{"id":10153,"date":"2024-08-06T16:50:26","date_gmt":"2024-08-06T20:50:26","guid":{"rendered":"https:\/\/www.bu.edu\/questrom\/profiles\/fernando-zapatero\/"},"modified":"2026-06-11T15:51:27","modified_gmt":"2026-06-11T19:51:27","slug":"fernando-zapatero","status":"publish","type":"profiles","link":"https:\/\/www.bu.edu\/questrom\/profiles\/fernando-zapatero\/","title":{"rendered":"Fernando Zapatero"},"content":{"rendered":"\n<div class=\"wp-block-group alignfull profile__standard-wrapper has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-columns profile__columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column profile__left-column is-layout-flow wp-container-core-column-is-layout-3bd72ab2 wp-block-column-is-layout-flow\"><figure class=\"profile__image wp-block-post-featured-image\"><img decoding=\"async\" alt=\"Fernando Zapatero\" style=\"object-fit:contain\" class=\"wp-post-image\" src=\"http:\/\/questromapps.bu.edu\/images\/facstaff\/ZapateroFernando.jpg\" \/><\/figure>\n\n<aside class=\"profile__contact profile__contact--api wp-block-amp-profile-contact\" itemscope itemtype=\"http:\/\/schema.org\/Person\">\n  <h5>Contact<\/h5>\n  <div class=\"profile__contact-row\">\n          <div class=\"profile__contact-cell profile__contact-cell--phone\">\n        <h6 class=\"wp-block-heading has-h-8-font-size\" style=\"font-weight: 500; text-transform: uppercase; margin-top: 0px;\">\n        Phone\n      <\/h6>\n      <p class=\"has-p-2-font-size\" itemprop=\"telephone\">\n        617-353-3631      <\/p>\n    <\/div>\n              <div class=\"profile__contact-cell profile__contact-cell--email\">\n        <h6 class=\"wp-block-heading has-h-8-font-size\" style=\"font-weight: 500; text-transform: uppercase; margin-top: 0px;\">\n        Email\n      <\/h6>\n      <p class=\"has-p-2-font-size\">\n        <a href=\"mailto:fzapa@bu.edu\" itemprop=\"email\">\n          fzapa@bu.edu        <\/a>\n      <\/p>\n    <\/div>\n          <\/div>\n\n      <div class=\"profile__contact-buttons\">\n              <div class=\"wp-block-button is-style-primary-button\">\n          <a class=\"wp-block-button__link wp-element-button\" href=\"http:\/\/questromapps.bu.edu\/faculty\/uploadFiles\/cvUploadsProfile\/FE_Zapatero_Fernando_CV.pdf\">\n            Download CV\n          <\/a>\n        <\/div>\n                <\/div>\n  \n      <div class=\"profile__contact-row\">\n\n              <div class=\"profile__contact-cell profile__contact-cell--office\">\n          <h6 class=\"wp-block-heading has-h-8-font-size\" style=\"font-weight: 500; text-transform: uppercase; margin-top: 0px;\">\n          Office\n        <\/h6>\n        <p class=\"has-p-2-font-size\" itemprop=\"workLocation\">\n          530        <\/p>\n      <\/div>\n                    <div class=\"profile__contact-cell profile__contact-cell--bu\">\n          <h6 class=\"wp-block-heading has-h-8-font-size\" style=\"font-weight: 500; text-transform: uppercase; margin-top: 0px\">\n            Boston University <br \/>\n            Questrom School of Business\n          <\/h6>\n                        <p class=\"has-p-2-font-size\" itemprop=\"address\">\n                Rafik B. Hariri Building <br \/>\n                595 Commonwealth Avenue <br \/>\n                Boston, MA 02215\n              <\/p>\n                  <\/div>\n          <\/div>\n  <\/aside><\/div>\n\n\n\n<div class=\"wp-block-column profile__right-column is-layout-flow wp-container-core-column-is-layout-3bd72ab2 wp-block-column-is-layout-flow\">\n<div class=\"wp-block-group profile__header-container has-global-padding is-layout-constrained wp-container-core-group-is-layout-7db9d80f wp-block-group-is-layout-constrained\" style=\"padding-right:0;padding-left:0\">\n<div class=\"wp-block-group profile__header-content has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\"><h1 class=\"wp-block-post-title\">Fernando Zapatero<\/h1>\n\n\n<div class=\"alignfull wp-block-amp-profile-position\">\n\t\t\t<p class=\"has-text-align-left