation 7

Abstract:

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

59.

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

Number of pages: 17 Posted: 25 Apr 2015 Last Revised: 22 Nov 2015
University of Navarra - IESE Business School, University of Navarra, IESE Business School and University of Navarra
Downloads 3,987 (480)

Abstract:

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

60.

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: 07 May 2015
University of Navarra - IESE Business School, IESE Business School and IESE
Downloads 3,986 (939)
Citation 2

Abstract:

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

61.

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

Number of pages: 6 Posted: 11 Feb 2012 Last Revised: 02 Jun 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 3,945 (1,024)

Abstract:

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

62.

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

Number of pages: 13 Posted: 27 Feb 2011 Last Revised: 16 May 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 3,899 (995)

Abstract:

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

63.

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

Number of pages: 13 Posted: 20 Apr 2009 Last Revised: 16 May 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 3,745 (1,120)

Abstract:

Cash flow, seasonal companies, monthly data

64.

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

Number of pages: 11 Posted: 29 Apr 2008 Last Revised: 28 Mar 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 3,609 (1,187)

Abstract:

company valuation, valuation errors, valuation, inflation

65.

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
University of Navarra - IESE Business School
Downloads 3,608 (1,858)
Citation 9

Abstract:

66.

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: 02 May 2016
University of Navarra - IESE Business School, IESE Business School and IESE
Downloads 3,570 (1,224)

Abstract:

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

67.

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: 28 Mar 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 3,462 (1,275)

Abstract:

Value creation, company valuation, value destruction, analysts

68.

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

Number of pages: 5 Posted: 30 Dec 2012 Last Revised: 22 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 3,459 (1,493)

Abstract:

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

69.

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

Number of pages: 24 Posted: 03 Oct 2006 Last Revised: 28 Mar 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 3,447 (1,245)
Citation 4

Abstract:

Internet, Valuation, Internet valuation

70.

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

Number of pages: 24 Posted: 25 Jul 2004 Last Revised: 28 Mar 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 3,427 (1,323)

Abstract:

Valuation, company valuation, valuation errors

71.

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: 02 Jun 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 3,386 (1,343)

Abstract:

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

72.

The Equity Premium in 100 Textbooks

Number of pages: 25 Posted: 25 Jun 2008 Last Revised: 06 Feb 2009
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 3,326 (2,065)
Citation 20

Abstract:

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

73.

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

Number of pages: 11 Posted: 15 Feb 2013 Last Revised: 22 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 3,322 (1,593)

Abstract:

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

74.

100 Questions on Finance

Number of pages: 24 Posted: 08 Apr 2008
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 3,178 (2,219)

Abstract:

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

75.

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: 11 Jun 2015
Pablo Fernandez, Isabel Fernández Acín and Pablo Linares
University of Navarra - IESE Business School, University of Navarra and University of Navarra, IESE Business School
Downloads 3,100 (1,274)

Abstract:

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

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: 11 Jun 2015
Pablo Fernandez, Isabel Fernández Acín and Pablo Linares
University of Navarra - IESE Business School, University of Navarra and University of Navarra, IESE Business School
Downloads 3,083 (1,543)

Abstract:

valuation errors, cash flow, net income, lawyer

77.

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
University of Navarra - IESE Business School
Downloads 3,056 (2,093)
Citation 12

Abstract:

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

78.

Financial Literature about Discounted Cash Flow Valuation

IESE Business School Working Paper No. 606
Number of pages: 24 Posted: 14 Jun 2005
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 3,041 (2,351)
Citation 2

Abstract:

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

79.

Equivalence of the APV, WACC and Flows to Equity Approaches to Firm Valuation

Number of pages: 28 Posted: 29 Jun 2002
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 3,037 (2,398)
Citation 1

Abstract:

80.

Price to Earnings Ratio, Value to Book Ratio and Growth

Number of pages: 19 Posted: 12 Feb 2013 Last Revised: 20 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 3,033 (1,634)

Abstract:

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: 28 Mar 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 2,950 (1,769)

Abstract:

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

82.

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

Number of pages: 23 Posted: 21 Jul 2001
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 2,819 (2,771)
Citation 9

Abstract:

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

83.

CAPM: The Model and 305 Comments About It

Number of pages: 47 Posted: 14 Nov 2014 Last Revised: 20 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 2,688 (1,878)
Citation 1

Abstract:

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

84.

Dividends and Share Repurchases

Number of pages: 12 Posted: 12 Feb 2013 Last Revised: 20 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 2,650 (2,088)

Abstract:

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

85.

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

Number of pages: 22 Posted: 04 Feb 2002
Pablo Fernandez and Laura Reinoso
University of Navarra - IESE Business School and IESE Business School - University of Navarra
Downloads 2,629 (3,204)
Citation 1

Abstract:

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

86.

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: 19 May 2015
Pablo Fernandez, Isabel Fernández Acín and Pablo Linares
University of Navarra - IESE Business School, University of Navarra and University of Navarra, IESE Business School
Downloads 2,628 (1,583)

Abstract:

net income, net worth, fondos propios, beneficios

87.

How Inflation Destroys Value

Number of pages: 11 Posted: 12 Feb 2013 Last Revised: 22 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 2,617 (2,115)

Abstract:

Value, inflation, free cash flow, equity cash flow

88.

