Pablo Fernandez

IESE Business School

Professor of Corporate Finance

Avenida Pearson 21

Barcelona, 08034

Spain

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

SCHOLARLY PAPERS

292

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167

CROSSREF CITATIONS

602

Scholarly Papers (292)

1.

Company Valuation Methods

Number of pages: 18 Posted: 22 Jul 2001 Last Revised: 26 May 2019
Pablo Fernandez
IESE Business School
Downloads 64,916 (27)
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 38,068 (72)
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 36,854 (74)

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 32,772 (91)

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 25,901 (138)
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 24,319 (151)
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 20,638 (193)
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 19,784 (214)
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 18,307 (250)
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 1,128 (27,907)
Citation 3

Abstract:

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

10.

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 18,719 (245)
Citation 1

Abstract:

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

11.
Downloads 18,624 (250)
Citation 1

Abstract:

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

12.

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 18,318 (257)
Citation 38

Abstract:

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

13.

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 17,949 (267)
Citation 27

Abstract:

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

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 17,765 (273)
Citation 3

Abstract:

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

15.

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 17,090 (290)
Citation 10

Abstract:

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

16.

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 16,710 (302)
Citation 10

Abstract:

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

17.

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 16,475 (311)
Citation 1

Abstract:

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

18.

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 16,449 (312)
Citation 1

Abstract:

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

19.

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 16,166 (326)

Abstract:

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

20.

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 15,502 (351)
Citation 12

Abstract:

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

21.

CAPM: An Absurd Model

Number of pages: 17 Posted: 07 Oct 2014 Last Revised: 26 May 2019
Pablo Fernandez
IESE Business School
Downloads 14,718 (382)
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 7,988 (1,154)

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 6,650 (1,584)
Citation 2

Abstract:

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valuation, expropriation, Argentina, YPF, Repsol

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 14,432 (401)
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 14,410 (403)
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 14,216 (411)
Citation 11

Abstract:

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

26.

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 14,038 (420)

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

27.

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 13,767 (437)
Citation 30

Abstract:

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equity premium, equity premium puzzle, expected equity premium

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 13,360 (467)
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 13,330 (469)

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 12,221 (550)
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 12,073 (562)
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 11,770 (585)
Citation 8

Abstract:

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real options, volatility, Black and Scholes, option replication

33.

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 11,624 (602)
Citation 32

Abstract:

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Beta, calculated betas

34.

Shareholder Value Creation: A Definition

Number of pages: 10 Posted: 30 May 2001 Last Revised: 02 Jun 2019
Pablo Fernandez
IESE Business School
Downloads 11,614 (603)
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

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 9,760 (818)
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 1,719 (14,852)
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 10,859 (681)

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 10,755 (689)
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 10,621 (703)
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 10,451 (724)

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 9,751 (826)
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 9,531 (864)

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 9,509 (866)
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 9,212 (916)

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 8,900 (956)
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 8,811 (965)
Citation 2

Abstract:

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Internet, Valuation, Amazon, Microsoft

46.

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 8,652 (997)

Abstract:

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Real options, put, call, volatility

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 8,551 (1,019)
Citation 8

Abstract:

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

48.

100 Questions About Finance (100 Preguntas Sobre Finanzas)

Number of pages: 25 Posted: 27 Feb 2008
Pablo Fernandez
IESE Business School
Downloads 8,537 (1,022)
Citation 2

Abstract:

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

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 8,461 (1,050)
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 8,411 (1,060)
Citation 5

Abstract:

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

51.

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 8,183 (1,110)

Abstract:

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

52.

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 8,138 (1,123)
Citation 26

Abstract:

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market risk premium, required equity premium, expected equity premium, historical equity 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 7,908 (1,179)
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 7,708 (1,239)
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.

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 7,636 (1,256)
Citation 2

Abstract:

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

56.

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 7,600 (1,270)

Abstract:

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

57.

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 7,589 (1,272)
Citation 12

Abstract:

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beta, historical beta, calculated beta, common sense

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 7,527 (1,291)

Abstract:

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Cash flow, seasonal companies, monthly data

59.

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 7,481 (1,304)
Citation 1

Abstract:

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

60.

Survey: Market Risk Premium and Risk-Free Rate Used for 95 Countries in 2022

Number of pages: 15 Posted: 01 Jun 2022
IESE Business School, Independent and Independent
Downloads 7,368 (1,355)

Abstract:

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

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 7,298 (1,361)

Abstract:

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company valuation, valuation errors, valuation, inflation

62.

