Papers

  • Correlation Studies on Corporate Governance, Financial Structure, and Merger and Acquisition Premium in Ecological Enterprises

    Yuheng Zhao, Joaquín López Pascual. Correlation Studies on Corporate Governance, Financial Structure, and Merger and Acquisition Premium in Ecological Enterprises.

    Under the competitive era nowadays, mergers and acquisitions become frequent among enterprises globally. Enterprises start to expand the market size with mergers and acquisitions.

    Although mergers and acquisitions could help enterprises develop the synergy, enhance the adjustment according to the environment, and accelerate the business transformation, acquirers have to pay a large sum for it. An ecological enterprise overpaying for mergers and acquisitions might result in the acquirer hard to recovering the costs and cause merger and acquisition failure.

    Chinese ecological enterprises’ mergers and acquisitions of European ecological enterprises with equity transfer and assets agreement in 2012-2016 are selected as the initial samples in this study.

    The research results show 1. partially significant correlations between corporate governance and financial structure, 2. remarkable correlations between financial structure and merger and acquisition premium, and 3. notable correlations between corporate governance and merger and acquisition premium.

    Suggestions, according to the results, are eventually proposed, expecting to further help ecological enterprises, through factors, be close to the practical market for successful mergers and acquisitions.

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  • On asset managers, hedge funds and ETFs

    Joaquín López Pascual, Santiago Camarero Aguilera (2017). Nº14 «On asset managers, hedge funds and ETFs»,  in The IEB Aestimatio. International Journal of Finance, pp 26-45.

    The returns generated by the traditional asset management industry do not justify the current fees charged. An «excessive» reward for the risk taken leads to the assumption of disproportionate risks and to a non-efficient allocation of resources. This situation has been become more evident with the appearance of low-cost index-tracking funds, such as exchange-traded funds (ETFs) and robo-advisors, which are favoured in the current low-return, low-volatility and high-correlation investment climate. However, the market cannot be entirely made up of index funds with no discrimination; this would ultimately lead to a massive misallocation of capital.

     In this context, the traditional asset management and hedge fund industries need to evolve and adapt to the new environment that requires more transparency, lower fees and new pay structures with more robust set ups.

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  • Big Data and Earned Value Management in Airspace Industry

    Joaquín López Pascual, Juan Carlos Meléndez Rodríguez, Pedro Cañamero Molina, Fausto Pedro García Márquez (2017). Chapter 10. » Big Data and Earned Value Management in Airspace Industry «,  in » Big Data Management «.  Ed. Springer, pp 257-267.

    This book focuses on the analytic principles of business practice and big data. Specifically, it provides an interface between the main disciplines of engineering/technology and the organizational and administrative aspects of management, serving as a complement to books in other disciplines such as economics, finance, marketing and risk analysis. The contributors present their areas of expertise, together with essential case studies that illustrate the successful application of engineering management theories in real-life examples.

    Provides an interdisciplinary approach to big data, merging the perspectives of contributors from various fields of research.

    Aimed at engineers, economists, and researchers who employ engineering management in the course of their work.

    Offers insightful real-life case studies to illustrate the applications of big data in management.

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  • An Overview of Earned Value Management in Airspace Industry

    Joaquín López Pascual, Juan Carlos Meléndez Rodríguez, Pedro Cañamero Molina, Fausto Pedro García Márquez. (2016). «An Overview of Earned Value Management in Airspace industry«, in Proceedings of the Tenth International Conference on Management Science and Engineering Management. Ed. Springer. pp 1465-1477.

    Earned value management (EVM) is an effective Project management approach. This method is used to manage Project of different sectors and has been revised to improve its Schedule estimates, the Earned Schedule Management and the Earned Duration Managemente and to include new components as quality, the quelity earned value management. This paper explores the EVM methodology and proposes a model to manage projects aerospace engineers based in a real case study. The inputs in the model are the planning and the monitoring of the case study, planned value, earned value and actual cost of aerospace projects. 

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  • 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.

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  • 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.

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  • 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.

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  • 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.

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  • Analysing hedge fund strategies through the use of an option based approach

    Joaquín López Pascual and Santiago Camarero have collaborated on a new research article. (2013), «Analysing hedge fund strategies through the use of an option based approach», Spanish journal of finance and accounting, nº 158, April-June.

    «High level of interest has been concentrated on the hedge fund industry as a  paradign of alternative investments, however 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 and show that traditional mean variance based methods are not an appropriate approach for studying them due to their non normality, tendency to overestimate efficiency and for not taking in consideration the economic cycle. We will show that assimilating the strategies historical returns to options pay-offs we can get, through a low intensive trading, very similar long term returns and more efficient return distributions. These results will enable us to analyse whether, current hedge funds fee structures are justified by superior risk reward performance».

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  • A study of Spanish banking in China

    Joaquin López Pascual and Yingying Zhang(2012) have collaborated on a new research article «Dynamic versus static culture in international business: a study of Spanish banking in China«. Cross Cultural Management: An International Journal. Vol 19.

    The purpose of this paper is to empirically identify two types of cultural perspective in cross-cultural management studies: dynamic versus static perspectives, in particular their interaction in the international business of the firm.

    The paper adopts an exploratory approach using qualitative data. After two phases of data collection, the management by values concept is taken to identify both the manifested and latent levels of characteristics of these two different approaches to cross-cultural management in international business.

    The study results identify the characteristics of two cultural perspectives: dynamic versus static. Tables on static cultural comparison and the acculturation process illustrate their different natures and highlight their potential implications for further business and theoretical development … … …

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  • Internationalization of multinational banks: a study of foreign direct investment in seven Latin American countries

    Joaquín López Pascual, Alejandro Santana Mariscal and Yingying Zhang, (2012), have collaborated on a new research article » Internationalization of multinational banks: a study of foreign direct investment in seven Latin American countries «, The Service Industries Journal. Volume 32, Issue 7

    The work explores and compares the different factors that influence the foreign direct investment decisions taken by multinational banks. They have done this using panel data from seven Latin American countries. The results ratified the researchers’ proposed hypothesis in the work.

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  • EL Crédito al Consumo: Una Palanca para la Recuperación

    La financiación al consumo es una pieza clave para la pronta recuperación, económica y social y es la herramienta clave para los negocios y para el crecimiento de las grandes, pequeñas y medianas empresas ante el nuevo cambio de tendencia que se percibe.

    En este nuevo ciclo de recuperación, la financiación en el punto de venta ofrece múltiples ventajas para los distintos agentes intervinientes, clientes, establecimientos, financieras.

    De la forma en que se aborde y se apoye esta financiación dependerá el incremento del consumo y la posible mejora y expansión de establecimientos que apuesten claramente por la innovación, el desarrollo tecnológico y la creatividad de sus negocios.

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