Research Group
Finance and Macroeconomics

The Finance and Macroeconomics GIEE investigates the manner in which financial markets and companies interact in the global world. It also seeks to understand the impact of the decisions made by public and private agents in conditions of real economic activity and the industrial structure at the international, national and regional levels.

Its research areas include:

  • corporate government and financial strategy (e.g., dividend policy, corporate strategy, mergers and acquisitions)
  • financial markets (e.g., portfolio optimization, risk management, derivatives)
  • interaction of monetary and fiscal policy with the real economy (e.g., the way in which macroeconomic forces shape the economy and affect regions, industries and companies)
  • behavioral economics and finance
  • and emerging financial technologies (e.g., fintech, blockchain, AI, business analytics, etc.)


Name Campus Rank in National
Researchers System
Adriana Ramírez Rocha scholar email Guadalajara C
Alejandro Fonseca Ramírez scholar email EGADE Monterrey  
Alejandro Ibarra Yunez scholar email EGADE Monterrey 2
Alicia Fernanda Galindo Manrique scholar email Monterrey C
Carlos Alberto Vargas Castolo scholar email EGADE Monterrey C
Daniel Cerecedo Hernández email Santa Fe  
Eduardo Saucedo de la Fuente scholar email EGADE Monterrey 1
Felipe Abelardo Pérez Sosa scholar email Querétaro 1
Iván Adolfo Valdovinos Hernández scholar email EGADE Guadalajara C
Ivan Jozef A Lathouders email EGADE Monterrey  
Jorge Rubén Keith Islas email Sonora Norte C
José Antonio Núñez Mora scholar email EGADE Santa Fe 2
Luis Arturo Bernal Ponce scholar email Guadalajara 1
Luz del Carmen Díaz Peña scholar email Puebla  
María del Rocío Vega Zavala email Guadalajara C
Nidia Junive Juárez García email Guadalajara C
Osmar Hazael Zavaleta Vázquez scholar email EGADE Monterrey  
Raymundo Díaz Robles scholar email Saltillo C
René Cabral Torres scholar email EGADE Monterrey 2
Roger Ivanodik Juan López Churata scholar email Santa Fe C
Rolando Fuentes Bracamontes scholar email EGADE Monterrey C
Teofilo Ozuna Jr scholar email EGADE Monterrey  

Scientific Publications

  • Rodríguez-García, M.D.P., Galindo-Manrique, A.F., Cortez-Alejandro, K.A. and 1 more (...) (2022). Eco-efficiency and financial performance in Latin American countries: An environmental intensity approach. Research in International Business and Finance, 59 https://doi.org/10.1016/j.ribaf.2021.101547
  • Galindo-Manrique, A.F., Pérez-Calderón, E., Rodríguez-García, M.P. (2021). Eco-efficiency and stock market volatility: Emerging markets analysis. Administrative Sciences, 11(2) https://doi.org/10.3390/admsci11020036
  • Ponce, L.A.B., Rocha, A.R., Navarro, R.P. (2021). A causality approach in the analysis of the trade-off between financial sustainability and outreach. Finance Research Letters,42 https://doi.org/10.1016/j.frl.2021.101920
  • Fuentes, R., Ozuna, T. (2021). A blueprint for capturing grid value in a decentralized electricity sector. Electricity Journal, 34(9) https://doi.org/10.1016/j.tej.2021.107029
  • Cabral, R., del Castillo, E., Hernández-Trillo, F. (2021). The sustainability of subnational public debt: Evidence from Mexican states. Regional and Federal Studies, https://doi.org/10.1080/13597566.2021.1912739
  • Saucedo, E., Gonzalez, J. (2021). The effect of macroeconomic variables on the robustness of the traditional Fama–French model. A study for Mexico using different portfolios. Journal of Economics, Finance and Administrative Science. https://doi.org/10.1108/JEFAS-03-2021-0010
  • Vargas, C., Chesney, M. (2021). End of life decommissioning and recycling of solar panels in the United States. A real options analysis. Journal of Sustainable Finance and Investment, 11(1) 82-102 https://doi.org/10.1080/20430795.2019.1700723
  • Cortez, K., Rodríguez-García, M.P., Mongrut, S. (2021). Exchange market liquidity prediction with the k-nearest neighbor approach: Crypto vs. fiat currencies. Mathematics, 9(1) 1-15 https://doi.org/10.3390/math9010056
