BOOKS

• Finance in a Nutshell – A No-Nonsense Companion to the Tools and Techniques of Finance. FT – Prentice Hall, 2005.
• The FT Guide to Understanding Finance – A No-Nonsense Companion to Financial Tools and Techniques. FT – Prentice Hall, 2011.
• The Essential Financial Toolkit – Everything You Always Wanted To Know About Finance But Were Afraid To Ask. Palgrave Macmillan, 2011.

ARTICLES (Refereed Journals)

• “A Note on the Optimality of Strict Liability.” Economics Letters, 41 (1993), 187-191.
• “Insider Trading: Regulation, Deregulation, and Taxation.” Swiss Review of Business Law, 5/94 (1994), 209-218.
• “Insider Trading: Regulation, Securities Markets, and Welfare Under Risk Aversion.” Quarterly Review of Economics and Finance, 35 (1995), 421-449. (Reprinted in Essays in Law and Economics II. Financial Markets and Insurance, edited by D. Heremans and H. Cousy, 1996, Maklu.)
• “The Temporal Dimension of Risk.” Quarterly Review of Economics and Finance, 40 (Summer 2000), 189-204.
• “The Cost of Equity in Emerging Markets: A Downside Risk Approach.” Emerging Markets Quarterly, Fall (2000), 19-30.
• “Empirical Distributions of Stock Returns: European Securities Markets, 1990-95.” European Journal of Finance, 7 (2001), 1-21. (With Felipe Aparicio.)
• “The Cost of Equity in Emerging Markets: A Downside Risk Approach (II).” Emerging Markets Quarterly, Spring (2001), 63-72.
• “Empirical Evidence on the Impact of European Insider Trading Regulations.” Studies in Economics and Finance, Spring (2002), 12-34. (With Ignacio Peña.)
• “Introduction to ‘Valuation in Emerging Markets.’” Emerging Markets Review, 4 (2002), 310-324. (With Robert Bruner, Robert Conroy, Mark Kritzman, and Wei Li.)
• “Systematic Risk in Emerging Markets: The D-CAPM.” Emerging Markets Review, 4 (2002), 365-379.
• “Mean-Semivariance Behavior: A Note.” Finance Letters, 1 (2003), 9-14.
• “The Cost of Equity of Internet Stocks: A Downside Risk Approach.” European Journal of Finance, 10 (2004), 239-254.
• “Adjusting P/E Ratios by Growth and Risk: A Note.” Finance Letters, 2 (2004), 4-10.
• “Mean-Semivariance Behavior: An Alternative Behavioral Model.” Journal of Emerging Market Finance, 3 (2004), 231-248.
• “Risk and Return in Emerging Markets: Family Matters.” Journal of Multinational Financial Management, 15 (2005), 257-272. (With Ana Paula Serra.)
• “Countries versus Industries in Europe: A Normative Portfolio Approach.” Journal of Asset Management, 6 (2005), 85-103. (With Mark Kritzman, Simon Myrgren, and Sebastien Page.)
• “Adjusting P/E Ratios by Growth and Risk: The PERG Ratio.” International Journal of Managerial Finance, 1 (2005), 187-203.
• “Downside Risk in Practice.” Journal of Applied Corporate Finance, 18 (2006), 117-125.
• “The Fed Model: A Note.” Finance Research Letters, 3 (2006), 14-22.
• “Countries versus Industries in Emerging Markets: A Normative Portfolio Approach.” Journal of Investing, Winter (2006), 2-11. (With Mark Kritzman and Sebastien Page.)
• “Mean-Semivariance Behavior: Downside Risk and Capital Asset Pricing.” International Review of Economics and Finance, 16 (2007), 169-185.
• “Discount Rates in Emerging Markets: Four Models and an Application.” Journal of Applied Corporate Finance, 19 (2007), 72-77.
• “Investing in the 21st Century: With Occam’s Razor and Bogle’s Wit.” Corporate Finance Review, May/June (2007), 5-14.
• “Fundamental Indexation and International Diversification.” Journal of Portfolio Management, Spring (2008), 93-109.
• “Black Swans and Market Timing: How Not To Generate Alpha.” Journal of Investing, Fall (2008), 20-34.
• “Mean-Semivariance Optimization: A Heuristic Approach.” Journal of Applied Finance, 18, 1 (2008), 57-72.
• “Investing in Emerging Markets: A Black Swan Perspective.” Corporate Finance Review, January/February (2009), 14-21.
• “The Fed Model: The Bad, the Worse, and the Ugly.” Quarterly Review of Economics and Finance, 49 (2009), 214-238.
• “Black Swans in Emerging Markets.” Journal of Investing, Summer (2009), 50-56.
• “Black Swans, Market Timing, and the Dow.” Applied Economics Letters, 16 (2009) 1117–1121.
• “The Gain-Loss Spread: A New and Intuitive Measure of Risk.” Journal of Applied Corporate Finance, Fall (2009), 104-114.
• “Geometric Mean Maximization: An Overlooked Portfolio Approach?” Journal of Investing, Winter (2010), 134-147. (For an extended version of this article, click here.)
• “The Three-Factor Model: A Practitioner’s Guide” Journal of Applied Corporate Finance, Spring (2011), 77-84.
