Luís Otero González

University of Santiago de Compostela | USC · Departamento de Economía Financiera y Contabilidad

This paper identifies the main factors that affect the citation rate of an article published in the tourism, leisure and hospitality field. Using several regression techniques, it has been identified that the number of references for an article, the reputation of the main author, and obtaining early citations have a major impact on a document’s cit...

Purpose The purpose of this study is to evaluate whether the classification of the equity mutual fund depends on the performance measure used. Design/methodology/approach The sample for this study includes stock mutual funds for the USA, Europe and emerging market economies covering the period 2010 to 2020. Using more than 20 performance measures...

This paper evaluates the usefulness of analyst assessments to select mutual funds, using the Morningstar Analyst ratings. These notes are forward-looking qualitative and quantitative analyses of mutual funds about five pillars: Process, Performance, People, Parent and Price, that includes factors like the cost, past performance, quality of manageme...

In this paper we evaluate the relation between Morningstar Star ratings and the performance, risk and flows of European bond funds over the period 2006–2019 based on a comprehensive and survivorship-free dataset comprising 939 mutual funds. Fund performance is evaluated by net and gross returns, as well as alphas based on single and multi-factor mo...

We studied the relationship between the mutual fund’s expenses and their profitability, as well as their ability to predict future performance. We used regressions in panel data with a sample of equity mutual funds of the eurozone area from 2003 to 2014. We concluded that expenses are an important determinant of performance in the eurozone and we s...

This paper analyzes whether the degree of Enterprise Risk Management (ERM) implementation affects the performance obtained by insurance companies in the context of Solvency II. We have constructed a composite ERM index of 76 variables based on the responses from the chief risk officers (CROs) of 44 insurance entities in one of the EU’s largest insu...

This paper analyses the effect of family ownership and the characteristics of the board of directors on the risk assumed by Spanish non-financial companies. The sample consists of 176 Spanish non-financial companies listed on Spanish stock exchanges during the period 2012–2015. The results show that the level of family ownership concentration affec...

The objective of this document is to analyze different methods that an insurer can use to allocate capital to his or her different lines of business or business segments under Solvency II. For this analysis, a review of the main methods developed in the literature is carried out. Many of the proposed methods in the literature can only be implemente...

The aim of this paper is to analyze the impact of Enterprise Risk Management (ERM) on the performance, value and risk not only of European insurance companies, but also of Middle Eastern and African (MEA) ones using Standard and Poor’s (S&P’s) ERM rating. Using information from 150 insurance companies, 101 from Europe and 49 from the Middle East an...

Using information on climate transition risks embedded in US equity mutual fund portfolios, we report evidence that mutual fund investors consider climate-related transition risk to be an undesirable fund feature and accordingly allocate more money to funds with lower climate-related transition risk. The size of the impact of this risk on fund flow...

Transitioning to a low-carbon economy to mitigate the effects of climate change involves risks. We investigate the effects of managerial ownership and management on the low carbon transition risk of mutual fund portfolios and the effects of low carbon transition risk on mutual fund performance and flows. Using low carbon transition risk ratings bas...

In this paper we have analysed the performance of several value investing strategies for Eurozone equity mutual funds. We have executed an empirical study of what the application of this technique implies, with its different variants, to large-cap equity funds. This has allowed us to analyse different value investment strategies, and to see which a...

Purpose This paper analyses whether the active management and the fundamentals of the pension fund allow products that beat their peers to be identified in terms of risk-adjusted performance. Design/methodology/approach The sample is composed of all the pension funds active in the period 2000 to 2017 investing in the Eurozone. What this means is t...

The objective of this paper is to analyze the effect of economic and financial performance on Corporate Social Responsibility (CSR). For this reason, we have used the data from a sample made up of 662 companies, 146 registered as medium-sized or large and 516 as small or micro, highlighting the significant weight of small companies in the sample. C...

Investors use ratings to make their investment decisions. In this paper we analyze whether the combination of qualitative and quantitative information allows the mutual funds to be identified that are able to beat their peers’. Our results show just a little evidence when we use ratings in isolation. The selection of mutual funds improves when we c...

