{"id":14446,"date":"2025-03-25T07:14:33","date_gmt":"2025-03-25T06:14:33","guid":{"rendered":"https:\/\/business.uc3m.es\/\/members\/juan-ignacio-pena\/"},"modified":"2026-03-25T19:07:29","modified_gmt":"2026-03-25T18:07:29","slug":"juan-ignacio-pena","status":"publish","type":"members","link":"https:\/\/business.uc3m.es\/en\/members\/juan-ignacio-pena\/","title":{"rendered":"Juan Ignacio Pe\u00f1a Sanchez de Rivera"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"14446\" class=\"elementor elementor-14446 elementor-3934\" data-elementor-post-type=\"members\">\n\t\t\t\t<div class=\"elementor-element elementor-element-18d20d8 e-flex e-con-boxed e-con e-parent\" data-id=\"18d20d8\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-b4c09b9 e-con-full e-flex e-con e-child\" data-id=\"b4c09b9\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t<div class=\"elementor-element elementor-element-83d580c e-con-full e-flex e-con e-child\" data-id=\"83d580c\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4a12e6f elementor-widget-mobile__width-inherit elementor-widget elementor-widget-image\" data-id=\"4a12e6f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"360\" height=\"360\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/10\/default_avatar.jpg\" class=\"attachment-full size-full wp-image-6269\" alt=\"\" srcset=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/10\/default_avatar.jpg 360w, https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/10\/default_avatar-300x300.jpg 300w, https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/10\/default_avatar-150x150.jpg 150w, https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/10\/elementor\/thumbs\/default_avatar-150x150.jpg 400w\" sizes=\"(max-width: 360px) 100vw, 360px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-85101c9 elementor-widget elementor-widget-spacer\" data-id=\"85101c9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bd5f56e elementor-hidden-mobile elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"bd5f56e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"mailto:ypenya@eco.uc3m.es\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-far-envelope\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M464 64H48C21.49 64 0 85.49 0 112v288c0 26.51 21.49 48 48 48h416c26.51 0 48-21.49 48-48V112c0-26.51-21.49-48-48-48zm0 48v40.805c-22.422 18.259-58.168 46.651-134.587 106.49-16.841 13.247-50.201 45.072-73.413 44.701-23.208.375-56.579-31.459-73.413-44.701C106.18 199.465 70.425 171.067 48 152.805V112h416zM48 400V214.398c22.914 18.251 55.409 43.862 104.938 82.646 21.857 17.205 60.134 55.186 103.062 54.955 42.717.231 80.509-37.199 103.053-54.947 49.528-38.783 82.032-64.401 104.947-82.653V400H48z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Email: ypenya@eco.uc3m.es<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-map-marker-alt\" viewBox=\"0 0 384 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M172.268 501.67C26.97 291.031 0 269.413 0 192 0 85.961 85.961 0 192 0s192 85.961 192 192c0 77.413-26.97 99.031-172.268 309.67-9.535 13.774-29.93 13.773-39.464 0zM192 272c44.183 0 80-35.817 80-80s-35.817-80-80-80-80 35.817-80 80 35.817 80 80 80z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Address \/ Office: C\/ Madrid, 126 - 28903 Getafe (Madrid) Spain \/ 6.0.22<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"tel:+34916249625\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-phone-alt\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M497.39 361.8l-112-48a24 24 0 0 0-28 6.9l-49.6 60.6A370.66 370.66 0 0 1 130.6 204.11l60.6-49.6a23.94 23.94 0 0 0 6.9-28l-48-112A24.16 24.16 0 0 0 122.6.61l-104 24A24 24 0 0 0 0 48c0 256.5 207.9 464 464 464a24 24 0 0 0 23.4-18.6l24-104a24.29 24.29 0 0 0-14.01-27.6z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Phone: (34) 91 624 96 25<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-692374a elementor-hidden-mobile elementor-widget elementor-widget-spacer\" data-id=\"692374a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-16a1578 elementor-hidden-mobile elementor-view-default elementor-position-block-start elementor-mobile-position-block-start elementor-widget elementor-widget-icon-box\" data-id=\"16a1578\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-box.