Interest Rates and Company Valuation

Number of pages: 9 Posted: 12 Feb 2013 Last Revised: 19 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 2,600 (2,149)

Abstract:

Value, Interest rates, Yield curve, Treasuries

89.

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
University of Navarra - IESE Business School
Downloads 2,589 (3,319)

Abstract:

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

90.

1,959 Valuations of the YPF Shares Expropriated to Repsol

Number of pages: 16 Posted: 02 Mar 2013 Last Revised: 22 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 2,587 (2,318)

Abstract:

valuation, expropriation, Argentina, YPF, Repsol

91.

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

Number of pages: 15 Posted: 09 Mar 2011
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 2,559 (3,395)

Abstract:

Crisis, unemployment, common sense, truth, responsibility

92.

102 Errors in Company Valuations (102 Errores en Valoraciones de Empresas)

Number of pages: 38 Posted: 14 Apr 2006
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 2,545 (3,336)

Abstract:

93.

Market Risk Premium: Required, Historical and Expected

Number of pages: 27 Posted: 12 Oct 2004
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 2,538 (3,200)
Citation 5

Abstract:

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

94.

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

Number of pages: 31 Posted: 23 Jan 2013 Last Revised: 02 May 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 2,530 (2,018)

Abstract:

valuation, expropriation, Argentina, YPF, Repsol

95.

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

Number of pages: 9 Posted: 25 Jul 2006 Last Revised: 16 May 2015
Pablo Fernandez and Jose M. Carabias
University of Navarra - IESE Business School and London School of Economics
Downloads 2,430 (1,813)

Abstract:

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

96.

80 Common Errors in Company Valuation

Number of pages: 27 Posted: 13 May 2004
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 2,386 (3,532)
Citation 4

Abstract:

Company valuation, valuation errors, valuation

97.

339 Questions on Valuation and Finance

Number of pages: 17 Posted: 23 Nov 2013 Last Revised: 20 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 2,195 (2,626)

Abstract:

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

98.

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
University of Navarra - IESE Business School
Downloads 2,165 (4,534)
Citation 60

Abstract:

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

99.

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
University of Navarra - IESE Business School
Downloads 2,157 (4,616)
Citation 64

Abstract:

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

100.

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

Number of pages: 27 Posted: 17 Apr 2012 Last Revised: 28 Apr 2012
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 2,107 (4,696)

Abstract:

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

101.

Bankia Y Caja Madrid (Bankia and Caja Madrid)

Number of pages: 27 Posted: 24 Jan 2007 Last Revised: 27 May 2014
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 2,072 (2,919)

Abstract:

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

102.

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

Number of pages: 23 Posted: 13 Apr 2004
Pablo Fernandez and Alvaro Villanueva
University of Navarra - IESE Business School and University of Navarra - IESE Business School
Downloads 2,011 (5,206)
Citation 1

Abstract:

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

103.

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: 17 Oct 2015
Pablo Fernandez and Vicente Bermejo
University of Navarra - IESE Business School and Universidad Carlos III
Downloads 2,003 (5,153)

Abstract:

Shareholder Value Creation, Spain, Shareholder return

104.

A Case of Insider Trading in Spain (in Spanish)

Number of pages: 19 Posted: 30 Jul 2009 Last Revised: 09 Sep 2009
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 1,951 (5,367)

Abstract:

insider trading, judges, Spain, indirect transactions

105.

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: 09 Oct 2015
Pablo Fernandez, Pablo Linares and Pablo Fernandez Acin
University of Navarra - IESE Business School, University of Navarra, IESE Business School and Independent
Downloads 1,932 (4,680)

Abstract:

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

106.

Shareholder Value Creation of Microsoft and GE

Number of pages: 16 Posted: 29 Jun 2004
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 1,879 (5,518)
Citation 10

Abstract:

Shareholder value added, shareholder value creation, created shareholder value

107.

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

Number of pages: 16 Posted: 23 Sep 2014 Last Revised: 28 Mar 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 1,878 (2,614)

Abstract:

CAPM; Beta; Calculated beta; Market risk premium

108.

A General Formula for the WACC: A Correction

Number of pages: 6 Posted: 05 Dec 2006
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 1,801 (5,728)
Citation 3

Abstract:

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

109.

Bonos Estructurados y Preferentes en España en los últimos años (Structured Bonds in Spain in 2004-2015)

Number of pages: 28 Posted: 26 Mar 2012 Last Revised: 28 Mar 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 1,796 (3,687)

Abstract:

structured bonds, Spain, preferred shares, lawyers

110.

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

Number of pages: 20 Posted: 06 Jun 2001
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 1,792 (6,249)
Citation 1

Abstract:

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

111.

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
University of Navarra - IESE Business School and affiliation not provided to SSRN
Downloads 1,791 (6,173)
Citation 3

Abstract:

Mutual Funds, Spain, Benchmark, Mutual Fund Performance

112.

La insolvencia de Lehman Brothers en septiembre de 2008: sobre su previsibilidad y sobre algunos 'profetas a posteriori' (About the Unexpected Fall of Lehman Brothers) (in Spanish)

Number of pages: 17 Posted: 21 Mar 2012 Last Revised: 28 May 2014
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 1,763 (3,735)

Abstract:

Lehman, CDS, analysts, rating

113.

