{"id":5435,"date":"2025-04-01T05:10:36","date_gmt":"2025-04-01T03:10:36","guid":{"rendered":"https:\/\/indem.uc3m.es\/members\/jose-s-penalva\/"},"modified":"2026-01-16T18:47:41","modified_gmt":"2026-01-16T17:47:41","slug":"jose-s-penalva","status":"publish","type":"members","link":"https:\/\/indem.uc3m.es\/en\/members\/jose-s-penalva\/","title":{"rendered":"Jos\u00e9 S. Penalva"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5435\" class=\"elementor elementor-5435 elementor-5048\" data-elementor-post-type=\"members\">\n\t\t\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-72d7956a e-flex e-con-boxed e-con e-parent\" data-id=\"72d7956a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-54fc589f e-con-full e-flex e-con e-child\" data-id=\"54fc589f\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1a8a040 elementor-widget-mobile__width-inherit elementor-widget elementor-widget-image\" data-id=\"1a8a040\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1140\" height=\"1140\" src=\"https:\/\/indem.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-jpenalva.png\" class=\"attachment-full size-full wp-image-5050\" alt=\"\" srcset=\"https:\/\/indem.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-jpenalva.png 1140w, https:\/\/indem.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-jpenalva-300x300.png 300w, https:\/\/indem.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-jpenalva-1024x1024.png 1024w, https:\/\/indem.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-jpenalva-150x150.png 150w, https:\/\/indem.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-jpenalva-768x768.png 768w\" sizes=\"(max-width: 1140px) 100vw, 1140px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-712ebbc2 elementor-widget elementor-widget-spacer\" data-id=\"712ebbc2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5dd385d elementor-hidden-mobile elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"5dd385d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"mailto:jpenalva@emp.uc3m.es\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-far-envelope\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M464 64H48C21.49 64 0 85.49 0 112v288c0 26.51 21.49 48 48 48h416c26.51 0 48-21.49 48-48V112c0-26.51-21.49-48-48-48zm0 48v40.805c-22.422 18.259-58.168 46.651-134.587 106.49-16.841 13.247-50.201 45.072-73.413 44.701-23.208.375-56.579-31.459-73.413-44.701C106.18 199.465 70.425 171.067 48 152.805V112h416zM48 400V214.398c22.914 18.251 55.409 43.862 104.938 82.646 21.857 17.205 60.134 55.186 103.062 54.955 42.717.231 80.509-37.199 103.053-54.947 49.528-38.783 82.032-64.401 104.947-82.653V400H48z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Email: jpenalva@emp.uc3m.es<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-map-marker-alt\" viewBox=\"0 0 384 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M172.268 501.67C26.97 291.031 0 269.413 0 192 0 85.961 85.961 0 192 0s192 85.961 192 192c0 77.413-26.97 99.031-172.268 309.67-9.535 13.774-29.93 13.773-39.464 0zM192 272c44.183 0 80-35.817 80-80s-35.817-80-80-80-80 35.817-80 80 35.817 80 80 80z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Address \/ Office: C\/ Madrid, 126 - 28903 Getafe (Madrid) Spain \/ 7.0.49<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-phone-alt\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M497.39 361.8l-112-48a24 24 0 0 0-28 6.9l-49.6 60.6A370.66 370.66 0 0 1 130.6 204.11l60.6-49.6a23.94 23.94 0 0 0 6.9-28l-48-112A24.16 24.16 0 0 0 122.6.61l-104 24A24 24 0 0 0 0 48c0 256.5 207.9 464 464 464a24 24 0 0 0 23.4-18.6l24-104a24.29 24.29 0 0 0-14.01-27.6z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Phone \/ Fax: (34) 91 624 96 54<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.josepenalva.com\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-link\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M326.612 