has-text-transform-uppercase has-p-2-font-size\" style=\"text-transform: uppercase; font-weight: 600\">\n\t\t\tRichard D. Cohen Professor in Finance\t\t<\/p>\n\t<\/div>\n<\/div>\n<\/div>\n\n\n\n\n\n\n<div class=\"wp-block-amp-profile-data profile-data\">\n\n<div class=\"wp-block-group profile__data-section has-global-padding is-layout-constrained wp-block-group-is-layout-constrained wp-block-amp-profile-presentations\">\n\t<h5 class=\"wp-block-heading\" style=\"font-weight: 500\">\n\tSelected Research Presentations\t<\/h5>\n\n\t<div class=\"wp-block-group profile__data-row has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n\t\t<p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Zapatero, F. Advice to PhD students and some of my ongoing research, PhD Day, Finance Forum, Universidad Publica de Navarra, Pamplona, Spain, 2025<\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Zapatero, F. &#8220;Rolling the Skew Die: Economic Foundations of the Demand for Skewness and Experimental Evidence, Finance Forum, Universidad de la Laguna, Tenerife, Spain, 2024<\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Zapatero, F. Greener on the Other Side: Asset Prices in a Technological Transition, New Contributions in Climate Finance, ICADE, Madrid Spain, 2024<\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Zapatero, F. Asset Pricing Implications of Heterogeneous Investment Horizons, Northern Finance Association Meeting, 2023<\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Zapatero, F. No Max Pain, No Max Gain: Stock Return Predictability at Options Expiration, European Finance Association Meeting, 2023<\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Zapatero, F. Asset Pricing Implications of Heterogeneous Investment Horizons, Spanish Finance Forum, 2023<\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Zapatero, F. Rolling the Skew Die: Economic Foundations of the Demand for Skewness and Experimental Evidence, Climate Finance, ICADE (Madrid, Spain), 2023<\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Zapatero, F. Reference-Dependence and Skewness: The Two Sides of a Coin, ICADE (Madrid, Spain), 2023<\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Zapatero, F. Rolling the Skew Die: Economic Foundations of the Demand for Skewness and Experimental Evidence, Universidad de Palma de Mallorca (Spain), 2023<\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Zapatero, F. Rolling the Skew Die: Economic Foundations of the Demand for Skewness and Experimental Evidence, Toulouse Business School, 2023<\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Zapatero, F. Rolling the Skew Die: Economic Foundations of the Demand for Skewness and Experimental Evidence, ITAM (Mexico City, Mexico), 2023<\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Zapatero, F. Disagreement, Information Quality and Asset Prices, Finance Forum, Online<\/p>\t\t<\/p>\n\t<\/div>\n<\/div>\n\n\n<div class=\"wp-block-group profile__data-section has-global-padding is-layout-constrained wp-block-group-is-layout-constrained wp-block-amp-profile-publications\">\n\t<h5 class=\"wp-block-heading\" style=\"font-weight: 500\">\n\tPublications\t<\/h5>\n\n\t<div class=\"wp-block-group profile__data-row has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n\t<p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Belz, A., Graddy-Reed, A., Zapatero, F. (In Press). &#8220;The Role of Institutional Governance on Early-Stage Financing for University Spinoffs&#8221;, <i>Strategic Entrepreneurship Journal<\/i><\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Belz, A., Eckhause, J., Terrile, R., Zapatero, F. (In Press). &#8220;A Real Options Methodology for R&#038;D Portfolio Selection and Management: Applications to the NASA SBIR Program&#8221;, <i>Annals of Operations Research<\/i><\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Aristidou, A., Giga, A., Lee, S., Zapatero, F. (In Press). &#8220;aspirational utility and investment