PUBLICATIONS

ARTICLES:

INTERNATIONAL JOURNALS

• "Evidence from the adoption of IFRS 9 and the impact of COVID-19 on lending and regulatory capital on Spanish Banks" with Fernando Peñalva, Journal of Accounting and Public Policy, Vol. 42 (4) (2023), 107097.

• "The Risk Implications of the Business Loan Activity in Credit Unions" with Javier Gómez-Biscarri and Andrés Mesa-Toro, Journal of Financial Stability, Vol. 56 (2021), 100932.

•  "Drivers of Depositor Discipline in Credit Unions" with Javier Gómez-Biscarri and Andrés Mesa-Toro, Annals of Public and Cooperative Economics, (2021), 1-37.

• "Switching From Incurred to Expected Loan Loss Provisioning: Early Evidence" with Gaizka Ormazábal and Yuki Sakasai, Journal of Accounting Research, Vol. 59 (2021), pp.  757-804. 

• “Bank Earnings and Regulatory Capital Management using Available for Sale Securities” with Mary E. Barth, Javier Gómez Biscarri and Ron Kasznik, Review of Accounting Studies, Vol. 22 No. 4 (2017), pp. 1761-1792.

• “Sovereign Tail Risk” with Antonio Moreno, Antonio Rubia and Laura Valderrama, Journal of International Money and Finance, Vol. 79 (2017), pp. 174-188.

• “When Does Relationship Lending Start to Pay?" with Sergio Mayordomo and Antonio Moreno, Journal of Financial Intermediation, Vol. 31 (2017), pp. 16-29.

• “Systemic Risk and Asymmetric Responses in the Financial Industry” with Antonio Moreno, Antonio Rubia and Laura Valderrama, Journal of Banking and Finance, Vol. 58 (2015), pp. 471-485. Previous version: IMF working paper 12/152.

• “Granger causality and systemic risk” with Marina Balboa and Antonio Rubia, Finance Research Letters, Vol. 15 (2015), pp. 49-58. 

• “The Efficiency of Performance-Based Fee Funds” with Ana C. Díaz-Mendoza and Miguel A. Martínez, European Financial Management, Vol. 20 No. 4 (2014), pp. 825-855. 

• “Nonlinear Dynamics in Discretionary Accruals: An Analysis of Bank Loan-Loss Provisions” with Marina Balboa and Antonio Rubia, Journal of Banking and Finance, Vol. 37 No. 12 (2013), pp. 5186-5207. 

• “Good for One, Bad for All: Determinants of Individual versus Systemic Risk” with Antonio Rubia, Laura Valderrama and Miguel Antón, Journal of Financial Stability, Vol. 9 No. 3 (2013), pp. 287-299. 

• “Short-term Wholesale Funding and Systemic Risk: A Global CoVaR Approach” with Antonio Moreno, Antonio Rubia and Laura Valderrama, Journal of Banking and Finance, Vol. 36 No. 12 (2012), pp. 3.150-3.162. Previous version: IMF working paper 12/46.

• “Cooperatives and the Equity-Liabilities Puzzle: Concerns for Accounting Standards Setters” with John Maddocks and Fernando Polo Garrido, Accounting Horizons, Vol. 26 No. 4 (2012), pp. 767-787.

• “Banks’ Net Interest Margin in the 2000’s: A Macro-Accounting International Perspective” with Antonio Moreno and Fernando Pérez de Gracia, Journal of International Money and Finance, Vol. 30 No. 6 (2011), pp. 1.214-1.233. 

• “Endogenous problems in cross-sectional valuation models based on accounting information” with Luis A. Gil Alana and Raúl Íñiguez Sánchez, Review of Quantitative Finance & Accounting, Vol. 37 (2011), pp. 245-265.

• “Fundamentals and the Origin of Fama-French Factors. The Case of the Spanish Market” with Carlos Forner Rodríguez and Javier De Peña Fariza, Czech Journal of Economics and Finance, Vol. 60 No. 5 (2010), pp. 426-446. 

• “Equity-Liabilities Distinction: The Case for Co-operatives” with John Maddocks and Fernando Polo Garrido, Journal of International Financial Management & Accounting, Vol. 20 No. 3 (2009), pp. 274-306. 

• “The Value of Adjusting the Bias in Recommendations: International Evidence” with Marina Balboa Ramón and Juan Carlos Gómez Sala, European Financial Management, Vol. 15 No. 1 (2009), pp. 208-230. 

• “Rolling Quarterly Accruals and Cash Flows by Industry” with Joshua Livnat, Financial Analysts Journal, Vol. 64, No. 3, May/June (2008), pp. 67-79. 

• “Does the Value of Recommendations Depend on the Level of Optimism? A Country-Based Analysis” with Marina Balboa Ramón and Juan Carlos Gómez Sala, Journal of Multinational Financial Management, Vol. 18 (2008), pp. 405-426.

• “Accounting Measures and International Pricing Models: Justifying Accounting Homogeneity” with Javier Gómez Biscarri, Journal of Accounting and Public Policy, Vol. 27 (2008), pp. 339-354. 

• “The Influence of Differences in Accounting Standards on Empirical Pricing Models: An Application to the Fama-French Model” with Javier Gómez Biscarri, Journal of Multinational Financial Management, Vol. 18 (2008), pp. 369-388.

SPANISH JOURNALS

• “The Relationship between Risk and Expected Returns with Incomplete Information”, with Joaquín Marhuenda Fructuoso and Belén Nieto Doménech, Investigaciones Económicas (now SERIES), Vol. 33 No. 1 (2009), pp. 69-96.

• “Information and Prospects: Investment Opportunities in Small-Cap Segment” with Róbert Ferenc Veszteg, Revista de Economía Financiera, Vol. 16 (2008), pp. 52-76.

• “The Value of Consensus Recommendations in the Spanish Stock Market”, with Juan Carlos Gómez Sala, Moneda y Crédito, Vol. 223 (2006), pp. 159-197. Language: Spanish.

• “Is it Profitable to Follow the Level of the Recommendations? An Empirical Analysis”, with Juan Carlos Gómez Sala, Spanish Journal of Finance and Accounting, Vol. 131 (2006), pp. 170-191. Language: Spanish.

• “Changes in Consensus and Dispersion: How Do They Affect the Price of Stocks?”, with Joaquín Marhuenda Fructuoso, Spanish Journal of Finance and Accounting, Vol. 129 (2006), pp. 251-274. Language: Spanish.

• “The Influence of Differential of Information on the Asset Pricing in the Spanish Capital Market”, with Joaquín Marhuenda Fructuoso, Spanish Journal of Finance and Accounting, Vol. 127 (2005), pp. 977-999. Language: Spanish.

• “The Valuation of Intangible Assets in the Spanish Capital Market”, with Raúl Íñiguez Sánchez, Spanish Journal of Finance and Accounting, Vol. 125 (2005), pp. 459-499. Language: Spanish.