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 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 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 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 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 Unconventional monetary policy, competition and financial stability. Evidence from the Eurozone banks(Asociación Internacional de Economía Aplicada (ASEPELT), 2020) Mansilla Fernández, José Manuel; Bakaikoa Pedrosa, Ane; Gestión de Empresas; Enpresen KudeaketaThis article analyses the effects of the ECB’s negative interest rates (or unconventional) policy on the degree of banking competition, lending and deposit supply, and financial stability. Using a dataset comprising 191 Eurozone banks for the 2002Q1-2016Q4 period, our results suggest that negative interest rates (i) increase banks’ lending and deposit supply, (ii) reduce banking competition, and (iii) weaken financial stability. This phenomenon is economically more significant for periphery country banks than for core country banks.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.