Professor Albert Banal-Estanol
Contact details
About
Overview
Dr Banal-Estañol holds a MSc in Mathematics (1998) and a PhD in Economics (2003) from the Universitat Autonoma de Barcelona.
Before joining City University London in 2005 as Lecturer in Economics, he was Assistant Professor at the University of Western Ontario. He has taught courses in Corporate Finance, Microeconomics, Game Theory, Industrial Organisation and Quantitative Methods.
Research
Dr Banal-Estañol's research interests are Corporate Finance, Industrial Organisation and Economics of Organisations. His research includes various studies in Competition and Regulation and in the analysis of Mergers and Acquisitions.
Publications
Publications by category
Chapters (2)
- Boot, N., Banal-Estañol, A. and Seldeslachts, J. (2025). Common Ownership in Europe and the US: A Network Analysis Approach. Research Handbook on Competition and Corporate Law (pp. 235-250). Edward Elgar Publishing. ISBN 9781803920542.
- Banal-Estanol, A., Benito, E. and Khametshin, D. (2018). Asset Encumbrance and CDS Premia of European Banks. Oxford University Press.
Conference paper and proceedings
- Micola, A.R., Banal-Estañol, A. and Bunn, D.W. Incentives and coordination in vertically related energy markets. .doi:10.1016/j.jebo.2006.12.007
Journal articles (34)
- Banal‐Estañol, A., Clougherty, J.A., Seldeslachts, J. and Szücs, F. (2026). One‐Way Versus Two‐Way Postacquisition Integration Efforts: Theory and Evidence. Journal of Economics & Management Strategy, 35(2), pp. 354-375. doi:10.1111/jems.70006
- Newham, M., Seldeslachts, J. and Banal-Estañol, A. (2025). Common Ownership and Market Entry: Evidence from the Pharmaceutical Industry. American Economic Journal: Microeconomics, 17(4), pp. 260-327. doi:10.1257/mic.20220220
- Massol, O., Hache, E. and Banal‐Estañol, A. (2024). Trade sanctions and international market integration: Evidence from the sanctions on Iranian methanol exports. The World Economy, 47(2), pp. 637-663. doi:10.1111/twec.13427
- Banal‐Estañol, A., Liu, Q., Macho‐Stadler, I. and Pérez‐Castrillo, D. (2023). Similar‐to‐me effects in the grant application process: Applicants, panellists, and the likelihood of obtaining funds. R&D Management, 53(5), pp. 819-839. doi:10.1111/radm.12601
- Banal-Estañol, A., Jofre-Bonet, M., Iori, G., Maynou, L., Tumminello, M. and Vassallo, P. (2023). Performance-based research funding: Evidence from the largest natural experiment worldwide. Research Policy, 52(6), pp. 104780-104780. doi:10.1016/j.respol.2023.104780
- Banal-Estañol, A., Macho-Stadler, I., Nieto-Postigo, J. and Pérez-Castrillo, D. (2023). Early individual stakeholders, first venture capital investment, and exit in the UK startup ecosystem. Journal of Corporate Finance, 80. doi:10.1016/j.jcorpfin.2023.102420
- Solinas, G., Meloso, D., Banal-Estañol, A., Seldeslachts, J. and Kretschmer, T. (2022). Competition, formal governance and trust in alliances: An experimental study. Long Range Planning, 55(5). doi:10.1016/j.lrp.2022.102240
- Banal-Estañol, A., Duso, T., Seldeslachts, J. and Szücs, F. (2022). R&D spillovers through RJV cooperation. Research Policy, 51(4). doi:10.1016/j.respol.2021.104465
- Banal-Estañol, A., Boot, N. and Seldeslachts, J. (2022). Common Ownership Patterns in the European Banking Sector—The Impact of the Financial Crisis1. Journal of Competition Law & Economics, 18(1), pp. 135-167. doi:10.1093/joclec/nhab023
