Persona:
González Sánchez, Mariano

Foto de perfil
Dirección de correo electrónico
ORCID
0000-0002-8255-9478
Fecha de nacimiento
Proyectos de investigación
Unidades organizativas
Puesto de trabajo
Apellidos
González Sánchez
Nombre de pila
Mariano
Nombre

Filtros

2019 - 201912020 - 202421
Restablecer filtros

Ajustes

Resultados de la búsqueda

Mostrando 1 - 10 de 22
  • Miniatura
    Publicación
    Comparison of the effects of earnings management on the financial cost between companies in developed and emerging European countries
    (Wiley Online Library, 2023-07) González Sánchez, Mariano; Segovia San Juan, Ana Isabel; Ibáñez Jiménez, Eva María
    Empirical studies found that earnings management (EM) explains firms’ cost of capital both in companies in emerging and developed countries, but until now, it has not been analyzed whether the effect of EM on the financial cost is different among emerging countries inside or outside an economic area (Eurozone). Our results show that the cost of debt and the idiosyncratic component of the cost of equity are related to discretionary accruals and abnormal values of operating cash-flows, that the emerging country effect is more relevant on the cost of debt, that there is a Eurozone effect that makes discretionary accruals more relevant than abnormal values of operating cash-flow and that firms in emerging countries inside the Eurozone benefit from a lower EM penalty on the cost of debt than firms in other emerging European countries.
  • Miniatura
    Publicación
    Audit quality and fees: Evidence from Spain
    (Taylor & Francis, 2021) Guzmán Raja, Isidoro; Rúa Alonso De Corralesc, Enrique; Sánchez García, Juan Francisco; González Sánchez, Mariano
    This empirical research uses panel data methodology to find the main factors determining Spanish audit quality. on a sample with more than 60,000 audited companies from 2013 to 2018. Prior to analysing the quality of the audit, we have adjusted the best possible model to the audit fees behaviour in order to extract the abnormal fees. Our dynamic model shows that audited company’s size, the previous year’s audit fees, the years with the same audit firm, the auditor’s opinion, the auditor rotation, the concentration or dedication to the client and the client sector are explanatory factors of audit fees. Further, we find evidence that audit quality improves with number of hours billed for audit work and decreases with sector concentration of auditor and, a novel multiplicative effect, the auditor size by abnormal audit fees, in such a way that the surcharge (abnormal fees) of the big audit firms contribute negatively to improve the audit quality.
  • Miniatura
    Publicación
    Sectoral composition of GDP and greenhouse gas emissions: an empirical analysis in EU27
    (Springer, 2023) Martín Ortega, Juan Luis; González Sánchez, Mariano
    Understanding the relationship between economic growth and GHG emissions is crucial for achieving sustainable development and the Paris Agreement decarbonization goals. The objective of this paper is to analyse the long-term relationship between sectoral Gross Domestic Product (GDP) and greenhouse gas (GHG) emissions in the EU27 under the framework of the Environmental Kuznets Curve (EKC) theory. Previous research has yielded inconclusive results and presented various drawbacks, such as the omission of sectoral economic growth, poor data quality, and the use of methods that did not enable hypothesis testing. In contrast, this research applies the Autoregressive Distributed Lag (ARDL) method to assess the EKC in the long-term for the industrial, service, and agriculture components of GDP for EU27 countries from 1990 to 2018 using audited data from the United Nations Framework Convention on Climate Change. Despite a wide body of literature, this is the first research to investigate the EKC’s nature in sectoral GDP in the EU-27. The EKC theory has been confirmed statistically in only five countries. Nevertheless, the results imply that economic growth has a lowering impact on the environment in more than half of the EU-27, as the EKC theorizes. A high impact on GHG emissions is observed in the service sector of those countries that combined a high share of services in the national economy with weak energy efficiency performance in the transport and building sectors. Likewise, countries with major employment in carbon-intensive industry branches tend to show a long-term impact on GHG emissions.
  • Miniatura
    Publicación
    Effects of uncertainty and risk aversion on the exposure of investment-style factor returns to real activity
    (Elsevier, 2020) Nave Pineda, Juan M.; Rubio Irigoyen, Gonzalo; González Sánchez, Mariano
    How do uncertainty and risk aversion affect the behavior of investment-style factors? We argue that a significant channel through which both uncertainty and risk aversion impact aggregate risk factors is the exposure of factor returns to real activity. We analyze this issue using mixed data sampling decomposition of the sensitivity of factor returns to real activity into high- and lowfrequency components. We find a positive and significant relation between uncertainty and risk aversion for the low-frequency component of the sensitivity of factor returns to economic activity. More importantly, risk aversion significantly amplifies the effects of uncertainty on real activity exposure. The quality-based factor is an important exception to these findings.
  • Miniatura
    Publicación
    Is there a relationship between the time scaling property of asset returns and the outliers? Evidence from international financial markets
    (Elsevier, 2021) González Sánchez, Mariano
    Stylized facts are statistical properties present in high frequency returns of financial assets. While some of them supposes that returns are not Gaussian, another, called time scaling, involves that decreasing the frequency of observation, the returns converge to normal distribution. This paper find evidence that the existence of scaling and outliers entails other stylized facts. Also, a methodology for identifying outliers is proposed and applied to both simulated series and 1300 market assets. Results indicate that all market returns have time scaling (between 2 and 28 days) and, in 95% of cases, daily outliers represent less than 6% of observations.
