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Santamaría Aquilué, Rafael

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Santamaría Aquilué

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Rafael

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Gestión de Empresas

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0000-0001-7656-6412

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525

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Now showing 1 - 5 of 5
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    PublicationOpen Access
    The effect of a switch of management company on pension plan fees
    (Routledge, 2021) Abinzano Guillén, María Isabel; Muga Caperos, Luis Fernando; Santamaría Aquilué, Rafael; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Gestión de Empresas
    The impact of a switch of management company on pension plan fees is analysed by comparing the effects on employer-sponsored versus individual defined-contribution private pension plans in Spain. This framework is ideal because the two types differ significantly both in plan governance structure and consequently in the degree of bargaining power held by the decision-maker. In addition, intense bank restructuring, which has greatly modified the Spanish pension plan map, provides an interesting analytical context for the identification of causal links, because it is a scenario that features shocks exogenous to the relationship under analysis. The results show that a switch of management company significantly reduces management fees for employer-sponsored plans when the management change is not due to the bank restructuring process, on the contrary a switch of management company increases fees for individual pension plans.
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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
    Progress in the removal of pharmaceutical compounds from aqueous solution using layered double hydroxides as adsorbents: a review
    (Elsevier, 2020) Santamaría Aquilué, Rafael; Vicente, Miguel Ángel; Korili, Sophia A.; Gil Bravo, Antonio; Zientziak; Institute for Advanced Materials and Mathematics - INAMAT2; Ciencias; Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa
    Emerging contaminants and, among them, pharmaceutical compounds, have a significant impact on water ecosystems. Layered Double Hydroxides (LDH), being easy to synthesize and cheap materials, have recently gained attention as adsorbents in aqueous solutions. This work describes the latest research performed in the adsorption capacity of LDH towards both antibiotics and Non-Steroidal Anti-Inflammatory Drugs (NSAID) describing and analyzing the synthesis conditions (Me2+:Me3+ molar ratio, calcination temperature, choice of metals for the memory effect), kinetics and isotherm models used, use of support (more practical in a 3D over a 2D form), temperature effect and several techniques for the recovery of the adsorbents. LDH exhibited great performance and potential as clean adsorbents for these emerging contaminants.
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    PublicationOpen Access
    The role of small bettors in price formation in betting exchanges
    (Routledge, 2020) Abinzano Guillén, María Isabel; Muga Caperos, Luis Fernando; Santamaría Aquilué, Rafael; Institute for Advanced Research in Business and Economics - INARBE
    The presence of small bettors in betting exchanges generates mispricing, which can lead to exploitation by informed traders or result in permanent price deviations. This paper shows that mispricing from this source is also dependent upon variables of established relevance such as tournament round, the level of attention to the event, the volume of the betting, and bet type, further confirming these findings by means of cumulative accuracy profile (CAP) curves. It also offers evidence of the relevant role played by the type of device used to place the bet, whereby higher mispricing is observed in live bets placed via a mobile device, which appears to be associated with impulsive betting. This last finding could have practical implications for the regulation of the use of mobile devices to access gambling platforms.
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    PublicationOpen Access
    Complexity is never simple: intangible intensity and analyst accuracy
    (SAGE, 2020) 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 relationship between intangible intensity and the accuracy of analyst forecasts. Using an international sample of 2,200 firms during 2000–2016, we show that analyst accuracy decreases significantly when intangible intensity grows. In exploring the determinants of this effect, we distinguish between firm risk and the risk associated with intangibles. Our results reveal the role of financial reporting quality, ownership structure, and institutional quality in moderating the relationship between intangible intensity and analyst accuracy. Analyst forecast accuracy acts as a channel through which the higher levels of information asymmetry associated with intangible intensity affect the cost of equity. Our results are robust to different intangible intensity measures; mandatory changes in financial reporting standards; the implementation of transparency rules in certain industry sectors; and financial crisis periods. We have devised alternative econometric tools that deal with potential sample selection bias and the dynamics of our empirical model.