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# uc3m - Universidad Carlos III de Madrid

## Sitemaps
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## Posts
- [Information acquisition in financial markets](https://business.uc3m.es/en/information-acquisition-in-financial-markets/): In a recent article forthcoming in the American Economic Review, UC3M Business' Jesper Rüdiger, and coauthor Adrien Vigier from the Norwegian Business School, explore information acquisition in dealer markets. We have asked the authors to comment on the paper's main findings: "There are many ways to structure a financial market. The "dealer market" is one of them. In this type of market, a "dealer" (for instance a bank) acts as the intermediary for trades. This implies that buyers and sellers do not interact directly, but trade through the dealer. Roughly speaking, trading takes place as follows: the dealer posts the price at which you can buy the stock (the ask price) or sell the stock (the bid price); traders observe the quotes and decide whether to trade or not. Now think about the following problem: if it were possible to pay a moderate cost in order to learn a stock's true value, who would do so? On the one hand, traders want to acquire information about stocks to buy them if they are undervalued and sell them if they are overvalued. However, dealers also want to acquire information, in order to adjust the prices they post to the value of the stock." In the paper, we build a theoretical model to analyze the kind of situations described above. First, we show that in some situations the traders are the only ones to acquire information. However, in other situations, things are reversed: now it is the dealers who are the only ones to become informed. Second, we examine the impact of these findings on asset prices and find that, paradoxically, making information cheaper can have a negative impact on the functioning of the market, in the sense that prices end up being a poorer indicator of financial assets' fundamental values. Our hope is that, by shedding light on key mechanisms, our analysis can be useful for policy makers and empiricists." The full article can be found at the following link:https://www.aeaweb.org/articles?id=10.1257/aer.20170690&&from=f
- [Companies with more Financial Analysts Produce more and Better-Quality Patents](https://business.uc3m.es/en/companies-with-more-financial-analysts-produce-more-and-better-quality-patents/): Long-term growth in profits depends significantly on firms’ investment in innovation activities. However, firms may not invest in innovation in an optimal way. Some distortions arise because the decisions as to whether and how to invest in innovation are not only affected by their long-term expected benefits but also by other considerations. A recent study conducted by researchers from the Universidad Carlos III de Madrid (UC3M), in collaboration with the Universidad Autónoma de Barcelona (UAB), explores the role of financial analysts on firms’ innovation strategy and outcome. This study concludes that financial analysts can help companies to invest more efficiently in innovation and therefore produce a higher number of patents and of better-quality. There are two different effects through which financial analysts influence firms’ innovation activity. On the one hand, there is an information effect. Analysts collect firms’ information and provide it to the investors, for instance, by writing reports about company activities. By reducing the information asymmetries between firms and the market, analyst coverage can increase CEOs’ incentives to invest in innovation more efficiently. On the other hand, there is a pressure effect. Analysts discipline managers’ behavior through issuing periodic earnings forecasts. Missing the earnings forecasts is usually punished by investors. Since investments in innovation do not usually generate short-term income, managers have an incentive to cut expenditures in innovation when they have the pressure to meet analysts’ earnings targets. “There is a tension because financial analysts can have a positive as well as a negative effect on firms’ innovation decisions,” as explained by one of the authors, Anna Toldrà-Simats, from the Business Administration Department of UC3M. In the article, recently published in the Journal of Financial Economics, the authors identify the presence of these two effects and determine which effect dominates. “The positive information effect seems to dominate the negative pressure effect”, as highlighted by Anna Toldrà-Simats. “We have found that companies followed by more financial analysts are more likely to acquire other innovative companies, make corporate venture capital (CVC) investments, and reduce internal R&D expenses with little value added, which leads to a more efficient allocation of R&D resources”, adds another author, Bing Guo, also from the Business Administration Department of UC3M. Professor David Pérez Castrillo, the other co-author from UAB, indicates that “our study suggests that the disciplinary role of financial analysts leads companies to externalise their innovation activities, to make them more visible to the market. A certain level of supervision leads companies to make efficient decisions, also in terms of innovation”. The study concludes that financial analysts lead to a better allocation of companies’ R&D resources, an increase in the number of patents, and an improvement in their quality.
- [Choosing an Intellectual Property Protection Strategy: Patents’ Unexpected Benefits](https://business.uc3m.es/en/choosing-an-intellectual-property-protection-strategy-patents-unexpected-benefits/): https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2961312
- [Blockchain](https://business.uc3m.es/en/blockchain/): BLOCKCHAIN: WHAT WE KNOW AND HOW WE CAN APPLY IT TO THE INSURANCE SECTOR
- [The Importance of the Manager’S Leadership](https://business.uc3m.es/en/the-importance-of-the-managers-leadership/): The importance of leadership for positions of responsibility is essential for the future of a company. A manager who is a real leader is able to motivate their team to give their best, commit themselves, and get involved in their project. A survey conducted by Lee Hecht Harrison among 1,900 leaders all over the
world showed that only 31% of project managers or area managers are satisfied with the responsibilities they have. 71% of the companies agree on the importance of leaders for their organization. However, they believe that only 45% of them are committed to the position they hold in the company. Today’s leaders should have a set of skills and competencies. Take note. 1. Capacity to understand business issues that help them make wise strategic decisions2. Understand the entire decision-making process3. Capacity to analyze and understand the financial structure of the company4. Understand the dynamic structure of the organization in order to develop good strategies.5. Apply the best investigation and innovation tools6. Manage their work according to the ethics of the company and ensure its social responsibility7. Manage, motivate, and involve the human team8. Understand the main human resources practicesThe leader is the mirror that reflects the whole team. From the World Economic Forum, leadership is stressed as an option we must choose, as not everybody is born for it. This is a difficult task, and the leader should be able to assume functions with full responsibility and always work for the good of the community. In the Management Masters, we work on these skills that make a good leader.
- [How to be a Good Manager](https://business.uc3m.es/en/how-to-be-a-good-manager/): Nowadays, the figure of a business manager is gaining importance. Every day, new business challenges come up, and workers look for leaders and
reference people to guide and orient them in their business career. Being the manager of a company is much more than only being the director or the owner of a
company. These days, much more is expected from a manager.Do you want to be a good manager? Do you want to lead a motivated work
team involved in your project? To be a good manager at the present time, the
following requirements should be met: - Great doses of leadership. Some people are born with innateaptitudes to be a leader, but this is something that can also be learned.Having charisma and getting others to follow you are mandatory characteristicsto be a leader. Setting an example for other people and motivating them to do
the same thing you are doing is achievable with the right training. - International projection. Managers nowadays should havelanguage knowledge and an international perspective as part of their strategy. In
the global market we live in, it is necessary for future responsible people in
charge of a company to constantly consider being open to foreign
markets. - A solid background. Training is a pillar of any manager.High-quality training is essential to consolidate projects. MBA programsoffered by the UC3M University have the best guarantees of success for trainingleaders. These programs are fully taught in English for your international
projection. You are given the necessary training to be a modern manager, with
knowledge in management, finance, leadership, human resources management, etc. Having training endorsed by professionals in the academic and business
world, such as that offered in the MBA of the UC3M University, is
crucial to being a good manager. Do not hesitate; think about your future. Specialized training will
make you a manager with leadership. What requirements must be
met to be a manager with leadership and international projection, and where can
you get the best training with an MBA?
- [The Impact of Patient Safety Culture on Health Care Quality](https://business.uc3m.es/en/the-impact-of-patient-safety-culture-on-health-care-quality/): The Impact of Patient Safety Culture on Health Care Quality and Employees’ Quality of Life in Hospitals
- [Leadership: most Common Mistakes Inside Companies](https://business.uc3m.es/en/leadership-most-common-mistakes-inside-companies/): Leadership is a core ingredient for your projects success. However, it is not a mistake free experience. The first thing to know is that most leaders are not born leaders, but learned. This means that through practical experience you can Strengthen your assertive communication, negotiation and empathy abilities. What are the most common mistakes in leadership? 1.
Paternalism. That is, to prevent employees from growing and evolving. To solve this problem, it is fundamental to promote continuous training in workers through courses. 2. Lack of
communication with the team. Many leaders show a distant attitude when spending most of the time in the office. To solve this aspect, leave your office, observe the daily work of the team. 3. No
ending meetings that exhaust the team. To solve it, prior calling for a meeting stablish the subjects to treat and opening and closing time. 4. Impersonal treatment. Correct this gesture through such a basic detail as naming each worker by name. You can also take the initiative to promote afterwok. 5. Big ego. This can make you take wrong choices because it prevents you from learning from the team. How to solve this? Give voice to your workers. Give distinc ways to receive feedback. 6. Lack of
social inteligence. To enhance this ability, it is very important that in your messages of communication with the team you express ideas in the form of "us" to remember the unity present in the group. And set common goals. In addition, it is also very important that each worker has clarified their functions so as not to interfere with the work of other colleagues.
- [Will the British save Europe?](https://business.uc3m.es/en/will-the-british-save-europe/): Nine months ago, the British voted to leave the European Union. Despite the current rejection of the British by most of the other Europeans, it may be precisely in multicultural United Kingdom where the identity of the future Europe is being forged.
- [New Workspaces: Coworking](https://business.uc3m.es/en/new-workspaces-coworking/): In the workplace, many aspects are changing. Not only have new professions appeared, but we have also seen how there are more and more self-employed workers, the ways of working and the tools we have are different and, even, the spaces have been transformed. This last one is the case of coworking.
- [How to Manage Businesses with an Intercultural Component](https://business.uc3m.es/en/how-to-manage-businesses-with-an-intercultural-component/): In the business world, good communication is essential. If several companies are to face a business together, they must speak the same commercial language, not necessarily the same language. In fact, in the international arena it is common for companies doing business to belong to different cultures, languages, countries and beliefs. However, these situations must have specific treatment if we do not want them to negatively influence the results of the negotiations.
- [Nomination of Nikolaos Kavadis at EURAM](https://business.uc3m.es/en/nomination-of-nikolaos-kavadis-at-euram/): Our colleague Nikolaos Kavadis has recently accepted a four-year term at the European Academy of Management (EURAM). The term includes representing the Corporate Governance interest group of EURAM, coordinating its activities, and managing its program during the annual conference. EURAM is a major scholarly community in management with members from 49 countries in Europe and beyond.
- [Santander Chair of Excellence. Prof. Thomas Astebro](https://business.uc3m.es/en/santander-chair-of-excellence-prof-thomas-astebro/): Thomas Åstebro is Professor of Strategy and Entrepreneurship at HEC Paris; Professor of Entrepreneurship at KULeuven (20%); Academic Director, HEC Leadership Center; co-Director Entrepreneurship Track HEC MBA Program, and past member of the Steering committee Groupement de Recherche et d’Etudes en Gestion d’HEC (HEC Management Research Group) and the Steering and Curriculum committees, MBA Program at HEC. He is listed in Marquis Who's Who in the World, is among the top 2 percent most downloaded authors on www.ssrn, has made over 150 presentations, published over 30 academic journal articles, and has been mentioned in business media over 50 times (including The Economist, Business Week, The Times, and Wall Street Journal). He is an Associate Editor of Management Science, Industrial and Corporate Change, and Research Policy, and past Associate Editor of European Management Review
- [5th Madrid Work & Organizations Symposium Organized at Uc3m](https://business.uc3m.es/en/5th-madrid-work-organizations-symposium-organized-at-uc3m/): Last October 30th, Universidad Carlos III de Madrid organized the 5th Madrid Work & Organizations Symposium in Puerta de Toledo. The Symposium, an annual conference organized in collaboration with IESE and IE Business School, invites top scholars from all around the world to present their own state-of-the-art research on work and organizations. This year, we have hosted Roberto Fernandez (MIT), Vicente Salas (University of Zaragoza) and Guido Friebel (Goethe University, Frankfurt).Prof. Roberto Fernández has extensive experience in field research in the areas of organizations, social networks, and race and gender stratification. He presented the results of research with Santiago Campero on whether market competition for candidates reduces discrimination in hiring. Using data on hiring practices by 491 firms in the high tech sector during the 2008-2012 time period, they find a preference for white candidates that is lessened when market competition for candidates is high. African American workers, who do not seem to comparatively benefit from candidate shortages, are the exception to this pattern.
- [Banks’ Stakes in Companies and Their Impact on the Issuance of Financial Instruments In](https://business.uc3m.es/en/banks-stakes-in-companies-and-their-impact-on-the-issuance-of-financial-instruments-in/): There is extensive debate about the role banks play as reference shareholders in companies. There are positive aspects, such as the support banks provide for long-term investments by their investee companies. These investments include those involving R projects, which generate high net worth. Among the negative aspects is the risk that banks use their power of influence as reference shareholders to obtain private benefits. Typical examples are forcing investee companies to accept loans granted by the owner banks on worse terms than alternatives present in the credit markets. Therefore, the effect of bank shareholding on the performance of investee companies is an empirical question to be analyzed that will depend on various elements.In this paper, we focus on two elements that, in turn, are interconnected: i) the amount of bank shareholding; ii) the pressure exerted by financial markets as financing alternatives to banks. The traditional view is that financial markets compete with banks to provide financing to companies. Under this premise, banks with power in companies will try to protect their power by reducing the role that financial markets play in the financing of companies. One way to achieve this objective is by hindering the issuance of negotiable financial instruments in the capital markets (issuance of shares and bonds). However, this "competitive" view between the bank financing channel and the market-based channel is increasingly giving way to a more complementary view between both channels, in such a way that banks complete the functioning of financial markets as participants in activities such as backing the issuance of financial assets. This work facilitates, on the one hand, the raising of capital by companies and, on the other hand, the generation of business for banks in the form of premiums they charge to issuing companies for the services provided. We see, therefore, that there are opposing effects regarding the interest that banks have in facilitating the participation in the financial markets of the companies over which they have ownership power.
- [Santander Excellence Chair – Prof. Charlene Zietsma](https://business.uc3m.es/en/santander-excellence-chair-prof-charlene-zietsma/): Dr. Charlene Zietsma is Associate Professor and Ann Brown Chair of Organization Studies and Director of Entrepreneurship at the Schulich School of Business, York University in Toronto, Canada. She earned her PhD from the University of British Columbia, Canada, and previously taught at Western University and University of Victoria in Canada.
- [What drives innovation? The role of regulation in capital, banking, and bio markets](https://business.uc3m.es/en/what-drives-innovation-the-role-of-regulation-in-capital-banking-and-bio-markets/): Innovation is a determining element of the competitive advantage of companies, as well as an essential ingredient of economic growth. The recent financial crisis and the stagnation of production and job creation in developed countries have led to an intense debate that has highlighted the need to promote growth models based on an increase in innovation.
- [The Top 5 Reasons People Give for why They Love to Trade in Today’s Equity Markets](https://business.uc3m.es/en/the-top-5-reasons-people-give-for-why-they-love-to-trade-in-todays-equity-markets/): 1. Cheap TradingMarkets have come a long way from the time of trading in 1/8ths and 1/16ths. Spreads have come down enormously and many shares now trade a few cents apart. There has never been a better time to execute a trade quickly and cheaply.
- [The Top 5 Reasons People Give for why They Hate to Trade in Today’s Equity Markets, by José Penalva](https://business.uc3m.es/en/the-top-5-reasons-people-give-for-why-they-hate-to-trade-in-todays-equity-markets-by-jose-penalva/): 1. Fleeting LiquidityMarkets have become so volatile and sensitive that even a relatively small market order, say 500 shares, in most assets will not be executed at the current best price and is very likely to trigger a price move.
- [Marketing and Internationalization Strategy: Standardization vs. Adaptation by Alicia Ba](https://business.uc3m.es/en/marketing-and-internationalization-strategy-standardization-vs-adaptation-by-alicia-ba/): Over the last few decades, there has been a process of global market integration with a progressive trend of companies towards internationalization and the convergence of consumer preferences.
- [How to Mobilize People Using Social Media without Falling into Slacktivism?](https://business.uc3m.es/en/how-to-mobilize-people-using-social-media-without-falling-into-slacktivism/): Recognize the opportunity, define a clear message, and evoke emotion. According to research from the Universidad Carlos III de Madrid (UC3M) and the INGENIO Institute, a joint center of the Universidad Politécnica de Valencia and the CSIC, these are the three keys to success in environmental campaigns on social networks. The research has also received an international award for the best article on entrepreneurship.
- [The Strategic Behavior of Firms with Debt, by Jerôme Reboul and Anna Toldrà-Simats](https://business.uc3m.es/en/the-strategic-behavior-of-firms-with-debt-by-jerome-reboul-and-anna-toldra-simats/): Firms choose their debt-to-equity (i.e., leverage) ratios to balance the benefit of borrowing against its cost; namely, to balance the tax advantages against the greater likelihood of financial distress. The degree of competition in product markets affects the relative importance of these costs and benefits, and therefore firms modify their capital structures depending on whether they operate in more or less competitive product markets. In a recent paper, J. Reboul and A. Toldrà-Simats study the strategic behavior of levered firms in a regulated (i.e., non-competitive) and a deregulated (i.e., competitive) market. More specifically, they use a sample of electricity-generating companies in 13 European countries that underwent deregulation. By collecting data for these companies during the regulated period and also after deregulation took place, the authors are able to compare the strategies of firms in a regulated and a deregulated environment.
- [How to Engage with Multiple Stakeholders with Conflicting Agendas in Social Media?, by Itiziar Caste](https://business.uc3m.es/en/how-to-engage-with-multiple-stakeholders-with-conflicting-agendas-in-social-media-by-itiziar-caste/): I am happy to announce the online publication of our new article in The Journal of Management Studies, “Strategies of Legitimacy through Social Media: The Networked Strategy,” together with my co-authors Michael Etter and Finn A. Nielsen.Our paper is available for free download.
- [Business Administration and Management and Finance and Accounting at UC3M, the Best in Spain According to El Mundo](https://business.uc3m.es/en/business-administration-and-management-and-finance-and-accounting-at-uc3m-the-best-in-spain-according-to-el-mundo/): Universidad Carlos III is once again positioned among the best universities in Spain in the new edition of the Ranking of 50 most demanded degrees, from the El Mundo newspaper. Of this ranking of 50 degrees, UC3M is in the top 5 positions of 11 degrees.
- [Investment, Duration, and Exit Strategies for Corporate and Independent Venture Capital-Backed Startups](https://business.uc3m.es/en/investment-duration-and-exit-strategies-for-corporate-and-independent-venture-capital-backed-startups/): Entrepreneurs and venture capitalists make investment decisions and choose the length of their involvement in a start-up to maximize the chances of success and the value of their ventures. Among other effects, these crucial decisions (investment amount, duration and exit routes, IPO or acquisition) in the lives of start-ups can be influenced by the type of venture capital funds: independent venture capital (IVC) and corporate venture capital (CVC) funds.
- [Santander Chair of Excellence – Professor Verlin B. Hinsz.](https://business.uc3m.es/en/santander-chair-of-excellence-professor-verlin-b-hinsz/): This semester we have the pleasure of having Professor Verlin B. Hinsz, professor at North Dakota State University (NDSU), in Fargo, North Dakota (USA). Professor Hinsz has an extensive career of more than 30 years holding various academic and executive positions at said institution. His research and teaching focus primarily on the study of social psychology and work and organizational psychology. He has published more than 90 articles and book chapters, and has participated in more than 190 national and international presentations.
- [Differences in the Participation of Companies in Public Aid for R](https://business.uc3m.es/en/differences-in-the-participation-of-companies-in-public-aid-for-r/): The behavior of Spanish manufacturing companies is very different when faced with public aid to stimulate R Tax incentives appear to be a good instrument for companies with few financial restrictions and whose projects have high appropriability, although they cease to stimulate projects that could be financed. These incentives are also effective for companies with continuous innovation or that want to increase their innovative intensity.
- [Are Short-Selling Bans Effective?](https://business.uc3m.es/en/are-short-selling-bans-effective/): Are short-selling bans effective in financial markets? Are the results different if action is taken only in one sector instead of on all companies? The article “A study on short-selling constraints: total ban versus partial ban” by professors David Moreno and Rosa Rodríguez, from the Department of Business Economics of UC3M, and Esther Cáceres, a student of the Master in Finance of UC3M, demonstrates that past short-selling bans had a positive effect on reducing stock market volatility.
- [When Too much is Too much: the Case of Television Series](https://business.uc3m.es/en/when-too-much-is-too-much-the-case-of-television-series/): Saturation in a market segment occurs when a large number of products with very similar characteristics are offered. In a context of saturation, consumer interest in products decreases, reducing the effective demand for the segment and often leading to its disappearance.
- [Welcome](https://business.uc3m.es/en/welcome/): It is our pleasure to introduce you to the Business UC3M blog (BUB), which is the joint blog of the Department of Business Economics and the INDEM Institute for Business Development of the Carlos III University of Madrid (UC3M).
The Business UC3M blog was created with two objectives. First, this blog aims to disseminate the research activity of the Department of Business Economics of UC3M and the INDEM Institute. Our department is made up of researchers in the areas of Management, Finance, Accounting, and Marketing, with a profile strongly oriented towards research. This research profile is supported by the quality and number of scientific publications in the most prestigious and high-impact international journals, positioning us as the leading business department within public institutions in Spain. In addition, the department has been ranked among the top 100 institutions in the world in the area of Accounting and Finance, being the only Spanish institution that appears in the 2014 QS World University Ranking. The second objective of BUB is to provide evidence on the benefits that research in Business Economics generates for today's society. In this sense, the blog aims to remedy a criticism shared with the academic world in general, and referring to the inability of the University to transfer and disseminate the product of its research to citizens. The editorial line of our blog is structured in four axes. The first consists of the most prestigious articles by our researchers that have appeared in journals of recognized international prestige. In each post we will approach the content of these research articles, trying to show in an accessible language the knowledge it provides. The BUB is an inclusive tool, open to other institutions and professionals from both the academic and private sectors. In this sense, the second axis of our editorial line is made up of articles written by personnel external to our institution and who, due to their academic or professional relevance, are invited to write in our blog. From the BUB we also have a commitment to basic research. Thus, the third axis is oriented to all research developed by doctoral students and undergraduates who, due to their importance, may be of interest to the general public. Finally, the fourth axis is dedicated to those articles that may be of interest to the research community. This would include all kinds of relevant news of open and diverse themes, and written in an informal language. In recent years, other academic blogs of economic information have appeared in the academic field. Our blog complements the existing offer, addressing the most general aspects of business economics from an academic point of view, and with a clear, pleasant and rigorous style. The language used will be Spanish, although references in English will be accommodated in a flexible way. Also, as is usual in this format, the management reserves the right to omit those comments that it considers disrespectful or that violate the dignity of the authors. Finally, the creation of this blog is the product of the institutional effort of the Department of Business Economics, and the INDEM institute of UC3M.
Department of UC3M and INDEM Institute Management

## Pages
- [Instructions to edit your Professor profile](https://business.uc3m.es/en/edicion-member/): 🔒 This page is only visible after logging in.
