Publications

'Access to Finance for UK Social Enterprises', European Journal of Finance,  forthcoming (with John Wilson)

'Local Public Corruption and Corporate Debt Concentration: Evidence from US firms', European Journal of Finance,  forthcoming (with Theodora Bermpei)

'Efficiency and financial risk management practices of microfinance institutions ', International Journal of Finance & Economics , forthcoming (with Konstantinos Baltas)

'Navigating Uncertainty: The Resilience of Third Sector Organizations and Socially-oriented SMEs during the COVID-19 Pandemic', Financial Accountability & Management, forthcoming (with John Wilson)

‘Innovation and Borrower Discouragement in SMEs‘, Small Business Economics, 2022, 59:1489-1517 (with Ross Brown and John Wilson)

 'Strategic entrepreneurial choice between competing crowdfunding platforms', Journal of Technology Transfer, 2022, 47:1794-1824 (with Jerry Coakley and Aristogenis Lazos)

'Equity crowdfunding founder teams: Campaign success and venture failure',  British Journal of Management, 2022, 33 (1): 286-305 (with Jerry Coakley and Aristogenis Lazos)

• Top Cited Article 2022-2023 in the British Journal of Management.

'Seasoned Equity Crowdfunded Offerings',  Journal of Corporate Finance, 2022, 77: 101880 (with Jerry Coakley and Aristogenis Lazos)

‘The Effects of Negative Interest Rates on Cash Usage: Evidence for EU countries‘, Economics Letters, 2021, 198: 109674 (with Magnus Willesson)

‘The (Potential) Impact of Brexit on UK SMEs: Regional Evidence and Public Policy Implications‘, Regional Studies, 2019, 53 (5): 761-770 (with Ross Brown and John Wilson)

• Key findings were presented as evidence at EU Internal Markets Committee at the House of Lords. This was part of an evidence session investigating the impact of Brexit on UK Small and Medium Enterprises (SMEs).

• See the press release: Over a million UK businesses see Brexit as a major obstacle to success.

‘Sticking it on Plastic: The Spatial Dynamics of Credit Card Finance in UK Small and Medium Sized Enterprises‘, Regional Studies, 2019, 53 (5): 630–643 (with Ross Brown and John Wilson)

‘The Size and Growth of Microfinance Institutions’, British Accounting Review, 2018, 50 (2): 199-213 (with John Wilson)

‘CEO Risk Taking Incentives and Socially Irresponsible Activities’, British Accounting Review, 2018, 50(1): 76-92 (with Kais Bouslah, Bouchra M’Zali and Bert Scholtens)

• Best Research article award on Responsible Investments in the 2018 FSI-PRI Scholarship.  The prize is awarded jointly by the Finance Sustainability Initiative (FSI) and the Quebec Members’ Network of Principles for Responsible Investment (PRI). 

‘Are there Social Spillovers in Consumers’ Security Assessments of Payment Instruments?‘, Journal of Financial Services Research, 2017, 52(1-2): 5-34 (with Charles Kahn and Joanna Stavins)

‘Identity Theft and Consumer Payment Choice: Does Security Really Matter?’ Journal of Financial Services Research, 2016, 50(1): 121–159 (with Charles M. Kahn)

‘Does Debt Affect Health? Cross Country Evidence on the Debt-Health Nexus’. Social Science & Medicine, 2015, 130: 51-58 (with John Wilson and Maya Clayton)

 ‘Credit Card Interest Rates and Risk: New evidence from US Survey Data’. European Journal of Finance, 2014, 20, 892–914 (with John O. S. Wilson)

‘Feedback Loop Effects in Payment Card Markets: Empirical Evidence’. Review of Network Economics, 2012, 11, volume 2 (with Santiago Carbó and Francisco Rodríguez)

‘How effective are rewards programs in promoting payment card usage? Empirical evidence’. Journal of Banking & Finance, 2011, 35, 3275–3291 (with Santiago Carbó)