Este libro se corresponde con el numero 34 de la serie de Informes Anuais sobre A Economía Galega, que bajo la dirección del Profesor Alberto Meixide se realiza por un amplio equipo, desde el año 1986 en el que se publicó el primer numero, una síntesis de la economía gallega en los cinco años previos, continuando anualmente hasta este Informe 34 qu...

This paper evaluates the effect of Enterprise Risk Management (ERM) on the performance and the financial stability of a sample of non-financial Spanish listed companies. The information about ERM is taken from the annual reports, management reports and annual corporate governance reports disseminated over four years (2012−2015). The data on perform...

Purpose The purpose of this paper is to analyze how enterprise risk management (ERM), the system of governance and the Own Risk and Solvency Assessment (ORSA) have been boosted with the entry of Solvency II. Design/methodology/approach For this analysis, the authors have undertaken a survey of chief risk officers (CROs) working in Spanish insuranc...

This paper analyses the effect of family ownership and the characteristics of the board of directors on the implementation level of enterprise risk management (ERM) in Spanish non-financial companies. The sample consists of 162 Spanish non-financial companies listed on Spanish stock exchanges and markets during 2012–2015. The results obtained show...

This paper analyses business survival in 11,558 micro, small, and medium-sized firms (MSMEs) between 2007 and 2015 in the Spanish hotel sector. Using hazard models, the aim is to identify the differences in survival determinants among firm sizes, quantifying the importance of the environment during the recent economic crisis. The results highlight...

This paper has analyzed cost efficiency and its determinants in Middle Eastern and Northern African (MENA) countries during the 2005–2012 period. Our results have shown that cost efficiency is positively related with economic performance, but the level of concentration and market share has a negative influence on the former, thus supporting the Qui...

Transitioning to a low-carbon economy to mitigate the effects of climate change involves risks. We investigate the effects of managerial ownership and management on the low-carbon transition risk of mutual fund portfolios and the effects of low-carbon transition risk on mutual fund performance and flows. Using a low-carbon transition risk measure b...

Purpose The purpose of this paper is to explore the relationship between corporate governance and risk-taking behaviour of banks operating in the Middle East and North African (MENA) countries. Design/methodology/approach In doing so, the authors use a data set covering 165 banks located in 13 MENA countries over the period 2005–2012 and apply dyn...

This paper tests four related theories on the relationships among market structure, profitability, and efficiency using a stochastic frontier analysis and dynamic panel data for 201 banks in Middle East and North Africa (MENA) countries during the 2005–2012 period. The results show that neither the structure–conduct–performance hypothesis nor the e...

Given that sustainable investing constitutes a major force across global financial markets, in 2016 Morningstar began reporting Morningstar Sustainability scores. We used the 2016, 2017 and 2018 scores to study the effects of socially responsible investments (SRI) on European equity fund performance. Sustainability scores impacted positively on per...

International Journal of Hospitality Management is a leading journal in ‘Hospitality, Tourism and Management’ field. The journal celebrated its 35th anniversary in 2016. The aim of this paper is to provide a complete lifetime overview of the academic structure of the journal using bibliometric indicators since its inception and until the last year...

Solvency II imposes risk-based capital requirements on EU insurance companies. This paper evaluates the property risk standard model proposed. The calibration was performed from the IPD UK monthly index total returns for the period between December 1986 and December 2009. In general, it is considered that returns derived from valuation-based indice...

This paper analyzes the impact of the spatial positioning of a hotel on profitability. The determinants that increase hotel profitability could differ from one location to another. No previous studies have delved into the analysis of the spatial stability hypothesis of hotel profitability, so this is the main contribution of this paper. The theoret...

Asian academic research in tourism is a very recent field of research, which has significantly developed over the last decade due to the strong expansion of the tourism industry worldwide, and also owing to the strong evolution of search engines via the Internet. This article analyses the main contributions to Asian academic research in tourism ove...