- [News](https://business.uc3m.es/en/mcaf/news/): Business UC3M blog (BUB), is the joint blog of the Department of Business Economics, and the Institute for Business Development INDEM of the Carlos III University of Madrid (UC3M). Acquisition of information in financial markets
- [Selected publications](https://business.uc3m.es/en/selected-publications/): (function(){if(window.__cardsSearchInit)return;window.__cardsSearchInit=true;function norm(s){return (s||"").toLowerCase().normalize("NFD").replace(new RegExp("","g"),"");}document.addEventListener("input",function(e){var inp=e.target.closest&&e.target.closest(".cards-filter");if(!inp)return;var block=inp.closest(".cards-block");if(!block)return;var q=norm(inp.value);var items=block.querySelectorAll("");var shown=0;items.forEach(function(it){var m=q===""||it.getAttribute("data-search").indexOf(q)!==-1;it.style.display=m?"":"none";if(m)shown++;});var nr=block.querySelector(".cards-noresults");if(nr)nr.hidden=shown>0;});})();
- [Blog](https://business.uc3m.es/en/blog/): Blog
- [Alejandro Balbás](https://business.uc3m.es/en/faculty/alejandro-balbas/): Balbás, A., Balbás, B. & Balbás, R.: “CAPM and APT-like models with risk measures” Journal of Banking and Finance vol. 34 (6), 2010, 1166-1174.
- [Language](https://business.uc3m.es/en/mba/language/): Spanish is the second most spoken language in the world by number of native speakers (after Chinese), and the third most spoken language (after Chinese and English). So why not take advantage of your year in Madrid to learn Spanish? With this idea in mind, we have designed an MBA program that is taught entirely in English but also offers optional Spanish courses.
- [Life and Career](https://business.uc3m.es/en/mba/life-and-career/): At the UC3M MBA Program, we believe that individual merit and experience are more important than certificates. According to this point of view, GMAT is recommended, but not required for admission to our MBA program. Because in an MBA program students learn as much from the faculty as from their peers, the admission process is rigorous and designed to identify candidates with high potential.
- [Personalized Admission](https://business.uc3m.es/en/mba/personalized-admission/): At the UC3M MBA Program, we believe that individual merit and experience are more important than certificates. According to this point of view, GMAT is recommended, but not required for admission to our MBA program. Because in an MBA program students learn as much from the faculty as from their peers, the admission process is rigorous and designed to identify candidates with high potential.
- [Entrepreneurship](https://business.uc3m.es/en/mba/entrepreneurship/): At the beginning of the MBA year, we organize a meeting with entrepreneurs and inventors where MBA students have the opportunity to learn more about the innovations being developed, their technical specifications, and, in particular, their commercial applications and potential. MBA students have direct access to all relevant information related to these technologies and obtain it from original sources (the inventors and entrepreneurs themselves).
- [Affordability](https://business.uc3m.es/en/mba/affordability/): UC3M is a public university and, as such, is committed to offering the highest educational standards and selecting students based solely on their merits, regardless of their economic level or income. To ensure access based on merit, we offer lower fees than equivalent private institutions. Affordability is compatible with the highest quality standards, as demonstrated by our two international accreditations, AMBA and AACSB.
- [Accreditations](https://business.uc3m.es/en/mba/accreditations/): Approximately 1% of all MBA programs worldwide have AMBA accreditation, and an even smaller percentage have both AMBA and AACSB accreditations.
- [Alumni](https://business.uc3m.es/en/mcaf/alumni/): The alumni day of the Master's in Actuarial and Financial Sciences allows students from different graduating classes to meet each other and reconnect with professors.
- [TFM](https://business.uc3m.es/en/mcaf/tfm/): TFM 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 Internal model and mitigation methods for risks generated by hurricanes in the USA.Hospitalization insurance for Alzheimer’s disease: actuarial prediction of future incidence.Analysis of the TAR insurance and life annuities under IFRS 17.“Analysis of Advanced Actuarial Pricing Techniques in a Car Portfolio: Integration of Telematic Variables into Classic Models.”Comparative Analysis of Reserve Estimation Methods in Non-Life Insurance in Short and Long Tail Scenarios.Actuarial Simulation Model in the Pricing of an Excess of Loss Reinsurance Contract.Actuarial Model for the Optimization of Pensionable Salary Based on the Three Pillars of Social Security.Actuarial modeling using Forward Pricing. Breast and prostate cancer insurance. Evolution of interest rates and the impact on the redemption of life savings insurance.Biometric study of mortality and accidental disability through the experience of an insurance company in Colombia.Study of the impact of climate change on mortality through Auto Machine Learning.Copula model proposal for interest rate and equity shocks aggregation under Solvency II.Cryptocurrency unit linked.Tontine annuities as an instrument for transferring longevity risk.Modeling and analysis of a life table with own experience.The effect of inflation on non-life insurance: Actuarial modeling of the impact on claims provision.Segmentation of a car portfolio using Machine Learning techniques with unsupervised learning.Dynamic pricing model for insurance with severe mental illness pathology.Actuarial Climate Index, derivation of the index with AEMET data and its possible application in parametric insurance.“Longevity Risk, techniques for its coverage and practical application with longevity swaps.”The actuarial projection of the maximum age of human beings.The impact of China’s delayed retirement policy on China’s pension balance under longevity risk.Civil liability of architects in Spain: evaluation of methodologies in the estimation of reserves.Sustainable vehicles, the reinvention of insurance.Piggyback Model: Mortality Projections in an Environment of Sample Insufficiency.Identification of groups vulnerable to climate change in mortality risk in Spain.Cyber insurance pricing by GLM.Optimization of JP Morgan’s largest Hedge Fund using the Expected Shortfall in python.Statistical prediction models applied to the behavior of bonds in the face of economic shocks.Time series modeling and comparison with the AUTO.ARIMA function.Lee-Carter and Renshaw Haberman in the estimation of future mortality in post-pandemic scenarios.Analysis of Solvency II shocks in the last decade in death insurance. COVID-19 effect. Parametric Insurance: Transforming Resilience to Natural Disasters. Pricing and Risk Management. Actuarial research on customer profile modeling and prediction of car insurance renewal.Exploring Statistical Learning in Liability Insurance Pricing. Advanced actuarial prediction of fraud in business insurance: balance between transparency and predictive power in the context of unbalanced data.Statistical methods for the estimation of IBNR in very short tail products for companies without experience against Article 41.3 of the ROSSP. Comparative study. Artificial Intelligence applied to cross-selling in insurance.Effect of excess mortality due to SARS-CoV-2 in the different predictive methodologies: P-Splines, Lee Carter, GLM.Actuarial Model for the Calibration of the Longevity Risk of Solvency II.Solvency II: Recalibration and limitations. Towards a revision of the regulatory regime. Prediction of the total claim reserve of a non-life insurance through stochastic models versus machine learning algorithms.Artificial vision and Deep Learning in the construction of an optimal investment portfolio.Estimation of claim reserves by LASSO regression.Analysis of car insurance using GLM and the Zero Inflated.Advanced actuarial models for cross-selling prediction.Actuarial analysis of longevity heterogeneity.“Actuarial model of the measurement of the impact of climate change on mortality and longevity risks.”ESG risks, towards an actuarial prediction model and its inclusion in the SCR of Solvency II.Prediction of Drops in Credit Card Customers with Support Vector Machine and Logistic Regression.Reinsurance Analysis: application of the Standard Formula in a reinsurance entity.Regarding the modeling of actuarial KPIs under IFRS17.Comparison of GLM and GBM models for pricing in a car portfolio.Comparison of car insurance pricing by GLM and Neural Networks.Actuarial study and preparation of disability contingency tables for Spain on the general population.Cryptocurrency unit linked through multicriteria analysis and Promethee II.Analysis of volatility and spillover effect in the cryptocurrency market.The impact of inflation on IBNR estimation.Application of the new accounting standard, IFRS17 to a life savings insurance with profit sharing.Catastrophic risks and their relevance in insurance. Prediction of burned hectares risks in Spain with ARIMA models. Evolution and current situation of the contributory pension system in Spain. Analysis of its sustainability and the effectiveness of the recommendations of the Toledo Pact and the intergenerational equity mechanism. Reinsurance as a financial solution under the Solvency II regulatory framework.Incorporating meteorological data in agricultural insurance claims models.Biometric model projection in a Covid-19 pandemic scenario environment.Comparative study between MCEV, Traditional Embedded and market valuations.Digitization of the banking and insurance sector.Predictive model of cross-selling in Life and Health products: Random Forest vs XGBoost.Dependency income insurance.Mortality projections through Neural Networks with Population information. The Robo Advisor in life savings insurance, with application of Behavioral EconomicsStudy on the impact of assumptions in the modeling of the life branch of an insurance entity.Detection of fraud in car insurance using Machine Learning techniques.Study of the temporal distribution of claims in the credit insurance branch.Multivariate Sociological Analysis of the insured in Spain.Risk scoring for the determination of the viability of the recreational and gambling machine business.P2P insurance and its introduction in the Spanish market through the Sandbox.Credibility theory, pricing of collective insurance applied to life insuranceComparative performance analysis between Grandient Boosting models and GLMs for non-life pricing.Modeling of portfolio leakage using Machine Learning techniques and generalized linear models.Sensitivity analysis of assumptions in the calculation of Embedded Value.Impact of the new mortality and survival tables on Solvency II and Technical Provisions calculations.Longevity analysis between Mexico and Spain through Visual Basic for Applications.Cyberinsurance premium modeling with copula functions.Longevity analysis after the effects of Covid-19 and valuation of excess mortality in a death insurance.Study of longevity applying Artificial Neural Networks.Implementation of IFRS 17 and its impact on the Life Annuities product in Spain.Actuarial balance in public pension systems: application of the US method to Spain.Reinsurance as a mitigator of the Capital Charge in Solvency II.Effects on the technical provisions of Solvency II due to the implementation of the renewed Mortality tables: Tool and analysis.Reputational risk: risk measurement and need for its integration into capital.Pan-European Pension Plans: Practical application and proposals for actuarial modeling.Reverse mortgage: Analysis and calculation tool.Catastrophe bonds for nuclear accidents: alternative method of risk transfer.Analysis and projection of mortality in Spain.Dependency structures in collective risk models using copulas.Cross-selling prediction with Machine Learning techniques.Efficiency of the standard formula and specific parameters for the Medical Expenses line of business.Recalibration of the longevity shock in Solvency II: European longevity index.European pension systems: comparative analysis from a financial-actuarial perspective.Mathematical optimization from hybrid algorithms. An application in car insurance pricing. Critical analysis of the PER 2020 table by contrasting actuarial models.Automation of the pricing process using GLM and Random Forest in pet insurance.The impact of COVID-19 on longevity.Methods of liability valuation under IFRS 17.IFRS 17: Actuarial Modeling of Profit Volatility.Creation and management of automated securities portfolios from various investment approaches.Pricing of agricultural insurance policies using Machine Learning models. Transformation of illiquid assets into liquid assets: the reverse mortgage.Accounting treatment of a life-assured annuity under IFRS 17. Methodology and practical case. Arbitrage strategies with cryptocurrencies.Application of the GLM in frequency in car insurance in ChinaReview of an insurance entity in accordance with Solvency II regulations.Determination of the risk adjustment for the valuation of insurance contracts under IFRS17.Financial-actuarial model of a sustainable portfolio: practical application for an insurance portfolio.Modeling of the discount rate under IFRS 17 and impacts on the insurance business.Mortality prediction using Long Short Term Memory recurrent neural networks.Identification of high-value claims in the automobile branch using machine learning techniques.Financial-actuarial analysis of solvency in insurance companies in extreme scenarios of low interest rates.Capital optimization model for the interest rate subriskModels for predicting the cost of claims in health insuranceAdvanced model for calculating capital for Operational RiskThe sustainability of the current Spanish pension systemModeling of theft guarantee in a home insurance through GLM: convolution of frequency and cost models vs Tweedie distributionSavings forecast plan – life annuities for the fourth ageClimate change and its impact on actuarial models – Multi-Risk Home InsuranceSCR optimization with different reinsurance structuresMethodology and estimation of risk adjustment under IFRS 17. Case applied to life annuity insurance Car insurance and study of differential driving habits of elderly people compared to the general population through GLM modeling.Actuarial analysis of disability in the insurance sectorStudy on the coverage of insured life annuities and reflection of excess mortality due to coronavirusDemutualization and loss of randomness in Multi-Risk Home insuranceActuarial intelligence applied to leakagePremium adjustment using credibility models in telecommunications insuranceIBNR’s calculation tool using different deterministic and stochastic models.Calculation of the IBNR of the technical provisions using deterministic and stochastic methodologiesAnalysis of the new solvency regulations in Peru compared to Solvency IIEvaluation of active management in a replica portfolio of the sustainable Spanish insurance sectorGraduation of mortality tables: non-parametric Whittaker-Henderson formula and Akaike weights methodLongevity projections: incorporating sample and population information through the modelization of differences in common sample points.Actuarial tool for the eligibility of the PAA valuation model – IFRS 17Use of synthetic data from neural networks to improve the modeling of the severity of infrequent eventsValuation of insurance entities. Contrast between actuarial valuation methods (embedded value) and common practices in the field of corporate acquisitions Mutualism. Comparative model of alternative mutual societies with the self-employed regime, actuarial approach. GENERALIZED LINEAR MODELS AND POISSON MODEL APPLIED TO THE ESTIMATION OF THE MORTALITY RATECREDIT INSURANCE: COMPANY CREDIT SCORING MODELADVANCED ACTUARIAL PREDICTION MODELS, APPLIED TO THE PROBABILITY OF DYING IN CAR ACCIDENTS IN THE UNITED STATESSIMULATION METHODS FOR THE VALUATION OF OPTIONS AND GUARANTEES IN INSURANCE CONTRACTSEXCHANGE RATE RISK MODELS ACCORDING TO BASELPREDICTIVE MODEL OF GEOPOSITIONING OF THE VOLUME OF PREMIUMS BY PROVINCE OF THE AUTOMOBILE BRANCH IN SPAIN (MACHINE LEARNING)METHODOLOGY FOR CALCULATING THE RISK ADJUSTMENT UNDER IFRS17ELASTICITY MODEL IN THE INDUSTRY BRANCH PREMIUM (GLM MODEL)IFRS 17: ONEROUSNESS TEST FOR THE GROUPING OF CONTRACTS APPLIED TO THE LIFE BUSINESSMETHODOLOGY FOR CALCULATING RESERVES IN NON-LIFE INSURANCE THROUGH THE SIMULATION OF INDIVIDUAL CLAIMS THROUGH NEURAL NETWORKSLEAKAGE MODEL APPLIED TO THE HOME THROUGH THE USE OF GENERALIZED LINEAR MODELSMACHINE LEARNING TECHNIQUES FOR CAR INSURANCE PRICINGGLM FOR RISK LIFE INSURANCEECONOMIC MODEL PROPOSAL FOR THE AUSTRIAN BACKPACKIFRS 17 AND ITS APPLICATION TO LIFE INSURANCEADVANCED ACTUARIAL STOCHASTIC MODELS OF LONGEVITY RISK TRANSFERBIOMETRIC BEHAVIOR OF THE FOURTH AND FIFTH AGECALIBRATION OF THE STANDARD FORMULA FOR THE CALCULATION OF THE SCR FOR INTEREST RATE RISK IN VARIOUS SCENARIOSPREDICTIVE MODEL WITH MULTIVARIATE LOGISTIC REGRESSION APPLIED TO CREDIT SCORINGIFRS 17: THEORETICAL FRAMEWORK AND PRACTICAL CASE APPLIED TO LIFE ANNUITIES AND TEMPORARY INSURANCE”VALUATION OF CATASTROPHIC RISKS. CAT BONDS AS AN ALTERNATIVE METHOD OF RISK TRANSFER IN THE (RE)INSURANCE SECTOR ACTUARIAL ECONOMETRIC MODEL OF DECREASING VITAL NEEDS IN TIME FOR RETIREMENTSERIOUS ILLNESS INSURANCE FOR ALZHEIMER’SGEOREFERENCING OF THE THEFT RATE IN HOME INSURANCE THROUGH THE PYTHON AND CARTO APPLICATIONSLOGISTIC REGRESSION MODEL FOR MORTALITY RATESTHE SURCHARGES IN HEALTH INSURANCE: ANALYSIS AND CALCULATION APPROACHACTUARIAL MODEL OF THE AVERAGE COST AND FREQUENCY OF RARE DISEASE INSURANCEANALYSIS OF THE NEW REGULATORY FRAMEWORK IFRS 17 AGAINST THE SOLVENCY II REGULATIONS IN NON-LIFETHEORETICAL IMPLICATIONS AND OPTIMIZATION OF THE PROFITABILITY-RISK BINOMIAL BY ALMLONGEVITY: MODELING OF THE TREND RISKMODELING OF IBNR UNDER SHORT TAIL RISKS AND LOW EXPERIENCE ENVIRONMENTACTUARIAL MODEL FOR CAPITAL OPTIMIZATION AND PORTFOLIO IMMUNIZATION IN LIFE INSURANCEDEFERRED ACQUISITION COSTS: (DAC). VALUATION AND PRACTICAL APPROACH TO T. BRUNS’ THEORY ANALYSIS OF SOCIOECONOMIC INEQUALITIES IN HEALTH IN SPAIN. LIFE EXPECTANCY PREDICTORS GRADUATION OF THE MORTALITY CURVE AND EXPERIENCE ANALYSIS OF A LIFE-RISK PORTFOLIOPREDICTIVE MODEL OF PORTFOLIO FALL IN HOME MULTI-RISK INSURANCE. MODELING WITH GLM BAYESIAN SPATIAL MODEL FOR ESTIMATING DISABILITY RISK IN SPAIN WITH THE INLA METHODOLOGYMORTALITY PREDICTION: COMPARISON OF PREDICTIVE MODELS VS GERMAN DYNAMIC MORTALITY TABLES (DAV2004R)IMPACT OF IFRS 17 ON THE VALUATION OF TECHNICAL PROVISIONS. PRACTICAL EXAMPLE OF A TEMPORARY INSURANCE ANALYSIS OF DEATH INSURANCE. IMPLEMENTATION IN SOLVENCY II AND FINANCIAL MANAGEMENT ACTUARIAL STUDIES IN MOBILE TELEPHONY INSURANCEFAIR TONTINE ANNUITIES. APPLICATION TO THE PENSION SYSTEM AS AN ALTERNATIVE TO LONGEVITY RISK. Deceleration of longevity in Spain – Identification of inequity gradients of longevityStochastic modeling of mortality under Bayesian inferenceImplementation of a Random Forest in a car insurance portfolio to obtain Fraud Indicators in the Declaration of Claims.Calculation of the best estimate of Non-Life Technical Provisions for insurance entities under the Solvency II framework. Software development for its calculation UNDERWRITING OF HETEROGENEOUS GLOBAL RISKS IN SMALL DIMENSION SUB-PORTFOLIOS, BASED ON GAME THEORY AND CHARGE AND CREDIT SCORING, WITH VBA PROGRAMMING. PRACTICAL CASE APPLIED TO A COMPLETED CIVIL WORK INSURANCE Calculation of IBNR and RBNS provisions based on the amount and number of claimsThe causal projection of longevity by Lee Carter. “What if” scenarios by “expert judgment” Prediction of the severity of traffic accidents with victims using Random ForestALM with asset swap. Life annuity calculator with VBA Early Warning Models: Default Probabilities in Damage Insurance (GLM and Machine Learning)Methodology for interpreting IFRS 17Risk Management for Unit Linked through a partial internal model and dynamic lapse modelBiometric projection of the Spanish population in the short and long term: ARIMA model with restriction vs dynamic Lee-Carter in R“CALCULATOR OF THE VALUE MEASURES OF THE COLLECTIVE ACTUARIAL ANNUITIES BUSINESS.”Advanced ALM model by Cash Flow Matching and Duration Immunization in Visual Basic for ApplicationsAggravated annuities: Actuarial risk modeling and application development for premium calculationApplication of the AG2016 mortality table projection model for Spain and the Netherlands, and approximation to the Goal Table modelAdvanced methods for pricing Non-Life Insurance: Application of Panjer’s recursive algorithm for the construction of a statistical model of aggregate lossesActuarial model on the perception of service quality in home services and influence on customer loyalty.“VBA calculation tool for Technical Provisions and SCR of life applied to Solvency II regulations”Pension plans and their financial-actuarial review“Hedge Funds in Pension Funds”Blockchain: Application in the insurance sectorProposal of the Model of the Pension System of Ecuador, taken as a reference the System of ChileFOURTH AGE INCOME: AN INNOVATIVE PRODUCT TO MANAGE LONGEVITY RISK IN AN AGING SOCIETYComprehensive Management of Employment Regulation Files and Actuarial Contribution Model.Advanced pricing techniques for Collective Life Insurance (GLM and Credibility Models)LONGEVITY REINSURANCE MODELS APPLIED TO CAPITAL OPTIMIZATION IN SOLVENCY IISimulation of Life and Death insurance portfolios under IFRS 17 regulationsInternal fall modelACTUARIAL MODELS OF HOME INSURANCE WITH VARIABLES OF THE MANAGEMENT OF THE CLAIM AND EXTERNAL VARIABLESApplication of risk measures for a SIALP using the Embedded Value methodologyDevelopment of a collaborative insurance prototype and framing of coverages for cyclists in it.Comprehensive Risk Management in Civil Engineering CompaniesGEOSTATISTICAL MODELS FOR THE HOME BRANCHEstimation of the revaluation index of Social Security pensionsEconomic scenario generator using the autoregressive model and its application Contributions Of Qcrm (Quality Control Of Risk Measures) And Analysis Of Dependence Between Lobs To The Validation Process Of Technical Provisions In Non LifeDaily Early Warning System In Market Risk, A Neural Network Application Under Solvency IiRisk Of Accidental Collapse In Community And Home Insurance Based On The Forensic Study Of Accidental Collapses.Advanced Modeling Of The Longevity Risk Trend Using The P Splines Family (Using Vba And R)Financial Advisory Instruments. Robo-Advisor Calculator Model Investment Decisions In Life Insurance Entities. Asset Allocation And Asset Liability MatchingApplication Of A Level Premium In Health Insurance For GroupsEvolution Of Endowment Insurance Towards The Integration Of Amortization Insurance In A Deferred InsuranceEconometric And Financial Methods For Estimating The Minimum Historical Profitability Of The Pro-Forma Portfolio In Prips ProductsPredictive System Of Mortality Tables Using Neural Networks And Genetic AlgorithmsOperational Risk In Insurance CompaniesStochastic Modeling Of The Profitability Of Defined Contribution Pension Plans Using Econometric Methods And CopulasDiabetes Risk And Modeling For Capital And Income InsurancePredictive Models Applied To Portfolio Retention To Community InsuranceCapital Allocation Methodologies Applied To An Economic Capital Model For Credit Institutions In The Context Of Solvency IiActuarial Models For Measuring The Risk Of The Climatic Phenomenon Of El Niño In PeruLife Insurance Pricing Models Using Credibility TheoryAdvanced Pricing Models For Fleet Insurance And Collaborative Economy TechniquesLife Reinsurance Models Applied To Capital Optimization In Solvency IiPredictive Model Of Leakage In Life InsuranceLearning Models Of Personalized Treatment With Applications To Insurance On MatlabSolvency Ii: Non-Life Underwriting RiskPredictive Model On Customer BehaviorProbability That A Customer Needs Telephone Assistance During The Hiring Process.Estimation Of Credit Risk Parameters (Pd, Lgd And Ead) Within The Bisii Framework (Airb)Analysis Of The Sensitivity Of The Bel Of Claims Based On Link Ratio Models To Changes In The Structure Of ClaimsThe Aggravated Income Insurance: Product Proposal For The Spanish MarketPricing Reinsurance Xl: Long-Term RisksBayesian Pricing And Bonus-Malus Systems. Practical Application To Travel Assistance Insurance The Reverse Mortgage: Theoretical Analysis And Practical Actuarial ModelActuarial Analysis Of The Notional Pension System: Proposal For Implementation In EcuadorBrand ValuationComprehensive Cyber Risk Management ModelAutonomous Vehicles: Methodological Analysis And Calculation Of The Variation Of The Value Of A Car Portfolio.The Model RiskModeling Of The Calculation Of Ibnr’s In Agricultural Insurance: Review Of Models And Methodology Of Individual ClaimsStochastic Modeling Of The Probability Of Ruin For Non-Life Insurance In The Automotive Sector, Applying Monte Carlo