University of Zaragoza · Government of Aragón
Ciber is committed to contribute to the common good and society. With more than 20 years of experience in microfinance, corporate social responsibility, socially responsible investment, portfolio management, behavioural finance and public management, Ciber has developed a broad and rigorous understanding of the ways in which finance can support a positive social change.
Laura Andreu, Ruth Gimeno, José Luis Sarto and Miguel Serrano have published their latest paper, “Decoding Information Flow in Fund Families: Evolution, Drivers, and Impacts”, in European Financial Management. The study examines internal information transmission using a novel measure based on trading decisions. Findings indicate that information sharing has declined over time and is higher where managers interact frequently. However, excessive idea diffusion weakens incentives for independent research, leading to more homogeneous portfolios, poorer fund performance, reduced investor flows and lower management revenues. The authors underline the delicate balance between cooperation and competition within fund families.
Ciber congratulates Laura Andreu, Fernando Muñoz and Luis Vicente on their recent promotions to full professors. The team celebrates this important recognition of their academic excellence, commitment and hard dedication. Ciber expresses its gratitude for their valuable commitment and work in teaching, research, knowledge transfer, and university management.
Members of Ciber took part in the 33rd Finance Forum, hosted by the University of Alicante. Laura Andreu, Guillermo Badía, Isabel Marco Sanjuan, Fernando Muñoz, María Vargas and Luis Vicente contributed to three research papers on mutual fund-to-ETF conversions, behavioural mispricing factors in Europe, and the Sustainable Development Goals in emerging-market portfolios. The event provided valuable opportunities to present their work, receive constructive feedback and strengthen academic collaborations.
Researchers from Ciber participated in the FMA European Conference 2026 held in Braga. Laura Andreu, Guillermo Badía, Cristina Ortiz and Miguel Serrano represented the group at this international academic event, contributing to current research in finance. Two papers were presented: one examining behavioural mispricing factors in Europe, pricing tests and fund performance attribution, and another exploring information flows within fund families, including their evolution, drivers and effects. Their work advances understanding of behavioural finance, fund performance and information dynamics in financial markets, while highlighting the group’s commitment to sharing and discussing high-quality research internationally.
Ciber has played an important role in organising the 3rd Nordic-Iberian Doctoral Workshop on Business Economics held in Zaragoza, with several members actively involved in its coordination. Beatrice Boumda served as Chair of the conference, while Guillermo Badía led the Scientific Committee. The three-day international event brought together emerging researchers and academics from Finland, Denmark, Spain and across Europe. Activities included paper presentations, expert feedback, discussions on AI in finance, a keynote speech by Professor Andrés Almazán (University of Texas, Austin), and a round table focused on connecting academic research with industry practice.
Mercedes Alda has published her new study, “The monitoring role of pension fund ownership in ESG firm controversies”, in the Borsa Istanbul Review. The paper examines how UK pension fund ownership serves as a governance mechanism regarding corporate ESG controversies. The findings reveal that higher pension fund ownership reduces environmental and product responsibility disputes. Nevertheless, funds adopt a passive approach in other areas to prevent conflicts of interest. Furthermore, the research indicates that pension funds develop complex social investment networks, which can lead to ambiguous information flows and further conflicts of interest across markets.
Ciber is a research group in finance at the University of Zaragoza (Est. 1474), officially registered and funded by the Government of Aragón (Spain). Headquarters are at the School of Economics and Business. The stable core is formed by 18 full-time researchers whose joint projects with PhD students contribute to the active research dynamics of Ciber.
Ciber has more than 20 years of experience across microfinance, corporate social responsibility, socially responsible investments, portfolio management, behavioural finance, and public management. Funding has come from the European Union (ERDF Funds), the Spanish Government, the Government of Aragón, and other private partners.
Ciber combines deep knowledge of finance research with advanced methodological rigor, producing successful scientific publications and impactful contributions. Future research continues all previous lines but pays special attention to the return to society: measuring how companies and financial institutions contribute to the common good.
Ciber is formed by both senior and junior researchers with recent PhD theses. The team is very cohesive, has a deep knowledge of the research areas, and has a long track record in advanced econometric analysis techniques.
Our current research continues all previous Ciber lines but presents an important innovation: studying the return to society — measuring how companies, organizations, public administrations, and financial markets contribute to the common good.
We welcome PhD students committed to rigorous financial scholarship.
