Papers by Yolanda Fuertes-callén
Social Indicators Research, 2017
A poverty penalty arises when the poor pay more than the non-poor to access goods and services. A... more A poverty penalty arises when the poor pay more than the non-poor to access goods and services. An example is the cost to access credit. Microfinance Institutions (MFIs) usually explain their high interest rates on the grounds of the high risk involved in microcredit, the high fixed cost associated with small loans and the high financial expenses borne by MFIs due to difficulties in deposit collection. The paper finds that a poverty penalty exists. After identifying drivers of the poverty penalty in a sample of MFIs from 17 countries, this paper focuses on the Colombian case. Operating costs is the most important factor explaining effective interest rates. Other factors, such as risk, cost of funds, or profitability, are relevant in some regions. This paper encourages transparent pricing as a keystone for ethics in these entities.
This paper uses Data Envelopment Analysis (DEA), a non-parametric approach to the estimation of p... more This paper uses Data Envelopment Analysis (DEA), a non-parametric approach to the estimation of production functions, in order to assess efficiency in dot com firms. These firms have two objectives: to make an impact in the Internet and to obtain revenues from their activities. For this reason, the outputs have been two: unique visitors—a web metric—and revenues. DEA efficiencies have been obtained under various input/output combinations. A ranking of dot com firms in terms of relative efficiency has been obtained. A method based ...
Online Information Review, 2014
The Journal of High Technology Management Research, 2011
This paper analyzes the impact of 130 strategic alliance announcements involving European telecom... more This paper analyzes the impact of 130 strategic alliance announcements involving European telecommunications firms on capital markets. We use the event study methodology. We define the event as the public announcement of an alliance initiative by a firm in the media. Specifically, the data was collected from alliance-related news items posted in the Press Release pages in corporate websites. Our findings indicate that investors appreciate the importance of alliance initiatives by European telecommunications firms, and this is reflected in their effect on the volatility of share prices surrounding announcement date. In view of the null effect of alliances on returns, however, it would seem that the expectations generated in the market are mixed. On considering the influence of firm-specific characteristics on the effects of alliances disclosure in capital markets, our results show that in young companies, with a smaller size, less profitable, and with growth perspectives more uncertain, the effect of announcements of alliances is negative. Comparison of our results with the evidence for the US market reveals a smaller reaction in European markets which could be explained by both differences in the legislative, economic and social environment and the specific features of the firms operating in the two markets.
Online Information Review, 2007
Purpose–A structural equation model is proposed to explain internet reporting by banks. The model... more Purpose–A structural equation model is proposed to explain internet reporting by banks. The model relates three constructs of financial institutions (size, financial performance, and internet visibility) to their final influence on internet information disclosure (e-transparency). Design/methodology/approach–This paper's proposed model analyses a sample of Spanish financial institutions using publicly available data. The model is tested using partial least squares.
Journal of the Operational Research Society, 2009
Abstract This article analyses intangible constructs that affect sales on the Internet retailing ... more Abstract This article analyses intangible constructs that affect sales on the Internet retailing industry. We suggest an explanatory model for the success of retailers that operate on the Internet. Non-financial information has been used to identify several intangible constructs:'web traffic generation','relevance in search engines','link popularity', and 'blogs popularity'. The success is measured through items derived from financial statements: sales and profits. The model has been built within a structural modelling framework. It has been ...
Journal of Media Economics, 2010
This article explores the influence of Web-based corporate reporting on the investors' v... more This article explores the influence of Web-based corporate reporting on the investors' valuation of companies in the information and communications technology industry. This study compiled 8,111 news items issued in the “Press Releases” tab of the firms' Web sites between January 2003 and April 2005, and analyzed what type of news items affects stock returns. The results show a positive price reaction to news regarding new customers, completion of acquisitions, strategic long-term decisions, and non-technological alliances. In contrast, the results show a negative price reaction to news regarding the launch of new or upgraded products.
Electronic Commerce Research and Applications, 2010
This paper presents an empirical study of e-tailers' Internet positioning. Using a sample of 138 ... more This paper presents an empirical study of e-tailers' Internet positioning. Using a sample of 138 US webbased businesses and 20 positioning variables, the paper analyzes the visibility of e-tailers' web pages, their relevance in search engines, their reputation in shopping portals and their popularity in blogs and news portals. Principal component analysis is used to conduct an exploratory examination. The relationship between Internet positioning and e-tailers' performance is also examined in two ways: web metrics in terms of the number of visitors to the website, and financial results based on sales, profits, productivity, and sales growth. The results identify two kinds of Internet positioning: people-based and search engine-based. The study finds two basic kinds of competitive advantage for e-tailers: cost leadership and differentiation. No positive relationship is found between positioning and sales growth.
Decision Support Systems, 2005
This paper uses Data Envelopment Analysis (DEA), a non-parametric approach to the estimation of p... more This paper uses Data Envelopment Analysis (DEA), a non-parametric approach to the estimation of production functions, in order to assess efficiency in dot com firms. These firms have two objectives: to make an impact in the Internet and to obtain revenues from their activities. For this reason, the outputs have been two: unique visitors-a web metric-and revenues. DEA efficiencies have been obtained under various input/output combinations. A ranking of dot com firms in terms of relative efficiency has been obtained. A method based on multivariate analysis has been proven to be successful at showing the strengths and weaknesses of individual dot com firms. It is shown that there is a relationship between the type of e-business (etailers, search/portal, content/communities), and the way in which efficiency is obtained. The paper suggests a new approach to the problem of deciding which inputs and outputs the model should contain. D
Applied Economics, 2016
Microfinance institutions (MFIs) lend to the poor. However, microfinance clients suffer from high... more Microfinance institutions (MFIs) lend to the poor. However, microfinance clients suffer from high interest rates, a type of poverty penalty. This article analyses the margin determinants in MFIs. A banking model has been adapted to microfinance. This model has been tested using 9-year panel data. Some factors explaining bank margin also explain MFI margin, with operating costs being the most important factor. Specific microfinance factors are donations and legal status, as regulated MFIs can collect deposits. It has also been found that MFIs operating in countries with a high level of financial inclusion have low margins.
Uploads
Papers by Yolanda Fuertes-callén