- Argentesi, E., Banal-Estanol, A. and Seldeslachts, J. (2021). A Retrospective Evaluation of the GDF/Suez Merger: Effects on the Belgian Gas Hub. The Energy Journal, 42(6), pp. 199-228. doi:10.5547/01956574.42.6.earg
- Banal-Estañol, A., Newham, M. and Seldeslachts, J. (2021). Common Ownership in the U.S. Pharmaceutical Industry: A Network Analysis. The Antitrust Bulletin, 66(1), pp. 68-99. doi:10.1177/0003603x20985796
- Banal-Estañol, A., Macho-Stadler, I. and Pérez-Castrillo, D. (2019). Les étapes du financement de la recherche académique : de la soumission en partenariat jusqu’à l’attribution et aux publications. Revue économique, Vol. 70(5), pp. 625-653. doi:10.3917/reco.705.0625
- Banal-Estañol, A., Macho-Stadler, I. and Pérez-Castrillo, D. (2019). Evaluation in research funding agencies: Are structurally diverse teams biased against? Research Policy, 48(7), pp. 1823-1840. doi:10.1016/j.respol.2019.04.008
- Rupérez Micola, A., Aparicio Fenoll, A., Banal-Estañol, A. and Bris, A. (2019). TV or not TV? The impact of subtitling on English skills. Journal of Economic Behavior & Organization, 158, pp. 487-499. doi:10.1016/j.jebo.2018.12.019
- Massol, O. and Banal-Estanol, A. (2018). Market Power and Spatial Arbitrage between Interconnected Gas Hubs. The Energy Journal, 39(2_suppl), pp. 67-96. doi:10.5547/01956574.39.si2.omas
- Banal-Estañol, A., Macho-Stadler, I. and Pérez-Castrillo, D. (2018). Endogenous Matching in University-Industry Collaboration: Theory and Empirical Evidence from the United Kingdom. Management Science, 64(4), pp. 1591-1608. doi:10.1287/mnsc.2016.2680
- Massol, O., Tchung-Ming, S. and Banal-Estañol, A. (2018). Capturing industrial CO2 emissions in Spain: Infrastructures, costs and break-even prices. Energy Policy, 115, pp. 545-560. doi:10.1016/j.enpol.2018.01.015
- Banal-Estañol, A., Calzada, J. and Jordana, J. (2017). How to achieve full electrification: Lessons from Latin America. Energy Policy, 108, pp. 55-69. doi:10.1016/j.enpol.2017.05.036
- Banal-Estañol, A., Eckhause, J. and Massol, O. (2016). Incentives for early adoption of carbon capture technology: Further considerations from a European perspective. Energy Policy, 90, pp. 246-252. doi:10.1016/j.enpol.2015.12.006
- Banal-Estañol, A., Jofre-Bonet, M. and Lawson, C. (2015). The double-edged sword of industry collaboration: Evidence from engineering academics in the UK. Research Policy, 44(6), pp. 1160-1175. doi:10.1016/j.respol.2015.02.006
- Massol, O., Tchung-Ming, S. and Banal-Estanol, A. (2015). Joining the CCS club! the economics of CO2 pipeline projects. European Journal of Operational Research, 247(1), pp. 259-275. doi:10.1016/j.ejor.2015.05.034
- Massol, O. and Banal-Estañol, A. (2014). Export diversification through resource-based industrialization: The case of natural gas. European Journal of Operational Research, 237(3), pp. 1067-1082. doi:10.1016/j.ejor.2014.02.043
- Banal-Estañol, A., Ottaviani, M. and Winton, A. (2013). The Flip Side of Financial Synergies: Coinsurance Versus Risk Contamination. Review of Financial Studies, 26(12), pp. 3142-3181. doi:10.1093/rfs/hht049
- Banal-Estañol, A., Macho-Stadler, I. and Pérez-Castrillo, D. (2013). Research Output From University–Industry Collaborative Projects. Economic Development Quarterly, 27(1), pp. 71-81. doi:10.1177/0891242412472535
- Massol, O. and Banal-Estanol, A. (2012). Export diversification and resource-based industrialization: the case of natural gas.
