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Research Papers  204 Common Mistakes to Avoid When Valuing a Company

Fernández, Pablo Can you imagine assigning a negative value to the shares of a company whose expected cash flows are positive? This is just one of the 204 mistakes in company valuations that Pablo Fernández compiles in a paper. Read article

Books  Risk, Expected Returns, and an "Absurd" Model

Fernández, Pablo Professor Pablo Fernández's no-holds-barred critique of the Capital Asset Pricing Model (CAPM) is now a chapter in the 2017 book Economic Ideas You Should Forget. So what's wrong with the Nobel-prize winning, immensely popular model? Read article

Research Papers  How Are Spain's Pension Funds Doing?

Fernández, Pablo; Pershin, Vitaly; Fernández Acín, Pablo; Fernández Acín, Isabel While the average returns for Spain's government bonds and its benchmark IBEX-35 index were over 5 percent between 2001 and 2016, its pension funds didn't fare as well: average pension fund returns were only 2 percent over the same period. In light of this, Pablo Fernandez and his team question the funds' investment formula, management commissions and tax incentives. Read article

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