- “Capital Commitment and Performance: The Role of Mutual Fund Charges” (with Melissa Prado and Rafael Zambrana). Journal of Financial and Quantitative Analysis 59(2):727-758, 2024.
- “Peer versus Pure Benchmarks in the Compensation of Mutual Fund Managers” (with Richard Evans, Linlin Ma, and Yuehua Tang). Journal of Financial and Quantitative Analysis Published online:1-38, 2023.
- “Do markets price CEOs health hazards? Evidence from the COVID-19 pandemic” (with Maxim Mironov). Quarterly Journal of Finance 12(4), 2022.
- “Using Soccer Games as an Instrument to Forecast the Spread of COVID-19 in Europe” (with Maxim Mironov), Finance Research Letters 43, November 2021.
Media and institutional coverage:
- COVID-19: empresas, directivos y partidos de fútbol (in Spanish), The Conversation, July 26, 2020
Media and institutional coverage:
- COVID-19: Cómo prevenir una crisis mayor por la falta de liquidez de las empresas (in Spanish), The Conversation, October 23, 2020
- Deloitte 360 Smart Vision (in Spanish), 2020
- Corporate sector vulnerabilities during the Covid-19 outbreak: Assessment and policy responses, OECD Policy Responses to Coronavirus (COVID-19), May 5, 2020
- How long before virus hits cash reserves?, Livemint, April 27, 2020
- COVID-19: Preventing a corporate cash crunch among listed firms?, VoxEU-CEPR, March 29, 2020
- ¿Está descontando el mercado una crisis de liquidez por el virus? (in Spanish), El País Economía, March 23, 2020
Media and institutional coverage:
SEC proposal for the new rule 17 CFR Part 270 on “Good Faith Determinations of Fair Value” U.S. Securities and Exchanges Commission, April 21, 2020 (page 86)
Bonus-Laden PM Comp Plans Push Up Management Fees, Ignites (Financial Times), May 18, 2018
Harvard Law School Forum on Corporate Governance and Financial Regulation, April 14, 2018
Why are Mutual Fund Fees so High? New York Times, December 30, 2017
- “Dealing with Overleverage: Restricting Leverage vs. Restricting Variable Compensation” (with Pedro Gete), Quarterly Journal of Finance, volume 8(1), 1-29, January 2018.
- “Labor Income, Relative Wealth Concerns on the Cross-section Stock Returns” (with Richard Priestley and Fernando Zapatero), Journal of Financial and Quantitative Analysis, volume 51(4), 1111-1133, August 2016.
- “Compensation Contracts and Fire Sales” (with Pedro Gete). Journal of Financial Stability, volume 18, 154-171, June 2015.
- “Management Compensation and Market Timing under Portfolio Constraints” (with Vikas Agarwal and Richard Priestley), Journal of Economic Dynamics and Control, volume 36(10), 1600-1625, October 2012.
- “Implications of keeping up with the Joneses behaviour for the equilibrium cross section of stock returns: International Evidence” (with Richard Priestley and Fernando Zapatero), Journal of Finance 64, Issue 6, 2703-2737, December 2009.
- “The impact of keeping up with the Joneses behavior on asset prices and portfolio choice,” Finance Research Letters, Volume 4(2), 95-103, June 2007.
- “Portfolio Delegation Under Short-selling Constraints” (with Tridib Sharma), Economic Theory 28(1), 173 – 196 May 2006.
- “Asset Pricing Implications of Benchmarking: A Two-Factor CAPM” (with Fernando Zapatero), European Journal of Finance 9(4), 343-357, August 2003.
