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Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad最新文献

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Does learning by observing matter for M&As? International evidence from the insurance industry 通过观察学习对并购来说重要吗?来自保险行业的国际证据
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2020-07-07 DOI: 10.1080/02102412.2020.1768677
Q. Liang, Jia Miao, Donghui Li, Zhian Chen
{"title":"Does learning by observing matter for M&As? International evidence from the insurance industry","authors":"Q. Liang, Jia Miao, Donghui Li, Zhian Chen","doi":"10.1080/02102412.2020.1768677","DOIUrl":"https://doi.org/10.1080/02102412.2020.1768677","url":null,"abstract":"ABSTRACT This paper examines the role of learning by observing in insurance mergers and acquisitions (M&As) by employing an international sample across 18 countries spanning the years 1990 to 2014. The empirical results support a view of semi-strong market efficiency: the long-run improvements in financial performance and risk profiles are significantly related to past M&As in the insurance industry. Moreover, we find evidence of more accurate stock market predictions of long-run financial performance and risk profiles if there are more recent insurance merger activities. This paper provides a new explanation for the controversy observed in the failure of insurance M&As to create value.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128742581","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Do investors obtain better results selecting mutual funds through quantitative ratings? 投资者通过量化评级选择共同基金是否能获得更好的结果?
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2020-07-02 DOI: 10.1080/02102412.2019.1622066
L. Otero-González, Pablo Durán Santomil, Renato Correia-Domingues
{"title":"Do investors obtain better results selecting mutual funds through quantitative ratings?","authors":"L. Otero-González, Pablo Durán Santomil, Renato Correia-Domingues","doi":"10.1080/02102412.2019.1622066","DOIUrl":"https://doi.org/10.1080/02102412.2019.1622066","url":null,"abstract":"ABSTRACT The objective of this paper is to analyse if ratings are reliable tools in selecting mutual funds. Our sample contains the European equity funds rated by Morningstar from 2003 to 2014. Our conclusions support the ability of ratings to predict future performance in the short and medium term. In this sense, we have found that on average, funds with lower ratings have a worse out of sample performance in terms of risk-adjusted measures and annual return. The strongest predictability is observed for one year ahead but is also good for the three-years period. The inclusion of costs and other variables like turnover, age and size, reflect the importance of considering other factors to explain future performance. Finally, the best ratings have a better behaviour in terms of VaR (value at risk) showing that investment in good rated funds can better help to preserve investors’ wealth under unfavourable market conditions.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130826372","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
Determinants of good governance practices: the role of board independence 良好治理实践的决定因素:董事会独立性的作用
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2020-07-02 DOI: 10.1080/02102412.2019.1655336
Álvaro Melón-Izco, Francisco J. Ruiz-Cabestre, Carmen Ruiz-Olalla
{"title":"Determinants of good governance practices: the role of board independence","authors":"Álvaro Melón-Izco, Francisco J. Ruiz-Cabestre, Carmen Ruiz-Olalla","doi":"10.1080/02102412.2019.1655336","DOIUrl":"https://doi.org/10.1080/02102412.2019.1655336","url":null,"abstract":"ABSTRACT This study contributes to broadening our knowledge of the corporate governance of firms. In particular, we consider board independence as a fundamental variable in the explanation of good governance practices. For this purpose, we analyse the Annual Corporate Governance Reports of the Spanish listed companies on the Continuous Market of the Madrid Stock Exchange during the period 2010–2016. The results for all companies reveal that firm size, ownership dispersion and board independence have a positive relationship with good practices, and the relationship between board independence and good governance practices is moderated by ownership dispersion. When we distinguish between firms that comply with board independence recommendation and those that do not, however, the results differ substantially, in terms of sign, magnitude and significance level. This highlights the importance of board independence in explaining good governance practices.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129666359","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
Quality portfolios and funding liquidity crises 优质投资组合和资金流动性危机
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2020-07-02 DOI: 10.1080/02102412.2019.1646569