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 7,135 (1,417)

Abstract:

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

63.

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 7,071 (1,434)

Abstract:

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

64.

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 7,000 (1,463)
Citation 4

Abstract:

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CAPM; Beta; Calculated beta; Market risk premium

65.

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 6,925 (1,500)

Abstract:

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value of growth, value of growing opportunities, book value

66.

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 6,798 (1,540)

Abstract:

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

67.

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 6,720 (1,573)
Citation 9

Abstract:

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Internet, Valuation, Internet valuation

68.

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 6,639 (1,610)
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

69.

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 6,333 (1,733)

Abstract:

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net income, net worth, fondos propios, beneficios

70.

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 6,198 (1,791)

Abstract:

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Value creation, company valuation, value destruction, analysts

71.

On the Instability of Betas

Number of pages: 16 Posted: 29 Feb 2004 Last Revised: 02 Jun 2019
Pablo Fernandez
IESE Business School
Downloads 6,198 (1,792)
Citation 22

Abstract:

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

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 6,189 (1,798)

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 6,170 (1,808)
Citation 39

Abstract:

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

74.

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 6,141 (1,823)
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

75.

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 6,048 (1,871)

Abstract:

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

76.

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 6,033 (1,878)
Citation 2

Abstract:

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Valuation, company valuation, valuation errors

77.

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 5,946 (1,913)

Abstract:

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

78.

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 5,852 (1,964)
Citation 1

Abstract:

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valuation errors, cash flow, net income, lawyer

79.

75 Common and Uncommon Errors in Company Valuation

Number of pages: 28 Posted: 24 Jun 2003
Pablo Fernandez
IESE Business School
Downloads 5,580 (2,118)
Citation 2

Abstract:

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valuation, company valuation, valuation errors

80.

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 5,431 (2,215)
Citation 21

Abstract:

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

81.

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 5,344 (2,286)

Abstract:

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

82.

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 5,099 (2,518)

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

83.

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 5,071 (2,539)
Citation 16

Abstract:

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

84.

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 5,018 (2,587)
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

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 4,819 (2,776)

Abstract:

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valuation, expropriation, Argentina, YPF, Repsol

86.

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 4,799 (2,794)

Abstract:

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

87.

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 4,663 (2,940)

Abstract:

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Unweighted Indexes, Market Unefficient, Sharpe Ratio, Small Companies

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 4,627 (2,979)
Citation 23

Abstract:

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

89.

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 4,604 (3,012)

Abstract:

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

90.

Dividends and Share Repurchases

Number of pages: 11 Posted: 12 Feb 2013 Last Revised: 26 May 2019
Pablo Fernandez
IESE Business School
Downloads 4,576 (3,045)

Abstract:

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

91.

Interest Rates and Company Valuation

Number of pages: 9 Posted: 12 Feb 2013 Last Revised: 26 May 2019
Pablo Fernandez
IESE Business School
Downloads 4,550 (3,078)

Abstract:

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Value, Interest rates, Yield curve, Treasuries

92.

How Inflation Destroys Value: Taxes

Number of pages: 11 Posted: 12 Feb 2013 Last Revised: 26 May 2019
Pablo Fernandez
IESE Business School
Downloads 4,535 (3,098)

Abstract:

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Value, inflation, free cash flow, equity cash flow

93.

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 4,216 (3,477)
Citation 20

Abstract:

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

94.

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 4,110 (3,642)

Abstract:

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

95.

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 4,071 (3,710)
Citation 4

Abstract:

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

96.

The Most Common Error in Valuations using WACC

Number of pages: 17 Posted: 10 Feb 2020
Pablo Fernandez
IESE Business School
Downloads 4,044 (3,758)
Citation 1

Abstract:

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

97.

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 3,999 (3,826)
Citation 21

Abstract:

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98.

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 3,988 (3,842)
Citation 2

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

99.

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 3,955 (3,887)

Abstract:

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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

100.

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 3,879 (4,007)

Abstract:

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valuation, expropriation, Argentina, YPF, Repsol

101.

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 3,835 (4,090)
Citation 6

Abstract:

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

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 3,678 (4,382)
Citation 3

Abstract:

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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 3,652 (4,448)

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structured bonds, Spain, preferred shares, lawyers

104.

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 3,652 (4,448)
Citation 18

Abstract:

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

105.
Downloads 3,649 (4,458)
Citation 1

Abstract:

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Lehman, CDS, analysts, rating

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 3,525 (4,732)

Abstract:

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

107.