• “Black Swans, Beta, Risk, and Return.” Journal of Applied Finance,  22, 2 (2012), 77-89. (With María Vargas.)
• “Blinded by Growth.” Journal of Applied Corporate Finance, Summer (2012), 19-25.
• “Are Stocks Riskier than Bonds? Not If You Assess Risk Like Warren Buffett.” Journal of Asset Management, 14 (2013), 73-78.
• “Geometric Mean Maximization: Expected, Observed, and Simulated Performance.” Journal of Investing, 22 (2013), 106-119. (With Rafael De Santiago.)
• “The Enhanced Risk Premium Factor Model and Expected Returns.” Journal of Investment Strategies, 2 (2013), 3-21.
• “Stocks, Bonds, Risk, and the Holding Period: An International Perspective.” Journal of Wealth Management, Fall (2013), 25-44.
• “Essential Ideas for Investors: Do Not Part With Your Money Without Them!.” Corporate Finance Review, July/August (2013), 18-26.
• “Quantitative Investment and Risk Management: Where Does It Go From Here?” Journal of Applied Finance, 23, 2 (2013), 23-35. (With Andrew Chin, Michael Edleson, and Kevin Sun.)
• “Essential Ideas for Investors (II): Some Benchmark Portfolios.” Corporate Finance Review, May/June (2014), 5-11.
• “The Glidepath Illusion: An International Perspective.” Journal of Portfolio Management, Summer (2014), 52-64.
• “Rethinking Risk.” Journal of Asset Management, 15 (2014), 239-259.
• “Rethinking Risk (II): The Size and Value Effects.” Journal of Wealth Management, Winter (2014), 78-83.
• “New Frontiers in Portfolio Management.” Journal of Applied Finance, 25, 1 (2015), 68-71. (With Rose Mary Cosio and Mark Kritzman.)
• “Multiples, Forecasting, and Asset Allocation.” Journal of Applied Corporate Finance, Summer (2015), 144-151.
• “GHAUS Asset Allocation.” Journal of Asset Management, 17, 1 (2016), 1-9.
• “Buffett’s Asset Allocation Advice: Take It … With a Twist.” Journal of Wealth Management, 18, 4 (2016), 59-64.
• “The Retirement Glidepath: An International Perspective.” Journal of Investing, 25, 2 (2016), 28-54.
• “Alternatives: How? How Much? Why?” Journal of Wealth Management, 19, 3 (2016), 49-61.
• “Global Asset Allocation in Retirement: Buffett’s Advice and a Simple Twist.” Journal of Retirement, 4, 2 (2016), 54-69.
• “Refining the Failure Rate.” Journal of Retirement, 4, 3 (2017), 63-76.
• “From Failure to Success: Replacing the Failure Rate.” Journal of Wealth Management, 20, 4 (2018), 9-21.
• “Maximum Withdrawal Rates: An Empirical and Global Perspective.” Journal of Retirement, 5, 3 (2018), 57-71.
• “Maximum Withdrawal Rates: A Novel and Useful Tool.” Journal of Applied Corporate Finance, 29, 4 (2018), 134-137.
• “Replacing the Failure Rate: A Downside Risk Perspective.” Journal of Retirement, 5, 4 (2018), 46-56.
• “Toward Determining the Optimal Investment Strategy for Retirement.” Journal of Retirement, 7, 1 (2019), 35-42. (With Mark Kritzman.)
• “The Bucket Approach for Retirement: A Suboptimal Behavioral Trick?” Journal of Investing, 28, 5 (2019), 54-68.
• “Managing to Target: Dynamic Adjustments for Accumulation Strategies.” Journal of Financial Planning, 32, 8 (2019), 46-53.
• “Managing to Target (II): Dynamic Adjustments for Retirement Strategies.” Journal of Retirement, 7, 4 (2020), 28-38.
• “Retirement Planning: From Z to A.” Journal of Retirement, 8, 2 (2020), 8-22.
• “Target-Date Funds, Glidepaths, and Risk Aversion.” Journal of Wealth Management, 23, 3 (2020), 50-60.
• “Factor Tilts and Asset Allocation.” Journal of Investment Consulting, 20, 1 (2020), 30-39.
• “Sequence Risk: Is It Really A Big Deal?” Journal of Investing, 30, 6 (2021), 47-69.
• “The Sustainability of (Global) Withdrawal Strategies.” Journal of Financial Planning, 34, 11 (2021), 82-98.
• “No Hedge Funds, No Cry.” Journal of Personal Finance, 21, 1 (2022), 51-61.
• “The Gain-Pain Index: Asset Allocation for Individual (And Other?) Investors.” Journal of Wealth Management, 25, 2 (2022), 34-48.
• “PVGO and Expected Stock Returns.” Journal of Applied Corporate Finance, 34, 4 (2023), 109-112.
• “Multifactor Funds: An Early (Bearish) Assessment.” Journal of Asset Management, 24, 4 (2023), 299-311.
• “Retirement Planning: Is One Number Enough?” Journal of Financial Planning, 36, 7 (2023), 64-81.
• “Multifactor Funds vs. Homemade Factor Diversification Strategies.” Journal of Beta Investment Strategies, 15, 1 (2024), 54-65.
• “Retirement Planning: The Volatility-Adjusted Coverage Ratio.” Journal of Retirement, forthcoming 2024.

