PhD in Economics (awarded Suma Cum Laude)
Universidad Complutense, 2000
Thesis title: “An Economic Analysis of Corporate Boards”
Supervisor: Rafael Repullo Labrador
M.Sc.in Economics and Finance (awarded with Sobresaliente)
Centro de Estudios Monetarios y Financieros (CEMFI), 1997
Licenciada en Ciencias Económicas y Empresariales (awarded with Sobresaliente)
Universidad de Valladolid, 1995
Corporate finance, corporate governance, law and finance
“Why do companies have (not fully owned) subsidiaries” (with Maribel Sáez), European Business Organization Law Review-EBOR (2025).
“Bribes and audit fees” (with Stavriana Hadjigavriel and Susana Gago-Rodríguez), Journal of Accounting and Public Policy 49 (2025).
“Signaling and herding in reward-based crowdfunding” (with Gabriel Rodríguez-Garnica and Josep Tribó), Small Business Economics (2024).
“Managerial Incentives for Attracting Attention” (with Nino Papiashvili, Josep A. Tribó and Antonio B. Vázquez) European Financial Management, 26(4), (2020), pp. 896-937.
“The Promise of Reward Crowdfunding” (with Maribel Sáez), Corporate Governance: An International Review, 26 (5), (2018), pp. 355-373.
“An Economic Analysis of Corporate Director's, Fiduciary Duties”, Rand Journal ofEconomics, 34(2003), pp. 516-535.
María Gutiérrez Urtiaga is Associate Professor of Finance at Universidad Carlos III de Madrid. After graduating in Economics and Business at Universidad de Valladolid, she obtained a Master's degree in Economics and Finance from the Centro de Estudios Monetarios y Financieros (CEMFI) and a PhD in Economics from Universidad Complutense.
Her research and teaching interests focus on corporate governance, corporate finance and the economic analysis of financial regulation. Her research examines corporate governance institutions such as boards of directors and fiduciary duties and corporate governance problems such as minority expropriation. She has published in prestigious international journals such as the Rand Journal of Economics, Industrial and Corporate Change, Journal of Law, Finance and Accounting, Corporate Governance: An International Review and the Journal of Corporate Legal Studies. María has received several grants and awards for her research work, which is regularly presented at leading conferences including the American Law and Economics Association, the European Economic Association and the European Finance Association. She is currently associate researcher at the European Corporate Governance Institute (ECGI) and a member of the Academic Council of the European Banking Institute (EBI).
María serves as Independent Director and member of the Audit and Compliance Committee of the Spanish national promotion bank, the Instituto de Crédito Oficial (ICO), and she is a member of the Group of Expert Economists of the Comisión Nacional del Mercado de Valores (CNMV).
She has also been a member of the Advisory Committee of CNMV, and President of the Spanish Finance Association (AEFIN).
“Why do companies have (not fully owned) subsidiaries?” (with Maribel Sáez), forthcoming
European Business Organization Law Review-EBOR (2025).
“Bribes and audit fees” (with Stavriana Hadjigavriel and Susana Gago-Rodríguez), Susana,
Journal of Accounting and Public Policy, 49, (2025).
“Signaling and herding in reward-based crowdfunding” (with Gabriel Rodríguez-Garnica and Josep Tribó,), Small Business Economics (2024).
“Managerial Incentives for Attracting Attention” (with Nino Papiashvili, Josep A. Tribó and Antonio B. Vázquez) European Financial Management, 26(4), (2020), pp. 896-937.
“The Promise of Reward Crowdfunding” (with Maribel Sáez), Corporate Governance: An International Review, 26 (5), (2018), pp. 355-373.
“Strong shareholders, weak outside investors” (with Maribel Sáez), Journal of Journal of Corporate Law Studies, 18 (2), (2018), pp. 277-309.
“A Contractual Approach to Discipline Self-dealing by Controlling Shareholders” (with Maribel Sáez), Journal of Law, Finance and Accounting, 2 (1), (2017), pp. 173-204.
“Dividend Policy with Controlling Shareholders” (with Maribel Sáez), Theoretical Inquiries in Law 16 (1), (2015), pp. 107–130.
“Deconstructing Independent Directors” (with Maribel Sáez), Journal of Corporate Law Studies 13 (1), (2013), pp. 63-94.
“Ownership Structure and Minority Expropriation: The Case for Multiple Blockholders” (with Josep Tribó and Beatriz Mariano), Applied Financial Economics 22 (24), (2012), pp. 2075-2083.
“Board Composition, Political Connections, and Performance in State-Owned Enterprises” (with Anna Menozzi and Davide Vannoni), Industrial and Corporate Change 21 (3) (2012), pp. 671-698.
“A Contractual Approach to the Regulation of Corporate Director's Fiduciary Duties”, Journal of Corporate Ownership and Control, 1 (2004), pp.72-80.
“An Economic Analysis of Corporate Directors' Fiduciary Duties”, Rand Journal ofEconomics, 34(2003), pp. 516-535.
