Publications - Ciber, Research Group on Finance at University of Zaragoza

Ciber_Publications

Ciber Publications

A Commitment to Scientific Results

During the last 20 years, Ciber has contributed to publications on microfinance, corporate social responsibility, socially responsible investments, portfolio management, behavioural finance, sustainable development, public administrations, and other topics.

Ciber has raised the bar each year in the target journals and the increasing impact of their publications. From 2019, Ciber has more than 30 publications in the top quartile rankings of JCR-impact factor journals, of which more than 20 are in the top decile impact factors, and others are listed in the superior categories of the Academic Journal Guide 2021.

Publications (2013-2024)

Here, you can find a chronological list of our research publications from 2013 to 2024

2024

Fleta-Asín, J., and Muñoz, F. (2024). Risk allocation schemes between public and private sectors in green energy projects, Journal of Environmental Management, 357, 120650.
Vilas, P., Andreu, L., and Serrano, C. (2024). The limited role of sustainability in mutual fund investor decisions: A machine learning approach, Experts Systems with Applications, 247, 123288.

2023

Alda, M., Muñoz, F., and Vargas, M. (2023).The power of ethical words, Business Ethics, the Environment and Responsibility, 00, 1-21.
Alda, M., and Vicente, R. (2023). Are socially responsible investment funds seasonal?, Applied Economics Letters, 30(5), 562-565.
Andreu, L., Gimeno, R. and Serrano, M. (2023). Family competition via divergence in the trading of funds, Finance Research Letters, 52, 103548.
Cuéllar Fernández, B.; Fuertes Callén, Y. and Serrano Cinca, C. (2023). The role of organisational factors and environmental conditions on the success of newly founded firms, Journal of Management & Organization (JMO), marzo 2023, 1-34.
Fleta-Asín, J., and Muñoz, F. (2023). Institutional distance and US-based international mutual funds’ financial performance, Finance Research Letters, 51, 103412.
Fleta-Asín, J., and Muñoz, F. (2023). When bigger is better: Investment volume drivers in infrastructure public-private partnership projects, Socio-Economic Planning Sciences, 86, 101473.
Fleta-Asín, J., and Munoz, F. (2023). “Sand” or “grease” effect? The impact of corruption on the investment volume of public− private partnerships, International Journal of Emerging Markets, 18(5), 1168-1186.
Gutiérrez-Nieto, B., Ortiz, C., and Vicente, L. (2023). A bibliometric analysis of the disposition effect: Origins and future research avenues, Journal of Behavioral and Experimental Finance, 37, 100774.

2022

Alda, M. (2022). The reaction to CSR controversies by institutional investors, BRQ Business Research Quarterly, 0(0).
Alda, M., Marco, I., Muñoz, F., Vargas, M., and Vicente, R. (2022). Percepción de los estudiantes de ADE sobre la carga de trabajo soportada, Revista Educación, Investigación, Innovación y Transferencia, (1), 39–54.
Alda, M., Muñoz, F., and Vargas, M. (2022). Product differentiation in the socially responsible mutual fund industry, Journal of Multinational Financial Management, 64, 100730.
Andreu, L., Gimeno, R. and Ortiz, C. (2022). Diversification and manager autonomy in fund families: Implications for investors, Research in International Business and Finance, 60, 101605.
Muñoz, F., Ortiz, C., and Vicente, L. (2022). Ethical window dressing: SRI funds are as good as their word, Finance Research Letters, 49, 103109.
Fleta-Asín, J., Muñoz-Sánchez, F., and Gimeno-Feliú, J. M. (2022). Does the past matter? Unravelling the temporal interdependencies of institutions in the success of public–private partnerships, Public Management Review, 1-27.
Fuertes Callén, Y.; Cuéllar Fernández, B. and Serrano Cinca, C. (2022). Predicting startup survival using first years financial statements, Journal of Small Business Management, 60(6), 1314-1350.
Gimeno, R., Andreu, L., and Sarto, J.L. (2022). Fund trading divergence and performance contribution, International Review of Financial Analysis, 83, 102221.
Gimeno, R., Sarto, J. L., and Vicente, L. (2022). You learn when it hurts: Evidence in the mutual fund industry, Journal of Risk and Financial Management, 15 (1), 33.
Loban, L., Ortiz, C., and Vicente, L. (2022). Application of the neural F-Score in Latin American stock markets, in Handbook of Banking and Finance in Emerging Markets, 104-114. Edward Elgar Publishing.
Serrano Cinca, C.; Fuertes Callén, Y. and Cuéllar Fernández, B. (2022). The relationship between microfinance mission drift and financial returns to stakeholders, Nonprofit & Voluntary Sector Quarterly, 0(0).
Vilas, P., Andreu, L., and Sarto, J.L. (2022). Cluster analysis to validate the sustainability label of stock indices: An analysis of the inclusion and exclusion processes in terms of size and ESG ratings, Journal of Cleaner Production, 330, 129862.

