The Assessment and Selection of Hedge Funds
Joaquín López Pascual. (2015). Chapter 10. "The Assessment and Selection of Hedge Funds", in Advanced Business Analytics. Ed. Springer, pp 195-210.
The following Chapter intends to be a small guide to investing in hedge funds or a guide to take into account when trying to understand the complexities of investing in hedge funds. We aim to give a general overview of the field of alternative investments and to introduce its complexities, because investing in hedge funds is not at all a very simple task.
In this Chapter, we assess the challenges of analysing and selecting hedge funds. Alternative investment vehicles have taken an important role not only in the diversification of portfolios but also as standalone investments. Capturing the entire risk dimensions implied in hedge fund investment strategies is paramount in understanding alternative investments. We also analyse the problem of the lack of benchmarks. Should the performance of a hedge fund follow a benchmark? As absolute return vehicles, alternative investment organizations should not be benchmarked. However, investors need to compare returns with other assets in order to properly assess the cost of opportunity implied in hedge fund investing. We consider also benchmarking among peers as a new and latest strategy.
Restructuring bank networks after mergers and acquisitions: A capacitated delocation model for closing and resizing branches
Joaquín López Pascual, Diego Ruiz-Hernández, David Delgado-Gómez (2015) have collaborated on a new research article. "Restructuring bank networks after mergers and acquisitions: A capacitated delocation model for closing and resizing branches" in "Computers & Operations Research". Vol 62, October 2015. Pages 316-324.
During restructuring processes, due to mergers and acquisitions, banks frequently face the problem of having redundant branches competing in the same market. In this work, we introduce a new Capacitated Branch Restructuring Model which extends the available literature in delocation models. It considers both closing down and long term operations? costs, and addresses the problem of resizing open branches in order to maintain a constant service level. We consider, as well, the presence of competitors and allow for ceding market share whenever the restructuring costs are prohibitively expensive.
We test our model in a real life scenario, obtaining a reduction of about 40% of the network size, and annual savings over 45% in operation costs from the second year on. We finally perform a sensitivity analysis on critical parameters. This analysis shows that the final design of the network depends on certain strategic decisions concerning the redundancy of the branches, as well as their proximity to the demand nodes and to the competitor?s branches. At the same time, this design is quite robust to changes in the parameters associated with the adjustments on service capacity and with the market reaction.
Evolución y análisis de la financiación de la PYME en España
Joaquín López Pascual (2014). "Evolución y análisis de la financiación de la PYME en España", en Revista de Economía ICE. Nº879. Ed. Ministerio de Economía y Competitividad, pags. 113-124.
This article analyses the evolution of the financing of small and médium-sized enterprises, paying special attention to traditional financing and other sources of alternative financing to be fostered and considered by companies. The importance of small and medium-sized enterprises as a driver of growth and employment makes them a key element in economic growth policies. This study analyses the economic context as a determining factor of their financing, chiefly the intensity of the crisis emerging with particular force from 2008 onwards, which modified the financing structures of companies and made their access to financing more complex. Various sources of financing are discussed, with a focus on bank lending, as most of the financing of these businesses comes from financial entities. Other sources of financing are also discussed in a special section on sources that have still not reached a significant weight but could become a supplementary alternative to other more traditional sources used by our business fabric (i.e., business angels, crowdfunding, etc.), allowing SMEs to access different financing alternatives with a greater future projection-sources that are being implemented with the relevant regulatory developments on a national and a European level.
The Investment in Hedge Funds as an Alternative Investment
Joaquín López Pascual (2013) Chapter 8, "The Investment in Hedge Funds as an Alternative Investment" in Engineering Management. Ed Intech, pp 167-180.
One of the most relevant industries of the modern financial management is the investment in hedge funds. The hedge fund industry is a heterogeneous group. One way to classify hedge funds is according to the investment strategy used, each offering a different degree of return and risk. Their historical return distributions provide with key information in order to understand the strategies behaviour.