Grupo de Investigación
Finanzas y Macroeconomía

El GIEE de Finanzas y Macroeconomía investiga la forma en que los mercados financieros y las empresas interactúan en un mundo global. Busca además entender el impacto de las decisiones que toman los agentes públicos y privados sobre las condiciones de la actividad económica real y la estructura industrial a nivel internacional, nacional y regional.

Las líneas de investigación de este grupo incluyen:

  • Gobierno corporativo y estrategia financiera (v.g., política de dividendos, estrategia corporativa, fusiones y adquisiciones)
  • Mercados financieros (v.g., optimización de cartera, gestión de riesgos, derivados)
  • Interacción de la política monetaria y fiscal con la economía real (v.g., la forma en que las fuerzas macroeconómicas configuran la economía y afectan a las regiones, industrias y empresas)
  • Finanzas y economía conductuales
  • Tecnologías financieras emergentes (v.g., fintech, blockchain, IA, análisis de negocios, etc.)


Nombre Campus Nivel en el Sistema
Nacional de Investigadores
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  

Publicaciones Científicas

  • 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