- Banal-Estañol, A. and Rupérez Micola, A. (2011). Behavioural simulations in spot electricity markets. European Journal of Operational Research, 214(1), pp. 147-159. doi:10.1016/j.ejor.2011.03.041
- Banal‐Estañol, A. and Seldeslachts, J. (2011). Merger Failures. Journal of Economics & Management Strategy, 20(2), pp. 589-624. doi:10.1111/j.1530-9134.2011.00298.x
- BANAL‐ESTAÑOL, A., HEIDHUES, P., NITSCHE, R. and SELDESLACHTS, J.O. (2010). SCREENING AND MERGER ACTIVITY*. The Journal of Industrial Economics, 58(4), pp. 794-817. doi:10.1111/j.1467-6451.2010.00438.x
- Banal‐Estañol, A. and Macho‐Stadler, I. (2010). Scientific and Commercial Incentives in R&D: Research versus Development? Journal of Economics & Management Strategy, 19(1), pp. 185-221. doi:10.1111/j.1530-9134.2009.00250.x
- Banal-Estañol, A. and Micola, A.R. (2009). Composition of Electricity Generation Portfolios, Pivotal Dynamics, and Market Prices. Management Science, 55(11), pp. 1813-1831. doi:10.1287/mnsc.1090.1067
- Banal-Estañol, A., Macho-Stadler, I. and Seldeslachts, J. (2008). Endogenous mergers and endogenous efficiency gains: The efficiency defence revisited. International Journal of Industrial Organization, 26(1), pp. 69-91. doi:10.1016/j.ijindorg.2006.10.007
- Banal‐Estañol, A. and Ottaviani, M. (2007). Bank Mergers and Diversification: Implications for Competition Policy. European Financial Management, 13(3), pp. 578-590. doi:10.1111/j.1468-036x.2007.00372.x
- Banal-Estañol, A. (2007). Information-sharing implications of horizontal mergers. International Journal of Industrial Organization, 25(1), pp. 31-49. doi:10.1016/j.ijindorg.2005.12.002
- Banal‐Estañol, A. and Ottaviani, M. (2006). Mergers with Product Market Risk. Journal of Economics & Management Strategy, 15(3), pp. 577-608. doi:10.1111/j.1530-9134.2006.00111.x
Scholarly editions (5)
- Banal-Estanol, A., Eckhause, J. and Massol, O. (2015). Incentives for early adoption of carbon capture technology: further considerations from a European perspective.
- Banal-Estanol, A., Jofre-Bonet, M. and Lawson, C. (2013). The Double-Edged Sword of Industry Collaboration: Evidence from Engineering Academics in the UK.
- Banal-Estañol, A., Macho-Stadler, I. and Pérez-Castrillo, D. (2011). Research output from university-industry collaborative projects.
- Banal-Estañol, A., Jofre-Bonet, M. and Meissner, C. Theimpact of industry collaboration on research: Evidence from engineering academics in the UK.
- Banal-Estañol, A., Jofre-Bonet, M. and Lawson, C. The Double-Edge Sword of Industry Collaboration: Evidence from Engineering Academics in the UK.
Working papers (8)
- Newham, M., Seldeslachts, J. and Banal-Estanol, A. (2018). Common Ownership and Market Entry: Evidence from the Pharmaceutical Industry. London, UK: American Economic Association
- Micola, A.R., Fenoll, A.A., Banal-Estanol, A. and Bris, A. (2016). TV or not TV? The impact of subtitling on English skills. Turin, Italy: Collegio Carlo Alberto
- Banal-Estanol, A. and Massol, O. (2012). Export Diversification and Resource -based Industrialization: the Case of Natural Gas. London, UK: City, University of London.
- Banal-Estañol, A., Jofre-Bonet, M. and Cornelia Meissner, C. (2008). The Impact of Industry Collaboration on Academic Research Output: A Dynamic Panel Data Analysis. London, UK: City, University of London.
- Banal-Estanol, A. and Macho-Stadler, I. (2008). Commercial Incentives in Academia. London, UK: Department of Economics, City University London
- Banal-Estanol, A. and Macho-Stadler, I. (2007). Financial incentives in academia: research versus development. London, UK: Department of Economics, City University London
- Banal-Estanol, A. and Heidhues, P. (2006). Merged clusters during economic booms. London, UK: Department of Economics, City University London
- Banal-Estañol, A. and Ottaviani, M. (2006). Bank Mergers and Diversification: Implications for Competition Policy. London, UK: City, University of London.