Hola! Welcome to my personal web page! My name is Antonio Moreta. I am a PhD student in Accounting and Finance at Universidad Carlos III de Madrid (UC3M). As I near the completion of my doctoral program, I am thrilled to announce that I will be entering the job market this year, actively seeking new opportunities, and making myself available for job interviews.
"Two roads diverged in a wood, and I—
I took the one less traveled by,
And that has made all the difference"
Job Market Paper
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.
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