JOAQUÍN LÓPEZ PASCUAL - Academia.edu (original) (raw)
Papers by JOAQUÍN LÓPEZ PASCUAL
Humanities and Social Sciences Communications
The objective of this study is to determine the impact of artificial intelligence (AI) on the ear... more The objective of this study is to determine the impact of artificial intelligence (AI) on the earnings before interest, taxes, depreciation, and amortization (EBITDA) of firms as a proxy of their financial and economic margins by improving revenues and minimizing expenses. This impact is positive on the market value and scalability by improving the economic and financial sustainability of companies. The methodology is based on a business plan that considers the savings obtained by a traditional firm implementing AI. Specifically, a sensitivity analysis will demonstrate that AI savings impact key parameters, leading to economic and financial sustainability. Additionally, a mathematical interpretation, based on network theory, will be produced to provide and compare the added value of two ecosystems (without and with AI that adds up new nodes and strengthens the existing ones). The main contribution of this paper is the combination of two unrelated approaches, showing the potential of...
Financial Innovation
The subject of this study is the microcredit market in the USA, more specifically in Florida. The... more The subject of this study is the microcredit market in the USA, more specifically in Florida. The justification for choosing this specific state is the massive presence of the Hispanic population. This will facilitate a generalization of the obtained results to the microcredit market in Latin American countries. Thus, the objective of this study is to analyze the profile of microcredit holders and their companies from socioeconomic and financial points of view. As our data also consider the degree of repayment of the microloans included in the sample, the clients’ profile is related to the punctuality or default of their corresponding loan repayments using the methodology of multinomial logit regression. The variables used in this study refer to personal information concerning borrowers (gender, age, education level, and marital status), the economic situation of their respective companies (closeness to the lender, number of workers, and revenues), and the characteristics of granted...
Humanities and Social Sciences Communications
Crowdfunded microloans are a suitable tool for financing basic economic activities in developing ... more Crowdfunded microloans are a suitable tool for financing basic economic activities in developing as well as developed countries, favouring female empowerment. Despite the loans being relatively small, the widespread use of this instrument merits analyzing the factors affecting the microloan. One of these factors is gender because microloans are an important tool to finance projects promoted by women in many developing countries where microfinance is widely diffused. This research aims to determine if the gender of crowdfunded micro-borrowers is related to the main features which define the conditions of a microloan: amount, term, number of lenders, length of time to contact with borrowers and repayment system. The methodology used is the multinomial logit regression. The sample used in this study has been obtained by applying sampling techniques to a extensive public database from Kiva. This provided information on microloans from 56 countries around the world. The results based on ...
Enterprise Development and Microfinance, 2019
The aim of this research was to inquire if foreign microfinance institutions (MFIs), interested i... more The aim of this research was to inquire if foreign microfinance institutions (MFIs), interested in entering the US microfinance market because of its location advantages, should glocalize their microcredit policies. Research found that women in the USA are a no better risk for microcredit than men, and there are no differences in the repayment of microloans between men and women. The payment behaviour of women and men related to certain specific variables was also investigated. A survey sent to 203 MFIs was used, to which 17.73 per cent responded. Findings show that, in the USA, there are no strong incentives, motivations or external pressures which influence women to pay microcredits better than men. Therefore, international MFIs entering the USA should glocalize their microcredit policies in relation to women as well as their product design and policies for granting microloans.
Crowdfunded microloans are a suitable tool for financing basic economic activities in developing ... more Crowdfunded microloans are a suitable tool for financing basic economic activities in developing as well as developed countries, favouring female empowerment. Despite the loans being relatively small, the widespread use of this instrument merits analyzing the factors affecting the microloan. One of these factors is gender because microloans are an important tool to finance projects promoted by wo men in many developing countries where micro finance is widely diffused. This research aims to determine if the gender of crowdfunded micro-borrowers is related to the main features which define the conditions of a microloan: amount, term, number of lenders, length of time to contact with bor rowers and repayment system. The methodology used is the multinomial logit regression. The sample used in this study has been obtained by applying sampling techniques to a extensive public database from Kiva. This provided information on microloans from 56 countries around the world. The results based on amount, term, repayment method and recruitment period indicate that wo men are the best bor rowers. Ali these variables, except the term, are significant at a 5% level. These findings may be useful to improve financia! inclusion and outreach, consistently with the Sustainable Development Goals. Future research is needed to assess how "green and pink" microfinance (with environmental strategies particularly favored by women) can attract more ESG-compliant crowdfunding resources.
