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 Kudeaketa
This 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.
Open Access
Financial advisory in classroom: educational innovation based on Project-Based Learning (PBL)
(Universidad Politecnica de Valencia, 2024-06-01) 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 Kudeaketa
This paper aims to describe an educational innovation in teaching-learning based on Project-Based Learning (PBL) carried out in the subjects of "Basic Finance" taught in the Double Bachelor's Degree in Management, Business Administration, and Law of the Public University of Navarre (UPNA). These are Financial Markets and Instruments, Corporate Finance I, and Corporate Finance II. Specifically, in each of the subjects, the project consisted of preparing an advisory report. Thus, the classroom becomes a financial consultancy covering its different areas of work. Furthermore, this study evaluates the educational innovation, analysing both quantitative and qualitative aspects across subjects and gender. In summary, there is a significant improvement in grades after the introduction of PBL. Students also support the implementation of PBL, with gender differences found. Our findings motivate the continued use of dynamic teaching methods and underline the importance of adapting approaches to improve educational outcomes.
Embargo
Analyst responses to changes in credit risk
(Wiley, 2025-02-03) Abinzano Guillén, María Isabel; Corredor Casado, María Pilar; Martínez García, Beatriz; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
Do analysts adjust their recommendations when a company's credit risk changes? Using an extensive sample of 300,145 observations, covering 3722 US firms from 2000 to 2021, we find that analysts revise their recommendations when a firm's credit risk decreases but not when it increases. This result is consistent with analysts¿ optimism bias, as previously identified in the literature. However, we further find that this optimism bias disappears for firms with low information asymmetry or good informativeness. The fact that analysts for these firms have less cognitive bias and greater pressure to make accurate recommendations may explain this result. Our research highlights that analyst disclosures should be treated with caution, especially in firms with poor informational characteristics. A proper understanding of analyst recommendations is critical for the decision-making processes of investors and companies and calls for better regulations.
Open Access
Régimen fiscal de las fundaciones navarras: efectos en la estructura de ingresos
(AECA, 2021) Abinzano Guillén, María Isabel; López Arceiz, Francisco José; Zabaleta Arregui, Idoia; Gestión de Empresas; Enpresen Kudeaketa
El objetivo de este estudio es analizar el régimen fiscal especial para fundaciones contenido en la regulación tributaria de dos comunidades autónomas, Aragón y Navarra. En particular, se analizan los efectos de la regulación contenida en ambos regímenes sobre la estructura de ingresos de estas entidades. Para ello, se accedió a una muestra compuesta por 406 fundaciones durante el período 2008-2018. Nuestros resultados revelan que algunos aspectos de la regulación relacionados con el interés tutelado, la dotación inicial, el desarrollo de la actividad comercial y el nivel de rendición de cuentas favorecen una estructura de ingresos diversificada.
Open Access
The role of investor type in the fee structures of pension plans
(Springer, 2016) Abinzano Guillén, María Isabel; Muga Caperos, Luis Fernando; Santamaría Aquilué, Rafael; Gestión de Empresas; Enpresen Kudeaketa
We examine the role of the investor type in the fee structure of pension plans. Our examination uses a data set of employer-sponsored and individual private pension funds in Spain. We find different determinants of the fees between these two pension plans. We find evidence of market penetration strategies in individual plans but none in employer-sponsored plans. In these plans, the fees are negatively related to their financial groups’ market share, whereas in individual plans this relation is negative for management fees but positive for custodian fees. Further, except in the case of custodian fees in individual plans, we find that all fees diminish when the custodian and management firms belong to different financial groups.
Open Access
The role of female directors in family firms' annual report's readability
(Emerald, 2024) Abinzano Guillén, María Isabel; Garcés Galdeano, Lucía; Martínez García, Beatriz; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
Purpose: this paper investigates the impact of board gender diversity on the readability of the annual reports of family-controlled public companies. Design/methodology/approach: grounded in the premises of the restricted and extended views of the socioemotional wealth (SEW) approach and executive power theory, this paper explores the ways in which family-affiliated female directors influence report readability in a sample of 133 publicly traded US companies listed in the Fortune 1,000. We use the system GMM estimator, which deals with two key sources of endogeneity by controlling first for reverse causality, using the lags of the endogenous variables as instruments, and then for omitted variables, capturing the individual effect. Findings: our analysis confirms that the significant enhancement in annual report readability is associated with the presence of female family directors, particularly those who are insiders within the company. In contrast, non-family female directors and family outsider directors appear to have a negative impact on annual report readability. Originality/value: while scholars have increasingly focused on variations in annual report readability among family firms, the contribution of female directors to this phenomenon has received minimal attention. In our study, we integrate the theories of restricted and extended SEW perspectives with the theory of women's executive power within the board. This integration is essential for considering two critical factors: firstly, the primacy of their SEW objectives, and, secondly, their legitimacy within the board.