2021

Alda, M. (2021). The dilemma between fund-style consistency and active management over the economic cycle. Evidence from pension funds. International Journal of Finance & Economics, 26(2), 2219-2240.
Alda, M. (2021). Managers beyond borders: side-by-side management in mutual funds and pension funds, Review of Managerial Science, 15(2), 399-436.
Alda, M. (2021). The environmental, social, and governance (ESG) dimension of firms in which social responsible investment (SRI) and conventional pension funds invest: The mainstream SRI and the ESG inclusion, Journal of Cleaner Production, 298, 126812.
Andreu, L., Forner, C., and Sarto, J.L. (2021). Window Dressing in the Active Share scores in publicly reported porfolios, Business Research Quarterly.
Boumda, B., Duxbury, D., Ortiz, C., and Vicente, L. (2021). Do socially responsible investment funds sell losses and ride gains? The disposition effect in SRI funds, Sustainability, 13(15),8142.
Fleta-Asín, J., and Muñoz, F. (2021). Renewable energy public–private partnerships in developing countries: Determinants of private investment, Sustainable Development, 29(4), 653-670.
Fuertes Callén, Y.; Cuéllar Fernández, B. and Serrano Cinca, C. (2021). Survival of e-commerce entrepreneurs: The importance of brick-and-click and internationalization strategies. Electronic Commerce Research and Applications (ECRA), 46 (March–April), 101035.
Lobán, L., Sarto, J. L., and Vicente, L. (2021). Determinants of non-compliant equity funds with EU portfolio concentration limits, Journal of Multinational Financial Management, 62, 100707.
Muñoz, F. (2021). Carbon-intensive industries in Socially Responsible mutual funds’ portfolios, International Review of Financial Analysis, 75, 101740.
Muñoz, F. (2021). Sin sectors and negative screening, Business Ethics, the Environment & Responsibility, 30(2), 216-230.
Muñoz, F., Vargas, M., and Vicente, R. (2021). Style-changing behaviour in the socially responsible mutual fund industry: consequences on financial and sustainable performance, Sustainability Accounting, Management and Policy Journal, 12(5), 1027-1051.
Muñoz-Soro, J. F., and Serrano-Cinca, C. (2021). A model for predicting court decisions on child custody. PloS one, 16(10), e0258993.
Serrano Cinca, C.; Cuéllar Fernández, B. y Fuertes Callén, Y. (2021). Firm and Country Characteristics Related to Cumulative Contribution to Society, Sustainability Accounting, Management and Policy Journal, 12(1), 184-219.
Serrano Cinca, C.; Fuertes Callén, Y. and Cuéllar Fernández, B. (2021). Managing for stakeholders using multiple-criteria decision-making techniques, Social Indicators Research, 157, 581-601.
Vilas, P., Andreu, L., and Sarto, J.L. (2021). The convergence between sustainability and convencional stock índices. Are we on the right track?, Sustainability, 13 (14), 7613.

2020

Alda, M. (2020). ESG fund scores in UK SRI and conventional pension funds: Are the ESG concerns of the SRI niche affecting the conventional mainstream?, Finance research letters, 36, 101313.
Alda, M., Muñoz, F., and Vargas, M. (2020). Socially responsible mutual fund exit decisions, Business Ethics: A European Review, 29(1), 82-97.
Alda, M., and Vicente, R. (2020). Behavioural analysis of socially responsible investment managers: specialists versus non-specialists, Research in International Business and Finance, 54, 101303.
Andreu, L., Gargallo, P., Salvador, M. and Sarto, J.L. (2020). Leaders and followers in mutual funds: A dynamic Bayesian approach, Applied Stochastic Models in Business and Industry, 36, 679-695.
Andreu, L., Ortiz, C., and Sarto, J.L. (2020). Disposition effect in fund managers. Fund and stock-specific factors and the upshot for investors, Journal of Economic Behavior and Organization, 176, 253-268.
Fleta-Asín, J., and Munoz, F. (2020). How does risk transference to private partner impact on public-private partnerships’ success? Empirical evidence from developing economies, Socio-Economic Planning Sciences, 72, 100869.
Fleta-Asín, J., Muñoz, F., and Rosell-Martínez, J. (2020). Public-private partnerships: Determinants of the type of governance structure, Public Management Review, 22(10), 1489-1514.
Gimeno, R., Loban, L., and Vicente, L. (2020). A neural approach to the value investing tool F-score, Finance Research Letters, 37, 101367.
Lobán, L., Sarto, J. L., and Vicente, L. (2020). Eurozone regulation bias in the active share measure, International Review of Financial Analysis, 72, 101564.
Muñoz, F. (2020). How do the size and independence of the board of trustees affect the financial and sustainable performance of socially responsible mutual funds?, Corporate Social Responsibility and Environmental Management, 27(4), 1834-1850.

