Nuestros investigadores

Publicaciones científicas más recientes (desde 2010)

Autores: Calderón, María de los Reyes; Piñero, Ricardo; Redín, Dulce María, (Autor de correspondencia)
ISSN 0962-8770  Vol. 27  Nº 2  2018  págs. 195 - 206
The compliance-based approach and the integrity approach have been the mainstream responses to corporate scandals. This paper proposes that, despite each approach comprising necessary elements, neither offers a comprehensive solution. Compliance and integrity, far from being mutually exclusive, reinforce each other. Working together, in a correct relationship, they build a harmonized system that yields positive synergies and which also advocates prudence (phrónesis). It enables the generation of a culture of compliance that tends to minimize the technical and ethical errors in decision making. In order to explore an applied harmonized approach, we analyze the audit committee, a specific and broadly accepted regulatory instrument. Formed by non-executive members, regulation requires these members to be dedicated, qualified, and independent as a guarantee of efficiency. We show how the compound of those elements produces positive effects in a context of solid governance. We conclude that it is the strong relationship between efficiency and prudence, in the creation of a culture of compliance, which enables the minimization of errors.
Autores: Redín, Dulce María; Rodríguez, Ignacio; Cuñado, María Juncal; et al.
ISSN 1350-4851  Vol. 25  Nº 5  2018  págs. 305 - 308
This study examines the relationship between oil prices and economic activity in the G-7 economies during the period 1960M1¿2014M07 using a wavelet approach. The results show significant differences in the relationship between these two variables depending on the frequencies. Furthermore, we find that oil price shocks affect economic activity at low frequencies (long run) in all G-7 countries, while the effect at high frequencies (short run) is limited to a few countries.
Autores: Moreno, Antonio; Orlando, J.; Redín, Dulce María;
ISSN 1544-6123  Vol. 18  2016  págs. 199 - 204
We propose a novel methodology to identify latent factors influencing investment allocations in financial assets. By drawing logical paths in a structural equation model (SEM) framework, we uncover the role of a latent return factor that simultaneously shapes the dynamics of different financial assets. Our methodology allows for disentangling the different components of asset returns ¿ those driven by fundamental and non-fundamental variables. We apply this methodology to Euro-area stocks and sovereign bonds over the 2003¿2014 period. Lower economic and political uncertainty in Europe triggers a trade-off towards stocks and away from bonds, while U.S. Quantitative Easing boosts European stocks.
Autores: Redín, Dulce María; Calderón, María de los Reyes; Ferrero, I.;
ISSN 0167-4544  2013 
The aim of this paper is to explore the ethical dimension of hawala, an ancient informal financial practice rooted in Islamic moral traditions. Widely used in countries with an Islamic background and their diasporas, hawala is considered an important vehicle for the financial and economic development of some less developed countries. Nevertheless, in Western countries, hawala is regarded with suspicion due its controversial ethical nature. Unlike other Islamic financial institutions, the controversial questions are not the legitimacy of profit sources or the interest charged, but rather the lack of transparency that surrounds hawala transactions. Yet, the literature on hawala has neglected its ethical perspective. Our study delves into this dimension with a critical approach, using the Triple Font Theory, grounded on virtue ethics. We conclude that if hawala transactions are carried out with honesty, and fairness, this practice deserves a positive ethical appraisal. However, it is necessary to implement efficient regulatory measures to guarantee that the system is not abused by money launders and criminals. In practice, it becomes imperative to bring over a change in the regulatory approach to hawala toward a more ethically, culturally, and economically sensitive strategy. Thus, future research should focus on how ¿hyper-norms¿ or fundamental principles inherent to humanity, which are common to both ¿formal¿ and ¿informal,¿ ¿Western¿ and ¿non-Western¿ financial practices, could run the new AML/CTF regulation agenda
Autores: Calderón, María de los Reyes; Ferrero, I.; Redín, Dulce María;
ISSN 1469-3569  Vol. 14  Nº 4  2012  págs. 1 - 24
Codes of ethics contain a set of rules of conduct and corporate principles concerning the responsibility of a company to its stakeholders and shareholders. These codes help to guide corporate and employee behavior, and ­constitute ­verifiable elements of social responsibility. This study examines the Most Admired Companies of the World, ranked by Fortune magazine in 2009 to find out, first, whether their codes of ethics exhibit greater emphasis on social responsibility and strong implementation processes, and second, whether they could be considered codes of the third generation as elaborated by Stohl et al. in their article in the Journal of Business Ethics. Our results indicate that the codes of ethics of the 2009 Most Admired Companies of the World resemble 'codes of conduct' rather than strictly codes of ethics or 'codes of corporate social responsibility'. These codes continue to be governed by traditional norms related to immediate economic success, normative compliance, internal management and the pressing effects of their sector. This study thus provides empirical support for the idea that the philosophy of corporate social responsibility (CSR) is scarcely present in the codes of the most reputable companie
Autores: Pitlik, H.; Redín, Dulce María; Rode, Martin;
Libro:  Economic freedom of the world: 2015 annual report
2015  págs. 185 - 202
Autores: Redín, Dulce María; Aranda, María del Carmen; Arellano, Javier;
Libro:  Las soluciones a la situación de insolvencia : un análisis jurisprudencial económico
2014  págs. 439 - 460