185.391c59.747 59.809 58.927 155.698.36 214.59-.11.12-.24.25-.36.37l-67.2 67.2c-59.27 59.27-155.699 59.262-214.96 0-59.27-59.26-59.27-155.7 0-214.96l37.106-37.106c9.84-9.84 26.786-3.3 27.294 10.606.648 17.722 3.826 35.527 9.69 52.721 1.986 5.822.567 12.262-3.783 16.612l-13.087 13.087c-28.026 28.026-28.905 73.66-1.155 101.96 28.024 28.579 74.086 28.749 102.325.51l67.2-67.19c28.191-28.191 28.073-73.757 0-101.83-3.701-3.694-7.429-6.564-10.341-8.569a16.037 16.037 0 0 1-6.947-12.606c-.396-10.567 3.348-21.456 11.698-29.806l21.054-21.055c5.521-5.521 14.182-6.199 20.584-1.731a152.482 152.482 0 0 1 20.522 17.197zM467.547 44.449c-59.261-59.262-155.69-59.27-214.96 0l-67.2 67.2c-.12.12-.25.25-.36.37-58.566 58.892-59.387 154.781.36 214.59a152.454 152.454 0 0 0 20.521 17.196c6.402 4.468 15.064 3.789 20.584-1.731l21.054-21.055c8.35-8.35 12.094-19.239 11.698-29.806a16.037 16.037 0 0 0-6.947-12.606c-2.912-2.005-6.64-4.875-10.341-8.569-28.073-28.073-28.191-73.639 0-101.83l67.2-67.19c28.239-28.239 74.3-28.069 102.325.51 27.75 28.3 26.872 73.934-1.155 101.96l-13.087 13.087c-4.35 4.35-5.769 10.79-3.783 16.612 5.864 17.194 9.042 34.999 9.69 52.721.509 13.906 17.454 20.446 27.294 10.606l37.106-37.106c59.271-59.259 59.271-155.699.001-214.959z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Personal website<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3bb68aee elementor-hidden-mobile elementor-widget elementor-widget-spacer\" data-id=\"3bb68aee\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6fab64d5 elementor-hidden-mobile elementor-view-default elementor-position-block-start elementor-mobile-position-block-start elementor-widget elementor-widget-icon-box\" data-id=\"6fab64d5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-box.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\n\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\n\t\t\t\t<a href=\"https:\/\/x.com\/uc3m_business?lang=es\" class=\"elementor-icon\" tabindex=\"-1\" aria-label=\"BUSINESS UC3M\">\n\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fab-x-twitter\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M389.2 48h70.6L305.6 224.2 487 464H345L233.7 318.6 106.5 464H35.8L200.7 275.5 26.8 48H172.4L272.9 180.9 389.2 48zM364.4 421.8h39.1L151.1 88h-42L364.4 421.8z\"><\/path><\/svg>\t\t\t\t<\/a>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\n\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-icon-box-title\">\n\t\t\t\t\t\t<a href=\"https:\/\/x.com\/uc3m_business?lang=es\" >\n\t\t\t\t\t\t\tBUSINESS UC3M\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<p class=\"elementor-icon-box-description\">\n\t\t\t\t\t\t@UC3M_BUSINESS\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-58b6e8e5 e-con-full e-flex e-con e-child\" data-id=\"58b6e8e5\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2b3910dc elementor-widget elementor-widget-heading\" data-id=\"2b3910dc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Jos\u00e9 S. Penalva<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f0fe777 elementor-widget elementor-widget-heading\" data-id=\"5f0fe777\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Associate Professor of Finance<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4f3a42b9 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"4f3a42b9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Education<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8c005a3 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"8c005a3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-48898c4e elementor-widget elementor-widget-text-editor\" data-id=\"48898c4e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>PhD University of California, Los Angeles<\/p><p>MA University of California, Los Angeles<\/p><p>MSc Birkbeck College, University of London<\/p><p>BSc