Prof. Fernando Penalva

EDUCATION

1. Ph.D. in Business Administration, concentration in Accounting. University of California at Berkeley, Walter Haas School of Business, 1998.
2. M.Sc. in Business Administration. University of California at Berkeley, Walter Haas School of Business, 1996.
3. Mechanical Engineer. Universitat Politècnica de Catalunya, School of Industrial Engineering, 1983.

FELLOWSHIPS, EDITORIAL BOARDS, AND INSTITUTIONAL SERVICE

1. Research Member of the European Corporate Governance Institute (ECGI): since January 2021.
2. Editorial Board, European Accounting Review since January 2012.
3. Editorial Board, Accounting and Business Research since 2016.
4. Editorial Board, Spanish Journal of Finance and Accounting (Revista Española de Financiación y Contabilidad).
5. Member of the Scientific Committee of the European Accounting Association Annual Conference for the years 2010-2011, and 2017-present.
6. Member of the Experts’ Committee to improve the Spanish Governance Code of publicly traded companies. Appointed by the Government of Spain in May of 2013 on behalf of the Ministry of Economics. This committee produced the governance code of the Spanish regulator of the stock exchange (CNMV) in February 2015.
7. Secretary General of IESE’s Executive Committee for ten years: June 2003 – August 2009 and July 2012 – August 2016.
8. Associate Dean for Research and Development of IESE’s Executive Committee for three years, September 2009 – June 2012.
9. Member of IESE’s Executive Committee for thirteen years: June 2003 – August 2016.
10. Head of the Department of Accounting and Control, IESE Business School for six years: July 2000 – June 2006.

PUBLICATIONS

1. López-Espinosa, G., and Penalva, F. (2023). “Evidence from the adoption of IFRS 9 and the impact of COVID-19 on lending and regulatory capital on Spanish Banks.” Journal of Accounting and Public Policy. Vol. 42, Issue 4, July–August 2023, 107097. https://doi.org/10.1016/j.jaccpubpol.2023.107097
2. Dyreng, S., S. Hillegeist, and F. Penalva. (2022). “Earnings Management to Avoid Debt Covenant Violations and Future Performance.” European Accounting Review, Vol. 31 (2),  311–343. Runner-up paper in the 2022 European Accounting Review Best Paper Award. https://doi.org/10.1080/09638180.2020.1826337
3. Badia, M., M. Duro, F. Penalva, and S. Ryan. (2021). “Debiasing the Measurement of Conditional Conservatism.” Journal of Accounting Research, forthcoming. https://doi.org/10.1111/1475-679X.12366
4. García Lara, J., B. García Osma, and F. Penalva. (2020). “Conditional Conservatism and the Limits to Earnings Management.” Journal of Accounting and Public Policy, Vol. 39 (4), July–August 2020, 106738. DOI: https://doi.org/10.1016/j.jaccpubpol.2020.106738
5. Penalva, F. and A. Wagenhofer (2019). Conservatism in Debt Contracting: Theory and Empirical Evidence. Accounting and Business Research, Vol. 49 (6), 619–647. DOI: https://doi.org/10.1080/00014788.2019.1609899
6. Badia, M., M. Duro, F. Penalva, and S. Ryan. (2017). Conditionally Conservative Fair Value Measurements. Journal of Accounting and Economics, Vol. 63 (1), 75-98. DOI: http://dx.doi.org/10.1016/j.jacceco.2016.10.006
7. García Lara, J., B. García Osma, and F. Penalva. (2016). Accounting Conservatism and Firm Investment Efficiency. Journal of Accounting and Economics, Vol. 61 (1), 221-238. DOI: http://dx.doi.org/10.1016/j.jacceco.2015.07.003
8. García Lara, J., B. García Osma, and F. Penalva. (2014). Information Consequences of Accounting Conservatism. European Accounting Review, Vol. 23, No. 2, 173–198. DOI http://dx.doi.org/10.1080/09638180.2014.882263
9. Giner, B. and F. Penalva. Conservatism and accounting earnings. (September 2014). Wiley Encyclopedia of Management, 3rd edition, Volume 1 – Accounting: 1–8. Colin Clubb and Shahed Imam, editors. ISBN: 978-1-119-97251-8. DOI: https://doi.org/10.1002/9781118785317.weom010041
10. Penalva, F. (2013). Discussion on The Influence of Conditional Conservatism on Ownership Dispersion: An International Analysis (by Begoña Giner, Ahmed Tahoun, Martin Walker). Revista Española de Financiación y Contabilidad (Spanish Journal of Finance and Accounting), Vol. XLII, No. 159, 311-318. DOI: http://dx.doi.org/10.1080/02102412.2013.11730777
11. García Lara, J., B. García Osma, and F. Penalva. (2011). Conditional Conservatism and Cost of Capital. Review of Accounting Studies, Vol. 16, No. 2, 247-271, DOI: http://dx.doi.org/10.1007/s11142-010-9133-4.
12. García Lara, J., B. García Osma, and F. Penalva. (2009). The Economic Determinants of Conditional Conservatism. Journal of Business, Finance and Accounting, Vol. 36, Numbers 3-4, 336-372. DOI: http://dx.doi.org/10.1111/j.1468-5957.2008.02122.x
13. García Lara, J., B. García Osma, and F. Penalva. (2009). Accounting Conservatism and Corporate Governance. Review of Accounting Studies, Vol. 14, No. 1, 161-201. DOI: http://dx.doi.org/10.1007/s11142-007-9060-1.
14. García Lara, J., B. García Osma, and F. Penalva. (2007). Board of directors’ characteristics and conditional accounting conservatism: Spanish evidence. European Accounting Review, Vol. 16, No. 4, 727-755. DOI: http://dx.doi.org/10.1080/09638180701706922
15. Davila, A. and F. Penalva. (2006). Governance Structure and the Weighting of Performance Measures in CEO Compensation. Review of Accounting Studies, Vol. 11, No. 4: 463-493. DOI: http://dx.doi.org/10.1007/s11142-006-9018-8