Quantitative Finance and Economics
Context: The context of this paper is the unprecedented global situation which has been and is st... more Context: The context of this paper is the unprecedented global situation which has been and is still experiencing all countries all over the world, due to the pandemic caused by Covid-19 and its variants. Apart from the important problem of health population, all countries are facing a sharp reduction in their main economic indicators: stock indices, GDP (Gross Domestic Product), rates of employment, closing down of businesses, etc. Results: In this paper, we have presented and mathematically analyzed the so-called staggered loans as a useful tool for SMEs to be applied after times of crisis. Moreover, their pros and cons, and the advantages for lenders and borrowers have been highlighted. Specifically, this kind of loan can help solve the problem of the scarce offer of credit due to monetary politics currently addressed to reduce inflation. Policy implications: Taking into account that this economic situation cannot continue for longtime, many countries are thinking about the next ...
Sustainability
There is beyond any doubt that Latin America is one of the most important emerging markets in the... more There is beyond any doubt that Latin America is one of the most important emerging markets in the world, which has increased its importance in the last decades. In effect, the issues of green, social, and sustainability (GSS) bonds are gaining more and more importance in the Latin American and the Caribbean (LAC) financial markets. They are specifically focused on raising funding for public expenditure programs that contribute to achieving several objectives, such as climate and environmental projects, energy efficiency, pollution prevention, sustainable agriculture, fishery and forestry, etc. The main objective of this paper is to provide a literature revision of the evolution of the issuance of GSS bonds in the LAC region and to analyze the economic growth of the countries which issue this type of bond. We will apply multiple linear regression to relate the economic growth of some countries of the LAC region with the variables proposed by the IFC Emerging Market Green Bonds Report...
AESTIMATIO : the IEB International Journal of Finance, 2017
espanolLas rentabilidades generadas en la industria tradicional de gestion de activos no permiten... more espanolLas rentabilidades generadas en la industria tradicional de gestion de activos no permiten justificar los niveles de comisiones que actualmente se aplican. Una remuneracion demasiado elevada por el riesgo asumido incentiva la toma de riesgos excesivos y por consiguiente una asignacion de recursos ineficiente. Esta situacion se ha hecho mas evidente con la aparicion de nuevo fondos de bajo coste e indexados, como los ETF y los “robo advisors”, favorecidos por el contexto actual de baja rentabilidad y volatilidad, y de alta correlacion. No obstante, el mercado no debe caer en la tentacion de componerse unicamente de fondos indexados que no proporcionan ningun tipo de discriminacion. El resultado seria igualmente una masiva asignacion ineficiente de capital. En este contexto, la industria tradicional de gestion de activos y la de hedge funds necesitan reestructurarse y adaptarse a una nueva realidad que requiere de ellos una mayor transparencia, menores comisiones y mejoras en s...
RESUMEN DECONCLUSIONES Todos los datos y conclusionesanteriormente presentadas nosllevan a plante... more RESUMEN DECONCLUSIONES Todos los datos y conclusionesanteriormente presentadas nosllevan a plantearnos la gran re-levancia de las comisiones a lahora de evaluar, en terminos derentabilidad, la bondad de lagestion de los fondos de inver-sion en relacion a su correspon-diente indice de referencia. So-bre la posibilidad de que nues-tros FIM pudiesen batir al Ibex-35 en terminos de rentabilidad,cabe responder que o bien selogra hacer o se esta muy cercade conseguirlo, si bien el des-cuento de las correspondientescomisiones de gestion reducenla respuesta a un no mayorita-rio. Sin embargo, el analisisconjunto rentabilidad-riesgo atraves del ratio de Sharpe daunos resultados especialmentefavorables a la labor realizadapor los gestores de fondos es-panoles invertidos en renta va-riable nacional, teniendo siem-pre muy en cuenta el "sesgo desupervivencia" apuntado alprincipio del estudio por elcual los resultados podrian es-tar sesgados positivamente ha-cia la labor de los gestores,...
