Antonio Moreta

Pontificia Universidad Católica de Chile

Hola! Welcome to my 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 interested in the economic consequences of private firms’ financial reporting, with a particular emphasis on the bank debt contracting process. I am also interested in how artificial intelligence affect information processing and decision-making in financial markets. 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

R&R, Journal of Accounting Research

This paper studies the effect of reporting regulation on private firms’ bank credit and its subsequent economic implications. I exploit the unique features of the Spanish institutional setting to identify quasi-exogenous variation in reporting regulation while holding constant the effects of auditing regulation. Using a fuzzy regression discontinuity design, I find that private firms subject to incremental reporting regulation obtain more bank credit, which is explained by an increase in banking competition. However, reporting regulation leads to a full substitution between bank credit and alternative financing sources with no evidence of changes in financing costs. This ultimately results in no impact on firms’ growth. My findings reveal limited capital market benefits from public reporting for private firms, shedding light on why private firms generally prefer not to disclose their information publicly.

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

Accounting I

Present-2025

Introduction to Accounting

*UC3M Outstanding teaching award 2022

2022

Financial Economics

*UC3M Outstanding teaching award 2021, 2020, and 2019

2021-2019

Anonymous Student Testimonials

"Antonio is an incredible teacher. He explains very well. He teaches us how to apply everything to real life and he is also very close to the students, putting himself in our place. I wish there were more teachers like him."
Fall Term, 2020
"I think he is the perfect teacher for university, as he not only explains the exercises perfectly but also gives quite a few examples of real life practices, which helps considerably to be able to visualize the function of the subject."
Fall Term, 2020
"Awesome teacher. He explains the content of all the classes in a clear way. He solves the doubts at the moment dedicating all the time that is necessary for it. In addition, he understands perfectly the key points in which we may have problems and explains them thoroughly. You learn a lot in his classes."
Fall Term, 2021
"The best teacher in the world."
Fall Term, 2022
"He is a great teacher. The explanations are very clear and he cares about his students understanding the lessons."
Fall Term, 2021
"We could not be more grateful for the involvement of this professor."
Fall Term, 2021
"It's nice to go to college with a teacher who motivates you and helps you for the future work, very good advice. It is a pity that his classes are over."
Fall Term, 2021
"One of the best teachers. Very dedicated to his students understanding the subject in the best way."
Fall Term, 2019
"The classes were amazing. Very engaging and interesting. One of the best professors I've ever had"
Fall Term, 2021

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