{"id":9427,"date":"2025-10-19T20:12:15","date_gmt":"2025-10-19T18:12:15","guid":{"rendered":"https:\/\/business.uc3m.es\/\/alejandro-balbas\/"},"modified":"2025-11-20T08:28:18","modified_gmt":"2025-11-20T07:28:18","slug":"alejandro-balbas","status":"publish","type":"page","link":"https:\/\/business.uc3m.es\/en\/faculty\/alejandro-balbas\/","title":{"rendered":"Alejandro Balb\u00e1s"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"9427\" class=\"elementor elementor-9427\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2b825c2b e-flex e-con-boxed e-con e-parent\" data-id=\"2b825c2b\" 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-5d4551df e-con-full e-flex e-con e-child\" data-id=\"5d4551df\" 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-536a36fa elementor-widget-mobile__width-inherit elementor-widget elementor-widget-image\" data-id=\"536a36fa\" 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=\"1140\" height=\"1140\" src=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/perfil-1448530097.jpg\" class=\"attachment-full size-full wp-image-2797\" alt=\"\" srcset=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/perfil-1448530097.jpg 1140w, https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/perfil-1448530097-300x300.jpg 300w, https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/perfil-1448530097-1024x1024.jpg 1024w, https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/perfil-1448530097-150x150.jpg 150w, https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/03\/perfil-1448530097-768x768.jpg 768w\" sizes=\"(max-width: 1140px) 100vw, 1140px\" \/>\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-711d3f82 elementor-widget elementor-widget-spacer\" data-id=\"711d3f82\" 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-10c0671 elementor-hidden-mobile elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"10c0671\" 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:balbas@emp.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: balbas@emp.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 \/ 7.0.50<\/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:+34916249636\">\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 \/ fax: (+34) 91 624 96 36<\/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-23174bb3 elementor-hidden-mobile elementor-widget elementor-widget-spacer\" data-id=\"23174bb3\" 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-42e42342 elementor-hidden-mobile elementor-view-default elementor-position-block-start elementor-mobile-position-block-start elementor-widget elementor-widget-icon-box\" data-id=\"42e42342\" 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-30c8ec93 e-con-full e-flex e-con e-child\" data-id=\"30c8ec93\" 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-78c37f7d elementor-widget elementor-widget-heading\" data-id=\"78c37f7d\" 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\">Alejandro Balb\u00e1s<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-735c918e elementor-widget elementor-widget-heading\" data-id=\"735c918e\" 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\">Professor of Financial Economics<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4df26de elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"4df26de\" 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-6ffb1995 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"6ffb1995\" 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-f814bc8 elementor-widget elementor-widget-text-editor\" data-id=\"f814bc8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div><p>Balb\u00e1s, A., Balb\u00e1s, B. &amp; Balb\u00e1s, R.: \u201c<a href=\"https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0378426609003100?via%3Dihub\" target=\"_blank\" rel=\"noopener\">CAPM and APT-like models with risk measures<\/a>\u201d Journal of Banking and Finance vol. 34 (6), 2010, 1166-1174.  <\/p><p>Balb\u00e1s, A. &amp; Romera, R.: \u201c<a href=\"https:\/\/www.researchgate.net\/publication\/226208616_Hedging_Interest_Rate_Risk_by_Optimization_in_Banach_Spaces\" target=\"_blank\" rel=\"noopener\">Hedging Interest Rate Risk by Optimization in Banach Spaces<\/a>\u201d Journal of Optimization Theory and Applications vol. 132 (1), 2007, 175\u2013191.<\/p><p>Balb\u00e1s, A., Mir\u00e1s, M. &amp; Mu\u00f1oz-Bouzo, M.J.: \u201c<a href=\"https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0304406802000368\" target=\"_blank\" rel=\"noopener\">Projective System Approach to the Martingale Characterization of the Absence of Arbitrage<\/a>\u201d, Journal of Mathematical Economics vol. 37, 2002, 311-327.<\/p><p>Balb\u00e1s, A. &amp; Iba\u00f1ez, A.: \u201c<a href=\"https:\/\/www.sciencedirect.com\/science\/article\/abs\/pii\/S0378426698000703\" target=\"_blank\" rel=\"noopener\">When Can you Immunize a Bond Portfolio?<\/a>\u201d, Journal of Banking and Finance, vol. 22, 1998, 1571-1595.