{"id":5048,"date":"2025-04-01T05:10:36","date_gmt":"2025-04-01T05:10:36","guid":{"rendered":"https:\/\/indem.uc3m.es\/?post_type=members&#038;p=5048"},"modified":"2026-10-01T17:51:02","modified_gmt":"2026-10-01T15:51:02","slug":"jose-s-penalva","status":"publish","type":"members","link":"https:\/\/indem.uc3m.es\/es\/members\/jose-s-penalva\/","title":{"rendered":"Jos\u00e9 S. Penalva"},"content":{"rendered":"<p><img fetchpriority=\"high\" decoding=\"async\" width=\"1140\" height=\"1140\" src=\"https:\/\/indem.uc3m.es\/wp-content\/uploads\/2025\/04\/perfil-jpenalva.png\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<ul>\n<li>\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"mailto:jpenalva@emp.uc3m.es\"><\/p>\n<p>\t\t\t\t\t\t\t\t\t\tEmail: jpenalva@emp.uc3m.es<br \/>\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<li>\n<p>\t\t\t\t\t\t\t\t\t\tDirecci\u00f3n \/ oficina:C\/ Madrid, 126 &#8211; 28903 Getafe (Madrid) Spain \/ 7.0.49\n\t\t\t\t\t\t\t\t\t<\/li>\n<li>\n<p>\t\t\t\t\t\t\t\t\t\tTel\u00e9fono \/ fax: (34) 91 624 96 54\n\t\t\t\t\t\t\t\t\t<\/li>\n<li>\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.josepenalva.com\/\" target=\"_blank\" rel=\"noopener\"><\/p>\n<p>\t\t\t\t\t\t\t\t\t\tSitio web personal<br \/>\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<\/ul>\n<p>\t\t\t\t<a href=\"https:\/\/x.com\/uc3m_business?lang=es\" tabindex=\"-1\" aria-label=\"BUSINESS UC3M\"><br \/>\n\t\t\t\t\t\t\t\t<\/a><\/p>\n<h3>\n\t\t\t\t\t\t<a href=\"https:\/\/x.com\/uc3m_business?lang=es\"><br \/>\n\t\t\t\t\t\t\tBUSINESS UC3M\t\t\t\t\t\t<\/a><br \/>\n\t\t\t\t\t<\/h3>\n<p>\n\t\t\t\t\t\t@UC3M_BUSINESS\t\t\t\t\t<\/p>\n<h2>Educaci\u00f3n<\/h2>\n<p>PhD University of California, Los Angeles<\/p>\n<p>MA University of California, Los Angeles<\/p>\n<p>MSc Birkbeck College, University of London<\/p>\n<p>BSc London School of Economics, University of London<\/p>\n<h2>Intereses de Investigaci\u00f3n<\/h2>\n<p>Econom\u00eda de la informaci\u00f3n,\u00a0Microestructura de mercados, Econom\u00eda financiera y seguros, Derecho y econom\u00eda<\/p>\n<h2>Publicaciones seleccionadas<\/h2>\n<p>Ganuza, J.: \u00ab<a href=\"https:\/\/www.sciencedirect.com\/science\/article\/abs\/pii\/S0167718718301073\" target=\"_blank\" rel=\"noopener\">Information disclosure in optimal auctions<\/a>\u00ab,\u00a0International Journal of Industrial Organization\u00a0vol. 63, Marzo 2019, 469-479<\/p>\n<p>Penalva, J., Cartea, A., Payne, R. &amp; Tapia, M.:\u00a0\u00ab<a href=\"https:\/\/doi.org\/10.1016\/j.jbankfin.2018.12.003\" target=\"_blank\" rel=\"noopener\">Ultra-Fast Activity and Intraday Market Quality<\/a>\u00ab,\u00a0Journal of Banking and Finance\u00a0(online), Diciembre 2018<\/p>\n<p>Penalva, J. &amp; Cartea, A.:\u00a0\u00ab<a href=\"https:\/\/econpapers.repec.org\/paper\/bdewpaper\/1111.htm\" target=\"_blank\" rel=\"noopener\">Where is the Value in High Frequency Trading?