100 Questions on Finance

Number of pages: 24 Posted: 08 Apr 2008
Pablo Fernandez
IESE Business School
Downloads 3,489 (4,819)

Abstract:

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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

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 3,450 (4,912)
Citation 4

Abstract:

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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 3,397 (5,036)

Abstract:

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

110.

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 3,397 (5,036)
Citation 1

Abstract:

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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 3,287 (5,324)
Citation 1

Abstract:

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

112.

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 3,272 (5,369)
Citation 1

Abstract:

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

113.

Market Risk Premium: Required, Historical and Expected

Number of pages: 27 Posted: 12 Oct 2004
Pablo Fernandez
IESE Business School
Downloads 3,223 (5,509)
Citation 2

Abstract:

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

114.

80 Common Errors in Company Valuation

Number of pages: 27 Posted: 13 May 2004
Pablo Fernandez
IESE Business School
Downloads 3,175 (5,643)

Abstract:

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Company valuation, valuation errors, valuation

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 3,092 (5,923)

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

116.

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 3,057 (6,039)
Citation 15

Abstract:

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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

117.

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 2,986 (6,267)

Abstract:

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

118.

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 2,914 (6,502)
Citation 4

Abstract:

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

119.

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 2,872 (6,658)
Citation 1

Abstract:

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

120.

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 2,845 (6,768)

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

121.

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 2,783 (6,978)
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

122.

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 2,775 (7,017)
Citation 1

Abstract:

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

123.

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 2,767 (7,045)

Abstract:

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

124.

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 2,738 (7,157)
Citation 1

Abstract:

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

125.

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 2,731 (7,189)

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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

126.

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 2,719 (7,251)

Abstract:

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perpetual bond, Matusalem bond, zero coupon bond, duration

127.

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 2,716 (7,256)
Citation 1

Abstract:

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128.

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

Number of pages: 15 Posted: 09 Mar 2011
Pablo Fernandez
IESE Business School
Downloads 2,654 (7,521)

Abstract:

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Crisis, unemployment, common sense, truth, responsibility

Abstract:

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restructuring, negative book value, fondos propios negativos

130.

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 2,541 (8,069)
Citation 8

Abstract:

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

131.

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 2,535 (8,101)

Abstract:

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

132.

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 2,510 (8,216)

Abstract:

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

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 2,458 (8,489)
Citation 3

Abstract:

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

134.

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 2,451 (8,521)
Citation 2

Abstract:

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

135.

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 2,429 (8,625)
Citation 1

Abstract:

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

136.

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 2,422 (8,672)
Citation 2

Abstract:

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

137.

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 2,389 (8,857)

Abstract:

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Share price, Maximum, Minimum, IBEX 35

138.

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 2,386 (8,882)

Abstract:

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

139.

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

Number of pages: 16 Posted: 15 Dec 2020
Pablo Fernandez
IESE Business School
Downloads 2,382 (8,910)

Abstract:

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

140.

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 2,376 (8,932)
Citation 5

Abstract:

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

141.

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 2,310 (9,373)

Abstract:

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

142.

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 2,271 (9,637)

Abstract:

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

143.

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 2,266 (9,671)

Abstract:

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

144.

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 2,256 (9,743)

Abstract:

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Net Income, Equity Cash Flow, Accounting, Money

145.

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 2,250 (9,790)
Citation 20

Abstract:

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

146.

A General Formula for the Wacc: A Correction

Number of pages: 6 Posted: 05 Dec 2006
Pablo Fernandez
IESE Business School
Downloads 2,196 (10,213)
Citation 7

Abstract:

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

147.

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 2,165 (10,444)
Citation 1

Abstract:

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

148.

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 2,109 (10,912)
Citation 1

Abstract:

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

149.

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 2,108 (10,924)

Abstract:

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Shareholder Value Creation, Spain, Shareholder return

150.

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 2,073 (11,240)
Citation 2

Abstract:

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company valuation, valuation errors, valuation

151.

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 2,054 (11,420)

Abstract:

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

152.

Shareholder Value Creation of Microsoft and Ge

Number of pages: 16 Posted: 29 Jun 2004
Pablo Fernandez
IESE Business School
Downloads 2,047 (11,483)

Abstract:

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Shareholder value added, shareholder value creation, created shareholder value

153.

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 2,041 (11,526)
Citation 2

Abstract:

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

154.

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 2,040 (11,536)

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insider trading, judges, Spain, indirect transactions

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 1,988 (12,029)

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156.