  • Mongrut, S., Tello Marín, M., Torres Postigo, M.C. and 1 more (...) (2021). IFRS adoption and firms’ opacity around the world: what factors affect this relationship?. Journal of Economics, Finance and Administrative Science, 26(51) 7-21 https://doi.org/10.1108/JEFAS-02-2020-0060
  • Ibarra-Yúñez, A., Colins, M., Mahady, J. (2021). Comparative analysis of Mexico's independent system operator with U.S. peers: Institutional assessment structures and performance metrics. Contaduria y Administracion, 66(1) https://doi.org/10.22201/fca.24488410e.2021.2527
  • Mata, L.M., Núñez Mora, J.A., Serrano Bautista, R. (2021). Multivariate Distribution in the Stock Markets of Brazil, Russia, India, and China. SAGE Open, 11(2) https://doi.org/10.1177/21582440211009509
  • López-Herrera F., Martínez-Preece M.R., Santillán-Salgado R.J. (2020) Regime-Switching in the Volatility of Mexican Pension Fund Returns. In: Peris-Ortiz M., Álvarez-García J., Domínguez-Fabián I., Devolder P. (eds) Economic Challenges of Pension Systems. Springer, Cham. https://doi.org/10.1007/978-3-030-37912-4_18
  • Cabral, R., Carneiro, F.G., Mollick, A.V. (2020). Inflation targeting and exchange rate volatility in emerging markets. Empirical Economics, 58(2) 605-626 https://doi.org/10.1007/s00181-018-1478-8
  • Cruz Lázaro, L.M., Pérez Sosa, F.A. (2020). Analysis of the impact of the 2014 financial reforms on Mexican cooperative financial institutions. REVESCO Revista de Estudios Cooperativos, 1351-16 https://doi.org/10.5209/REVE.69190
  • Aziz, T., Sadhwani, R., Habibah, U. and 1 more (...) (2020). Volatility Spillover Among Equity and Commodity Markets. SAGE Open, 10(2) https://doi.org/10.1177/2158244020924418
  • Fuentes, R., Galeotti, M., Lanza, A. and 1 more (...) (2020). COVID-19 and climate change: A tale of two global problems. Sustainability (Switzerland), 12(20) 1-14 https://doi.org/10.3390/su12208560
  • Núñez-Mora, J.A., Sánchez-Ruenes, E. (2020). Generalized hyperbolic distribution and portfolio efficiency in energy and stock markets of bric countries. International Journal of Financial Studies, 8(4) 1-14 https://doi.org/10.3390/ijfs8040066
  • del Castillo Penna, R.Á., Mora, J.A.N., Beatriz Mota Aragón, M. (2020).An econometric approach for the estimation of the mexican yield curves volatility index. Contaduria y Administracion, 65(3) https://doi.org/10.22201/fca.24488410e.2020.2377
  • Vázquez, O.H.Z. (2020). Impact of the introduction of the yellow corn futures contract on spot price volatility: Evidence from MexDer. Contaduria y Administracion, 65(2) https://doi.org/10.22201/fca.24488410e.2020.1900
  • Giménez, V., Prior, D., Keith, J.R. (2020). Strategic alliances’ effects over hospital efficiency and capacity utilization in México. Academia Revista Latinoamericana de Administracion, 33(1) 128-146 https://doi.org/10.1108/ARLA-11-2018-0248
  • Fuentes, R., Hunt, L.C., Lopez-Ruiz, H. and 1 more (...) (2020). The “iPhone effect”: The impact of dual technological disruptions on electrification. Competition and Regulation in Network Industries, 21(2) 110-123 https://doi.org/10.1177/1783591719888762
  • Cruz Lázaro, L.M., Pérez Sosa, F.A. (2020). Evaluation of the capital structure of the cooperative societies of savings and loans of Mexico. REVESCO Revista de Estudios Cooperativos,136 https://doi.org/10.5209/REVE.71858
  • Bernal-Ponce, L.A., Castillo-Ramírez, C.E., Venegas-Martínez, F. (2020). Impact of exchange rate derivatives on stocks in emerging markets. Journal of Business Economics and Management,21(2) 610-626 https://doi.org/10.3846/jbem.2020.12220
  • Ozkan, A., Santillán-Salgado, R.J., Yildiz, Y. and 1 more (...) (2020). WHAT HAPPENED TO THE WILLINGNESS OF COMPANIES TO INVEST AFTER THE FINANCIAL CRISIS? EVIDENCE FROM LATIN AMERICAN COUNTRIES. Journal of Financial Research, 43(2) 231-262 https://doi.org/10.1111/jfir.12206
  • Saucedo, E., Ozuna, T., Zamora, H. (2020). The effect of FDI on low and high-skilled employment and wages in Mexico: a study for the manufacture and service sectors. Journal for Labour Market Research, 54(1) https://doi.org/10.1186/s12651-020-00273-x