London School of Economics, University of London<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-309edb0 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"309edb0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Research Interests<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f35d6a1 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"f35d6a1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d1d22e4 elementor-widget elementor-widget-text-editor\" data-id=\"d1d22e4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Information economics, Market microstructure, Financial economics and insurance, Law and economics<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3f909d32 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"3f909d32\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Selected publications<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-57086661 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"57086661\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-46b896c3 elementor-widget elementor-widget-text-editor\" data-id=\"46b896c3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Ganuza, J.: \u201c<a href=\"https:\/\/www.sciencedirect.com\/science\/article\/abs\/pii\/S0167718718301073\">Information disclosure in optimal auctions<\/a>\u201d, International Journal of Industrial Organization vol. 63, March 2019, 469-479<\/p><p>Penalva, J., Cartea, A., Payne, R. &amp; Tapia, M.: \u201c<a href=\"https:\/\/doi.org\/10.1016\/j.jbankfin.2018.12.003\">Ultra-Fast Activity and Intraday Market Quality<\/a>\u201d, Journal of Banking and Finance (online), December 2018<\/p><p>Penalva, J. &amp; Cartea, A.: \u201c<a href=\"https:\/\/econpapers.repec.org\/paper\/bdewpaper\/1111.htm\">Where is the Value in High Frequency Trading?<\/a>\u201d, Quarterly Journal of Finance vol. 2 (3), 2012, 1250014<\/p><p>Penalva, J. &amp; Ganuza, J.J.: \u201c<a href=\"https:\/\/doi.org\/10.3982\/ECTA6640\">Signal Orderings based on Dispersion and the Supply of Private Information in Auctions<\/a>\u201d, Econometrica vol. 78 (3), May 2010, 1007\u20131030<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7cf95e25 uael-faq-box-layout-yes align-at-left elementor-widget elementor-widget-uael-faq\" data-id=\"7cf95e25\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"uael-faq.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n\t\t\t<div id='uael-faq-wrapper-209' class=\"uael-faq-wrapper\">\n\t\t\t\t<div class=\"uael-faq-container uael-faq-layout-accordion\" data-layout=\"accordion\" >\n\t\t\t\t\t\t\t\t\t\t\t\t<div id=\"uael-accordion-9984785\" class=\"uael-faq-accordion\" role=\"tablist\">\n\t\t\t\t\t\t\t\t<div class= \"uael-accordion-title\" aria-expanded=\"false\" role=\"tab\">\n\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon uael-accordion-icon-left\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon-closed\"><svg class=\"e-font-icon-svg e-fas-angle-right\" viewBox=\"0 0 256 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M224.3 273l-136 136c-9.4 9.4-24.6 9.4-33.9 0l-22.6-22.6c-9.4-9.4-9.4-24.6 0-33.9l96.4-96.4-96.4-96.4c-9.4-9.4-9.4-24.6 0-33.9L54.3 103c9.4-9.4 24.6-9.4 33.9 0l136 136c9.5 9.4 9.5 24.6.1 34z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon-opened\"><svg class=\"e-font-icon-svg e-fas-angle-up\" viewBox=\"0 0 320 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M177 159.7l136 136c9.4 9.4 9.4 24.6 0 33.9l-22.6 22.6c-9.4 9.4-24.6 9.4-33.9 0L160 255.9l-96.4 96.4c-9.4 9.4-24.6 9.4-33.9 0L7 329.7c-9.4-9.4-9.4-24.6 0-33.9l136-136c9.4-9.5 24.6-9.5 34-.1z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"uael-question-9984785 uael-question-span\" tabindex=\"0\" id=\"uael-faq-1-6a3e2d935144a\">Biograf\u00eda<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"uael-accordion-content\" role=\"tabpanel\">\n\t\t\t\t\t\t\t\t\t<span>\n\t\t\t\t\t\t\t\t\t<span><p>Jos\u00e9 Penalva is a tenured professor of finance and accounting in the Department of Business Economics at Universidad Carlos III. He holds a PhD in Economics from the University of California, Los Angeles (UCLA) since 1997. He teaches courses in Information in Financial Markets, Microstructure, and Financial Mathematics.  <br><br>His research interests include the economics of information with special interest in auctions and financial applications, the microstructure of financial markets, and the allocation and distribution of risk in insurance markets. His publications to date include highly prestigious national and international journals such as Econometrica, Journal of Banking and Finance, Quarterly Journal of Finance, Review of Economic Dynamics and the Journal of Risk and Insurance. His works are presented at prestigious conferences, including the European Group of Risk and Insurance Economists (EGRIE), the European Economic Association, the European Finance Association, and the European Econometric Society Meeting, among others. He has also written several book chapters, and has written, together with Alvaro Cartea and Sebastian Jaimungal, the book \u201c<a href=\"https:\/\/www.cambridge.org\/es\/academic\/subjects\/mathematics\/mathematical-finance\/algorithmic-and-high-frequency-trading?format=HB&amp;isbn=9781107091146\">Algorithmic and High-frequency Trading<\/a>\u201d (Cambridge University Press, 2015)   <\/p><\/span>\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div id=\"uael-accordion-a14a01d\" class=\"uael-faq-accordion\" role=\"tablist\">\n\t\t\t\t\t\t\t\t<div class= \"uael-accordion-title\" aria-expanded=\"false\" role=\"tab\">\n\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon uael-accordion-icon-left\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon-closed\"><svg class=\"e-font-icon-svg e-fas-angle-right\" viewBox=\"0 0 256 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M224.3 273l-136 136c-9.4 9.4-24.6 9.4-33.9 0l-22.6-22.6c-9.4-9.4-9.4-24.6 0-33.9l96.4-96.4-96.4-96.4c-9.4-9.4-9.4-24.6 0-33.9L54.3 103c9.4-9.4 24.6-9.4 33.9 0l136 136c9.5 9.4 9.5 24.6.1 34z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"uael-accordion-icon-opened\"><svg class=\"e-font-icon-svg e-fas-angle-up\" viewBox=\"0 0 320 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M177 159.7l136 136c9.4 9.4 9.4 24.6 0 33.9l-22.6 22.6c-9.4 9.4-24.6 9.4-33.9 0L160 255.9l-96.4 96.4c-9.4 9.4-24.6 9.4-33.9 0L7 329.7c-9.4-9.4-9.4-24.6 0-33.9l136-136c9.4-9.5 24.6-9.5 34-.1z\"><\/path><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"uael-question-a14a01d uael-question-span\" tabindex=\"0\" id=\"uael-faq-2-6a3e2d9351558\">Publications<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"uael-accordion-content\" role=\"tabpanel\">\n\t\t\t\t\t\t\t\t\t<span>\n\t\t\t\t\t\t\t\t\t<span><div class=\"container margin-top-paginas\"><div class=\"row\"><div class=\"col-md-8 ficha-profesores\"><div id=\"accordion\" class=\"panel-group\" role=\"tablist\" aria-multiselectable=\"true\"><div class=\"panel panel-default\"><div id=\"collapseTwo\" class=\"panel-collapse collapse in\" role=\"tabpanel\" aria-labelledby=\"headingTwo\" aria-expanded=\"true\"><div class=\"panel-body\"><p>Ganuza, J.: \u201cInformation disclosure in optimal auctions\u201d, International Journal of Industrial Organization vol. 63, Marzo 2019, 469-479<\/p><p>Penalva, J., Gomez, F. &amp; Ganuza, J.J.: \u201cProduct Liability Should Reward Firm Transparency\u201d, International Review of Law &amp; Economics vol. 56, December 2018, 160-169<\/p><p>Penalva, J., Cartea, A., Payne, R. &amp; Tapia, M.: \u201cUltra-Fast Activity and Intraday Market Quality\u201d, Journal of Banking and Finance (online), December 2018<\/p><p>Penalva, J. &amp; VanBommel, J.: \u201cThe Governance of Perpetual Financial Intermediaries\u201d, Journal of Institutional and Theoretical Economics vol. 173 (3), 2017, 498-522<\/p><p>Penalva, J. &amp; Gomez, F.: \u201cTort reform and the theory of coordinating tort and insurance\u201d, International Review of Law and Economics vol. 43, Agosto 2015, 83\u201397.