2019

Alda, M. (2019). Corporate sustainability and institutional shareholders: The pressure of social responsible pension funds on environmental firm practices, Business Strategy and the Environment, 28(6), 1060-1071.
Andreu, L., Sarto, J.L., and Serrano, M. (2019). Risk shifting consequences depending on manager characteristics, International Review of Economics and Finance, 62, 131-152.
Andreu, L., Serrano, M. and Vicente, L. (2019). Efficiency of mutual fund managers: A slacks-based manager efficiency index, European Journal of Operational Research, 273, 1180-1193.
Fuertes Callén, Y. and Cuéllar Fernández, B. (2019). Inter-relationship between firm growth and profitability in a context of economic crisis. Journal of business economics and management, 20 (1), 86-106.
Gimeno, R., Ortiz, C, and Sarto, J.L. (2019). Mutual fund voluntary portfolio disclosure, Emerging Markets Finance and Trade, 57, 1474-1488.
Gutiérrez-Nieto, B., and Serrano-Cinca, C. (2019). 20 years of research in microfinance: An information management approach. International Journal of Information Management, 47, 183-197.
Muñoz, F. (2019). The ‘smart money effect’ among socially responsible mutual fund investors. International Review of Economics and Finance, 62, 160-179.
Serrano-Cinca, C., Gutiérrez-Nieto, B., & Bernate-Valbuena, M. (2019). The use of accounting anomalies indicators to predict business failure. European Management Journal, 37(3), 353-375.
Serrano-Cinca, C., and Muñoz-Soro, J. F. (2019). What municipal websites supply and citizens demand: a search engine optimisation approach. Online Information Review, 43(1), 7-28.

2018

Alda, M. (2018). Do the most skillful managers herd? Journal of Pension Economics and Finance, 17(4), 488-512.
Alda, M. (2018). Pension fund manager skills over the economic cycle: the (non-) specialization cost, The European Journal of Finance, 24(1), 36-58.
Alda, M. (2018). A strategic fund family business decision: The pension fund liquidation, Journal of Business Research, 91, 248-265.
Alda, M., Marco, I., and Marzo, A. (2018). La reforma del sistema público de pensiones español: El factor de sostenibilidad, Revista Finanzas y Política Económica, 10(1), 45–63.
Andreu, L., Matallín, J. C., and Sarto, J.L. (2018). Mutual fund performance attribution and market timing using portfolio holdings, International Review of Economics and Finance, 57, 353-370.
Andreu, L. and Zaremba, A. (2018). Paper profits or real money? Trading costs and stock market anomalies in country ETFs, International Review of Financial Analysis, 56, 181-192.
Muñoz, F., and Vicente, R. (2018). Hindsight effect: What are the actual cash flow timing skills of mutual fund investors?, Journal of Empirical Finance, 45, 181-193.
Serrano‐Cinca, C., Muñoz‐Soro, J. F., and Brusca, I. (2018). A multivariate study of internet use and the digital divide. Social Science Quarterly, 99(4), 1409-1425.

