Persona:
González Sánchez, Mariano

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ORCID
0000-0002-8255-9478
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González Sánchez
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Mariano
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2023 - 20242
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Mostrando 1 - 2 de 2
  • 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
    The extreme temperature factor in asset pricing models: Evidence from Europe
    (ELSEVIER, 2024-08) González Sánchez, Mariano; Arguedas Sanz, Raquel; Segovia San Juan, Ana Isabel
    Growing concern about climate change has led to increased research into the effects of climate on markets. One of the weather variables studied is temperature. The previous studies considered that the temperature influences on asset returns through changes in investor mood. There are few studies that incorporate a risk factor to analyze the effects of temperature changes on asset returns. We extract positive and negative extreme temperature changes to design three temperature factors. By a cross-section asset pricing model, we find evidence that temperature shocks (hot and cold) show a significant monthly risk premium and skewness for temperature changes.