SimulationQuantification Of Model Risk With Bootstrapping Method. Modeling by GLM of the intensity of bodily injury in traffic accidents in Spain based on accident forms with victims of the DGTComprehensive management of home multi-risk of theft coverage and actuarial modeling applying GLM technique (intrinsic, exogenous and behavioral variables)Comprehensive technical model for quantitative reporting (qrt) in solvency II based on accounting information. Pillar I and III. implementation in vba (automobile branch) Simulation of the policyholder’s behavior in cancellations of the guaranteed unit – linked through computational models based on agents. an alternative to traditional modeling Systemic risk in the insurance industry: analysis of its contribution, review of methodologies and political measuresValuation of the business in force and analysis of longevity risk through scenario simulationDeath insurance: management through GLMRisk-neutral valuation of options and guarantees in life insurance contracts with stochastic interest rate modelsSimulation of combined financial – actuarial scenarios in life insurance under solvency IIFinancial-actuarial management of risk appetite under a solvency II approach development for obtaining the solvency II ratioValue indicator management tool in the face of deviations in actuarial assumptionsCyber risks. identification, management and actuarial modeling Development and validation of admission scoring models for credit cards with denied inference methodologyDeath insurancepeculiarities and capital requirement in the community solvency frameworksDefinition and scope of the actuarial function: methodological proposalCalculation of compensation according to the new car scale compared to the old scaleDependency insurance through Markov, Thiele and VbaUnderwriting in life insurance: heading towards continued underwritingRisk management in the financing of retirement premiums. analysis of the impact of turnover rates in a real case. Pricing in high dimensionality spaces through machine learningIncidence of serious diseases on the mortality of the Spanish population and the “genetic” shockUnid Linked with replication portfolios of Growth and Value economiesComprehensive management of dependency risk. Actuarial modeling based on international best practices. Insurtech innovation technology applied to the insurance sectorGLM model for the community of owners branch. Comparison of results using sas and emblem. Pricing based on biological age in life and health insurance with the help of wearables and appsFinancial actuarial coverage of climate risksSpanish livestock insurance application of generalized linear models and mortality tablesActuarial models of value generation of death insurance in relation to the solvency capital required by standard formula and simplified regime The problem of contingencies for displaced personnel. Expatriate insurance Competition analysis through reverse engineering in management.Variable Annuities, concept and modeling of the causes of the rescue by logistic regression in SPSSInsurance within the collaborative economy actuarial proposalModels for determining the optimal reinsurance structure in life.Introduction to the DCL and BDCL models of reserve calculation for occupational accident data, home fires and RCFraud model for car insurance in Spain a practical approach.Cyber-risks in the auctuarial sector: Study of Cyber-risks from various points of view.Analysis and inclusion of exogenous variables in car pricing through GLM modeling.Analysis of mortality by causes of death in the Spanish population: Modeling and projection.Geographic diversion by life risks.Pricing of life insurance linked to mortgages for digital media and its pricing in VBAGamification in life and health insurance.The Saint mortality model. Application in small Spanish areas. Multivariate analysis of real data set, regression by GLM and alternative methodologies: Methods based on distance calculations.Geolocation systems (GIS) in the GLM pricing of home multi-risk insurance.The draft of the new insurance contract law and its interaction with solvency II.Principal component analysis of the interest rates of Spanish market debt.Application of GLM’S for the calculation of the reserves of the civil liability branch and stochastic and deterministic IBNR comparative.Behavioral Insurance.Machine learning tools in the prediction of claims in car policiesAnalysis of the factors that affect the demand for life insurance: The case of China.Bancassurance: Development in the Chinese market and modeling of a specific project.The determinants of life insurance consumption: An empirical analysis in China.Stochastic methods for the calculation of IBNR according to the Wüthrich-Merz methodology: Application to real portfolios.Credit valuation adjustment Pandemic risk: Internal model proposal according to WHO alert levelsAggregation of internal models in the calculation of solvency capitalDesign of a parametric trigger for a CAT Bond in PortugalPrediction of bank failure. An empirical application of the Logit model Catastrophe risk in solvency IIIntrinsic actuarial valuation of portfolios for the life businessInnovation in Pricing: “PAY-AS-YOU-DRIVE”“Profit Testing and Universal Life”“Modern portfolio theory of Markowitz”GLM models applied to agricultural policiesGenetic actuarial modelsPredictive models on insurance fraud. Application in car insurance. Methods for the Actuarial Calculation of IBNRs. Bayesian Estimation with Markov Chains. Advanced econometric models of prediction and search for the explanatory factors of insurance business variablesModeling and Forecasting of Mortality of corporate pension plan participantsPolicy cancellation model through neural networks and LOGIT modelGLM modeling of home insurancePricing of collective life-risk insurance – Credibility theory.“Kernel Smoothing”Rare diseases. Current situation and insurance approach: Actuarial modeling “Shadow Banking”“The risk factors that influnce the decision of cross- border mergers & acqisitions activities”“Business Intelligence” applied to reporting applied to the insurance sectorHome rental default insuranceLow speed collisions: Predictive modeling applied to the severity of the damageActuarial tool for optimizing the mitigation of longevity riskPreferred life insuranceAdvanced models of capital allocation in insurance entitiesActuarial models of pensions and implicit debt in the reform of the pension system in China“Profit testing” Serious Illness Insurance: Actuarial Modeling and its application to the Spanish market. Practical application of the Dash& Grinshaw model. Survival analysis for incomplete data. Implementation in VBA-Excel. Finite differences of diffusion models in finance. European options. Graduation of longevity trend risk. Practical modeling according to the INE and CMI methodology. Theoretical framework and practical case. Application for fall and external fraud risks. Construction of binary GLM Logit-Probit models with VBA and their application to Credit Scoring.Principles of actuarial equity in relation to non-discrimination regulations.Application of Markov chains to bonus-malus systems. Quadratic loss function. Ex-post pricing of third-party damage insurance in the automobile branch. Contrast of stochastic models to measure reserve risk (Modeling in VB)Payment Protection Insurance. Life and Non-Life risk associated with financial products.Longevity analysis for the Spanish population under the Kannsito-Thatcher method.Predictive models applied to health insurance. Practical development using GLM models Models of censored and truncated dependent variables: Tobit ModelPredictive Models for Life Insurance Underwriting and Mortality Risk Estimation using Generalized Linear Models.Actuarial and Financial Analysis of Variable Annuities Insurance. Stochastic modeling in VBA. Captive reinsurance companies and solvency II: The Luxembourg case.Actuarial sustainability model of the public pension system.Mergers and acquisitions in the insurance sector. Valuation of an insurance company. Calculation of the Aggregate Loss Distribution using the Fast Fourier Transform and application of Copulas to model Risk Aggregation.Financial immunization applied to life insurance. Practical application of immunization strategies. Theoretical IBNR Methods based on Fuzzy-SetsLife Settlement: Actuarial and financial modeling. Practical application of the Stone and Zissu model (Securitization of Life Settlement contracts). Modeling of savings products in VBA. Savings insurance and annuities Market Consistent Embedded Value for life insurance. Modeling in VBA. Operational risk in insurance entities. Qualitative and Actuarial Models in Solvency II Social security: Actuarial models in VBA and Excel.Risk measures. Evolution and Estimation Longevity model using artificial neural networks.Numerical Implementation of a Model in Non-Life InsuranceBühlmann’s credibility and its implementation in VBA Actuarial Longevity Models. The case of extreme ages Bioactuarial analysis of longevity riskEvolved Models of Reserve Constitution in Non-Life: Bootstrapping Over-Dispersed Poisson as an internal model in Solvency II.Ruin TheoryCredit risk. Scoring using GLM Lifestyle Underwriting in life insurance. Application of generalized linear models. Risk Metrics. Credit Risk + The situation of dependency in Spain: Analysis of the affected population and proposal of coverage through private insuranceReinsurance with VBAThe insurance of aggravated annuities. Enhanced and Impaired Annuities. Foward Pricing TarificationLongevity derivatives. Practical application of the Dowd and Wang models for the valuation of derivatives. Simple calculator for life insurance Internal model and mitigation methods for risks generated by hurricanes in the USA.Hospitalization insurance for Alzheimer's disease: actuarial prediction of future incidence.Analysis of the TAR insurance and life annuities under IFRS 17."Analysis of Advanced Actuarial Pricing Techniques in a Car Portfolio: Integration of Telematic Variables into Classic Models."Comparative Analysis of Reserve Estimation Methods in Non-Life Insurance in Short and Long Tail Scenarios.Actuarial Simulation Model in the Pricing of an Excess of Loss Reinsurance Contract.Actuarial Model for the Optimization of Pensionable Salary Based on the Three Pillars of Social Security.Actuarial modeling using Forward Pricing. Breast and prostate cancer insurance. Evolution of interest rates and the impact on the redemption of life savings insurance.Biometric study of mortality and accidental disability through the experience of an insurance company in Colombia.Study of the impact of climate change on mortality through Auto Machine Learning.Copula model proposal for interest rate and equity shocks aggregation under Solvency II.Cryptocurrency unit linked.Tontine annuities as an instrument for transferring longevity risk.Modeling and analysis of a life table with own experience.The effect of inflation on non-life insurance: Actuarial modeling of the impact on claims provision.Segmentation of a car portfolio using Machine Learning techniques with unsupervised learning.Dynamic pricing model for insurance with severe mental illness pathology.Actuarial Climate Index, derivation of the index with AEMET data and its possible application in parametric insurance."Longevity Risk, techniques for its coverage and practical application with longevity swaps."The actuarial projection of the maximum age of human beings.The impact of China's delayed retirement policy on China's pension balance under longevity risk.Civil liability of architects in Spain: evaluation of methodologies in the estimation of reserves.Sustainable vehicles, the reinvention of insurance.Piggyback Model: Mortality Projections in an Environment of Sample Insufficiency.Identification of groups vulnerable to climate change in mortality risk in Spain.Cyber insurance pricing by GLM.Optimization of JP Morgan's largest Hedge Fund using the Expected Shortfall in python.Statistical prediction models applied to the behavior of bonds in the face of economic shocks.Time series modeling and comparison with the AUTO.ARIMA function.Lee-Carter and Renshaw Haberman in the estimation of future mortality in post-pandemic scenarios.Analysis of Solvency II shocks in the last decade in death insurance. COVID-19 effect. Parametric Insurance: Transforming Resilience to Natural Disasters. Pricing and Risk Management. Actuarial research on customer profile modeling and prediction of car insurance renewal.Exploring Statistical Learning in Liability Insurance Pricing.Advanced actuarial prediction of fraud in business insurance: balance between transparency and predictive power in the context of unbalanced data.Statistical methods for the estimation of IBNR in very short tail products for companies without experience against Article 41.3 of the ROSSP. Comparative study. Artificial Intelligence applied to cross-selling in insurance.Effect of excess mortality due to SARS-CoV-2 in the different predictive methodologies: P-Splines, Lee Carter, GLM.Actuarial Model for the Calibration of the Longevity Risk of Solvency II.Solvency II: Recalibration and limitations. Towards a revision of the regulatory regime. Prediction of the total claim reserve of a non-life insurance through stochastic models versus machine learning algorithms.Artificial vision and Deep Learning in the construction of an optimal investment portfolio.Estimation of claim reserves by LASSO regression.Analysis of car insurance using GLM and the Zero Inflated.Advanced actuarial models for cross-selling prediction.Actuarial analysis of longevity heterogeneity."Actuarial model of the measurement of the impact of climate change on mortality and longevity risks."ESG risks, towards an actuarial prediction model and its inclusion in the SCR of Solvency II.Prediction of Drops in Credit Card Customers with Support Vector Machine and Logistic Regression.Reinsurance Analysis: application of the Standard Formula in a reinsurance entity.Regarding the modeling of actuarial KPIs under IFRS17.Comparison of GLM and GBM models for pricing in a car portfolio.Comparison of car insurance pricing by GLM and Neural Networks.Actuarial study and preparation of disability contingency tables for Spain on the general population.Cryptocurrency unit linked through multicriteria analysis and Promethee II.Analysis of volatility and spillover effect in the cryptocurrency market.The impact of inflation on IBNR estimation.Application of the new accounting standard, IFRS17 to a life savings insurance with profit sharing.Catastrophic risks and their relevance in insurance. Prediction of burned hectares risks in Spain with ARIMA models. Evolution and current situation of the contributory pension system in Spain. Analysis of its sustainability and the effectiveness of the recommendations of the Toledo Pact and the intergenerational equity mechanism. Reinsurance as a financial solution under the Solvency II regulatory framework.Incorporating meteorological data in agricultural insurance claims models.Biometric model projection in a Covid-19 pandemic scenario environment.Comparative study between MCEV, Traditional Embedded and market valuations.Digitization of the banking and insurance sector.Predictive model of cross-selling in Life and Health products: Random Forest vs XGBoost.Dependency income insurance.Mortality projections through Neural Networks with Population information.The Robo Advisor in life savings insurance, with application of Behavioral EconomicsStudy on the impact of assumptions in the modeling of the life branch of an insurance entity.Detection of fraud in car insurance using Machine Learning techniques.Study of the temporal distribution of claims in the credit insurance branch.Multivariate Sociological Analysis of the insured in Spain.Risk scoring for the determination of the viability of the recreational and gambling machine business.P2P insurance and its introduction in the Spanish market through the Sandbox.Credibility theory, pricing of collective insurance applied to life insuranceComparative performance analysis between Grandient Boosting models and GLMs for non-life pricing.Modeling of portfolio leakage using Machine Learning techniques and generalized linear models.Sensitivity analysis of assumptions in the calculation of Embedded Value.Impact of the new mortality and survival tables on Solvency II and Technical Provisions calculations.Longevity analysis between Mexico and Spain through Visual Basic for Applications.Cyberinsurance premium modeling with copula functions.Longevity analysis after the effects of Covid-19 and valuation of excess mortality in a death insurance.Study of longevity applying Artificial Neural Networks.Implementation of IFRS 17 and its impact on the Life Annuities product in Spain.Actuarial balance in public pension systems: application of the US method to Spain.Reinsurance as a mitigator of the Capital Charge in Solvency II.Effects on the technical provisions of Solvency II due to the implementation of the renewed Mortality tables: Tool and analysis.Reputational risk: risk measurement and need for its integration into capital.Pan-European Pension Plans: Practical application and proposals for actuarial modeling.Reverse mortgage: Analysis and calculation tool.Catastrophe bonds for nuclear accidents: alternative method of risk transfer.Analysis and projection of mortality in Spain.Dependency structures in collective risk models using copulas.Cross-selling prediction with Machine Learning techniques.Efficiency of the standard formula and specific parameters for the Medical Expenses line of business.Recalibration of the longevity shock in Solvency II: European longevity index.European pension systems: comparative analysis from a financial-actuarial perspective.Mathematical optimization from hybrid algorithms. An application in car insurance pricing. Critical analysis of the PER 2020 table by contrasting actuarial models.Automation of the pricing process using GLM and Random Forest in pet insurance.The impact of COVID-19 on longevity.Methods of liability valuation under IFRS 17.IFRS 17: Actuarial Modeling of Profit Volatility.Creation and management of automated securities portfolios from various investment approaches.Pricing of agricultural insurance policies using Machine Learning models.Transformation of illiquid assets into liquid assets: the reverse mortgage.Accounting treatment of a life-assured annuity under IFRS 17. Methodology and practical case. Arbitrage strategies with cryptocurrencies.Application of the GLM in frequency in car insurance in ChinaReview of an insurance entity in accordance with Solvency II regulations.Determination of the risk adjustment for the valuation of insurance contracts under IFRS17.Financial-actuarial model of a sustainable portfolio: practical application for an insurance portfolio.Modeling of the discount rate under IFRS 17 and impacts on the insurance business.Mortality prediction using Long Short Term Memory recurrent neural networks.Identification of high-value claims in the automobile branch using machine learning techniques.Financial-actuarial analysis of solvency in insurance companies in extreme scenarios of low interest rates.Capital optimization model for the interest rate subriskModels for predicting the cost of claims in health insuranceAdvanced model for calculating capital for Operational RiskThe sustainability of the current Spanish pension systemModeling of theft guarantee in a home insurance through GLM: convolution of frequency and cost models vs Tweedie distributionSavings forecast plan - life annuities for the fourth ageClimate change and its impact on actuarial models - Multi-Risk Home InsuranceSCR optimization with different reinsurance structuresMethodology and estimation of risk adjustment under IFRS 17. Case applied to life annuity insurance Car insurance and study of differential driving habits of elderly people compared to the general population through GLM modeling.Actuarial analysis of disability in the insurance sectorStudy on the coverage of insured life annuities and reflection of excess mortality due to coronavirusDemutualization and loss of randomness in Multi-Risk Home insuranceActuarial intelligence applied to leakagePremium adjustment using credibility models in telecommunications insuranceIBNR's calculation tool using different deterministic and stochastic models.Calculation of the IBNR of the technical provisions using deterministic and stochastic methodologiesAnalysis of the new solvency regulations in Peru compared to Solvency IIEvaluation of active management in a replica portfolio of the sustainable Spanish insurance sectorGraduation of mortality tables: non-parametric Whittaker-Henderson formula and Akaike weights methodLongevity projections: incorporating sample and population information through the modelization of differences in common sample points.Actuarial tool for the eligibility of the PAA valuation model - IFRS 17Use of synthetic data from neural networks to improve the modeling of the severity of infrequent eventsValuation of insurance entities. Contrast between actuarial valuation methods (embedded value) and common practices in the field of corporate acquisitions Mutualism. Comparative model of alternative mutual societies with the self-employed regime, actuarial approach. GENERALIZED LINEAR MODELS AND POISSON MODEL APPLIED TO THE ESTIMATION OF THE MORTALITY RATECREDIT INSURANCE: COMPANY CREDIT SCORING MODELADVANCED ACTUARIAL PREDICTION MODELS, APPLIED TO THE PROBABILITY OF DYING IN CAR ACCIDENTS IN THE UNITED STATESSIMULATION METHODS FOR THE VALUATION OF OPTIONS AND GUARANTEES IN INSURANCE CONTRACTSEXCHANGE RATE RISK MODELS ACCORDING TO BASELPREDICTIVE MODEL OF GEOPOSITIONING OF THE VOLUME OF PREMIUMS BY PROVINCE OF THE AUTOMOBILE BRANCH IN SPAIN (MACHINE LEARNING)METHODOLOGY FOR CALCULATING THE RISK ADJUSTMENT UNDER IFRS17ELASTICITY MODEL IN THE INDUSTRY BRANCH PREMIUM (GLM MODEL)IFRS 17: ONEROUSNESS TEST FOR THE GROUPING OF CONTRACTS APPLIED TO THE LIFE BUSINESSMETHODOLOGY FOR CALCULATING RESERVES IN NON-LIFE INSURANCE THROUGH THE SIMULATION OF INDIVIDUAL CLAIMS THROUGH NEURAL NETWORKSLEAKAGE MODEL APPLIED TO THE HOME THROUGH THE USE OF GENERALIZED LINEAR MODELSMACHINE LEARNING TECHNIQUES FOR CAR INSURANCE PRICINGGLM FOR RISK LIFE INSURANCEECONOMIC MODEL PROPOSAL FOR THE AUSTRIAN BACKPACKIFRS 17 AND ITS APPLICATION TO LIFE INSURANCEADVANCED ACTUARIAL STOCHASTIC MODELS OF LONGEVITY RISK TRANSFERBIOMETRIC BEHAVIOR OF THE FOURTH AND FIFTH AGECALIBRATION OF THE STANDARD FORMULA FOR THE CALCULATION OF THE SCR FOR INTEREST RATE RISK IN VARIOUS SCENARIOSPREDICTIVE MODEL WITH MULTIVARIATE LOGISTIC REGRESSION APPLIED TO CREDIT SCORINGIFRS 17: THEORETICAL FRAMEWORK AND PRACTICAL CASE APPLIED TO LIFE ANNUITIES AND TEMPORARY INSURANCE"VALUATION OF CATASTROPHIC RISKS. CAT BONDS AS AN ALTERNATIVE METHOD OF RISK TRANSFER IN THE (RE)INSURANCE SECTOR ACTUARIAL ECONOMETRIC MODEL OF DECREASING VITAL NEEDS IN TIME FOR RETIREMENTSERIOUS ILLNESS INSURANCE FOR ALZHEIMER'SGEOREFERENCING OF THE THEFT RATE IN HOME INSURANCE THROUGH THE PYTHON AND CARTO APPLICATIONSLOGISTIC REGRESSION MODEL FOR MORTALITY RATESTHE SURCHARGES IN HEALTH INSURANCE: ANALYSIS AND CALCULATION APPROACHACTUARIAL MODEL OF THE AVERAGE COST AND FREQUENCY OF RARE DISEASE INSURANCEANALYSIS OF THE NEW REGULATORY FRAMEWORK IFRS 17 AGAINST THE SOLVENCY II REGULATIONS IN NON-LIFETHEORETICAL IMPLICATIONS AND OPTIMIZATION OF THE PROFITABILITY-RISK BINOMIAL BY ALMLONGEVITY: MODELING OF THE TREND RISKMODELING OF IBNR UNDER SHORT TAIL RISKS AND LOW EXPERIENCE ENVIRONMENTACTUARIAL MODEL FOR CAPITAL OPTIMIZATION AND PORTFOLIO IMMUNIZATION IN LIFE INSURANCEDEFERRED ACQUISITION COSTS: (DAC). VALUATION AND PRACTICAL APPROACH TO T. BRUNS' THEORY ANALYSIS OF SOCIOECONOMIC INEQUALITIES IN HEALTH IN SPAIN. LIFE EXPECTANCY PREDICTORS GRADUATION OF THE MORTALITY CURVE AND EXPERIENCE ANALYSIS OF A LIFE-RISK PORTFOLIOPREDICTIVE MODEL OF PORTFOLIO FALL IN HOME MULTI-RISK INSURANCE. MODELING WITH GLM BAYESIAN SPATIAL MODEL FOR ESTIMATING DISABILITY RISK IN SPAIN WITH THE INLA METHODOLOGYMORTALITY PREDICTION: COMPARISON OF PREDICTIVE MODELS VS GERMAN DYNAMIC MORTALITY TABLES (DAV2004R)IMPACT OF IFRS 17 ON THE VALUATION OF TECHNICAL PROVISIONS. PRACTICAL EXAMPLE OF A TEMPORARY INSURANCE ANALYSIS OF DEATH INSURANCE. IMPLEMENTATION IN SOLVENCY II AND FINANCIAL MANAGEMENT ACTUARIAL STUDIES IN MOBILE TELEPHONY INSURANCEFAIR TONTINE ANNUITIES. APPLICATION TO THE PENSION SYSTEM AS AN ALTERNATIVE TO LONGEVITY RISK. Deceleration of longevity in Spain - Identification of inequity gradients of longevityStochastic modeling of mortality under Bayesian inferenceImplementation of a Random Forest in a car insurance portfolio to obtain Fraud Indicators in the Declaration of Claims.Calculation of the best estimate of Non-Life Technical Provisions for insurance entities under the Solvency II framework. Software development for its calculation UNDERWRITING OF HETEROGENEOUS GLOBAL RISKS IN SMALL DIMENSION SUB-PORTFOLIOS, BASED ON GAME THEORY AND CHARGE AND CREDIT SCORING, WITH