2017

Alda, M., Asso, J.L. and Marco, I. (2017), Las cooperativas de crédito en España tras la reestructuración del sector financiero, Aposta. Revista de Ciencias Sociales, 75, 98-129.
Alda, M., and Marco, I. (2017). The importance of domestic equity pension funds ons stock market. Spanish Journal of Finance And Accounting / Revista Española de Financiacion y Contabilidad. 46, 227-248.
Alda, M., Andreu, L., and Sarto, J. L. (2017). Learning about individual managers’ performance in UK pension funds: The importance of specialization. The North American Journal of Economics and Finance, 42, 654-667.
Alda, M. (2017). The relationship between pension funds and the stock market: Does the aging population of Europe affect it?. International Review of Financial Analysis, 49, 83-97.
Andreu, L., Mateos, L., and Sarto, J.L. (2017). The value added by trading based on valuation criteria, International Review of Finance, 17, 327-352.
Andreu, L. and Puetz, A. (2017). Choosing two business degrees versus choosing one: What does it tell about mutual fund managers’ investment behavior?, Journal of Business Research, 75, 138-146.
Fleta-Asín, J., and Muñoz, F. (2017). Determinants of contract duration in outsourced services in the defense sector. Applied Economics Letters, 24(19), 1408-1411.
Gutiérrez-Nieto, B.; Serrano, C.; Cuéllar, B. and Fuertes, Y. (2017). The poverty penalty and microcredit. Social indicators Research, 133(2), 455-475.
Gutiérrez‐Nieto, B., Serrano‐Cinca, C., and de la Cuesta-González, M. (2017). A multivariate study of over‐indebtedness’ causes and consequences. International Journal of Consumer Studies, 41(2), 188-198.
Sánchez-González, C.A., Sarto, J.L., and Vicente, L. (2017). The efficiency of mutual fund companies: Evidence from an innovative network SBM approach, Omega-International Journal of Management Science, 71, 114-128.

2016

Alda, M., and Ferruz, L. (2016). Pension fund herding and the influence of management style, Journal of Behavioral Finance, 17(2), 144-156.
Alda, M. and Marco, I. (2016). El fin de la revalorización de las pensiones españolas según la evolución de los precios. Aposta. Revista de Ciencias Sociales, 71, 9-33.
Andreu, L., and Sarto, J.L. (2016). Financial consequences of mutual fund mergers, European Journal of Finance, 22 (7), 529-550.
Cuéllar, B.; Fuertes, Y.; Serrano, C. and Gutiérrez-Nieto, B. (2016). Determinants of margin in microfinance institutions. Applied Economics, 48 (4), 300-311.
Gutiérrez-Nieto, B., Serrano-Cinca, C., and Camón-Cala, J. (2016). A credit score system for socially responsible lending. Journal of Business Ethics, 133, 691-701.
Laborda, R., and Muñoz, F. (2016). Optimal allocation of government bond funds through the business cycle. Is money smart?, International Review of Economics and Finance, 45, 46-67.
Muñoz, F. (2016). Cash flow timing skills of socially responsible mutual fund investors, International Review of Financial Analysis, 48, 110-124.
Serrano-Cinca, C., and Gutiérrez-Nieto, B. (2016). The use of profit scoring as an alternative to credit scoring systems in peer-to-peer (P2P) lending. Decision Support Systems, 89, 113-122.
Serrano-Cinca, C., Gutiérrez-Nieto, B., and Reyes, N.M. (2016). A social and environmental approach to microfinance credit scoring. Journal of Cleaner Production, 112, 3504-3513.
Serrano Cinca, C.; Mar-Molinero, C. and Fuertes Callén, Y. (2016). Input and Output Search in DEA: The Case of Financial Institutions, in Handbook of Operations Analytics Using Data Envelopment Analysis. 51-87. Springer, New York.

2015

Alda, M. (2015). Herding and timing abilities: are both possible?, Investment Analysts Journal, 44(3), 199-221.
Alda, M., Vargas, M., and Ferruz, L. (2015). Perverse timing or biased coefficients?, Quantitative Finance, 15(1), 171-183.
Andreu, L., Gargallo, P., Salvador, M. and Sarto, J.L. (2015). Bayesian analysis of herding behaviour: An application to Spanish equity mutual funds, Applied Stochastic Models in Business and Industry, 31, 745-761.
Andreu, L., Ortiz, C. and Sarto, J.L. (2015). Herding in style allocations, Journal of Business Economics and Management, 16, 822-844.
Andreu, L., Sarto, J.L., and Serrano, M. (2015). Implications of manager replacements: Evidence from the Spanish mutual fund industry, Applied Economics, 47, 1366-1387.
Ferruz, L., Gómez-Bezares, F., and Vargas, M. (2015). Can we use the CAPM as an investment strategy? An intuitive CAPM and efficiency test, in: Lee, CF., Lee, J. (eds) Handbook of Financial Econometrics and Statistics. Springer, New York, NY., pp. 751-789.
Marco, I., Alda, M., and García, A. (2015). Aparición y crecimiento de los ETF en España. Una interesante inversión alternativa poco conocida en tiempos de crisis. Boletín Económico de ICE, 3069, 35-47.
Muñoz, F., Vicente, R., and Ferruz, L. (2015). Stock-picking and style-timing abilities: a comparative analysis of conventional and socially responsible mutual funds in the US market, Quantitative Finance, 15(2), 345-358.
Ortiz, C., Ortiz de Zárate, J.M., and Vicente, L. (2015). New evidence of quarterly return patterns in the Spanish stock market, Applied Economics Letters, 22(13), 1025-1029.
Ortiz, C., Ramírez, G., and Vicente, L. (2015).Mutual fund trading and portfolio disclosures, Journal of Financial Services Research, 48(1), 83-102.
Serrano-Cinca, C., Gutiérrez-Nieto, B., and López-Palacios, L. (2015). Determinants of default in P2P lending. PloS one, 10(10), e0139427.