96 Common Errors in Company Valuations

Number of pages: 29 Posted: 07 Apr 2006
Pablo Fernandez and Jose M. Carabias
University of Navarra - IESE Business School and London School of Economics
Downloads 1,730 (5,787)
Citation 3

Abstract:

company valuation, valuation errors, valuation

114.

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
University of Navarra - IESE Business School, London School of Economics and University of Navarra - IESE Business School
Downloads 1,601 (7,484)
Citation 3

Abstract:

mutual funds, Spain, benchmark, mutual fund performance

115.

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
University of Navarra - IESE Business School, IESE Business School and IESE
Downloads 1,599 (7,493)

Abstract:

pension funds, mutual funds, INVERCO, Spain, benchmark

116.

IBEX 35: 1991-2010 - Value Creation and Return

Number of pages: 16 Posted: 11 Jan 2011 Last Revised: 23 Jan 2011
University of Navarra - IESE Business School, IESE Business School and IESE
Downloads 1,572 (7,749)

Abstract:

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

117.

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

Number of pages: 10 Posted: 01 May 2015 Last Revised: 28 Mar 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 1,561 (5,149)

Abstract:

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

118.

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
University of Navarra - IESE Business School, London School of Economics and University of Navarra - IESE Business School
Downloads 1,542 (7,953)
Citation 9

Abstract:

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

119.

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

Number of pages: 12 Posted: 23 Nov 2013 Last Revised: 22 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 1,464 (5,041)

Abstract:

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

120.

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 Bermejo
University of Navarra - IESE Business School and Universidad Carlos III
Downloads 1,463 (8,834)

Abstract:

Share price, Maximum, Minimum

121.

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

Number of pages: 24 Posted: 25 Feb 2008 Last Revised: 13 Oct 2015
Pablo Fernandez and Vicente Bermejo
University of Navarra - IESE Business School and Universidad Carlos III
Downloads 1,461 (8,615)
Citation 6

Abstract:

mutual funds, Spain, benchmark, mutual fund performance

122.

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

Number of pages: 8 Posted: 30 May 2007
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 1,405 (9,390)

Abstract:

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

123.

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: 13 Oct 2015
Pablo Fernandez and Vicente Bermejo
University of Navarra - IESE Business School and Universidad Carlos III
Downloads 1,370 (9,650)
Citation 1

Abstract:

Shareholder Value Creation, Spain, Shareholder return

124.

IBEX 35: 1992-2007

Number of pages: 20 Posted: 17 Jan 2008 Last Revised: 09 Oct 2015
Pablo Fernandez and Vicente Bermejo
University of Navarra - IESE Business School and Universidad Carlos III
Downloads 1,346 (9,773)
Citation 1

Abstract:

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

125.

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

Number of pages: 22 Posted: 01 Mar 2010
Pablo Fernandez and Javier del Campo Baonza
University of Navarra - IESE Business School and affiliation not provided to SSRN
Downloads 1,330 (10,190)

Abstract:

pension funds, mutual funds, INVERCO, Spain, benchmark

126.

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

Number of pages: 24 Posted: 04 Mar 2008 Last Revised: 13 Oct 2015
Pablo Fernandez and Vicente Bermejo
University of Navarra - IESE Business School and Universidad Carlos III
Downloads 1,328 (10,234)

Abstract:

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

127.

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
University of Navarra - IESE Business School, IESE Business School and IESE
Downloads 1,306 (10,082)

Abstract:

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

128.

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
University of Navarra - IESE Business School
Downloads 1,260 (11,080)
Citation 4

Abstract:

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

129.

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

Number of pages: 22 Posted: 12 Jul 2008 Last Revised: 18 Oct 2013
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 1,256 (10,825)

Abstract:

Option, put, call, future, forward

130.

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: 27 May 2014
Pablo Fernandez, Pablo Linares and Isabel Fernández Acín
University of Navarra - IESE Business School, University of Navarra, IESE Business School and University of Navarra
Downloads 1,252 (5,708)

Abstract:

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

131.

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: 28 Mar 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 1,244 (3,727)

Abstract:

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

132.

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
University of Navarra - IESE Business School
Downloads 1,205 (11,898)

Abstract:

Simulation, teaching, Black and Scholes

133.

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: 17 Oct 2015
Pablo Fernandez and Vicente Bermejo
University of Navarra - IESE Business School and Universidad Carlos III
Downloads 1,205 (11,912)

Abstract:

Telefonica, IBEX, shareholder return, shareholder value creation

134.

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
University of Navarra - IESE Business School and affiliation not provided to SSRN
Downloads 1,188 (12,477)
Citation 3

Abstract:

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

135.

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

Number of pages: 37 Posted: 13 Nov 2001
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 1,186 (12,358)

Abstract:

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

136.

The Correct Value of Tax Shields

Number of pages: 17 Posted: 30 Sep 2002
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 1,180 (12,124)
Citation 7

Abstract:

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

137.

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: 12 Jun 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 1,168 (5,577)

Abstract:

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

138.

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
University of Navarra - IESE Business School
Downloads 1,167 (12,313)

Abstract:

bonos bolsa, teaching, Black and Scholes, simulation

139.

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

Number of pages: 10 Posted: 14 Jul 2008
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 1,153 (12,749)
Citation 4

Abstract:

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

140.

