Hola! Welcome to my personal web page! My name is Antonio Moreta. I am an assistant professor at the Business School in Pontificia Universidad Católica de Chile. I obtained my PhD in Accounting and Finance from Carlos III University in 2024. Feel free to have a look at my CV for more information.
I am broadly interested in the economic consequences of financial reporting, with a particular emphasis on how disclosure regulation affects the private debt contracting process. Check out more information about my research.
"Two roads diverged in a wood, and I—
I took the one less traveled by,
And that has made all the difference"
Robert Frost
Research
Working Papers
Solo Authored
This paper studies the effect of reporting regulation on private firms’ bank credit, an overlooked aspect in the literature. I exploit the unique features of the Spanish institutional setting to extract quasi-exogenous variation in reporting regulation while setting fixed the effects of the auditing regulation. Using a fuzzy regression discontinuity design, as well as a difference-in-difference approach, I find that private firms subject to incremental reporting regulation have more bank credit. Empirical evidence is consistent with this result being driven by an increase in banking competition. Additional analyses suggest that reporting regulation results in a substitution between bank credit and alternative financing sources.
Firms' Financial Reporting Quality and Banks' Shock Transmission
Joint with Alejandro Casado, Nadia Lavín, David Martínez-Miera and Irene Pablos
We highlight the role of firms’ financial reporting quality in the transmission of bank credit supply shocks to the economy. We exploit a large dataset of all corporate loans in Spain over 2009-2019 which allows us to identify firm-year bank credit supply shocks by accounting for time-varying firm heterogeneity in loan demand. We find that after an adverse bank credit supply shock, firms with lower financial reporting quality experience a sharper contraction in bank credit compared to firms with higher financial reporting quality. Further, such firms are unable to fully substitute the additional drop in bank credit with alternative financing sources, resulting in a higher decrease in their investment and asset growth. These results are amplified for financially constrained firms. Our findings suggest that financial reporting quality is related to lower information frictions between firms and capital providers.
Teaching
Average Instructor Rate: 4.86/5
This course offers a thorough overview of fundamental accounting concepts, starting with an (1) Introduction to accounting, its divisions, and its role in economic activities. It then covers (2) Assets, Liabilities, and Equity, explaining their relationships and leading to balance sheets and income statements. The (3) Accounting Method is detailed, focusing on the double-entry system, journals, ledgers, and trial balances. Students then learn (4) The Accounting Process, from recording transactions to preparing financial statements. The course also covers (5) Valuation and Reporting Transactions, including inventory systems and financing activities, and concludes with (6) Accounting Earnings and the production of financial statements, encompassing expenses, revenues, and adjustments.
*Outstanding teaching award 2022
2022
This course provides an introductory view of modern financial markets. It starts with (1) Financial Markets, covering their structures, functions, and participants. Next, (2) Financial Mathematics equips students with quantitative skills for analyzing data and making informed decisions. (3) Investment Appraisal introduces techniques like net present value and internal rate of return. The course also covers (4) Fixed-Income Securities, analyzing bonds and the yield curve, followed by (5) Risk and Return, exploring the relationship between risk factors and expected returns. (6) Portfolio Theory emphasizes diversification and risk management under the Markowitz model, while (7) The Capital Asset Pricing Model (CAPM) links risk with expected return. Lastly, (8) Derivatives Products explores options and futures, focusing on their uses, pricing, and risk management strategies. These modules provide students with a well-rounded understanding of financial markets and investment strategies.
*Outstanding teaching award 2021, 2020, and 2019
2021-2019
Anonymous Student Testimonials
Contact
- antonio.moreta@uc.cl
- Av. Vicuña Mackenna 4860, Santiago, Chile
- Antonio Moreta
