1. Is the net income of a year the money the company made that particular year or is it a number whose
significance is quite doubtful?
2. Is depreciation the loss of value of fixed assets?
3. The so-called “cash flow” (net income plus depreciation) is a flow of cash, but is it a flow to t...
, The CIIF, International Center for Financial Research, is an interdisciplinary center with
an international outlook and a focus on teaching and research in finance. It was created
Pablo at the beginning of 1992 to channel the financial research interests of a multidisciplinary
group of professors at IESE Business School and has established itself as a nucleus of
study within the School’s activities.
Ten years on, our chief objectives remain the same:
• Find answers to the questions that confront the owners and managers of finance
companies and the financial directors of all kinds of companies in the performance
of their duties
• Develop new tools for financial management
• Study in depth the changes that occur in the market and their effects on the
financial dimension of business activity
All of these activities are programmed and carried out with the support of our
sponsoring companies. Apart from providing vital financial assistance, our sponsors also
help to define the Center’s research projects, ensuring their practical relevance.
The companies in question, to which we reiterate our thanks, are:
Aena, A.T. Kearney, Caja Madrid, Fundación Ramón Areces, Grupo Endesa, Royal Bank
of Scotland and Unión Fenosa.
http://www.iese.edu/ciif/
Fernández1
Abstract
This paper contains 100 questions that students, alumni and other persons (judges, arbitrageurs,
clients…) have posed to me over the past years. They were recompiled so as to help the reader
remember, clarify and, in some cases, discuss some useful concepts in finance. Most of the questions
have a clear answer but others can receive several emphases. A short answer to all of the questions
is provided at the end of the paper.
JEL Classification: G12, G31, M21
1 Professor, Financial Management, PricewaterhouseCoopers Chair of Finance, IESE
IESE Business School-University of Navarra
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