Shareholder Value Creation of Utilities in Spain: 1991-2006

Number of pages: 47 Posted: 17 Feb 2007
Pablo Fernandez and Jose M. Carabias
University of Navarra - IESE Business School and London School of Economics
Downloads 1,132 (13,381)

Abstract:

Endesa, Iberdrola, Union Fenosa, Shareholder Value Creation

141.

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
University of Navarra - IESE Business School, University of Navarra, IESE Business School, Independent and University of Navarra
Downloads 1,128 (8,731)

Abstract:

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

142.

APV and WACC with Constant Book Leverage Ratio

Number of pages: 14 Posted: 15 Apr 2007
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 1,122 (12,996)
Citation 12

Abstract:

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

143.

Errores elementales de cuatro Abogados del Estado (Errors of four State Lawyers)

Number of pages: 6 Posted: 11 Jul 2015 Last Revised: 28 Mar 2016
Pablo Fernandez and Alberto Ortiz Pizarro
University of Navarra - IESE Business School and University of Navarra, IESE Business School
Downloads 1,115 (11,467)

Abstract:

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

144.

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
University of Navarra - IESE Business School, IESE Business School and IESE
Downloads 1,085 (13,887)

Abstract:

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

145.

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
University of Navarra - IESE Business School and affiliation not provided to SSRN
Downloads 1,063 (14,656)

Abstract:

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

146.

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
University of Navarra - IESE Business School, University of Navarra, IESE Business School, Independent and University of Navarra
Downloads 1,023 (11,437)

Abstract:

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

147.

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: 11 Jun 2015
Pablo Fernandez, Isabel Fernández Acín and Pablo Linares
University of Navarra - IESE Business School, University of Navarra and University of Navarra, IESE Business School
Downloads 1,023 (4,998)

Abstract:

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

148.

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

Number of pages: 20 Posted: 14 Apr 2003
Pablo Fernandez and Laura Reinoso
University of Navarra - IESE Business School and IESE Business School - University of Navarra
Downloads 1,010 (15,846)
Citation 1

Abstract:

149.

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

Number of pages: 21 Posted: 29 Jun 2014 Last Revised: 16 May 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 1,002 (7,740)

Abstract:

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

150.

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

Number of pages: 12 Posted: 12 Feb 2010
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 964 (17,093)

Abstract:

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

151.

Using the Black and Scholes Formula (in Spanish)

Number of pages: 30 Posted: 07 Apr 2008
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 964 (16,662)

Abstract:

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

152.

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
University of Navarra - IESE Business School, University of Navarra, IESE Business School and Independent
Downloads 949 (14,814)

Abstract:

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

153.

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: 17 Oct 2015
Pablo Fernandez and Vicente Bermejo
University of Navarra - IESE Business School and Universidad Carlos III
Downloads 938 (16,634)
Citation 1

Abstract:

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

154.

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
University of Navarra - IESE Business School
Downloads 902 (16,611)
Citation 3

Abstract:

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

155.

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
University of Navarra - IESE Business School and affiliation not provided to SSRN
Downloads 891 (19,256)

Abstract:

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

156.

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

Number of pages: 19 Posted: 24 Feb 2015 Last Revised: 02 Jun 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 880 (8,061)

Abstract:

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

157.

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

Number of pages: 6 Posted: 30 Apr 2014 Last Revised: 28 Mar 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 876 (5,613)

Abstract:

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

158.

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

Number of pages: 22 Posted: 24 Feb 2004
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 873 (19,637)
Citation 5

Abstract:

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

159.

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
University of Navarra - IESE Business School, IESE Business School and University of Navarra, IESE Business School
Downloads 867 (19,276)

Abstract:

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

160.

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 Bermejo
University of Navarra - IESE Business School and Universidad Carlos III
Downloads 867 (19,966)

Abstract:

mutual funds, Spain, benchmark, mutual fund performance

161.

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
University of Navarra - IESE Business School, London School of Economics and University of Navarra - IESE Business School
Downloads 852 (20,173)

Abstract:

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

162.

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
University of Navarra - IESE Business School and London School of Economics
Downloads 844 (20,722)

Abstract:

Santander, IBEX, EuroStoxx, shareholder value creation

163.

Valuing Companies with a Fixed Book-Value Leverage Ratio

Number of pages: 37 Posted: 13 Nov 2005
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 834 (20,410)
Citation 1

Abstract:

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

164.

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

Number of pages: 11 Posted: 29 Apr 2014 Last Revised: 28 Mar 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 828 (6,965)

Abstract:

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

165.

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

Number of pages: 19 Posted: 04 Jul 2015
University of Navarra - IESE Business School, University of Navarra, IESE Business School and University of Navarra
Downloads 825 (19,086)

Abstract:

auditoria, pension, management, buen gobierno

166.

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

Number of pages: 11 Posted: 23 May 2014 Last Revised: 21 May 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 818 (7,691)

Abstract:

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

167.

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
University of Navarra - IESE Business School, IESE Business School and IESE
Downloads 795 (22,239)

Abstract:

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

168.

Shareholder Value Creation of Banks in Spain: 1991-2006

Number of pages: 49 Posted: 06 Feb 2007
Pablo Fernandez and Jose M. Carabias
University of Navarra - IESE Business School and London School of Economics
Downloads 778 (23,607)
Citation 2

Abstract:

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

169.

