María Gutiérrez

María Gutiérrez Urtiaga is a Professor of Finance at the Carlos III University of Madrid, Department of Business Administration and Management. She holds a PhD in Economics from the Complutense University in 2000 and a Master's in Economics and Finance from CEMFI in 1997.

She teaches corporate governance, corporate finance, and financial economics to undergraduate, master's, and doctoral students with excellent student evaluations (5/5 in the postgraduate course during the 2022/23 academic year).

Her research interests include corporate governance, corporate finance, and law and finance. She is also a research associate at the European Corporate Governance Institute (ECGI). 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 top-tier conferences, such as the American Law and Economics Association, the European Economic Association, and the European Finance Association.

From 2012 to 2016, she was a member of the Advisory Committee of the CNMV (Spanish National Securities Market Commission). From 2019 to 2021, she was president of AEFIN (Spanish Finance Association). Since 2019, she has also worked as a consultant for the CNMV.

“Inspection Rights in Spain” (with Maribel Sáez), chapter 8 in “Research Handbook on Shareholder Inspection Rights: A Comparative Perspective” edited by Randall S. Thomas, John S. Beasley and Paolo Giudici, Edward Elgar Publishing (2023).

“The Law and Economics of Comparative Corporate Law” (with Maribel Sáez), chapter 4 in “Research Handbook on Comparative Corporate Governance” edited by Afra Afsharipour and Martin Gelter, Edward Elgar Publishing (2021).

“The Spanish Banking Crisis as a Corporate Governance Problem” (with Maribel Sáez), chapter 22 in “Governance of Financial Institutions” edited by Guido Ferrarini, Oxford University Press (2019).

“Strong shareholders, weak outside investors” (with Maribel Sáez), Journal of Journal of Corporate Law Studies, 18 (2), (2018), pp. 277-309.

“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.

“A Contractual Approach to the Regulation of Corporate Directors' Fiduciary Duties”, Journal of Corporate Ownership and Control, 1 (2004), pp.72-80