VBA PROGRAMMING. PRACTICAL CASE APPLIED TO A COMPLETED CIVIL WORK INSURANCE Calculation of IBNR and RBNS provisions based on the amount and number of claimsThe causal projection of longevity by Lee Carter. "What if" scenarios by "expert judgment" Prediction of the severity of traffic accidents with victims using Random ForestALM with asset swap. Life annuity calculator with VBA Early Warning Models: Default Probabilities in Damage Insurance (GLM and Machine Learning)Methodology for interpreting IFRS 17Risk Management for Unit Linked through a partial internal model and dynamic lapse modelBiometric projection of the Spanish population in the short and long term: ARIMA model with restriction vs dynamic Lee-Carter in R"CALCULATOR OF THE VALUE MEASURES OF THE COLLECTIVE ACTUARIAL ANNUITIES BUSINESS."Advanced ALM model by Cash Flow Matching and Duration Immunization in Visual Basic for ApplicationsAggravated annuities: Actuarial risk modeling and application development for premium calculationApplication of the AG2016 mortality table projection model for Spain and the Netherlands, and approximation to the Goal Table modelAdvanced methods for pricing Non-Life Insurance: Application of Panjer's recursive algorithm for the construction of a statistical model of aggregate lossesActuarial model on the perception of service quality in home services and influence on customer loyalty."VBA calculation tool for Technical Provisions and SCR of life applied to Solvency II regulations"Pension plans and their financial-actuarial review"Hedge Funds in Pension Funds"Blockchain: Application in the insurance sectorProposal of the Model of the Pension System of Ecuador, taken as a reference the System of ChileFOURTH AGE INCOME: AN INNOVATIVE PRODUCT TO MANAGE LONGEVITY RISK IN AN AGING SOCIETYComprehensive Management of Employment Regulation Files and Actuarial Contribution Model.Advanced pricing techniques for Collective Life Insurance (GLM and Credibility Models)LONGEVITY REINSURANCE MODELS APPLIED TO CAPITAL OPTIMIZATION IN SOLVENCY IISimulation of Life and Death insurance portfolios under IFRS 17 regulationsInternal fall modelACTUARIAL MODELS OF HOME INSURANCE WITH VARIABLES OF THE MANAGEMENT OF THE CLAIM AND EXTERNAL VARIABLESApplication of risk measures for a SIALP using the Embedded Value methodologyDevelopment of a collaborative insurance prototype and framing of coverages for cyclists in it.Comprehensive Risk Management in Civil Engineering CompaniesGEOSTATISTICAL MODELS FOR THE HOME BRANCHEstimation of the revaluation index of Social Security pensionsEconomic scenario generator using the autoregressive model and its applicationContributions Of Qcrm (Quality Control Of Risk Measures) And Analysis Of Dependence Between Lobs To The Validation Process Of Technical Provisions In Non LifeDaily Early Warning System In Market Risk, A Neural Network Application Under Solvency IiRisk Of Accidental Collapse In Community And Home Insurance Based On The Forensic Study Of Accidental Collapses.Advanced Modeling Of The Longevity Risk Trend Using The P Splines Family (Using Vba And R)Financial Advisory Instruments. Robo-Advisor Calculator Model Investment Decisions In Life Insurance Entities. Asset Allocation And Asset Liability MatchingApplication Of A Level Premium In Health Insurance For GroupsEvolution Of Endowment Insurance Towards The Integration Of Amortization Insurance In A Deferred InsuranceEconometric And Financial Methods For Estimating The Minimum Historical Profitability Of The Pro-Forma Portfolio In Prips ProductsPredictive System Of Mortality Tables Using Neural Networks And Genetic AlgorithmsOperational Risk In Insurance CompaniesStochastic Modeling Of The Profitability Of Defined Contribution Pension Plans Using Econometric Methods And CopulasDiabetes Risk And Modeling For Capital And Income InsurancePredictive Models Applied To Portfolio Retention To Community InsuranceCapital Allocation Methodologies Applied To An Economic Capital Model For Credit Institutions In The Context Of Solvency IiActuarial Models For Measuring The Risk Of The Climatic Phenomenon Of El Niño In PeruLife Insurance Pricing Models Using Credibility TheoryAdvanced Pricing Models For Fleet Insurance And Collaborative Economy TechniquesLife Reinsurance Models Applied To Capital Optimization In Solvency IiPredictive Model Of Leakage In Life InsuranceLearning Models Of Personalized Treatment With Applications To Insurance On MatlabSolvency Ii: Non-Life Underwriting RiskPredictive Model On Customer BehaviorProbability That A Customer Needs Telephone Assistance During The Hiring Process.Estimation Of Credit Risk Parameters (Pd, Lgd And Ead) Within The Bisii Framework (Airb)Analysis Of The Sensitivity Of The Bel Of Claims Based On Link Ratio Models To Changes In The Structure Of ClaimsThe Aggravated Income Insurance: Product Proposal For The Spanish MarketPricing Reinsurance Xl: Long-Term RisksBayesian Pricing And Bonus-Malus Systems. Practical Application To Travel Assistance Insurance The Reverse Mortgage: Theoretical Analysis And Practical Actuarial ModelActuarial Analysis Of The Notional Pension System: Proposal For Implementation In EcuadorBrand ValuationComprehensive Cyber Risk Management ModelAutonomous Vehicles: Methodological Analysis And Calculation Of The Variation Of The Value Of A Car Portfolio.The Model RiskModeling Of The Calculation Of Ibnr’s In Agricultural Insurance: Review Of Models And Methodology Of Individual ClaimsStochastic Modeling Of The Probability Of Ruin For Non-Life Insurance In The Automotive Sector, Applying Monte Carlo SimulationQuantification Of Model Risk With Bootstrapping Method.Modeling by GLM of the intensity of bodily injury in traffic accidents in Spain based on accident forms with victims of the DGTComprehensive management of home multi-risk of theft coverage and actuarial modeling applying GLM technique (intrinsic, exogenous and behavioral variables)Comprehensive technical model for quantitative reporting (qrt) in solvency II based on accounting information. Pillar I and III. implementation in vba (automobile branch) Simulation of the policyholder's behavior in cancellations of the guaranteed unit - linked through computational models based on agents. an alternative to traditional modeling Systemic risk in the insurance industry: analysis of its contribution, review of methodologies and political measuresValuation of the business in force and analysis of longevity risk through scenario simulationDeath insurance: management through GLMRisk-neutral valuation of options and guarantees in life insurance contracts with stochastic interest rate modelsSimulation of combined financial - actuarial scenarios in life insurance under solvency IIFinancial-actuarial management of risk appetite under a solvency II approach development for obtaining the solvency II ratioValue indicator management tool in the face of deviations in actuarial assumptionsCyber risks. identification, management and actuarial modeling Development and validation of admission scoring models for credit cards with denied inference methodologyDeath insurancepeculiarities and capital requirement in the community solvency frameworksDefinition and scope of the actuarial function: methodological proposalCalculation of compensation according to the new car scale compared to the old scaleDependency insurance through Markov, Thiele and VbaUnderwriting in life insurance: heading towards continued underwritingRisk management in the financing of retirement premiums. analysis of the impact of turnover rates in a real case. Pricing in high dimensionality spaces through machine learningIncidence of serious diseases on the mortality of the Spanish population and the "genetic" shockUnid Linked with replication portfolios of Growth and Value economiesComprehensive management of dependency risk. Actuarial modeling based on international best practices. Insurtech innovation technology applied to the insurance sectorGLM model for the community of owners branch. Comparison of results using sas and emblem. Pricing based on biological age in life and health insurance with the help of wearables and appsFinancial actuarial coverage of climate risksSpanish livestock insurance application of generalized linear models and mortality tablesActuarial models of value generation of death insurance in relation to the solvency capital required by standard formula and simplified regimeThe problem of contingencies for displaced personnel. Expatriate insurance Competition analysis through reverse engineering in management.Variable Annuities, concept and modeling of the causes of the rescue by logistic regression in SPSSInsurance within the collaborative economy actuarial proposalModels for determining the optimal reinsurance structure in life.Introduction to the DCL and BDCL models of reserve calculation for occupational accident data, home fires and RCFraud model for car insurance in Spain a practical approach.Cyber-risks in the auctuarial sector: Study of Cyber-risks from various points of view.Analysis and inclusion of exogenous variables in car pricing through GLM modeling.Analysis of mortality by causes of death in the Spanish population: Modeling and projection.Geographic diversion by life risks.Pricing of life insurance linked to mortgages for digital media and its pricing in VBAGamification in life and health insurance.The Saint mortality model. Application in small Spanish areas. Multivariate analysis of real data set, regression by GLM and alternative methodologies: Methods based on distance calculations.Geolocation systems (GIS) in the GLM pricing of home multi-risk insurance.The draft of the new insurance contract law and its interaction with solvency II.Principal component analysis of the interest rates of Spanish market debt.Application of GLM'S for the calculation of the reserves of the civil liability branch and stochastic and deterministic IBNR comparative.Behavioral Insurance.Machine learning tools in the prediction of claims in car policiesAnalysis of the factors that affect the demand for life insurance: The case of China.Bancassurance: Development in the Chinese market and modeling of a specific project.The determinants of life insurance consumption: An empirical analysis in China.Stochastic methods for the calculation of IBNR according to the Wüthrich-Merz methodology: Application to real portfolios.Credit valuation adjustmentPandemic risk: Internal model proposal according to WHO alert levelsAggregation of internal models in the calculation of solvency capitalDesign of a parametric trigger for a CAT Bond in PortugalPrediction of bank failure. An empirical application of the Logit model Catastrophe risk in solvency IIIntrinsic actuarial valuation of portfolios for the life businessInnovation in Pricing: “PAY-AS-YOU-DRIVE”“Profit Testing and Universal Life”“Modern portfolio theory of Markowitz”GLM models applied to agricultural policiesGenetic actuarial modelsPredictive models on insurance fraud. Application in car insurance. Methods for the Actuarial Calculation of IBNRs. Bayesian Estimation with Markov Chains. Advanced econometric models of prediction and search for the explanatory factors of insurance business variablesModeling and Forecasting of Mortality of corporate pension plan participantsPolicy cancellation model through neural networks and LOGIT modelGLM modeling of home insurancePricing of collective life-risk insurance - Credibility theory.“Kernel Smoothing”Rare diseases. Current situation and insurance approach: Actuarial modeling “Shadow Banking”“The risk factors that influnce the decision of cross- border mergers & acqisitions activities”“Business Intelligence” applied to reporting applied to the insurance sectorHome rental default insuranceLow speed collisions: Predictive modeling applied to the severity of the damageActuarial tool for optimizing the mitigation of longevity riskPreferred life insuranceAdvanced models of capital allocation in insurance entitiesActuarial models of pensions and implicit debt in the reform of the pension system in China“Profit testing”Serious Illness Insurance: Actuarial Modeling and its application to the Spanish market. Practical application of the Dash& Grinshaw model. Survival analysis for incomplete data. Implementation in VBA-Excel. Finite differences of diffusion models in finance. European options. Graduation of longevity trend risk. Practical modeling according to the INE and CMI methodology. Theoretical framework and practical case. Application for fall and external fraud risks. Construction of binary GLM Logit-Probit models with VBA and their application to Credit Scoring.Principles of actuarial equity in relation to non-discrimination regulations.Application of Markov chains to bonus-malus systems. Quadratic loss function. Ex-post pricing of third-party damage insurance in the automobile branch. Contrast of stochastic models to measure reserve risk (Modeling in VB)Payment Protection Insurance. Life and Non-Life risk associated with financial products.Longevity analysis for the Spanish population under the Kannsito-Thatcher method.Predictive models applied to health insurance. Practical development using GLM models Models of censored and truncated dependent variables: Tobit ModelPredictive Models for Life Insurance Underwriting and Mortality Risk Estimation using Generalized Linear Models.Actuarial and Financial Analysis of Variable Annuities Insurance. Stochastic modeling in VBA. Captive reinsurance companies and solvency II: The Luxembourg case.Actuarial sustainability model of the public pension system.Mergers and acquisitions in the insurance sector. Valuation of an insurance company. Calculation of the Aggregate Loss Distribution using the Fast Fourier Transform and application of Copulas to model Risk Aggregation.Financial immunization applied to life insurance. Practical application of immunization strategies. Theoretical IBNR Methods based on Fuzzy-SetsLife Settlement: Actuarial and financial modeling. Practical application of the Stone and Zissu model (Securitization of Life Settlement contracts). Modeling of savings products in VBA. Savings insurance and annuities Market Consistent Embedded Value for life insurance. Modeling in VBA. Operational risk in insurance entities. Qualitative and Actuarial Models in Solvency II Social security: Actuarial models in VBA and Excel.Risk measures. Evolution and Estimation Longevity model using artificial neural networks.Numerical Implementation of a Model in Non-Life InsuranceBühlmann's credibility and its implementation in VBAActuarial Longevity Models. The case of extreme ages Bioactuarial analysis of longevity riskEvolved Models of Reserve Constitution in Non-Life: Bootstrapping Over-Dispersed Poisson as an internal model in Solvency II.Ruin TheoryCredit risk. Scoring using GLM Lifestyle Underwriting in life insurance. Application of generalized linear models. Risk Metrics. Credit Risk + The situation of dependency in Spain: Analysis of the affected population and proposal of coverage through private insuranceReinsurance with VBAThe insurance of aggravated annuities. Enhanced and Impaired Annuities. Foward Pricing TarificationLongevity derivatives. Practical application of the Dowd and Wang models for the valuation of derivatives. Simple calculator for life insurance
- [Faculty](https://business.uc3m.es/en/mcaf/faculty/): Professor of Financial Economics
- [Program](https://business.uc3m.es/en/mcaf/program/): You can consult more information about scholarships of interest from UC3M as well as from other organizations or entities.
- [Introduction](https://business.uc3m.es/en/mcaf/presentation/): The Master in Actuarial and Financial Sciences (MCAF) is a full time official master's program offered by Universidad Carlos III de Madrid. The Master in Actuarial and Financial Sciences consists of 120 ECTS credits distributed over two academic year, each with two terms. 90 of this total number of credits are compulsory subjects, 18 cover external work placements and 12 are allocated to the master thesis dissertation. The program covers range of subjects, providing students with a solid conceptual basis in finance and insurance, supported by an eminently practical component.
- [Master’s Degree in Actuarial Science](https://business.uc3m.es/en/mcaf/): SEMINARIO: 16 FEB TEHILA KOGUT (BEN GURION UNIVERSITY) 6.1.01
- [List of Journals](https://business.uc3m.es/en/list-of-journals/): Journal of Accounting and Economics
- [Alumni](https://business.uc3m.es/en/mba/alumni/): Alumni are accessible to students, and networking is facilitated through the official MBA group on LinkedIn, an exclusive platform for students and graduates of the Carlos III University MBA.
- [Program](https://business.uc3m.es/en/mba/program/): Program Cursos introductoriosAsignaturasECTSTipoActualización de finanzas2ICActualización de contabilidad2ICActualización de métodos cuantitativos2ICCurso 1 – Semestre 1AsignaturasECTSTipoMétodos cuantitativos y matemáticas financieras. Curso de nivelación2CComportamiento organizacional3CEconomía para los negocios3CPrincipios de contabilidad3CDirección estratégica3CAnálisis de mercados3CDirección de marketing para ventaja estratégica3CAnálisis y visualización de datos3CDirección de operaciones3CGestión de personas en las organizaciones2CCurso 1 – Semestre 2AsignaturasECTSTipoEmprendimiento2CFinanzas para emprendimiento2CLiderazgo3CFinanzas corporativas2CEconomía financiera2CContabilidad de gestión3CCarrera y desarrollo personal2CModelización de negocios2EFinanzas internacionales2EÉtica y responsabilidad social corporativa2EComunicación responsable en la sociedad en red2EGestión tecnológica2EDirección internacional2EComportamiento del consumidor2EGestión de la cadena de suministro2EEntorno económico internacional2EMétodos de valoración2ECreación de valor y comunicación2EFinanzas corporativas avanzadas2ETendencias tecnológicas emergentes2ETrabajo Fin de MásterAsignaturasECTSTipoTrabajo Fin de Máster / Plan de negocio7CC) Obligatoria: 41 ECTS   |   E) Optativa: 12 ECTS   |   TFM) Trabajo Fin de Máster: 7 ECTS
- [Faculty](https://business.uc3m.es/en/mba/faculty/): The core faculty of the program comes from the university's business school, the Department of Business Administration.The department is widely recognized as one of the leading business research institutions in Spain.Professors are hired from the best doctoral programs in Europe and North America and undergo a competitive promotion process before becoming permanent members of the department.
- [Introduction](https://business.uc3m.es/en/mba/introduction/): Algeria
- [MBA](https://business.uc3m.es/en/mba/): MBA Program Highlights Language English Location Madrid Average work experience 5 years AMBA and AACSB Accredited Highly International Discover our MBA Accreditations Affordability Entrepreneurship Personalized admission Life and career Language “The MBA programme at UC3M gave me a fantastic breadth of knowledge across all core areas of business management. The teaching environment was engaging, approachable and of a high quality. The skills I attained from this MBA were fundamental in the development of my career.” PAUL GERKEN (UNITED KINGDOM), MBA 2008 FOUNDER, WINEFAMILY PTE LTD. “UC3M MBA gave me tools and experiences to boost my career. The MBA was strategically designed to provide an international view of business, not just with contents but case studies and team work that framed not just my career but my view of the world. These days I manage a globaloperation responsible for $17B country exports to over 150 countries, what I learned that year in Madrid was an infection point in my life. Stron-gly recommended” PEDRO BEIRUTE (COSTA RICA), MBA 2004 SENIOR ACTUARIAL CONSULTANT, KPMG “With a blend of brilliant faculty members, unique one-year course curriculum and a sound learning ambience, UC3M MBA program is invaluable because it’s very practical and not limited to academics. I owe UC3M for what I am today and I am happy that I made the right decision to join UC3M." RUBY KUMARI (INDIA), MBA 2013 ASSOCIATE, IVYCAP VENTURES PRIVATE LTD., MUMBAI (INDIA) “With a blend of brilliant faculty members, unique one-year course curriculum and a sound learning ambience, UC3M MBA program is invaluable because it’s very practical and not limited to academics. I owe UC3M for what I am today and I am happy that I made the right decision to join UC3M." HASAN ALHARBI (SAUDI ARABIA), MBA 2013 STRATEGIC ACCOUNT MANAGER, STEELCASE (SAUDI “My academic background was in early childhood education and my pre-MBA work experience was in sales. Thanks to this MBA, I have acquired a broad knowledge of accounting, fnance, economics and marketing, which have greatly increased my self-confdence at work. My classmates were more than lovely and came from 20 diferent countries, which helped us share experiences and of course challenge the faculty. In a word, it was a great experience, I am proud of this choice.” XINGXING GUAN (CHINA), MBA 2015 BUSINESS DEVELOPMENT MANAGER, CREATIVE TECHNOLOGY (CHINA) “The MBA program was an extraordinary experience with fantastic fellows from all over the world. It broadened my business expertise and enlarged my international experience. Madrid and the warm and open-minded Spanish culture made the year just perfect.”eriences and of course challenge the faculty. In a word, it was a great experience, I am proud of this choice.” RAFAEL RIESTER (GERMANY), MBA 2015 SENIOR CONSULTANT, DELOITTE (GERMANY) https://business.uc3m.es//wp-content/uploads/2025/10/Carlos_III_00005308_Lg16x9.mp4
- [Lightcast](https://business.uc3m.es/en/databases/lightcast/): Lightcast is a database that includes millions of job postings from over 65,000 daily sources, including job boards, company websites, and other sources. This dataset is created using natural language processing technology and other artificial intelligence tools. Each job posting in the database contains information on over 70 different elements, including:
- [Qualtrics](https://business.uc3m.es/en/databases/qualtrics/): It is the leading platform for creating and conducting online surveys, widely used by academics and professionals in social and market research.
- [MSCI (Formerly KLD)](https://business.uc3m.es/en/databases/msci-formerly-kld/): In 1991, the MSCI ESG KLD STATS universe initially comprised the components of the MSCI KLD 400 Social Index and the S&P 500. The MSCI ESG KLD STATS time series expanded its coverage in 2001 to include the top 1000 U.S. companies by market capitalization, as of December. In 2003, it expanded its coverage to include the top 3000 U.S. companies by market capitalization, as of December of each year. Finally, the MSCI ESG KLD STATS time series expanded its coverage in 2013 to include non-U.S. companies.
- [BankFocus](https://business.uc3m.es/en/databases/bankfocus/): Orbis BankFocus contains comprehensive information on 30,000 banks worldwide. You can use it to research specific banks, find banks with specific profiles, and analyze them. Orbis BankFocus has up to 30 years of detailed accounts for each bank. It includes:
- [Boardex](https://business.uc3m.es/en/databases/boardex/): BoardEx provides access to the academic background, work history, and connections of directors and executives. It also allows for the analysis of the proportion of directors with political connections, using controls at the executive director level, such as age, gender, and experience. In addition, it allows for the extraction of stock options held by executives. The records are divided between BoardEx data in North America, the United Kingdom, Europe, and the rest of the world.
- [Repriks](https://business.uc3m.es/en/databases/repriks/): RepRisk systematically identifies and monitors significant ESG risks and violations of international standards that may have repercussions on a company's reputation, regulatory compliance, and finances.
- [Audit Analytics](https://business.uc3m.es/en/databases/audit-analytics/): Audit Analytics provides detailed tracking of issues related to auditing, regulatory compliance, governance, corporate actions, and federal litigation from a wide range of public information, including: approximately 20,000 SEC-registered entities (including foreign and Canadian entities); nearly 4,000 Canadian entities registered with SEDAR; more than 4,300 insurance companies registered with the NAIC; 750,000 ERISA plans that file IRS Form 5500; and much more. Audit Analytics offers detailed research on more than 150,000 active audits and more than 10,000 accounting firms.
- [NRG Metrics](https://business.uc3m.es/en/databases/nrg-metrics/): NRG Metrics combines different data sets: corporate governance, ownership structure, directors and executives, family businesses, remuneration, and auditing.
- [SDC PLATINUM](https://business.uc3m.es/en/databases/sdc-platinum/): SDC Platinum is the industry standard for information on new issues, mergers and acquisitions, syndicated loans, private equity, project finance, defensive measures, and much more. Supported by our international team of expert analysts, SDC Platinum meets your need for global reach from a local perspective.
