Person: Mansilla Fernández, José Manuel
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Mansilla Fernández
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José Manuel
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Gestión de Empresas
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INARBE. Institute for Advanced Research in Business and Economics
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0000-0002-9785-0217
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811618
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Publication Open Access Sovereign debt holdings and banks’ credit risk: evidence from the Eurozone(Elsevier, 2021) Abinzano Guillén, María Isabel; Corredor Casado, María Pilar; Mansilla Fernández, José Manuel; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Gestión de EmpresasThis paper investigates the direct effect of sovereign debt holding on banks’ credit risk. Using individual Eurozone listed banks’ information, we find that holding sovereign debt improves the level of banks’ credit risk, but this effect is reversed when the credit risk associated with such debt is taken into account. For this purpose, we consider three alternative sovereign debt holding proxies and two types of banks’ credit-risk measures, both forward- and backward-looking. We find that the transmission of credit risk from sovereign debt holdings to banks’ credit risk is only captured when forward-looking credit-risk measures, based on market data, are used.Publication Open 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 KudeaketaThis 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.Publication Open Access Open Banking: institutions(Associazione Centro Studi Luca d'Agliano, 2022) Mansilla Fernández, José Manuel; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBEOpen banking is defined as the “sharing of customers’ permissioned information held by banks with so-called ‘third-party’ developers, who can use them to build applications and services comprising payments, synthetic information for account holders, and other marketing and cross-selling opportunities” (BIS, 2019). Many authorities are planning to take actions to regulate Open Banking in their jurisdictions. The regulatory framework in the European Union. The British regulatory framework. Regulatory framework in other jurisdictions.Publication Open Access Open Banking: numbers(Associazione Centro Studi Luca d'Agliano, 2022) Mansilla Fernández, José Manuel; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBEOwn elaboration on Platformable and world Bank data.Publication Open Access The dynamic effects of non-performing loans on banks’ cost of capital and lending supply in the Eurozone(Springer, 2020) Chiesa, Gabriella; Mansilla Fernández, José Manuel; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Gestión de EmpresasThis paper analyses the transmission channel from non-performing loans to the cost of capital, credit provision and liquidity creation in the banks of the Eurozone. The empirical results suggest that holdings of non-performing loans increase both the long- and short-term cost of capital for banks. Moreover, the less capitalized the bank, the greater the reduction in credit provision and liquidity creation due to the increased cost of capital. This phenomenon is found to be more economically significant for European periphery country banks than for core country banks. The identification of the transmission channel is robust to the Granger predictability test.Publication Open Access Non-performing loans, financial stability, and banking competition: evidence for listed and non-listed eurozone banks(Instituto de Estudios Fiscales, 2020) Mansilla Fernández, José Manuel; Institute for Advanced Research in Business and Economics - INARBEEste trabajo analiza los efectos de la morosidad crediticia y de la (in)estabilidad financiera sobre la competencia bancaria en los mercados de crédito de la zona euro. Los resultados sugieren que la morosidad bancaria incrementa el coste marginal y el grado de competencia de los mercados bancarios. Este fenómeno es económicamente más significativo para los bancos no cotizados que para los bancos cotizados. Los resultados son robustos a posibles problemas de endogeneidad derivados de la recesión económica y de la crisis de deuda soberana sobre el crecimiento de la morosidad.Publication Open Access Working capital management, financial constraints and exports: evidence from european and US manufacturers(Springer, 2022) Mansilla Fernández, José Manuel; Milgram Baleix, Juliette; Institute for Advanced Research in Business and Economics - INARBE; Universidad Pública de Navarra / Nafarroako Unibertsitate PublikoaThis paper investigates the effect of firms’ working capital management, measured by the cash conversion cycle (CCC) on exports, on both the intensive and extensive margins. By using Heckman’s two-stage model for the treatment of sample selection bias, we find that the longer the CCC, the lower firms’ likelihood of exporting and the lower the volume of their exports. This phenomenon is economically more relevant for financially constrained firms than for unconstrained firms. The results are robust to the propensity score matching, the transition sample and the placebo analyses. Finally, these results can be extrapolated in the context of the COVID-19 crisis because of the decline in trading conditions and firms’ shortage of liquidity.Publication Open Access Disentangling the transmission channel NPLs-cost of capital-lending supply(Routledge, 2018) Chiesa, Gabriella; Mansilla Fernández, José Manuel; Gestión de Empresas; Enpresen KudeaketaThis paper analyses the effects of non-performing loans (NPLs) on the cost of capital, and on lending and liquidity supply, for a sample of 225 Eurozone banks over the period 2002Q1-2016Q4. Our results demonstrate that NPLs increase the cost of capital, which reduces both lending supply and liquidity creation. This phenomenon is comparatively more significant for periphery county banks than for core country banks.Publication Open 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 KudeaketaThis 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.Publication Open Access A bird eye (re)view of key readings(Associazione Centro Studi Luca d'Agliano, 2022) Mansilla Fernández, José Manuel; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBEA Bird Eye (Re)view of Key Readings: This journal section indicates a few briefly commented references that a non-expert reader might want to cover to obtain a first informed and broad view of the theme discussed in the current issue. These references are meant to provide an extensive, though not exhaustive, insight into the main topics of the debate. More detailed and specific references are available in each article published in the current issue. This issue is about Open Banking.