ARTICLES (Various)

• “Monkey Business: Contest Ignores Risk.” The Wall Street Journal Europe, Jan/10/95.
• “Why Investing in Emerging Markets?” Expansion (Spanish business newspaper, in Spanish), Mar/23/98.
• “Emerging Markets: A Good Shelter for Investments.” Expansion (Spanish business newspaper, in Spanish), Apr/30/98.
• “The ‘Risk’ of Investing in Emerging Markets.” Expansion (Spanish business newspaper, in Spanish), May/16/98.
• “Methods of Relative Valuation.” Expansion (Spanish business newspaper, in Spanish), Sep/22/00.
• “A Step Ahead: Reverse Valuation.” Expansion (Spanish business newspaper, in Spanish), Sep/29/00.
• “Pricing Internet Stocks.” European Business Forum, Autumn 2000, 56-59.
• “Another Tulip Bulb, Another Dotcom.” Connectis, April 2001, 24-25.
• “The Crisis in Argentina and Its Impact on Spain.” Expansion (Spanish business newspaper, in Spanish), Feb/2/02.
• “Google Goes Public.” Expansion (Spanish business newspaper, in Spanish), Jun/24/04.
• “Focus on the Downside.” Financial Times, Mastering Risk, Sep/16/05.
• Book review: The Undercover Economist (by Tim Harford). Journal of Investment Management, 4, 2 (2006), 82-83.
• Book review: The Future for Investors (by Jeremy Siegel). Journal of Investment Management, 4, 2 (2006), 83-85.
• “Farewell from the Founding Editor: A Brief History of the EMR (So Far).” Emerging Markets Review, 8 (2007), 2-3.
• “Investing for the Long Term: Technique and Perspectives for the European Market.” European Business Forum, Autumn 2007, 40-45.
• “Investing for the Long Term: Technique and Perspectives for the Spanish Market.” Bolsa (in Spanish), October 2007, 74-77.
• Book review: Fortune’s Formula (by William Poundstone). Journal of Investment Management, 5, 4 (2007), 131-132.
• “What Should Investors Do? Nothing! Just Sit Tight.” Financial Times, Jan/31/08.
• “Black Swans in Stock Markets.” El Economista (Mexican business newspaper, in Spanish), Feb/5/08.
• “Black Swans in Stock Markets.” Expansion (Spanish business newspaper, in Spanish), Feb/7/08.
• Book review: The Little Book of Value Investing (by Christopher Browne) and The Little Book of Common Sense Investing (by John Bogle). Journal of Investment Management, 6, 1 (2008), 81-82.
• “Investing in a Volatile Environment: A Black Swan Perspective.” QFinance – The Ultimate Resource (Bloomsbury), 312-313.
• Book review: The Logic of Life (by Tim Harford). Journal of Investment Management, 7, 3 (2009), 103-104.
• “How To Hold Your Nerves in Volatile Markets: Think About (Black) Swans.” MWorld, Summer/Fall 2009, 26-29.
• “No Gain Without Pain.” Quantum, 10 (2010), 50-55.
• Book review: The Little Book of Safe Money (by Jason Zweig) and The Little Book of Bulletproof Investing (by Ben Stein and Phil DeMuth). Journal of Investment Management, 8, 4 (2010), 87-89.
