Papers

  • The Impact of Sustainable Bond Issuances in the Economic Growth of the Latin American and Caribbean Countries

    Lorena Carolina Bernabé Argandoña, Salvador Cruz Rambaud y Joaquín López Pascual. The Impact of Sustainable Bond Issuances in the Economic Growth of the Latin American and Caribbean Countries. (Sustainability).

    There is beyond any doubt that Latin America is one of the most important emerging markets in the world, which has increased its importance in the last decades. In effect, the issues of green, social, and sustainability (GSS) bonds are gaining more and more importance in the Latin American and the Caribbean (LAC) financial markets…

    Joaquín López Pascual ORCID: https://orcid.org/0000-0002-6236-9853

    Otros Papers de Joaquín López Pascual :

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  • Connectivity adaptations in dopaminergic systems define the brain maturity of investors

    Elena Ortiz Teran, Ibai Diez, Jorge Sepulcre, Joaquín López Pascual, Tomás Ortiz. Connectivity adaptations in dopaminergic systems define the brain maturity of investors (Scientific Reports). 

    Connectivity adaptations in dopaminergic systems define the brain maturity of investors. 

    We found a concurrent increase in the volume of certain cortical (insula, prefrontal, temporal and parietal cortices) and subcortical areas (pons, midbrain, amygdala, hippocampus, striatum and thalamus) with regard to financial experience, which leads us to believe that none of these regions in isolation are specialized in responding to investments alone.

    Despite the fact that investors may vary in their ability to make advantageous financial choices, our conclusion is that there is a common neurological basis gained by experience. By learning how to harness the emotional aspects of investing while raising bodily awareness, they are able to turn feelings into lessons that ultimately will guide their decisions supported by catecholamine-related brain systems. 

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  • Sustainability in FinTechs: An Explanation through Business Model Scalability and Market Valuation

    Roberto Moro-Visconti, Salvador Cruz Rambaud and Joaquín López Pascual. Sustainability in FinTechs: An Explanation through Business Model Scalability and Market Valuation. (Sustainability).

    Financial Technology (FinTech) is an industry composed of diversified firms that combine financial services with innovative technologies. The research question and main goal are attempting to answer whether they are more similar to traditional banks or trendy technological firms deploying their innovativeness to favor financial inclusion and sustainability. 

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  • Sustainability in the Aerospace Sector, a Transition to Clean Energy: The E2-EVM Valuation Model

    Salvador Cruz Rambaud, Joaquín López Pascual and Juan Carlos Meléndez Rodríguez. Sustainability in the Aerospace Sector, a Transition to Clean Energy: The E2-EVM Valuation Model. (Sustainability).

    Civil aviation is one of biggest industrial contributors to CO2 emissions worldwide. One of the most urgent problems of this sector is providing new technologies to continue operating in a more sustainable environment through a transition to clean energy. The Earned Value Management (EVM) model, as a traditional project management tool, is continuously being revised with new releases and extensions (e.g., ESM, EDM, QEVM, E-EVM, and ZEVM), but to date none of them has applied…. 

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  • An ALE Meta-Analysis on Investment Decision-Making

    Elena Ortiz-Teran, Ibai Diez, Joaquin Lopez-Pascual. An ALE Meta-Analysis on Investment Decision-Making (Brain Sciences). 

    It is claimed that investment decision-making should rely on rational analyses based on facts and not emotions. However, trying to make money out of market forecasts can trigger all types of emotional responses. As the question on how investors decide remains controversial, we carried out an activation likelihood estimation (ALE) meta-analysis using functional magnetic resonance imaging (fMRI) studies that have reported whole-brain analyses on subjects performing an investment task. Our findings support the notion that investment choices are emotional decisions that take into account market information, individual preferences and beliefs.

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  • The Enhanced-Earned Value Management (E-EVM) Model: A Proposal for the Aerospace Industry

    Joaquín López Pascual, Juan Carlos Meléndez Rodríguez and Salvador Cruz Rambaud. The Enhanced-Earned Value Management (E-EVM) Model: A Proposal for the Aerospace Industry (Symmetry).

    The framework of this paper is the aerospace industry, which is one of the world’s leading sectors, thus playing a noteworthy role in current society. This makes it especially important to try to optimize the management of the aerospace sector. 

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  • Acute Effects of Global Postural Re-Education on Non-Specific Low Back Pain. Does Time-of-Day Play a Role?

    David Merinero, Manuel Rodríguez-Aragón, Javier Álvarez-González, Álvaro López-Samanes and Joaquín López-Pascual. «Acute Effects of Global Postural Re-Education on Non-Specific Low Back Pain. Does Time-of-Day Play a Role?» International Journal of Environmental Research and Public Health

    This article will serve as the basis for subsequent studies that are being carried out on the treatment of LBP as an aid to improve the health quality standards so important in the western industrialized economies.

    Low back pain  is one the most common forms of musculoskeletal disorders. Thus, several physiotherapeutic strategies (e.g., global postural re-education therapy) have been used for reducing low back pain. The aim of this study was to determinate if acute application of global postural re-education session associated effects are influenced by the time-of-day when this physical therapy is applied. 

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  • Structural breaks in the interaction between bank and sovereign default risk

    Lidija Lovreta & Joaquín López Pascual(2020) «Structural breaks in the interaction between bank and sovereign default risk» SERIEs Journal of the Spanish Economic Association.

