Pablo Fernández is Professor of Financial Management at IESE, where he also holds the PricewaterhouseCoopers Chair of Corporate Finance. He holds a PhD. and MA in Financial Economics from Harvard University. He also holds an MBA from IESE and a degree in industrial engineering from the University of Navarra in San Sebastian. Before embarking on a career in academia, Prof. Fernández was the financial analyst and financial coordinator of Pepsi Cola for the south of Europe (Portugal, Spain, Italy, Libya and Malta) in Spain, a position he also held in Rome where he simultaneously took up the financial management for the Mediterranean Region (Egypt, Turkey, Lebanon and Jordan) and Sudan. Among other important appointments, Prof. Fernández was a member of the jury that awarded the sixth ACECA prize for outstanding articles on corporate accounts and administration (2000) and was also on the board of the McKinsey Best Internet Project Award (2000). In 2004, he received the IESE award for outstanding research. Earlier in his career he received the BARRA award for a project he undertook under the aegis of the Institute for Quantitative Investment Research (INQUIRE) titled "Convertible Bonds in Spain: a Different Security" (1991). Prof. Fernández is a widely published author with an impressive list of book chapters, working and research papers, case studies, technical notes and journal articles on his curriculum. Recent book chapters include "Valuation of Brands and Intellectual Capital" in Brand Valuation -Concepts and Applications (2005). Recent peer-reviewed articles include "The Value of Tax Shields is NOT Equal to the Present Value of Tax Shields" in the Journal of Financial Economics (2004). In June 2006 he published the article "A New Formula for Value Creation" in the Financial Times.