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We study the role of having an audit committee (AC) as a signal of firm quality and as a monitoring device of the information quality contained in the listing prospectus.

Ordinary Least Squares regressions are used to examine the association between the presence of an audit committee and (1) the initial return (IR), and (2) the earnings forecast error in the listing prospectus in a sample of 55 Real Estate Investment Trusts that went public on the BME Growth market during 2013–2022. Heckman two-step estimation procedure to correct for endogeneity and bootstrap are used for robustness.

We show that IR and earnings forecasts are significantly affected by the presence of AC. The IR is higher and the earnings forecast included in the prospectus are of higher quality in firms with AC.

Our research provides (1) managers with new tools when deciding on their corporate governance structure in the listing process, (2) specific evidence for regulators on the role played by ACs in the process of going public, which may be useful in the context of the ongoing regulatory changes regarding admission processes in Europe, and (3) society with a sign that AC can enhance investor and public confidence in financial markets and foster a more stable and transparent investment environment.

The adoption of an AC is voluntary in this market, so this discretionary decision provides an exceptional opportunity to conduct such an analysis. Additionally, this issue has not been previously analysed in Europe.

我們擬探討審計委員會在作為是公司質素的一個信號, 以及在作為是監控上市招股書內資料質素的一個機制所扮演的角色。

研究人員使用普通最小二乘法回歸模型, 去探討審計委員會的存在與 (一) 初期回報、和 (二)上市招股書內收益預測的錯誤兩者之間的關聯。研究的樣本為55個於2013年 至 2022年間在 BME Growth 市場上市的不動產投資信託。研究人員使用自助法和可幫助修正內生性問題的赫克曼兩階段回歸, 以達數據的穩健性。

研究結果顯示, 審計委員會的存在會顯著地影響初期回報和收益預測。若公司採用審計委員會, 初期回報則會較高; 而且, 招股書內的收益預測也顯示較高的質素。

由於採用審計委員會與否在這研究的有關市場內純基於自主的決定、而非屬強制性, 因此, 與這決定有關的課題為學者提供了特殊的研究機會。再者, 在歐洲至今似仍未有學者曾嘗試探討這個課題。

本研究帶來以下實務方面的啟示: (一) 當經理需決定其在上市過程中的公司治理結構時, 本研究為他們提供了新的工具給他們使用; (二) 本研究為調控者就公司上市過程中審計委員會所扮演的角色提供具體的證據。而這因歐洲正進行更改與批核上市有關的規管而可能使其產生用處; (三) 本研究為社會提供一個信號, 顯示審計委員會不但可增強投資者和大眾對金融市場的信心, 而且還能培育更穩定和透明的投資環境。

公司治理、審計委員會、上市、初期回報、盈餘預測、不動產

The purpose of this paper is to examine the effect of political connections in the value of companies listed on the Spanish stock market.

The authors study two issues on this topic: the impact on the company value of the appointment as director of an ex-politician through an event study; and the long run stock market performance of companies with political connections. The authors employ a sample of listed firms in the Spanish stock market for which the authors collected data about their political connections. The authors perform the study during a wide period (1996-2011), comprising four legislatures.

The results show that from the market perspective the value ex-politicians bring to the company outweigh their costs, especially in times of crisis or economic recession.

Given the concern of regulators and legislators to increase transparency and good governance of companies, this paper shed light on the role that politicians play on the company boards and and their contribution to their value.

Nuestro objetivo es estudiar el impacto en el valor de las empresas cotizadas en el mercado bursátil español del nombramiento como consejero de un ex-político, y la valoración que el mercado realiza de la existencia de conexiones políticas en las empresas.

Para los años 1996-2011 analizamos el impacto en el valor de la empresa del nombramiento de un político como consejero. Para ello empleamos la metodología del event study en el corto plazo y a través del rendimiento de las carteras estudiamos si estas empresas obtienen rendimientos anormales a largo plazo.

Nuestros resultados muestran que desde la perspectiva de mercado el valor que aportan las conexiones políticas supera sus costes, especialmente en momentos de crisis o desaceleración económica.

Dada la preocupación de los reguladores y legisladores por aumentar la transparencia y los códigos de buen gobierno de las empresas, este trabajo ayuda a entender el papel que los políticos juegan en los consejos de administración de las empresas.

The growing displacement of theory and other forms of wide-ranging knowledge of social phenomena by empirical research methods in economics is widely noted by economists and historians of economic knowledge. Less attention has been devoted, however, to understand the materialization of such changes in the scientific practices. This article studies the recent transformations in the epistemological practices at CEDE, a research center in Colombia. I use a machine learning technique called Topic Modeling, interviews to CEDE researchers, and exegesis of papers to characterize a shift in the production of knowledge in microeconometrics at CEDE during the years 2000 and 2018. I explain this shift by characterizing two sets of epistemological practices that implies a recent tendency to disdain research that cannot make a “strong” causal inference.