<\/p><p>Penalva, J. &amp; Cartea, A.: \u201cWhere is the Value in High Frequency Trading?\u201d, Quarterly Journal of Finance vol. 2 (3), 2012, 1250014<\/p><p>Penalva, J. &amp; Ganuza, J.J.: \u201cSignal Orderings based on Dispersion and the Supply of Private Information in Auctions\u201d, Econometrica vol. 78 (3), May 2010, 1007\u20131030<\/p><p>Penalva, J.: \u201cA Study of the Interaction of Insurance and Financial Markets: Efficiency and Full Insurance Coverage\u201d, Journal of Risk and Insurance vol. 75 (2), Junio 2008, 313-342<\/p><p>Penalva, J.: \u201cInsurance and Tort: Coordination Systems And Imperfect Liability Rules\u201d, en Internationalization of the Law and its Economic Analysis, Eger T. et al (ed), Gabler Edition Wissenschaft, 2008<\/p><p>Penalva, J. &amp; Ryall, M.D.: \u201cEmpirical Implications of Information Structure in Finite Extensive Form Games\u201d, The B.E. Journal of Theoretical Economics (Contributions) vol. 8 (1), 2008<\/p><p>Penalva, J.: \u201cInsuring California Earthquakes and the Role for Catastrophe Bonds\u201d, Journal of Risk Finance vol. 3 (4), 2002, 54-72<\/p><p>Penalva, J.: \u201cInsurance with Frequency Trading: A Dynamic Analysis of Efficient Insurance Markets\u201d, Review of Economic Dynamics vol. 4, 2001<\/p><p>Penalva, J. &amp; Ellickson, B.: \u201cIntertemporal Insurance\u201d, Journal of Risk and Insurance vol. 64 (4), Diciembre 1997, 579-598<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><div class=\"container-fluid footer padding-top-35\"><div class=\"row-fluids\"><div class=\"col-md-12\"><div class=\"container\"><div class=\"row\"><div class=\"col-md-4\"><div class=\"row\"> <\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/span>\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-237eed68 elementor-hidden-desktop elementor-hidden-tablet e-flex e-con-boxed e-con e-parent\" data-id=\"237eed68\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2c928488 elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"2c928488\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"mailto:%20rosa.rodriguez@uc3m.es\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-far-envelope\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M464 64H48C21.49 64 0 85.49 0 112v288c0 26.51 21.49 48 48 48h416c26.51 0 48-21.49 48-48V112c0-26.51-21.49-48-48-48zm0 48v40.805c-22.422 18.259-58.168 46.651-134.587 106.49-16.841 13.247-50.201 45.072-73.413 44.701-23.208.375-56.579-31.459-73.413-44.701C106.18 199.465 70.425 171.067 48 152.805V112h416zM48 400V214.398c22.914 18.251 55.409 43.862 104.938 82.646 21.857 17.205 60.134 55.186 103.062 54.955 42.717.231 80.509-37.199 103.053-54.947 49.528-38.783 82.032-64.401 104.947-82.653V400H48z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Email: jpenalva@emp.uc3m.es<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-map-marker-alt\" viewBox=\"0 0 384 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M172.268 501.67C26.97 291.031 0 269.413 0 192 0 85.961 85.961 0 192 0s192 85.961 192 192c0 77.413-26.97 99.031-172.268 309.67-9.535 13.774-29.93 13.773-39.464 0zM192 272c44.183 0 80-35.817 80-80s-35.817-80-80-80-80 35.817-80 80 35.817 80 80 80z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Address \/ Office: C\/ Madrid, 126 - 28903 Getafe (Madrid) Spain \/ 7.0.49<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-phone-alt\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M497.39 361.8l-112-48a24 24 0 0 0-28 6.9l-49.6 60.6A370.66 370.66 0 0 1 130.6 204.11l60.6-49.6a23.94 23.94 0 0 0 6.9-28l-48-112A24.16 24.16 