· Ph.D in Economics. Universidad Carlos III de Madrid; Madrid, Spain. December 2004.
· B.S. in Economics. Universidad Carlos III de Madrid; Madrid, Spain. June 1998.
Areas of Interest
· Credit Risk, Capital Structure, Assets' Valuation
Faculty Positions
· Current position. Assistant professor (tenure – track faculty position). Department of Financial Management and Control. ESADE; Barcelona, Spain. 2004.
· Assistant professor. Department of Economics. Universidad Carlos III de Madrid; Madrid, Spain. 1999-2001.
· Assistant professor. Department of Business Administration. Universidad Carlos III de Madrid; Madrid, Spain. 1998-1999.
Research Stays
· Copenhagen Business School; Copenhagen, Denmark. October 2010 – January 2011.
· Bank of Spain; Madrid, Spain. January 2005 – July 2005.
· CentER, Tilburg University; Tilburg, Netherlands. September 2003 – October 2003.
· RiskLab Toronto, University of Toronto; Toronto, Canada. September 2002 – December 2002.
Publications in Refereed Journals
· Forte, S. and Lovreta, L., 2012, "Endogenizing Exogenous Default Barrier Models: The MM Algorithm", Journal of Banking and Finance, forthcoming. · Forte, S., 2010, "Calibrating Structural Models: A New Methodology Based on Stock and Credit Default Swap Data", Quantitative Finance, Vol. 11, Issue 12, 1745-1759.
· Forte, S. and Peña, J.I, 2011, "Debt Refinancing and Credit Risk", Spanish Review of Financial Economics, Vol. 9, Issue 1, 1-10.
· Forte, S. and Peña, J.I, 2009, "Credit Spreads: An Empirical Analysis on the Informational Content of Stocks, Bonds, and CDS", Journal of Banking and Finance, Vol. 33, Issue 11, 2013-2025.
·Forte, S., 2009, "Capital Structure: Optimal Leverage and Maturity Choice in a Dynamic Model", Revista de Economía Financiera, No 18, 26-47.
Working Papers
· "Credit Risk Discovery in the Stock and Credit Default Swap Market: Who Leads, When, and Why?". 2009. (with Lidija Lovreta)
· "Implied Default Barrier in Credit Default Swap Premia". 2008. (with Francisco Alonso and José Manuel Marqués)
Conferences
· XIX Foro de Finanzas; Granada, Spain. November 2011.
· 4th Workshop on Risk Management and Insurance; Seville, Spain. October 2011.
· XVIII Foro de Finanzas; Elche, Spain. November 2010.
· EFMA 2010 Annual Meeting; Aarhus, Denmark. June 2010.
· XVI Foro de Finanzas; Barcelona, Spain. November 2008.
· EFMA 2008 Annual Meeting; Athens, Greece. June 2008.
· International Risk Management Conference; Florence, Italy. June 2008.
· C.R.E.D.I.T. 2007 Conference; Venice, Italy. September 2007
· 5th INFINITI Conference on International Finance; Dublin, Ireland. June 2007.
· FMA 2007 European Conference; Barcelona, Spain. June 2007.
· EFMA 2006 Annual Meeting; Madrid, Spain. June 2006.
· XIII Foro de Finanzas; Madrid, Spain. November 2005.
· C.R.E.D.I.T. 2005 Conference; Venice, Italy. September 2005.
· XXVIII Simposio de Análisis Económico; Seville, Spain. December 2003.
· XI Foro de Finanzas; Alicante, Spain. November 2003.
· C.R.E.D.I.T. 2003 Conference; Venice, Italy. September 2003.
· LACEA Meeting; Madrid, Spain. October 2002.
· IX Foro de Finanzas; Pamplona, Spain. November 2001.
Workshops
· "A Practical Approach to the Estimation of Structural Credit Risk Models with Constant Default Barrier: The MM Algorithm".
· ESADE; Barcelona, Spain. July 2011.
· Universidad Pablo de Olavide; Sevilla, Spain. June 2011.
· "Pseudo Maximum Likelihood Estimation of Structural Credit Risk Models with Exogenous Default Barrier”.
· Copenhagen Business School; Copenhagen, Denmark. November 2010.
·"Credit Spreads: Theory and Evidence on the Informational Content of Stocks, Bonds, and CDS”.
· Universidad de Navarra; Pamplona, Spain. December 2007.
· ESADE; Barcelona, Spain. November 2007.
·"Implied Default Barrier in Credit Default Swap Premia"
· Instituto BME RiskLab-Madrid, Palacio de la Bolsa de Madrid; Madrid, Spain. March 2007.
· ESADE; Barcelona, Spain. March 2007.