LA PRESENTE TESIS DOCTORAL REALIZA UN ESTUDIO PORMENORIZADO DE LOS DISTINTOS ASPECTOS DE LA CALIF... more LA PRESENTE TESIS DOCTORAL REALIZA UN ESTUDIO PORMENORIZADO DE LOS DISTINTOS ASPECTOS DE LA CALIFICACION O "RATING" DE LOS FONDOS DE INVERSION, PROPONIENDO UN MODELO DE CALIFICACION APLICABLE A ESTAS INSTITUCIONES DE INVERSION COLECTIVA. LA CALIFICACION SE ANALIZA DESDE SUS DIVERSAS OPTICAS: LAS AGENCIAS INDEPENDIENTES DE "RATING", SU PROCESO DE OBTENCION, ESTRUCTURA, DOCUMENTACION Y FASES, PRESTANDO ESPECIAL ATENCION A LAS VENTAJAS QUE LA CALIFICACION PRESENTA. EN CUANTO A LOS FONDOS DE INVERSION SE DESARROLLAN DESDE UNA EXPLICACION DE SUS ELEMENTOS BASICOS, CARACTERISTICAS, FUNCIONES DE LA SOCIEDAD GESTORA, ENTIDAD DEPOSITARIA, CLASES DE FONDOS, REGIMEN DE COMISIONES, TRATAMIENTO FISCAL, REPASANDO SU EVOLUCION DESDE 1.989 HASTA LA ACTUALIDAD. FINALMENTE, EXPONEMOS NUESTRO CRITERIO DE ESTIMAR NECESARIO Y CONVENIENTE LA APLICACION DE UN "RATING" A LOS FONDOS DE INVERSION, PARA ELLO, PROPONEMOS UN MODELO DE CALIFICACION DE FONDO DE INVERSION QUE HEMOS AP...
Scientific Reports, 2021
Investment decisions rely on perceptions from external stimuli along with the integration of inne... more Investment decisions rely on perceptions from external stimuli along with the integration of inner brain-body signals, all of which are shaped by experience. As experience is capable of molding both the structure and function of the human brain, we have used a novel neuroimaging connectomic-genetic approach to investigate the influence of investment work experience on brain anatomy. We found that senior investors display higher gray matter volume and increased structural brain connectivity in dopamine-related pathways, as well as a set of genes functionally associated with adrenaline and noradrenaline biosynthesis (SLC6A3, TH and SLC18A2), which is seemingly involved in reward processing and bodily stress responses during financial trading. These results suggest the key role of catecholamines in the way senior investors harness their emotions while raising bodily awareness as they grow in investment maturity.
Humanities and Social Sciences Communications
The objective of this study is to determine the impact of artificial intelligence (AI) on the ear... more The objective of this study is to determine the impact of artificial intelligence (AI) on the earnings before interest, taxes, depreciation, and amortization (EBITDA) of firms as a proxy of their financial and economic margins by improving revenues and minimizing expenses. This impact is positive on the market value and scalability by improving the economic and financial sustainability of companies. The methodology is based on a business plan that considers the savings obtained by a traditional firm implementing AI. Specifically, a sensitivity analysis will demonstrate that AI savings impact key parameters, leading to economic and financial sustainability. Additionally, a mathematical interpretation, based on network theory, will be produced to provide and compare the added value of two ecosystems (without and with AI that adds up new nodes and strengthens the existing ones). The main contribution of this paper is the combination of two unrelated approaches, showing the potential of...
Financial Innovation
The subject of this study is the microcredit market in the USA, more specifically in Florida. The... more The subject of this study is the microcredit market in the USA, more specifically in Florida. The justification for choosing this specific state is the massive presence of the Hispanic population. This will facilitate a generalization of the obtained results to the microcredit market in Latin American countries. Thus, the objective of this study is to analyze the profile of microcredit holders and their companies from socioeconomic and financial points of view. As our data also consider the degree of repayment of the microloans included in the sample, the clients’ profile is related to the punctuality or default of their corresponding loan repayments using the methodology of multinomial logit regression. The variables used in this study refer to personal information concerning borrowers (gender, age, education level, and marital status), the economic situation of their respective companies (closeness to the lender, number of workers, and revenues), and the characteristics of granted...
Humanities and Social Sciences Communications
Crowdfunded microloans are a suitable tool for financing basic economic activities in developing ... more Crowdfunded microloans are a suitable tool for financing basic economic activities in developing as well as developed countries, favouring female empowerment. Despite the loans being relatively small, the widespread use of this instrument merits analyzing the factors affecting the microloan. One of these factors is gender because microloans are an important tool to finance projects promoted by women in many developing countries where microfinance is widely diffused. This research aims to determine if the gender of crowdfunded micro-borrowers is related to the main features which define the conditions of a microloan: amount, term, number of lenders, length of time to contact with borrowers and repayment system. The methodology used is the multinomial logit regression. The sample used in this study has been obtained by applying sampling techniques to a extensive public database from Kiva. This provided information on microloans from 56 countries around the world. The results based on ...
