Search results

1 – 10 of 152
Per page
102050
Citations:
Loading...
Access Restricted. View access options
Article
Publication date: 21 October 2021

Olga Fullana, Mariano González and David Toscano

In this paper we analyse the effect on unconditional conservatism of the mandatory adoption of International Financial Reporting Standards (IFRS) by the European listed firms in…

356

Abstract

Purpose

In this paper we analyse the effect on unconditional conservatism of the mandatory adoption of International Financial Reporting Standards (IFRS) by the European listed firms in January 2005. Under the hypothesis that accounting regulation influences the accounting conservatism, we use a non-market-based measure of unconditional conservatism – the accrual-based measure proposed by Givoly and Hayn (2000) – to test this effect, controlling for the other determinants of the unconditional conservatism found in the accounting literature.

Design/methodology/approach

We use a panel data of 10 years and 96 non-financial listed firms in the Spanish stock market in which the differences between local GAAP and IFRS are more important. A pre-estimation analysis of the data reveals that GLS with random effects is the correct estimation procedure. However, to try to deal with the likely endogeneity in the set of variables, the authors perform an estimate with a dynamic estimator for panels with few periods and many individuals where the independent variables are not strictly exogenous.

Findings

As expected, results show evidence that support a significant reduction on the unconditional conservatism of firms in the sample due to the adoption of IFRS. This evidence is relevant to equity market, debt market and corporate governance users of the financial information, and also for the policymakers who can assess the effects of their mandate.

Research limitations/implications

Results shown in this paper have all the limitations of system-, country-, sample- and event-specific studies but, along with many others drawn in alternative contexts, may help to correctly understand both the time-evolution and cross-sectional country differences of firms’ unconditional conservatism.

Originality/value

The study represents the first analysis of the effect of the adoption of IFRS on unconditional conservatism of the European listed companies using a non-market accrual-based measure. Results are not influenced by the dynamics of the stock market and, by comparison, allow us to analyse this influence in results provided by using market-based measures of the unconditional accounting conservatism provided by previous literature.

Details

International Journal of Accounting & Information Management, vol. 29 no. 5
Type: Research Article
ISSN: 1834-7649

Keywords

Access Restricted. View access options
Article
Publication date: 2 July 2020

Mariano Gonzalez Sanchez and Sonia Rodriguez-Sanchez

Solvency-II is the current regulatory framework of insurance companies in the European Union. Under this standard, European Insurance and Occupational Pension Authority (EIOPA)…

191

Abstract

Purpose

Solvency-II is the current regulatory framework of insurance companies in the European Union. Under this standard, European Insurance and Occupational Pension Authority (EIOPA), as a regulatory board, has established that the Smith–Wilson (SW) model can be used as the model to estimate interest rate curve. This paper aims to analyze whether this model adjusts to the market curve better than Nelson–Siegel (NS) and whether the values set for the parameters are adequate.

Design/methodology/approach

This empirical study analyzes whether the SW interest rate curve shows lower root mean squared errors than the NS curve for a sample of daily prices of Spanish Government bonds between 2014 and 2019.

Findings

The results indicate that NS adjusts the market data better, the parameters recommended by the EIOPA correspond to the maximum values observed in the sample period and the current recommended curve for insurance companies underestimates company operations.

Originality/value

This paper verifies that the criterion of the last liquid point does not allow for selecting an optimal sample to adjust the curve and criteria based on prices without arbitrage opportunities are more appropriate.

Details

The Journal of Risk Finance, vol. 22 no. 1
Type: Research Article
ISSN: 1526-5943

Keywords

Access Restricted. View access options
Article
Publication date: 13 May 2020

Mariano Gonzalez Sanchez

This empirical work studies the influence of investors’ Internet searches on financial markets.

271

Abstract

Purpose

This empirical work studies the influence of investors’ Internet searches on financial markets.

