Person: Pérez-Soba Aguilar, Inés
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First Name
Inés
Last Name
Pérez-Soba Aguilar
Affiliation
Universidad Complutense de Madrid
Faculty / Institute
Ciencias Económicas y Empresariales
Department
Economía Aplicada, Pública y Política
Area
Economía Aplicada
Identifiers
7 results
Search Results
Now showing 1 - 7 of 7
Item Non-linear cointegration between oil and stock prices: the role of interest rates(Research in International Business and Finance, 2021) Martínez Cañete, Ana Rosa; Márquez De La Cruz, Elena; Pérez-Soba Aguilar, InésThe Zero Lower Bound (ZLB) has been suggested as an explanation as to why oil and stock prices have become highly correlated post 2008. Our paper contributes to the literature on this topic by testing (i) whether there is a long-run relationship between oil prices and stock prices (measured by the MSCI World Index) that is non-linear depending on the interest rate levels and, if this is the case, (ii) whether the co-movement between them is stronger when interest rates are very low. To do so, we apply a cointegrating smooth transition regression approach using a global shadow rate as the transition variable to take into account the possible effects of unconventional monetary policy measures on the oil-stock price linkage. We find evidence in favor of the two hypotheses tested. These results have important implications for portfolio managers and investors, since the benefits of portfolio diversification by investing in oil would be lower in a ZLB context. In addition, from a policymakers’ perspective, the results could be revealing that, in this context, central banks could exert a greater influence than in “normal times” not only on equity prices, but also on global oil prices.- Project number: 22
Item Finanzas sostenibles: Entre todos y para todos(2022) Grau Carles, Pilar; Márquez de la Cruz, Elena; Martínez Cañete, Ana Rosa; Pérez Alonso, Alicia; Pérez-Soba Aguilar, Inés; Rodríguez Albarrán, Carmen Rocío; Santero Sánchez, Rosa; Turiel López, María - Project number: 429
Item Finanzas sostenibles: entre todos y para todos (2ª parte)(2023) Martínez Cañete, Ana Rosa; Gómez Gómez, Nuria Elena; Grau Carles, María Del Pilar; Márquez De La Cruz, Elena; Palacio Vera, Alfonso; Pérez Alonso, Alicia; Pérez-Soba Aguilar, Inés; Santero Sánchez, Rosa; Trincado Aznar, Estrella; Rodríguez Albarrán, Carmen Rocío; Turiel López, María; Martínez Cañete, Ana Rosa - Project number: 76
Item Recurso educativo en abierto y enseñanza virtual de pensamiento económico en el contexto internacional (en español e inglés)(2021) Trincado Aznar, Estrella; De Arribas Cámara, Javier; Gallego Abaroa, Elena; García Ruiz, José Luis; Jurado Sánchez, José; Márquez de la Cruz, Elena; Martínez Cañete, Ana Rosa; Méndez Ibisate, Fernando; Ortiz Villajos, José María; Palacio Vera, Alfonso; Perdices de Blas, Luis; Pérez-Soba Aguilar, Inés; Quiroga Valle, María Gloria; Ramos Gorostiza, José Luis; Santos Redondo, Manuel; Sanz Bas, DavidEste proyecto de innovación propone la realización de un curso en abierto y gratuito (en español e inglés) de debates económicos y grandes economistas. Se realizaron vídeos de pensamiento económico con el objetivo de crear recursos educativos reutilizables y que generen experiencias de asignaturas semipresenciales. Los vídeos se colgaron en abierto en youtube y en twitter. Item Sustainable Finance. What does economic research say?(2023) Pérez-Soba Aguilar, Inés; Márquez De La Cruz, Elena; Martínez Cañete, Ana RosaThis study presents, from the perspective of different financial market actors, a brief state of play of the main issues addressed by the academic economic literature (both theoretical and empirical) following the inclusion of sustainability in Finance. From the investor perspective, empirical work addresses sustainability by researching, for example, whether there are significant differences between investors’ returns on sustainable versus traditional financial products, while in theoretical work, sustainability is implying a revision of traditional models of portfolio selection and asset pricing. Regarding those that focus on the issuers’ perspective, the literature is focused to a large extent on how sustainability may affect the cost and the amount of financial resources they raise in the markets and how companies can attract this finance by signalling the market in different ways about their quality as sustainable. The role of regulators then emerges, who have to define the criteria that make the company’s commitment credible, and the debate arises between self-regulation and public regulation of sustainable financial product markets. This paper also takes into account the perspective of supervisors, in this case of the financial system, analysing the active role that central banks may play in support of a sustainable economy. The study points out how the incorporation of sustainability highlights the existence of previously unconsidered risk factors, such as the carbon premium of securities with higher emissions or, conversely, the possible lower financial risk of sustainable banks. It also notes several studies showing how climate risks are already reflected in asset prices, such as the higher returns required for municipal bonds of localities more exposed to flood risks. This study, in short, takes the pulse of an intense academic activity related to sustainable finance and its impact on the financial industry and the corporate sector, which is currently in expansion.Item Finanzas sostenibles: bonos verdes, gestión de carteras y gobierno corporativo(Economía, Empresa y Justicia. Nuevos retos para el futuro, 2021) Márquez De La Cruz, Elena; Martínez Cañete, Ana Rosa; Pérez-Soba Aguilar, InésItem Private benefits from control block trades in the spanish stock exchange(North American Journal of Economics and Finance, 2021) Pérez-Soba Aguilar, Inés; Martínez Cañete, Ana Rosa; Márquez De La Cruz, ElenaA control block trade can be explained by the expectation of financial gains, shared by all shareholders, or by the expectation of private benefits, exclusive to the buyer and possibly at the expense of other shareholders’ rents. The market for corporate control contributes to social welfare when it improves the efficiency of the allocation of resources. When the objective of a block transaction is private benefits, social welfare may be negatively impacted as minority shareholders could withdraw from the market. Therefore the estimation of private benefits would allow the efficiency of the market for corporate control to be assessed. Specifically, the aim of this paper is to calculate private benefits in the Spanish market for partial control. Using a sample of partial control transactions over the period 1990–2016, we find that the median of private benefits is negative, therefore it appears that there is no inefficient use of resources in the Spanish partial control market as a whole, however private costs are detected. The variability of private benefits is explained in a significant way by variables related to the control structure of the target firm, such as the controlling position of the buyer after the transaction, the contestability of control and the cross-shareholdings between the buyer and large shareholders. Performance and the size of the firm are significant as well.