Institutional blockholders and corporate innovation (with Bing Guo, David Perez-Castrillo, and Dennis Hutschenreiter). Journal of Corporate Finance (2026), vol. 100, p. 103011.
About: We find that institutional ownership concentration reduces firms' acquisitions of external innovation thus mitigating the previously found positive effect of institutional investors on innovation.
Firms' innovation strategy under the shadow of analyst coverage (with Bing Guo and David Pérez-Castrillo). Journal of Financial Economics (2019), vol. 131 (2), pp. 456-483.
About: We find that financial analysts encourage firms to make more efficient investments related to innovation, which increases firms' future patents and citations.
The strategic behavior of firms with debt (with Jerôme Reboul). Journal of Financial and Quantitative Analysis (2016), vol 51(5), pp. 1611-1636.
About: We find that, upon deregulation, leverage leads large firms to increase output and small firms to increase prices. The difference in the strategic behavior of small and large firms is due to their different probability of going bankrupt and their financial constraints.
Understanding Trust (with Paola Sapienza and Luigi Zingales). The Economic Journal (2013), vol. 123(573), pp. 1313-1332.
About: We find that trust, as measured by the behavior of senders in a trust game, has two components: a belief-based component and a preference-based one. We show that World Values Survey-like measures capture mostly the belief-based component of a trust game.
Working papers
Shareholder voting requirements and voluntary disclosure in M&As (with Duy Tan Do, Beatriz García-Osma, and Fengzhi Zhu). Revise and Resubmit at Contemporary Accounting Research.
Do bank branches matter? Evidence from mandatory branch closures (with Gabriel Jiménez, Alfredo Martín-Oliver, Jose Luís Peydró, and Sergio Vicente)
Winner of FEF Antoni Dionis Soler Prize
Winner of UCEIF Prize
The value of connections in bad times: Evidence from venture capital
Banks as amplifiers of local climate shocks (with J.M. Martín-Flores, A. Martín-Oliver, S. Vicente)
Bank branches and politics (with J.M. Martín-Flores, A. Martín-Oliver, S. Vicente)
Venture Capital Syndication and Firm Entry: Theory and Evidence.
Cambio tecnológico, reestructuración bancaria y acceso a financiación de las PyMEs. Cuadernos de Investigación SANFI, 25/2019. Ed. Universidad de Cantabria.
Colección Difunde, n. 246, 2019. ISBN 978-84-8102-911-6 (with A. Martín-Oliver and S. Vicente).