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 1,983 (12,070)

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Mutual Funds, Spain, Benchmark, Mutual Fund Performance

157.

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 1,887 (13,036)

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

158.

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 1,849 (13,476)
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

159.

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 1,847 (13,502)

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

160.

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 1,793 (14,138)
Citation 1

Abstract:

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

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 1,778 (14,323)

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

162.

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 1,774 (14,383)
Citation 2

Abstract:

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

163.

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 1,743 (14,789)
Citation 2

Abstract:

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mutual funds, Spain, benchmark, mutual fund performance

164.

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 1,718 (15,141)

Abstract:

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pension funds, mutual funds, INVERCO, Spain, benchmark

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 1,715 (15,180)
Citation 1

Abstract:

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

166.

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 1,689 (15,517)

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

167.

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

Number of pages: 17 Posted: 22 Oct 2019
Pablo Fernandez
IESE Business School
Downloads 1,680 (15,672)

Abstract:

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

168.

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 1,667 (15,857)
Citation 2

Abstract:

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

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 1,645 (16,175)

Abstract:

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

170.

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 1,638 (16,253)

Abstract:

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

171.

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 1,618 (16,564)
Citation 2

Abstract:

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

172.

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 1,596 (16,940)

Abstract:

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

173.

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 1,596 (16,940)

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mutual funds, Spain, benchmark, mutual fund performance

174.

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 1,540 (17,844)

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Share price, Maximum, Minimum

175.

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 1,532 (17,970)
Citation 10

Abstract:

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

176.

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 1,517 (18,227)
Citation 3

Abstract:

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

177.

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 1,490 (18,760)

Abstract:

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Shareholder Value Creation, Spain, Shareholder return

178.

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

Number of pages: 8 Posted: 30 May 2007
Pablo Fernandez
IESE Business School
Downloads 1,467 (19,187)

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

179.

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 1,454 (19,473)

Abstract:

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

180.

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 (19,588)

Abstract:

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

181.

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 1,446 (19,657)

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

182.

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 1,440 (19,776)

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Option, put, call, future, forward

183.

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 1,438 (19,811)

Abstract:

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pension funds, mutual funds, INVERCO, Spain, benchmark

184.

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 1,419 (20,222)

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

185.

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 1,351 (21,729)

Abstract:

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

186.

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 1,328 (22,281)

Abstract:

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Simulation, teaching, Black and Scholes

187.

The Correct Value of Tax Shields

Number of pages: 17 Posted: 30 Sep 2002
Pablo Fernandez
IESE Business School
Downloads 1,326 (22,338)
Citation 1

Abstract:

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

188.

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 1,312 (22,712)

Abstract:

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bonos bolsa, teaching, Black and Scholes, simulation

189.

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 1,311 (22,734)
Citation 3

Abstract:

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

190.

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 1,299 (23,035)

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Telefonica, IBEX, shareholder return, shareholder value creation

191.

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 1,295 (23,130)

Abstract:

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

192.

APV and WACC with Constant Book Leverage Ratio

Number of pages: 14 Posted: 15 Apr 2007
Pablo Fernandez
IESE Business School
Downloads 1,272 (23,750)
Citation 1

Abstract:

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

193.

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

Number of pages: 10 Posted: 14 Jul 2008
Pablo Fernandez
IESE Business School
Downloads 1,256 (24,229)
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.

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

Number of pages: 37 Posted: 13 Nov 2001
Pablo Fernandez
IESE Business School
Downloads 1,256 (24,229)
Citation 1

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

195.

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 1,243 (24,578)
Citation 1

Abstract:

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

196.

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 1,221 (25,251)

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

197.

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 1,221 (25,251)
Citation 4

Abstract:

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

198.

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 1,212 (25,492)
Citation 1

Abstract:

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

199.

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 1,204 (25,767)

Abstract:

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

200.

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 1,181 (26,471)

Abstract:

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Endesa, Iberdrola, Union Fenosa, Shareholder Value Creation

201.

Finance for Managers

Number of pages: 17 Posted: 13 Jun 2019
Pablo Fernandez
IESE Business School
Downloads 1,169 (26,911)

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

202.

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 1,129 (28,304)

Abstract:

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

203.

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 1,119 (28,688)

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

204.
Downloads 1,117 (28,852)

Abstract:

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

205.

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 1,076 (30,335)

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206.

Using the Black and Scholes Formula (in Spanish)

Number of pages: 30 Posted: 07 Apr 2008
Pablo Fernandez
IESE Business School
Downloads 1,065 (30,787)

Abstract:

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

207.