Bibliometrics is a fundamental field of information science that helps to draw quantitative conclusions about bibliographic material. During the last decade, the use of techniques and bibliometric studies has experienced a significant increase due to the improvement of information technology and its usefulness to organize knowledge in a scientific...

The objective of this paper is to analyse if ratings are reliable tools in selecting mutual funds. Our sample contains all European equity funds rated by Morningstar from 2003 to 2014. Our conclusions support the ability of ratings to predict future performance in the short and medium term. In this sense, we have found that on average, funds with l...

This paper analyses the determinants of credit risk in the Spanish hotel sector, employing panel data models covering a sample of 734 micro, small and medium-sized enterprises (MSMEs) over the period 2005–2011. Among other things, this study is relevant because credit risk is an important variable for several stakeholders. However, the existing lit...

This paper evaluates the usefulness of analyst assessments to select investments, using the Morningstar Analyst ratings. These notes are forward-looking qualitative and quantitative analyses of mutual fund about five pillars: Process, Performance, People, Parent and Price, that includes factors like the cost, past performance, quality of management...

We studied the relative risk-adjusted returns and downside risk performance of precious-metal mutual funds (PMFs) in different uncertainty periods (pre-crisis, crisis and post-crisis) using propensity score matching techniques and difference-in-differences matching regression. For a sample of PMFs and global corporate funds quoted in USD over the p...

Backtesting is a technique for validating internal models under Solvency II, which allows for evaluating the discrepancies between the results provided by a model and real observations. This paper aims to establish various backtesting tests and to show their applications to equity risk in Solvency II. Normal and empirical models with a rolling wind...

Purpose This paper studies the determinants of hotel performance, especially the role of location, in the Spanish hotel market. Design/methodology/approach The sample is composed of 1,034 hotels located in 97 tourist destinations in Spain during the period 2005–2011. The estimations were made by generalised least squares (GLS) using panel data....

This study analyzes the impact of economic, financial, and political instability on the liquidity transformation of banks operating in unstable environments. Our main goal is to assess the relationship between overall risk in a country and liquidity transformation. With this goal in mind, we use a sample of five Middle Eastern countries during the...

This paper quantifies the impact of location attributes on hotel creation by identifying drivers and barriers to entry in the Spanish hotel sector. The methodology is based on the use of count models. The efficiency of labour in a tourist destination is a driver of new hotel start-ups, but the initial investment and idle capacity are relevant barri...

This paper tests the relationship between competition and bank stability for 356 banks operating in the Middle East North Africa (MENA) countries during the period 2005-2012. Our results show that for the overall sample, a U-shaped relationship between competition and banks’ risk taking for MENA banks. The negative linear relationship between Z-Sco...

We studied the financial performance of alternative energy mutual funds using multifactor models and propensity score matching techniques. For a sample of alternative energy mutual funds quoted in EUR and in USD for the period 2010–2016, we found that alternative energy funds underperformed corporate and socially responsible mutual funds in terms o...

This study examines the effect of the use of securitization and credit derivatives on the risk profile of European banks. Using information from 134 listed European banks during the period of 2006–2010, the results show that securitization and trading with credit derivatives have a negative effect on financial stability. The main findings also show...

this paper studies the determinants of survival of 6494 Spanish hotel firms located in 97 national tourist destinations in the period 2005–2011. The characteristics of the firms and the tourist destinations where they are located have been studied through survival analysis techniques. This is relevant because the impact of the financial and economi...

This paper analyzes the validity of using the loan-to-value (LTV) ratio to explain the behavior of mortgage borrowers at an empirical level. To perform this analysis we use data for mortgage loan portfolios securitized in Spain during the period 2005-8. In the regression models developed, we find that higher initial LTV ratios are associated with g...

There is a debate about the ability of ratings to predict the future performance of mutual funds. The objective of this paper is to asses if Morningstar ratings are reliable tools in selecting funds. Our sample contains all European equity funds rated by Morningstar from 2004 to 2014. We use funds with Rating Overall and we repeat the analysis with...

