Search results for "ACCOUNTING"
showing 10 items of 1961 documents
Aspectos del ADR no patrocinado: el caso de España
2016
RESUMENEl proposito de este trabajo es analizar el impacto que la emision de ADR no patrocinados, que no es decidida por la empresa sino por inversores estadounidenses, tiene sobre el valor de la empresa y si tiene consecuencias en la volatilidad de sus precios y en la actividad negociadora en el mercado bursatil espanol. Ademas analizamos que caracteristicas tienen las empresas espanolas elegidas por los inversores para emitir sobre ellas ADR no patrocinados o involuntarios. Los resultados ponen de relieve que la emision de ADR no patrocinados tiene un impacto positivo sobre el valor de la empresa. Ademas, observamos una reduccion de la actividad negociadora y un aumento de la volatilidad,…
El impacto de la última gran crisis financiera sobre el comportamiento procíclico de los bancos Europeos: un punto de inflexión
2018
Este trabajo examina el impacto de la reciente crisis financiera sobre la relacion entre los deterioros por perdidas crediticias (LLP) y las fluctuaciones del credito. Los datos macroeconomicos y e...
Bank rating migrations before and since the onset of the financial crisis
2020
This paper analyses bank rating dynamics in Europe and the United States from 2000 to 2016. In particular, two questions are addressed: (i) whether the rating agencies replicate prior changes in ra...
Consequences of the Abandonment of Mandatory Joint Audit : An Empirical Study of Audit Costs and Audit Quality Effects
2016
Abstract This paper focuses on the unique Danish setting in examining the consequences of abandoning a mandatory joint audit regime. We study the effects on audit costs (measured by audit fees) and audit quality (measured by abnormal accruals) of the abandonment of the mandatory joint audit in Denmark in 2005. We perform our analysis on non-financial listed Danish companies for the 2002–2010 period. Our results show that a joint audit is associated with higher fees, but that the association between joint audit and abnormal accruals is insignificant. This suggests that the higher audit fees cannot be explained by higher audit quality. Our results are robust to alternative measurements of fee…
LIFE CARE ANNUITIES (LCA) EMBEDDED IN A NOTIONAL DEFINED CONTRIBUTION (NDC) FRAMEWORK
2016
AbstractThis paper examines the possibility of embedding public long-term care (LTC) insurance within the retirement pension system, i.e. introducing life care annuities into a notional defined contribution framework. To do this, we develop a multistate overlapping generations model that includes the so-called survivor dividend and give special attention to the assumptions made about mortality rates for dependent persons and LTC incidence rates, which largely determine the contribution rate assigned to LTC. The proposed model could be of interest to policymakers because it could be implemented without too much difficulty, it would universalize LTC coverage with a “fixed” cost, and it would …
Market risk disclosure in banking: an empirical analysis on four global systemically important European banks
2017
Market risk reporting in banking has assumed such importance during the last decade. The purpose of this paper is to provide a methodology to evaluate the qualitative and quantitative profiles of the market risk disclosure in banking. We propose a hybrid methodology to assess whether or not banks are able to provide a satisfactory degree of information about the market risks they are exposed to. In this paper, we conduct an empirical research of market risk disclosure on a sample of four global systemically important European banks. The paper provides evidences that banks differ in their market risk reporting models, even though they are subject to similar regulatory requirements and accoun…
Boards of directors: composition and effects on the performance of the firm
2018
This paper analyses the structure of boards of directors and its impact on business performance, which is approximated by economic profitability and the Tobin’s Q ratio. We focus on three basic aspects of boards that have been reviewed in the recent reform of the Good Governance Code: the size of boards, their independence and their diversity. For the study of diversity, we use an index that integrates not only the gender of board members, but also their age and nationality, since these are factors that can influence the knowledge, experience and skills of the directors. The results confirm a high degree of compliance with the recommendations of the Good Governance Code, and suggest that th…
Financial Sector Reform After the Subprime Crisis: Has Anything Happened?
2015
We analyze the reactions of stock returns and the spreads of credit default swaps (CDS) of banks from Europe and the USA to four major regulatory reforms in the aftermath of the subprime crisis, employing an event study analysis. Contrary to public perception, we find that financial markets indeed reacted to the structural reforms enacted at the national level. The reforms succeeded in reducing bail-out expectations relative to the post-bail-out period, especially for systemic banks. The strongest effects were found for the Dodd–Frank Act and in particular for the Volcker rule. Bank profitability was affected in all countries, showing up in lower equity returns.
The effects of national culture on corporate social responsibility disclosure: a cross-country comparison
2017
This article presents a cross-country analysis of the influence of national culture on corporate social responsibility (CSR) disclosure. We analyse the relationship between the Hofstede’s cultural ...
Short-Run Dynamics of the Trade Balance in the EMU-12 Countries
2016
During the pre-EMU period real effective exchange rate or domestic and foreign GDP per capita growth rate differential Granger-caused aggregate trade balance in most of the EMU-12 countries. However, our data-driven paper provides evidence that during the EMU period neither the growth differentials nor the CPI-based real effective exchange rates have Granger-caused the aggregate trade balances. When we decompose the aggregate trade balances into the intra balances (trade balance vis-a-vis the euro area) and the extra balances (trade balance vis-a-vis the rest of the world), we find that typically the change in the dynamics of the aggregate trade balance resulted from a change in the dynamic…