Search results for " Account"
showing 10 items of 1296 documents
Peter Zweifel's Bonus Options in Health Insurance
1993
IFRS adoption and audit and non-audit fees: empirical evidence from Spanish listed companies
2015
We analyse trends in inflation-adjusted audit and non-audit fees from 2003 to 2009 with the aim of identifying the impact of International Financial Reporting Standards (IFRS) in Spain, where (a) the shift from national to international accounting standards represented major changes and (b) the implementation process was conducted in 2005 for group accounts of listed companies and 2008 for the individual accounts. To that end, we build a well-tested audit and non-audit fee model based on 2003 and compare the actual with the predicted values had the accounting reforms not taken place. We report unexpected higher audit fees for the group accounts model in the years 2004, 2005 and 2006. A plau…
Audit quality and the going-concern decision-making process: Spanish evidence
2004
In this study, we attempt empirically to investigate the relationship between audit quality and the probability that a financially distressed company would receive a going-concern opinion. Auditor decision-making in the presence of going-concern uncertainties may be characterized as a two-stage process. The first stage is the identification of a potential going-concern problem and the second stage is to determine whether the particular company should receive a qualified going-concern opinion. A sample of 1,199 non-financial Spanish company-years has been obtained from the database issued by the Stock Exchange National Commission for the fiscal years ending between December 1991 and December…
Asymmetric covariance in spot-futures markets
2003
This article studies how the spot-futures conditional covariance matrix responds to positive and negative innovations. The main results of the article are achieved by obtaining the Volatility Impulse Response Function (VIRF) for asymmetric multivariate GARCH structures, extending Lin (1997) findings for symmetric GARCH models. This theoretical result is general and can be applied to analyze covariance dynamics in any financial system. After testing how multivariate GARCH models clean up volatility asymmetries, the Asymmetric VIRF is computed for the Spanish stock index IBEX-35 and its futures contract. The empirical results indicate that the spot-futures variance system is more sensitive to…
Efectos de las fusiones bancarias en los resultados. El caso de las cajas rurales en España durante la primera mitad de la década de 2000
2010
ResumenDurante los últimos diez años se han producido numerosos episodios de fusiones entre cajas rurales españolas. El objetivo del trabajo es analizar el efecto que las fusiones entre cajas rurales llevadas a cabo durante la primera mitad de la década del 2000 han tenido sobre los niveles de rentabilidad, eficiencia y productividad y sobre el comportamiento estratégico de estas entidades. Para ello, se han seleccionado las fusiones realizadas durante el período considerado y se han analizado diferentes variables en comparación con la media del sector (grupo de control) para los cinco años anteriores y posteriores a la fusión. El estudio demuestra que las fusiones en las cajas rurales espa…
Can Auditors Be Independent? – Experimental Evidence on the Effects of Client Type
2012
Recent regulatory initiatives stress that an independent oversight board, rather than the management board, should be the client of the auditor. In an experiment, we test whether the type of client affects auditors’ independence. Unique features of the German institutional setting enable us to realistically vary the type of auditors’ client as our treatment variable: we portray the client either as the management preferring aggressive accounting or the oversight board preferring conservative accounting. We measure auditors’ perceived client retention incentives and accountability pressure in a post-experiment questionnaire to capture potential threats to independence. We find that the type …
FINANCIAL MARKETS' SHUTDOWN AND REACCESS
2018
We employ a discrete-time parametric duration model on a group of 121 countries over the period 1970â2011 and find that the probability of the end of financial markets' shutdown and reaccess falls as these events become longer. We also show that: (1) shutdown episodes are longer when economic prospects are poor and the degree of financial openness falls, the chief executive has been in office for long periods, and the country has a default history and (2) spells of reaccess tend to be longer when economic growth improves and financial openness increases, there are neither government crises nor government instability, and the country did not default in the past. (JEL C41, G15).
Outside‐in Politicization of EU–Western Africa Relations: What Role for Civil Society Organizations?
2021
This article explores the empirical relevance of researching outside-in politicization processes in European studies. To this end, it examines to what extent and how civil society organizations (CSOs) have contributed to the politicization of EU policies towards Western Africa in two cases: the negotiation of Economic Partnership Agreements and the EU's engagement with the G5 Sahel. CSOs were strongly engaged in the trade negotiations, while they were largely excluded from the G5 Sahel process. In both cases this was due to CSOs' own initiatives, or the absence thereof, with these strongly linked to being either invited or discouraged by official actors. The article argues that authority tr…
Ambidexterity in micro and small firms: Can competitive intelligence compensate for size constraints?
2021
Ambidexterity has been linked to firm structures that are typical of organizations with a larger size. However, further research is needed to analyze whether the effect of firm size on ambidexterity is contingent on other aspects. We argue that micro and small firms that have developed some competitive intelligence routines (CIRs) may foster ambidextrous behavior and compensate for the limitations arising from a smaller size and lack of resources. We test our proposal on a sample of 200 firms in the furniture sector. Our results show that CIRs compensate for size constraints in that size is no longer a relevant variable to increase ambidextrous behavior in firms that achieve higher levels i…
From custom to law, an economic rationale behind the black lettering
2018
This article employs the number of rule recipients in order to explain the transformation of some customs into laws. The publication of rules may mark the reaching of the threshold number beyond which the spontaneous rule leaves room for the State intervention. In addition, the publication resolves a couple of questions that Hayek left unresolved. Examples are provided from ancient merchant customs and contemporary international law.