  • Cabral, R., Alvarado, J.A. (2020). The Role of FDI on Exports Performance: Evidence from the Mexican States. International Regional Science Review, https://doi.org/10.1177/0160017620979641
  • González, A.P., Zavaleta Vazquez, O.H. (2020). Designing an optimal electricity supply portfolio based on the Markowitz model: The case of a user in Mexico. Contaduria y Administracion, 65(1) https://doi.org/10.22201/FCA.24488410E.2019.1833
  • Fuentes, R., Sengupta, A. (2020). Using insurance to manage reliability in the distributed electricity sector: Insights from an agent-based model. Energy Policy, 139 https://doi.org/10.1016/j.enpol.2020.111251
  • Blazquez, J., Fuentes, R., Manzano, B. (2020). On some economic principles of the energy transition. Energy Policy,147 https://doi.org/10.1016/j.enpol.2020.111807
  • Bautista, R.S., Mora, J.A.N. (2020). Value at risk in the oil sector: An analysis of the efficiency in the measurement of the risk of the α-stable distribution versus the generalized asymmetric Student-t and normal distributions. Contaduria y Administracion, 65(2) https://doi.org/10.22201/fca.24488410e.2020.2021
  • Bernal Ponce, L.A., Pérez Navarro, R., Ramírez Grajeda, M. (2020). Causality between Chinese investment in Latin America and the governance indicators. Competition and Regulation in Network Industries, 21(1) 6-17 https://doi.org/10.1177/1783591719874774
  • Santillán-Salgado, R.J., Valencia-Herrera, H., Venegas-Martínez, F. (2020). On the relations among CO2 emissions, gross domestic product, energy consumption, electricity use, urbanization, and income inequality for a sample of 134 countries. International Journal of Energy Economics and Policy, 10(6) 195-207 https://doi.org/10.32479/ijeep.10070
  • López-Herrera, F., Santillán-Salgado, R.J., Cabello, A. (2019). Latin American Corporate Emerging Markets Bond Indices (CEMBIs): Their recent evolution. Global Finance Journal, 41104-112 https://doi.org/10.1016/j.gfj.2019.03.002
  • Cabral, R., Mollick, A.V., Saucedo, E. (2019). FOREIGN DIRECT INVESTMENT IN MEXICO, CRIME, AND ECONOMIC FORCES. Contemporary Economic Policy, 37(1) 68-85 https://doi.org/10.1111/coep.12401
  • García Santos, J.J., Zavaleta Vázquez, O.H. (2019). Is the relationship between CSR activities and financial performance of organizations a short term result? An answer with a panel data analysis. Contaduria y Administracion,64(4) https://doi.org/10.22201/FCA.24488410E.2020.2035
  • Santillán-Salgado, R.J., Aali-Bujari, A., Venegas-Martínez, F. (2019). Is there a “reverse causality” from nominal financial variables to energy prices?. International Journal of Energy Economics and Policy, 9(3) 229-243 https://doi.org/10.32479/ijeep.7526
  • Pérez-Calderón, E., Pache-Durán, M., Galindo-Manrique, A. (2019). Sustainability and tourism: Cluster analysis on the effectiveness of the Porter hypothesis in the European aeronautical sector. Tourism Innovation: Technology, Sustainability and Creativity, 95-112 https://doi.org/10.4324/9780429022814-7
  • del Rocío Vega Zavala, M., Salgado, R.J.S. (2019). Empirical evidence on the relationship of capital structure and market value among Mexican publicly listed companies. Contaduria y Administracion, 64 https://doi.org/10.22201/fca.24488410e.2018.1377
  • Coronado, R., Saucedo, E. (2019). Drug-related violence in Mexico and its effects on employment. Empirical Economics,57(2) 653-681 https://doi.org/10.1007/s00181-018-1458-z
  • Giménez, V., Keith, J.R., Prior, D. (2019). Do healthcare financing systems influence hospital efficiency? A metafrontier approach for the case of Mexico. Health Care Management Science, 22(3) 549-559 https://doi.org/10.1007/s10729-019-9467-9
  • Rocha, A.R., Zepeda, M.C., Bernal Ponce, L.A. (2019). Mediation effect of interest rates on MFIs’ financial performance. Contaduria y Administracion, 64(3) https://doi.org/10.22201/fca.24488410e.2019.1750
