address / office:
C/ Madrid, 126 - 28903 Getafe (Madrid) Spain / 7.0.45
phone / fax:
(34) 91 624 58 40 / (34) 91 624 96 07
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Associate Professor of Finance

Research interests

Corporate finance, corporate governance, law and finance

Selected publications

“Managerial Incentives for Attracting Attention” (with Nino Papiashvili, Josep A. Tribó and Antonio B. Vázquez), European Financial Management, 26(4), (2020), pp. 896-937. 

“The Promise of Reward Crowdfunding” (with Maribel Sáez), Corporate Governance: An International Review, 26 (5), (2018), pp. 355-373. 

“A Contractual Approach to Discipline Self-dealing by Controlling Shareholders” (with Maribel Sáez), Journal of Law, Finance and Accounting, 2 (1), (2017), pp. 173-204.

“Board Composition, Political Connections, and Performance in State-Owned Enterprises” (with Anna Menozzi and Davide Vannoni), Industrial and Corporate Change, 21 (3) (2012), pp. 671-698. 

 “An Economic Analysis of Corporate Directors' Fiduciary Duties”, Rand Journal of Economics, 34 (2003), pp. 516-535.

María Gutiérrez Urtiaga is Associate Professor of Finance (with tenure) at Universidad Carlos III de Madrid, Department of Business Administration. She received a Ph.D. in Economics from the Universidad Complutense in 2000 and a Master in Economics and Finance from CEMFI in 1997. 

She teaches corporate governance, corporate finance and financial management to undergraduate, master and PhD students with excellent student evaluations (5/5 for awarded by graduate students during academic year 2022/23). 

Her research interests include corporate governance, corporate finance, and law and finance. She is also research associate of the European Corporate Governance Institute (ECGI). Her research examines corporate governance institutions such as boards of directors and fiduciary duties and corporate governance problems such as minority expropriation. She has published in prestigious international journals such as the Rand Journal of Economics, Industrial and Corporate Change, Journal of Law, Finance and Accounting, Corporate Governance: An International Review and the Journal of Corporate Legal Studies. María has received several grants and awards for her research work, which is regularly presented at leading conferences including the American Law and Economics Association, the European Economic Association and the European Finance Association. 

From 2012 until 2016 she served as a member of the Consulting Committee of the CNMV (Comisión Nacional del Mercado de Valores Español). From 2019 until 2021 she served as president of AEFIN (Asociación Española de Finanzas). Since 2018 she also works as a consultant for the CNMV.

“Inspection Rights in Spain” (with Maribel Sáez), chapter 8 in “Research Handbook on Shareholder Inspection Rights: A Comparative Perspective” edited by Randall S. Thomas, John S. Beasley and Paolo Giudici, Edward Elgar Publishing (2023).

“The Law and Economics of Comparative Corporate Law” (with Maribel Sáez), chapter 4 in “Research Handbook on Comparative Corporate Governance” edited by Afra Afsharipour and Martin Gelter, Edward Elgar Publishing (2021). 

“The Spanish Banking Crisis as a Corporate Governance Problem” (with Maribel Sáez), chapter 22 in “Governance of Financial Institutions” edited by Guido Ferrarini, Oxford University Press (2019).  

“Strong shareholders, weak outside investors” (with Maribel Sáez), Journal of Journal of Corporate Law Studies, 18 (2), (2018), pp. 277-309.

“Dividend Policy with Controlling Shareholders” (with Maribel Sáez), Theoretical Inquiries in Law ,16 (1), (2015), pp. 107–130. 

“Deconstructing Independent Directors” (with Maribel Sáez), Journal of Corporate Law Studies, 13 (1), (2013), pp. 63-94.

“Ownership Structure and Minority Expropriation: The Case for Multiple Blockholders” (with Josep Tribó and Beatriz Mariano), Applied Financial Economics, 22 (24), (2012), pp. 2075-2083. 

“A Contractual Approach to the Regulation of Corporate Directors' Fiduciary Duties”, Journal of Corporate Ownership and Control, 1 (2004), pp.72-80