- [SABI](https://business.uc3m.es/en/databases/sabi/): Contains: accounts, ratios, activities, ownership and management of more than one million Spanish companies and 320,000 Portuguese companies.A company record usually contains: contact information, balance sheet and profit and loss account that can be displayed with different levels of detail, ratios, import/export indicator, shareholders, subsidiaries, management, auditors, bankers and, in the case of listed companies, information on securities and prices, annual and current valuation of shares, annual and current share data and monthly price series. In addition to the existing ratios, you can also create your own, which you can display in reports and use in your searches and analyses.
- [Osiris](https://business.uc3m.es/en/databases/osiris/): OSIRIS is a comprehensive database of listed companies, banks, and insurance companies worldwide. With coverage in over 190 countries, OSIRIS contains information on more than 55,000 companies, broken down as follows:
- [FTSE/Russell](https://business.uc3m.es/en/databases/ftse-russell/): Access to comprehensive coverage of equity and fixed income markets.
- [I/B/E/S](https://business.uc3m.es/en/databases/i-b-e-s/): Thomson I/B/E/S offers detailed and consensus estimates with up to 26 forecast measures, including earnings per share (EPS) according to generally accepted accounting principles (GAAP) and pro forma, revenues/sales, net income, earnings before taxes, and operating income, as well as price targets and recommendations for more than 60,000 companies in 67 countries worldwide.
- [ExecuComp](https://business.uc3m.es/en/databases/execucomp/): It includes more than 80 different executive compensations, information on boards of directors, and other related data.
- [Dealscan](https://business.uc3m.es/en/databases/dealscan/): DealScan provides information on the global commercial loan market. It offers users access to Reuters LPC's robust database, containing detailed terms and conditions for over 155,000 loan and bond transactions.
- [EIKON](https://business.uc3m.es/en/databases/eikon/): Thomson EIKON contains more than two million financial instruments, securities, and indicators from over 175 countries in 60 markets. With up to 50 years of history and over 8,000 different fields, it provides access to over one hundred million time series. The breadth and depth of EIKON's content, which includes diverse third-party and proprietary data, encompasses:
- [CRSP Mutual Funds](https://business.uc3m.es/en/databases/crsp-mutual-funds/): Key features include:
- [WRDS](https://business.uc3m.es/en/databases/wrds/): Wharton Research Data Services (WRDS) is an award-winning research platform and business intelligence tool for over 40,000 corporate, academic, governmental, and non-profit clients at more than 400 institutions in over 30 countries. WRDS provides the user with a single location from which to access over 250 terabytes of data from multiple disciplines, including accounting, banking, economics, finance, ESG, and statistics.Flexible data delivery options include a powerful web query method that reduces research time, the WRDS cloud for research execution and strategy development, and the WRDS client server that uses PCSAS, Matlab, Python, and R. As a UC3M user, you have access to the WRDS platform, but you must first activate your account. To do so, you must register on the WRDS portal, selecting Universidad Carlos III as your institution.
- [CRSP](https://business.uc3m.es/en/databases/crsp/): The CRSP US Stock Database contains daily and month-end closing prices for all common stocks listed on the NYSE, AMEX, and NASDAQ, along with basic market indices, and includes the most complete distribution information available, with the most accurate total return calculations.
- [Compustat North America](https://business.uc3m.es/en/databases/compustat-north-america/): Standard & Poor’s Compustat® North America is a database of accounting, financial, statistical, and market information on active and inactive companies in the U.S. and Canada, covering more than 99% of the total U.S. market capitalization.
- [Compustat Global Vantage](https://business.uc3m.es/en/databases/compustat-global-vantage/): The Compustat® global database provides authoritative financial and market information. It covers "90% of global market capitalization, including 90% of the Asian market, 90% of the Indian market, 95% of the Taiwanese market, and 95% of the European market."
- [CMA](https://business.uc3m.es/en/databases/cma/): CMA DatavisionTM Historical Data is a credit default swap database that includes accurate and independent historical prices from 2004 to the present for more than 1,500 CDS entities (corporate and sovereign). Full-term structures are available covering between 0.5 and 10 tenors. This database is currently available on the Eikon terminal.
- [Bankscope (1996-2015)](https://business.uc3m.es/en/databases/bankscope-1996-2015/): BANKSCOPE is a comprehensive global database containing information on public and private banks. It includes information on 28,000 banks worldwide. It combines data from the leading information provider, Fitch Ratings, and nine other sources, with software for searching and analysis. Each bank report contains a detailed consolidated and/or non-consolidated balance sheet and income statement, with a total of up to 200 data items and 36 ratios pre-calculated per bank. The data is supplied with varying degrees of standardization and detail so that you can search and analyze banks across borders. "As reported" information is also provided so that you can analyze individual banks in detail. In addition to the existing ratios, you can also create your own, which can be displayed in the reports and also used in your searches and analyses.
- [Amadeus](https://business.uc3m.es/en/databases/amadeus/): AMADEUS is a comprehensive pan-European database containing financial information on 11 million public and private companies in 41 European countries. It combines data from over 30 regional providers specializing in information (PI). The accounts are in a standardized format (up to 10 years), consolidated and non-consolidated, financial ratios, activities, and ownership of approximately 11 million companies throughout Europe, including Eastern Europe.
- [Databases](https://business.uc3m.es/en/databases/): AMADEUS is a comprehensive, pan-European database containing financial information on over 6.5 million public and private companies in 41 European countries.
- [Quantum Software](https://business.uc3m.es/en/quantum-software/): Researchers at the Carlos III University of Madrid (UC3M) have developed an international marketing simulation game called QUANTUM, where students compete as marketing directors of a large company.
- [Resources](https://business.uc3m.es/en/resources/): Resources Databases Software
- [Practical Information](https://business.uc3m.es/en/practical-information/): Practical Information How to get to our department Urban bus line How to get to Carlos III University MetroMap Commuter train Weather information Weather in Getafe Weather in Madrid Living in Madrid Living in Madrid Information for new faculty New faculty guide
- [Job Openings](https://business.uc3m.es/en/job-openings/): Job vacancies Tenure-track positions in Finance Tenure-track positions in Accounting Tenure-track positions in Management
- [Organization](https://business.uc3m.es/en/organization/): Training and mentoring
- [Our Candidates](https://business.uc3m.es/en/our-candidates/): Job market paper title: How Shared Leadership Drives Team Adaptation: Behavioral Mechanisms and Boundary Conditions.
- [Services](https://business.uc3m.es/en/services/): Our consulting services cover a wide range of topics, such as:
- [Working Papers](https://business.uc3m.es/en/workingpapers/): (function(){if(window.__cardsSearchInit)return;window.__cardsSearchInit=true;function norm(s){return (s||"").toLowerCase().normalize("NFD").replace(new RegExp("","g"),"");}function apply(block){var inp=block.querySelector(".cards-filter");var q=inp?norm(inp.value):"";var yf=block.querySelector(".cards-year-from");var yt=block.querySelector(".cards-year-to");var from=yf&&yf.value?parseInt(yf.value,10):null;var to=yt&&yt.value?parseInt(yt.value,10):null;var items=block.querySelectorAll("");var shown=0;items.forEach(function(it){var tm=q===""||it.getAttribute("data-search").indexOf(q)!==-1;var ym=true;var y=parseInt(it.getAttribute("data-year"),10);if(from!==null){ym=ym&&!isNaN(y)&&y>=from;}if(to!==null){ym=ym&&!isNaN(y)&&y0;}function handler(e){var t=e.target;if(!t.closest)return;var hit=t.closest(".cards-filter")||t.closest(".cards-year-from")||t.closest(".cards-year-to");if(!hit)return;var block=hit.closest(".cards-block");if(!block)return;apply(block);}document.addEventListener("input",handler);document.addEventListener("change",handler);})();
- [Research Projects](https://business.uc3m.es/en/research-projects/): Wharton Research Data Services (WRDS) is the winner of the Research Platform and Business Intelligence Tool Award for more than 40,000 corporate, academic, government and non-profit clients in more than 400 institutions in 30 countries and has been funded thanks to the support of WRDS FEDER (UNC315-EE-3636). WRDS provides the user with a location to access more than 250 terabytes of data in multiple disciplines such as accounting, banking, economics, finance, ESG and statistics.
- [Staff](https://business.uc3m.es/en/staff/): Staff Teaching Administration
- [News](https://business.uc3m.es/en/news-en/): Business UC3M blog (BUB), is the joint blog of the Department of Business Economics and the Institute for Business Development INDEM of the University Carlos III of Madrid (UC3M). Acquisition of Information in Financial Markets
- [Faculty](https://business.uc3m.es/en/faculty/): Faculty All (by Area) Accounting Finance Management Marketing All (by Professional Category) Assistant Professors Associate Professors Full Professors On leave Professors Emeritus Santander Chair of Excellence Formers Chairs of Excellence
- [Introduction](https://business.uc3m.es/en/introduction/): The mission of the Department of Business Administration is the acquisition, assimilation, transformation, and exploitation of knowledge in order to make a significant contribution to the improvement of society. Our vision is that of a multidisciplinary department that is a European leader in the field of business and with the capacity to influence the research agenda in business economics. Our values, which are aligned with those of the University, promote the development of all those who are part of our community.
- [Seminars](https://business.uc3m.es/en/seminars-external-and-internal/): Ver más
- [Academics](https://business.uc3m.es/en/academics/): Training ProfessionalOur "Professional" area training programs are designed to boost your career, offering you the most in-demand skills in today's market. With practical courses in Power BI, Python programming, and investment banking, we prepare you to apply key knowledge and stand out in your sector. At INDEM UC3M, each program is taught by experts, guaranteeing quality training that is relevant to the business environment. Discover how our specializations can boost your profile and open new professional doors. Fine ArtsGiving wings to the artists who’d like to take it up as a career or just a hobby. Our students are trained by professionals who help them develop, learn and polish their skills while at school. HumanitiesThe study of ancient and modern languages, philosophy, history, and more. We take pride in offering top humanity courses from a dedicated and trained staff. ScienceThe study encourages scientific reasoning, discoveries and inventions. Great teachers and well-equipped laboratories help students explore, discover and experiment new things under the best supervision. MathematicsUnderstanding the game of numbers and logic to solve real world problems. Learn mathematics from scholars and university toppers who not make it interesting, but also fun to learn. College Opportunities
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## Working Papers
- [Board Independence, CEO Pay, and Camouflaged Compensation](https://business.uc3m.es/en/working-papers/board-independence-ceo-pay-and-camouflaged-compensation-2/): We study how directors' reputational concerns influence executive compensation and the use of camouflaged forms of pay. We show that, in order to signal their independence to investors, boards lower managers' pay, but may also pay managers in hidden ways or structure compensation inefficiently. We also show that independent boards are more likely to make use of hidden compensation than manager-friendly boards. We apply our model to study the costs and benefits of greater pay transparency and of measures, such as say-on-pay initiatives, that increase boards' accountability to shareholders.
- [Information disclosure in optimal auctions](https://business.uc3m.es/en/working-papers/information-disclosure-in-optimal-auctions-2/): A celebrated result in auction theory is that the optimal reserve price in the standard private value setting does not depend on the number of bidders. We modify the framework by considering that the seller controls the accuracy with which bidders learn their valuations, and show that in such a case, the greater the number of bidders the more restrictive the reserve price. We also show that the auctioneer provides more information when using an optimal auction mechanism than when the object is always sold.
- [Copper Price Discovery on Comex, the LME and the SHFE, 2001-2013](https://business.uc3m.es/en/working-papers/copper-price-discovery-on-comex-the-lme-and-the-shfe-2001-2013-2/): Over the past two decades, China has come to dominate international commerce in copper. The importance of the Shanghai Futures Exchange (SHFE) has increased in response to this development. We look at the distribution of price discovery between the SHFE and the two historically important copper futures exchanges, Comex and the LME. The results indicate that it is Comex, followed by the SHFE, not the LME which plays the most important role in copper price discovery. We also highlight a number of problems associated with both the calculation and interpretation of the standard IS and PT price discovery measures when used to look at overlapping price change on non-synchronous markets. The results offer a clearer interpretation in terms of trading slots (European, North American and Asian trading days) than in terms of exchanges.
- [A resource pool for environmental innovation](https://business.uc3m.es/en/working-papers/a-resource-pool-for-environmental-innovation-2/): This paper reports research on the relationship between sourcing strategy of a firm and its environmental innovation propensity. The data is taken from the Spanish Technological Innovation Panel (PITEC) survey during the period of 2007-2011. The uniqueness of the Spanish innovation structure and the increasing relevance of environmental issues for the Spanish economy make it a proper setting to investigate environmental innovation dynamics. The results from 5,352 firms indicate that large firms are more likely to undertake environmental innovation than small- and medium-sized firms (SMEs). These firms rely quite equally on all four sources of knowledge – internal, market, institutional and freely-available sources – when deciding to develop environmental innovation. The broad horizons with respect to knowledge sources are likely to increase firms’ propensity to introduce environmental innovation. In addition, we provide the evolutionary nature of firm’s innovation search as firms grow in size. Small firms rely on both internal and freely-available sources rather equally, while internal source is the most relevant for medium firms, and market is the most important source used by large firms in driving environmental innovation. Particularly important is how firms who are already innovators and who receive local funding from the Spanish government are more likely to introduce environmental innovation.
- [A framework for analyzing perf ormance in higher education](https://business.uc3m.es/en/working-papers/a-framework-for-analyzing-perf-ormance-in-higher-education-2/): Drawing on Tinto’s dropout intentions model (1975), Bean’s socialization model (1985), Astin’s involvement theory (1999), and the service marketing literature, this research presents a conceptual framework for analyzing students’ satisfaction, perceived learning outcomes, and dropout intentions. This framework allows for a better understanding of how students assess the university experience and how these perceptions affect future intentions. This article presents four studies testing fragments of the framework using data sets come from three countries and various undergraduate programs (business, economics, geography, and nursing). The models are tested using structural equation modeling with data collected using a questionnaire adapted to the specific contexts. The models have the ability to explain the studies’ dependent variables and offer practical utility for decision making. Applicability of the conceptual framework is evaluated in various contexts and with different student populations. One important finding is that student co-creation can be as important as perceived service quality in explaining students’ cognitive learning outcomes, which in turn explain a high percentage of satisfaction and affective learning outcomes. The studies also shed light on the roles of variables such as emotional exhaustion and dropout intentions.
- [A nonlinear product differentiation model à la Cournot : A new look to the newspapers industry](https://business.uc3m.es/en/working-papers/a-nonlinear-product-differentiation-model-a-la-cournot-a-new-look-to-the-newspapers-industry-2/): In this work, we develop a new model for competition in markets with differentiated products. In addition, we present a consumer model designed to produce a flexible nonlinear inverse demand system that resembles the classical Multinomial Logit model, and discuss several extensions. We characterize firms competition in quantities based on the inverse demand system. The model is applied to the Spanish newspaper industry. This is a highly competitive two-sided market whose revenues are generated from sales and to a larger extent from advertising driven by its circulation. We then characterize the Perfect Equilibrium by conditional moment conditions, and estimate the parameters using the Generalized Method of Moments.
- [Influences of institutional pressures on corporate social responsibility attitude and corporate soci](https://business.uc3m.es/en/working-papers/influences-of-institutional-pressures-on-corporate-social-responsibility-attitude-and-corporate-soci-2/): We study the antecedents that help explaining how firms should deal with CSR in this modern economy where there is a heightened demand for firms to behave in a socially responsible manner, and also why some firms succeed with their CSR initiatives while others fail. We believe (1) different types of demands from various stakeholder groups, (2) managers‟ attitude, and (3) disaggregation of CSR dimensions to be three important issues playing a role in creating robust CSR. Our results unveil that external and internal institutional pressures alone do not have significant relationships with both types of CSR: firm-benefit CSR and mutually-benefiting CSR. Instead these forces affect CSR attitude of managers, which successively, influences the kinds of CSR they consider and engage in.
- [US Advertising Expenditure Trends: Long-run Effects and Structural Changes with New Media Introducti](https://business.uc3m.es/en/working-papers/us-advertising-expenditure-trends-long-run-effects-and-structural-changes-with-new-media-introducti-2/): In this paper we examine the historical time series of US advertising expenditure on different media, using a long-run equilibrium model, and whether the introduction of new media (TV, Yellow Pages, cable and the internet) created a significant structural change in the advertising industry. We use a multivariate vector error correction model allowing for broken trends. Our results show that internet and cable media cause a substantive shift only on the evolution of newspapers and outdoor, respectively, whereas TV and yellow pages entries create fundamental change in the spending levels of all incumbents, except for direct mail. We also find that the longrun elasticity between total advertising expenditures and the GDP is negative, implying that total advertising has counter-cyclical behavior. Furthermore, in the long-run, an increase in the internet investment results in a decrease in newspapers as well as magazines’ investment.
- [Reconsidering Optimal Experimental Design for Conjoint Analysis](https://business.uc3m.es/en/working-papers/reconsidering-optimal-experimental-design-for-conjoint-analysis-2/): The quality of Conjoint Analysis estimations heavily depends on the alternatives presented in the experiment. An efficient selection of the experiment design matrix allows more information to be elicited about consumer preferences from a small number of questions, thus reducing experimental cost and respondent's fatigue. The statistical literature considers approximate optimal design (see Kiefer, 1959), and typically selects the same combination of stimuli more than once. However in the context of conjoint analysis, replications do not make sense for individual respondents. In this paper we present a general approach to compute optimal designs for conjoint experiments in a variety of scenarios and methodologies: continuous, discrete and mixed attributes types, customer panels with random effects, and quantile regression models. We do not compute good designs, but the best ones according to the size (determinant or trace) of the information matrix of the associated estimators without repeating profiles as in Kiefer's methodology. We handle efficient optimization algorithms to achieve our goal, avoiding the use of widespread ad-hoc intuitive rules.
- [Valuing Customer Portofolios with Endogenous Mass-and-Direct-Marketing Interventions Using a Stochas](https://business.uc3m.es/en/working-papers/valuing-customer-portofolios-with-endogenous-mass-and-direct-marketing-interventions-using-a-stochas-2/): Customer Relationship Management generally uses the value of customers to allocate marketing budget. But marketing interventions generally change the customer behavior, turning upside-down the customers ranking based on their initial valuations and making the budget allocation suboptimal. Rational Managers should allocate the marketing budget to maximize the expected net present value of future profits drawn from each customer, simultaneously planning mass marketing interventions and direct marketing effort on each individual. This is a large dimensional Stochastic Dynamic Program, which cannot be easily solved due to the curse of dimensionality. This paper propose a new decomposition algorithm to alleviate the curse of dimensionality in SDP problems, which allows forward-looking firms to allocate the marketing budget optimizing the CLV of their customer base, simultaneously using customized and mass marketing interventions.
- [Political risk and corporate investment decisions](https://business.uc3m.es/en/working-papers/political-risk-and-corporate-investment-decisions-2/): This paper analyzes the different definitions and expressions of political risk and proposes a broad and more inclusive definition regarding its origins and effects. Regarding the effects of political risk on corporate investment decisions, this paper shows the multitude of ways by which the different expressions of political risk may influence both positively and negatively the value of investment opportunities and the decisions of firms to invest. Finally, it proposes different lines of research addressing some of the weaknesses identified in the existing literature.
- [“A theoretical analysis of the stages and events expe rienced by  financially distressed firms”](https://business.uc3m.es/en/working-papers/a-theoretical-analysis-of-the-stages-and-events-expe-rienced-by-financially-distressed-firms-2/): This paper analyses the events that start with financial distress and may eventually lead to the liquidation and/or abandonment of the assets of the firm. It develops a scheme describing the sequence of possible outcomes starting with financial distress based on the existing literature and taking into account the legal environment in terms of liability and priority rules and bankruptcy law. An analysis of the treatment of financial distress in the theoretical financial literature is also performed, showing that there is no consensus in the treatment of financial distress. The common case of assuming simultaneous default and bankruptcy is shown to lead to suboptimal bankruptcy. Other theoretical approaches are shown to address this problem in different ways such as separating default from bankruptcy or by including protective covenants. The case of separation between default from bankruptcy or liquidation highlights the importance of the interaction between the different options present in financial distress. The general case of exogenously determined default is shown to represent a special case that implies the existence of financial and credit constraints.
- [Monetary policy regimes and the forward bias for foreign exchange](https://business.uc3m.es/en/working-papers/monetary-policy-regimes-and-the-forward-bias-for-foreign-exchange-2/): This paper provides a theoretical discussion of the forward premium anomaly. We reformulate the well-known Lucas (1982) model by allowing for the existence of monetary policy regimes. The monetary supply is viewed as having two stochastic components: a) a persistent component that reflects the preferences of the central bank regarding the long-run money supply or inflation target, and b) a transitory component that represents short-lived interventions. To generate agents forecasts, we consider two scenarios: a) consumers can distinguish the permanent and the transitory components of the money supply, and b) consumers can observe only historical series of the aggregate monetary supply and face a signal-extraction problem. We simulate the model from a carefully estimation for the parameters involved in the model. Numerical simulations reveal that, under complete information, forward unbiasedness cannot be rejected at conventionally significant levels. However, when learning about monetary policy is incorporated, the forward bias can be reproduced without artificially assuming an unreasonable degree of risk aversion.
- [“Pairing market risk with credit risk”](https://business.uc3m.es/en/working-papers/pairing-market-risk-with-credit-risk-2/): This paper uses an exclusive proprietary data set of European Credit Derivatives and VIX markets, covering a sample of 5 to 7 years, to study the nature of the theoretical link between credit risk and market risk, originally postulated in the work of Merton. This allows us to establish cointegration in the VIX and iTraxx/CDS markets in a demand and supply framework where arbitrageurs exploit temporary equilibrium mispricing following pairs strategies. By shorting the outperformer and buying the underperformer asset, arbitrageurs achieve equilibrium price convergence. Profits from pairs strategies, represented via VECM parameters, guarantee positive expected profits. Empirical estimates suggest that temporary mispricing exists due to a lead of VIX in the discovery process. We contribute to the existent literature suggesting that VIX as an improved predictor of CDS spreads.  
- [“Good deals in markets with frictions”](https://business.uc3m.es/en/working-papers/good-deals-in-markets-with-frictions-2/): This paper studies a portfolio choice problem such that the pricing rule may incorporate transaction costs and the risk measure is coherent and expectation bounded. We will prove the necessity of dealing with pricing rules such that there are essentially bounded stochastic discount factors, which must be also bounded from below by a strictly positive value. Otherwise good deals will be available to traders, i.e., depending on the selected risk measure, investors can build portfolios whose (risk, return) will be as close as desired to (- infinite, + infinite) or (0, infinite). This pathologic property still holds for vector risk measures (i.e., if we minimize a vector valued function whose components are risk measures). It is worthwhile to point out that essentially bounded stochastic discount factors are not usual in financial literature. In particular, the most famous frictionless, complete and arbitrage free pricing models imply the existence of good deals for every coherent and expectation bounded measure of risk, and the incorporation of transaction costs will no guarantee the solution of this caveat.