RESEARCH GRANTS

1. Project title: Regulating Sustainability Reporting to Achieve Net-zero Emissions by 2050. Finaced by the Social Trends Institute. Grant awarded: €40,000. Duration: academic year 2021-2022. Number of researchers: 5.

2. Project title: Multifaceted accounting: from keeping a healthy financial system to ESG reporting. Financed by the Spanish Ministry of Science and Innovation. Grant awarded: €58,927. Duration: June 2020-May 2024. Number of researchers: 6. Lead researcher. Reference number: PID2019-111143GB-C31.
3. Project title: On the overall corporate financial reporting strategy: choices and objectives. Financed by the Spanish Ministry of Economics, Industry and Competitiveness. Grant awarded: €12,000. Duration: 2017-2019. Number of researchers: 5. Lead researcher. Reference number: ECO2016-77579-C3-1-P.
4. Project title: Accounting information and corporate governance: effects on financing, investment policies and firm value. Financed by the Spanish Ministry of Economics and Competitiveness. Grant awarded: €14,883. Duration: 2014-2016. Number of researchers: 3. Lead researcher. Reference number: ECO2013-48328-C3-1-P.
5. Project title: Determinants of the quality of financial information and economic effects of the adoption of the new accounting standards. Financed by the Spanish Ministry of Education and Science. Grant awarded: €65,000. Duration: 2009-2011. Number of researchers: 10. Reference number: ECO2008-06238-C02-01/ECON.
6. Project title: The process of international harmonization of accounting: modification of conceptual frameworks of the IASB and FASB and its effect on accounting conservatism. Financed by the Carlos Cubillo Valverde Chair of Accounting and Auditing, Spanish Association of Accounting and Administration (AECA). Grant awarded: €24,000. Duration: 2009-2010. Number of researchers: 7.