0 0 0 122.6.61l-104 24A24 24 0 0 0 0 48c0 256.5 207.9 464 464 464a24 24 0 0 0 23.4-18.6l24-104a24.29 24.29 0 0 0-14.01-27.6z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Phone \/ Fax: (34) 91 624 96 54<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.josepenalva.com\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-link\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M326.612 185.391c59.747 59.809 58.927 155.698.36 214.59-.11.12-.24.25-.36.37l-67.2 67.2c-59.27 59.27-155.699 59.262-214.96 0-59.27-59.26-59.27-155.7 0-214.96l37.106-37.106c9.84-9.84 26.786-3.3 27.294 10.606.648 17.722 3.826 35.527 9.69 52.721 1.986 5.822.567 12.262-3.783 16.612l-13.087 13.087c-28.026 28.026-28.905 73.66-1.155 101.96 28.024 28.579 74.086 28.749 102.325.51l67.2-67.19c28.191-28.191 28.073-73.757 0-101.83-3.701-3.694-7.429-6.564-10.341-8.569a16.037 16.037 0 0 1-6.947-12.606c-.396-10.567 3.348-21.456 11.698-29.806l21.054-21.055c5.521-5.521 14.182-6.199 20.584-1.731a152.482 152.482 0 0 1 20.522 17.197zM467.547 44.449c-59.261-59.262-155.69-59.27-214.96 0l-67.2 67.2c-.12.12-.25.25-.36.37-58.566 58.892-59.387 154.781.36 214.59a152.454 152.454 0 0 0 20.521 17.196c6.402 4.468 15.064 3.789 20.584-1.731l21.054-21.055c8.35-8.35 12.094-19.239 11.698-29.806a16.037 16.037 0 0 0-6.947-12.606c-2.912-2.005-6.64-4.875-10.341-8.569-28.073-28.073-28.191-73.639 0-101.83l67.2-67.19c28.239-28.239 74.3-28.069 102.325.51 27.75 28.3 26.872 73.934-1.155 101.96l-13.087 13.087c-4.35 4.35-5.769 10.79-3.783 16.612 5.864 17.194 9.042 34.999 9.69 52.721.509 13.906 17.454 20.446 27.294 10.606l37.106-37.106c59.271-59.259 59.271-155.699.001-214.959z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Personal website<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3e77479d elementor-view-default elementor-position-block-start elementor-mobile-position-block-start elementor-widget elementor-widget-icon-box\" data-id=\"3e77479d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-box.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\n\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\n\t\t\t\t<a href=\"https:\/\/x.com\/uc3m_business?lang=es\" class=\"elementor-icon\" tabindex=\"-1\" aria-label=\"BUSINESS UC3M\">\n\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fab-x-twitter\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M389.2 48h70.6L305.6 224.2 487 464H345L233.7 318.6 106.5 464H35.8L200.7 275.5 26.8 48H172.4L272.9 180.9 389.2 48zM364.4 421.8h39.1L151.1 88h-42L364.4 421.8z\"><\/path><\/svg>\t\t\t\t<\/a>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\n\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-icon-box-title\">\n\t\t\t\t\t\t<a href=\"https:\/\/x.com\/uc3m_business?lang=es\" >\n\t\t\t\t\t\t\tBUSINESS UC3M\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<p class=\"elementor-icon-box-description\">\n\t\t\t\t\t\t@UC3M_BUSINESS\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"template":"elementor_header_footer","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"full-width-container","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}}},"area":[30],"class_list":["post-5435","members","type-members","status-publish","hentry","area-finance-and-accounting"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Jos\u00e9 S. Penalva - INDEM - Departamento de Econom\u00eda de la Empresa<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/indem.uc3m.es\/en\/members\/jose-s-penalva\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jos\u00e9 S. Penalva - INDEM - Departamento de Econom\u00eda de la Empresa\" \/>\n<meta property=\"og:description\" content=\"Email: jpenalva@emp.uc3m.es Address \/ Office: C\/ Madrid, 126 &#8211; 28903 Getafe (Madrid) Spain \/ 7.0.49 Phone \/ Fax: (34) 91 624 96 54 Personal website BUSINESS UC3M @UC3M_BUSINESS Education PhD University of California, Los Angeles MA University of California, Los Angeles MSc Birkbeck College, University of London BSc London School of Economics, University of London [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/indem.uc3m.es\/en\/members\/jose-s-penalva\/\" \/>\n<meta property=\"og:site_name\" content=\"INDEM - Departamento de Econom\u00eda de la Empresa\" \/>\n<meta property=\"article:modified_time\" content=\"2026-01-16T17:47:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/indem.