Papers

  • 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.

  • 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.

  • 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».

  • 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 … … …

  • 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.

  • 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.

  • La Información Financiera Sobre Intangibles en las Empresas Biotecnológicas Españolas

    El presente trabajo: «La Información Financiera Sobre Intangibles en las Empresas Biotecnológicas Españolas» está basado en la Tesis Doctoral de María José Peset dirigida por el Profesor Joaquín López Pascual.

    Inicio ver en Index (inicio) : Tesis doctorales dirigidas por Joaquín López Pascual

  • La empresa en la zona euro: situación actual y perspectivas. Una aproximación macroeconómica

    La revista «Cuadernos de Información Económica» publica el artículo «La empresa en la zona euro: situación actual y perspectivas. Una aproximación macroeconómica» del Profesor Joaquín López Pascual en colaboración con el Profesor Joaquín Zamorano Valiña, en su número 229 de Julio/Agosto de 2012.

  • El futuro del sector bancario

    Joaquín López Pascual y Joaquín Zamorano (2012) han colaborado en un nuevo artículo «Políticas macroprudenciales y regímenes monetarios. Un nuevo marco para el sistema bancario» del monográfico dedicado a «El futuro del sector bancario» en Papeles de Economía española.

    En este trabajo se advierte de la necesidad de revisar el régimen monetario vigente para que la inclusión de la estabilidad financiera, como objetivo que acompañe a la estabilidad monetaria y las políticas macroprudenciales, pueda definir un nuevo consenso de política monetaria.

    Los bancos son conscientes de que serán la clave de las propuestas de salida a esta crisis, pero también hay que advertir que sólo podrán serlo desde propuestas que realmente persigan la estabilidad macroeconómica, no desde aquellas que parecen incorporar un mercado de ajuste de cuentas.

    Este protagonismo del sistema bancario es crucial en la zona euro, pues el mercado bancario no puede estar realmente integrado mientras que los bancos continúen estando implícitamente garantizados por los gobiernos nacionales fiscalmente soberanos.

  • Actual Régimen Monetario de la UME

    Una de las pocas cosas aprovechables de las actuales dificultades por la que está atravesando la Unión Monetaria(UM) es la posibilidad que ofrece de calibrar el grado de compromiso existente entre los países miembros, así como analizar el funcionamiento de los procesos de ajuste disponibles.

  • El futuro del negocio del crédito al consumo

    La necesidad de una continua adaptación del negocio de la financiación al consumo al contexto actual, caracterizado por una coyuntura económico-financiera marcada por una fuerte crisis financiera y de la política crediticia general, plantea la necesidad de realizar cambios y ajustes que permitan al sector una búsqueda de la eficiencia y de la mejora en sus estructuras de balance y de la cuenta de resultados.

  • Assesment and Selection of Hedge Funds and Funds of Hedge Funds

    In this paper, we assess the challenges of analysing and selecting hedge funds and funds of funds. Alternative investment vehicles have taken an important role not only in the diversi? cation 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 consider different quantitative and qualitative elements to have under consideration when performing an operational due diligence on hedge fund managers particularly in relation to the recent deceptive events during the credit crisis of 2007-2008. The following paper 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 and funds of hedge funds.