{"id":5048,"date":"2025-04-01T05:10:36","date_gmt":"2025-04-01T05:10:36","guid":{"rendered":"https:\/\/business.uc3m.es\/\/?post_type=members&#038;p=5048"},"modified":"2026-04-17T18:12:14","modified_gmt":"2026-04-17T16:12:14","slug":"jose-s-penalva","status":"publish","type":"members","link":"https:\/\/business.uc3m.es\/es\/members\/jose-s-penalva\/","title":{"rendered":"Jos\u00e9 S. Penalva"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5048\" class=\"elementor elementor-5048\" data-elementor-post-type=\"members\">\n\t\t\t\t<div class=\"elementor-element elementor-element-72d7956a e-flex e-con-boxed e-con e-parent\" data-id=\"72d7956a\" 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-54fc589f e-con-full e-flex e-con e-child\" data-id=\"54fc589f\" 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-1a8a040 elementor-widget-mobile__width-inherit elementor-widget elementor-widget-image\" data-id=\"1a8a040\" 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\/04\/perfil-jpenalva.png\" class=\"attachment-full size-full wp-image-5049\" alt=\"\" srcset=\"https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-jpenalva.png 1140w, https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-jpenalva-300x300.png 300w, https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-jpenalva-1024x1024.png 1024w, https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-jpenalva-150x150.png 150w, https:\/\/business.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-jpenalva-768x768.png 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-712ebbc2 elementor-widget elementor-widget-spacer\" data-id=\"712ebbc2\" 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-5dd385d elementor-hidden-mobile elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"5dd385d\" 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:jpenalva@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: jpenalva@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\">Direcci\u00f3n \/ oficina:C\/ Madrid, 126 - 28903 Getafe (Madrid) Spain \/ 7.0.49<\/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<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 54<\/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=\"https:\/\/www.josepenalva.com\/\" target=\"_blank\" rel=\"noopener\">\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-link\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M326.612 185.391c59.747 59.809 58.927 155.698.36 214.59-.11.12-.24.25-.36.37l-67.2 67.2c-59.27 59.27-155.699 59.262-214.96 0-59.27-59.26-59.27-155.7 0-214.96l37.106-37.106c9.84-9.84 26.786-3.3 27.294 10.606.648 17.722 3.826 35.527 9.69 52.721 1.986 5.822.567 12.262-3.783 16.612l-13.087 13.087c-28.026 28.026-28.905 73.66-1.155 101.96 28.024 28.579 74.086 28.749 102.325.51l67.2-67.19c28.191-28.191 28.073-73.757 0-101.83-3.701-3.694-7.429-6.564-10.341-8.569a16.037 16.037 0 0 1-6.947-12.606c-.396-10.567 3.348-21.456 11.698-29.806l21.054-21.055c5.521-5.521 14.182-6.199 20.584-1.731a152.482 152.482 0 0 1 20.522 17.197zM467.547 44.449c-59.261-59.262-155.69-59.27-214.96 0l-67.2 67.2c-.12.12-.25.25-.36.37-58.566 58.892-59.387 154.781.36 214.59a152.454 152.454 0 0 0 20.521 17.196c6.402 4.468 15.064 3.789 20.584-1.731l21.054-21.055c8.35-8.35 12.094-19.239 11.698-29.806a16.037 16.037 0 0 0-6.947-12.606c-2.912-2.005-6.64-4.875-10.341-8.569-28.073-28.073-28.191-73.639 0-101.83l67.2-67.19c28.239-28.239 74.3-28.069 102.325.51 27.75 28.3 26.872 73.934-1.155 101.96l-13.087 13.087c-4.35 4.35-5.769 10.79-3.783 16.612 5.864 17.194 9.042 34.999 9.69 52.721.509 13.906 17.454 20.446 27.294 10.606l37.106-37.106c59.271-59.259 59.271-155.699.001-214.959z\"><\/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\">Sitio web personal<\/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-3bb68aee elementor-hidden-mobile elementor-widget elementor-widget-spacer\" data-id=\"3bb68aee\" 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-6fab64d5 elementor-hidden-mobile elementor-view-default elementor-position-block-start elementor-mobile-position-block-start elementor-widget elementor-widget-icon-box\" data-id=\"6fab64d5\" 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-58b6e8e5 