2014

Álvarez, J., Andreu, L., Ortiz, C., and Sarto, J.L. (2014). A nonparametric approach to market timing: evidence from Spanish mutual funds, Journal of Economics and Finance, 38, 119-132.
Andreu, L., Ortiz, C., and Sarto, J.L. (2014). Herding in the strategic allocations of Spanish pension plan managers, Journal of Economics and Finance, 38, 658-671.
Andreu, L., Sarto, J.L., Vicente, L. (2014). Efficiency of the strategic style of pension funds: an application of the variants of the slacks based measure in DEA, Journal of the Operational Research Society, 65(12), 1886-1895.
Fuertes Callén, Y. and Cuéllar Fernández, B. (2014). What is the role of commercialization and reputation in product innovation success?. Innovation: Management, Policy & Practice, 16(1), 96-105.
Fuertes Callén, Y.; Cuéllar Fernández, B. and Pelayo, M. (2014). Determinants of online corporate reporting in three Latin American markets: the role of web presence development. Online Information Review, 38(6), 806-831, 2014
Hernandez-Ortega, B., Serrano-Cinca, C., and Gomez-Meneses, F. (2014). The firm’s continuance intentions to use inter-organizational ICTs: The influence of contingency factors and perceptions. Information & Management, 51(6), 747-761.
Muñoz, F., Vargas, M., and Marco, I. (2014). Environmental mutual funds: Financial performance and managerial abilities, Journal of Business Ethics, 124, 551-569.
Vargas, M., Vicente, R., and Muñoz, F. (2014). Searching for the most profitable and sustainable investment strategy: evidence from sovereign bond funds, Journal of Business Economics and Management, 15(5), 1034-1053.
Muñoz, F., Vargas, M., and Vicente, R. (2014). Fund flow bias in market timing skill. Evidence of the clientele effect, International Review of Economics and Finance, 33, 257-269.
Medrano, L. A., Muñoz, F., and Sáenz, C. (2014). Economías de escala en la provisión de la Defensa, Revista del CLAD Reforma y Democracia, (58), 29-60.
Serrano-Cinca, C.; Fuertes-Callén, Y.; Gutiérrez-Nieto, B. and Cuéllar-Fernández, B. (2014). Path modelling to bankruptcy: causes and symptoms of the banking crisis. Applied Economics, 46(31), 3798-3811.
Serrano-Cinca, C., and Gutiérrez-Nieto, B. (2014). Microfinance, the long tail and mission drift. International Business Review, 23(1), 181-194.

2013

Andreu, L., Ortiz, C. and Sarto, J.L. (2013). Seasonal anomalies in pension plans, Journal of Behavioral Finance, 14(4), 301-310.
Brondani, L.A., Knebel, D., Ferruz, L. and Marco. I. (2013) Influência do índice Dow Jones industrial average sobreo índice Ibovespa, Horizontes Empresariales, 12 (2), 23-44.
Gómez-Bezares, F., Muñoz, F., and Vargas, M. (2013). The cost or benefit of socially responsible investment, Harvard Deusto Business Research, 2(2), 102-129.
Ortiz, C., Sarto, J.L., and Vicente, L. (2013). Herding behaviour in Spanish global funds’ country allocations, Spanish Journal of Finance and Accounting, 42(157), 63-81.
Ortiz, C., Ramírez, G., and Sarto, J.L. (2013). Assessment of window dressing using fund returns and portfolio holdings, The Spanish Review of Financial Economics, 11, 85-93.
Serrano-Cinca, C., and Gutiérrez-Nieto, B. (2013). A decision support system for financial and social investment. Applied Economics, 45(28), 4060-4070.
Serrano-Cinca, C., and Gutiérrez-Nieto, B. (2013). Partial least square discriminant analysis for bankruptcy prediction. Decision Support Systems, 54(3), 1245-1255.