<\/a>\u00ab,\u00a0Quarterly Journal of Finance\u00a0vol. 2 (3), 2012, 1250014<\/p>\n<p>Penalva, J. &amp; Ganuza, J.J.: \u00ab<a href=\"https:\/\/doi.org\/10.3982\/ECTA6640\" target=\"_blank\" rel=\"noopener\">Signal Orderings based on Dispersion and the Supply of Private Information in Auctions<\/a>\u00ab,\u00a0Econometrica\u00a0vol. 78 (3), Mayo 2010, 1007\u20131030<\/p>\n<p>\t\t\t\t\t\t\t\t\tBio<\/p>\n<p>Jos\u00e9 Penalva es Profesor Titular de finanzas y contabilidad en el Departamento de Econom\u00eda de la Empresa de la Universidad Carlos III. Es doctor en econom\u00eda por la Universidad de California, Los Angeles (UCLA) desde 1997. Imparte asignaturas de Informaci\u00f3n en Mercados Financieros, Microestructura, y Matem\u00e1tica Financiera.<\/p>\n<p>Sus intereses de investigaci\u00f3n son\u00a0la econom\u00eda de la informaci\u00f3n con especial inter\u00e9s en las subastas y aplicaciones financieras, la microestructura de los mercados financieros, y\u00a0la asignaci\u00f3n y distribuci\u00f3n del riesgo en mercados de seguros. Sus publicaciones hasta la fecha incluyen revistas de gran prestigio nacional e internacional como son Econometrica, Journal of Banking and Finance, Quaterly Journal of Finance, Review of Economic Dynamics y el Journal of Risk and Insurance. Sus trabajos se presentan en conferencias prestigiosas, incluyendo el European Group of Risk and Insurance Economists (EGRIE), la European Economic Association, la European Finance Association, y la European Econometric Society Meeting entre otros. Tambi\u00e9n ha escrito varios cap\u00edtulos de libros, y ha escrito, junto con Alvaro Cartea y Sebastian Jaimungal, el libro\u00a0\u00ab<a href=\"https:\/\/www.cambridge.org\/es\/academic\/subjects\/mathematics\/mathematical-finance\/algorithmic-and-high-frequency-trading?format=HB&amp;isbn=9781107091146\" target=\"_blank\" rel=\"noopener\">Algorithmic and High-frequency Trading<\/a>\u00bb (Cambridge University Press, 2015)<\/p>\n<p>\t\t\t\t\t\t\t\t\tPublicaciones<\/p>\n<p>Ganuza, J.: \u00abInformation disclosure in optimal auctions\u00bb,\u00a0International Journal of Industrial Organization\u00a0vol. 63, Marzo 2019, 469-479<\/p>\n<p>Penalva, J., Gomez, F. &amp; Ganuza, J.J.:\u00a0\u00abProduct Liability Should Reward Firm Transparency\u00bb,\u00a0International Review of Law &amp; Economics\u00a0vol. 56, December 2018, 160-169<\/p>\n<p>Penalva, J., Cartea, A., Payne, R. &amp; Tapia, M.:\u00a0\u00abUltra-Fast Activity and Intraday Market Quality\u00bb,\u00a0Journal of Banking and Finance\u00a0(online), December 2018<\/p>\n<p>Penalva, J. &amp; VanBommel, J.: \u00abThe Governance of Perpetual Financial Intermediaries\u00bb,\u00a0Journal of Institutional and Theoretical Economics\u00a0vol. 173 (3), 2017, 498-522<\/p>\n<p>Penalva, J. &amp; Gomez, F.: \u00abTort reform and the theory of coordinating tort and insurance\u00bb,\u00a0International Review of Law and Economics\u00a0vol. 43, Agosto 2015, 83\u201397.