IBEX 35: Shareholder Value Creation 1992-2006

Number of pages: 21 Posted: 24 Jan 2007
Pablo Fernandez and Jose M. Carabias
University of Navarra - IESE Business School and London School of Economics
Downloads 769 (23,855)

Abstract:

IBEX 35, Shareholder value creation, IGBM, ITBM

170.

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
University of Navarra - IESE Business School, IESE Business School and University of Navarra, IESE Business School
Downloads 762 (21,515)

Abstract:

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

171.

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

Number of pages: 4 Posted: 23 May 2014 Last Revised: 16 May 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 736 (9,426)

Abstract:

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

172.

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

Number of pages: 12 Posted: 15 Jan 2015 Last Revised: 20 Nov 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 731 (10,129)

Abstract:

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

173.

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

Number of pages: 19 Posted: 24 Feb 2015 Last Revised: 19 May 2015
Pablo Fernandez and Alberto Ortiz Pizarro
University of Navarra - IESE Business School and University of Navarra, IESE Business School
Downloads 719 (15,589)

Abstract:

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

174.

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

Number of pages: 41 Posted: 06 Feb 2008 Last Revised: 13 Oct 2015
Pablo Fernandez and Vicente Bermejo
University of Navarra - IESE Business School and Universidad Carlos III
Downloads 711 (26,078)

Abstract:

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

175.

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

Number of pages: 6 Posted: 23 May 2014 Last Revised: 28 Mar 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 708 (9,489)

Abstract:

perpetual bond, Matusalem bond, zero coupon bond, duration

176.

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: 24 Posted: 29 Apr 2014 Last Revised: 02 Jun 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 708 (10,680)

Abstract:

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

177.
Downloads 705 (10,160)

Abstract:

restructuring, negative book value, fondos propios negativos

178.

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 Bermejo
University of Navarra - IESE Business School and Universidad Carlos III
Downloads 699 (27,400)

Abstract:

Shareholder Value Creation, Spain, Shareholder return

179.

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

Number of pages: 22 Posted: 04 Mar 2009 Last Revised: 13 Oct 2015
Pablo Fernandez and Vicente Bermejo
University of Navarra - IESE Business School and Universidad Carlos III
Downloads 692 (27,347)

Abstract:

pension funds, mutual funds, INVERCO, Spain, benchmark

180.

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

Number of pages: 14 Posted: 04 Feb 2011
University of Navarra - IESE Business School, IESE Business School and IESE
Downloads 689 (27,726)

Abstract:

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

181.

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
University of Navarra - IESE Business School, IESE Business School and University of Navarra - IESE Business School
Downloads 688 (26,414)
Citation 6

Abstract:

equity premium puzzle, required equity premium, historical equity premium

182.

Shareholder Return and Value Creation of 125 Spanish Companies in 2010 (Rentabilidad y Creación de Valor de 125 Empresas Españolas en 2010) (Spanish)

Number of pages: 13 Posted: 15 Jan 2011
University of Navarra - IESE Business School, IESE Business School and IESE
Downloads 664 (29,250)

Abstract:

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

183.

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

Number of pages: 13 Posted: 10 Jul 2014 Last Revised: 28 Mar 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 639 (7,139)

Abstract:

Call, Put, Forward, Future, Arbitrage, Arbitraje

184.

Telefonica: 1991-2010 (Spanish)

Number of pages: 25 Posted: 18 Jan 2011 Last Revised: 24 Jan 2011
University of Navarra - IESE Business School, IESE Business School and IESE
Downloads 637 (30,429)

Abstract:

Telefonica, IBEX, Shareholder Return, Shareholder Value Creation

185.

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: 17 Oct 2015
Pablo Fernandez and Vicente Bermejo
University of Navarra - IESE Business School and Universidad Carlos III
Downloads 621 (30,999)

Abstract:

Santander, IBEX, EuroStoxx, shareholder value creation

186.

Shareholder Value Creation of Companies in Spain: 2006

Number of pages: 20 Posted: 27 Jan 2007
Pablo Fernandez and Jose M. Carabias
University of Navarra - IESE Business School and London School of Economics
Downloads 605 (33,199)

Abstract:

Value creation, shareholder value creation, IBEX, Spain

187.

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

Number of pages: 40 Posted: 24 Jan 2007
Pablo Fernandez and Jose M. Carabias
University of Navarra - IESE Business School and London School of Economics
Downloads 598 (33,762)

Abstract:

Repsol, Shareholder Value Creation, Shareholder Value Added

188.

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

Number of pages: 8 Posted: 07 Oct 2009
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 592 (34,547)

Abstract:

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

189.

Endesa 1991-2006

Number of pages: 35 Posted: 24 Jan 2007
Pablo Fernandez and Jose M. Carabias
University of Navarra - IESE Business School and London School of Economics
Downloads 588 (34,389)

Abstract:

Endesa, shareholder value creation

190.

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

Number of pages: 29 Posted: 24 Feb 2004
Pablo Fernandez and Laura Reinoso
University of Navarra - IESE Business School and IESE Business School - University of Navarra
Downloads 574 (34,923)

Abstract:

Shareholder value creation

191.