behavior&#8221;, <i>Journal of Financial Economics<\/i><\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Sotes-Paladino, J., Zapatero, F. (In Press). &#8220;A Rationale for Benchmarking in Money Management&#8221;, <i>SSRN Electronic Journal<\/i><\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Cvitanic, J., Zapatero, F., Wiener, Z. (In Press). &#8220;Analytic Pricing of Employee Stock Options&#8221;, <i>SSRN Electronic Journal<\/i><\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Suh, S., Zapatero, F. (In Press). &#8220;A Class of Quadratic Options for Exchange Rate Stabilization&#8221;, <i>SSRN Electronic Journal<\/i><\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Cadenillas, A., Sarkar, S., Zapatero, F. (In Press). &#8220;Optimal Dividend Policy with Mean-Reverting Cash Reservoir&#8221;, <i>SSRN Electronic Journal<\/i><\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Cetin, C., Zapatero, F. (In Press). &#8220;Optimal Acquisition of a Partially Hedgeable House&#8221;, <i>SSRN Electronic Journal<\/i><\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Xiouros, C., Zapatero, F. (In Press). &#8220;The Representative Agent of an Economy with External Habit-Formation and Heterogeneous Risk-Aversion&#8221;, <i>SSRN Electronic Journal<\/i><\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Giga, A., Belz, A., Terrile, R., Zapatero, F., Yadegar, D. (In Press). &#8220;Helping the Little Guy: The Impact of Government Grants on Small Technology Firms&#8221;, <i>SSRN Electronic Journal<\/i><\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Shemesh, J., Zapatero, F. (In Press). &#8220;Thou Shalt Not Covet Thy (Suburban) Neighbor\u2019s Car&#8221;, <i>SSRN Electronic Journal<\/i><\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Cadenillas, A., Cvitanic, J., Zapatero, F. (In Press). &#8220;Executive Stock Options as a Screening Mechanism&#8221;, <i>SSRN Electronic Journal<\/i><\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Cadenillas, A., Zapatero, F., Cvitanic, J. (In Press). &#8220;Executive Stock Options as a Screening Mechanism&#8221;, <i>SSRN Electronic Journal<\/i><\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Zambrana, R., Zapatero, F. (In Press). &#8220;A Tale of Two Types: Generalists vs. Specialists in Mutual Funds Asset Management&#8221;, <i>SSRN Electronic Journal<\/i><\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Xiouros, C., Zapatero, F. (In Press). &#8220;Stock and Bond Prices with Disagreement and Habit Formation Preferences&#8221;, <i>SSRN Electronic Journal<\/i><\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Aharoni, G., Shemesh, J., Zapatero, F. (In Press). &#8220;Star Analystss Rankings and Strategic Announcements: The Case of Battleground Stocks&#8221;, <i>SSRN Electronic Journal<\/i><\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Shemesh, J., Zenou, Y., Zapatero, F. (In Press). &#8220;Heterogenous Peer Effects: How Community Connectivity Affects Car Purchases&#8221;, <i>SSRN Electronic Journal<\/i><\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Belz, A., Eckhause, J., Terrile, R., Zapatero, F. (In Press). &#8220;A Real Options Approach to Project Selection and its Application to NASA\u2019s Small Business Innovation Research Program&#8221;, <i>SSRN Electronic Journal<\/i><\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Belz, A., Giga, A., Terrile, R., Kawas, M., Zapatero, F. (In Press). &#8220;Technology Advancement in NASA&#8217;s Small Business Innovation Research Program&#8221;, <i>SSRN Electronic Journal<\/i><\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Iba\u00f1ez, A., Zapatero, F. (In Press). &#8220;The Term Premium and Endogenous Debt-Maturity Dynamics&#8221;, <i>SSRN Electronic Journal<\/i><\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Belz, A., Graddy-Reed, A., Zapatero, F. (2025). &#8220;The signal of institutional governance in early-stage financing for university spinoffs&#8221;, <i>Strategic Entrepreneurship