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López Arceiz, Francisco José

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López Arceiz

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Francisco José

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Gestión de Empresas

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0000-0001-8790-3840

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811522

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2020 - 20243
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Subject: Sustainability ×

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Now showing 1 - 3 of 3
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    PublicationOpen Access
    Analyst optimism and market sentiment: evidence from European corporate sustainability reporters
    (Elsevier, 2024) Río Solano, María Cristina del; Ferrer Zubiate, Elena; López Arceiz, Francisco José; Institute for Advanced Research in Business and Economics - INARBE; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa
    This study investigates the effect of investor sentiment on analysts’ optimism bias for a set of European companies with high-quality non-financial information reporting. The contents of the reports should make stock recommendations for such firms that are less prone to sentiment-driven optimism bias; our observations show this to be the case. For further insight, we analysed the informative value of stock recommendations in high- and low-sentiment periods, taking sustainability reporting quality into account. We find that buy recommendations for high-sustainability stocks have no informational value when sentiment is high, whereas informative recommendations in the form of sell recommendations for low-sustainability stocks appear when sentiment is high.
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    PublicationOpen Access
    Sustainability for European investors: evidence from a sustainable ranking
    (EDITUM-Universidad de Murcia, 2020) López Arceiz, Francisco José; Santamaría Aquilué, Rafael; Río Solano, María Cristina del; Institute for Advanced Research in Business and Economics - INARBE
    La sostenibilidad corporativa implica una amplia perspectiva que sugiere la creación de valor para los stakeholders y requiere desarrollar algunos compromisos a nivel económico, social, ambiental y de gobierno. La medición de los niveles de sostenibilidad corporativa tiene lugar a través de diferentes herramientas, siendo los rankings de sostenibilidad uno de los instrumentos más populares. Sin embargo, el impacto de estos indicadores en el valor de mercado es controvertido. Consecuentemente, nuestro objetivo es analizar la influencia del nivel de sostenibilidad sobre el valor de mercado de un conjunto de empresas. Para ello, aislamos el impacto del factor sostenibilidad de otra serie de efectos relacionados con la evolución general de los mercados financieros. Hemos utilizado información contenida en un ranking sostenible: el medallero elaborado por RobecoSAM. Nuestros resultados revelan que los inversores no valorar por igual los diferentes movimientos y calificaciones derivadas de la participación en un ranking sostenible.
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    PublicationOpen Access
    Sustainability disclosure and financial analysts' accuracy: the European case
    (Wiley, 2020) Ferrer Zubiate, Elena; López Arceiz, Francisco José; Río Solano, María Cristina del; Institute for Advanced Research in Business and Economics - INARBE
    This study aims to analyze whether the adoption of Directive 2014/95/EU on sustainability disclosure has contributed to more truthful reporting to financial analysts in terms of risks and firms' performance. Financial analysts, as requesters of sustainability reports, are expected to have produced more accurate forecasts as a result of this legal reform. To investigate this, we have examined analysts' earnings per share (EPS) forecasts for 434 companies, 241 of which are classified as low sustainability companies, from 2008 to 2017. To detect a possible increase in EPS forecast accuracy after the enforcement of the directive, we perform an analysis based on panel regression specifications. The results show that EPS forecast accuracy has increased due to the higher levels of both sustainability disclosure and reporting quality after the enforcement of Directive 2014/95/EU.