Telefonica 2005

Number of pages: 38 Posted: 18 May 2006
Pablo Fernandez and Jose M. Carabias
University of Navarra - IESE Business School and London School of Economics
Downloads 564 (36,322)

Abstract:

Telefonica, IBEX, shareholder return

192.

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: 17 Oct 2015
Pablo Fernandez and Vicente Bermejo
University of Navarra - IESE Business School and Universidad Carlos III
Downloads 558 (36,144)

Abstract:

Endesa, Iberdrola, Union Fenosa, Shareholder Value Creation

193.

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
University of Navarra - IESE Business School and affiliation not provided to SSRN
Downloads 554 (37,459)

Abstract:

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

194.

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

Number of pages: 21 Posted: 04 Aug 2003
Pablo Fernandez and Alvaro Villanueva
University of Navarra - IESE Business School and University of Navarra - IESE Business School
Downloads 542 (38,387)

Abstract:

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

195.

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
University of Navarra - IESE Business School
Downloads 531 (37,648)
Citation 8

Abstract:

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

196.

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
University of Navarra - IESE Business School
Downloads 510 (39,980)
Citation 60

Abstract:

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

197.

BSCH 1991-2005

Number of pages: 43 Posted: 14 Jun 2006
Pablo Fernandez and Jose M. Carabias
University of Navarra - IESE Business School and London School of Economics
Downloads 493 (43,365)

Abstract:

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

198.

Shareholder Value Creation of Bankinter: 1991-2006

Number of pages: 41 Posted: 27 Jan 2007
Pablo Fernandez and Jose M. Carabias
University of Navarra - IESE Business School and London School of Economics
Downloads 482 (43,705)
Citation 7

Abstract:

Value creation, shareholder value creation, Bankinter, IBEX

199.

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
University of Navarra - IESE Business School
Downloads 480 (42,053)
Citation 8

Abstract:

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

200.

Comments on 'A Reconsideration of Tax Shield Valuation'

Number of pages: 6 Posted: 22 Nov 2004
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 480 (43,940)

Abstract:

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

201.

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: 17 Oct 2015
Pablo Fernandez and Vicente Bermejo
University of Navarra - IESE Business School and Universidad Carlos III
Downloads 473 (45,615)

Abstract:

Shareholder Value Creation, Spain, Shareholder return

202.

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

Number of pages: 33 Posted: 27 Jan 2005
Pablo Fernandez and Alvaro Villanueva
University of Navarra - IESE Business School and University of Navarra - IESE Business School
Downloads 460 (46,624)

Abstract:

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

203.

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

Number of pages: 9 Posted: 03 Jul 2006
University of Los Andes - ESE Business School, Universidad Panamericana - Instituto Panamericano de Alta Dirección de Empresa (IPADE), University of Navarra - IESE Business School and London School of Economics
Downloads 459 (46,012)
Citation 1

Abstract:

Value Creation

204.

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 Bermejo
University of Navarra - IESE Business School and Universidad Carlos III
Downloads 449 (48,309)

Abstract:

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

205.

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

Number of pages: 14 Posted: 18 Oct 2014 Last Revised: 20 Oct 2014
ISE Business School, University of Navarra - IESE Business School, University of Navarra and University of Navarra, IESE Business School
Downloads 435 (42,168)
Citation 1

Abstract:

Beta, calculated betas, beta ranking, CAPM

206.

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

Number of pages: 23 Posted: 07 Apr 2006
University of Navarra - IESE Business School, London School of Economics, University of Los Andes - ESE Business School and Universidad Panamericana - Instituto Panamericano de Alta Dirección de Empresa (IPADE)
Downloads 435 (50,618)
Citation 25

Abstract:

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

207.

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

Number of pages: 38 Posted: 24 Jan 2007
Pablo Fernandez and Jose M. Carabias
University of Navarra - IESE Business School and London School of Economics
Downloads 428 (51,433)

Abstract:

Telefonica, IBEX, shareholder return, shareholder value creation

208.

The Value of Tax Shields with a Fixed Book-Value Leverage Ratio

IESE Business School Working Paper No. 612
Number of pages: 30 Posted: 27 Oct 2005
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 425 (50,618)

Abstract:

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

209.

Shareholder Value Creation of Banco Popular: 1991-2006

Number of pages: 36 Posted: 27 Jan 2007
Pablo Fernandez and Jose M. Carabias
University of Navarra - IESE Business School and London School of Economics
Downloads 417 (52,925)
Citation 2

Abstract:

Value creation; shareholder value creation; Banco Popular

210.

Rentabilidad y Creación de Valor de 136 empresas españolas en el primer semestre de 2009 y en 2008 (Shareholder Value Creation of 136 Spanish Companies in First Semester 2009)

Number of pages: 8 Posted: 07 Jul 2009 Last Revised: 17 Oct 2015
Pablo Fernandez and Vicente Bermejo
University of Navarra - IESE Business School and Universidad Carlos III
Downloads 405 (54,798)

Abstract:

shareholder value creation, Spain, shareholder return

211.

BBVA 1991-2005

Number of pages: 39 Posted: 14 Jun 2006
Pablo Fernandez and Jose M. Carabias
University of Navarra - IESE Business School and London School of Economics
Downloads 393 (57,023)

Abstract:

BBVA, Shareholder Value Creation, Shareholder Value Added, creacion de valor para los accionistas, aumento del valor para los accionistas, rentabilidad para los accionistas

212.

