Dr Jose Linares Zegarra

Senior Lecturer
EBS - Finance
Dr Jose Linares Zegarra
  • Email

  • Telephone

    +44 (0) 1206 872498

  • Location

    EBS.3.4, Colchester Campus



Jose Manuel joined Essex Business School in 2015. He holds a PhD from the University of Granada (Spain). Jose is also a Honorary Senior Lecturer at University of St Andrews and a Fellow of the Higher Education Academy (FHEA). Previously, he has held visiting teaching/research positions at the Federal Reserve Bank of Boston, University of St Andrews, University of Alicante, University of Illinois, Florida State University and the Institute of European Finance (Bangor University, UK). His academic career combines both teaching and research in economics, banking and finance. He has been researcher for the Spanish Savings Banks Foundation and has also participated in projects related to the banking industry for the Spanish Ministry of Science and Innovation, the Andalusian Autonomous Government and several financial institutions. In recent years, Jose Manuel has carried out various empirical studies in retail payments and consumer finances. He has published articles in journals such as the European Journal of Finance, Journal of Banking & Finance, Journal of Financial Services Research, Review of Network Economics, Social Science and Medicine, British Accounting Review and Economics Letters.


  • PhD (Doctor Europaeus)


University of Essex

  • Postgraduate Taught (PGT) Programme Director, Finance MSc programmes, Essex Business School (1/8/2021 - present)

  • Postgraduate Taught (PGT) Admissions Selector, Finance MSc programmes, Essex Business School (1/8/2021 - present)

Research and professional activities

Research interests

Payments Economics

Open to supervise

Consumer and household finance

Open to supervise


Open to supervise

SMEs finance

Open to supervise

Microfinance and financial inclusion

Open to supervise

Entrepreneurial finance and Fintech

Open to supervise


Equity crowdfunding has emerged as a novel source of funding for startups via internet platforms that complements angel and venture capital financing. It is one of the few Fintech developments that is not banking or payments based. ICOs (initial coin offerings) are another such phenomenon but are quite distinct from equity crowdfunding.

Key words: Equity crowdfunding
Open to supervise

Teaching and supervision

Current teaching responsibilities

  • Introduction to Banking (BE610)

  • Modern Banking (BE650)

  • Dissertation (BE982)

  • EBS Integrated Programmes: Dissertation (BE983)

  • Dissertation in Finance (BE989)

Previous supervision

Amelina Apricia Sjam
Amelina Apricia Sjam
Thesis title: Essays on Financial Literacy, Cognitive Ability and Financial Decision-Making
Degree subject: Finance
Degree type: Doctor of Philosophy
Awarded date: 8/1/2021


Journal articles (15)

Coakley, J., Lazos, A. and Liñares-Zegarra, JM., (2022). Seasoned equity crowdfunded offerings. Journal of Corporate Finance. 77, 101880-101880

Coakley, J., Lazos, A. and Linares Zegarra, J., (2022). Equity crowdfunding founder teams: Campaign success and venture failure. British Journal of Management. 33 (1), 286-305

Coakley, J., Lazos, A. and Liñares-Zegarra, J., (2022). Strategic entrepreneurial choice between competing crowdfunding platforms. The Journal of Technology Transfer. 47 (6), 1794-1824

Brown, R., Linares Zegarra, J. and Wilson, JOS., (2022). Innovation and Borrower Discouragement in SMEs. Small Business Economics. 59 (4), 1489-1517

Liñares-Zegarra, JM. and Willesson, M., (2021). The effects of negative interest rates on cash usage: Evidence for EU countries. Economics Letters. 198, 109674-109674

Brown, R., Liñares-Zegarra, J. and Wilson, JOS., (2019). Sticking it on Plastic: Credit Card Finance and Small and Medium Sized Enterprises in the UK. Regional Studies. 53 (5), 630-643

Brown, R., Liñares-Zegarra, J. and Wilson, JOS., (2019). The (Potential) Impact of Brexit on UK SMEs: Regional Evidence and Public Policy Implications. Regional Studies. 53 (5), 761-770

Bouslah, K., Liñares-Zegarra, J., M'Zali, B. and Scholtens, B., (2018). CEO risk-taking incentives and socially irresponsible activities. British Accounting Review. 50 (1), 76-92

Liñares-Zegarra, J. and Wilson, JOS., (2018). The Size and Growth of Microfinance Institutions. The British Accounting Review. 50 (2), 199-213

Kahn, CM., Liñares-Zegarra, J. and Stavins, J., (2017). Are there Social Spillovers in Consumers’ Security Assessments of Payment Instruments?. Journal of Financial Services Research. 52 (1-2), 5-34

Kahn, CM. and Liñares-Zegarra, J., (2016). Identity Theft and Consumer Payment Choice: Does Security Really Matter?. Journal of Financial Services Research. 50 (1), 121-159

Clayton, M., Liñares-Zegarra, J. and Wilson, JOS., (2015). Does debt affect health? Cross country evidence on the debt-health nexus. Social Science and Medicine. 130 (C), 51-58

Liñares-Zegarra, J. and Wilson, JOS., (2014). Credit card interest rates and risk: new evidence from US survey data. The European Journal of Finance. 20 (10), 892-914

Carbó-Valverde, S., Liñares-Zegarra, J. and Rodríguez-Fernández, F., (2012). Feedback Loop Effects in Payment Card Markets: Empirical Evidence. Review of Network Economics. 11 (2)

Carbó-Valverde, S. and Liñares-Zegarra, J., (2011). How effective are rewards programs in promoting payment card usage? Empirical evidence. Journal of Banking & Finance. 35 (12), 3275-3291

Reports and Papers (4)

Linares Zegarra, J. and Wilson, JOS., (2022). SMEs as Social Enterprises: Regional Disparities, Access to Finance, Strategic Intentions, and the COVID-19 Pandemic

Brown, R., Liñares-Zegarra, JM. and Wilson, JOS., (2018). What Happens If the Rules Change? The Impact of Brexit on the Future Strategic Intentions of UK SMEs

Clayton, M., Liñares-Zegarra, J. and Wilson, JOS., (2014). Can Debt Affect Your Health? Cross Country Evidence on the Debt-Health Nexus

Carbo-Valverde, S. and Liñares-Zegarra, J., (2012). Payment Card Interchange Fees: Assessing the Effectiveness of Antitrust Investigations and Regulation in Europe

Grants and funding


SMEs as Social Enterprises: Regional Disparities, Access to Finance and the COVID-19 Pandemic

Enterprise Research Centre

+44 (0) 1206 872498


EBS.3.4, Colchester Campus