  • Santillán-Salgado, R.J., Núñez-Mora, J.A., Aggarwal, R. and 1 more (...) (2019). Exchange rate exposure of Latin American firms: Empirical evidence. Journal of Multinational Financial Management,5180-97 https://doi.org/10.1016/j.mulfin.2019.03.001
  • Núñez, J.A., Contreras-Valdez, M.I., Franco-Ruiz, C.A. (2019). Statistical analysis of bitcoin during explosive behavior periods. PLoS ONE, 14(3) https://doi.org/10.1371/journal.pone.0213919
  • Fuentes, R., Blazquez, J., Adjali, I. (2019). From vertical to horizontal unbundling: A downstream electricity reliability insurance business model. Energy Policy,129796-804 https://doi.org/10.1016/j.enpol.2019.02.068
  • Valdovinos-Hernandez, I., Szymanski, M., Grabowska, K. (2019). Mea culpa – The role of religion in corruption perception. Forum Scientiae Oeconomia, 7(3) 49-62 https://doi.org/10.23762/FSO_VOL7_NO3_4
  • Cabral, R., Mollick, A.V., Saucedo, E. (2019). Northbound border crossings from Mexico to the U.S. and the peso/dollar exchange rate. Research in Transportation Business and Management, 33 https://doi.org/10.1016/j.rtbm.2019.100423
  • Cabral, R., Castellanos-Sosa, F.A. (2019). Europe's income convergence and the latest global financial crisis. Research in Economics, 73(1) 23-34 https://doi.org/10.1016/j.rie.2019.01.003
  • Mongrut, S., Winkelried, D. (2019). Unintended effects of IFRS adoption on earnings management: The case of Latin America. Emerging Markets Review, 38377-388 https://doi.org/10.1016/j.ememar.2018.11.004
  • De La Torre-Torres, O.V., Álvarez-García, J., Santillán-Salgado, R.J. and 1 more (...) (2019). Potential improvements to pension funds performance in Mexico. Espacios, 40(30)
  • Bushnell, J., Ibarra-Yúnez, A., Pappas, N. (2019). Electricity transmission cost allocation and network efficiency: Implications for Mexico's liberalized power market. Utilities Policy, 59 https://doi.org/10.1016/j.jup.2019.100932
  • Miranda-Lopez, J., Valdovinos-Hernandez, I. (2019). The impact of the global economic crisis of 2008 on earnings quality in Mexico. Journal of Accounting in Emerging Economies, 9(3) 407-421 https://doi.org/10.1108/JAEE-08-2016-0071
  • Salgado, R.J.S., Ríos, C.G., Martínez, F.V. and 1 more (...) (2018). The dependence of the Price and Quotation Index of the Mexican Stock Exchange (IPC) with respect to the main Latin American stock indices. Contaduria y Administracion, 63(4) https://doi.org/10.22201/fca.24488410e.2018.1256
  • Núñez Mora, J.A., Mata Mata, L. (2018). Relationship between exports and the BRICS countries’ gross domestic product: A bayesian vector autoregression approach for the period 1978–2016. Business Governance and Society: Analyzing Shifts, Conflicts, and Challenges, 271-280 https://doi.org/10.1007/978-3-319-94613-9_16
  • Blazquez, J., Fuentes-Bracamontes, R., Bollino, C.A. and 1 more (...) (2018). The renewable energy policy Paradox. Renewable and Sustainable Energy Reviews, 821-5 https://doi.org/10.1016/j.rser.2017.09.002
  • Areli Bermudez Delgado, N., Bermudez Delgado, E., Saucedo, E. (2018). The relationship between oil prices, the stock market and the exchange rate: Evidence from Mexico. North American Journal of Economics and Finance, 45266-275 https://doi.org/10.1016/j.najef.2018.03.006
  • Santillán Salgado, R.J., Ramírez, A.F., Martínez, F.V. (2018). The impact of metals’ prices on the capital structure of mining and metallurgic firms in Latin America (2004-2014). Contaduria y Administracion, 63(3) 1-19 https://doi.org/10.22201/FCA.24488410E.2018.837
  • Aali-Bujari, A., Venegas-Martínez, F., Santillán-Salgado, R.J. (2018). On the stock market-electricity sector nexus in Latin America: A dynamic panel data model. International Journal of Energy Economics and Policy, 8(6) 148-154 https://doi.org/10.32479/ijeep.7120
  • Salgado, R.J.S., Ramírez, A.F., Martínez, F.V. (2018). The impact of metals' prices on the capital structure of mining and metallurgic firms in Latin America (2004-2014). Contaduria y Administracion, 63(3) https://doi.org/10.1016/j.cya.2016.01.002