Search results for "ACCOUNTING"
showing 10 items of 1961 documents
Resultados de las Fusiones Empresariales: Una Aproximación Empírica en el Sector Asegurador
2001
ESTE articulo analiza los efectos de las fusiones sobre la rentabili-dad, gestion y situacion financiera en el sector de seguros en Espa-na, siendo este un marco apenas investigado hasta ahora. El estu-dio se centra en todas las sociedades anonimas fusionadas en 1992, y su informacion contable durante el periodo 1991-1995. Para ello hemos rea-lizado un analisis agregado en el que se evalua si el conjunto de socieda-des fusionadas muestra estadisticamente diferencias significativas cuan-do se compara con el conjunto de las sociedades no fusionadas, mediante el estudio de la media de ciertos indicadores desde el ano previo a la fusion. Los resultados indican que no hay diferencias despues de …
Nonaudit services provided by incumbent auditors and earnings management: Evidence of auditor independence from an EU country
2011
ABSTRACTThis paper examines whether the joint provision of audit and non-audit services undermines auditor independence by testing for an association between the provision of consulting services and auditor independence measured by discretionary accruals. For the most part, previous literature has studied the issue in countries with an Anglo-American business environment. This study analyzes the possible impairment of auditor independence in the context of a continental European Union country (Spain). A cross-sectional regression is estimated to test the relationship between non-audit fees and reporting quality. Based on publicly available information for Spanish listed companies, the evide…
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…
Weak versus strong dominance of shrinkage estimators
2021
We consider the estimation of the mean of a multivariate normal distribution with known variance. Most studies consider the risk of competing estimators, that is the trace of the mean squared error matrix. In contrast we consider the whole mean squared error matrix, in particular its eigenvalues. We prove that there are only two distinct eigenvalues and apply our findings to the James–Stein and the Thompson class of estimators. It turns out that the famous Stein paradox is no longer a paradox when we consider the whole mean squared error matrix rather than only its trace.
How Law Affects Lending
2006
A voluminous literature seeks to explore the relation between law and finance, but offers little insights into dynamic relation between legal change and behavioral outcomes or about the distributive effects of law on different market participants. The current paper disentangles the law-finance relation by using disaggregate data on banks’ lending patterns in 12 transition countries over a 8 year period. This allows us to control for country level heterogeneity and differentiate between different types of lenders. Employing a differences-in-differences methodology in an exclusive ”laboratory” setting as well as unique hand collected datasets on legal change as well as changes in bank ownersh…