Felipe Ruiz López

Click here to see the extended CV of prof. Felipe Ruiz

Born: 20/08/1947
Nationality: Spanish
Contact: felipe.ruiz@upm.es


Full Professor of Business Administration, Escuela Tecnica Superior de Ingenieros Industriales (ETSII), Universidad Politecnica de Madrid (UPM), Jose Gutierrez Abascal, 2. 28006 Madrid. Spain. (1976 – today).

Member of the MIT Sloan European, Middle Eastern, South Asian, African Executive Board. (2012 – today).


Doctor Ingeniero Industrial, Universidad Politecnica de Madrid (UPM), Madrid, Spain, 1976. Awarded Extraordinary Prize by the Industrial Engineering School.

Master of Science in Management, Sloan School of Management, Massachusetts Institute of Technology (MIT), Cambridge, Massachusetts, U.S.A., 1975.

Ingenieur Civil en Gestion Industrielle, Faculte des Sciences Appliquees, Université Catholique de Louvain, Louvain, Belgium, 1972. Awarded Highest Distinction.

Ingeniero Industrial, Universidad Politecnica de Madrid (UPM). Graduated 2nd. in class. Madrid, Spain, 1969.



- Has taught graduate courses in Financial Accounting, Managerial Accounting, Corporate Finance, Business Administration and Business Law. Presently teaching master courses on: Portfolio Management and Capital Markets.

- Has taught doctoral courses on Corporate Finance and Option Theory. Presently teaching doctoral courses on: Portfolio Management and Real Options.


Has been chairman of a Spanish quoted financial investment company and member of the board of Spanish industrial companies, quoted and non-quoted, in the sectors of oil and gas distribution, cement, mining (kaolin and iron ore), consumer (kitchen cabinets, porcelainware, frozen food) and capital goods (office furniture, cranes, trailers, electrical pumps) manufacturing, freight railroad transport, construction materials (sanitaryware, bricks, fibre cement), commercial (sports equipment and food specialties), and plastic food packaging.

Has been vice-president Industrial Management Division of a major Spanish bank (1975-1986) and hold senior management position in a major Spanish electric utility (1972-1974).

Has been member of the board of an Appellation Contrôlée vineyard and wine producing company (1990 – 2013).


Doctoral thesis at UPM obtained the “Fundacion Universidad Empresa”’s prize “To the best 1976 PhD thesis at UPM with Business Application”.

Author or coauthor in 31 publications in national and international journals, and has gained recognition for twelve years of international-quality research.

Author or coauthor in 24 publications in national and international congresses.

Team Director of 8 research projects in the areas of Real Options, Cost of Capital and Technology Based New Ventures Creation, for the Research Directorate of the Spanish Ministry of Education and Science, the Research Directorate of Madrid´s Regional Government and Leading Spanish quoted companies.

Research topics: Portfolio Management, Real Options, Capital Markets.


Parreno, J., Ruiz, F. and Roux, F. (2013), “Return of Equitiy Issues in the Spanish Stock Market from the Investor’s Perspective, during the 1997-2012 period”, in Hernandez, C. and Perez-Rios, J.M. (Eds) Managing Complexity: Challenges for Industrial and Operations Management, Springer International Publishing Switzerland, pp. 59-66.

Roux, F., Ruiz, F. and Eguren, S. (2014), “Analysis of the Operating Efficiency of Mobile Operators During the 2002-2008 Period”, in Prado-Prado, C. and Garcia-Arca, J. (Eds) Industrial Engineering: Overcoming the Crisis”, Springer-Verlag London, pp. 27-35.

Nisar, A., Palacios, M. and Ruiz, F. (2013), “Strategic rigidity and foresight for technology adoption among electric utilities”, Energy Policy, Vol. 63, pp. 1233-1239

Nisar, A., Ruiz, F., Palacios, M. (2013), “Organizational learning, strategic rigidity and technology adoption: implications for electric utilities and renewable energy firms”, Renewable and Sustainable Energy Reviews, Volume 22, pp. 438-445

Nair, S., Nisar, A., Palacios, M. and Ruiz, F. (2012), “Impact of knowledge brokering on performance heterogeneity among business models”, Management Decision, Vol. 50, No. 9, pp. 1649-1660.

Locatelli, G., Mancini, M., Ruiz, F. and Solana, P. (2012), “Using real options to evaluate flexibility in the development of SMR”, in Proceedings of ICAPP’12, pp.2773-2782.

Ruiz, F., Martinez, G., and Ruiz, R. (2011), “Evaluation of the Fundamental Index’s Performance in the Spanish Capital Markets from a Passive Investor’s Perspective”, in Sethi, S.P., Bogataj, M., and Ros-McDonnell (Eds) Industrial Engineering: Innovative Networks, Springer, pp. 21-28.

Nisar, A., Rodriguez, C., Ruiz, F. and Yuxi, W. (2011), “Organizational Structure Shapes Performance in Dynamic Environments: Studying the Relatioship Between Structure and Performance”, in Sethi, S.P., Bogataj, M., and Ros-McDonnell (Eds) Industrial Engineering: Innovative Networks, Springer, pp. 175-180.

Ruiz, F., and De Lossada, F. (2010) “Return Improvement of Portfolios that Follow Indices, through using Additional Criteria to Select the Companies Included in the Index”, 4th International Conference on Industrial Engineering and Industrial Management.

Alvarez, L., Blanco, F., Ruiz, F. and Solana, P. (2008) “Valuation of Patents and R&D Projects using Real Options: a Practical Implementation”, Direccion y Organizacion, Vol. 35, pp. 125-130.

Casanueva, C. and Ruiz, F. (2007) “The Industrialization of Financial Advice: Identification of Systems to Improve the Long Term Strategic Financial Investment Decisions by Individuals in Spain”, I International Conference on Industrial Engineering and Industrial Management.

Ruiz, F. (2000) “Pecking Order and Optimal Capital Structure Theories. Explanatory Power for Companies Quoted in the Madrid´s Stock Exchange”, I workshop de Organización Industrial.

Ruiz, F. (1996) “Use of Economic Models for Demand Forecast”, Economía Industrial.

Ruiz, F. (1993) “Analysis of Capital Investments in Real Assets and the Modern Theory of Finance”, Dirección y Organización.

Ruiz, F. (1986) “Valuation of Leasing Contracts”, Revista Española de Financiación y Contabilidad.

Ruiz, F. (1986) “Applications of Option Theory to Corporate Finance”, Cuadernos Económicos del ICE.

Ruiz, F. (1975) “A Model for Investment Planning in an Electrical Network with Increasing Demands Over Time and Branches subject to Failure”, Fifth Power Systems Computation Conference, Queen Mary College, London.



Coordinator at UPM of Erasmus Mundus Doctoral Course: European Doctorate in Industrial management (EDIM), 2011-today

Coordinator of Erasmus Mundus Master Course: International Master in Industrial Management (IMIM), 2004-today

Coordinator at UPM of Erasmus Mundus Master Course: European Joint Masters in Management and Engineering of Environment and Energy (ME3), 2007-today

Director of the Department of Industrial Engineering, Business Administration and Statistics. Universidad Politecnica de Madrid, 2001-2008.

Director of the Technology Based New Ventures Creation Contest. Universidad Politecnica de Madrid, 2004 – 2008.

Community Service

Board member of Fundacion Tomillo (Spanish NGO with activities in education and training for job insertion in Madrid’s less favored areas, work integration social enterprises, and economic research on social programs). (1985-2014).


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