- [“Consumer preferences for 99-ending: The mediating role of price consciouness”](https://business.uc3m.es/en/working-papers/consumer-preferences-for-99-ending-the-mediating-role-of-price-consciouness-2/): This research addresses the persuasive effect of 99-ending prices and carries out a choice-based conjoint analysis among 318 shoppers. We propose that 99-ending prone consumers engage in a heuristic process either consciously — they consider a 99-ending as a signal for a “good deal”— or unconsciously — they round down 99-ending prices. This conceptual framework leads to non-intuitive and completely new sets of hypotheses in the examination of the drivers, mediator and moderators of 99-ending preferences. Results indicate that consumers who are more price conscious are more likely to choose 99-ending prices. Indeed, low involved shoppers (especially those with a low hedonic and symbolic involvement profile), low educated, low income and younger shoppers are prone to choose the 99-ending option. We also demonstrate that the magnitude of this 99-ending effect depends on the price level of the product category and the positioning of the brands. The theoretical contributions to the manner in which consumers process 99-endings has implications for retailers, pricing managers and social welfare.
- [“What do Basel Capital Accords mean for SMEs?”](https://business.uc3m.es/en/working-papers/what-do-basel-capital-accords-mean-for-smes-2/): This paper analyses the impact of the new Basel Capital Accords (Basel II and Basel III) on the bank’s capital requirements in a portfolio of Small and Medium-sized Enterprises (SMEs) when the internal ratings-based (IRB) approach is used. To do this, the study uses a large database of Spanish firms and covers the period from 2005 to 2009. We also examine the effect on the credit risk premium charged by banks of the guarantee offered by a Loan Guarantee Association (LGA) to a SME; and whether this foreseeable decrease in the interest rates applicable to the SME is compensated by the cost of this guarantee.
- [“On the institutional innovation process: EU regulation through an evolutionary lens”](https://business.uc3m.es/en/working-papers/on-the-institutional-innovation-process-eu-regulation-through-an-evolutionary-lens-2/): The focal point of this paper is the study of the process of emergence of novel institutions and the identification of factors that may influence the outcome of this process. We view instutions as commonly accepted sets of rules that influence actor´s decisions and focus on state-mandated sets of rules i.e. regulations. We consider regulations as endogenously emerging institutions that evolve in accordance to other socioeconomic factors and analyze the regulatory process at each of its stages adopting an evolutionary approach. Evidence shows that the regulatory process resembles the innovation process as it can be viewed as a process of knowledge accumulation and transmission that is facilitated by purposeful actors. The study is empirically contextualized in the European political system, the detergents industry and specific regulations formed at European level. Data is drawn by secondary resources and in-depth interviews with different types of public and private stakeholders participating in the process.
- [Can we curb retail sales volatility through marketing mix actions?](https://business.uc3m.es/en/working-papers/can-we-curb-retail-sales-volatility-through-marketing-mix-actions-2/): Sales uncertainty is a central problem for marketing management. Marketers tend to focus on expected sales, rather than short-term time-varying oscillations. With long supply-chain streams, the Bullwhip effect can turn retail sales volatility into a major problem for upstream companies. While it has been recognized that conditional expected sales change through time (for a review see Dekimpe and Hanssens, 2000), marketers have not yet started to modeling explicitly time variation of sales' conditional variances. In this paper we focus on this issue, modeling and forecasting time-varying retail sales and marketing mix volatility and their crossed effects within brand, and between competitive brands. We analyze up to 6 product categories sold by Dominick's Finer Foods, finding volatility and co-volatilities in all of them. We discuss managerial implications for brand management and competitive strategy.
- [“Estimating US persistent and transitory monetary shocks: implications for monetary policy”](https://business.uc3m.es/en/working-papers/estimating-us-persistent-and-transitory-monetary-shocks-implications-for-monetary-policy-2/): This paper proposes an estimation method for persistent and transitory monetary shocks using the monetary policy modeling proposed in Andolfatto et al, . The contribution of the paper is threefold: a) to deal with non-Gaussian innovations, we consider a convenient reformulation of the state-space representation that enables us to use the Kalman filter as an optimal estimation algorithm. Now the state equation allows expectations play a significant role in explaining the future time evolution of monetary shocks; b) it offers the possibility to perform maximum likelihood estimation for all the parameters involved in the monetary policy, and c) as a consequence, we can estimate the conditional probability that a regime change has occurred in the current period given an observed monetary shock. Empirical evidence on US monetary policy making is provided through the lens of a Taylor rule, suggesting that the Fed’s policy was implemented accordingly with the macroeconomic conditions after the Great Moderation. The use of the particle filter produces similar quantitative and qualitative findings. However, our procedure has much less computational cost.
- [Promotional benefits of 99-ending prices: The moderating role of intuitive and analytical decision s](https://business.uc3m.es/en/working-papers/promotional-benefits-of-99-ending-prices-the-moderating-role-of-intuitive-and-analytical-decision-s-2/): Evidence suggests that retailers use 99-ending prices as a promotional technique. This paper explores the consumer perceived benefits of such promotional practices and the information processing conditions under which hedonic benefits are higher (lower) than utilitarian ones. In line with the benefit framework of sales promotion proposed by Chandon, Wansink, and Laurent (2000), 99-ends are not expected to be strictly associated to monetary savings benefit but also to a more hedonic benefit, fulfilling consumer’s needs for exploration. In addition, the analytic or intuitive consumer decision style (Mantel & Kardes, 1999) is likely to activate either the utilitarian benefit of savings or the hedonic benefit of exploration with more strength. The analysis of an online survey among 317 shoppers shows that both perceived savings and exploration benefits have a positive impact on proneness to buy 99-ends products with the saving benefits being stronger (weaker) for analytical decision makers (intuitive decision makers). The findings contribute to the better understanding of the image effect of 99ends underlying its individual differences and help retailers and also pricing managers in their use of 99-ends as a promotional technique.
- [LICENSING RADICAL PRODUCT  INNOVATIONS TO SPEED UP  THE DIFFUSION](https://business.uc3m.es/en/working-papers/licensing-radical-product-innovations-to-speed-up-the-diffusion-2/): Inventors can commercialize innovative products by themselves and simultaneously license the technology to other firms. The licensee may cannibalize sales of the licensor, but this can be compensated by gains from royalties. We show in this paper how licenses can be used strategically to speed up the new product diffusion process in two instances of markets: (i) a market with strong Intellectual Property Rights (IPR), and (ii) a market with weak IPR holder and pirate rivals. The main findings suggest that licensing is a beneficial strategy for a licensor in the context of strong IPR, because licensor benefits from the royalties, the advertising investment and positive word-of-mouth effects by licensees. We compare this result with a weak IPR context, where piracy speeds up the product diffusion but this does not compensate IPR holder for the sales loss effect who is willing to license to get some royalties. However, pirates do not generally find interesting the licensing agreement. We present a comparative statics analysis based on numerical simulation.
- [Riding successive product diffusion waves : building a tsunami via upgrade-rebate programs](https://business.uc3m.es/en/working-papers/riding-successive-product-diffusion-waves-building-a-tsunami-via-upgrade-rebate-programs-2/): We discuss how trade-in rebates can be used to manage product multigenerational innovation diffusion waves, and study the optimal behavior of the firm controlling the prices and rebates associated to product upgrades. We show how this strategy accelerates the diffusion and can lead to profit increments of about 5%. The strategy is profitable even when the rebate subsidizes the upgrades entirely.
- [“Stability of the optimal reinsurance with respect to the risk measure”](https://business.uc3m.es/en/working-papers/stability-of-the-optimal-reinsurance-with-respect-to-the-risk-measure-2/): The optimal reinsurance problem is a classic topic in Actuarial Mathematics. Recent approaches consider a coherent or expectation bounded risk measure and minimize the global risk of the ceding company under adequate constraints. However, there is no consensus about the risk measure that the insurer must use, since every risk measure presents advantages and shortcomings when compared with others.
- [“Marketing for technologies: S-D logic and the open innovation paradigm”](https://business.uc3m.es/en/working-papers/marketing-for-technologies-s-d-logic-and-the-open-innovation-paradigm-2/): Firms have been modifying their innovation management processes to generate, implement and exploit new technological knowledge. A gradual shift from a closed to an open model of innovation has been the recurring pattern of this change. Firms have to revise their overall strategic orientation to adapt their managerial procedures according to the Open Innovation (OI) paradigm. The New Service-Dominant (S-D) Logic can offer a useful guideline to firms in the implementation of an OI model. This paper presents the bases of the OI paradigm by means of the S-D Logic mindset. For each of the premises characterizing the S-D Logic, instances of firms that have implicitly adopted the OI paradigm are provided. We discuss how the S-D Logic can be put in practice within the context of the OI model.
- [“US market entry by Spanish pharmaceutical firms”](https://business.uc3m.es/en/working-papers/us-market-entry-by-spanish-pharmaceutical-firms-2/): This work explores the factors that spur firms’ propensity to enter in international markets. Among the whole population of Spanish firms active in the pharmaceutical sector (over the period 1995-2004), we identify those firms that have entered the US market by assessing whether they have filed at least a trademark in the US Patents and Trademarks Office. By means of a hazard model, we empirically estimate which firm’s characteristics affect the probability of entry in the US market in a given year. Results show that technological capabilities (breadth and depth of firms’ patent base), and the firm’s cost structure explain the entry in the US market with a branded product. Moreover, our evidence shows that entry strategies based on differentiation advantage (technological diversification) and strategies based on cost advantage (scale economies) are exclusive and do not mix well each other.
- [“Systemic risk measures: The simpler the better”](https://business.uc3m.es/en/working-papers/systemic-risk-measures-the-simpler-the-better-2/): We compute six different sets of systemic risk measures for a sample of the 20 biggest European and 13 biggest US banks from January 2004 to November 2009. The six measures are based on i) Principal components of the bank’s Credit Default Swaps (CDSs), ii) Interbank interest rate spreads, iii) Structural credit risk models, iv) Collateralized Debt Obligations (CDOs) indexes and their tranches, v) Multivariate densities computed from CDS spreads and vi) Co-Risk measures. We then rank the measures using three different criteria: i) Causality tests, ii) Price discovery tests and iii) their correlation with an indexof systemic events. For the European and US markets, the best indicators are the first Principal Component of the single-name CDSs and the LIBOR-OIS or LIBOR-TBILL spreads, respectively, whereas the least reliable indicators are the Co-Risk measures and the systemic spreads extracted from the CDO indexes and their tranches.
- [“How much should we pay for interconnecting electricity markets? A real options approach”](https://business.uc3m.es/en/working-papers/how-much-should-we-pay-for-interconnecting-electricity-markets-a-real-options-approach-2/): An interconnector is an asset that gives the owner the option to transmit electricity between two locations. In financial terms, the value of an interconnector is the same as a strip of real options written on the spread between power prices in two markets. We model the spread based on a: seasonal trend, mean-reverting Gaussian process, and mean-reverting jump process. We express the value of these real options in closed-form. We apply our valuation tool to five pairs of European neighboring markets to value a hypothetical one-year lease of the interconnector. We show valuations for different assumptions about the seasonal component of the spread, and different liquidity caps which proxy for the depth of the interconnected power markets. We derive no-arbitrage lower bounds for the value of the interconnector in terms of electricity futures contracts. We find that, depending on the depth of the market, the jumps in the spread can account for between 1% and 40% of the total value of the interconnector. The two markets where an interconnector would be most (resp. least) valuable are Germany and the Netherlands (resp. France and Germany).
- [“Current marketing practices and market orientation in the context of an emerging economy: The case](https://business.uc3m.es/en/working-papers/current-marketing-practices-and-market-orientation-in-the-context-of-an-emerging-economy-the-case-2/): This research explores the link between contemporary marketing practices, market orientation and business performance in Uruguay, an emergent country that has recovered from an economic crisis. These approaches seem to be related, but there is no existing evidence to confirm this impression. Lessons can be learned from understanding how effective is the adoption of marketing practices under a crisis scenario. Using data from interviews with 143 micro and small enterprises’ managers, we identify three clusters dependant on the combination of marketing practices: a multi-marketing cluster, a medium-level relationship marketing cluster and a transactional cluster. A model relating market orientation components and various performance measures is tested for the three clusters, showing that the multi-marketing and transactional clusters are more effective in translating efforts and resources into business outcomes.
- [Are all credit default swap databases equal?](https://business.uc3m.es/en/working-papers/are-all-credit-default-swap-databases-equal-2/): The presence of different prices in different databases for the same securities can impair the comparability of research efforts and seriously damage the management decisions based upon such research. In this study we compare the six major sources of corporate Credit Default Swap prices: GFI, Fenics, Reuters EOD, CMA, Markit and JP Morgan, using the most liquid single name 5-year CDS of the components of the leading market indexes, iTraxx (European firms) and CDX (US firms) for the period from 2004 to 2010. We find systematic differences between the data sets implying that deviations from the common trend among prices in the different databases are not purely random but are explained by idiosyncratic factors as well as liquidity, global risk and other trading factors. The lower is the amount of transaction prices available the higher is the deviation among databases. Our results suggest that the CMA database quotes lead the price discovery process in comparison with the quotes provided by other databases. Several robustness tests confirm these results.

## Selected Publications
- [Investors’ Attention and the Paradox of Technological Related Diversification: Evidence of Stock Mar](https://business.uc3m.es/en/selected-publication/investors-attention-and-the-paradox-of-technological-related-diversification-evidence-of-stock-mar-2/): Raffaele Morandi paper "Investors’ Attention and the Paradox of Technologically Related Diversification: Evidence of Stock Market Mispricing," co-authored with Juan Santaló, has been accepted for publication in the Strategic Management Journal.
- [PUTTING OUT THE FIRES: THE ROLE OF TEAM KNOWLEDGE, COORDINATION AND PROCEDURAL RIGIDITY IN ADAPTING](https://business.uc3m.es/en/selected-publication/putting-out-the-fires-the-role-of-team-knowledge-coordination-and-procedural-rigidity-in-adapting-2/): by Rico, R., Antino, M., Gibson, C., Simkins, S., & Uidewilligen, S. forthcoming in Organization Science.
- [Roadblock on the Highway to Heaven: The Suppressive Effect of Religion on Cluster Development in Con](https://business.uc3m.es/en/selected-publication/roadblock-on-the-highway-to-heaven-the-suppressive-effect-of-religion-on-cluster-development-in-con-2/): By Khessina, O., Reis, S., & Lim, Y, forthcoming in the Administrative Science Quarterly.
- [Dances with Avatar: How Creators Can Reduce the Novelty of Their Work to Achieve More Creative Succe](https://business.uc3m.es/en/selected-publication/dances-with-avatar-how-creators-can-reduce-the-novelty-of-their-work-to-achieve-more-creative-succe-2/): By Joshua H. Katz and Lillien M. Ellis, in Academy of Management
- [Cognitive Economy and Product Categorization](https://business.uc3m.es/en/selected-publication/cognitive-economy-and-product-categorization-2/): By Michele Piazzai , Min Liu , and Martina Montauti, in Organization Science
- [Interim CEO Successions](https://business.uc3m.es/en/selected-publication/interim-ceo-successions-2/): By Robert Langan, and Nicolas Deuschel, forthcoming in Organization Science
- [The Distribution of Investor Beliefs, Stock Ownership and Stock Returns](https://business.uc3m.es/en/selected-publication/the-distribution-of-investor-beliefs-stock-ownership-and-stock-returns-2/): By Gikas Hardouvelis, Georgios Karalas, and Dimitri Vayanos., forthcoming in Management Science
- [Managing Volunteers and Paid Workers in a Nonprofit Operation](https://business.uc3m.es/en/selected-publication/managing-volunteers-and-paid-workers-in-a-nonprofit-operation-2/): By Gemma Berenguer, William B. Haskell, and Lei Li, forthcoming in Management Science
- [The Effect of Coordination Requirements on Sourcing Decisions](https://business.uc3m.es/en/selected-publication/the-effect-of-coordination-requirements-on-sourcing-decisions-2/): By Eduardo Melero, George Chondrakis, y Mari Sako, forthcoming in Strategic Management Journal
- [The Influence of Social Norms on Consumer Behavior: A Meta-Analysis](https://business.uc3m.es/en/selected-publication/the-influence-of-social-norms-on-consumer-behavior-a-meta-analysis-2/): By Vladimir Melnyk, François A. Carrillat, y Valentyna Melnyk, forthcoming in Journal of Marketing
- [Technology Search Strategies and Competition Due to Import Penetration](https://business.uc3m.es/en/selected-publication/technology-search-strategies-and-competition-due-to-import-penetration-2/): By Raffaele Morandi, Andrea Fosfuri, and Juan Santaló, forthcoming in Strategic Management Journal
- [The Usefulness of Financial Accounting Information: Evidence from the Field](https://business.uc3m.es/en/selected-publication/the-usefulness-of-financial-accounting-information-evidence-from-the-field-2/): By Beatriz García Osma, Stefano Cascino, Mark Clatworthy, Joachim Gassen, and Shahed Imam, forthcoming in The Accounting Review
- [The strategic allocation of inventors to R&D collaborations](https://business.uc3m.es/en/selected-publication/the-strategic-allocation-of-inventors-to-rd-collaborations-2/): By Neus Palomeras and David Wehrheim, forthcoming in Strategic Management Journal
- [Stepping out of the Shadows: Identity Exposure as a Remedy for Stigma Transfer Concerns](https://business.uc3m.es/en/selected-publication/stepping-out-of-the-shadows-identity-exposure-as-a-remedy-for-stigma-transfer-concerns-2/): By Samira Reis, Olga Khessina, and Cameron Verhaal, forthcoming in Administrative Science Quarterly
- [Public Thrift, Private Perks: Signaling Board Independence with Executive Pay](https://business.uc3m.es/en/selected-publication/public-thrift-private-perks-signaling-board-independence-with-executive-pay-2/): By Pablo Ruiz Verdú, and Ravi Singh, forthcoming in the Journal of Finance
- [Product-Market Competition and Resource Redeployment in Multi-Business Firms](https://business.uc3m.es/en/selected-publication/product-market-competition-and-resource-redeployment-in-multi-business-firms-2/): By Raffaele Morandi Stagni, Juan Santalò, and Marco Giarratana, in Strategic Management Journal 2020
- [Is Managerial Entrenchment Always Bad and Corporate Social Responsibility Always Good?](https://business.uc3m.es/en/selected-publication/is-managerial-entrenchment-always-bad-and-corporate-social-responsibility-always-good-2/): By Josep Tribó, Kurt Desender, Jordi Surroca, and Ruth Aguilera, in Strategic Management Journal 2020.
- [Who Acquires Information in Dealer Markets?](https://business.uc3m.es/en/selected-publication/who-acquires-information-in-dealer-markets-2/): by Jesper Rüdiger and Adrien Vigier, in American Economic Review 2020
- [The Effect of Patent Protection on Inventor Mobility](https://business.uc3m.es/en/selected-publication/the-effect-of-patent-protection-on-inventor-mobility-2/): by Eduardo Melero, Neus Palomeras and David Wehrheim, forthcoming in Management Science
- [Firms´Innovation Strategy under the Shadow of Analyst Coverage](https://business.uc3m.es/en/selected-publication/firmsinnovation-strategy-under-the-shadow-of-analyst-coverage-2/): by Bing Guo, David Pérez and Anna Toldrá
- [Management Sub-Advising in the Mutual Fund Industry](https://business.uc3m.es/en/selected-publication/management-sub-advising-in-the-mutual-fund-industry-2/): by David Moreno, Rosa Rodríguez and Rafael Zambrana in Journal of Financial Economics, 2018
- [Prof. Ayfer Ali, published in Organization Science.](https://business.uc3m.es/en/selected-publication/prof-ayfer-ali-published-in-organization-science/): Her article "Measuring exaptation and its impact on innovation, search and problem-solving" is coauthored by P. Andriani and M. Mastrogiorgio.
- [The article Search for Yield has been accepted for publication in Econometrica](https://business.uc3m.es/en/selected-publication/the-article-search-for-yield-has-been-accepted-for-publication-in-econometrica/): Martinez‐Miera, D., & Repullo, R. (2017). Search for yield. Econometrica, 85(2), 351-378.