• Book review: The Big Short (by Michael Lewis). Journal of Investment Management, 9, 1 (2011), 101-102.
• Book review: On the Brink (by Hank Paulson). Journal of Investment Management, 10, 4 (2012), 118-120.
• Book review: The Most Important Thing (by Howard Marks). Journal of Investment Management, 11, 2 (2013), 110-111.
• Book review: The Behavior Gap (by Carl Richards). Journal of Investment Management, 11, 4 (2013), 75-76.
• Book review: The Undercover Economist Strikes Back (by Tim Harford). Journal of Investment Management, 12, 3 (2014), 120-121.
• “Target-Date Funds: The Good, the Bad, and the Ugly.” European Financial Review, Feb-Mar (2015), 54-57.
• “Low Rates? Ten Ideas to Consider.” El Periodico (Spanish newspaper, in Spanish), Feb/24/15.
• Book review: Think Like a Freak (by Steven Levitt and Stephen Dubner). Journal of Investment Management, 13, 2 (2015), 115-116.
• “Valuation’s Usefulness for Forecasting and Setting Asset Allocation.” American Association of Individual Investors Journal, July (2015), 29-31.
• “The Retirement Glidepath: A Vote for Static Asset Allocations.” CFA’s Investment Risk and Performance, 2015, 1, 1-4.
• Book review: Global Asset Allocation (by Mebane Faber). Journal of Investment Management, 14, 1 (2016), 101-102.
• Book review: Misbehaving (by Richard Thaler). Journal of Investment Management, 14, 3 (2016), 75-76.
• “Investing: How Alternatives May Help Your Portfolio.” Forbes Online (May, 2017).
• “An Approach for Asset Allocation.” IESE Alumni Magazine, October-December (2017).
• Book review: The Index Revolution (by Charles Ellis). Journal of Investment Management, 15, 3 (2017), 81-82.
• Book review: The Fifth Risk (by Michael Lewis). Journal of Investment Management, 17, 2 (2019), 91-92.
• Book review: The Man Who Solved the Market (by Gregory Zuckerman). Journal of Investment Management, 18, 3 (2020), 127–129.
• Book review: The Premonition (by Michael Lewis). Journal of Investment Management, 19, 3 (2021), 99-100.
• Book review: Trillions (by Robin Wigglesworth). Journal of Investment Management, 21, 3 (2023), 79-80.

ARTICLES (Unpublished)

• “Crime and Punishment: An Introductory Analysis in a Noncooperative Framework.” Working Paper, 1994.
• “Insider Trading: Regulation, Securities Markets, and Welfare Under Risk Neutrality.” Working Paper, 1994.
• “Insider Trading: Regulation or Taxation?” Working Paper, 1996.
• “Insider Trading: Regulation, Risk Reallocation, and Welfare.” Working Paper, 1996.
• “The Distribution of Sentences in Tax-Related Cases: Explaining Success Rates.” Working Paper, 1997. (With Santos Pastor.)
• “Empirical Distributions of Stock Returns: Scandinavian Securities Markets, 1990-95.” Working Paper, 1997. (With Felipe Aparicio.)
• “Law and Behavioral Economics.” Working Paper, 2001.

WORK IN PROGRESS

• “Retirement Planning: From A to Z and From Z to A.” In progress.