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-jpenalva.png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/indem.uc3m.es\\\/en\\\/members\\\/jose-s-penalva\\\/\",\"url\":\"https:\\\/\\\/indem.uc3m.es\\\/en\\\/members\\\/jose-s-penalva\\\/\",\"name\":\"Jos\u00e9 S. Penalva - INDEM - Departamento de Econom\u00eda de la Empresa\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/indem.uc3m.es\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/indem.uc3m.es\\\/en\\\/members\\\/jose-s-penalva\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/indem.uc3m.es\\\/en\\\/members\\\/jose-s-penalva\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/indem.uc3m.es\\\/wp-content\\\/uploads\\\/2025\\\/04\\\/perfil-jpenalva.png\",\"datePublished\":\"2025-04-01T03:10:36+00:00\",\"dateModified\":\"2026-01-16T17:47:41+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/indem.uc3m.es\\\/en\\\/members\\\/jose-s-penalva\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/indem.uc3m.es\\\/en\\\/members\\\/jose-s-penalva\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/indem.uc3m.es\\\/en\\\/members\\\/jose-s-penalva\\\/#primaryimage\",\"url\":\"https:\\\/\\\/indem.uc3m.es\\\/wp-content\\\/uploads\\\/2025\\\/04\\\/perfil-jpenalva.png\",\"contentUrl\":\"https:\\\/\\\/indem.uc3m.es\\\/wp-content\\\/uploads\\\/2025\\\/04\\\/perfil-jpenalva.png\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/indem.uc3m.es\\\/en\\\/members\\\/jose-s-penalva\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Portada\",\"item\":\"https:\\\/\\\/indem.uc3m.es\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Members\",\"item\":\"https:\\\/\\\/indem.uc3m.es\\\/en\\\/members\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Jos\u00e9 S. Penalva\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/indem.uc3m.es\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/indem.uc3m.es\\\/en\\\/\",\"name\":\"INDEM - Departamento de Econom\u00eda de la Empresa\",\"description\":\"A Journey to Excellence.\",\"publisher\":{\"@id\":\"https:\\\/\\\/indem.uc3m.es\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/indem.uc3m.es\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/indem.uc3m.es\\\/en\\\/#organization\",\"name\":\"INDEM - Departamento de Econom\u00eda de la Empresa\",\"url\":\"https:\\\/\\\/indem.uc3m.es\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/indem.uc3m.es\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/indem.uc3m.es\\\/wp-content\\\/uploads\\\/2025\\\/03\\\/cropped-uc3m_Denom_InstitutoDeasrrollo_Empresarial-01.png\",\"contentUrl\":\"https:\\\/\\\/indem.uc3m.es\\\/wp-content\\\/uploads\\\/2025\\\/03\\\/cropped-uc3m_Denom_InstitutoDeasrrollo_Empresarial-01.png\",\"width\":675,\"height\":129,\"caption\":\"INDEM - Departamento de Econom\u00eda de la Empresa\"},\"image\":{\"@id\":\"https:\\\/\\\/indem.uc3m.es\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Jos\u00e9 S. Penalva - INDEM - Departamento de Econom\u00eda de la Empresa","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/indem.uc3m.es\/en\/members\/jose-s-penalva\/","og_locale":"en_US","og_type":"article","og_title":"Jos\u00e9 S. Penalva - INDEM - Departamento de Econom\u00eda de la Empresa","og_description":"Email: jpenalva@emp.uc3m.es Address \/ Office: C\/ Madrid, 126 &#8211; 28903 Getafe (Madrid) Spain \/ 7.0.49 Phone \/ Fax: (34) 91 624 96 54 Personal website BUSINESS UC3M @UC3M_BUSINESS Education PhD University of California, Los Angeles MA University of California, Los Angeles MSc Birkbeck College, University of London BSc London School of Economics, University of London [&hellip;]","og_url":"https:\/\/indem.uc3m.es\/en\/members\/jose-s-penalva\/","og_site_name":"INDEM - Departamento de Econom\u00eda de la Empresa","article_modified_time":"2026-01-16T17:47:41+00:00","og_image":[{"url":"https:\/\/indem.