Design/methodology/approach

In this study, an asset pricing model with six factors is used, and autoregression, heteroscedasticity and moving average are taken into account to extract the independent shocks of each variable. Subsequently, a causality in-mean and in-variance analysis is performed to test the influence of Google searches on financial market variables, specifically, to test whether there is an influence on the idiosyncratic returns of financial assets.

Findings

Unlike most of the literature, the results show that Google searches on the name of listed companies have little influence on the trend and volatility of asset returns. On the contrary, these searches are shown to have a significant influence on trading volumes in the following week.

Practical implications

When analyzing specific effects, such as the influence of Internet searches, on financial markets, it is necessary that the model must include financial properties (asset valuation models) and statistical characteristics (stylized facts); otherwise, the empirical results could be inconsistent, since, among other issues, statistical findings may not be robust given autocorrelation and heteroscedasticity, and if an asset valuation model is not considered, the specific effect analyzed could simply be an indirect effect of a risk factor excluded from the model.

Originality/value

The empirical evidence shows that individual investors using Google have a significant influence on volume only so that institutional investors using other sources of information drive market prices. This means that potential investors should only be interested in the Internet searches index if their interest is focused on trading volume

Details

Review of Behavioral Finance, vol. 13 no. 2
Type: Research Article
ISSN: 1940-5979

Keywords

Access Restricted. View access options
Article
Publication date: 25 June 2021

Mariano González-Delgado, Manuel Ferraz-Lorenzo and Cristian Machado-Trujillo

After World War II, an educational modernization process gained ground worldwide. International organizations such as UNESCO began to play a key role in the creation, development…

134

Abstract

Purpose

After World War II, an educational modernization process gained ground worldwide. International organizations such as UNESCO began to play a key role in the creation, development and dissemination of a new educational vision in different countries. This article examines the origin and development of this modernization process under the dictatorship of Franco. More specifically, we will show how the adoption of this conception in Spain must be understood from the perspective of the interaction between UNESCO and Franco's regime, and how the policies of the dictatorship converged with the proposals suggested by this international organization. Our principal argument is that the educational policies carried out in Spain throughout the second half of the 20th century can be better understood when inserted into a transnational perspective in education.

Design/methodology/approach

This article uses documents from archives that until now were unpublished or scarcely known. We have also analyzed materials published in the preeminent educational journals of the dictatorship, such as the Revista de Educación, Revista Española de Pedagogía, Bordón and Vida escolar, as well as documents published by the Spanish Ministry of National Education.

Findings

Franco's dictatorship built an educational narrative closely aligned with proposals put forward by UNESCO on educational planning after World War II. The educational policies created by the dictatorship were related to the new ideas that strove to link the educational system with economic and social development.

Originality/value

This article is inspired by a transnational history of education perspective. On the one hand, it traces the origins of educational modernization under Franco's regime, which represented a technocratic vision of education that is best understood as a result of the impact that international organizations had in the second half of the 20th century. On the other hand, it follows the intensifying relationship between the dictatorship and the educational ideas launched by UNESCO. Both aspects are little known and studied in Spain.

Details

History of Education Review, vol. 51 no. 1
Type: Research Article
ISSN: 0819-8691

Keywords

Access Restricted. View access options
Article
Publication date: 29 April 2014

Mariano González, Juan M. Nave and David Toscano

In this paper, the authors aim to analyze the impact of International Financial Reporting Standards' (IFRS) mandatory adoption on the financial statements of Spanish listed…

946

Abstract

Purpose

In this paper, the authors aim to analyze the impact of International Financial Reporting Standards' (IFRS) mandatory adoption on the financial statements of Spanish listed companies.

Design/methodology/approach

The authors estimate a panel data model by generalized least squares' within-between in order to contrast the possible structural breaks in the relations between income statement items and balance sheet items, using data from the 35 largest listed companies.

Findings

The results show significant changes on these relations, but with different signs and degrees of intensity depending on the balance sheet item analyzed.