Location is a very important factor analyzed by firms on creation decisions. This paper analyzes the determinants of business creation in the Spanish hospitality industry. Spanish hotels have a relevant position in the global tourism context so it can generate relevant results to other countries. By means of different econometric models, we identif...

This paper analyzes the impact of market structure on hotel profitability in a sample of 8,992 Spanish hotels in 2005-2011, using variables relating to the hotel and tourist destination in addition to structure -conduct-performance (SCP) and Chicago School frameworks simultaneously. The results show that profitability depends largely on the market...

This article is a model to identify the determinants of subprime securitizations. In several countries, there is no classification of the underlying assets. Consequently, investors have fewer tools to identify which securitizations are subprime. Using a sample of mortgage securitization transactions issued in Spain from 1998 until the first half of...

Este trabajo analiza el impacto de las barreras de entrada existentes en una localización turística sobre la intensidad emprendedora en el sector hotelero español durante el período 2005-2011. En concreto, se estudia una muestra formada por 8,992 establecimientos hoteleros y se utilizan cuatro tipos de modelos, a saber, Poisson, Binomial Negativa,...

Este trabajo estudia los determinantes de la quiebra en el sector de la pequeña y mediana empresa hotelera española en el período 2000-2007. En concreto, se evalúa una muestra formada por 1,679 hoteles y se utilizan modelos de probabilidad condicional (probit y logit) y un amplio conjunto de variables contables relativas a su rentabilidad, endeudam...

Este trabajo tiene por objeto analizar el impacto de la titulización hipotecaria sobre la estabilidad financiera y el riesgo de crédito de las entidades financieras espanñolas. Para ello, se ha elaborado una base de datos que combina información financiera de 87 entidades de crédito durante el período 2004-2009, obtenida de Bankscope, asi como toda...

This paper investigates whether European women have the same probability of saving for retirement as European men and if driving factors for this saving behavior differ by gender. The evidence is based on a sample of 6,036 individuals from eight European countries (France, Germany, Italy, the Netherlands, Poland, Spain, Sweden, and the United Kingd...

It was generally believed by top regulators that credit derivatives make banks sounder. After the international financial crisis, the positive view of the role of credit risk transfer has changed and credit derivatives have been blamed as one of the responsible of the subprime credit crisis. Our purpose is to analyze whether the risk taken by Europ...

The authors analyse the determinants of business failure in micro, small and medium-sized Spanish hotel companies during 2008–2011. They consider accounting variables representative of the economic and financial situation and other variables of lodging activity. This approach is important because several previous studies have highlighted the need t...

El Espacio Europeo de Educación Superior (EEES) promueve la aplicación de nuevas técnicas docentes para lograr una interacción significativa alumno-docente, corrigiendo problemas de aprendizaje oportuna y eficazmente. Este trabajo analiza la técnica one minute paper en estudios de grado universitario, y sus implicaciones sobre el rendimiento académ...

This paper aims to demonstrate that the mortgage securitisation process allowed the Spanish financial entities to provide riskier loans, especially in the last years of credit expansion, with an underlying credit quality comparable, in some cases, to subprime products in other countries.For this purpose, we constructed a database containing a sampl...

Este trabajo analiza los determinantes del fracaso empresarial en las pymes hoteleras españolas en 2008-2011 considerando no solo ratios contables, representativos de su situación económica y financiera, sino también variables propias de la actividad y mercado hoteleros. Por tanto, estudiamos un modelo focalizado en un sector destacado de la econom...

This paper studies the determinants of bankruptcy in the small and medium Spanish hotel companies during 2000-2007. In particular, we study a sample of 1,679 hotels by means of conditional probability models (probit and logit) and a comprehensive set of accounting variables relating to profitability, indebtedness, economic and financial balance, ec...

This paper analyzes the impact of the entry barriers existing in a tourist location on the intensity in the entrepreneurial sector hotel Spanish for the period 2005-2011. In particular, we study a sample of 8,992 hotels by means of four models, namely, Poisson, Negative Binomial, Truncated Models and Logistic Regression. Variables used are related...

