· 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
· 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 Peña, J.I, 2009, "Credit Spreads: An Empirical Analysis on the Informational Content of Stocks, Bonds, and CDS", Journal of Banking and Finance 33, 2013-2025.
·Forte, S., 2009, "Capital Structure: Optimal Leverage and Maturity Choice in a Dynamic Model", Revista de Economía Financiera 18, 62-80.
Working Papers
· "Pseudo Maximum Likelihood Estimation of Structural Credit Risk Models with Exogenous Default Barrier". 2009. (with Lidija Lovreta)
· "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)
· "Calibrating Structural Models: A New Methodology Based on Stock and Credit Default Swap Data". 2009.
· "Debt Refinancing and Credit Risk". 2003. (with Juan Ignacio Peña)
Conferences
· 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
·"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
· Financial Management
· Journal of International Money and Finance
· Financial Review
· Journal of Financial Stability
· Investigaciones Económicas
· Moneda y Crédito.
Organization of Conferences
· 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.
· "International Corporate Risk School Award – Santander, 2007".
· Main researcher: Santiago Forte
· Judges:
· Chairman:
D. Matías Rodríguez Inciarte. Third vice president. Grupo Santander.
· Members:
D. Javier Peralta de las Heras. General manager of the Risk Division. Grupo Santander; D. Juan Andrés Yanes Luciani, General assistant manager of the Risk Division. Grupo Santander; D. Ernesto Zulueta Benito. General deputy assistant manager. Head of standardised risk; D. José Corral Vallespín. General deputy assistant manager. Risk manager for wholesale banking and business banking. Grupo Santander; D. Rui Felipe Barrento Bandeira. Head of risk methodology, processes and infrastructures. Grupo Santander; D. Jaime Caraza Morales. Head of financial risk. Grupo Santander; D. Javier Hidalgo Blázquez. Director de Empresas. Head of business banking. Retail Banking Division in Spain. Grupo Santander; D. Guillermo Cisneros Garrido. Head of corporate training and development. Grupo Santander.
· Secretary:
D. Francisco Javier Martínez García, Director General de la Fundación UCEIF
·"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