Working Papers
- “Inelastic Demand of Institutional Investors and Executive Compensation Incentives” (with Melissa Prado and Rafael Zambrana), Work in Progress, 2024
- “ESG-based Incentives and CEO Compensation” (with Vikas Agarwal, Kasra Hussein, and Manish Jha), Work in Progress, 2024
- “Benchmarking Benchmarks in the Pension Fund Industry” (with Richard Evans, Linlin Ma, and Yuehua Tang), Work in Progress, 2024
Other Publications
Media coverage:
- Los altos directivos siempre ganan (in Spanish), El País, July 15, 2019
Papers Presented
“Within-firm Pay Inequality and Firm Performance”
CUNEF, Madrid, June 2022
Cavalcade, UNC, May 2022
University of Padova, May 2021
“Peer versus Pure Benchmarks in the Compensation of Mutual Fund Managers”
CUNEF, Madrid, April 2021
Universitat Illes Balears, Mallorca, November 2019
ESMT, Berlin, August 2019
“Capital Commitment and Performance: The Role of Mutual Fund Charges”
Skema Business School, Nice, October 2019
Finance Forum, Carlos III University Madrid, July 2019
Eller College of Management, UA Tucson, April 2019
Jindal School of Management, UT Dallas, April 2019
Bauer College of Business, UH Houston, April 2019
McCombs School of Business, UT Austin, March 2019
Darden School of Business, UV Charlottesville, February 2019
“Tax Enforcement and Income Diversion: Evidence after Puntin’s election in 2000”
TBS, Toulouse, September 2016
WHU – Otto Beisheim School of Management, June 2016
AFA Annual Meetings, San Francisco, January 2016
Workshop on Corporate Governance in EM, Leipzig, September 2015
Summer Finance Symposium, LBS, June 2015
Universitat Illes Balears, Mallorca, May 2015
“Compensation Contracts and Fire Sales”
Stern School of Business, NYU, New York, December 2012
“Portfolio Manager Compensation in the U.S. Mutual Fund Industry”
Paul Woolley Centre Annual Conference LSE, June 2016
PAM Conference, Erasmus University Rotterdam, June 2016
WFA Conference, Seattle, June 2015
FIRS Conference, Reykjavik, May 2015
Hebrew University of Jerusalem, May 2014
Cavalcade Conference, Miami, May 2013
Kenan-Flagler Business School, UNC, Chapel Hill, October 2012
Stern School of Business, NYU, October 2012
IE Business School, Madrid, June 2012
National Bank of Serbia, Belgrade, April 2012
‘The Effect of Relative Wealth Concerns on the Cross-section of US Stock Returns”
ESSEC Business School, November 2011
Tilburg University, May 2010
Hewbrew University of Jerusalem, February 2010
Federal Reserve Bank of New York, March 2009
UWFC, Salt Lake City, February 2009
AFA Annual Meetings, San Francisco, January 2009
Frontiers of Finance, Belize, December 2008
EFA Meetings, Athens, August 2008
“Management Compensation and Portfolio Choice under Leverage Constraints”
IE Business School, Madrid, October 2009
Econometric Society Meetings, Boston, June 2009
Stern School of Business, NYU, New York, May 2009
Kenan-Flagler Business School, University of North Carolina, Chapel Hill, April 2009 CEPR/Studienzentrum Gerzensee (Switzerland), July 2007
EFMA Meetings, Vienna, June 2007
Universidad Carlos III de Madrid, June 2007
XIV Foro de Finanzas, Castellón, November 2006
Workshop on Portfolio Performance Evaluation and Asset Management, IESE, Madrid, May 2006
“Implications of keeping up with the Joneses behaviour for the equilibrium cross section of stock returns: International Evidence”
FMA Meetings, Chicago, October 2005
CEPR/Studienzentrum Gerzensee (Switzerland), July 2005
12th SFM Conference, Kaohsiung, Taiwan, December 2004
EFA Meetings, Maastricht, August 2004
Universidad Pública de Navarra, Pamplona, May 2004
Universitat de Girona, Girona, March 2004
ESSEC, Paris, February 2004
Universidade Nova de Lisboa, Lisboa, February 2004
ESADE, Barcelona, January 2004
Instituto de Empresa, Madrid, January 2004
CEMFI, Madrid, January 2004
XXVIII Simposio de Análisis Económico, Sevilla, December 2003
XI Foro de Finanzas, Alicante, November 2003
Centro de Investigación Ecónomica, ITAM, Mexico City, October 2003
AFA Annual Meeting, Washington DC, January 2003
“Portfolio Delegation Under Short-selling Constraints”
Universitat Pompeu Fabra, Barcelona, March 2002
Universidad Carlos III, Madrid, February 2002
WFA Meetings, Tucson, June 2001
AFBC, University of New South Wales, Sydney, December 2000
Stockholm School of Economics, October 2000
Central Bank of Norway, October 2000
EFA Meetings, London, August 2000
EIASM, Brussels, December 1999
SED Annual Meeting, Sardinia, June 1999
“Asset Pricing Implications of Benchmarking: A Two-Factor CAPM”
Norwegian School of Management BI, Oslo, March 1999
AFA Annual Meeting, New York, January 1999
III Financial Economics Meeting, Bilbao, July 1998
XXII Symposium of Economic Analysis, Barcelona, December 1997
Centro de Investigación Ecónomica, ITAM, Mexico City, May 1997