<\/p><\/div><div id=\"accordion\" class=\"panel-group\" role=\"tablist\" aria-multiselectable=\"true\"><div class=\"panel panel-default\"><div id=\"headingOne\" class=\"panel-heading\" role=\"tab\"> <\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-39785469 uael-faq-box-layout-yes align-at-left elementor-widget elementor-widget-uael-faq\" data-id=\"39785469\" 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-964' 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-1-6a6948bd0ad73\">Biograf\u00eda<\/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>Alejandro Balb\u00e1s holds a PhD in Mathematical Sciences and is a Professor of Financial Economics in the Department of Business Economics at the Universidad Carlos III de Madrid. His academic career has been quite dynamic, initially focusing on topics related to Theoretical Mathematics and progressively evolving towards Financial Economics. Currently, Alejandro dedicates his teaching and research to Financial Markets and, especially, to the topics of valuation, hedging and risk measurement, both in perfect and imperfect markets, liquid or with lack of liquidity.  <br><br>Alejandro has actively contributed to administrative and collaborative tasks for the academic community. Thus, he has held management positions at the University and has participated in the evaluation processes of several accreditation agencies, both Spanish (national or regional) and North American. He has also been on Editorial Boards, has been on the Committees of several Scientific Conferences, and has been an anonymous evaluator of more than twenty International Scientific Journals and several Institutions, including the prestigious American Mathematical Society.  <br><br>Regarding his research activity, Alejandro has participated in several funded research projects, has directed more than ten doctoral theses, and his scientific publications reach one hundred, more than thirty of which have appeared in journals listed by their impact index. Among the latter, one can find journals of theoretical mathematical nature (Mathematica Japonica, Journal of Mathematical Analysis and Applications, Nonlinear Analysis, etc.), Operational Research journals (European Journal of Operational Research, Computers and Mathematics with Applications, Journal of Optimization Theory and Applications, etc.) and economic journals (Journal of Risk and Insurance, Journal of Mathematical Economics, Journal of Banking and Finance, etc.). <\/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-2-6a6948bd0ae12\">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>Balb\u00e1s, A. &amp; Romera, R.: \u201cHedging Interest Rate Risk by Optimization in Banach Spaces\u201d Journal of Optimization Theory and Applications vol. 132 (1), 2007, 175\u2013191.<\/p><p>Balb\u00e1s, A., Mir\u00e1s, M. &amp; Mu\u00f1oz-Bouzo, M.J.: \u201cProjective System Approach to the Martingale Characterization of the Absence of Arbitrage\u201d, Journal of Mathematical Economics vol. 37, 2002, 311-327.<\/p><p>Balb\u00e1s, A., Longarela, I.R. &amp; Luc\u00eda, J.: \u201cHow Financial Theory Applies to Catastrophe-Linked Derivatives: An Empirical Test of Several Pricing Models\u201d, Journal of Risk and Insurance vol. 66, 1999, 551-582.<\/p><p>Balb\u00e1s, A. &amp; Iba\u00f1ez, A.: \u201cWhen Can you Immunize a Bond Portfolio?\u201d, Journal of Banking and Finance, vol. 22, 1998, 1571-1595.<\/p><p>Balb\u00e1s, A. &amp; Guerra, P.J.: \u201cSensitivity Analysis for Convex Multiobjective Programming in Abstract Spaces\u201d, Journal of Mathematical Analysis and Applications, vol. 202, 1996, 645-658.<\/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<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-42b6c3f1 elementor-hidden-desktop elementor-hidden-tablet e-flex e-con-boxed e-con e-parent\" data-id=\"42b6c3f1\" 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\t\t<div class=\"elementor-element elementor-element-ae9cfca elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"ae9cfca\" 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 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balbas@emp.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 \/ 7.0.50<\/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:+34916249636\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span 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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\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Email: balbas@emp.uc3m.es Address \/ office: C\/ Madrid, 126 &#8211; 28903 Getafe (Madrid) Spain \/ 7.0.50 Phone \/ fax: (+34) 91 624 96 36 BUSINESS UC3M @UC3M_BUSINESS Alejandro Balb\u00e1s Professor of Financial Economics Selected publications Balb\u00e1s, A., Balb\u00e1s, B. &amp; Balb\u00e1s, R.: \u201cCAPM and APT-like models with risk measures\u201d Journal of Banking and Finance vol. 34 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":9935,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"full-width-container","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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