FERNANDEZ NAVAS, FRANCISCO JAVIER

Selected Publications

• Bueno-Guerrero, Alberto, Manuel Moreno, and Javier F. Navas (2022), Bond Market Completeness under Stochastic Strings with Distribution-Valued Strategies, Quantitative Finance, 22, 2, 197-211, Feature paper. ISSN 1469-7688. DOI: 10.1080/14697688.2021.2018483.
• Navas, Javier F. (2021), Secured Debt, Agency Problems, and the Classic Model of the Firm, The Quarterly Journal of Finance, 11, 3, 2150015, 1-45. ISSN 2010-1392. DOI: 10.1142/S2010139221500154.
• Bueno-Guerrero, Alberto, Manuel Moreno, and Javier F. Navas (2020), Valuation of Caps and Swaptions under a Stochastic String Model, Physica A: Statistical Mechanics and its Applications, 559, 125103, 1-18. ISSN 0378-4371. DOI: 10.1016/j.physa.2020.125103.

Education

• Ph.D., Purdue University, 1994.
• M.B.A., IE Business School, Madrid, Spain, 1988.
• M.S. Industrial Engineering, Escuela Superior Ingenieros Industriales (School of Engineering), Seville, Spain, 1987.
• B.S. Industrial Engineering, Escuela Superior Ingenieros Industriales (School of Engineering), Seville, Spain, 1985.

Academic Employment 

• Associate Professor of Finance, Universidad Pablo de Olavide, 1999-present.
• Visiting Professor of Finance, Universidad Carlos III, 2011-present.
• Academic Director, Master in Finance and Accounting, Universidad Pablo de Olavide, 2010-2012.
• Academic Director, Master in Business Administration, Universidad Pablo de Olavide, 2009-2010.
• Professor of Finance, IE Business School, 1994-2005.
• Research Assistant, Credit Research Center, Purdue University, 1993-1994.
• Research Assistant, Purdue University, 1990-1992.
• Teaching Assistant, Purdue University, 1991.
• Teaching Assistant, IE Business School, 1988-1990.

Awards/Honors 

Research awards

• Positive evaluation of four six-year research periods by the CNEAI (Spanish Ministry of Education): 1998-2003, 2004-2009, 2011-16, and 2017-22.
• Best Paper (with I. Abinzano) on Derivatives, BME Award, 12th Annual Meeting of the Spanish Finance Association, 2004, Barcelona, Spain.
• Best Paper (with M. Moreno) on Capital Markets, Barclays Global Investor Australia Research Award, 16^th Annual Australian Finance and Banking Conference, 2003, Sydney, Australia.
• Phi Kappa Phi Academic Honorary, 1994 (GPA 6.0/6.0).
• Finalist of the Financial Management Award to the Best PhD Thesis, 1994.
• Krannert Thesis Grant, Purdue University, 1992-1993.
• IE Business School Special Grant, 1990-1994.
• MBA with distinction, IE Business School, 1988 (GPA A-).
• Class ranking #1, Escuela Superior de Ingenieros Industriales, 1987 (GPA 7.5/10).

Teaching awards

• Top 2 Best Course of the Year. Master in Finance, Carlos III University, 2016-17.
• Top 3 Best Professor of the Year. Master in Finance, Carlos III University, 2011-12, 2013-14, 2014-16, 2018-19, 2019-20.
• Mention of Teaching Excellence for the 5-year period 2005-10, Universidad Pablo de Olavide.

Grants/Fellowships 

• Research Grant. Área de Relaciones Internacionales y Cooperación. Universidad Pablo de Olavide, 2010-2011.
• Research Grant. Consejería de Innovación, Ciencia y Empresa. Junta de Andalucía (Spain), 2009.
• Research Grant. III Plan Propio de Investigación. Universidad Pablo de Olavide. Centros de Investigación, 2009.
• IE Business School PhD Grant, 1990-1994.
• Krannert Doctoral Thesis Grant. Purdue University, 1992-1993.
• Beca de Colaboración. Ministerio de Educación y Ciencia. Spanish Ministry of Education and Science, 1985-1986, 1986-1987.