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\n\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\n\t\t\t\t<a href=\"https:\/\/x.com\/uc3m_business?lang=es\" class=\"elementor-icon\" tabindex=\"-1\" aria-label=\"BUSINESS UC3M\">\n\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fab-x-twitter\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M389.2 48h70.6L305.6 224.2 487 464H345L233.7 318.6 106.5 464H35.8L200.7 275.5 26.8 48H172.4L272.9 180.9 389.2 48zM364.4 421.8h39.1L151.1 88h-42L364.4 421.8z\"><\/path><\/svg>\t\t\t\t<\/a>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\n\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-icon-box-title\">\n\t\t\t\t\t\t<a href=\"https:\/\/x.com\/uc3m_business?lang=es\" >\n\t\t\t\t\t\t\tBUSINESS UC3M\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<p class=\"elementor-icon-box-description\">\n\t\t\t\t\t\t@UC3M_BUSINESS\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-96f273d e-con-full e-flex e-con e-child\" data-id=\"96f273d\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-91158c2 elementor-widget elementor-widget-heading\" data-id=\"91158c2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Juan Ignacio Pe\u00f1a<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8895431 elementor-widget elementor-widget-heading\" data-id=\"8895431\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Full Professor of Finance<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a28fcb7 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"a28fcb7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Education<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-51b780f elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"51b780f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-57f3154 elementor-widget elementor-widget-text-editor\" data-id=\"57f3154\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Juan Ignacio holds a degree in Economics from the Universidad Aut\u00f3noma de Madrid, a Master of Science in Quantitative Methods from the Escuela de Organizaci\u00f3n Industrial, and a PhD in Economics from the Universidad Aut\u00f3noma de Madrid. He has been a Professor of Financial Economics at UC3M since 1997. He has held teaching and research positions at the Universidad Aut\u00f3noma de Madrid, University of Chicago, Universidad Carlos III de Madrid, China-Europe International Business School (CEIBS), and IESE Business School.  <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-446bec8 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"446bec8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Research Interests<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6000d4e elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"6000d4e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-36135d1 elementor-widget elementor-widget-text-editor\" data-id=\"36135d1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Prof. Pe\u00f1a&#8217;s research interests focus on finance for the energy transition and financial risk management, with special emphasis on (i) financing the energy transition, (ii) credit and market risks, (iii) risk management issues in the energy industry (electricity, gas, oil).   <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8c01102 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"8c01102\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Selected publications<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dead0cc elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"dead0cc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-588d4a1 elementor-widget elementor-widget-text-editor\" data-id=\"588d4a1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>Recent publications:<\/strong><\/p><p>Pe\u00f1a, J.I., K. A. Desender and B. Guo (2025) Divergence and Uncertainty in ESG Markets: Metrics, Economic Policy, and Financial Implications. Estudios de la Fundaci\u00f3n. Serie Econom\u00eda y Sociedad. FUNCAS.   <\/p><p>Pe\u00f1a. J. I., R. Rodr\u00edguez and S. Mayoral (2025) The energy policy pricing dilemma: Affordability, volatility, and market signals in electricity tariffs. Energy Reports, 14, 1680-1707  <\/p><p>Pe\u00f1a. J. I., R. Rodr\u00edguez and S. Mayoral (2024) Hedging renewable power purchase agreements. Energy Strategy Reviews, 55, 101513.  <\/p><p>Pe\u00f1a, J. I. (2024) A Note on Hydropower as a Marginal Price Setter for Spain\u2019s Electricity Market in 2021\u20132022. Utilities Policy, 87, 101726.   <\/p><p style=\"font-weight: 500;\">Pe\u00f1a, J.I. (2023) The Hedging Effectiveness of Electricity Futures in the Spanish Market. Finance Research Letters, 53, 103507 <\/p><p>Pe\u00f1a, J.I., R. Rodr\u00edguez and Mayoral, S. (2022) Cannibalization, Depredation, and Market Remuneration of Power Plants. Energy Policy, 167, 113086. <\/p><p>Pe\u00f1a, J.I. and R. Rodr\u00edguez (2021). Market Makers and Liquidity Premium in Electricity Futures Markets. The Energy Journal, 43, 75-93.  <\/p><p>Pe\u00f1a, J.I., R. Rodriguez and S. Mayoral, (2020). Tail Risk of Electricity Futures. Energy Economics, 91, 104886.  <\/p><p><strong>Publications with more than 200 citations in Google Scholar<\/strong><\/p><p>(553) : Escribano, \u00c1., J. I. Pe\u00f1a, and P. Villaplana (2011) &#8220;Modeling Electricity Prices: International Evidence&#8221;. Oxford Bulletin of Economics and Statistics, 73,5, 622- 650.  <\/p><p>(418) Forte, S., and Pe\u00f1a, J.I., (2009): \u201cCredit Spreads: an Empirical Analysis on the Informational Content of Stocks, Bonds, and CDS\u201d. Journal of Banking and Finance vol. 33, 2009, 2013\u20132025. <\/p><p>(353) Rodr\u00edguez-Moreno, Maria, Pe\u00f1a, Juan Ignacio (2013) \u201cSystemic risk measures: The simpler the better?\u201d. Journal of Banking and Finance, 37, 1817\u20131831. <\/p><p>(268) Pe\u00f1a, J.I., Serna, G. and Rubio, G., (1999) : \u201cWhy do we smile? On the determinants of the implied volatility function\u201d. Journal of Banking and Finance vol. 23, 1999, 1151-1179. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0d7f791 uael-faq-box-layout-yes align-at-left elementor-widget elementor-widget-uael-faq\" data-id=\"0d7f791\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"uael-faq.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n\t\t\t<div id='uael-faq-wrapper-141' class=\"uael-faq-wrapper\">\n\t\t\t\t<div class=\"uael-faq-container uael-faq-layout-accordion\" data-layout=\"accordion\" >\n\t\t\t\t\t\t\t\t\t\t\t\t<div id=\"uael-accordion-9984785\" class=\"uael-faq-accordion\" role=\"tablist\">\n\t\t\t\t\t\t\t\t<div class= \"uael-accordion-title\" aria-expanded=\"false\" role=\"tab\">\n\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon uael-accordion-icon-left\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon-closed\"><svg class=\"e-font-icon-svg e-fas-angle-right\" viewBox=\"0 0 256 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M224.3 273l-136 136c-9.4 9.4-24.6 9.4-33.9 0l-22.6-22.6c-9.4-9.4-9.4-24.6 0-33.9l96.4-96.4-96.4-96.4c-9.4-9.4-9.4-24.6 0-33.9L54.3 103c9.4-9.4 24.6-9.4 33.9 0l136 136c9.5 9.4 9.5 24.6.1 34z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon-opened\"><svg class=\"e-font-icon-svg e-fas-angle-up\" viewBox=\"0 0 320 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M177 159.7l136 136c9.4 9.4 9.4 24.6 0 33.9l-22.6 22.6c-9.4 9.4-24.6 9.4-33.9 0L160 255.9l-96.4 96.4c-9.4 9.4-24.6 9.4-33.9 0L7 329.7c-9.4-9.4-9.4-24.6 0-33.9l136-136c9.4-9.5 24.6-9.5 34-.1z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"uael-question-9984785 uael-question-span\" tabindex=\"0\" id=\"uael-faq-1-6a656c1c96164\">Bio<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"uael-accordion-content\" role=\"tabpanel\">\n\t\t\t\t\t\t\t\t\t<span>\n\t\t\t\t\t\t\t\t\t<span><p>Juan Ignacio Pe\u00f1a holds a Master's degree in Quantitative Methods from the EOI (Escuela de Organizaci\u00f3n Industrial) and a Doctorate in