Open Access
Lagged accuracy in credit-risk measures
(Elsevier, 2022) Abinzano Guillén, María Isabel; González Urteaga, Ana; Muga Caperos, Luis Fernando; Sánchez Alegría, Santiago; Institute for Advanced Research in Business and Economics - INARBE
This paper analyzes the magnitude (accuracy) and length (time) of the lag in the incorporation of new information in different measures of credit risk. The results, for US firms, show a lag for Altman’s Z accounting measure and credit rating. In contrast, market-based credit-risk measures such as CDSs and the Black-Scholes-Merton model show no lag. This paper also analyzes the determinants of the lags found showing the importance of the informativeness of CDSs in reducing the lag for all types of default events, and a negative relationship between accounting manipulation and the lag of Altman’s Z for severe default events.
Open Access
Dimensión económica y dimensión social de la empresa social: ¿cómo influye la concreción de los fines fundacionales?
(Universidad Complutense de Madrid, 2023) Abinzano Guillén, María Isabel; González Álvarez, Karen; Zabaleta Arregui, Idoia; Economía; Ekonomia; Gestión de Empresas; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE
Las empresas sociales fijan como objetivo primordial la consecución de impactos sociales garantizando al mismo tiempo la consecución de beneficios económicos y una adecuada gestión. Este enfoque tridimensional (económico, social y de gestión) puede ser adoptado por distintos tipos de organización. En concreto, las fundaciones pueden ser consideradas como empresas sociales en la medida en que desarrollen estas tres dimensiones. Sin embargo, la definición de un objetivo social podría afectar a la dimensión económica. La posibilidad de que emerjan tensiones entre la dimensión económica y social de estas organizaciones podría estar relacionada con la forma de definir el fin fundacional. No obstante, no existe hasta la fecha evidencia empírica que soporte esta afirmación. El objetivo de este estudio es examinar la relación que existe entre la concreción del fin fundacional, como expresión de la dimensión social de estas organizaciones, y el impacto en su viabilidad económica. Para ello, se cuenta con una muestra compuesta por fundaciones españolas ubicadas en dos regiones, Aragón y Navarra, que poseen regulaciones diferentes que afectan a la concreción del fin fundacional o misión social. Mediante el análisis de contenido, se evidencian notables diferencias en las fundaciones ubicadas en ambas regiones cuando se analiza la definición del fin fundacional y la dimensión económica.
Open Access
Duty calls: prediction of failure in reorganization processes
(Emerald, 2023) Abinzano Guillén, María Isabel; Bonilla Acosta, Harold; Muga Caperos, Luis Fernando; Institute for Advanced Research in Business and Economics - INARBE
Purpose – Using data from business reorganization processes under Act 1116 of 2006 in Colombia during the period 2008 to 2018, a model for predicting the success of these processes is proposed. The paper aims to validate the model in two different periods. The first one, in 2019, characterized by stability, and the second one, in 2020, characterized by the uncertainty generated by the COVID-19 pandemic. Design/methodology/approach – A set of five financial variables comprising indebtedness, profitability and solvency proxies, firm age, macroeconomic conditions, and industry and regional dummies are used as independent variables in a logit model to predict the failure of reorganization processes. In addition, an out-ofsample analysis is carried out for the 2019 and 2020 periods. Findings – The results show a high predictive power of the estimated model. Even the results of the out-ofsample analysis are satisfactory during the unstable pandemic period. However, industry and regional effects add no predictive power for 2020, probably due to subsidies for economic activity and the relaxation of insolvency legislation in Colombia during that year. Originality/value – In a context of global reform in insolvency laws, the consistent predictive ability shown by the model, even during periods of uncertainty, can guide regulatory changes to ensure the survival of companies entering into reorganization processes, and reduce the observed high failure rate.
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 Kudeaketa
This 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.