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.
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".
Dynamic versus static culture in international business: 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