Search results for "CCO"
showing 10 items of 4678 documents
Financial Globalization, Fiscal Policies and the Distribution of Income
2020
This paper provides evidence that financial globalization—liberalization of the capital account—makes income distribution more uneven by raising the share of income that goes to the richest income deciles. We also offer evidence that changes in domestic fiscal policies in the aftermath of financial globalization are one channel through which these distributional effects could occur. Specifically, we show that episodes of capital account liberalization are followed by greater fiscal consolidation and reduced fiscal redistribution, both of which lead to increased inequality.
Profit, morality and discrimination
2021
Using an original vignette survey, we study the normative acceptability of the trade-off between immoral profit (discrimination) and costly morality (non-discrimination). We test the causal influen...
How to measure bank credit risk disclosure? Testing a new methodological approach based on the content analysis framework
2020
AbstractRisk disclosure is a crucial factor in enhancing the efficiency of financial markets and promoting financial stability. This paper proposes a methodological tool to analyze credit risk disclosure in bank financial reports, based on the content analysis framework. The authors also uses this methodology to carry out an empirical study on a small sample of large Italian banks. The paper provides preliminary empirical evidence that banks differ in their credit risk disclosure, even though they are subject to homogeneous regulatory and accounting requirements. Furthermore, by carrying out a correlation-based network analysis, the paper provides preliminary evidence on the existence of a …
Credit derivatives disclosure in banks’ risk reporting: Empirical evidence from four large European banks
2019
This paper aims to analyze the derivatives disclosure in banks’ annual risk reports. In this paper, the author uses content analysis to examine the qualitative and quantitative profiles of the derivatives disclosure at a cross-country level, with particular reference to credit derivatives. The empirical research is conducted on a sample of large European banks. The paper also shows that there is room to improve various aspects of derivatives disclosure, and provides some useful insights for further research. The derivatives disclosure in banks’ annual risk reports has deep managerial, financial, regulatory and accounting implications at a firm and industry levels, and the comprehension of t…
Successful turnarounds in bankrupt firms? Assessing retrenchment in the most severe form of crisis
2019
During economic downturns, firms file for bankruptcy in an effort to attempt a “turnaround.” The objective of this study is to assess the effectiveness of retrenchment strategies in the context of bankruptcy, as the most severe form of crisis. We conducted a longitudinal analysis of a sample of 868 bankrupt Spanish firms during the period 2004–2017. The empirical results show that stakeholder support and deep cost retrenchment increase the likelihood of survival and performance recovery, while aggressive layoffs are detrimental for turning bankrupt firms around. Surprisingly, intense asset retrenchment had no significant effects on firm survival and also pushed performance downward. The fi…
Ownership, Board Compensation and Company Performance in Sub-Saharan African Countries
2013
In countries with weak institutions, board governance becomes more important. This study uses a unique dataset from listed sub-Saharan African companies to examine the relationship between ownership composition and board compensation. It further analyses the association between board compensation and company performance. The findings indicate that board ownership and chief executive officer ownership are positively associated, whereas state ownership and concentrated ownership are negatively associated with board compensation. There is no evidence of a significant association between chairperson ownership or foreign ownership and board compensation. Finally, there is a negative but not sig…
El informe de transparencia de las firmas auditoras: Evidencia del mercado español 2010-2013
2017
This paper looks into the Annual Transparency Reports published in Spain in 2010 as a consequence of the Spanish Auditing Act 12/2010, and in 2013 after the publication of the 2011 Spanish Auditing Regulation and the new European Union proposals. The results of this pioneer research in our country evidence a high level of transparency regarding the compulsory items legally required, showing an increasing trend from 2010 to 2013. However, there is a decrease in voluntary information in 2013. Our study reveals that bigger audit firms and firms less dependent on fees from consultancy services are the ones with higher transparency levels in their Annual Transparency Reports.
Predicting audit failure: evidence from auditing enforcement releases
2018
This study aims to identify the main determinants of audit failure and contribute to the current debate raised by recent European Union regulation on auditor’s tenure and economic policies to preve...
Do Spanish IPO firms fit the continental European model for going public?
2019
Este trabajo analiza los determinantes de la decisión de salir a bolsa en el mercado español de una muestra de empresas no financieras que llevaron a cabo una oferta pública inicial (OPI) de acciones en el período 1997-2013. Para ello, empleamos una serie de características relacionadas con las empresas y el entorno económico y los métodos de regresión logit para obtener el modelo que mejor se ajusta a nuestros datos, utilizando como muestra de control las empresas que podrían haber salido a bolsa en el mismo período, pero optaron por no hacerlo. En España, las empresas que salieron a bolsa se caracterizaron por ser relativamente más grandes y más arriesgadas que las que no lo hicieron. Ade…
Evaluating the Change Process for Business Risk Auditing: Legitimacy Experiences of non-Big 4 Auditors
2017
SUMMARY The business risk auditing (BRA) approach was developed in the late 1990s and partly incorporated into audit standards in the early 2000s. As such, BRA was a significant innovation in audit methodology. In our interview study, we examine the experiences of 38 non-Big 4 auditors toward the theorization and diffusion of BRA. We use the widely recognized framework from Greenwood, Suddaby, and Hinings (2002), emphasizing the importance of legitimacy within an organizational field, to evaluate the change process toward BRA. First, we observe that the theorization of the new concept of BRA was often of limited success as many non-Big 4 auditors found it to be too complex and remained unco…