{"id":3934,"date":"2025-03-25T07:14:33","date_gmt":"2025-03-25T07:14:33","guid":{"rendered":"https:\/\/business.uc3m.es\/\/?post_type=members&#038;p=3934"},"modified":"2026-04-17T18:02:51","modified_gmt":"2026-04-17T16:02:51","slug":"juan-ignacio-pena","status":"publish","type":"members","link":"https:\/\/business.uc3m.es\/es\/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=\"3934\" class=\"elementor 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-6268\" 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\">Direcci\u00f3n \/ oficina: 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\">Tel\u00e9fono: (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\">Catedr\u00e1tico de Econom\u00eda Financiera<\/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\">Educaci\u00f3n<\/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 es licenciado en Econom\u00eda por la Universidad Aut\u00f3noma de Madrid, Master MS en M\u00e9todos Cuantitativos por la Escuela de Organizaci\u00f3n Industrial y Doctor en Econom\u00eda por la Universidad Aut\u00f3noma de Madrid. Es Catedr\u00e1tico de Econom\u00eda Financiera en la UC3M desde 1997. Ha ocupado puestos docentes e investigadores en la Universidad Aut\u00f3noma de Madrid, University of Chicago, Universidad Carlos III de Madrid, China-Europa International Business School (CEIBS) y en el 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\">Intereses de Investigaci\u00f3n<\/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>Los intereses de investigadores del Prof. Pe\u00f1a se centran en finanzas para la transici\u00f3n energ\u00e9tica y la gesti\u00f3n de riesgos financieros con especial \u00e9nfasis en (i) la financiaci\u00f3n del la transici\u00f3n energ\u00e9tica (ii) riesgos de cr\u00e9dito y de mercado, (iii) problemas de gesti\u00f3n de riesgo en la industria energ\u00e9tica (electricidad, gas, petr\u00f3leo).<\/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\">Publicaciones seleccionadas<\/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>Publicaciones recientes:<\/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.\u00a0Estudios de la Fundaci\u00f3n. Serie Econom\u00eda y Sociedad.\u00a0FUNCAS.<\/p><p>Pe\u00f1a. J. I., R. Rodr\u00edguez and S. Mayoral (2025)\u00a0The energy policy pricing dilemma: Affordability, volatility, and market signals in electricity tariffs.\u00a0Energy Reports, 14, 1680-1707<\/p><p>Pe\u00f1a. J. I., R. Rodr\u00edguez and S. Mayoral (2024) Hedging renewable power purchase agreements.\u00a0Energy 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.\u00a0Utilities Policy, 87, 101726.\u00a0<\/p><p style=\"font-weight: 500;\">Pe\u00f1a, J.I. (2023) The Hedging Effectiveness of Electricity Futures in the Spanish Market.\u00a0Finance Research Letters, 53,\u00a0\u00a0103507<\/p><p>Pe\u00f1a, J.I., R. Rodr\u00edguez and Mayoral, S. (2022) Cannibalization, Depredation, and Market Remuneration of Power Plants.\u00a0\u00a0Energy Policy, 167, 113086.<\/p><p>Pe\u00f1a, J.I. and R. Rodr\u00edguez (2021). Market Makers and Liquidity Premium\u00a0in Electricity Futures Markets.\u00a0The Energy Journal, 43, 75-93.<\/p><p>Pe\u00f1a, J.I., R. Rodriguez and S. Mayoral, (2020). Tail Risk of Electricity Futures.\u00a0Energy Economics,\u00a091, 104886.<\/p><p><strong>Publicaciones con mas de 200 citas en Google Scholar<\/strong><\/p><p>(553) : Escribano, \u00c1., J. I. Pe\u00f1a, and P. Villaplana (2011) \u00abModeling Electricity Prices: International Evidence\u00bb.\u00a0Oxford Bulletin of Economics and Statistics, 73,5, 622- 650.\u00a0<\/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.\u00a0Journal of Banking and Finance\u00a0vol. 33, 2009, 2013\u20132025.<\/p><p>(353) Rodr\u00edguez-Moreno, Maria, Pe\u00f1a, Juan Ignacio (2013) \u201cSystemic risk measures: The simpler the better?\u201d.\u00a0Journal of Banking and Finance,\u00a037, 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.\u00a0Journal of Banking and Finance\u00a0vol. 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-1-6a6119b1926d7\">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 tiene un Master en m\u00e9todos cuantitativos por la EOI (Escuela de Organizaci\u00f3n Industrial) y un Doctorado en Econom\u00eda por la Universidad Aut\u00f3noma de Madrid. Ha desempe\u00f1ado trabajos de investigaci\u00f3n y docencia en la Universidad Aut\u00f3noma de Madrid, la Universidad de Chicago, la Universidad Carlos III de Madrid, la escuela de negocios IESE y la escuela internacional de negocios China-Europe (CEIBS). Ha publicado dos libros y m\u00e1s de 70 trabajos de investigaci\u00f3n en revistas como 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, entre otros. Fue co-director de la revista Moneda y Cr\u00e9dito y es editor asociado en la European Journal of Finance. Ha realizado trabajos de consultor\u00eda para importantes firmas de energ\u00eda, bancos centrales y empresas de servicios financieros. Ha sido director de estudios de doctorado, Director del Departamento y ha servido en muchos comit\u00e9s cient\u00edficos y de evaluaci\u00f3n.\u00a0 Los intereses actuales de Ignacio son las finanzas para la transici\u00f3n energ\u00e9tica, la medici\u00f3n y gesti\u00f3n del riesgo financiero, los derivados financieros, las finanzas energ\u00e9ticas y las estrategias de asignaci\u00f3n de activos.<\/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-2-6a6119b19277c\">Publicaciones<\/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\".\u00a0Utilities Policy, 87, 101726.\u00a0https:\/\/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\".\u00a0 Energy Policy, 167, 113086.<\/p><p>Pe\u00f1a, J.I. and R. Rodr\u00edguez (2021). \"Market Makers and Liquidity Premium\u00a0\u00a0in Electricity Futures Markets\".\u00a0The Energy Journal, 43, 75-93.<\/p><p>Pe\u00f1a, J.I., Rodr\u00edguez, R. y S. Mayoral. (2020) Productos Financieros para la Transici\u00f3n Energ\u00e9tica. CECA. Monograf\u00eda Funcas.<\/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>\u00a0<\/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) Regulaci\u00f3n Bancaria y Crecimiento Econ\u00f3mico (art\u00edculo invitado). Economistas, 146-147, 131-139.<br \/><br \/>Diana Constanza Restrepo Ochoa Ricardo Correia; Javier Poblaci\u00f3n; Juan Ignacio Pe\u00f1a\u00a0 (2015) \u201cExpropriation risk, Investment Decisions and Economic Sectors\u201d\u00a0 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\". The European Journal of Finance, 1, 18-20.<\/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<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-80c60de e-flex e-con-boxed e-con e-parent\" data-id=\"80c60de\" 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-063dca2 elementor-hidden-desktop elementor-hidden-tablet e-con-full e-flex e-con e-child\" data-id=\"063dca2\" 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-ff841dc elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" 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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\">Direcci\u00f3n \/ oficina: 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 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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\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"author":53,"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":"","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":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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