This paper aims to present and describe the main actions carried out in six different faculties and common areas such as cultural and research centres and administrative buildings in the Ferrol campus at the University of A Coruña to achieve the second green flag on a Galician University.

A case study describing the steps for implementing a green campus programme in a medium-size, young university campus integrated into a small city. An Environmental Campus Committee was created to assess the main factors that affect environmental footprint, discuss sustainability initiatives and develop a guide to action regarding different goals related to sustainable transport options, energy, water conservation and waste reduction. The actions included several fields such as education, circular economy and healthy life and involved the on and off-campus community.

The programme achieved a decrease in water consumption and electrical energy. An important change in educational values and behaviours regarding sustainability was observed in and out of the campus community. The measurements adopted mainly in waste management, mobility and education led the Ferrol campus to achieve a green campus flag on November 2019.

This experiment can serve as a guide to establish the Green Campus philosophy in other similar university campuses.

The purpose of this paper is to gain a better understanding of the antecedents of the quality of graduates’ jobs when they enter the job market after university graduation.

Survey data collected from 173 Spanish bachelor and master’s degree university graduates at two time points (two months before and six months after graduation, approximately) were analyzed by means of path analysis.

A moderated mediation model was tested, where the relationship between the horizontal fit (HF) between the university degree subject and the student’s job and the quality of the graduate’s job after graduation is mediated by self-perceived employability and moderated by the time devoted to a student job. Results showed that the relationship between HF and job quality was partially mediated by self-perceived employability. However, contrary to the proposed hypothesis, this relationship did not depend on the time devoted to a student job.

This study contributes to improving the understanding about how and why university students’ work experience is related to the quality of their jobs as fresh graduates.

Anxiety disorder is a common mental health problem in people with intellectual disabilities. Although this affects their quality of life, in Spain, there are no validated tools to evaluate the symptomatology of anxiety in people with intellectual disabilities. The aim of this study is to validate the Glasgow Anxiety Scale for people with an intellectual disability (GAS-ID) in the Spanish population.

The Spanish version of the GAS-ID was produced by back translation and was administered to 120 adults with intellectual disabilities. The psychometric analyses included internal consistency using the Cronbach’s alpha coefficient, inter-rater and test-retest reliability were determined using intra class correlation and Pearson correlation coefficients and, finally, factor analysis with Varimax rotation to confirm the construct validity of the questionnaire.

Cronbach’s alpha was 0.86 for the overall questionnaire. The intraclass correlation coefficient showed a good level of agreement in both test-retest (0.90) and inter-rater (0.91) analysis and the Pearson correlation showed a good significance in all dimensions and in the total scale. Varimax rotation factor analysis revealed four well-defined factors.

The GAS-ID is a feasible and reliable instrument for assessing anxiety symptoms in adults with mild and moderate intellectual disabilities, offering better diagnoses and therefore a more accurate treatment for the Spanish population with intellectual disabilities.

The “public interest” of financial institutions was used as an argument to intervene in accounting practices. The Bank of Spain's standard was not compatible with International Accounting Standard (henceforth IAS) 39 and the Spanish banking sector had become one of the most provisioned in Europe. This makes it an interesting case study of the relationship between provisioning and income smoothing. The 2008 financial crisis revealed that provisions were insufficient and a reinforcement regulation process began in 2012. This paper aims to examine whether, since 2012, the Bank of Spain's regulatory effort on impairment accounting standards has induced less income smoothing, correcting its countercyclical effect.

A regression model is applied during the period 2005–2020, to test whether there is a trend change in the correlation between the level of provisions and annual earnings in 2012.

The results show that from 2012 onwards (when the Bank of Spain reinforced the regulation on provisioning), there was a correction in income smoothing behaviour.

This study provides empirical evidence that reinforces the claim that accounting policy can affect decision-making accounting practices, in this particular case, at the Bank of Spain.

This chapter aims to provide an overview of the ethical framework and decision-making in clinical dementia research, and to analyze and discuss the ethical challenges and issues that can arise when conducting clinical dementia research.

Informed consent is the most scrutinized and controversial aspect of clinical research ethics. In clinical dementia research, assessing decision-making capacity may be challenging as the nature and progress of each disease influences decision-making capacity in diverse ways. Persons with dementia represent a vulnerable population deserving special attention when developing, implementing, and evaluating the informed consent process. In this chapter, particular attention will be given to vulnerability categories and how these influence decision-making capacity. Ethical frameworks with a pragmatic contour and implication are needed to protect vulnerable patients from potential harms and ensure their optimal participation in clinical dementia research.

In addition, this chapter analyses important ethical challenges and issues in clinical dementia research. If handled thoughtfully, they would not pose insuperable barriers to research. But if they are ignored, they could slow the research process, alienate potential study subjects and cause harm to research participants. Ethical considerations in research involving persons with dementia primarily concern the representation of the interests of the participants with dementia and protection of their vulnerabilities and rights.

A core set of ethical questions and recommendations are drawn to aid researchers, institutional review boards and potential research participants in the process of participating in clinical dementia research.