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-jpenalva.png","type":"","width":"","height":""}],"twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/indem.uc3m.es\/en\/members\/jose-s-penalva\/","url":"https:\/\/indem.uc3m.es\/en\/members\/jose-s-penalva\/","name":"Jos\u00e9 S. Penalva - INDEM - Departamento de Econom\u00eda de la Empresa","isPartOf":{"@id":"https:\/\/indem.uc3m.es\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/indem.uc3m.es\/en\/members\/jose-s-penalva\/#primaryimage"},"image":{"@id":"https:\/\/indem.uc3m.es\/en\/members\/jose-s-penalva\/#primaryimage"},"thumbnailUrl":"https:\/\/indem.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-jpenalva.png","datePublished":"2025-04-01T03:10:36+00:00","dateModified":"2026-01-16T17:47:41+00:00","breadcrumb":{"@id":"https:\/\/indem.uc3m.es\/en\/members\/jose-s-penalva\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/indem.uc3m.es\/en\/members\/jose-s-penalva\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/indem.uc3m.es\/en\/members\/jose-s-penalva\/#primaryimage","url":"https:\/\/indem.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-jpenalva.png","contentUrl":"https:\/\/indem.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-jpenalva.png"},{"@type":"BreadcrumbList","@id":"https:\/\/indem.uc3m.es\/en\/members\/jose-s-penalva\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Portada","item":"https:\/\/indem.uc3m.es\/en\/"},{"@type":"ListItem","position":2,"name":"Members","item":"https:\/\/indem.uc3m.es\/en\/members\/"},{"@type":"ListItem","position":3,"name":"Jos\u00e9 S. Penalva"}]},{"@type":"WebSite","@id":"https:\/\/indem.uc3m.es\/en\/#website","url":"https:\/\/indem.uc3m.es\/en\/","name":"INDEM - Departamento de Econom\u00eda de la Empresa","description":"A Journey to Excellence.","publisher":{"@id":"https:\/\/indem.uc3m.es\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/indem.uc3m.es\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/indem.uc3m.es\/en\/#organization","name":"INDEM - Departamento de Econom\u00eda de la Empresa","url":"https:\/\/indem.uc3m.es\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/indem.uc3m.es\/en\/#\/schema\/logo\/image\/","url":"https:\/\/indem.uc3m.es\/wp-content\/uploads\/2025\/03\/cropped-uc3m_Denom_InstitutoDeasrrollo_Empresarial-01.png","contentUrl":"https:\/\/indem.uc3m.es\/wp-content\/uploads\/2025\/03\/cropped-uc3m_Denom_InstitutoDeasrrollo_Empresarial-01.png","width":675,"height":129,"caption":"INDEM - Departamento de Econom\u00eda de la Empresa"},"image":{"@id":"https:\/\/indem.uc3m.es\/en\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/indem.uc3m.es\/en\/wp-json\/wp\/v2\/members\/5435","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indem.uc3m.es\/en\/wp-json\/wp\/v2\/members"}],"about":[{"href":"https:\/\/indem.uc3m.es\/en\/wp-json\/wp\/v2\/types\/members"}],"version-history":[{"count":1,"href":"https:\/\/indem.uc3m.es\/en\/wp-json\/wp\/v2\/members\/5435\/revisions"}],"predecessor-version":[{"id":5436,"href":"https:\/\/indem.uc3m.es\/en\/wp-json\/wp\/v2\/members\/5435\/revisions\/5436"}],"wp:attachment":[{"href":"https:\/\/indem.uc3m.es\/en\/wp-json\/wp\/v2\/media?parent=5435"}],"wp:term":[{"taxonomy":"area","embeddable":true,"href":"https:\/\/indem.uc3m.es\/en\/wp-json\/wp\/v2\/area?post=5435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}