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Working PaperWP-817
September, 2009
100 QUESTIONS ON FINANCE
Pablo Fernández
IESE Business School – University of Navarra
Av. Pearson, 21 – 08034 Barcelona, Spain. Phone: (+34) 93 253 42 00 Fax: (+34) 93 253 43 43
Camino del Cerro del Águila, 3 (Ctra. de Castilla, km 5,180) – 28023 Madrid, Spain. Phone: (+34) 91 357 08 09 Fax: (+34) 91 357 29 13
Copyright © 2009 IESE Business School.
IESE Business School-University of Navarra - 1
,The CIIF, International Center for Financial Research, is an interdisciplinary center with
an international outlook and a focus on teaching and research in finance. It was
created at the beginning of 1992 to channel the financial research interests of a
multidisciplinary group of professors at IESE Business School and has established itself
as a nucleus of study within the School’s activities.
Ten years on, our chief objectives remain the same:
• Find answers to the questions that confront the owners and managers of finance
companies and the financial directors of all kinds of companies in the
performance of their duties
• Develop new tools for financial management
• Study in depth the changes that occur in the market and their effects on the
financial dimension of business activity
All of these activities are programmed and carried out with the support of our
sponsoring companies. Apart from providing vital financial assistance, our sponsors
also help to define the Center’s research projects, ensuring their practical relevance.
The companies in question, to which we reiterate our thanks, are:
Aena, A.T. Kearney, Caja Madrid, Fundación Ramón Areces, Grupo Endesa, Royal Bank
of Scotland and Unión Fenosa.
http://www.iese.edu/ciif/
IESE Business School-University of Navarra
, 100 QUESTIONS ON FINANCE
Pablo Fernández1
Abstract
This paper contains 100 questions that students, alumni and other persons (judges, arbitrageurs,
clients…) have posed to me over the past years. They were recompiled so as to help the reader
remember, clarify and, in some cases, discuss some useful concepts in finance. Most of the
questions have a clear answer but others can receive several emphases. A short answer to all of
the questions is provided at the end of the paper.
JEL Classification: G12, G31, M21
Keywords: flow, net income, intangibles, required return, simple return, weighted return,
market premium, beta, value, book value, value creation, EVA, FCF, WACC.
1
Professor, Financial Management, PricewaterhouseCoopers Chair of Finance, IESE
IESE Business School-University of Navarra
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