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28 results on '"Cuadros Solas, Pedro Jesús"'

3. A machine learning approach to the digitalization of bank customers: Evidence from random and causal forests

Author

Carbó Valverde, Santiago, Cuadros Solas, Pedro Jesús, and Rodríguez Fernández, Francisco|||0000-0003-3676-9156

Abstract

Understanding the digital jump of bank customers is key to design strategies to bring on board and keep online users, as well as to explain the increasing competition from new providers of financial services (such as BigTech and FinTech). This paper employs a machine learning approach to examine the digitalization process of bank customers using a comprehensive consumer finance survey. By employing a set of algorithms (random forests, conditional inference trees and causal forests) this paper identities the features predicting bank customers’ digitalization process, illustrates the sequence of consumers’ decision-making actions and explores the existence of causal relationships in the digitalization process. Random forests are found to provide the highest performance–they accurately predict 88.41% of bank customers’ online banking adoption and usage decisions. We find that the adoption of digital banking services begins with information-based services (e.g., checking account balance), conditional on the awareness of the range of online services by customers, and then is followed by transactional services (e.g., online/mobile money transfer). The diversification of the use of online channels is explained by the consciousness about the range of services available and the safety perception. A certain degree of complementarity between bank and non-bank digital channels is also found. The treatment effect estimations of the causal forest algorithms confirm causality of the identified explanatory factors. These results suggest that banks should address the digital transformation of their customers by segmenting them according to their revealed preferences and offering them personalized digital services. Additionally, policymakers should promote financial digitalization, designing policies oriented towards making consumers aware of the range of online services available. FUNCAS Foundation PGC2018 - 099415 - B - 100 MICINN/FEDER/UE Junta de Andalucia P18RT-3571 P12.SEJ.2463

Published
2020

4. Taxonomy of the Spanish FinTech ecosystem and the drivers of FinTechs’ performance

Author

Carbó Valverde, Santiago (1966- ), Cuadros Solas, Pedro Jesús, and Rodríguez Fernández, Francisco

Subjects
Fintech-General, Informática bancaria, situación y análisis [Sistema monetario y financiero]
Abstract

Artículo de revista The main aim of the paper is to examine the current situation and evolution of the Spanish FinTech ecosystem and the driving forces of the performance of these firms. After examining the current situation of the Spanish FinTech ecosystem at an international level, we show that Spain has a solid and dynamic FinTech sector in terms of FinTech firms per capita (5 firms per million inhabitants) but with relatively low levels of investments and FinTech credit (3.4€ per capita). We also show that most of the Spanish FinTechs are focused on offering B2B solutions, obtain revenues via charging fees or commissions and have not matured enough. Moreover, most of these firms were founded by entrepreneurs and are located in large cities such as Madrid and Barcelona. We also document a positive evolution of the funds invested – mainly through venture capital funds – on the whole Spanish FinTech sector since 2014. In terms of performance, FinTechs founded by a few number of entrepreneurs perform better. We also find that being located in Madrid or Barcelona does not have an effect on performance while those FinTech receiving external financing via seed capital exhibit lower returns.

Published
2020

6. Potential spillovers from the banking sector to sovereign credit ratings.

Author

Cuadros-Solas, Pedro Jesús and Salvador Muñoz, Carlos

Subjects
EUROPEAN Sovereign Debt Crisis, 2009-2018, RATINGS & rankings of public debts, GLOBAL Financial Crisis, 2008-2009, SOVEREIGN risk, CREDIT ratings, ECONOMIC indicators
Abstract

The global financial crisis and European sovereign debt crisis underlined the links between the banking sector and sovereign risk. This paper uses a machine learning technique (random forest regression) to examine whether sovereign ratings account for the potential spillovers from the banking sector to sovereign risk. To do so, we use a panel of sovereign ratings issued by the three main credit rating agencies (CRAs) (Fitch, S&P and Moody's) for 30 European countries from 2002 to 2016. We find that in addition to the main economic indicators (macroeconomic, government and institutional quality factors), the soundness of the banking system is relevant in determining the sovereign rating. In fact, with the outbreak of the crisis, the importance of these banking sector characteristics (namely, liquidity, concentration and volume of non-performing loans) for sovereign ratings increased substantially. These results suggest a change in CRAs' policies since the onset of the crisis, involving a re-appraisal of the structure of the banking sector when assessing countries' sovereign risk. [ABSTRACT FROM AUTHOR]

Published
2021
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7. Essays on underwriting and reputation

Author

Cuadros Solas, Pedro Jesús, Carbó Valverde, Santiago, Rodríguez Fernández, Francisco, and Universidad de Granada. Departamento de Teoría e Historia Económica

Subjects
Bancos, Crisis económicas, Industria, Obligaciones (Valores), Préstamos, Mercado financiero, Sistemas de información, (043.2), Deudor y acreedor
Abstract

This doctoral thesis focuses on the analysis of different aspects of the intermediation role performed by specialized financial intermediaries known as underwriters in capital markets with the aim of contributing to the knowledge on the relationship between underwriting and reputation. The chapters are grouped around three specific issues. Firstly, this analysis explores the issuer‒reputable underwriting matching for non-financial issuers and banks. Then, the underwriting syndicate formation is examined. Finally, reputation is disentangled by examining the evolution of underwriters’ market shares., Tesis Univ. Granada. Programa Oficial de Doctorado en: Ciencias Económicas y Empresariales

Published
2018

8. Volatility Linkages and Co-movements Between International Stocks and the Sukuk Market

Author

Carbó Valverde, Santiago, Cuadros Solas, Pedro Jesús, Rodríguez Fernández, Francisco, Dreassi, Alberto, Miani, Stefano, Paltrinieri, Andrea, Sclip, Alex, Paltrinieri, Andrea (ORCID:0000-0002-8172-9199), Carbó Valverde, Santiago, Cuadros Solas, Pedro Jesús, Rodríguez Fernández, Francisco, Dreassi, Alberto, Miani, Stefano, Paltrinieri, Andrea, Sclip, Alex, and Paltrinieri, Andrea (ORCID:0000-0002-8172-9199)

Abstract

In this paper, we investigate the volatility behavior and the co-movements between sukuk and international stock indexes. Asymmetric multivariate GARCH models with dynamic conditional correlations (DCC) were estimated under student-t distribution. We provide evidence of lower correlations between sukuk and US and EU stock markets. We also show that volatility linkages between sukuk and regional market indexes are higher during financial crisis. We argue that investors could obtain diversification benefits including sukuk in a well-diversified portfolio, given their lower volatility compared to equity. But higher volatility linkages and dynamic correlations during financial crises show that they are hybrid instruments between bonds and equity. Our findings are relevant for institutional investors and asset managers that include Islamic bonds in a diversified portfolio.

Published
2016

18. Introduction

Author

Valverde, Santiago Carbó, Solas, Pedro J. Cuadros, Fernández, Francisco Rodríguez, Molyneux, Philip, Series editor, Carbó Valverde, Santiago, editor, Cuadros Solas, Pedro Jesús, editor, and Rodríguez Fernández, Francisco, editor

Published
2016
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28. Introduction

Author

Carbó-Valverde, Santiago, Cuadros-Solas, Pedro J., Rodríguez-Fernández, Francisco, Molyneux, Philip, Series editor, Carbó Valverde, Santiago, editor, Cuadros Solas, Pedro Jesús, editor, and Rodríguez Fernández, Francisco, editor

Published
2016
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