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Disclosure Regulation and Corporate Acquisitions 

Date: 20/12/2018 Author(s): Bonetti, Pietro; Duro, Miguel; Ormazábal, Gaizka Document type: Working Paper This paper examines the effect of disclosure regulation on the market for corporate control. We study the implementation of a recent European regulation imposing tighter disclosure requirements regarding the financial and ownership information provided by public firms. We find a substantial drop in the number of control acquisitions after the implementation ... More information Read related article

Are Directors More Likely to Relinquish Their Riskiest Directorships after the Financial Crisis? 

Date: 12/2018 Author(s): Ormazábal, Gaizka Document type: Article in Journal (refereed) This paper documents that directors exhibit a strong tendency to resign from their riskiest directorships in the period subsequent to the financial crisis of 2007-2008. Consistent with this pattern, additional evidence suggests that, in the post-crisis period, riskier directorships become more costly for directors. I also find that the post-crisis ... More information

The Informational Effects of Tightening Oil and Gas Disclosure Rules 

Date: 03/08/2018 Author(s): Badia, Marc; Duro, Miguel; Jorgensen, Bjorn N.; Ormazábal, Gaizka 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

Subjective Bonuses and Target Setting in Budget-Based Incentive Contracts 

Date: 27/07/2018 Author(s): Aranda, C.; Arellano, J.; Dávila, Antonio Document type: Article in Journal (refereed) Subjective bonuses can reflect implicit contracts entered at the beginning of the period when certain employees commit to more difficult targets and managers use subjective bonuses at the end of the period to reward this commitment. We examine this prediction in a budget-based incentive systems’ setting. We argue that the presence of these implicit ... More information

Cusomoto, S.A. 2018 (B) 

Date: 18/07/2018 Author(s): Grandes, Mª Jesús; Palencia, Luis Document type: Case This is a basic case for introducing students to financial accounting. It presents a company that, despite profits, has cash flow problems. The case provides a review of fundamental concepts such as assets and liabilities, net equity, revenue and expenses, and collections and payments. It also more specifically covers the preparation and usefulness ... More information

Cusomoto, S.A. 2018 (A) 

Date: 18/07/2018 Author(s): Grandes, Mª Jesús; Palencia, Luis Document type: Case This is a basic case for introducing students to financial accounting. It presents a company that, despite profits, has cash flow problems. The case provides a review of fundamental concepts such as assets and liabilities, net equity, revenue and expenses, and collections and payments. It also more specifically covers the preparation and usefulness ... More information

Reflexiones críticas sobre nuevas tendencias en contabilidad de gestión 

Date: 31/05/2018 Author(s): Rosanas, Josep Maria Editor(s): Cátedra Crèdit Andorrà de Mercados, Organizaciones y Humanismo Document type: Occasional Paper El documento intenta hacer un resumen crítico de lo que ha ocurrido en el último medio siglo en materia de contabilidad de gestión y sistemas de control, poniendo de manifiesto los principales avances y retrocesos. More information

Why Execution Is No Longer the Key to Competitive Advantage 

Date: 23/04/2018 Author(s): Speaker(s): Dávila, Antonio Document type: Session (Video) Every Wednesday, Amazon's top executives reportedly meet for hours to ponder the future. Why? Because looking to the future has become more important than execution for business success in VUCA times. Antonio Davila (briefly) explains his 70/30 recommendation. More information

Does Regulating Banks' Corporate Governance Help? A Review of the Empirical Evidence 

Date: 03/03/2018 Author(s): Duro, Miguel; Ormazábal, Gaizka Document type: Chapter The financial crisis of 2007-2008 fueled the idea that corporate governance in the financial sector urgently needed reform. The perception that poor corporate governance was a primary cause of the breakdown of the financial markets prompted extensive regulatory actions around the world. However, whether and how regulating banks' corporate governance ... More information Read related article

The Role of Stakeholders in Corporate Governance: A View from Accounting Research 

Date: 19/02/2018 Author(s): Ormazábal, Gaizka Document type: Article in Journal (refereed) I review the empirical research on the role of stakeholders in corporate governance with an emphasis in contributions from the accounting literature. In particular, I focus on the following stakeholders: employees, the general public, the media, related firms, the government, private regulators, gatekeepers, and foreigners. This list does not include ... More information
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