e-con-full e-flex e-con e-child\" data-id=\"58b6e8e5\" 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-2b3910dc elementor-widget elementor-widget-heading\" data-id=\"2b3910dc\" 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\">Jos\u00e9 S. Penalva<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f0fe777 elementor-widget elementor-widget-heading\" data-id=\"5f0fe777\" 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\">Profesor de Econom\u00eda Financiera<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4f3a42b9 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"4f3a42b9\" 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-8c005a3 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"8c005a3\" 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-48898c4e elementor-widget elementor-widget-text-editor\" data-id=\"48898c4e\" 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>PhD University of California, Los Angeles<\/p><p>MA University of California, Los Angeles<\/p><p>MSc Birkbeck College, University of London<\/p><p>BSc London School of Economics, University of London<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-309edb0 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"309edb0\" 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-f35d6a1 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"f35d6a1\" 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-d1d22e4 elementor-widget elementor-widget-text-editor\" data-id=\"d1d22e4\" 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>Econom\u00eda de la informaci\u00f3n,\u00a0Microestructura de mercados, Econom\u00eda financiera y seguros, Derecho y econom\u00eda<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3f909d32 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"3f909d32\" 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-57086661 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"57086661\" 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-46b896c3 elementor-widget elementor-widget-text-editor\" data-id=\"46b896c3\" 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>Ganuza, J.: \u00ab<a href=\"https:\/\/www.sciencedirect.com\/science\/article\/abs\/pii\/S0167718718301073\" target=\"_blank\" rel=\"noopener\">Information disclosure in optimal auctions<\/a>\u00ab,\u00a0International Journal of Industrial Organization\u00a0vol. 63, Marzo 2019, 469-479<\/p><p>Penalva, J., Cartea, A., Payne, R. &amp; Tapia, M.:\u00a0\u00ab<a href=\"https:\/\/doi.org\/10.1016\/j.jbankfin.2018.12.003\" target=\"_blank\" rel=\"noopener\">Ultra-Fast Activity and Intraday Market Quality<\/a>\u00ab,\u00a0Journal of Banking and Finance\u00a0(online), Diciembre 2018<\/p><p>Penalva, J. &amp; Cartea, A.:\u00a0\u00ab<a href=\"https:\/\/econpapers.repec.org\/paper\/bdewpaper\/1111.htm\" target=\"_blank\" rel=\"noopener\">Where is the Value in High Frequency Trading?<\/a>\u00ab,\u00a0Quarterly Journal of Finance\u00a0vol. 2 (3), 2012, 1250014<\/p><p>Penalva, J. &amp; Ganuza, J.J.: \u00ab<a href=\"https:\/\/doi.org\/10.3982\/ECTA6640\" target=\"_blank\" rel=\"noopener\">Signal Orderings based on Dispersion and the Supply of Private Information in Auctions<\/a>\u00ab,\u00a0Econometrica\u00a0vol. 78 (3), Mayo 2010, 1007\u20131030<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7cf95e25 uael-faq-box-layout-yes align-at-left elementor-widget elementor-widget-uael-faq\" data-id=\"7cf95e25\" 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-209' 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-1-6a4632b75c9cf\">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>Jos\u00e9 Penalva es Profesor Titular de finanzas y contabilidad en el Departamento de Econom\u00eda de la Empresa de la Universidad Carlos III. Es doctor en econom\u00eda por la Universidad de California, Los Angeles (UCLA) desde 1997. Imparte asignaturas de Informaci\u00f3n en Mercados Financieros, Microestructura, y Matem\u00e1tica Financiera.