Enterprise Development and Microfinance, 2019
The aim of this research was to inquire if foreign microfinance institutions (MFIs), interested i... more The aim of this research was to inquire if foreign microfinance institutions (MFIs), interested in entering the US microfinance market because of its location advantages, should glocalize their microcredit policies. Research found that women in the USA are a no better risk for microcredit than men, and there are no differences in the repayment of microloans between men and women. The payment behaviour of women and men related to certain specific variables was also investigated. A survey sent to 203 MFIs was used, to which 17.73 per cent responded. Findings show that, in the USA, there are no strong incentives, motivations or external pressures which influence women to pay microcredits better than men. Therefore, international MFIs entering the USA should glocalize their microcredit policies in relation to women as well as their product design and policies for granting microloans.
Crowdfunded microloans are a suitable tool for financing basic economic activities in developing ... more Crowdfunded microloans are a suitable tool for financing basic economic activities in developing as well as developed countries, favouring female empowerment. Despite the loans being relatively small, the widespread use of this instrument merits analyzing the factors affecting the microloan. One of these factors is gender because microloans are an important tool to finance projects promoted by wo men in many developing countries where micro finance is widely diffused. This research aims to determine if the gender of crowdfunded micro-borrowers is related to the main features which define the conditions of a microloan: amount, term, number of lenders, length of time to contact with bor rowers and repayment system. The methodology used is the multinomial logit regression. The sample used in this study has been obtained by applying sampling techniques to a extensive public database from Kiva. This provided information on microloans from 56 countries around the world. The results based on amount, term, repayment method and recruitment period indicate that wo men are the best bor rowers. Ali these variables, except the term, are significant at a 5% level. These findings may be useful to improve financia! inclusion and outreach, consistently with the Sustainable Development Goals. Future research is needed to assess how "green and pink" microfinance (with environmental strategies particularly favored by women) can attract more ESG-compliant crowdfunding resources.
Quantitative Finance and Economics
Context: The context of this paper is the unprecedented global situation which has been and is st... more Context: The context of this paper is the unprecedented global situation which has been and is still experiencing all countries all over the world, due to the pandemic caused by Covid-19 and its variants. Apart from the important problem of health population, all countries are facing a sharp reduction in their main economic indicators: stock indices, GDP (Gross Domestic Product), rates of employment, closing down of businesses, etc. Results: In this paper, we have presented and mathematically analyzed the so-called staggered loans as a useful tool for SMEs to be applied after times of crisis. Moreover, their pros and cons, and the advantages for lenders and borrowers have been highlighted. Specifically, this kind of loan can help solve the problem of the scarce offer of credit due to monetary politics currently addressed to reduce inflation. Policy implications: Taking into account that this economic situation cannot continue for longtime, many countries are thinking about the next ...
Sustainability
There is beyond any doubt that Latin America is one of the most important emerging markets in the... more There is beyond any doubt that Latin America is one of the most important emerging markets in the world, which has increased its importance in the last decades. In effect, the issues of green, social, and sustainability (GSS) bonds are gaining more and more importance in the Latin American and the Caribbean (LAC) financial markets. They are specifically focused on raising funding for public expenditure programs that contribute to achieving several objectives, such as climate and environmental projects, energy efficiency, pollution prevention, sustainable agriculture, fishery and forestry, etc. The main objective of this paper is to provide a literature revision of the evolution of the issuance of GSS bonds in the LAC region and to analyze the economic growth of the countries which issue this type of bond. We will apply multiple linear regression to relate the economic growth of some countries of the LAC region with the variables proposed by the IFC Emerging Market Green Bonds Report...