 ‘Sustitución de efectivo por tarjetas: el papel de los programas de incentivos’. Perspectivas del Sistema Financiero, 2010, 97, 83-92

‘A cost-benefit analysis of a two-sided card market’. Moneda y Crédito, 2008, 227, 7-36 (with Santiago Carbó, David Humphrey and Francisco Rodríguez)

‘Adopción y uso de medios de pago electrónicos en Europa’. Cuadernos de Información Económica, 2009, 213, 69-79

‘El ahorro financiero de las familias españolas: previsiones para 2008’. Cuadernos de Información Económica, 2008, 206, 43-49 (with Santiago Carbó and Francisco Rodríguez) 

‘Las operaciones fuera de balance: definición y clasificación’. Perspectivas del Sistema Financiero, 2008, 92, 1-8 (Gabinete de Análisis Financiero FUNCAS - with Santiago Carbó and Francisco Rodríguez)

‘Ratios fundamentales de las pymes españolas’. Perspectivas del Sistema Financiero, 2007, 90, 83-111

‘PYME y financiación: un marco conceptual’. Perspectivas del Sistema Financiero, 2007, 90, 83-111 (Gabinete de Análisis Financiero FUNCAS - with Santiago Carbó and Francisco Rodríguez)

‘El nuevo marco monetario y el comportamiento de los tipos de interés’. Papeles de Economía Española, 2007, 111, 216-239 (with Santiago Carbó and Francisco Rodríguez)

‘Indicadores de la arquitectura financiera, ambiente institucional y legal de los sistemas financieros: Una perspectiva mundial’. Papeles de Economía Española, 2007, 110, 290-325 (with Blanca Delgado)

‘El ahorro financiero familiar: evolución reciente y previsiones para 2006’. Cuadernos de Información Económica, 2006, 194, 19-26 (with Santiago Carbó)

‘Inmigrantes, emprendedores y servicios bancarios’, Perspectivas del Sistema Financiero, 2006, 86, 95-109 (with Francisco Rodríguez)

‘Valoración y perspectivas del ‘Acuerdo Marco Regulador de la Fijación de las Tasas de Intercambio en Transacciones con Pago mediante Tarjetas de Débito y Crédito’’. Cuadernos de Información Económica, 2006, 190, 125-130 (with Santiago Carbó and Francisco Rodríguez)

‘El sistema financiero Español: más mercados y más instrumentos’. Cuadernos de Información Económica, 2004, 189, 83-90 (Gabinete de Análisis Financiero FUNCAS - with Santiago Carbó, Rafael López del Paso and Francisco Rodríguez)

‘Cajas de ahorros, tecnología e inclusión financiera’. Cuadernos de Información Económica, 2005, 188, 105-112 (with Santiago Carbó)

‘¿Hacia dónde se dirige la banca europea?’. Cuadernos de Información Económica, 2005, 187, 98-106 (with Santiago Carbó and Javier Mendoza)

‘La financiación en el mercado de la vivienda: El papel de las cajas de ahorros’. Cuadernos de Información Económica, 2004, 183, 95-104 (with Santiago Carbó)

'The impact of Brexit on the internationalisation, innovation and turnover of UK SMEs: Implications for the UK’s industrial strategy and the ‘levelling up’ agenda.' ERC Research paper No 105, July 2023 (with John Wilson).

• See Enterprise Research Centre Policy Briefing.

‘Gender, Ethnicity, and Access to Finance: Evidence for UK Social Enterprises.’ ERC Research paper No 102, October 2022 (with John Wilson).

• See Enterprise Research Centre Policy Briefing.

‘Gender, Ethnicity, and Access to Finance: Evidence for UK Social Enterprises.’ Working papers in Responsible Banking and Finance Nº 22-017, School of Management, University of St Andrews (with John Wilson)

'SMEs as Social Enterprises: Regional Disparities, Access to Finance, Strategic Intentions, and the COVID-19 Pandemic.’ ERC Research Paper No 97, May 2022 (with John Wilson).