<br \/><br \/>Sus intereses de investigaci\u00f3n son\u00a0la econom\u00eda de la informaci\u00f3n con especial inter\u00e9s en las subastas y aplicaciones financieras, la microestructura de los mercados financieros, y\u00a0la asignaci\u00f3n y distribuci\u00f3n del riesgo en mercados de seguros. Sus publicaciones hasta la fecha incluyen revistas de gran prestigio nacional e internacional como son Econometrica, Journal of Banking and Finance, Quaterly Journal of Finance, Review of Economic Dynamics y el Journal of Risk and Insurance. Sus trabajos se presentan en conferencias prestigiosas, incluyendo el European Group of Risk and Insurance Economists (EGRIE), la European Economic Association, la European Finance Association, y la European Econometric Society Meeting entre otros. Tambi\u00e9n ha escrito varios cap\u00edtulos de libros, y ha escrito, junto con Alvaro Cartea y Sebastian Jaimungal, el libro\u00a0\"<a href=\"https:\/\/www.cambridge.org\/es\/academic\/subjects\/mathematics\/mathematical-finance\/algorithmic-and-high-frequency-trading?format=HB&amp;isbn=9781107091146\" target=\"_blank\" rel=\"noopener\">Algorithmic and High-frequency Trading<\/a>\" (Cambridge University Press, 2015)<\/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-2-6a4632b75ca91\">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><div class=\"container margin-top-paginas\"><div class=\"row\"><div class=\"col-md-8 ficha-profesores\"><div id=\"accordion\" class=\"panel-group\" role=\"tablist\" aria-multiselectable=\"true\"><div class=\"panel panel-default\"><div id=\"collapseTwo\" class=\"panel-collapse collapse in\" role=\"tabpanel\" aria-labelledby=\"headingTwo\" aria-expanded=\"true\"><div class=\"panel-body\"><p>Ganuza, J.: \"Information disclosure in optimal auctions\",\u00a0International Journal of Industrial Organization\u00a0vol. 63, Marzo 2019, 469-479<\/p><p>Penalva, J., Gomez, F. &amp; Ganuza, J.J.:\u00a0\"Product Liability Should Reward Firm Transparency\",\u00a0International Review of Law &amp; Economics\u00a0vol. 56, December 2018, 160-169<\/p><p>Penalva, J., Cartea, A., Payne, R. &amp; Tapia, M.:\u00a0\"Ultra-Fast Activity and Intraday Market Quality\",\u00a0Journal of Banking and Finance\u00a0(online), December 2018<\/p><p>Penalva, J. &amp; VanBommel, J.: \"The Governance of Perpetual Financial Intermediaries\",\u00a0Journal of Institutional and Theoretical Economics\u00a0vol. 173 (3), 2017, 498-522<\/p><p>Penalva, J. &amp; Gomez, F.: \"Tort reform and the theory of coordinating tort and insurance\",\u00a0International Review of Law and Economics\u00a0vol. 43, Agosto 2015, 83\u201397.<\/p><p>Penalva, J. &amp; Cartea, A.:\u00a0\"Where is the Value in High Frequency Trading?\",\u00a0Quarterly Journal of Finance\u00a0vol. 2 (3), 2012, 1250014<\/p><p>Penalva, J. &amp; Ganuza, J.J.: \"Signal Orderings based on Dispersion and the Supply of Private Information in Auctions\",\u00a0Econometrica\u00a0vol. 78 (3), May 2010, 1007\u20131030<\/p><p>Penalva, J.:\u00a0\"A Study of the Interaction of Insurance and Financial Markets: Efficiency and Full Insurance Coverage\",\u00a0Journal of Risk and Insurance\u00a0vol. 75 (2), Junio 2008, 313-342<\/p><p>Penalva, J.: \"Insurance and Tort: Coordination Systems And Imperfect Liability Rules\", en\u00a0Internationalization of the Law and its Economic Analysis,\u00a0Eger T. et al (ed), Gabler Edition Wissenschaft, 2008<\/p><p>Penalva, J. &amp; Ryall, M.D.: \"Empirical Implications of Information Structure in Finite Extensive Form Games\",\u00a0The B.E. Journal of Theoretical Economics (Contributions)\u00a0vol.\u00a08 (1), 2008<\/p><p>Penalva, J.: \"Insuring California Earthquakes and the Role for Catastrophe Bonds\",\u00a0Journal of Risk Finance\u00a0\u00a0vol. 3 (4), 2002, 54-72<\/p><p>Penalva, J.: \"Insurance with Frequency Trading: A Dynamic Analysis of Efficient Insurance Markets\",\u00a0Review of Economic Dynamics\u00a0vol.\u00a04, 2001<\/p><p>Penalva, J. &amp; Ellickson, B.: \"Intertemporal Insurance\",\u00a0Journal of Risk and Insurance\u00a0vol. 64 (4), Diciembre 1997, 579-598<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><div class=\"container-fluid footer padding-top-35\"><div class=\"row-fluids\"><div class=\"col-md-12\"><div class=\"container\"><div class=\"row\"><div class=\"col-md-4\"><div 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