Our Founder

Our Founder: José M. Marín, Ph.D.

José M. Marín is the founder and chief academic affiliate at FINNOVA.

He is also a fully tenured Finance Professor and the Director of the Ph.D. Program in Business and Finance at Carlos III University of Madrid.

His advanced academic pursuits started out at the University of Murcia where he graduated first in his class with a degree in Economics. From there he went on to become an Ivy League scholar and received his Ph.D. in Economics from the University of Pennsylvania.

He has previously held academic positions at Pompeu Fabra University, The Wharton School of the University of Pennsylvania (Fulbright Senior Visiting Scholar), New York University (MEC Visiting Scholar), and IMDEA Social Sciences (research professor).

Dr. Marín’s academic publications include articles in top international Journals, such as the Journal of Finance, the Journal of Financial Economics, the Journal of Portfolio Management, the Review of Economic Studies, the Journal of Monetary Economics, Economic Theory, Public Policy, etc. He has also contributed to numerous collective books and monographs. He is the co-author of Economía Financiera, a textbook that is widely used as a reference in undergraduate and graduate programs worldwide. Here is a list of leading publications:


  • The Rate of Market Efficiency” (with R. Karapandza), R&R, Journal of Finance.
  • Anticipating the Financial Crisis: Evidence from Insider Trading in Banks” (with O. Akin and J.L. Peydro), Economic Policy, Abril 2020, pgs. 213-267.
  • Price Support by Bank-Affiliated Mutual Funds” (with Benjamin Golez), Journal of Financial Economics, No. 115, 2015.
  • “The Dog that Did Not Bark: Insider Trading and Crashes” (with J. Olivier), Journal of Finance, VOL. LXIII, No. 5. October, 2008.
  • Portable Alphas from Pension Misspricing”, (with F. Franzoni), Journal of Portfolio Management, Summer
  • Pension Plan Funding and Market Efficiency” (with Francesco Franzoni), Journal of Finance, VOL. LXI, No. 2, April 2006.
  • Text-book: “Economía Financiera (with Gonzalo Rubio)”, Antoni Bosch Editor, 2001.
  • Information Revelation and Market Incompleteness”, (with Rohit Rahi), Review of Economic Studies, vol. 67, no. 3, 635-651, 2000.
  • Innovation, ‘Bank’ Monitoring and Endogenous Financial Development” (Angel de la Fuente), Journal of Monetary Economics, 38, no. 2, 1996, pgs. 269-301.
  • Speculative Securities”, (with Rohit Rahi), Economic Theory, 14, 3, 669-684, 1999.

Professor Marín has visited and taught specialized courses at many international institutions, including, The Wharton School of the University of Pennsylvania (USA), University of Wisconsin-Madison (USA), Torcuato Di Tella University (Argentina) and Universidad del Pacífico (Peru).

He has also served as, a member of the Consulting Board of the Spanish Independent Authority for Fiscal Responsibility (AIREF); President of the Spanish Finance Association (AEFIN); Director of the Centre for Research in Financial Economics (CREF); a member of the Group of Economic Advisers (GEA) of the European Security Markets Authority (ESMA) and was an expert selected by the Spanish Central Government for the committee to reform the Spanish pension system.

Prof. Marin’s research and professional output has had a significant impact on regulation and has received broad coverage in the media. For instance:


  • His research on pricing anomalies, market crashes, insider trading, banking and conflict of interests has reached top finance journals and received coverage in the media.
    Financial Times.
    Expansion interview.

  • His research has motivated reforms in the regulatory framework (Pension Protection Act 2006) and accounting rules (SFAS 158) related to the U.S. Pension System and the Spanish 2012 Pension Reform:
    – Moneysense.
    Así es el equipo (Cinco Días).
  • His participation in legal proceeding has been covered in the press:
    El Economista.
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