Search results for "Finance"
showing 10 items of 4676 documents
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…
The timeline of trading frictions in the European carbon market
2012
We evaluate the quality of prices of EU-ETS, the most active European derivative market for greenhouse gas emissions allowances (EUAs). So far, this market has had two phases, a trial phase (from 2005 to 2007) and a commitment phase (from 2008 to 2012). The true value of a trial-phase EUA at the beginning of 2008 was inevitably zero because it could not be used in the commitment phase to cover emission targets. However, continued rumors of over-allocation of EUAs led to an early collapse of the market by May 2007. We study whether this market breakdown and the subsequent outbreak of the international financial crisis had a persistent effect on the quality of the commitment phase. We provide…
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 …
Les cliniques privées en Algérie : logiques d’émergence et stratégies de développement
2015
Cet article analyse le contexte et les strategies individuelles qui ont prevalu a l’emergence d’un secteur hospitalier prive en Algerie. Il montre que le developpement des cliniques privees en Algerie a eu lieu dans un contexte macroeconomique contraint et dans le cadre d’un systeme de sante dysfonctionnel qui ont interagi avec les attentes et les comportements des fondateurs des cliniques. Ces fondateurs repondent a des motivations financieres, mais aussi a des objectifs d’autonomie professionnelle. Ils combinent diverses strategies afin d’augmenter le volume de leur patientele, notamment la constitution de reseaux formels et informels.
Municipalities’ Decision to Care: At Home or in a Nursing Home
2020
AbstractAn almost ideal demand system for long-term care is estimated using data from Norway, where the split of long-term care between home care and care in nursing homes is determined by municipalities. Previous literature has barely addressed what determines municipalities’ or other organizations’ allocations of resources to the sub-sectors of long-term care. The results show that home care is a luxury, while nursing home care is a necessity with respect to total expenditures on long-term care. Municipalities respond to high unit costs for home care by reducing that type of care. Municipalities are highly responsive to variations in the need for the two types of care and seem to provide …
Stable sharing rules and participation in pools of essential patents
2019
Abstract For pools of essential patents I study whether a pool's sharing rule is stable against arbitrage, so that the pool's members have no incentive to trade patents. I show that the only stable rule is the numeric proportional rule, which gives each member a share of the pool's profit equal to its share of the pool's patents. I study how the stable rule affects firms' incentives to participate, and I show that firms with few patents tend to remain outside the pool. I look at the trade off between stability and participation, and I show that as trade dilutes their shares, members prefer the stable rule. I consider individual licenses, stand-alone patents, integration, and R&D. The result…
Thinking about something else: a rationality-compatible mechanism with macroscopic consequences
2001
International audience
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…