• See Enterprise Research Centre Policy Briefing.

‘Innovation and Borrower Discouragement in SMEs.’ Working papers in Responsible Banking and Finance Nº 20-014, School of Management, University of St Andrews (with Ross Brown and John Wilson)

'Discouraged Borrowers: Measurement, Determinants and Impact', ERC State of the Art (SOTA) review No 2, 2018 (with Ross Brown and John Wilson)

'An empirical examination of discouraged borrowers in the UK', ERC Research Paper No 69, 2018 (with Ross Brown and John Wilson)

• See Enterprise Research Centre Policy Briefing.

‘The (Potential) Impact of Brexit on UK SMEs: Regional Evidence and Public Policy Implications.’ Working papers in Responsible Banking and Finance Nº 18-016, School of Management, University of St Andrews (with Ross Brown and John Wilson)

‘What Happens if the Rules Change? The Impact of Brexit on the Future Strategic Intentions of UK SMEs.’ Working papers in Responsible Banking and Finance Nº 18-009, School of Management, University of St Andrews (with Ross Brown and John Wilson)

'Future Issues in Unsecured Consumer Debt', FCA Future Horizons Expert Paper prepared to inform the discussions of the Financial Conduct Authority (FCA) Future Horizons Conference April 2017. (with John Wilson)

• See Future Horizons Conference.

‘Sticking it on Plastic: The Spatial Dynamics of Credit Card Finance in UK Small and Medium Sized Enterprises.’ Working papers in Responsible Banking and Finance Nº 17-004, School of Management, University of St Andrews (with Ross Brown and John Wilson)

‘Are There Social Spillovers in Consumers’ Security Assessments of Payment Instruments?’ Boston FED Working papers Series 16-19 (with Joanna Stavins and Charles M. Kahn)

‘Identity Theft and Consumer Payment Choice: Does Security Really Matter?’ Working papers in Responsible Banking and Finance Nº 14-008, School of Management, University of St Andrews (with Charles Kahn)

‘Can Debt Affect Your Health? Cross Country Evidence on the Debt-Health Nexus’. Working papers in Responsible Banking and Finance Nº 14-009, School of Management, University of St Andrews (with Maya Clayton and John Wilson)

‘Risk Based Pricing in the Credit Card Industry: Evidence from US Survey Data’. Working papers in Responsible Banking and Finance Nº 12-001, School of Management, University of St Andrews (with John Wilson)

‘Payment Card Interchange Fees: Assessing the Effectiveness of Antitrust Investigations and Regulation in Europe’. Working papers in Responsible Banking and Finance Nº 13-003, School of Management, University of St Andrews (with Santiago Carbó)

• Young researcher ALdE Prize 2010 (special mention) awarded at the XIII Applied Economics Meeting in Seville (Spain). 

‘How Effective are Rewards Programs in Promoting Payment Card Usage? Empirical Evidence’. European Central Bank Working Paper, 2009, 1141, Frankfurt, Germany (with Santiago Carbó)

‘How Effective are Rewards Programs in Promoting Payment Card Usage? Empirical Evidence’. BBVA Working Paper, 01/2009, Madrid (with Santiago Carbó)

‘A cost-benefit analysis of a two-sided card market’. FUNCAS Working Paper Series, 383/2008, Madrid (with Santiago Carbó, David Humphrey and Francisco Rodríguez)

‘Market power and willingness to pay in network industries: evidence from payment cards within multiproduct banking’. FEG Working Paper Series 01/07, University of Granada (with Santiago Carbó and Francisco Rodríguez)

‘Implicaciones, conclusiones y perspectivas de futuro del microcrédito en España’. Libro Blanco del Microcrédito, 2005, Chapter III, 151-161. ISBN: 84-89116-23-7 (with Santiago Carbó)