Shareholder Value Creators and Destroyers in the Dow Jones: Year 2008

Number of pages: 6 Posted: 15 Jan 2009 Last Revised: 13 Oct 2015
Pablo Fernandez and Vicente Bermejo
University of Navarra - IESE Business School and Universidad Carlos III
Downloads 388 (57,874)

Abstract:

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

213.

EuroStoxx 50: 1997-2004. Shareholder Value Creation in Europe.

Number of pages: 20 Posted: 10 Feb 2005
Pablo Fernandez and Alvaro Villanueva
University of Navarra - IESE Business School and University of Navarra - IESE Business School
Downloads 375 (60,761)
Citation 1

Abstract:

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

214.

The Value of Tax Shields Depends Only on the Stochastic Process of the Net Increase of Debt

Number of pages: 10 Posted: 04 Aug 2005
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 369 (60,574)

Abstract:

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

215.

Shareholder Value Creation of BBVA. 1991-2006

Number of pages: 37 Posted: 27 Jan 2007
Pablo Fernandez and Jose M. Carabias
University of Navarra - IESE Business School and London School of Economics
Downloads 358 (63,316)
Citation 7

Abstract:

Value creation, shareholder value creation, BBVA

216.

Shareholder Value Creation of Iberdrola: 1991-2006

Number of pages: 38 Posted: 27 Jan 2007
Pablo Fernandez and Jose M. Carabias
University of Navarra - IESE Business School and London School of Economics
Downloads 314 (74,522)
Citation 7

Abstract:

Value creation, shareholder value creation, IBEX, Iberdrola

217.

Euro Stoxx 50: 1997-2006 Shareholder Value Creation in Europe

Number of pages: 25 Posted: 09 Mar 2007
University of Navarra - IESE Business School, London School of Economics, University of Los Andes - ESE Business School and Universidad Panamericana - Instituto Panamericano de Alta Dirección de Empresa (IPADE)
Downloads 305 (68,842)
Citation 25

Abstract:

shareholder value creation, shareholder value added, shareholder return, required return to equity, Euro Stoxx 50

218.

Repsol 1991-2005

Number of pages: 42 Posted: 20 Jul 2006
Pablo Fernandez and Jose M. Carabias
University of Navarra - IESE Business School and London School of Economics
Downloads 288 (78,880)

Abstract:

Repsol, Shareholder Value Creation, Shareholder Value Added, creación de valor para los accionistas, aumento del valor para los accionistas, rentabilidad para los accionistas

219.

The Magnitude and Concept of the Equity Premium in 150 Textbooks

Number of pages: 20 Posted: 29 Jul 2011
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 281 (78,880)

Abstract:

equity premium puzzle, required equity premium, expected equity premium

220.

Pésames por ser Español y 210 Comentarios (Condolences for Being Born in Spain and 210 Comments)

Number of pages: 28 Posted: 20 Dec 2012
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 277 (82,867)

Abstract:

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

221.

Poor Performance of Mutual Funds in Spain: 1991-2007

Number of pages: 25 Posted: 08 Apr 2008 Last Revised: 10 Oct 2015
Pablo Fernandez, Vicente Bermejo and Andrada Bilan
University of Navarra - IESE Business School, Universidad Carlos III and University of Navarra - IESE Business School
Downloads 269 (86,548)

Abstract:

mutual funds, Spain, return to shareholders, benchmark, appreciation of the funds, TER

222.

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
University of Navarra - IESE Business School
Downloads 261 (73,504)

Abstract:

Creación de valor, EVA, Rentabilidad para los accionistas

223.

Endesa 1991-2005

Number of pages: 41 Posted: 06 Jul 2006
Pablo Fernandez and Jose M. Carabias
University of Navarra - IESE Business School and London School of Economics
Downloads 256 (91,880)

Abstract:

Endesa, Shareholder Value Creation, Shareholder Value Added, creación de valor para los accionistas, aumento del valor para los accionistas, rentabilidad para los accionistas

224.

Iberdrola 1991-2005

Number of pages: 41 Posted: 10 Jul 2006
Pablo Fernandez and Jose M. Carabias
University of Navarra - IESE Business School and London School of Economics
Downloads 239 (97,821)

Abstract:

Iberdrola, Shareholder Value Creation, Shareholder Value Added, creación de valor para los accionistas, aumento del valor para los accionistas, rentabilidad para los accionistas

225.

Descensos bursátiles de 121 empresas españolas (Stock Downfalls of 121 Spanish Companies)

Number of pages: 46 Posted: 29 May 2008 Last Revised: 17 Oct 2015
Pablo Fernandez and Vicente Bermejo
University of Navarra - IESE Business School and Universidad Carlos III
Downloads 217 (106,249)

Abstract:

Share price, maximum, minimum, downfall

226.

A Problem with My Van: The Quick Repair Service of a German Carmaker

Number of pages: 4 Posted: 30 May 2007
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 216 (106,736)

Abstract:

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

227.

Equity Premium Used in 2011 for the USA by Analysts, Companies and Professors: A Survey

Midwest Finance Association 2012 Annual Meetings Paper
Number of pages: 17 Posted: 29 Jul 2011
University of Navarra - IESE Business School, IESE Business School and IESE
Downloads 190 (117,896)

Abstract:

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

228.

