Pablo Fernandez is a professor in the department of financial management at the University of Navarra—IESE Business School in Spain (ranked No. 5 in the world for full-time MBAs by The Economist). A widely published author, he conducts a survey of market risk premiums and risk-free rates used in countries around the world. His recent paper, “CAPM: An Absurd Model,” created a stir in the business valuation community.