Journal<\/i><\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Belz, A., Eckhause, J., Terrile, R., Zapatero, F. (2025). &#8220;A real options methodology for multi-stage project selection: an application to NASA\u2019s SBIR program&#8221;, <i>Annals of Operations Research<\/i><\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Aristidou, A., Giga, A., Lee, S., Zapatero, F. (2025). &#8220;Aspirational utility and investment behavior&#8221;, <i>Journal of Financial Economics<\/i>, <i>163<\/i> 103970-103970<\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Hodor, I., Zapatero, F. (2023). &#8220;Asset Pricing Implications of Risk-on and Risk-off Incentives&#8221;, <i>SSRN Electronic Journal<\/i><\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Sotes-Paladino, J., Zapatero, F. (2022). &#8220;Carrot and stick: A role for benchmark-adjusted compensation in active fund management&#8221;, <i>Journal of Financial Intermediation<\/i>, <i>52<\/i> 100981-100981<\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Belz, A., Terrile, R., Zapatero, F., Kawas, M., Giga, A. (2021). &#8220;Mapping the \u201cValley of Death\u201d: Managing Selection and Technology Advancement in NASA&#8217;s Small Business Innovation Research Program&#8221;, <i>IEEE Transactions on Engineering Management<\/i>, <i>68<\/i> (5),  1476-1485<\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Belz, A., Zapatero, F. (2019). &#8220;Impact of Government Grants on Venture Capital Funding of Deep Technology University Spinoffs&#8221;, <\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Brocas, I., Carrillo, J., Giga, A., Zapatero, F. (2019). &#8220;Risk Aversion in a Dynamic Asset Allocation Experiment&#8221;, <i>Journal of Financial and Quantitative Analysis<\/i>, <i>54<\/i> (5),  2209-2232<\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Sotes-Paladino, J., Zapatero, F. (2019). &#8220;Riding the Bubble with Convex Incentives&#8221;, <i>The Review of Financial Studies<\/i>, <i>32<\/i> (4),  1416-1456<\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Belz, A., Giga, A., Terrile, R., Kawas, M., Zapatero, F. (2019). &#8220;Technology Maturity in NASA\u2019s Small Business Innovation Research Program&#8221;, <i>Springer International Publishing<\/i> 435-447<\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">G\u00f3mez, J., Priestley, R., Zapatero, F. (2016). &#8220;Labor Income, Relative Wealth Concerns, and the Cross Section of Stock Returns&#8221;, <i>Journal of Financial and Quantitative Analysis<\/i>, <i>51<\/i> (4),  1111-1133<\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Cetin, C., Zapatero, F. (2015). &#8220;Optimal acquisition of a partially hedgeable house&#8221;, <i>Mathematics and Financial Economics<\/i>, <i>9<\/i> (2),  123-147<\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Kim, M., Zapatero, F. (2010). &#8220;Uncertainty and Dispersion of Opinions&#8221;, <i>SSRN Electronic Journal<\/i><\/p><p class=\"has-text-align-left has-neutral-01-color has-text-color has-link-color has-p-2-font-size\">Cvitanic, J., Polimenis, V., Zapatero, F. (2007). &#8220;Optimal portfolio allocation with higher moments&#8221;, <i>Annals of Finance<\/i>, <i>4<\/i> (1),  1-28<\/p>\t\t<\/p>\n\t<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":0,"template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"bu_is_from_api":true,"buID":"U48762175","lastName":"Zapatero","firstName":"Fernando","middleName":"","suffixName":"","phone":"617-353-3631","email":"fzapa@bu.edu","pronouns":"","cv":"http:\/\/questromapps.bu.edu\/faculty\/uploadFiles\/cvUploadsProfile\/FE_Zapatero_Fernando_CV.pdf","website":"","office":"530","address":"595 Commonwealth Ave","bio":"","bu_profile_image_url":"http:\/\/questromapps.bu.edu\/images\/facstaff\/ZapateroFernando.jpg","position":["Richard D. Cohen Professor in Finance"],"education":[],"publications":["Belz, A., Graddy-Reed, A., Zapatero, F. (In Press). \"The Role of Institutional Governance on Early-Stage