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The Big three and corporate carbon emissions around the world

Date: 01/05/2021 Author(s): José Azar; Miguel Duro; Igor Kadach; Gaizka Ormazábal Document type: Article in Journal (refereed) This paper examines the role of the “Big Three” (i.e., BlackRock, Vanguard, and State Street Global Advisors) on the reduction of corporate carbon emissions around the world. Using novel data on engagements of the Big Three with individual firms, we find evidence that the Big Three focus their engagement effort on large firms with high CO2 emissions ... More information

Switching from incurred to expected loan loss provisioning

Date: 01/02/2021 Author(s): Germán López; Gaizka Ormazábal; Yuki Sakasai Document type: Article in Journal (refereed) This paper provides early evidence on the effect of global regulation mandating a switch from loan loss provisioning (LLP) based on incurred credit losses (ICL) to LLP based on expected credit losses (ECL). Using a sample of systemically important banks from 74 countries, we find that ECL provisions are more predictive of future bank risk than ICL ... More information

Responsabilidad jurídica de socios, administradores y directivos

Date: 01/02/2021 Author(s): Carlos de Cárdenas Smith; Carlos Sancho Document type: Technical Note El documento expone los distintos supuestos de responsabilidad de los socios, administradores y directivos de las sociedades o empresas en el ejercicio de sus funciones, tanto en el ámbito civil como en el penal. También aborda diversos supuestos de derivación de responsabilidad en los ámbitos tributario y laboral. More information

Capital Structure under Collusion

Date: 01/01/2021 Author(s): Daniel Ferres; Gaizka Ormazábal; Paul Povel; Giorgo Sertsios Document type: Article in Journal (refereed) We analyze the financial leverage of firms that collude to soften product market competition by forming a cartel. We find that cartel firms have lower leverage during collusion periods. This is consistent with the idea that cartel firms strategically reduce leverage to make their cartels more stable, because high leverage makes deviations from a cartel ... More information

Earnings management to avoid debt covenant violations and future performance

Date: 01/10/2020 Author(s): S. Dyreng; Stephen A. Hillegeist; Fernando Peñalva Document type: Article in Journal (refereed) In this study, we examine the trade-offs between earnings management (both accruals and real) and covenant violations by examining how they are associated with future accounting and stock mar-ket performance. We analyze a matched-pair sample of covenant violation firms with non-violation firms that have a similar risk of a covenant violation. We have ... More information

Investing in Special Situations: SEACOR Marine Holdings

Date: 01/10/2020 Author(s): Marc Badia; Christopher Nance; Claudia Serra Document type: Case Marc is a professional investor focused on special situations. He must decide whether to invest in Seacor Marine Holdings (SMHI), an offshore services company that was recently spun off from Seacor Holdings. Marc has compiled enough public information to perform a full fundamental analysis of the company. The case puts special emphasis in the understanding ... More information

The Informational Effects of Tightening Oil and Gas Disclosure Rules

Date: 01/09/2020 Author(s): Marc Badia; Miguel Duro; Bjorn N. Jorgensen; Gaizka Ormazábal Document type: Article in Journal (refereed) We exploit two regulatory shocks to examine the informational effects of tightening pre-existing mandatory disclosure rules. Canadian National Instrument 51-101 in 2003 and the United States rule "Modernization of Oil and Gas Reporting" in 2009 introduced quasi-identical amendments which effectively tightened the rules governing oil and gas reserve ... More information Read related article

Political connections and the informativeness of insider trades

Date: 01/08/2020 Author(s): Alan D. Jagolinzer; Larcker D. F.; Gaizka Ormazábal; D.J. Taylor Document type: Article in Journal (refereed) We analyze the trading of corporate insiders at leading financial institutions during the 2007 to 2009 financial crisis. We find strong evidence of a relation between political connections and informed trading during the period in which TARP funds were disbursed, and that the relation is most pronounced among corporate insiders with recent direct connections. ... More information Read related article

Conditional conservatism and the limits to earnings management

Date: 01/06/2020 Author(s): J.M. García Lara; B. García Osma; Fernando Peñalva Document type: Article in Journal (refereed) We examine the impact of conditional conservatism on earnings management. Our findings support the view that conditional conservatism reduces accruals-based earnings management but also triggers a trade-off between accruals and real earnings management. In our main tests we use the passage of SFAS 121 as a plausibly exogenous regulatory change that ... More information

Excellent Sales Academy Vs. Premium Software

Date: 01/05/2020 Author(s): Kandarp Mehta Document type: Exercise Excellent Sales Academy (ESA) Vs Premium Software (PS) is a multiparty, internal-external negotiation exercise. It looks at issues like incentive system, corporate strategy and alignment of personal and organizational goals in the context of a negotiation. The exercise contains four roles. Chief Sales Officer and the Chief Finance Officer of ESA and ... More information
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