Economics from the Universidad Aut\u00f3noma de Madrid. He has carried out research and teaching work at the Universidad Aut\u00f3noma de Madrid, the University of Chicago, the Universidad Carlos III de Madrid, the IESE business school and the China-Europe International Business School (CEIBS). He has published two books and more than 70 research papers in journals such as Energy, Energy Economics, Energy Policy, The Energy Journal, Journal of Banking and Finance, Journal of International Money and Finance, Oxford Bulletin of Economics and Statistics, Journal of Empirical Finance, Quantitative Finance, Journal of Business Finance and Accounting, European Journal of Finance and European Financial Management, among others. He was co-director of the journal Moneda y Cr\u00e9dito and is an associate editor at the European Journal of Finance. He has carried out consultancy work for major energy firms, central banks and financial services companies. He has been Director of Doctoral Studies, Head of Department and has served on many scientific and evaluation committees. Ignacio's current interests are finance for the energy transition, the measurement and management of financial risk, financial derivatives, energy finance and asset allocation strategies.      <\/p><\/span>\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div id=\"uael-accordion-a14a01d\" class=\"uael-faq-accordion\" role=\"tablist\">\n\t\t\t\t\t\t\t\t<div class= \"uael-accordion-title\" aria-expanded=\"false\" role=\"tab\">\n\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon uael-accordion-icon-left\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon-closed\"><svg class=\"e-font-icon-svg e-fas-angle-right\" viewBox=\"0 0 256 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M224.3 273l-136 136c-9.4 9.4-24.6 9.4-33.9 0l-22.6-22.6c-9.4-9.4-9.4-24.6 0-33.9l96.4-96.4-96.4-96.4c-9.4-9.4-9.4-24.6 0-33.9L54.3 103c9.4-9.4 24.6-9.4 33.9 0l136 136c9.5 9.4 9.5 24.6.1 34z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon-opened\"><svg class=\"e-font-icon-svg e-fas-angle-up\" viewBox=\"0 0 320 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M177 159.7l136 136c9.4 9.4 9.4 24.6 0 33.9l-22.6 22.6c-9.4 9.4-24.6 9.4-33.9 0L160 255.9l-96.4 96.4c-9.4 9.4-24.6 9.4-33.9 0L7 329.7c-9.4-9.4-9.4-24.6 0-33.9l136-136c9.4-9.5 24.6-9.5 34-.1z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"uael-question-a14a01d uael-question-span\" tabindex=\"0\" id=\"uael-faq-2-6a656c1c961f7\">Publications<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"uael-accordion-content\" role=\"tabpanel\">\n\t\t\t\t\t\t\t\t\t<span>\n\t\t\t\t\t\t\t\t\t<span><p>Pe\u00f1a. J. I., R. Rodr\u00edguez and S. Mayoral (2025) The energy policy pricing dilemma: Affordability, volatility, and market signals in electricity tariffs. Energy Reports, 14, 1680-170.  <\/p><p>Pe\u00f1a. J. I., R. Rodr\u00edguez and S. Mayoral (2024) Hedging renewable power purchase agreements. Energy Strategy Reviews, 55, 101513  <\/p><p>Pe\u00f1a, J. I. (2024) \"A Note on Hydropower as a Marginal Price Setter for Spain\u2019s Electricity Market in 2021\u20132022\". Utilities Policy, 87, 101726.  https:\/\/doi.org\/10.1016\/j.jup.2024.101726<\/p><p>Pe\u00f1a, J.I. (2022) \"The Hedging Effectiveness of Electricity Futures in the Spanish Market\". Finance Research Letters, https:\/\/doi.org\/10.1016\/j.frl.2022.103507 <\/p><p>Pe\u00f1a, J.I., R. Rodr\u00edguez and Mayoral, S. (2022) \"Cannibalization, Depredation, and Market Remuneration of Power Plants\". Energy Policy, 167, 113086. <\/p><p>Pe\u00f1a, J.I. and R. Rodr\u00edguez (2021). \"Market Makers and Liquidity Premium in Electricity Futures Markets\". The Energy Journal, 43, 75-93.  <\/p><p>Pe\u00f1a, J.I., Rodr\u00edguez, R. and S. Mayoral. (2020) Financial Products for the Energy Transition. CECA. Funcas Monograph.  <\/p><p style=\"font-weight: 500;\"><span lang=\"EN-US\">Pe\u00f1a, J.I., R. Rodriguez and S. Mayoral, (2020). Tail Risk of Electricity Futures. Energy Economics, 91, 104886.  <br><\/span><\/p><p> <\/p><p>Restrepo Ochoa, D. and Pe\u00f1a, J.I. (2020) The Impact of Forced Divestments on Parent Company Stock Prices: Buy on the Rumor, Sell on the News?. Research in International Business and Finance, 53, 101-175.<br><br>Pe\u00f1a, J.I. and R. Rodriguez, (2019). Are EU\u2019s Climate and Energy Package 20-20-20 targets achievable and compatible? Evidence from the impact of renewables on electricity prices. Energy, 183, 477-486. <br><br>Pe\u00f1a, J.I. and R. Rodriguez (2018) Default supply auctions in electricity markets: Challenges and proposals. Energy Policy, 122, 142-151. <\/p><p>Pe\u00f1a, J. I. (2019) Credit Cycles, Securitization, and Credit Default Swaps. arXiv:1901.00177 [econ.TH] <\/p><p>Blanco, I., J.I. Pe\u00f1a and R. Rodriguez (2018) \u201cModelling Electricity Swaps with Stochastic Forward Premium Models\u201d. The Energy Journal, 39,2, 1-33. <br><br>Chiu, W.-C., Wang, C. W., and Pe\u00f1a, J.I. (2017) \u201cDoes the source of debt financing affect default risk?. Review of Financial Economics, dx.doi.org\/10.1016\/j.rfe.2017.03.006.<br><br>Chiu, W.-C., Wang, C.-W., and Pe\u00f1a, J. I. (2017) \u201cEffect of Rollover Risk on Default Risk: Evidence from Bank Financing\u201d. International Review of Financial Analysis, 54, 130-143.<br><br>Chiu, Wan-Chien, Wang, Chih-Wei, and Pe\u00f1a, Juan Ignacio, (2016) \u201cTail Risk Spillovers and Corporate Cash Holdings\u201d. Journal of Multinational Financial Management , 36, 30-48. <br><br>Pe\u00f1a, Juan Ignacio and Rosa Rodriguez (2016) \u201cTime-Zero Efficiency of European Power Derivatives Markets\u201d. Energy Policy, 95, 253-268. <br><br>Pe\u00f1a, Juan Ignacio (2016) Banking Regulation and Economic Growth (invited article). Economistas, 146-147, 131-139. <br><br>Diana Constanza Restrepo Ochoa Ricardo Correia; Javier Poblaci\u00f3n; Juan Ignacio Pe\u00f1a (2015) \u201cExpropriation risk, Investment Decisions and Economic Sectors\u201d Economic Modelling. 48 ,326\u2013342. <br><br>Gonz\u00e1lez-Pedraz, Carlos, Moreno, Manuel and Pe\u00f1a, Juan Ignacio, (2015) \u201cPortfolio Selection with Commodities Under Conditional Asymmetric Dependence and Skew Preferences\u201d. Quantitative Finance, 15, 1, 151-170. <br><br>Wang, Chih-Wei, Chiu, Wan-Chien and Pe\u00f1a, Juan Ignacio, (2015) \u201cIndustry Characteristics and Financial Risk Contagion\u201d. Journal of Banking and Finance , 50, 411\u2013427. <br><br>Gonz\u00e1lez-Pedraz,Carlos, Moreno, Manuel and Pe\u00f1a, Juan Ignacio, (2014) \u201cTail Risk in Energy portfolios\u201d. Energy Economics, 46, 422-434. <br><br>Mayordomo, Sergio, Pe\u00f1a, Juan Ignacio and Eduardo S. Schwartz, (2014) \u201cTowards a common Eurozone risk free rate\u201d. European Journal of Finance, doi:10.1080\/1351847X.2014.912670. <br><br>Rodriguez Moreno, Maria, Mayordomo, Sergio and Pe\u00f1a, Juan Ignacio, (2014) \u201cDerivatives Holdings and Systemic Risk in the U.S. Banking Sector\u201d. Journal of Banking and Finance, 45, 84-104. <br><br>Mayordomo, Sergio, Pe\u00f1a, Juan Ignacio and Romo, Juan, (2014) \u201cTesting for Statistical Arbitrage in Credit Derivatives Markets\u201d. Journal of Empirical Finance, 26, 59-75. <br><br>Mayordomo, Sergio, and Pe\u00f1a, Juan Ignacio (2014) \u201cAn empirical analysis of the dynamic dependences in the European corporate credit markets: bonds versus credit derivatives\u201d. Applied Financial Economics, 24:9, 605-619. <br><br>Chiu, Wan-Chien, Pe\u00f1a, Juan Ignacio and Wang, Chih-Wei,(2014) \u201cMeasuring Systemic Risk: Common Factor Exposures and Tail Dependence Effects\u201d. European Financial Management. doi: 10.1111\/EUFM.12040.  <br><br>Mayordomo, Sergio and Pe\u00f1a, Juan Ignacio and Rodriguez Moreno, Maria, (2014) \u201cLiquidity Commonalities in the Corporate CDS Market around the 2007-2012 Financial Crisis\u201d. International Review of Economics and Finance. 31, 171\u201392.  <br><br>Mayordomo, Sergio, Pe\u00f1a, Juan Ignacio and Schwartz, Eduardo S. (2014) \u201cAre all Credit Default Swap Databases Equal?