Funded Research Projects 

• "Valuation and management of financial and climate risks". Member of the project. Funded by the Spanish Ministry of Science and Innovation. Code PID2022-142143NB-I00.
• "Impact on resilience, credit risk and spillovers". Member of the project. Funded by the Spanish Ministry of Science and Innovation. Code TED2021-131216B-I00.
• "Asset valuation in financial and commodity markets". Member of the project. Funded by the Castilla-La Mancha Regional Government. Code SBPLY/19/180501/000172. 2020-2022.
• "Advanced models for interest rates, credit risk, and commodities pricing". Member of the project. Funded by the Spanish Ministry of Economy, Industry and Competitiveness, Code ECO2017-85927-P. 2018-2021.
• "Derivatives, risk premia, and investment decisions". Director of the project. Funded by the Andalusian Regional Government, Code P12-SEJ-1733. 2014-2019.
• "Derivatives valuation and risk management in financial and energy markets". Member of the project. Funded by the Castilla-La Mancha Regional Government. Code JCCM PPII-2014-030-P. 2014-2017.
• "Capital Structure, Stock Returns, Corporate Bond Returns, and Credit Default Derivatives: Interactions and Implications for Financial and Industrial Companies". Member of the project. Funded by the Spanish Ministry of Science and Technology, Code ECO2012-34268. 2013-2015.
• "Valoración de productos financieros complejos". Director of the project. Funded by the Andalusian Regional Government, Code P08-SEJ-03917. 2009-2013.
• "Medición y control de riesgos en entidades financieras en el marco del Acuerdo de Basilea II". Member of the project. Funded by the Andalusian Regional Government, Code P09-SEJ-4467. 2010-2012.
• "Valoración de riesgos financieros". Member of the project. Funded by the Spanish Ministry of Science and Technology, Code ECO2008-03058. 2009-2011.
• "El riesgo operacional en el Nuevo Acuerdo de Basilea: Implicaciones para las entidades financieras andaluzas". Member of the project. Funded by the Andalusian Regional Government, Code P06-SEJ-01537. 2007-2009.

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Academic Activities 

Presented papers at

• Spanish Finance Association Meeting: 1994, 1995, 1996-98, 2001-04, 2006, 2008-09, 2011-15, 2017.
• EBES Conference: 2015.
• Iberian-Italian Congress of Financial and Actuarial Mathematics: 2004, 2008, 2014.
• International Meeting on Applied Economics (ASEPELT): 2011.
• Purdue Alumni Finance Summer Conference: 2010.
• European Financial Management Association Meeting: 2004, 2007, 2009.
• Applied Economics Meeting, Spain: 2007, 2009.
• Economic Analysis Simposium, Spanish Economics Association: 2006, 2009.
• Euro Working Group on Financial Modelling Meeting: 2008.
• Mathematical Finance Seminar, MEFF-RiskLab: 1997, 2004.
• Australasian Finance and Banking Conference Meeting: 2003.
• Financial Management Association Meeting: 1994, 1999.
• American Mathematical Society: 1994.

Discussed papers at

• Workshop on Empirical Research in Financial Accounting: 2011.
• Spanish Finance Association Meeting: 1994-2004, 2006, 2008-11.
• Purdue Alumni Finance Summer Conference, 2010.
• Real Options Meeting (Universidad de Valladolid, Spain): 2010.
• Workshop on Quantitative Finance (Doctorado Interuniversitario en Banca y Finanzas Cuantitativas): 2008, 2009.
• Financial Management Association: 1999.
• Finance Workshop, Segovia: 1998, 1999.

Session chairman at

• Spanish Finance Association Meeting, 1994-95, 2000-02, 2006, 2010.

Program Committee for

• Spanish Finance Association: 1999, 2000, 2001-07, 2010-19, 2023.
• Iberian-Italian Congress of Financial and Actuarial Mathematics: 2014.
• ACEDE: 2007, 2010, 2018.
• Real Options Meeting (Universidad de Valladolid, Spain): 2010.
• Southern Finance Association: 2008, 2010.
• European Finance Association: 2001, 2003.

Reviewed papers for

• Applied Financial Economics.
• Cuadernos de Economía y Dirección de la Empresa.
• Global Finance Journal.
• International Review of Economics and Finance.
• IVIE.
• Investigaciones Económicas.
• Journal of Futures Markets.
• Journal of Agricultural and Resource Economics.
• Moneda y Crédito.
• North American Journal of Economics and Finance.
• Quantitative Finance.
• Revista de Economía Aplicada.
• Revista de Economía Financiera.
• Revista Española de Financiación y Contabilidad.
• Revista de Métodos Cuantitativos para la Economía y la Empresa.
• Spanish Economic Review.
• The European Journal of Finance.

Seminars given at

• Universidad Carlos III: 1995, 1999, 2009.
• Universidad Cardenal Herrera, CEU: 2008.
• Universidad Pública de Navarra: 2007.
• Universidad Pablo de Olavide: 2006.
• IE Business School: 2005.
• Universidad de Alicante: 2005.
• Universidad Complutense: 2001, 2004.
• Universidad de Navarra: 2002.
• Universidad Pompeu Fabra: 1998, 2002.
• Universidad de Sevilla: 2000.
• Universidad del País Vasco: 2000.
• Universidad de Valencia: 1999.