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 1,023 (32,642)
Citation 2

Abstract:

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Beta, calculated betas, beta ranking, CAPM

208.

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

Number of pages: 12 Posted: 12 Feb 2010
Pablo Fernandez
IESE Business School
Downloads 999 (33,696)

Abstract:

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

209.

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 988 (34,266)

Abstract:

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

210.

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 980 (34,670)

Abstract:

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

211.

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 963 (35,513)

Abstract:

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auditoria, pension, management, buen gobierno

212.

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 963 (35,513)

Abstract:

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

213.

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 962 (35,559)

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

214.

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 961 (35,619)
Citation 7

Abstract:

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

215.

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 948 (36,302)

Abstract:

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

216.

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 944 (36,535)

Abstract:

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

217.

Valuing Companies with a Fixed Book-Value Leverage Ratio

Number of pages: 37 Posted: 13 Nov 2005
Pablo Fernandez
IESE Business School
Downloads 933 (37,134)

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

218.

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 930 (37,310)

Abstract:

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mutual funds, Spain, benchmark, mutual fund performance

219.

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 921 (37,810)

Abstract:

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

220.

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 906 (38,669)

Abstract:

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

221.

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 904 (38,788)

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

222.

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 895 (39,329)

Abstract:

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Santander, IBEX, EuroStoxx, shareholder value creation

223.

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 890 (39,661)

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banking crisis in Spain; Bank of Spain; unemployment

224.

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 885 (39,955)

Abstract:

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

225.

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

Number of pages: 5 Posted: 12 Jan 2018
Pablo Fernandez
IESE Business School
Downloads 882 (40,153)

Abstract:

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

226.

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 875 (40,613)
Citation 18

Abstract:

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equity premium puzzle, required equity premium, historical equity premium

227.

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 869 (41,011)

Abstract:

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

228.

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 822 (44,108)

Abstract:

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

229.

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 820 (44,261)

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

230.

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 805 (45,408)

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IBEX 35, Shareholder value creation, IGBM, ITBM

231.

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 793 (46,290)

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

232.

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 793 (46,290)

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

233.

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 781 (47,214)

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

234.

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 775 (47,728)

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pension funds, mutual funds, INVERCO, Spain, benchmark

235.

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 752 (49,752)

Abstract:

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Shareholder Value Creation, Spain, Shareholder return

236.

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 750 (49,946)

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

237.
Downloads 727 (52,070)

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

238.

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 715 (53,210)

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Santander, IBEX, EuroStoxx, shareholder value creation

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 713 (53,408)

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

240.

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 713 (53,408)

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Telefonica, IBEX, Shareholder Return, Shareholder Value Creation

241.

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 711 (53,611)

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Euro Stoxx 50, Shareholder Return, Price Decrease, Capitalization

242.

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 668 (58,106)
Citation 1

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Endesa, shareholder value creation

243.

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 662 (58,778)
Citation 12

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

244.

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 648 (60,460)

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Value creation, shareholder value creation, IBEX, Spain

245.

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 637 (61,857)

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Repsol, Shareholder Value Creation, Shareholder Value Added

246.

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 628 (62,944)
Citation 1

Abstract:

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Shareholder value creation

247.

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 623 (63,576)

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

248.

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 621 (63,845)

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

249.

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 618 (64,208)
Citation 1

Abstract:

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Endesa, Iberdrola, Union Fenosa, Shareholder Value Creation

250.

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 611 (65,209)

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Telefonica, IBEX, shareholder return

251.

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 609 (65,479)

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

252.

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 591 (68,039)
Citation 2

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

253.

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 589 (68,308)
Citation 7

Abstract:

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

254.

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 580 (69,651)

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

255.

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 566 (71,808)
Citation 1

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

256.

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 558 (73,093)

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

257.
Downloads 543 (75,594)

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

258.

Comments on 'a Reconsideration of Tax Shield Valuation'

Number of pages: 6 Posted: 22 Nov 2004
Pablo Fernandez
IESE Business School
Downloads 534 (77,186)

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

259.

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 528 (78,236)

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Value creation, shareholder value creation, Bankinter, IBEX

260.

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 525 (78,778)

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Shareholder Value Creation, Spain, Shareholder return

261.

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 523 (79,131)
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

262.

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 519 (79,894)
Citation 3

Abstract:

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Value Creation

263.

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 519 (79,894)
Citation 4

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

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 511 (81,449)

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Creación de valor, EVA, Rentabilidad para los accionistas

265.