Ferrer Zubiate, Elena
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Ferrer Zubiate
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Elena
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Gestión de Empresas
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INARBE. Institute for Advanced Research in Business and Economics
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Publication Open Access Does investor sentiment affect bank stability? International evidence from lending behavior(Elsevier, 2021) Cubillas, Elena; Ferrer Zubiate, Elena; Suárez Suárez, Nuria; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Gestión de EmpresasWe study the impact of investor sentiment on bank credit and how changes in lending may affect bank stability. We analyze a sample of 2,673 banks from 127 developed and developing countries during the 1997–2016 period. Our results indicate that periods of high investor sentiment positively affect bank lending and encourage bank risk-taking through the increase in the amount of loans granted which, in fact, reduces bank stability. We find that the impact of investor sentiment on bank stability through changes in growth in bank loans is less negative in countries where creditor rights protection is greater, in terms of both collateral and bankruptcy. During systemic banking crises, the negative effect on bank stability was weaker since any increase in bank credit supply provoked by investor sentiment was counteracted by the crisis.Publication Open 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 EmpresasWe 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.Publication Open Access Analyst optimism and market sentiment: evidence from European corporate sustainability reporters(Elsevier, 2024) Río Solano, María Cristina del; Ferrer Zubiate, Elena; López Arceiz, Francisco José; Institute for Advanced Research in Business and Economics - INARBE; Universidad Pública de Navarra / Nafarroako Unibertsitate PublikoaThis study investigates the effect of investor sentiment on analysts’ optimism bias for a set of European companies with high-quality non-financial information reporting. The contents of the reports should make stock recommendations for such firms that are less prone to sentiment-driven optimism bias; our observations show this to be the case. For further insight, we analysed the informative value of stock recommendations in high- and low-sentiment periods, taking sustainability reporting quality into account. We find that buy recommendations for high-sustainability stocks have no informational value when sentiment is high, whereas informative recommendations in the form of sell recommendations for low-sustainability stocks appear when sentiment is high.Publication Open Access Sustainability disclosure and financial analysts' accuracy: the European case(Wiley, 2020) Ferrer Zubiate, Elena; López Arceiz, Francisco José; Río Solano, María Cristina del; Institute for Advanced Research in Business and Economics - INARBEThis study aims to analyze whether the adoption of Directive 2014/95/EU on sustainability disclosure has contributed to more truthful reporting to financial analysts in terms of risks and firms' performance. Financial analysts, as requesters of sustainability reports, are expected to have produced more accurate forecasts as a result of this legal reform. To investigate this, we have examined analysts' earnings per share (EPS) forecasts for 434 companies, 241 of which are classified as low sustainability companies, from 2008 to 2017. To detect a possible increase in EPS forecast accuracy after the enforcement of the directive, we perform an analysis based on panel regression specifications. The results show that EPS forecast accuracy has increased due to the higher levels of both sustainability disclosure and reporting quality after the enforcement of Directive 2014/95/EU.