<\/p>\n<p>Penalva, J. &amp; Cartea, A.:\u00a0\u00abWhere is the Value in High Frequency Trading?\u00bb,\u00a0Quarterly Journal of Finance\u00a0vol. 2 (3), 2012, 1250014<\/p>\n<p>Penalva, J. &amp; Ganuza, J.J.: \u00abSignal Orderings based on Dispersion and the Supply of Private Information in Auctions\u00bb,\u00a0Econometrica\u00a0vol. 78 (3), May 2010, 1007\u20131030<\/p>\n<p>Penalva, J.:\u00a0\u00abA Study of the Interaction of Insurance and Financial Markets: Efficiency and Full Insurance Coverage\u00bb,\u00a0Journal of Risk and Insurance\u00a0vol. 75 (2), Junio 2008, 313-342<\/p>\n<p>Penalva, J.: \u00abInsurance and Tort: Coordination Systems And Imperfect Liability Rules\u00bb, en\u00a0Internationalization of the Law and its Economic Analysis,\u00a0Eger T. et al (ed), Gabler Edition Wissenschaft, 2008<\/p>\n<p>Penalva, J. &amp; Ryall, M.D.: \u00abEmpirical Implications of Information Structure in Finite Extensive Form Games\u00bb,\u00a0The B.E. Journal of Theoretical Economics (Contributions)\u00a0vol.\u00a08 (1), 2008<\/p>\n<p>Penalva, J.: \u00abInsuring California Earthquakes and the Role for Catastrophe Bonds\u00bb,\u00a0Journal of Risk Finance\u00a0\u00a0vol. 3 (4), 2002, 54-72<\/p>\n<p>Penalva, J.: \u00abInsurance with Frequency Trading: A Dynamic Analysis of Efficient Insurance Markets\u00bb,\u00a0Review of Economic Dynamics\u00a0vol.\u00a04, 2001<\/p>\n<p>Penalva, J. &amp; Ellickson, B.: \u00abIntertemporal Insurance\u00bb,\u00a0Journal of Risk and Insurance\u00a0vol. 64 (4), Diciembre 1997, 579-598<\/p>\n<p>\u00a0\t\t\t\t\t\t\t\t\t<\/p>\n<ul>\n<li>\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"mailto:%20rosa.rodriguez@uc3m.es\"><\/p>\n<p>\t\t\t\t\t\t\t\t\t\tEmail: jpenalva@emp.uc3m.es<br \/>\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<li>\n<p>\t\t\t\t\t\t\t\t\t\tDirecci\u00f3n \/ oficina: C\/ Madrid, 126 &#8211; 28903 Getafe (Madrid) Spain \/ 7.0.49\n\t\t\t\t\t\t\t\t\t<\/li>\n<li>\n<p>\t\t\t\t\t\t\t\t\t\tTel\u00e9fono \/ fax: (34) 91 624 96 54\n\t\t\t\t\t\t\t\t\t<\/li>\n<li>\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.josepenalva.com\/\" target=\"_blank\" rel=\"noopener\"><\/p>\n<p>\t\t\t\t\t\t\t\t\t\tSitio web personal<br \/>\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<\/ul>\n<p>\t\t\t\t<a href=\"https:\/\/x.com\/uc3m_business?lang=es\" tabindex=\"-1\" aria-label=\"BUSINESS UC3M\"><br \/>\n\t\t\t\t\t\t\t\t<\/a><\/p>\n<h3>\n\t\t\t\t\t\t<a href=\"https:\/\/x.com\/uc3m_business?lang=es\"><br \/>\n\t\t\t\t\t\t\tBUSINESS UC3M\t\t\t\t\t\t<\/a><br \/>\n\t\t\t\t\t<\/h3>\n<p>\n\t\t\t\t\t\t@UC3M_BUSINESS\t\t\t\t\t<\/p>\n","protected":false},"author":1,"template":"","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":"","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 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