- [Prof. Esteban-Bravo and Vidal-Sanz publish in Marketing Science](https://business.uc3m.es/en/selected-publication/prof-esteban-bravo-and-vidal-sanz-publish-in-marketing-science/): "Can retail sales volatility be curbed through marketing actions"
- [Prof. Emre Ekinci has been published in the Rand Journal of Economics.](https://business.uc3m.es/en/selected-publication/prof-emre-ekinci-has-been-published-in-the-rand-journal-of-economics/): "Employee Referrals as a Screening Device”
- [New article in Organization Science of prof. Samira Dias.](https://business.uc3m.es/en/selected-publication/new-article-in-organization-science-of-prof-samira-dias/): "The Limits of Reflected Glory: The Beneficial and Harmful Effects of Product Name Similarity in the U.S. Network TV Program Industry, 1944-2003"
- [Prof. J. M. García-Lara and B. García-Osma published in the Journal of Accounting and Economics](https://business.uc3m.es/en/selected-publication/prof-j-m-garcia-lara-and-b-garcia-osma-published-in-the-journal-of-accounting-and-economics/): "Conditional conservatism and firm investment efficiency"
- [Corporate Science, Innovation and Firm Value, by Markus Simeth](https://business.uc3m.es/en/selected-publication/corporate-science-innovation-and-firm-value-by-markus-simeth/): published in Management Science
- [Using panel data dea to measure CEOs’ focus of attention: An application to the study of cognitive g](https://business.uc3m.es/en/selected-publication/using-panel-data-dea-to-measure-ceos-focus-of-attention-an-application-to-the-study-of-cognitive-g-2/): Using Panel Data DEA to measure CEOs’ Focus of Attention: An Application to the Study of Cognitive Group Membership and Performance
- [Crowding, Satiation and Saturation: The Days of Television Series](https://business.uc3m.es/en/selected-publication/crowding-satiation-and-saturation-the-days-of-television-series-2/): by Samira Dias and Alicia Barroso
- [A Clash of Governance Logics: Foreign Ownership and Board Monitoring](https://business.uc3m.es/en/selected-publication/a-clash-of-governance-logics-foreign-ownership-and-board-monitoring-2/): by Kurt Desender and Mónica Puertas
- [Walking a slippery line: investments in social values and product longevity](https://business.uc3m.es/en/selected-publication/walking-a-slippery-line-investments-in-social-values-and-product-longevity-2/): Walking a slippery line: investments in social values and product longevity
- [Price support by bank-affiliated mutual funds](https://business.uc3m.es/en/selected-publication/price-support-by-bank-affiliated-mutual-funds-2/): Price support by bank-affiliated mutual funds
- [Valuing customer portfolios with endogenous mass-and-direct-marketing interventions using a Stochast](https://business.uc3m.es/en/selected-publication/valuing-customer-portfolios-with-endogenous-mass-and-direct-marketing-interventions-using-a-stochast-2/): Valuing customer portfolios with endogenous mass-and-direct-marketing interventions using a Stochast
- [Product Proliferation Strategies and Firm Performance: The Moderating Role of Product Space Complexi](https://business.uc3m.es/en/selected-publication/product-proliferation-strategies-and-firm-performance-the-moderating-role-of-product-space-complexi-2/): Product Proliferation Strategies and Firm Performance: The Moderating Role of Product Space Complexity
- [Stakeholder Pressure on MNEs and the Transfer of Socially Irresponsible Practices to Subsidiaries](https://business.uc3m.es/en/selected-publication/stakeholder-pressure-on-mnes-and-the-transfer-of-socially-irresponsible-practices-to-subsidiaries-2/): Stakeholder Pressure on MNEs and the Transfer of Socially Irresponsible Practices to Subsidiaries
- [When does ownership matter? Board Characteristics and Behavior](https://business.uc3m.es/en/selected-publication/when-does-ownership-matter-board-characteristics-and-behavior-2/): When does ownership matter? Board Characteristics and Behavior
- [Understanding trust](https://business.uc3m.es/en/selected-publication/understanding-trust-2/): Understanding trust
- [Necessity as the Mother of “Green” Inventions: Institutional Pressures and Environmental Innovations](https://business.uc3m.es/en/selected-publication/necessity-as-the-mother-of-green-inventions-institutional-pressures-and-environmental-innovations-2/): Necessity as the Mother of "Green" Inventions: Institutional Pressures and Environmental Innovations

## Seminars
- [TBA](https://business.uc3m.es/en/seminarsexternal/tba-9/)
- [TBA](https://business.uc3m.es/en/seminarsexternal/tba-8/)
- [TBD](https://business.uc3m.es/en/seminarsexternal/tbd/)
- [TBA](https://business.uc3m.es/en/seminarsexternal/tba-7/)
- [“The Value of Nothing: Null Results in Social Science.”](https://business.uc3m.es/en/seminarsexternal/the-value-of-nothing-null-results-in-social-science/)
- [TBA](https://business.uc3m.es/en/seminarsexternal/tba-4/)
- [Corporate Debt Structure Around the World](https://business.uc3m.es/en/seminarsexternal/corporate-debt-structure-around-the-world/)
- [Information Frictions in Mortgage Refinancing](https://business.uc3m.es/en/seminarsexternal/information-frictions-in-mortgage-refinancing/)
- [Democratizing Illiquid Assets: Liquidity Transformation and Performance in Interval Funds*](https://business.uc3m.es/en/seminarsexternal/democratizing-illiquid-assets-liquidity-transformation-and-performance-in-interval-funds/)
- [Geopolitics in the Courtroom: How AIIB Membership Shapes Cross-Border Patent Disputes](https://business.uc3m.es/en/seminarsexternal/geopolitics-in-the-courtroom-how-aiib-membership-shapes-cross-border-patent-disputes/)
- [Shaping Future Earnings Through Voluntary Accounting Policy Changes: Consequences of SFAS 154](https://business.uc3m.es/en/seminarsexternal/shaping-future-earnings-through-voluntary-accounting-policy-changes-consequences-of-sfas-154/)
- [The Organizational Structure of Development and Firm Innovation](https://business.uc3m.es/en/seminarsexternal/the-organizational-structure-of-development-and-firm-innovation/)
- [How to encourage pro-environmental decisions: Embed them in challenges that are fun to perform](https://business.uc3m.es/en/seminarsexternal/how-to-encourage-pro-environmental-decisions-embed-them-in-challenges-that-are-fun-to-perform/)
- [LEFT BEHIND?  PERFORMANCE DISPARITY, INDIVIDUAL EFFORT, AND SPILLOVER EFFECTS](https://business.uc3m.es/en/seminarsexternal/left-behind-performance-disparity-individual-effort-and-spillover-effects/)
- [Two Centuries of Systemic Bank Runs](https://business.uc3m.es/en/seminarsexternal/two-centuries-of-systemic-bank-runs/)
- [Legislator Tweets About the Green Transition and the Returns of Green versus Brown Stocks.](https://business.uc3m.es/en/seminarsexternal/legislator-tweets-about-the-green-transition-and-the-returns-of-green-versus-brown-stocks/)
- [Unexpected Monetary Incentives and User-Generated Content on Digital Platforms.](https://business.uc3m.es/en/seminarsexternal/unexpected-monetary-incentives-and-user-generated-content-on-digital-platforms/)
- [Critical Audit Matters and the Design of Financial Covenants in Debt Contracts.](https://business.uc3m.es/en/seminarsexternal/critical-audit-matters-and-the-design-of-financial-covenants-in-debt-contracts/)
- [Supplier Disclosures and Customer Performance](https://business.uc3m.es/en/seminarsexternal/supplier-disclosures-and-customer-performance/)
- [AI as Decision-Maker: Ethics and Risk Preferences of LLMs](https://business.uc3m.es/en/seminarsexternal/ai-as-decision-maker-ethics-and-risk-preferences-of-llms/)
- [Accuracy and uncertainty in venture selection: the roles of experience and complexity](https://business.uc3m.es/en/seminarsexternal/accuracy-and-uncertainty-in-venture-selection-the-roles-of-experience-and-complexity/)
- [Do Penalties Promote Responsible Operations? Evidence from the U.S. Mining Industry](https://business.uc3m.es/en/seminarsexternal/do-penalties-promote-responsible-operations-evidence-from-the-u-s-mining-industry/)
- [Unintended Consequences of QE: Real Estate Prices and Financial Stability.](https://business.uc3m.es/en/seminarsexternal/unintended-consequences-of-qe-real-estate-prices-and-financial-stability/)
- [Net charge-offs in loan loss provisions models: a reconciliation of opposing views and empirical pro](https://business.uc3m.es/en/seminarsexternal/net-charge-offs-in-loan-loss-provisions-models-a-reconciliation-of-opposing-views-and-empirical-pro/)
- [How Shared Leadership Fuels Team Adaptation: Behavioral Mechanisms and Boundary Conditions.](https://business.uc3m.es/en/seminarsexternal/how-shared-leadership-fuels-team-adaptation-behavioral-mechanisms-and-boundary-conditions/)
- [” “We Own What You Think”: Side Projects and High-Growth Entrepreneurship. Evidence from a Quasi-Nat](https://business.uc3m.es/en/seminarsexternal/we-own-what-you-think-side-projects-and-high-growth-entrepreneurship-evidence-from-a-quasi-nat/)
- [To be announced](https://business.uc3m.es/en/seminarsexternal/to-be-announced-8/)
- [TBA](https://business.uc3m.es/en/seminarsexternal/tba-6/)
- [TBA](https://business.uc3m.es/en/seminarsexternal/tba-5/)
- [TBA](https://business.uc3m.es/en/seminarsexternal/tba-3/)
- [TBA](https://business.uc3m.es/en/seminarsexternal/tba-2/)
- [To be announced](https://business.uc3m.es/en/seminarsexternal/to-be-announced-7/)
- [To be announced](https://business.uc3m.es/en/seminarsexternal/to-be-announced-5/)
- [To be announced](https://business.uc3m.es/en/seminarsexternal/to-be-announced-3/)
- [To be announced](https://business.uc3m.es/en/seminarsexternal/to-be-announced-2/)
- [Is the Leader’s Vision for Us, for Them, or Both?. The Interactive Effects of Visionary Leadership a](https://business.uc3m.es/en/seminarsexternal/is-the-leaders-vision-for-us-for-them-or-both-the-interactive-effects-of-visionary-leadership-a/)
- [Analysts’ Reaction to New Technology, Innovation, and Firm Performance](https://business.uc3m.es/en/seminarsexternal/analysts-reaction-to-new-technology-innovation-and-firm-performance/)
- [Natural Disasters and Financial Analysts: The Impact of Hurricanes on Earnings Forecasts.](https://business.uc3m.es/en/seminarsexternal/natural-disasters-and-financial-analysts-the-impact-of-hurricanes-on-earnings-forecasts/)
- [Intentional Hedonic Consumption Motivates Prosocial Behavior](https://business.uc3m.es/en/seminarsexternal/intentional-hedonic-consumption-motivates-prosocial-behavior/)
- [Unintended consequences: an empirical examination of thelink between contractual choice and environm](https://business.uc3m.es/en/seminarsexternal/unintended-consequences-an-empirical-examination-of-thelink-between-contractual-choice-and-environm/)
- [Who Can Afford to Join?  Cost of Living,Founder Embeddedness, and Startup Talent Attraction](https://business.uc3m.es/en/seminarsexternal/who-can-afford-to-join-cost-of-livingfounder-embeddedness-and-startup-talent-attraction/)
- [Redefining Service in the AI Era – Opportunities, Challenges, and Research Pathways](https://business.uc3m.es/en/seminarsexternal/redefining-service-in-the-ai-era-opportunities-challenges-and-research-pathways/)
- [The informativeness of annual earnings forecasts and analyst reports of different horizons](https://business.uc3m.es/en/seminarsexternal/the-informativeness-of-annual-earnings-forecasts-and-analyst-reports-of-different-horizons/)
- [Who benefits from a non-territorial collaborative office? The impact of headquarters relocation on e](https://business.uc3m.es/en/seminarsexternal/who-benefits-from-a-non-territorial-collaborative-office-the-impact-of-headquarters-relocation-on-e/)
- [The Impact of Collateral Value on Mortgage  Originations](https://business.uc3m.es/en/seminarsexternal/the-impact-of-collateral-value-on-mortgage-originations/)
- [Human Capital Allocation and Health Outcomes: The Hidden Cost of Secessionism](https://business.uc3m.es/en/seminarsexternal/human-capital-allocation-and-health-outcomes-the-hidden-cost-of-secessionism/)
- [A Tale of Bad Days: Investor Preferences, Smart Money, and Fund Manager Skill](https://business.uc3m.es/en/seminarsexternal/a-tale-of-bad-days-investor-preferences-smart-money-and-fund-manager-skill/)
- [Daring to Audit: A New Measurement and Implication of Audit Partner Risk-Taking](https://business.uc3m.es/en/seminarsexternal/daring-to-audit-a-new-measurement-and-implication-of-audit-partner-risk-taking/)
- [Technology diffusion, human capital and employee mobility](https://business.uc3m.es/en/seminarsexternal/technology-diffusion-human-capital-and-employee-mobility/)
- [Team adaptive leadership](https://business.uc3m.es/en/seminarsexternal/team-adaptive-leadership/)
- [The added value of women in labor market for corporate directors: Evidence from two-sided matching u](https://business.uc3m.es/en/seminarsexternal/the-added-value-of-women-in-labor-market-for-corporate-directors-evidence-from-two-sided-matching-u/)
- [Student Loan Forgiveness.](https://business.uc3m.es/en/seminarsexternal/student-loan-forgiveness/)
- [Managing Resource (Mis)allocation](https://business.uc3m.es/en/seminarsexternal/managing-resource-misallocation/)
- [Should Cities Diversify? City Risk and Industrial Policy](https://business.uc3m.es/en/seminarsexternal/should-cities-diversify-city-risk-and-industrial-policy/)
- [Digital Pacing to Manage Visitor Fatigue: Experimental Evidence from the Van Gogh Museum](https://business.uc3m.es/en/seminarsexternal/digital-pacing-to-manage-visitor-fatigue-experimental-evidence-from-the-van-gogh-museum/)
- [Complexities of Consumer Empowerment](https://business.uc3m.es/en/seminarsexternal/complexities-of-consumer-empowerment/)
- [“Platform attractiveness to complementors: Impact of strategic  partnerships and resources”](https://business.uc3m.es/en/seminarsexternal/platform-attractiveness-to-complementors-impact-of-strategic-partnerships-and-resources/)
- [Levered replication: A study of how entrepreneurs better learn new high-stakes skills from others](https://business.uc3m.es/en/seminarsexternal/levered-replication-a-study-of-how-entrepreneurs-better-learn-new-high-stakes-skills-from-others/)
- [The Social Cost of Liquidity Disclosure: Evidence from Hospitals](https://business.uc3m.es/en/seminarsexternal/the-social-cost-of-liquidity-disclosure-evidence-from-hospitals/)
- [The Big Data Fallacy](https://business.uc3m.es/en/seminarsexternal/the-big-data-fallacy/)
- [Investigating Multi-Level Effort-Reward Structures with Pinch Points: Evidence from Field Experiment](https://business.uc3m.es/en/seminarsexternal/investigating-multi-level-effort-reward-structures-with-pinch-points-evidence-from-field-experiment/):     
- [The impact of IPOs on workers](https://business.uc3m.es/en/seminarsexternal/the-impact-of-ipos-on-workers/)
- [Fulfilled by Amazon: Marketplace Tying of Ancillary Services](https://business.uc3m.es/en/seminarsexternal/fulfilled-by-amazon-marketplace-tying-of-ancillary-services/)
- [Political ideology and charitable giving by regular donors: a multidimensional approach](https://business.uc3m.es/en/seminarsexternal/political-ideology-and-charitable-giving-by-regular-donors-a-multidimensional-approach/)
- [The Implications of Small Firm Responses to PCAOB Inspections](https://business.uc3m.es/en/seminarsexternal/the-implications-of-small-firm-responses-to-pcaob-inspections/)
- [Magnitude Format Comparisons](https://business.uc3m.es/en/seminarsexternal/magnitude-format-comparisons/)
- [Jumping Ship: Undisclosed SEC Investigations and Quiet CEO Turnover](https://business.uc3m.es/en/seminarsexternal/jumping-ship-undisclosed-sec-investigations-and-quiet-ceo-turnover/)
- [The Impact of Intangible Assets’ Mobility on Intangibles Location and Income Shifting:  Trademarks v](https://business.uc3m.es/en/seminarsexternal/the-impact-of-intangible-assets-mobility-on-intangibles-location-and-income-shifting-trademarks-v/)
- [Do Firms Receiving Integrated Audits Seek to Strategically Obfuscate Material Weakness Opinions?](https://business.uc3m.es/en/seminarsexternal/do-firms-receiving-integrated-audits-seek-to-strategically-obfuscate-material-weakness-opinions/)
- [How does legislators’ personal exposure to financial fraud affect support  for financial regulation?](https://business.uc3m.es/en/seminarsexternal/how-does-legislators-personal-exposure-to-financial-fraud-affect-support-for-financial-regulation/):         
- [The Effect of the Tax Cuts and Jobs Act on Payout Policies: The Role of Corporate Governance](https://business.uc3m.es/en/seminarsexternal/the-effect-of-the-tax-cuts-and-jobs-act-on-payout-policies-the-role-of-corporate-governance/):         
- [Hope at a Reasonable Price: Customer Use of Limit Orders in the 0DTE Market](https://business.uc3m.es/en/seminarsexternal/hope-at-a-reasonable-price-customer-use-of-limit-orders-in-the-0dte-market/)
- [MiFID II Research Unbundling: Cross-border Impact on Asset Managers](https://business.uc3m.es/en/seminarsexternal/mifid-ii-research-unbundling-cross-border-impact-on-asset-managers/)
- [Searching with Inaccurate Priors in Consumer Credit Markets](https://business.uc3m.es/en/seminarsexternal/searching-with-inaccurate-priors-in-consumer-credit-markets/)
- [Sustainability-Linked Loan Contracting](https://business.uc3m.es/en/seminarsexternal/sustainability-linked-loan-contracting/)
- [A mediation model of irresponsible practices on CEO turnover via firm](https://business.uc3m.es/en/seminarsexternal/a-mediation-model-of-irresponsible-practices-on-ceo-turnover-via-firm/)
- [Understanding Careers in Project-Based Organizations: The Role of Content and Collaboration Speciali](https://business.uc3m.es/en/seminarsexternal/understanding-careers-in-project-based-organizations-the-role-of-content-and-collaboration-speciali/)
- [Excess Volatility in Professional Stock Return Forecasts](https://business.uc3m.es/en/seminarsexternal/excess-volatility-in-professional-stock-return-forecasts/)
- [Transgenerational Intentions and Long-term Investments in Family Firms:  Evidence from the One-child](https://business.uc3m.es/en/seminarsexternal/transgenerational-intentions-and-long-term-investments-in-family-firms-evidence-from-the-one-child/)
- [Forecasting Crashes with a Smile](https://business.uc3m.es/en/seminarsexternal/forecasting-crashes-with-a-smile/)
- [Big Data and the Rise of Large Firms: A Labor Market Channel](https://business.uc3m.es/en/seminarsexternal/big-data-and-the-rise-of-large-firms-a-labor-market-channel/)
- [Entrepreneurs’ Diversification and Labor Income Risk](https://business.uc3m.es/en/seminarsexternal/entrepreneurs-diversification-and-labor-income-risk/)
- [The Hidden Costs of Fairness in Platform Markets: The Dynamics  of Lowering Developer Royalty Rates](https://business.uc3m.es/en/seminarsexternal/the-hidden-costs-of-fairness-in-platform-markets-the-dynamics-of-lowering-developer-royalty-rates/)
- [To be announced](https://business.uc3m.es/en/seminarsexternal/to-be-announced/)
- [To be announced](https://business.uc3m.es/en/seminarsexternal/to-be-announced-6/)
- [Army of Mortgagors: Long-Run Evidence on Credit Externalities and the Housing Market](https://business.uc3m.es/en/seminarsexternal/army-of-mortgagors-long-run-evidence-on-credit-externalities-and-the-housing-market/)
- [Vaccination Rendezvous Arranged for You”: Presumed-Consent Shapes Persuasion](https://business.uc3m.es/en/seminarsexternal/vaccination-rendezvous-arranged-for-you-presumed-consent-shapes-persuasion/)
- [The effect of Federal Reserve rate disclosure on analyst forecasts](https://business.uc3m.es/en/seminarsexternal/the-effect-of-federal-reserve-rate-disclosure-on-analyst-forecasts/)
- [Spillover Effects of Environmental Enforcement Actions through Private Lending](https://business.uc3m.es/en/seminarsexternal/spillover-effects-of-environmental-enforcement-actions-through-private-lending/)
- [Stock Market’s Influences on Resource Redeployment: The Case of Sell-Side Analysts](https://business.uc3m.es/en/seminarsexternal/stock-markets-influences-on-resource-redeployment-the-case-of-sell-side-analysts/)
- [Does CEO Inside Debt Really Improve Financial Reporting Quality?](https://business.uc3m.es/en/seminarsexternal/does-ceo-inside-debt-really-improve-financial-reporting-quality/)
- [Color Analytics for Data-Driven Brand Communications](https://business.uc3m.es/en/seminarsexternal/color-analytics-for-data-driven-brand-communications/)
- [To be announced](https://business.uc3m.es/en/seminarsexternal/to-be-announced-4/)
- [“The Real Effects of Dark Trading”](https://business.uc3m.es/en/seminarsexternal/the-real-effects-of-dark-trading/)
- [The Product Market Implications of Common Ownership](https://business.uc3m.es/en/seminarsexternal/the-product-market-implications-of-common-ownership/)
- [Industry classification misfits: Identification and consequences](https://business.uc3m.es/en/seminarsexternal/industry-classification-misfits-identification-and-consequences/)
- [Family businesses, sustainability and media coverage](https://business.uc3m.es/en/seminarsexternal/family-businesses-sustainability-and-media-coverage/)
- [Optimal Distinctiveness in the Chinese Banking Industry](https://business.uc3m.es/en/seminarsexternal/optimal-distinctiveness-in-the-chinese-banking-industry/)
- [Between Transparency and Privacy: Investor Identity Verification and Demand for Crypto Tokens](https://business.uc3m.es/en/seminarsexternal/between-transparency-and-privacy-investor-identity-verification-and-demand-for-crypto-tokens/)
- [To be announced](https://business.uc3m.es/en/seminarsexternal/to-be-announced-3/)

## News
- [Eduardo Melero and Neus Palomeras’s paper, “The Paradox of Inventors’ Job Security,” co-authored with David Wehrheim, has been accepted for publication in Organization Science](https://business.uc3m.es/en/news/eduardo-and-neuss-paper-the-paradox-of-inventors-job-security-co-authored-with-david-wehrheim-has-been-accepted-for-publication-in-organization-science/): See:
- [II ACEDE Paper Development Workshop (PDW) in Strategy](https://business.uc3m.es/en/news/ii-acede-paper-development-workshop-pdw-in-strategy/): Date: 28 and 29 October 2026Venue: Universidad Carlos III de Madrid. Puerta de Toledo Campus (Ronda de Toledo, 1, 28005 Madrid)Format: In-person
- [Carlos III University, the first public university in the country in the latest edition of the CyD Ranking](https://business.uc3m.es/en/news/carlos-iii-university-the-first-public-university-in-the-country-in-the-latest-edition-of-the-cyd-ranking/): Furthermore, it leads the national ranking in the dimensions of teaching and learning, knowledge transfer, and international orientation.
- [MAPFRE and UC3M held the VII Academic Seminar on the Challenges of New Longevity in Madrid](https://business.uc3m.es/en/news/mapfre-and-uc3m-held-the-vii-academic-seminar-on-the-challenges-of-new-longevity-in-madrid-focusing-on-cognitive-preservation-healthcare-and-vital-lifelong-health-insurance-models/): MAPFRE and UC3M held the VII Academic Seminar on the Challenges of New Longevity in Madrid, focusing on cognitive preservation, healthcare, and vital, lifelong health insurance models.
- [13 UC3M degrees among the best in Spain in the latest edition of El Mundo’s ranking of 50 careers](https://business.uc3m.es/en/news/13-uc3m-degrees-among-the-best-in-spain-in-the-latest-edition-of-el-mundos-ranking-of-50-careers/): Carlos III University of Madrid (UC3M) has 13 of its degree programs included in the latest edition of the "50 Degrees" ranking published by the newspaper El Mundo. This report identifies the 50 most in-demand degrees among students and selects the five best universities in Spain to study them. In this edition, UC3M has increased its representation compared to last year, a significant result considering that the University only offers 16 of the 50 degrees analyzed in the study. Thus, almost all of its evaluated academic programs have achieved top positions nationally. 
- [Universidad Carlos III de Madrid presents the results of the 4th edition of the Spanish Innovation Index](https://business.uc3m.es/en/news/universidad-carlos-iii-de-madrid-presents-the-results-of-the-4th-edition-of-the-spanish-innovation-index/): Zara, Balay, and Idealista are the most innovative Spanish companies
- [Demand for master’s degrees at UC3M grows with a 22% increase at the close of the second admission period](https://business.uc3m.es/en/news/demand-for-masters-degrees-at-uc3m-grows-with-a-22-increase-at-the-close-of-the-second-admission-period/): Applications for first choice are approaching 7,000. A notable increase is the 73% rise in international students from outside the EU, Latin America, and China.
- [UC3M consolidates its position among the best universities in the world in 20 academic fields according to the QS ranking by Subject 2026](https://business.uc3m.es/en/news/uc3m-consolidates-its-position-among-the-best-universities-in-the-world-in-20-academic-fields-according-to-the-qs-ranking-by-subject-2026/): Carlos III University of Madrid (UC3M) ranks among the world's best universities in 20 academic fields in the 2026 edition of the QS World University Rankings by Subject, compiled by the international consultancy Quacquarelli Symonds. This result represents an increase of four disciplines compared to the previous edition and seven compared to 2024. The four areas added to the ranking this year are Petroleum Engineering, Data Science and Artificial Intelligence, Medicine, and Geography.
- [Forbes ranks UC3M among Spain’s leading universities in educational innovation](https://business.uc3m.es/en/news/forbes-ranks-uc3m-among-spains-leading-universities-in-educational-innovation/): Carlos III University of Madrid (UC3M) is among Spain's leading universities in educational innovation, according to the latest Forbes list of the ten most cutting-edge national academic institutions in this field. The magazine places UC3M at the top of the national innovation rankings and describes it as "one of the leading institutions in the Community of Madrid in the use of generative AI, applying a humanistic approach, putting AI at the service of people, and aligning with the recommendations of international institutions."
