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González Urteaga, Ana

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https://academica-e.unavarra.es/handle/2454/49191

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González Urteaga

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Ana

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Gestión de Empresas

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INARBE. Institute for Advanced Research in Business and Economics

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0000-0002-8256-8518

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810168

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Author: Abinzano Guillén, María Isabel × Has files: true ×

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Now showing 1 - 5 of 5
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    PublicationOpen Access
    Lagged accuracy in credit-risk measures
    (Elsevier, 2022) Abinzano Guillén, María Isabel; González Urteaga, Ana; Muga Caperos, Luis Fernando; Sánchez Alegría, Santiago; Institute for Advanced Research in Business and Economics - INARBE
    This paper analyzes the magnitude (accuracy) and length (time) of the lag in the incorporation of new information in different measures of credit risk. The results, for US firms, show a lag for Altman’s Z accounting measure and credit rating. In contrast, market-based credit-risk measures such as CDSs and the Black-Scholes-Merton model show no lag. This paper also analyzes the determinants of the lags found showing the importance of the informativeness of CDSs in reducing the lag for all types of default events, and a negative relationship between accounting manipulation and the lag of Altman’s Z for severe default events.
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    PublicationOpen Access
    Enhancing learning in the finance classroom
    (Universidad Politécnica de Valencia., 2022) Abinzano Guillén, María Isabel; Corredor Casado, María Pilar; Río Solano, María Cristina del; Ferrer Zubiate, Elena; González Urteaga, Ana; Mansilla Fernández, José Manuel; Martínez García, Beatriz; Muga Caperos, Luis Fernando; Gestión de Empresas; Enpresen Kudeaketa
    This paper aims to describe a teaching-learning experience based on ProjectBased Learning (PBL). This experience is part of an educational innovation project devoted to transforming finance classes in various facets of financial advice. Specifically, the article focuses on the transformation process of a subject that studies financial markets and the assets traded in them. Based on this experience, the classroom becomes a financial consulting firm that advises investors on how to invest their capital. The results show us a remarkable active dedication of the students to the course, improved knowledge, and marks. In addition, the development of skills and values such as teamwork, autonomy, solidarity, equality, and professional skills are elements that encourage us to continue along this line.
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    PublicationOpen Access
    Performance of default-risk measures: the sample matters
    (Elsevier, 2020) Abinzano Guillén, María Isabel; González Urteaga, Ana; Muga Caperos, Luis Fernando; Sánchez Alegría, Santiago; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Gestión de Empresas; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa; Gobierno de Navarra / Nafarroako Gobernua, PI017-PI039 CORRAL
    This paper examines the predictive power of the main default-risk measures used by both academics and practitioners, including accounting measures, market-price-based measures and the credit rating. Given that some measures are unavailable for some firm types, pair wise comparisons are made between the various measures, using same-size samples in every case. The results show the superiority of market-based measures, although their accuracy depends on the prediction horizon and the type of default events considered. Furthermore, examination shows that the effect of within-sample firm characteristics varies across measures. The overall finding is of poorer goodness of fit for accurate default prediction in samples characterised by high book-to-market ratios and/or high asset intangibility, both of which suggest pricing difficulty. In the case of large-firm samples, goodness of fit is in general negatively related to size, possibly because of the 'too-big-to-fail' effect.
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    PublicationOpen Access
    Financial advisory in classroom: educational innovation based on Project-Based Learning (PBL)
    (Universidad Politecnica de Valencia, 2024-06-01) Abinzano Guillén, María Isabel; Bonilla Acosta, Harold; Corredor Casado, María Pilar; Río Solano, María Cristina del; Ferrer Zubiate, Elena; González Urteaga, Ana; Mansilla Fernández, José Manuel; Martínez García, Beatriz; Muga Caperos, Luis Fernando; Gestión de Empresas; Enpresen Kudeaketa
    This paper aims to describe an educational innovation in teaching-learning based on Project-Based Learning (PBL) carried out in the subjects of "Basic Finance" taught in the Double Bachelor's Degree in Management, Business Administration, and Law of the Public University of Navarre (UPNA). These are Financial Markets and Instruments, Corporate Finance I, and Corporate Finance II. Specifically, in each of the subjects, the project consisted of preparing an advisory report. Thus, the classroom becomes a financial consultancy covering its different areas of work. Furthermore, this study evaluates the educational innovation, analysing both quantitative and qualitative aspects across subjects and gender. In summary, there is a significant improvement in grades after the introduction of PBL. Students also support the implementation of PBL, with gender differences found. Our findings motivate the continued use of dynamic teaching methods and underline the importance of adapting approaches to improve educational outcomes.
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    PublicationOpen Access
    Analysis of the feasibility of investment projects in real assets with PBL: a very real experience
    (Universitat Politècnica de València, 2023) Abinzano Guillén, María Isabel; Bonilla Acosta, Harold; Corredor Casado, María Pilar; Río Solano, María Cristina del; Ferrer Zubiate, Elena; González Urteaga, Ana; Mansilla Fernández, José Manuel; Martínez García, Beatriz; Muga Caperos, Luis Fernando; Gestión de Empresas; Enpresen Kudeaketa
    This paper studies the application of the PBL methodology in the Corporate Finance I course. The project to be carried out consists of the realization of a report on the feasibility of an investment project for a company that wants to take advantage of a subvention to finance the renovation of the bus fleet towards a more sustainable one. In addition to describing the implementation, this paper analyzes the impact that the introduction of the PBL methodology has in terms of class attendance and participation in the activity and also in the rest of the course. A clear decrease in absenteeism in class and in exams is observed. Moreover, the impact on grades is analyzed, with a significant increase in marks for all the degrees under study. Finally, we interpret the surveys that were passed to the students, showing that the students recognize the value of applying PBL in the subject.