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A work by Professor Germán López Espinosa obtains the award de research Antonio Dionis Soler 2021

Co-authored with professors from IESE Business School and academics from the Bank of Spain, it has been recognised by the Fundación de programs of study Financieros.


PhotoManuelCastells/Germán López Espinosa

30 | 03 | 2022

The Fundación de programs of study Financieros (FEF) has awarded the award de research Antonio Dionis Soler 2021 to work 'Debt underreporting", co-authored by Germán López Espinosa, professor at School of Economics at the University. The paper was also co-authored by Germán López Espinosa, professor of Economics at IESE Business School and academics from the Bank of Spain.

The award-winning study detects that there are companies that do not adequately disclose their level of debt, reflecting less real debt. "This behaviour subject is more frequent in unlisted, unaudited companies, with greater financial needs and higher financial costs", says López Espinosa. For the academic director of the University's Master's Degree in Banking and Financial Regulation, "this internship is detected by banks and they rarely grant loans to this subject of companies". 

The work also reveals that suppliers of these companies are exposed to the risk of credit as they do not have the tools to detect the opportunistic practices of this subject of companies. "The behaviour reflecting lower debt occurs in a specific period and is not persistent over time, and leads to less access to credit banking, financial stress and a delay in payment to suppliers", it concludes.

With a prize of 10,000 euros, the ETF announces this award in order to stimulate and recognise the work of research and study in the field of markets, Economics, finance and the institutions and entities that provide financial services.

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