Pablo Fernández López

Pablo Fernández López is a Full Professor in the Department of Financial Management and holds the Chair of Corporate Finance at IESE Business School, part of the University of Navarra. He also serves as a visiting professor at several institutions including the University of Piura (Peru), INALDE (Colombia), IAE (Argentina), IEEM (Uruguay), and IPADE (Mexico). With a career at IESE beginning in 1985, Professor Fernández is recognized as the author with the highest number of downloaded articles on SSRN since 2016.

Professor Fernández earned his Doctor of Business Economics and Master's in Business Economics from Harvard University, an MBA from IESE Business School, and an Industrial Engineering degree from the University of Navarra. His professional journey includes serving as an analyst and financial coordinator for Pepsi-Cola for Southern Europe before beginning his teaching career.

His research focuses primarily on business valuation, value creation, investment banking, mergers and acquisitions, and expert witness services in arbitration proceedings. Professor Fernández has developed comprehensive methodologies for measuring value creation, valuation techniques for brands and companies, project financing approaches, and portfolio management measurement systems. His work is characterized by practical applications combined with rigorous academic research, often challenging conventional financial theories with empirical evidence.

Professor Fernández's extensive publication record includes numerous books, journal articles, working papers, case studies, and technical notes. His most recent work examines total return analysis, market risk premiums across countries, stock market indices, business valuation methodologies, and shareholder value creation. His publications consistently address practical financial challenges while advancing theoretical understanding in corporate finance, with particular emphasis on the proper calculation of tax shields in valuation models.

His book "Business Valuation and Common Sense" is available for free download and has become a widely referenced resource in the field. Professor Fernández is particularly known for his work challenging conventional valuation methods, particularly regarding the treatment of tax shields in the WACC calculation, as evidenced by his influential paper "The Value of Tax Shields is NOT Equal to the Present Value of Tax Shields" published in the Journal of Financial Economics.

As a consultant, Professor Fernández has worked extensively with companies and banks, providing services including business valuation, valuation reports for legal proceedings, feasibility studies, and analysis of acquisitions. He has served as an expert witness in more than 60 arbitrations and lawsuits, bringing academic rigor to real-world financial disputes.

Professor Fernández is an active member of several professional organizations including the European Finance Association, Financial Management Association, European Financial Management Association, and the Spanish Institute of Financial Analysts. He also serves on the Committee of Business Valuation Analysts and the Committee of Experts responsible for the supervision of the IBEX 35 stock market index, demonstrating his influence in both academic and practical financial circles.