·"Credit Spreads: Theory and Evidence about the Information Content of Stocks, Bonds and CDSs"
· HEC Paris; Paris, France. June 2006.
· Universitat Autònoma de Barcelona; Bellaterra, Barcelona, Spain March 2006.
·"Construcción de Indicadores Sectoriales de Riesgo de Crédito a partir del Mercado de Acciones: Una Aplicación de los Modelos Estructurales"
· Bank of Spain; Madrid, Spain. June 2005.
·"The Market Price of Credit Risk in Stocks, Bonds and CDSs: Theory and Evidence"
· ESADE; Barcelona, Spain. September 2005.
· Bank of Spain; Madrid, Spain. February 2005.
· "Capital Structure: Optimal Leverage and Maturity Choice in a Dynamic Model"
· Universidade Nova de Lisboa; Lisbon, Portugal. March 2004.
· ESADE; Barcelona, Spain. February 2004.
· Department of Business Administration. Universidad Carlos III de Madrid; Madrid, Spain. July 2003.
· RiskLab Toronto. University of Toronto; Toronto, Canada. November 2002.
·"The Desing of Refinancing Contracts"
· Department of Economics. Universidad Carlos III de Madrid; Madrid, Spain. October 2002.
Referee Activity for Journals
· European Journal of Finance
· Financial Management
· Financial Review
· Investigaciones Económicas
· Journal of Banking and Finance
· Journal of Financial Stability
· Journal of International Money and Finance
· Journal of Risk and Insurance
· Moneda y Crédito
· Quantitative Finance
· Revista de Economía Aplicada
Organization of Conferences
. 4th Workshop on Risk Management and Insurance, 2011. Scientific Committee Member.
· FMA 2007 European Conference. Scientific Committee Member.
·"Determining the Default Barrier in Structural Credit Risk Models by Maximum Likelihood Estimation"
· Main researcher: Santiago Forte.
· Financial support institution: Banco Santander - Fundación UCEIF.
· Period: 2009.
·"Las Nuevas Regulaciones de los Mercados Sobre Mercancías y Servicios en la Unión Europea: Microestructura, Formación de Precios y Gestión de Riesgos"
· Main researcher: Juan Ignacio Peña Sánchez de Rivera.
· Financial support institution: Ministerio de Ciencia y Tecnología.
· Period: 2003 - 2005.
· Ref: BEC2002-00279.
Fellows
· Research Fellow - Bank of Spain. Bank of Spain; Madrid, Spain. January 2005 - July 2005.
· University Staff Training Fellow - Ministerio de Educación, Cultura y Deportes. Universidad Carlos III de Madrid; Madrid, Spain. 2001 - 2004.
· Research Assistant Fellow - Ministerio de Educación, Cultura y Deportes. Universidad Carlos III de Madrid; Madrid, Spain. 1998.
· "Best Paper Award on Risk Management". 4th Workshop on Risk Management and Insurance. Seville, Spain. 2011.
· Selecting committee:
· Chairman:
D. Victor Sánchez Nogueras, General manager of the Risk Division, Cajasol-Banca Cívica.
· Members:
Dr. D. José Luis Martín, Professor Emeritus, Pablo de Olavide University. Dr. D. Ola Sholarín, University of Websmister. Dr. D. Enrique Jiménez Rodríguez, Pablo de Olavide University.
· Secretary:
Dr. D. José Manuel Feria Domínguez, Pablo de Olavide University.
· "International Corporate Risk School Award – Santander, 2007".
· Selecting committee:
· Chairman:
D. Matías Rodríguez Inciarte. Third vice president. Santander Group.
· Members:
D. Javier Peralta de las Heras. General manager of the Risk Division. Santander Group. D. Juan Andrés Yanes Luciani. General assistant manager of the Risk Division. Santander Group. D. Ernesto Zulueta Benito. General deputy assistant manager. Head of standardised risk. Santander Group. D. José Corral Vallespín. General deputy assistant manager. Risk manager for wholesale banking and business banking. Santander Group. D. Rui Felipe Barrento Bandeira. Head of risk methodology, processes and infrastructures. Santander Group. D. Jaime Caraza Morales. Head of financial risk. Santander Group. D. Javier Hidalgo Blázquez. Head of business banking. Retail Banking Division in Spain. Santander Group. D. Guillermo Cisneros Garrido. Head of corporate training and development. Santander Group.
· Secretary:
D. Francisco Javier Martínez García, General Manager of the UCEIF Foundation.
·"STOXX 2006 Risk Management Research Award"; Silver Award. 15th European Financial Management Association Meeting. Madrid, Spain. 2006.
· Selecting committee:
Viral Acharya, London Business School
Yacov Amihud, Stern School of Business, New York University