Invited Speaker at

• Workshop Modelling and Numerical Techniques in Quantitative Finance, A Coruña (Spain), October 15-16, 2009.
• III Congreso de Riesgo Bancario en Latinoamérica, Ciudad de Panamá, Panamá, November 13, 2008.
• Año Mundial de las Matemáticas, Facultad de Matemáticas, Universidad de Sevilla (Spain), 2000.

PhD Thesis Advisor

• Alberto Bueno Guerrero (with M. Moreno), Three Essays on Stochastic String Models for the Term Structure of Interest Rates, 2014.
• Isabel Abínzano Guillén, Three Applications of Option Pricing Theory (in Spanish), Universidad de Navarra, 2006.

PhD Thesis Committees

• Universidad Pública de Navarra: 2023.
• Universidad de Castilla-La Mancha: 2014.
• Universidad Carlos III: 2000 (2), 2004, 2009, 2012.
• Universidad de Alicante: 2010.
• Universidad del País Vasco: 2008, 2009.
• Universidad de Valladolid: 2007.
• Universidad de Sevilla: 2004.
• Universidad de Navarra: 2002.
• Universidad Autónoma de Madrid: 2001.

Visiting Scholarships

• Purdue University, 2010, 2015.
• Carlos III University, Madrid (Spain): 2009, 2011-16.
  
• RCC at Harvard University, 2011.
• Pompeu Fabra University, Barcelona (Spain): 2002.

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Teaching

• Advanced Derivatives, Master in Finance, Carlos III University, 2019-20, taught in English. Teaching rating 4.47 out of 5 (30 students).
• Advanced Derivatives, Master in Finance, Carlos III University, 2018-19, taught in English. Teaching rating 4.74 out of 5 (17 students).
• Advanced Derivatives, Master in Finance, Carlos III University, 2016-17, taught in English. Teaching rating 4.52 out of 5 (38 students).
• Advanced Derivatives, Master in Finance, Carlos III University, 2015-16, taught in English. Teaching rating 4.40 out of 5 (33 students).
• Advanced Derivatives, Master in Finance, Carlos III University, 2014-15, taught in English. Teaching rating 4.75 out of 5 (28 students).
• Advanced Derivatives, Master in Finance, Carlos III University, 2013-14, taught in English. Teaching rating 4.94 out of 5 (20 students).
• Financial Management II, Double Degree in Law and Business Administration and Management, Universidad Pablo de Olavide, 2012-13, taught in English. Teaching rating 4.75 out of 5.
• Derivatives, Master in Finance and Banking, Universidad Pablo de Olavide, 2012-13, taught in Spanish. Teaching rating 4.26 out of 5.
• Financial Management, Master in Finance and Managerial Accounting, Universidad Pablo de Olavide, 2012-13, taught in Spanish. Teaching rating 4.45 out of 5.
• Financial Management, Master in Finance and Managerial Accounting, Universidad Pablo de Olavide, 2011-12, taught in Spanish. Teaching rating 4.41 out of 5.
• Financial Management I, Double Degree in Law and Business Administration and Management, Universidad Pablo de Olavide, 2011-12, taught in English. Teaching rating 4.04 out of 5.
• Financial Management II, Double Degree in Law and Business Administration and Management, Universidad Pablo de Olavide, 2011-12, taught in English. Teaching rating 4.44 out of 5.
• Financial Management I, Double Degree in Law and Business Administration and Management, Universidad Pablo de Olavide, 2010-11, taught in English. Teaching rating 4.42 out of 5.
• Financial Management, Master in Finance and Managerial Accounting, Universidad Pablo de Olavide, 2010-11, taught in Spanish. Teaching rating 4.00 out of 5.
• Financial Management I, Double Degree in Law and Business Administration and Management, Universidad Pablo de Olavide, 2009-10, taught in English. Teaching rating 4.38 out of 5.
• Financial Management II, Double Degree in Law and Business Administration and Management, Universidad Pablo de Olavide, 2009-10, taught in English. Teaching rating 4.18 out of 5.
• Financial Management II, Double Degree in Law and Business Administration and Management, Universidad Pablo de Olavide, 2008-09, taught in English. Teaching rating 4.17 out of 5.

Others 

• Director of the Corporate Finance and Financial Markets Research Group SEJ141, Andalusian Plan for Research, Development and Innovation, 2014-present.
• Member of the Editorial Board of the Spanish Journal of Finance and Accounting. 2014-present.
• Member of the Expert Committee of the Spanish Ministry of Science and Technology for the selection of research projects in Economics. National R&D Program. 2009, 2010, 2011.
• Member of the Expert Committee of the Spanish National Agency for Assessment and Planning (ANEP) for the evaluation of research projects in Economics. National R&D Program. 2001.

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