Hamburg Financial Research Center

Ignacio Requejo

Professor
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Curriculum Vitae

Dr Ignacio Requejo is Assistant Professor of Finance at Universidad de Salamanca (Spain). He holds a PhD degree in Business Economics with a “European Distinction” from this university. During his doctoral studies, he stayed at Saïd Business School (University of Oxford) as a Visiting Doctoral Student and at the Centre for Corporate Governance at London Business School (University of London) as a Visiting Research Assistant. Ignacio’s thesis on family firms was awarded the 2011 Best Doctoral Dissertation Award sponsored by the Family Firm Institute (FFI) and Relative Solutions. His work has been published in top finance and governance journals, including the Journal of Corporate Finance, Corporate Governance: An International Review and the Journal of Empirical Finance. He has presented several papers in numerous international conferences, including the Financial Management Association (FMA) International Annual Meeting, the European Financial Management Association (EFMA) Annual Conference and the Annual International Family Enterprise Research Academy (IFERA) Conference. He has also presented his work at invited research seminars held at Saïd Business School, London Business School, Leeds University Business School and University of Strathclyde Business School.

Ausgewählte Publikationen

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Capital allocation and ownership concentration in the shipping industry

Wolfgang Drobetz, Malte Janzen, Ignacio Requejo
Transportation Research Part E: Logistics and Transportation Review | 02/2019
We measure the sensitivity of investment to changes in investment opportunities in the shipping industry, and test whether this relation is moderated by ownership concentration. For a sample of 126 globally listed shipping firms, we find that investment in commercial shipping follows freight rates, a measure of the potential income stream from owning a vessel. Ownership concentration, measured as the ownership stake of the largest shareholder, reinforces the positive effect of freight rates on investment, indicating a higher relative efficiency of capital allocation. The positive impact ownership has on the investment-freight rate sensitivity also translates into higher firm value. An analysis of investor identity shows that our results are driven by the group of firms where the largest owner is a financial investor, who is usually more focused on shareholder value maximization.

Foreign bias in institutional portfolio allocation: The role of social trust

Wolfgang Drobetz, Marwin Mönkemeyer, Ignacio Requejo, Henning Schröder
Journal of Economic Behavior & Organization | 10/2023
We study the role of social trust in the equity allocation decisions of global investors using a large sample of institutionally managed portfolios of 8,088 investors from 33 countries over the 2000 through 2017 period. The negative relationship between social trust and foreign bias suggests that institutional investors from high-social trust countries are less prone to underinvesting in foreign equity. Our results provide credence to an information-based explanation, indicating that social trust reduces foreign bias by compensating for the lack of information about foreign stock markets. Moreover, the effect of social trust on foreign bias is stronger if host-country institutions are weak, while it vanishes when the host country is characterized by strong institutions. The informal institution of social trust compensates for the lack of well-functioning formal country-level institutions in international portfolio decisions. Finally, the allocation effect resulting from social trust is different from “blind” trust. The portfolios of high-trust investors exhibit higher cross-country diversification and an enhanced portfolio risk-return trade-off.