AESTIMATIO : the IEB International Journal of Finance, 2017
espanolLas rentabilidades generadas en la industria tradicional de gestion de activos no permiten... more espanolLas rentabilidades generadas en la industria tradicional de gestion de activos no permiten justificar los niveles de comisiones que actualmente se aplican. Una remuneracion demasiado elevada por el riesgo asumido incentiva la toma de riesgos excesivos y por consiguiente una asignacion de recursos ineficiente. Esta situacion se ha hecho mas evidente con la aparicion de nuevo fondos de bajo coste e indexados, como los ETF y los “robo advisors”, favorecidos por el contexto actual de baja rentabilidad y volatilidad, y de alta correlacion. No obstante, el mercado no debe caer en la tentacion de componerse unicamente de fondos indexados que no proporcionan ningun tipo de discriminacion. El resultado seria igualmente una masiva asignacion ineficiente de capital. En este contexto, la industria tradicional de gestion de activos y la de hedge funds necesitan reestructurarse y adaptarse a una nueva realidad que requiere de ellos una mayor transparencia, menores comisiones y mejoras en s...
RESUMEN DECONCLUSIONES Todos los datos y conclusionesanteriormente presentadas nosllevan a plante... more RESUMEN DECONCLUSIONES Todos los datos y conclusionesanteriormente presentadas nosllevan a plantearnos la gran re-levancia de las comisiones a lahora de evaluar, en terminos derentabilidad, la bondad de lagestion de los fondos de inver-sion en relacion a su correspon-diente indice de referencia. So-bre la posibilidad de que nues-tros FIM pudiesen batir al Ibex-35 en terminos de rentabilidad,cabe responder que o bien selogra hacer o se esta muy cercade conseguirlo, si bien el des-cuento de las correspondientescomisiones de gestion reducenla respuesta a un no mayorita-rio. Sin embargo, el analisisconjunto rentabilidad-riesgo atraves del ratio de Sharpe daunos resultados especialmentefavorables a la labor realizadapor los gestores de fondos es-panoles invertidos en renta va-riable nacional, teniendo siem-pre muy en cuenta el "sesgo desupervivencia" apuntado alprincipio del estudio por elcual los resultados podrian es-tar sesgados positivamente ha-cia la labor de los gestores,...
LA PRESENTE TESIS DOCTORAL REALIZA UN ESTUDIO PORMENORIZADO DE LOS DISTINTOS ASPECTOS DE LA CALIF... more LA PRESENTE TESIS DOCTORAL REALIZA UN ESTUDIO PORMENORIZADO DE LOS DISTINTOS ASPECTOS DE LA CALIFICACION O "RATING" DE LOS FONDOS DE INVERSION, PROPONIENDO UN MODELO DE CALIFICACION APLICABLE A ESTAS INSTITUCIONES DE INVERSION COLECTIVA. LA CALIFICACION SE ANALIZA DESDE SUS DIVERSAS OPTICAS: LAS AGENCIAS INDEPENDIENTES DE "RATING", SU PROCESO DE OBTENCION, ESTRUCTURA, DOCUMENTACION Y FASES, PRESTANDO ESPECIAL ATENCION A LAS VENTAJAS QUE LA CALIFICACION PRESENTA. EN CUANTO A LOS FONDOS DE INVERSION SE DESARROLLAN DESDE UNA EXPLICACION DE SUS ELEMENTOS BASICOS, CARACTERISTICAS, FUNCIONES DE LA SOCIEDAD GESTORA, ENTIDAD DEPOSITARIA, CLASES DE FONDOS, REGIMEN DE COMISIONES, TRATAMIENTO FISCAL, REPASANDO SU EVOLUCION DESDE 1.989 HASTA LA ACTUALIDAD. FINALMENTE, EXPONEMOS NUESTRO CRITERIO DE ESTIMAR NECESARIO Y CONVENIENTE LA APLICACION DE UN "RATING" A LOS FONDOS DE INVERSION, PARA ELLO, PROPONEMOS UN MODELO DE CALIFICACION DE FONDO DE INVERSION QUE HEMOS AP...
Scientific Reports, 2021
Investment decisions rely on perceptions from external stimuli along with the integration of inne... more Investment decisions rely on perceptions from external stimuli along with the integration of inner brain-body signals, all of which are shaped by experience. As experience is capable of molding both the structure and function of the human brain, we have used a novel neuroimaging connectomic-genetic approach to investigate the influence of investment work experience on brain anatomy. We found that senior investors display higher gray matter volume and increased structural brain connectivity in dopamine-related pathways, as well as a set of genes functionally associated with adrenaline and noradrenaline biosynthesis (SLC6A3, TH and SLC18A2), which is seemingly involved in reward processing and bodily stress responses during financial trading. These results suggest the key role of catecholamines in the way senior investors harness their emotions while raising bodily awareness as they grow in investment maturity.