Financing for University Spinoffs\", <i>Strategic Entrepreneurship Journal<\/i>","Belz, A., Eckhause, J., Terrile, R., Zapatero, F. (In Press). \"A Real Options Methodology for R&D Portfolio Selection and Management: Applications to the NASA SBIR Program\", <i>Annals of Operations Research<\/i>","Aristidou, A., Giga, A., Lee, S., Zapatero, F. (In Press). \"aspirational utility and investment behavior\", <i>Journal of Financial Economics<\/i>","Sotes-Paladino, J., Zapatero, F. (In Press). \"A Rationale for Benchmarking in Money Management\", <i>SSRN Electronic Journal<\/i>","Cvitanic, J., Zapatero, F., Wiener, Z. (In Press). \"Analytic Pricing of Employee Stock Options\", <i>SSRN Electronic Journal<\/i>","Suh, S., Zapatero, F. (In Press). \"A Class of Quadratic Options for Exchange Rate Stabilization\", <i>SSRN Electronic Journal<\/i>","Cadenillas, A., Sarkar, S., Zapatero, F. (In Press). \"Optimal Dividend Policy with Mean-Reverting Cash Reservoir\", <i>SSRN Electronic Journal<\/i>","Cetin, C., Zapatero, F. (In Press). \"Optimal Acquisition of a Partially Hedgeable House\", <i>SSRN Electronic Journal<\/i>","Xiouros, C., Zapatero, F. (In Press). \"The Representative Agent of an Economy with External Habit-Formation and Heterogeneous Risk-Aversion\", <i>SSRN Electronic Journal<\/i>","Giga, A., Belz, A., Terrile, R., Zapatero, F., Yadegar, D. (In Press). \"Helping the Little Guy: The Impact of Government Grants on Small Technology Firms\", <i>SSRN Electronic Journal<\/i>","Shemesh, J., Zapatero, F. (In Press). \"Thou Shalt Not Covet Thy (Suburban) Neighbor\u2019s Car\", <i>SSRN Electronic Journal<\/i>","Cadenillas, A., Cvitanic, J., Zapatero, F. (In Press). \"Executive Stock Options as a Screening Mechanism\", <i>SSRN Electronic Journal<\/i>","Cadenillas, A., Zapatero, F., Cvitanic, J. (In Press). \"Executive Stock Options as a Screening Mechanism\", <i>SSRN Electronic Journal<\/i>","Zambrana, R., Zapatero, F. (In Press). \"A Tale of Two Types: Generalists vs. Specialists in Mutual Funds Asset Management\", <i>SSRN Electronic Journal<\/i>","Xiouros, C., Zapatero, F. (In Press). \"Stock and Bond Prices with Disagreement and Habit Formation Preferences\", <i>SSRN Electronic Journal<\/i>","Aharoni, G., Shemesh, J., Zapatero, F. (In Press). \"Star Analystss Rankings and Strategic Announcements: The Case of Battleground Stocks\", <i>SSRN Electronic Journal<\/i>","Shemesh, J., Zenou, Y., Zapatero, F. (In Press). \"Heterogenous Peer Effects: How Community Connectivity Affects Car Purchases\", <i>SSRN Electronic Journal<\/i>","Belz, A., Eckhause, J., Terrile, R., Zapatero, F. (In Press). \"A Real Options Approach to Project Selection and its Application to NASA\u2019s Small Business Innovation Research Program\", <i>SSRN Electronic Journal<\/i>","Belz, A., Giga, A., Terrile, R., Kawas, M., Zapatero, F. (In Press). \"Technology Advancement in NASA's Small Business Innovation Research Program\", <i>SSRN Electronic Journal<\/i>","Iba\u00f1ez, A., Zapatero, F. (In Press). \"The Term Premium and Endogenous Debt-Maturity Dynamics\", <i>SSRN Electronic Journal<\/i>","Belz, A., Graddy-Reed, A., Zapatero, F. (2025). \"The signal of institutional governance in early-stage financing for university spinoffs\", <i>Strategic Entrepreneurship Journal<\/i>","Belz, A., Eckhause, J., Terrile, R., Zapatero, F. (2025). \"A real options methodology for multi-stage project selection: an application to NASA\u2019s SBIR program\", <i>Annals of Operations Research<\/i>","Aristidou, A., Giga, A., Lee, S., Zapatero, F. (2025). \"Aspirational utility and investment behavior\", <i>Journal of Financial Economics<\/i>, <i>163<\/i> 103970-103970","Hodor, I., Zapatero, F. (2023). \"Asset Pricing Implications of Risk-on and Risk-off Incentives\", <i>SSRN Electronic Journal<\/i>","Sotes-Paladino, J., Zapatero, F. (2022). \"Carrot and stick: A role for benchmark-adjusted compensation in active fund management\", <i>Journal of Financial Intermediation<\/i>, <i>52<\/i> 