Francisco Jaime Ibáñez-Hernández

Universidad del País Vasco / Euskal Herriko Unibertsitatea | UPV/EHU · Financial Economics

This article provides a comparative analysis of the performance of the credit growth variable compared to the credit-to-GDP ratio as an early warning indicator of banking crises. We find that both variables correctly detect expansive credit growth leading to financial stability problems. However, the timing of the early warning indicators is closer...

This paper presents our analysis of a complete financial data set on the population of Spanish deposit institutions for the last credit cycle. This information is combined with details about the characteristics of the corporate governance of the banks. Our results show that in a context of rapid credit growth (2002–2007), only financial institution...

Ratings enable the information asymmetry existing in the issuer–investor relationship to be reduced, particularly for issues with a high degree of complexity, as in the case of securitizations. However, there may be a serious conflict of interest between the issuer’s choice and remuneration of the agency and the credit rating awarded, resulting in...

This paper explains multi-tranche structuring and the yield that securitisation bonds offer by incorporating several factors into a comprehensive model. Results indicate that the degree of complexity of multi-tranche securitisation structures is related to market completeness and solving information asymmetry problems. We also find that the complex...

The reasons for the strong rise in the securitization phenomenon up until the start of the “subprimecrisis” need to be analysed. According to many authors, they mainly stem from its offering the possi-bility of generating fixed yield securities with the highest rating and a low risk premium, thanks to theissues being structured in differentiated bo...

En este capítulo tratamos de analizar la información contable de las entidades financieras. Como instrumento de análisis se plantean las principales ratios utilizadas por los bancos, haciendo hincapié en su utilización como herramienta de gestión.

Debt issue credit ratings can lead to conflicts of interest as the issuer itself is entrusted with contracting and compensating the rating agency. Into the bargain, the credit rating agency may be involved in designing the issues that the same agency subsequently rates. Credit rating agencies thus could have incentives to rate issues advantageously...

This paper considers credit procyclicality processes for Spanish deposit institutions using the macro- and micro-prudential methods for the period from 1984 to 2009. The macro-prudential method proposed by Basel III is applied first in order to identify credit cycles and act as a criterion for establishing counter-cyclical capital buffer requiremen...

Este artículo analiza los determinantes de la rentabilidad primaria de los bonos de titulización hipotecaria (conocidos en la literatura como mortgage backed securities, o MBS) emitidos en España durante el periodo 1993-2011, periodo en el que el mercado español llegó a convertirse en el más importante de Europa continental. Los resultados obtenido...

This article analyzes the determinants of the primary profitability of mortgage-backed securities (MBS) issued in Spain between 1993 and 2011, a period during which the Spanish market became the most important in continental Europe. The results obtained from an analysis of the entire population of MBS issued (262 tranches from 94 securitization fun...

External credit rating is a key aspect for the successful completion of securitization operations. However, rating agencies have been the subject of intense controversy, with questions being raised about their reliability and objectivity. This paper delves further into this point, by analysing the distribution of the ratings awarded to the securiti...

Ratings enable the information asymmetry existing in the issuer–investor relationship to be reduced, particularly for issues with a high degree of complexity, as in the case of securitizations. However, there may be a serious conflict of interest between the issuer’s choice and remuneration of the agency and the credit rating awarded, resulting in...

En este trabajo se analiza la Titulización Hipotecaria en España en el periodo 1993-2011. El objetivo del trabajo es doble. Por un lado, se lleva a cabo un análisis descriptivo de los Fondos de Titulización Hipotecaria (FTH), observando su evolución atendiendo a variables como el tipo de emisor, el tamaño medio de las emisiones, el número de tramos...

This study analyzes the relationship between financial institutions’ lending policies and their ex-post performance. It reviews the theory that explains that credit markets can be subject, under certain circumstances, to a larger endogenous component than ordinarily believed (procyclicality). The working hypothesis is that a relationship exists bet...

This paper analyzes the relationship between bank credit policies and their ex-post performance. Literature review reveals that, sometimes, credit markets can be affected by a stronger endogenous component that usually assumed. We propose that the growth speed of the bank credit portfolio in expansive cycles is related to its ex-post performance on...

Este trabajo se centra en el análisis de la relación entre las políticas crediticias de las entidades de crédito y el comportamiento de las mismas ex post. Se hace una revisión de la teoría que justifica que los mercados crediticios pueden estar sujetos, en determinadas circunstancias, a un componente endógeno más elevado de lo que, en general, se...

RESUMEN: El trabajo analiza la relación entre los mercados laborales internos y el comportamiento de las empresas respecto a la formación continua de sus directivos. Los MLI relacionados con la expectativas de apropiabilidad de los resultados formativos pueden ofrecer una señalización importante acerca del comportamiento referido. En este sentido e...

This paper analyzes the relationship between bank credit policies and their ex-post performance. Literature review reveals that, sometimes, credit markets can be affected by a stronger endogenous component that usually assumed. We propose that the growth speed of the bank credit portfolio in expansive cycles is related to its ex-post performance on...

The present paper aims at analysing firms’ behaviour of managerial training from the viewpoint of information economics. Asymmetric information between organizations and their management may lead to moral hazard and adverse selection. The theoretical literature allows proposing an explicative model that considers the expectations of generating mana...

El presente trabajo analiza el comportamiento de las empresas respecto a la formación continua directiva desde la perspectiva de la asimetría de información entre éstas y sus directivos, que puede derivar en situaciones de riesgo moral y selección adversa. Sobre esta base teórica se propone un modelo explicativo que toma en consideración las expect...

There are many factors that determine the success of a manager in the exercise of their activity. There is agreement in considering that, among all of them, training and qualification have an outstanding influence. Also, manager’s intellectual capitalization can be carried out by different ways, one of which are external training. It is fundamental...

Son muchos los factores determinantes del éxito del directivo en su actividad. Existe consenso en considerar que, de entre todos ellos, la formación y capacitación tienen una influencia destacada. Asimismo, la capitalización intelectual del directivo se puede llevar a cabo por diferentes medios, uno de los cuáles es la formación externa. Para que e...

En la literatura científica se destacan una serie de problemas de agencia accionista-directivo, al igual que una batería de herramientas que ayudan a reducir dichos costes de agencia. En el presente trabajo, además de repasar las posibles causas que generan los problemas de agencia y de presentar las soluciones �clásicas� a los mismos exponemos el...