28 Problemas Sencillos De Finanzas Resueltos Y 950 Respuestas Erróneas (28 Simple Problems of Finance Determined and 950 Wrong Answers)

IESE Business School Working Paper No. WP 1058
Number of pages: 30 Posted: 08 Oct 2014
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 109 (118,435)

Abstract:

229.

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

Number of pages: 10 Posted: 13 Oct 2015
Pablo Fernandez and Vicente Bermejo
University of Navarra - IESE Business School and Universidad Carlos III
Downloads 1 (4,125)

Abstract:

Share price, Maximum, Minimum, IBEX 35

230.

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
University of Navarra - IESE Business School, University of Navarra, IESE Business School, Independent and University of Navarra
Downloads 0 (24,126)

Abstract:

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

231.

176 Errores en Valoraciones de Empresas (176 Errors in Company Valuations)

Number of pages: 48 Posted: 17 Mar 2017
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 0 (465,002)

Abstract:

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

232.

Rentabilidad De Los Fondos De Pensiones En España. 2001-2016 (Return of Pension Funds in Spain. 2001-2016)

Number of pages: 24 Posted: 10 Feb 2017 Last Revised: 13 Feb 2017
University of Navarra - IESE Business School, University of Navarra, IESE Business School, Independent and University of Navarra
Downloads 0 (143,749)

Abstract:

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

233.

Finance and Financial Economics: A Debate About Common Sense and Illogical Models

Number of pages: 24 Posted: 30 Jan 2017 Last Revised: 26 Feb 2017
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 0 (57,356)

Abstract:

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

234.

Finanzas y Economía Financiera (Finance and Financial Economics)

Number of pages: 25 Posted: 20 Jan 2017 Last Revised: 17 Mar 2017
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 0 (111,479)

Abstract:

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

235.

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

Number of pages: 16 Posted: 09 May 2016
University of Navarra - IESE Business School, University of Navarra, IESE Business School and University of Navarra
Downloads 0 (25,004)

Abstract:

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

236.

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

Number of pages: 23 Posted: 06 Mar 2016 Last Revised: 21 Mar 2016
University of Navarra - IESE Business School, ISE Business School and University of Navarra, IESE Business School
Downloads 0 (4,103)

Abstract:

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

237.

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: 28 Mar 2016
University of Navarra - IESE Business School, University of Navarra, IESE Business School, Independent and University of Navarra
Downloads 0 (14,679)

Abstract:

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

238.

Dilema Familiar 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: 19 Mar 2016
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 0 (12,813)

Abstract:

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

239.

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
University of Navarra - IESE Business School, University of Navarra, IESE Business School, Independent and University of Navarra
Downloads 0 (9,955)

Abstract:

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

240.

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

Number of pages: 26 Posted: 18 Dec 2015 Last Revised: 02 May 2016
University of Navarra - IESE Business School, University of Navarra, IESE Business School and University of Navarra
Downloads 0 (5,372)

Abstract:

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

241.

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: 09 Jan 2016
University of Navarra - IESE Business School, University of Navarra, IESE Business School and University of Navarra
Downloads 0 (8,419)

Abstract:

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

242.

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

Number of pages: 15 Posted: 03 Nov 2015 Last Revised: 22 Nov 2015
University of Navarra - IESE Business School, University of Navarra, IESE Business School and University of Navarra
Downloads 0 (5,266)

Abstract:

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

243.

Meaning of Net Income and Shareholders’ Equity

Number of pages: 16 Posted: 25 Oct 2015 Last Revised: 22 Nov 2015
University of Navarra - IESE Business School, University of Navarra and University of Navarra, IESE Business School
Downloads 0 (8,615)

Abstract:

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

244.

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

Number of pages: 12 Posted: 22 Oct 2015 Last Revised: 22 Nov 2015
University of Navarra - IESE Business School, University of Navarra and University of Navarra, IESE Business School
Downloads 0 (5,088)

Abstract:

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

245.

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

Number of pages: 17 Posted: 22 Oct 2015 Last Revised: 22 Nov 2015
University of Navarra - IESE Business School, University of Navarra and University of Navarra, IESE Business School
Downloads 0 (8,374)

Abstract:

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

246.

Convertible Bonds in Spain: A Different Security

Posted: 09 Jul 1998 Last Revised: 10 Oct 2015
Pablo Fernandez
University of Navarra - IESE Business School

Abstract:

Spanish convertible bonds, American convertible bonds, average share price

Other Papers (3)

Total Downloads: 21,785    Citations: 0
1.

Table of Contents: Valuation and Common Sense (5th edition)

Number of pages: 17 Posted: 06 Feb 2013 Last Revised: 12 Dec 2015
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 15,128

Abstract:

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

2.

Expected and Required Returns: Very Different Concepts

Number of pages: 5 Posted: 16 Apr 2015 Last Revised: 19 Nov 2015
Pablo Fernandez and Isabel Fernández Acín
University of Navarra - IESE Business School and University of Navarra
Downloads 3,454

Abstract:

expected return, required return, required equity premium, expected equity premium, market risk premium

3.

Comments to the Paper 'CAPM: An Absurd Model'

Number of pages: 29 Posted: 04 Nov 2014
Pablo Fernandez
University of Navarra - IESE Business School
Downloads 110

Abstract:

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