\u201d. European Financial Management, 20(4):677\u2013713. <br><br>Mayordomo, Sergio, Rodriguez-Moreno, Maria and Pe\u00f1a, Juan Ignacio, (2014) \u201cPortfolio Choice with Indivisible and Illiquid Housing Assets: The Case of Spain\u201c. Quantitative Finance, 14(11), 2045-2064. <br><br>Chiu, Wan-Chien, Pe\u00f1a, Juan Ignacio and Wang, Chih-Wei, (2013) \u201cDo Structural Constraints of the Industry Matter for Corporate Failure Prediction?\". Investment Analysts Journal, Vol 78, Issue 1, pp 65-81. <br><br>Arce, Oscar, Mayordomo, Sergio, Pe\u00f1a, Juan Ignacio (2013), \u201cCredit-Risk Valuation in the Sovereign CDS and Bonds Markets: Evidence from the Euro Area Crisis\u201d. Journal of International Money and Finance, 35, 124\u2013145. <br><br>Rodr\u00edguez-Moreno, Maria, Pe\u00f1a, Juan Ignacio (2013) \u201cSystemic risk measures: The simpler the better?\u201d. Journal of Banking and Finance, 37, 1817\u20131831. <br><br>Pe\u00f1a, Juan Ignacio (2012) \u201c A Note on Panel Hourly Electricity Prices\u201d. The Journal of Energy Markets, 5(4), 81-97. <br><br>Escribano, \u00c1lvaro, Pe\u00f1a, Juan Ignacio and Villaplana , Pablo, (2011) \"Modeling Electricity Prices: International Evidence\". Oxford Bulletin of Economics and Statistics, 73,5, 622- 650. <br><br>Mayordomo,Sergio, Pe\u00f1a, Juan Ignacio and Juan Romo (2011) \u201cThe Effect of Liquidity on the Price Discovery Process in Credit Derivatives Markets in Times of Financial Distress\u201d. The European Journal of Finance, 17, 9\u201310, 851\u2013881. <br><br>Forte Arcos, Santiago and Pe\u00f1a, Juan Ignacio, (2011) \"Debt Refinancing And Credit Risk\". The Spanish Review of Financial Economics, 9,1-10. <br><br>Fernandes, Jose L.B., Pe\u00f1a, Juan Ignacio and Tabak , Benjamin M., (2010) \"Behavior Finance and Estimation Risk in Portfolio Optimization\". Applied Financial Economics , 20, 719\u2013738. <br><br>Fernandes, Jose Luiz, Pe\u00f1a, Juan Ignacio and Tabak, Benjamin M., (2010) \"Delegated Portfolio Management and Risk Taking Behavior\". The European Journal of Finance , 16, 4, 353 \u2013 372. <br><br>Forte, Santiago, and Pe\u00f1a, Juan Ignacio (2009) \u201cCredit Spreads: an Empirical Analysis on the Informational Content of Stocks, Bonds, and CDS\u201d. Journal of Banking and Finance, 33, 2013\u20132025. <br><br>Fern\u00e1ndes, Jose Luiz, Hasman, Augusto and Pe\u00f1a, Juan Ignacio. (2007) \u201cRisk Premium: Insights over the Threshold\u201d. Applied Financial Economics , 18, 1, 41-59.  <br><br>Pe\u00f1a, Juan Ignacio and Rosa Rodriguez (2006) \u201cOn the Economic Link Between Asset Prices and Real Activity\u201d. Journal of Business Finance and Accounting, 34, 889-916. <br><br>Rodriguez, Rosa, Fernando Restoy and Juan Ignacio Pe\u00f1a (2002) \u201cCan output explain the predictability and volatility of stock returns?\u201d. Journal of International Money and Finance , 21, 163-182. <br><br>Estrada, Javier and Juan Ignacio Pe\u00f1a (2002) \u201cEmpirical Evidence on the Impact of European Insider Trading Regulations\u201d . Studies in Economics and Finance Vol. 20, No. 1, 12-34. <br><br>Pe\u00f1a, Juan Ignacio, Gregorio Serna y Gonzalo Rubio (2001) \u201cSmiles, Bid-Ask Spreads and Option pricing\u201d, European Financial Management, Vol 7, No. 3, 351-374.<br><br>Pe\u00f1a, Juan Ignacio, Gregorio Serna and Gonzalo Rubio (1999) \u201cWhy do we smile?. On the determinants of the implied volatility function\u201d. Journal of Banking and Finance, 23, 1151-1179. <br><br>Pe\u00f1a, Juan Ignacio, Dolores Robles y Carlos Oca\u00f1a (1997) \"Preliminary Evidence on Takeover Target Returns in Spain: A Note\". Journal of Business Finance and Accounting, 24, 145-153. <br><br>Pe\u00f1a, Juan Ignacio and Esther Ruiz (1995) \"Stock Market Regulations and International Financial Integration: The Case of Spain\". The European Journal of Finance,1, 367-382 . <br><br>Pe\u00f1a, Juan Ignacio (1995) \"Daily Seasonalities and Stock Market Reforms in Spain\". Applied Financial Economics, 5, 419-423. <br><br>Pe\u00f1a, Juan Ignacio (1995) \"A comment on Simon Keane's Reappraisal of Share Price Maximisation\". 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