Suárez Suárez, Nuria

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https://academica-e.unavarra.es/handle/2454/50067

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Suárez Suárez

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Nuria

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Gestión de Empresas

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751089

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810174

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2014 - 20192
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Author: Suárez Suárez, Nuria × End date: 2019 ×

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Now showing 1 - 2 of 2
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    PublicationOpen Access
    Does analyst information influence the cost of debt? Some international evidence
    (Elsevier, 2019) Ferrer Zubiate, Elena; Santamaría Aquilué, Rafael; Suárez Suárez, Nuria; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Gestión de Empresas
    We examine the contribution of analyst forecasting accuracy in reducing the average total cost of debt to firms. Our results reinforce the importance of analyst accuracy as a mechanism for reducing information asymmetries in the market, which is important to increase firms' access to available investment funding. A significant level of institutional and bank-held ownership serves as a substitution mechanism which mitigates the capacity of analyst accuracy to reduce information risk. External governance mechanisms also moderate the role played by analyst accuracy in the reduction of the cost of corporate debt. Our empirical findings are robust to different model specifications including the potential effect of the legal origin, to the consideration of an alternative proxy for the total cost of debt, to the inclusion of additional analyst-characteristics and stock-level characteristics.
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    PublicationOpen Access
    Banking stability, competition, and economic volatility
    (Fundación de Cajas de Ahorros (FUNCAS), 2014) Fernández, Ana; Suárez Suárez, Nuria; González Rodríguez, Francisco; Gestión de Empresas; Enpresen Kudeaketa
    The paper analyzes the influence of banking stability on the volatility of industrial value added and how it varies across 110 countries depending on bank market competition and bank-firm relationships. We find that banking stability reduces the volatility of value added more in industries that have greater external dependence and intangible intensity when they are located in countries with more developed financial systems and better investor protection. These results are consistent with the relevance of a lending channel and an asset allocation channel such as the channels through which banking stability diminishes industrial economic volatility. Moreover, we find that banking stability helps reduce economic volatility more, through both channels, in countries that have less bank market competition or close bank-firm relationships. We use several proxies for banking stability and control for countries’ banking development, reverse causality problems, and endogeneity of banking stability.