Entre los principales determinantes de la rentabilidad de los hoteles se encuentra su localización. En consecuencia, y dado el carácter estratégico de dichas decisiones, de su correcta elección depende fuertemente el éxito empresarial. Por un lado, la localización de un hotel en un punto turístico determinado supone un nivel potencial de demanda co...

The new solvency regulation in the European insurance sector, denominated Solvency II, will completely transform the system of capital requirements estimation. Recently it has introduced the latest quantitative impact study (QIS5), which provides the calculation method in the internal model for the determination of capital requirements. The aim of...

This paper analyzes value creation through currency hedging in the Spanish market. The results show that the hedging with derivatives generated an average premium of 1.53% and that foreign currency debt generated 7.52%, with respect to company value approximated by Tobin's Q, while operational hedging does not affect company value. Moreover, in hal...

The aim of this work is to analyze the impact of mortgage securitization on financial stability and credit risk of the Spanish financial institutions. In this sense, we have developed a database with the help of Bankscope containing the consolidated financial statements of 87 Spanish credit institutions over the period 2004-2009, and all issuances...

Análisis del impacto de la titulización hipotecaria en la estabilidad fi nanciera del sistema bancario español Analysis of the impact of mortgage backed securitization on fi nancial stability of the Spanish banking system RESUMEN Este trabajo tiene por objeto analizar el impacto de la titulización hipotecaria sobre la estabilidad fi nanciera y el r...

Purpose Using hedging theories, we analyse the variables that determine the decision to hedge with foreign currency debt. Design/methodology/approach Using a sample of 100 Spanish companies with a significant social and economic role in Latin American during 2004‐2007, we estimated probit models for panel data. Findings Our results showed that th...

One major focus of attention in studies of internationalization is the choice of entry mode into a foreign market. The region formed by the Caribbean and Gulf of Mexico is currently the top destination chosen by Balearic hotel chains in their international expansion. This study attempts to pinpoint the factors that play a decisive role in the decis...

This study aims to identify the theories and factors that explain the international expansion in the hospitality industry. The paper examines those aspects that determine the expansion strategies of hotel chains from the Balearic Islands in the Caribbean and the Gulf of Mexico. New explanatory factors that have not previously been taken into accoun...

El objetivo de este trabajo es plantear una serie de medidas prácticas que puedan ser implantadas por parte de las universidades para gestionar de una manera más eficiente el proceso de generación, participación y desinversión en las spin-offs universitarias. Esta publicación se enmarca entre las actividades realizadas dentro del proyecto VT (Vehíc...

Este trabajo tiene por objeto analizar el impacto de la titulización hipotecaria sobre la estabilidad financiera y el riesgo de crédito de las entidades financieras españolas. Para ello, se ha elaborado una base de datos que combina información financiera de 87 entidades de crédito españolas durante el periodo 2004-2009 obtenida de Bankscope, así c...

Recently, global credit derivative markets have expanded very fast. The banking sector is a major user of this type of product. We intend to study the reasons why European banks use credit derivatives, analyzing to what extent the use of credit derivatives can be predicted using hedging theories. The data have been obtained from the information pro...

Universities now play a major role in regional economic and social development. This new mission is transforming the traditional university into an entrepreneurial university. This entrepreneurial activity has mainly been carried out by transferring technology to industry; in particular by creating spin-off firms. Drawing on a resource-based view,...

Recently, global credit derivative markets have expanded very fast. Despite the fast growth, little is known whether their use is beneficial or increases their risk exposure. The few empirical papers that exist in this area relate primarily to the American market and there are no works referred to the European banking sector. Our results show that...

Resumen En la actualidad, se considera que las universidades deben involucrarse en el desarrollo econó-mico y social de su entorno. Esta nueva misión está transformando la universidad tradicional en una universidad emprendedora. La actividad emprendedora de la universidad se lleva a cabo a través de la transferencia de tecnología hacia la industria...

Solvency II will transform the system for determining capital requirements for insurers. The new regulatory framework proposes a standard model, but at the same time, it encourages the use of internal models of self-evaluation and risk management. The model of normal returns implicit in the calculation of the standard formula may underestimate the...