  • Miniatura
    Publicación
    IFRS adoption and unconditional conservatism: an accrual-based analysis
    (Emerald, 2021) Fullana, Olga; Toscano, David; González Sánchez, Mariano
    Purpose In this paper we analyse the effect on unconditional conservatism of the mandatory adoption of International Financial Reporting Standards (IFRS) by the European listed firms in January 2005. Under the hypothesis that accounting regulation influences the accounting conservatism, we use a non-market-based measure of unconditional conservatism – the accrual-based measure proposed by Givoly and Hayn (2000) – to test this effect, controlling for the other determinants of the unconditional conservatism found in the accounting literature.
  • Miniatura
    Publicación
    Causes of country-specific effect related to the value relevance of cash flows and earnings: evidence from France, Germany, Italy and Spain
    (Taylor & Francis, 2022-09) González Sánchez, Mariano; Ibáñez Jiménez, Eva María; Segovia San Juan, Ana Isabel
    Previous studies show that, in common-law countries, the explanatory power of stock returns is higher using cash flows than earnings and accruals, while the opposite is true in code-law countries. Moreover, the literature has shown the existence of a country-specific effect motivated by different causes (taxation, financial system, creditor protection, among others). Our aim is to analyze whether this country-specific effect exists among companies in the largest Eurozone countries (France, Germany, Italy and Spain) despite the common regulatory framework, and also to study the causes that explain this country effect. We find empirical evidence that French, Italian and Spanish firms are influenced by tax rules, while German companies are more affected by creditors protection; also, Spain presents a bank-oriented financial system. Besides, the transitory earnings effect, characteristic of code-law countries, is not a cause of the country-specific effect. Therefore, national regulations are more relevant than the general EU regulatory framework.
  • Miniatura
    Publicación
    Liquidity measures for bonds selection to estimate the interest rate curve: Spanish Case
    (ASEPUMA, 2019) Rodríguez Sánchez, Sonia; García Centeno, María Carmen; González Sánchez, Mariano
    La Autoridad Europea de Seguros y Pensiones de Jubilación establece que la estimación de la curva de tipos de interés, utilizada para la valoraci´on de las operaciones de las compañías de seguros, debe considerar todos los bonos líquidos; en particular, para la zona Euro, recomienda usar bonos con vencimiento hasta 20 años como último punto líquido. La literatura financiera ha analizado los diferentes componentes de la liquidez (rigidez, inmediatez, amplitud, resistencia y profundidad) y ha encontrado una relación significativa entre el binomio de riesgo y rendimiento con la liquidez. Este documento busca los indicadores de liquidez correlacionados con el rendimiento y el riesgo de los bonos, para seleccionar el último punto líquido. En una muestra diaria de datos del mercado de Deuda Pública Española, encontramos que, hasta un mes, los indicadores de profundidad y amplitud son significativos, mientras que a largo plazo, los indicadores significativos son amplitud y resilencia. Finalmente, de acuerdo con estos indicadores, la relación riesgo-liquidez conduce a un punto líquido final de 7 años, mientras que en la relación rendimientoliquidez es de 5 años.
  • Miniatura
    Publicación
    Comparative analysis of interest rate term structures in the Solvency II environment
    (Emerald Group, 2021-06-08) Rodríguez Sánchez, Sonia; González Sánchez, Mariano
    Purpose – Solvency-II is the current regulatory framework of insurance companies in the European Union. Under this standard, European Insurance and Occupational Pension Authority (EIOPA), as a regulatory board, has established that the Smith–Wilson (SW) model can be used as the model to estimate interest rate curve. This paper aims to analyze whether this model adjusts to the market curve better than Nelson–Siegel (NS) and whether the values set for the parameters are adequate. Design/methodology/approach – This empirical study analyzes whether the SW interest rate curve shows lower root mean squared errors than the NS curve for a sample of daily prices of Spanish Government bonds between 2014 and 2019. Findings – The results indicate that NS adjusts the market data better, the parameters recommended by the EIOPA correspond to the maximum values observed in the sample period and the current recommended curve for insurance companies underestimates company operations. Originality/value – This paper verifies that the criterion of the last liquid point does not allow for selecting an optimal sample to adjust the curve and criteria based on prices without arbitrage opportunities are more appropriate.
  • Miniatura
    Publicación
    Asset pricing models in emerging markets: Factorial approaches vs. information stochastic discount factor
    (Elsevier, 2022) González Sánchez, Mariano
    The factorial asset pricing models generally performs poorly in emerging markets. This prediction bias implies anomalies. This study analyzes whether it is consequence of ignoring other source of risk. We apply a non-parametric approach (stochastic discount factor) to improve the forecasts of the usual factorial models. For a sample of 26 emerging equity markets, we find that the information portfolio built from the stochastic discount factor shows better goodness of fit of emerging market and, only the factor that accounts value stocks versus growth stocks is relevant to emerging equity markets, specifically, it is a sensitivity measure at risk.