Jesús Gorrín, Assistant Professor of Finance

I am a football fan, and part of my research has been influenced by this. In my paper "A managerial explanation for agency costs of free cash flow" I exploit a quasi-experimental design to show that inexperienced managers significantly increase their human capital investments (in this case they buy more player contracts) when they get unexpected cash from close games. This investment does not translate in better team performance in the short term.