Research limitations/implications

The data choice introduces a size bias that could be taken into account in the generalization of the results to other listed companies.

Originality/value

This work is developed using a mandatory, local, accounting and panel data framework for first time using Spanish listed companies in order to measure the impact of the IFRS adoption.

Details

International Journal of Accounting and Information Management, vol. 22 no. 2
Type: Research Article
ISSN: 1834-7649

Keywords

Access Restricted. View access options
Article
Publication date: 8 August 2008

Mariano González Sánchez, Ana I. Mateos Ansótegui and Antonio Falcó Montesinos

The purpose of this paper is to locate the specific items from the financial statements that are responsible for the dirty surplus accounting flows and how important they are in…

1170

Abstract

Purpose

The purpose of this paper is to locate the specific items from the financial statements that are responsible for the dirty surplus accounting flows and how important they are in its explanation.

Design/methodology/approach

It is generally accepted that some country accounting rules allow some operations that can generate dirty surplus in the annual statements. Working on this basis, it is necessary to consider information at the same time across firms and across time, using panel data econometric techniques. A static panel data estimated by generalized least squares can be used to correct correlations between firms and account numbers or a dynamic panel data estimated by GMM‐SYS with instrumental variables to avoid endogeneity.

Findings

Results show that in a static panel data model, the income statement items have a lower explicative power of balance sheet items variations, having higher explicative power a dynamic one (AR(1)). Results show that, specifically, financial assets, debts and book value capture the dirty accounting flows.

Research limitations/ implications

Working in differences reduces the explicative power of the income statement and working in levels could be inconsistent if it is impossible to contrast, first, stationary in data due to their shortage. It is suggested that future works increase the frequency of the observed data, and contrast the cointegration as a way to check the accounting relationships.

Practical implications

It is important to evaluate whether the income statement can (or cannot) explain the financial position of a firm. Also it is important to know where dirty surplus accounting flows are located can be useful for firms' valuation.

Originality/value

The econometric technique proposed in the paper deals with the main limitation in accounting research: information is bigger in cross‐section (number of firms) than in time series (economic periods).

Details

Review of Accounting and Finance, vol. 7 no. 3
Type: Research Article
ISSN: 1475-7702

Keywords

Access Restricted. View access options
Book part
Publication date: 6 September 2021

Daniel Alonso-Martínez, Nuria González-Álvarez and Mariano Nieto

The main goal of this study is to analyze the influence of social capital and corporate ethics on social progress. A theoretical model is proposed, and the hypotheses were tested…

Abstract

The main goal of this study is to analyze the influence of social capital and corporate ethics on social progress. A theoretical model is proposed, and the hypotheses were tested on a sample of 32 Organisation for Economic Cooperation and Development (OECD) and non-OECD countries between 2011 and 2018 that includes data from the Social Progress Imperative non-profit organization as well as from the World Economic Forum database (Global Competitiveness Reports). The results indicate that, although both social capital and corporate ethics have a direct influence on social progress, social capital also influences corporate ethics so that the latter acts as a mediating variable between social capital and social progress.

Details

Strategic Responses for a Sustainable Future: New Research in International Management
Type: Book
ISBN: 978-1-80071-929-3

Keywords

Access Restricted. View access options
Executive summary
Publication date: 22 July 2022

PERU: Castillo faces new corruption probe

Details

DOI: 10.1108/OXAN-ES271636

ISSN: 2633-304X

Keywords

Geographic
Topical
Available. Content available
Book part
Publication date: 6 September 2021

Abstract

Details

Strategic Responses for a Sustainable Future: New Research in International Management
Type: Book
ISBN: 978-1-80071-929-3

Access Restricted. View access options
Executive summary
Publication date: 16 December 2016

PERU: Censure motion ousts education minister

Details

DOI: 10.1108/OXAN-ES216767

ISSN: 2633-304X

Keywords

Geographic
Topical
1 – 10 of 152
Per page
102050