    The recent financial and sovereign debt crises emphasized the interdependence between bank and sovereign default risk and showed that major shocks may lead to a self-reinforcing negative spiral. In this paper, we analyse the pattern of interaction between bank and sovereign default risk by endogenously estimating the timing of structural breaks. 

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  • Determinants of Repayment among Male and Female Microcredit Clients in the USA. An Approach Based on Managers’ Perceptions

    Emilio M. Santandreu, Joaquín López Pascual and Salvador Cruz Rambaud (2020). Determinants of Repayment among Male and Female Microcredit Clients in the USA. An Approach Based on Managers’ Perceptions (Sustainability). February, 2020. 
     

    Research on microfinance institutions (MFIs) has normally been focused on developing and emerging markets. However, an analysis of developed countries is also important for foreign MFIs wishing to take advantage of the growth potential of those markets.

    Therefore, the aim of this article is to determine whether MFIs working in the USA’s market should change or adapt their microcredit policies with respect to women. In e ect, there are no studies in the USA supporting the argument that women are a better risk of microcredit than men, or that there are di erences in microcredit repayment behavior between women and men.

    Additionally, it was investigated if the payment behavior of women and men is related to variables such as their age, ethnicity, academic level, marital status, or the characteristics of the microcredits, like purposes, amounts, and payment terms. In the USA, there are not—as in other countries—strong incentives, motivations, or external pressures, other than those that men also have, which influence women to pay their microloans better than men.

    Then, domestic and international MFIs attracted to enter the USA’s market should review their microcredit policies in relation to women. More research is needed about the microfinance market in the USA.

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  • Microfinance institutions in the USA: the glocalization of microcredit policies in relation to gender

    Emilio M. Santandreu and Joaquín López Pascual (2019) «Microfinance institutions in the USA: the glocalization of microcredit policies in relation to gender» Enterprise Development and Microfinance (Practical Action Publishing), June 01, 2019 


    The aim of this research was to inquire if foreign microfinance institutions (MFIs), interested in entering the US microfinance market because of its location advantages, should glocalize their microcredit policies. Research found that women in the USA are a no better risk for microcredit than men, and there are no differences in the repayment of microloans between men and women. The payment behaviour of women and men related to certain specific variables was also investigated. A survey sent to 203 MFIs was used, to which 17.73 per cent responded. Findings show that, in the USA, there are no strong incentives, motivations or external pressures which influence women to pay microcredits better than men. Therefore, international MFIs entering the USA should glocalize their microcredit policies in relation to women as well as their product design and policies for granting microloans.

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  • Neural implications of investment banking experience in decision-making under risk and ambiguity

    Ortiz-Teran, Elena; Ortiz, Tomas; Turrero, Agustin; Lopez-Pascual, Joaquin. (2019). “Neural implications of investment banking experience in decision-making under risk and ambiguity”. Journal of Neuroscience, Psychology, and Economics, Jan 28 , 2019.

    Financial decision-making is governed by cognitive and emotional processes. However, it is possible to learn how to manage both before making a decision based on experience. Electroencephalography might provide some insight into what is behind these choices by analyzing the slow negativity preceding a risky decision, known as the decision preceding negativity (DPN). The DPN is involved in cognitive processes associated with the elaboration of the planned response as well as the anticipation of the affective motivational stimuli. Using monetary gamble under risk (outcome probabilities are known) and ambiguity (outcome probabilities are unknown), we studied the DPN in a group of investment bankers, to see if individual financial experience influences anticipatory potentials that precede choices. Our results showed that investment bankers are able to shorten their anticipatory decision-making process by having a DPN closer to motor response. As this occurs, the prefrontal and orbitofrontal brain areas under risk were activated due to the role that emotions play in financial decision-making. On the other hand, under the ambiguity condition, activation of the prefrontal areas was caused by cognitive regulation of emotion. Our conclusion is that financial experience also influences risky choices by shortening the decision-making process while balancing cognitive and emotional processes, which depend on the amount of missing information. (PsycINFO Database Record (c) 2019 APA, all rights reserved)

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  • Preferences over sequences of payments: A new validation of the q-exponential discounting

    Salvador Cruz Rambaud, Joaquín López Pascual, María de los Ángeles del Pino Álvarez. (2019). «Preferences over sequences of payments: A new validation of the q-exponential discounting» Volume 515. Physica A: Statistical Mechanics and its Applications-Journal-Elsevier. pp 332-345

    The preference for incremental gains, or the improving sequence effect, has been presented as one of the most important anomalies in intertemporal choice. Usually, the experiments to verify this effect have been based on sequences of incomes, and most of them have shown a preference for an increasing sequence.

    The objective of this paper is to analyse this topic in the context of loan repayment plans where a preference for constant and decreasing over rising payments is expected. The methodology applied in this paper is based on the use of questionnaires in the same way as Hoelzl et al. (2011) to evaluate different loan plans with the same interest rates and durations. It clearly shows that people prefer those plans which repay more at the beginning of the loan duration. Thus, the main contribution of this paper is the use of the q-exponential discounting to explain this revealed decreasing sequence effect because the q-exponential discount function can exhibit the inconsistency in intertemporal choices based on a decreasing interest rate. Finally, recommendations are made for banking institutions when considering their strategies of interest rate offers in the context of bank marketing.

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