100981-100981","Belz, A., Terrile, R., Zapatero, F., Kawas, M., Giga, A. (2021). \"Mapping the \u201cValley of Death\u201d: Managing Selection and Technology Advancement in NASA's Small Business Innovation Research Program\", <i>IEEE Transactions on Engineering Management<\/i>, <i>68<\/i> (5),  1476-1485","Belz, A., Zapatero, F. (2019). \"Impact of Government Grants on Venture Capital Funding of Deep Technology University Spinoffs\", ","Brocas, I., Carrillo, J., Giga, A., Zapatero, F. (2019). \"Risk Aversion in a Dynamic Asset Allocation Experiment\", <i>Journal of Financial and Quantitative Analysis<\/i>, <i>54<\/i> (5),  2209-2232","Sotes-Paladino, J., Zapatero, F. (2019). \"Riding the Bubble with Convex Incentives\", <i>The Review of Financial Studies<\/i>, <i>32<\/i> (4),  1416-1456","Belz, A., Giga, A., Terrile, R., Kawas, M., Zapatero, F. (2019). \"Technology Maturity in NASA\u2019s Small Business Innovation Research Program\", <i>Springer International Publishing<\/i> 435-447","G\u00f3mez, J., Priestley, R., Zapatero, F. (2016). \"Labor Income, Relative Wealth Concerns, and the Cross Section of Stock Returns\", <i>Journal of Financial and Quantitative Analysis<\/i>, <i>51<\/i> (4),  1111-1133","Cetin, C., Zapatero, F. (2015). \"Optimal acquisition of a partially hedgeable house\", <i>Mathematics and Financial Economics<\/i>, <i>9<\/i> (2),  123-147","Kim, M., Zapatero, F. (2010). \"Uncertainty and Dispersion of Opinions\", <i>SSRN Electronic Journal<\/i>","Cvitanic, J., Polimenis, V., Zapatero, F. (2007). \"Optimal portfolio allocation with higher moments\", <i>Annals of Finance<\/i>, <i>4<\/i> (1),  1-28"],"presentations":["Zapatero, F. Advice to PhD students and some of my ongoing research, PhD Day, Finance Forum, Universidad Publica de Navarra, Pamplona, Spain, 2025","Zapatero, F. \"Rolling the Skew Die: Economic Foundations of the Demand for Skewness and Experimental Evidence, Finance Forum, Universidad de la Laguna, Tenerife, Spain, 2024","Zapatero, F. Greener on the Other Side: Asset Prices in a Technological Transition, New Contributions in Climate Finance, ICADE, Madrid Spain, 2024","Zapatero, F. Asset Pricing Implications of Heterogeneous Investment Horizons, Northern Finance Association Meeting, 2023","Zapatero, F. No Max Pain, No Max Gain: Stock Return Predictability at Options Expiration, European Finance Association Meeting, 2023","Zapatero, F. Asset Pricing Implications of Heterogeneous Investment Horizons, Spanish Finance Forum, 2023","Zapatero, F. Rolling the Skew Die: Economic Foundations of the Demand for Skewness and Experimental Evidence, Climate Finance, ICADE (Madrid, Spain), 2023","Zapatero, F. Reference-Dependence and Skewness: The Two Sides of a Coin, ICADE (Madrid, Spain), 2023","Zapatero, F. Rolling the Skew Die: Economic Foundations of the Demand for Skewness and Experimental Evidence, Universidad de Palma de Mallorca (Spain), 2023","Zapatero, F. Rolling the Skew Die: Economic Foundations of the Demand for Skewness and Experimental Evidence, Toulouse Business School, 2023","Zapatero, F. Rolling the Skew Die: Economic Foundations of the Demand for Skewness and Experimental Evidence, ITAM (Mexico City, Mexico), 2023","Zapatero, F. Disagreement, Information Quality and Asset Prices, Finance Forum, Online"],"awards_honors":[]},"ambassador-type":[],"career-interest":[],"citizenship":[],"club-organization":[],"current-country":[],"current-industry":[],"region":[],"state":[],"undergraduate-major":[],"profile_types":[16],"faculty-departments":[1171],"staff-departments":[],"phd-student-departments":[],"programs":[],"directory-types":[35],"class_list":["post-10153","profiles","type-profiles","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fernando Zapatero - Boston University Questrom<\/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:\/\/www.bu.edu\/questrom\/profiles\/fernando-zapatero\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fernando Zapatero - 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