- [The Master in Finance climbs four positions in the FINANCIAL TIMES Ranking.](https://business.uc3m.es/en/news/the-master-in-finance-climbs-four-positions-in-the-financial-times-ranking/): The Financial Times published its 2025 Masters in Finance - Pre-experience ranking this week, in which the Master in Finance at Universidad Carlos III de Madrid rises from 35th place in 2024 to 31st worldwide.
- [A study by UC3M, ASU, and the University of Salamanca reveals that family businesses are more environmentally responsible than non-family businesses.](https://business.uc3m.es/en/news/a-study-by-uc3m-asu-and-the-university-of-salamanca-reveals-that-family-businesses-are-more-environmentally-responsible-than-non-family-businesses/): In this context, a family business is defined as a company in which the person who founded it or acquired its share capital owns at least 25% of the voting rights, whether it is him, her, their relatives, or their descendants.
- [Call for Applications for the II Award for the Best Final Degree Project “The Relevance of Financial Information for Decision-Making”](https://business.uc3m.es/en/news/call-for-applications-for-the-ii-award-for-the-best-final-degree-project-the-relevance-of-financial-information-for-decision-making/): We are pleased to inform you of the call for applications for the II Award for the Best Final Degree Project "The Relevance of Financial Information for Decision-Making", organised by the Madrid branch of the Institute of Chartered Accountants of Spain (ICJCE) in collaboration with the Universidad Carlos III de Madrid.
- [Women on family business boards avoid layoffs](https://business.uc3m.es/en/news/women-on-family-business-boards-avoid-layoffs/): The article «Women on Family Business Boards Shun Lyoffs» by our colleagues Jessenia Dávila, Luis Gómez-Mejía, Fernando Muñoz Bullón and María J. Sánchez-Bueno has been selected as the winner of the Schulze Award for Publication 2023/24 from FamilyBusiness.org in the Commentary category.
- [UC3M Business professors receive awards for their research](https://business.uc3m.es/en/news/uc3m-business-professors-receive-awards-for-their-research/): Publication of the winners of the UC3M Business Research Award 2023: Prof. Gemma Berenguer receives the UC3M Award for Excellence; Prof. Marco Giometti receives the Juan de la Cierva grant.
- [“Dances with Avatar: How Creators Can Reduce the Novelty of Their Work to Achieve More Creative Success”](https://business.uc3m.es/en/news/dances-with-avatar-how-creators-can-reduce-the-novelty-of-their-work-to-achieve-more-creative-success/): The work of our colleague Joshua H. Katz, co-authored with Lillien M. Ellis, has been accepted for publication in the Academy of Management Review.
- [“Cognitive Economy and Product Categorization”](https://business.uc3m.es/en/news/cognitive-economy-and-product-categorization/): The work of our colleague Michele Piazzai, co-authored with Min Liu and Martina Montauti, has been accepted for publication in the journal Organization Science.
- [Family businesses lay off fewer workers, according to a study](https://business.uc3m.es/en/news/family-businesses-lay-off-fewer-workers-according-to-a-study/): Family businesses have more incentives to avoid labor practices such as layoffs, which can damage the affective value that the family has invested in the company, undermine its reputation and project a pejorative image within its community. That is one of the conclusions of an international research project involving the Carlos III University of Madrid (UC3M), which analyzes whether companies controlled by a family offer greater job security compared to non-family businesses.
- [The UC3M’s Master’s in Finance has received recognition from the prestigious CFA Institute.](https://business.uc3m.es/en/news/the-uc3ms-masters-in-finance-has-received-recognition-from-the-prestigious-cfa-institute/): The CFA Institute's University Affiliation Program recognizes academic institutions that incorporate at least 70% of the CFA® Program Candidate Body of Knowledge™ (CBOK) into their curricula.
- [Carlos Sunyer has received the “Nada es gratis” (Nothing is Free) award for his Master’s Thesis](https://business.uc3m.es/en/news/carlos-sunyer-has-received-the-nada-es-gratis-nothing-is-free-award-for-his-masters-thesis/): Carlos Sunyer, a doctoral student in Business and Finance at UC3M, has received the Prize for the Dissemination of Master's Thesis in Economics from the Nada es Gratis blog.
- [Teaching Excellence Awards 2022-2023](https://business.uc3m.es/en/news/teaching-excellence-awards-2022-2023/): UC3M Business presents the 2022-2023 Teaching Awards to five professors in the department.
- [“Before Birth: How Provisional Spaces Shape the Localized Emergence of New Organizational Forms”](https://business.uc3m.es/en/news/before-birth-how-provisional-spaces-shape-the-localized-emergence-of-new-organizational-forms/): The work of our colleague Ying Li, co-authored with Olga M. Khessina, has been accepted for publication in the Academy of Management Journal.
- [The Reclassification Committee of UC3M Business publishes the updated list of scientific journals](https://business.uc3m.es/en/news/the-reclassification-committee-of-uc3m-business-publishes-the-updated-list-of-scientific-journals/): The list classifies scientific journals by quality, in order to guide the research activity of the department.
- [Teaching Excellence Awards 2021-2022](https://business.uc3m.es/en/news/teaching-excellence-awards-2021-2022/): UC3M Business presents the 2021-2022 Teaching Awards to five professors from the department.
- [Beatriz García Osma participates in the opening of the Science and Technology in Female program](https://business.uc3m.es/en/news/beatriz-garcia-osma-participates-in-the-opening-of-the-science-and-technology-in-female-program/): The event was held at the UC3M Science Park, where the professor shared her point of view on the obstacles we have to face to achieve gender equality.
- [Evita Paraskevopoulou promoted to Senior Lecturer by the public administration](https://business.uc3m.es/en/news/evita-paraskevopoulou-promoted-to-senior-lecturer-by-the-public-administration/): We are pleased to announce that our colleague Evita Paraskevopoulou has been appointed Senior Lecturer by the Ministry of Education.
- [UC3M Business is reaccredited by the AACSB](https://business.uc3m.es/en/news/uc3m-business-is-reaccredited-by-the-aacsb/): The AACSB accreditation ensures that business schools meet the highest standards of excellence in teaching, research, curriculum, and student success.
- [The UC3M’s degree in Finance and Accounting is re-accredited by ACCA](https://business.uc3m.es/en/news/the-uc3ms-degree-in-finance-and-accounting-is-re-accredited-by-acca/): This accreditation allows our graduates to obtain the Certified Public Accountant title in numerous countries simply by completing the degree with us, without the need to pass additional tests.
- [The work of Juan Ignacio Peña, Rosa Rodríguez, and Silvia Mayoral has been accepted for publication in Energy Policy.](https://business.uc3m.es/en/news/the-work-of-juan-ignacio-pena-rosa-rodriguez-and-silvia-mayoral-has-been-accepted-for-publication-in-energy-policy/): The document "Cannibalization, Depredation, and Market Remuneration of Power Plants" documents how the increasing investment in renewable energy production generates cannibalization and depredation effects on the market.
- [UC3M Business will host the conference on “Recent Advances in Asset Pricing and Asset Management”](https://business.uc3m.es/en/news/uc3m-business-will-host-the-conference-on-recent-advances-in-asset-pricing-and-asset-management/): The event will take place on June 10 at the Puerta de Toledo Campus
- [Prof. Pedro Serrano publishes a book on housing monetization](https://business.uc3m.es/en/news/prof-pedro-serrano-publishes-a-book-on-housing-monetization/): Co-authored with Prof. Juan Ángel Lafuente (UJI), the book examines options for retirees to supplement their pension by using housing as an asset.
- [The work of Crystal Lee and Eline De Vries receives mentions in U.S., British, and Spanish media outlets.](https://business.uc3m.es/en/news/the-work-of-crystal-lee-and-eline-de-vries-receives-mentions-in-u-s-british-and-spanish-media-outlets/): The study concludes that people's risk perception, and the propensity to engage in risky behaviors related to exposure to COVID-19, increase when the behavior is associated with friends. Among other media outlets, the work appeared in CNN, The Guardian, and in the official press release of the American Psychological Association.
- [Mikel Tapia analyzes the future of financial markets in the 21st century](https://business.uc3m.es/en/news/mikel-tapia-analyzes-the-future-of-financial-markets-in-the-21st-century/): The lecture "Financial Markets of the 21st Century: Competition, Technology and Big Data" will be broadcast live on the FUNCAS YouTube channel on April 26 at 1:00 PM.
- [Joshua Katz’s work is discussed in The New York Times article “We Have a Creativity Problem”](https://business.uc3m.es/en/news/joshua-katzs-work-is-discussed-in-the-new-york-times-article-we-have-a-creativity-problem/): The New York Times
- [The effect of coordination requirements on sourcing: Evidence from patent prosecution services](https://business.uc3m.es/en/news/the-effect-of-coordination-requirements-on-sourcing-evidence-from-patent-prosecution-services/): Video abstract for the Strategic Management Journal article "The effect of coordination requirements on sourcing decisions: Evidence from patent prosecution services" authored by George Chondrakis, Eduardo Melero, and Mari Sako.
- [2022 Madrid Work and Organizations Workshop](https://business.uc3m.es/en/news/2022-madrid-work-and-organizations-workshop/): The academic meeting co-organized by UC3M Business, IE Business School and IESE Business School, will be held this year on May 12 and 13 at IE Business School.
- [MiM 2019 Video](https://business.uc3m.es/en/news/mim-2019-video/): MiM 2019 Video
- [UC3M Business Awards the 2020-2021 Research Prizes](https://business.uc3m.es/en/news/uc3m-business-awards-the-2020-2021-research-prizes/): The awards are granted jointly with the INDEM institute and are intended to support the research work of the members of both entities.
- [Teaching Excellence Awards 2020-2021](https://business.uc3m.es/en/news/teaching-excellence-awards-2020-2021/): UC3M Business presents the 2020-2021 Teaching Awards to five professors in the department.
- [Samira Reis discusses General Electric’s division into separate companies in El País.](https://business.uc3m.es/en/news/samira-reis-discusses-general-electrics-division-into-separate-companies-in-el-pais/): General Electric announces plan to split into three companies focusing on aviation, energy, and healthcare.
- [Luis Gómez Mejía Named Doctor Honoris Causa of Jönköping University](https://business.uc3m.es/en/news/luis-gomez-mejia-named-doctor-honoris-causa-of-jonkoping-university/): Doctor Honoris Causa is a title awarded to those who have made significant contributions to the development of research and education. Professor Gómez-Mejia is the author of more than 200 articles that have appeared in the most prestigious business administration journals.
- [Luis Gómez Mejía among the top 1% of most cited researchers in Business Administration worldwide](https://business.uc3m.es/en/news/luis-gomez-mejia-among-the-top-1-of-most-cited-researchers-in-business-administration-worldwide/): For the tenth consecutive year, Professor Mejía tops the Clarivate ranking, a feat that only 5 researchers worldwide have achieved.
- [Jaime Bonache Appointed Fellow of the Center for International Human Resource Studies](https://business.uc3m.es/en/news/jaime-bonache-appointed-fellow-of-the-center-for-international-human-resource-studies/): The appointment by the prestigious institution of Pennsylvania State University is in recognition of Professor Bonache's contribution to the field of international human resource management.
- [The work of Eduardo Melero, George Chondrakis, and Mari Sako accepted for publication in the Strategic Management Journal](https://business.uc3m.es/en/news/the-work-of-eduardo-melero-george-chondrakis-and-mari-sako-accepted-for-publication-in-the-strategic-management-journal/): The article examines the relationship between coordination requirements and internal or external sourcing decisions for patent prosecution services in large, innovative companies
- [Meet Hubertus Wolff, Visiting Professor of Accounting](https://business.uc3m.es/en/news/meet-hubertus-wolff-visiting-professor-of-accounting/): Hubertus received his doctorate from the University of Cologne. His current research examines the topics of tax avoidance, financial transparency, disclosure regulation, earnings manipulation, and public finance.
- [Meet Joshua Katz, Visiting Professor of Business Administration](https://business.uc3m.es/en/news/meet-joshua-katz-visiting-professor-of-business-administration/): Joshua earned his doctorate from the University of Illinois Urbana-Champaign. His current research addresses the topics of creativity, group processes, inclusion, decision-making, and conflict resolution.
- [Vladimir Melnyk, Associate Professor of Marketing](https://business.uc3m.es/en/news/vladimir-melnyk-associate-professor-of-marketing/): At UC3M Business, we are delighted to announce that our colleague Vladimir Melnyk has been promoted to Associate Professor of Marketing.
- [Gemma Berenguer and Jesper Rüdiger receive the prestigious Ramón y Cajal grants](https://business.uc3m.es/en/news/gemma-berenguer-and-jesper-rudiger-receive-the-prestigious-ramon-y-cajal-grants/): The Ramón y Cajal grants, from the Ministry of Science, Innovation and Universities, are intended to facilitate the hiring of excellent researchers in Spanish institutions.
- [XVI International Accounting Research Symposium](https://business.uc3m.es/en/news/xvi-international-accounting-research-symposium/): Online symposium, funded by the Ramón Areces Foundation. November 22-30, 2021.
- [UC3M Business hosts the VI MadBar Workshop](https://business.uc3m.es/en/news/uc3m-business-hosts-the-vi-madbar-workshop/): The VI edition of the Madrid Barcelona Workshop on Banking and Corporate Finance is scheduled for October 15, 2021 at the Puerta de Toledo Campus.
- [Living the Experience of Entrepreneurship (4th Edition)](https://business.uc3m.es/en/news/living-the-experience-of-entrepreneurship-4th-edition/): 4th Edition of the Workshop Living the Experience of Entrepreneurship
- [Is it wise to invest in Bitcoin?](https://business.uc3m.es/en/news/is-it-wise-to-invest-in-bitcoin/): Jose Penalva writes about this topic on the online blog Nada Es Gratis
- [The magazine “The Knowledge Review” publishes a review about our department](https://business.uc3m.es/en/news/the-magazine-the-knowledge-review-publishes-a-review-about-our-department/): UC3M Business appears among the best business schools in Europe in 2021.
- [Work by Vladimir Melnyk, François A. Carrillat, and Valentyna Melnyk Accepted for Publication in Journal of Marketing](https://business.uc3m.es/en/news/work-by-vladimir-melnyk-francois-a-carrillat-and-valentyna-melnyk-accepted-for-publication-in-journal-of-marketing/): The article performs a meta-analysis of published research on how social norms shape consumer behavior.
- [Congratulations to our colleague Antonio Cabrales, Professor of Economics at UC3M, for the Jaume I Prize.](https://business.uc3m.es/en/news/congratulations-to-our-colleague-antonio-cabrales-professor-of-economics-at-uc3m-for-the-jaume-i-prize/): The prestigious recognition has been awarded for Professor Cabrales' work in the field of game theory and behavioral economics, particularly in the analysis of social networks.
- [Ramón Rico Professor of Business Organization](https://business.uc3m.es/en/news/ramon-rico-professor-of-business-organization/): At UC3M Business, we are delighted to announce that our colleague Ramón Rico has been promoted to Professor of Business Organization.
- [New editorial by José Penalva on the SPACs phenomenon](https://business.uc3m.es/en/news/new-editorial-by-jose-penalva-on-the-spacs-phenomenon/): Professor Penalva's commentary on this new way of listing new companies on the stock exchange can be read on the online blog Nada Es Gratis.
- [Kurt Desender and Neus Palomeras awarded the UC3M Awards for Excellence 2021](https://business.uc3m.es/en/news/kurt-desender-and-neus-palomeras-awarded-the-uc3m-awards-for-excellence-2021/): The awards, granted by the Social Council of UC3M, recognize the excellence of a professor's research career, measured according to the usual parameters of each discipline.
- [UC3M is confirmed in the top positions of the El Mundo ranking](https://business.uc3m.es/en/news/uc3m-is-confirmed-in-the-top-positions-of-the-el-mundo-ranking/): Carlos III has been chosen as the best place in Spain to study for degrees in Business Administration, Business Administration and Law, and Finance and Accounting.
- [A new study by María José Sánchez Bueno and Fernando Muñoz-Bullón examines the relationship between family ownership of the company and employee protection.](https://business.uc3m.es/en/news/a-new-study-by-maria-jose-sanchez-bueno-and-fernando-munoz-bullon-examines-the-relationship-between-family-ownership-of-the-company-and-employee-protection/): The article, written in collaboration with researchers from LIUC Università Cattaneo and the University of Foggia, concludes that family businesses tend to protect their employees more than non-family businesses, generally avoiding staff reduction practices.

## Members
- [Giuliano Graziani](https://business.uc3m.es/en/members/giuliano-graziani/)
- [Raquel Pruna](https://business.uc3m.es/en/members/raquel-pruna/)
- [YoungJin (Libby) Chun](https://business.uc3m.es/en/members/youngjin-libby-chun/)
- [Thomas Astebro](https://business.uc3m.es/en/members/thomas-astebro/)
- [Michael Brennan](https://business.uc3m.es/en/members/michael-brennan/)
- [Eduardo Schwartz](https://business.uc3m.es/en/members/eduardo-schwartz/)
- [Charlene Zietsma](https://business.uc3m.es/en/members/charlene-zietsma/)
- [Jaime Rivera](https://business.uc3m.es/en/members/jaime-rivera/)
- [Clara Eugenia García García](https://business.uc3m.es/en/members/clara-eugenia-garcia-garcia/)
- [María José Álvarez](https://business.uc3m.es/en/members/maria-jose-alavarez/)
- [Anna Toldrá](https://business.uc3m.es/en/members/anna-toldra/)
- [Mikel Tapia](https://business.uc3m.es/en/members/mikel-tapia/)
- [Lluís Santamaría](https://business.uc3m.es/en/members/lluis-santamaria/)
- [María José Sánchez-Bueno](https://business.uc3m.es/en/members/maria-jose-sanchez-bueno/)
- [Jesper Rüdiger](https://business.uc3m.es/en/members/jesper-rudiger/)
- [Ramón Rico](https://business.uc3m.es/en/members/ramon-rico/)
- [Evita Paraskevopoulou](https://business.uc3m.es/en/members/evita-paraskevopoulou/)
- [Raffaele Morandi Stagni](https://business.uc3m.es/en/members/raffaele-morandi-stagni/)
- [Ester Martínez-Ros](https://business.uc3m.es/en/members/ester-martinez-ros/)
- [Carlos Mallo](https://business.uc3m.es/en/members/carlos-mallo/)
- [Hyunjung Crystal Lee](https://business.uc3m.es/en/members/hyunjung-crystal-lee/)
- [Yoonha Kim](https://business.uc3m.es/en/members/yoonha-kim/)
- [Rahil Hosseini](https://business.uc3m.es/en/members/rahil-hosseini/)
- [Martin Hetu](https://business.uc3m.es/en/members/martin-hetu/)
- [María Isabel Gutierrez](https://business.uc3m.es/en/members/maria-isabel-gutierrez/)
- [Bing Guo](https://business.uc3m.es/en/members/bing-guo/)
- [Marco Giometti](https://business.uc3m.es/en/members/marco-giometti/)
- [Nikolaos Floropoulos](https://business.uc3m.es/en/members/nikolaos-floropoulos/)
- [Lola C. Duque](https://business.uc3m.es/en/members/lola-c-duque/)
- [Magdalena Dobrajska](https://business.uc3m.es/en/members/magdalena-dobrajska/)
- [Yang Ding](https://business.uc3m.es/en/members/yang-ding/)
- [Lukas Diebold](https://business.uc3m.es/en/members/lukas-diebold/)
- [Nicolas Deuschel](https://business.uc3m.es/en/members/nicolas-deuschel/)
- [Eline L.E. De Vries](https://business.uc3m.es/en/members/eline-l-e-de-vries/)
- [Baptiste Colas](https://business.uc3m.es/en/members/baptiste-colas/)
- [Julio Cerviño](https://business.uc3m.es/en/members/julio-cervino/)
- [Gemma Berenguer](https://business.uc3m.es/en/members/gemma-berenguer/)
- [Mónica López-Puertas](https://business.uc3m.es/en/members/monica-lopez-puertas/)
- [María J. Montes-Sancho](https://business.uc3m.es/en/members/maria-j-montes-sancho/)
- [Silvia Mayoral](https://business.uc3m.es/en/members/silvia-mayoral/)
- [Celia Zárraga Oberty](https://business.uc3m.es/en/members/celia-zarraga-oberty/)
- [David Martinez-Miera](https://business.uc3m.es/en/members/david-martinez-miera/)
- [Luigi Stirpe](https://business.uc3m.es/en/members/luigi-stirpe/)
- [Fernando Muñoz-Bullón](https://business.uc3m.es/en/members/fernando-munoz-bullon/)
- [Miriam Sánchez-Manzanares](https://business.uc3m.es/en/members/miriam-sanchez-manzanares/)
- [Pablo Ruiz Verdu](https://business.uc3m.es/en/members/pablo-ruiz-verdu/)
- [Neus Palomeras](https://business.uc3m.es/en/members/neus-palomeras/)
- [Jaime Ortega](https://business.uc3m.es/en/members/jaime-ortega/)
- [Eduardo Melero](https://business.uc3m.es/en/members/eduardo-melero/)
- [José M. Vidal-Sanz](https://business.uc3m.es/en/members/jose-m-vidal-sanz/)
- [Mercedes Esteban-Bravo](https://business.uc3m.es/en/members/mercedes-esteban-bravo/)
- [Alicia Barroso](https://business.uc3m.es/en/members/alicia-barroso/)
- [Miguel Usabel](https://business.uc3m.es/en/members/miguel-usabel/)
- [Pedro Serrano](https://business.uc3m.es/en/members/pedro-serrano/)
- [Margarita Samartín](https://business.uc3m.es/en/members/margarita-samartin/)
- [José S. Penalva](https://business.uc3m.es/en/members/jose-s-penalva/)
- [María Gutiérrez](https://business.uc3m.es/en/members/maria-gutierrez/)
- [Marta Macías](https://business.uc3m.es/en/members/marta-macias/)
- [Encarna Guillamon-Saorin](https://business.uc3m.es/en/members/encarna-guillamon-saorin/)
- [Jesús David Moreno](https://business.uc3m.es/en/members/jesus-david-moreno/)
- [Samira Reis](https://business.uc3m.es/en/members/samira-reis/)
- [Kurt Desender](https://business.uc3m.es/en/members/kurt-desender/)
- [Luís Gómez Mejía](https://business.uc3m.es/en/members/luis-gomez-mejia/)
- [Beatriz García Osma](https://business.uc3m.es/en/members/beatriz-garcia-osma/)
- [Jaime Bonache](https://business.uc3m.es/en/members/jaime-bonache/)
- [Nora Lado](https://business.uc3m.es/en/members/nora-lado/)
- [Juan Ignacio Peña Sanchez de Rivera](https://business.uc3m.es/en/members/juan-ignacio-pena/)
- [Juan Manuel García-Lara](https://business.uc3m.es/en/members/juan-m-garcia-lara/)
- [José M. Marín](https://business.uc3m.es/en/members/jose-m-marin/)
- [David Camino](https://business.uc3m.es/en/members/david-camino/)
- [Josep A. Tribó](https://business.uc3m.es/en/members/josep-a-tribo/)
- [Manuel Núñez-Nickel](https://business.uc3m.es/en/members/manuel-nunez-nickel/)
- [Alejandro Balbás](https://business.uc3m.es/en/members/alejandro-balbas/)
- [Rosa Rodríguez](https://business.uc3m.es/en/members/rosa-rodriguez/)