Gonzalo Rubio
{"title":"Quality portfolios and funding liquidity crises","authors":"Gonzalo Rubio","doi":"10.1080/02102412.2019.1646569","DOIUrl":"https://doi.org/10.1080/02102412.2019.1646569","url":null,"abstract":"ABSTRACT This paper shows that the quality minus junk (QMJ) factor and quality-sorted portfolios contain information about funding liquidity crisis. There is a strong and positive relation between the behavior of the QMJ factor and the intensity of funding liquidity crises. This is the case even if we control for the profitability factor, the St. Louis Fed Financial Stress Index, and the market portfolio return. However, we do not find a similar significant relation with respect to market-wide illiquidity. Moreover, the quality-based volatility bound is a strong predictor of the probability of future funding liquidity recessions.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"74 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124422914","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Sense and sentiment: a behavioural approach to risk premium modelling 感觉和情绪:风险溢价模型的行为方法
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2020-07-02 DOI: 10.1080/02102412.2019.1622067
Juan José García Petit, Antonio Rua Vieites, Esther Vaquero Lafuente
{"title":"Sense and sentiment: a behavioural approach to risk premium modelling","authors":"Juan José García Petit, Antonio Rua Vieites, Esther Vaquero Lafuente","doi":"10.1080/02102412.2019.1622067","DOIUrl":"https://doi.org/10.1080/02102412.2019.1622067","url":null,"abstract":"ABSTRACT Estimates of risk premium derived from classical financial theory have consistently shown deviations from the observed levels. These limitations have been linked to the rational foundations of these theories that rely on asset prices as the main information source. This article focuses on the need to increase the information available through the consideration of behavioural factors. Therefore, the paper proposes an alternative methodology to estimate the risk premium incorporating investor sentiment as a source of additional information. This model is tested on the US market with the objective of obtaining a more accurate measure of the risk premium that the one provided by classical financial approaches. It also offers an alternative explanation to risk–return relationship based on investment sentiment. Finally, the use of behavioural approaches to the treatment of the risk premium will favour the control of market anomalies such as the momentum effect.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130065471","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Do Spanish IPO firms fit the Continental European model for going public? 西班牙的IPO公司是否符合欧洲大陆的上市模式?
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2020-07-02 DOI: 10.1080/02102412.2019.1650238
Vicente Sanchis, Francisca Pardo, Josefina Farinos, D. Conesa
{"title":"Do Spanish IPO firms fit the Continental European model for going public?","authors":"Vicente Sanchis, Francisca Pardo, Josefina Farinos, D. Conesa","doi":"10.1080/02102412.2019.1650238","DOIUrl":"https://doi.org/10.1080/02102412.2019.1650238","url":null,"abstract":"ABSTRACT This paper analyses the determinants of the going public decision of the non-financial firms that were listed in the Spanish Continuous Market through an Initial Public Offering of shares (IPO) in the period 1997–2013. We employ series of characteristics related to the firms and the economic environment and logit regression methods in order to find the model that best fits the firms that went public, using the firms that could have gone public in the same period, but opted not to, as a control sample. In Spain, the firms that went public were characterized by being relatively larger and riskier than those that did not. In addition, their IPOs came after a period of investment and growth, although it does not appear that they intended to rebalance their financial structure or reduce their financial costs. Likewise, our results are robust across different sensitivity analyses. Our results suggest that Spanish IPO firms do not fit the Continental European model for going public. Therefore, it seems that differences between the Continental European and the Anglo-Saxon model are fading.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"92 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114194115","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
External governance and capital structure: evidence from media coverage 外部治理和资本结构:来自媒体报道的证据
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2020-04-14 DOI: 10.2139/ssrn.3576050
José M. Martín-Flores, Arthur Petit-Romec
{"title":"External governance and capital structure: evidence from media coverage","authors":"José M. Martín-Flores, Arthur Petit-Romec","doi":"10.2139/ssrn.3576050","DOIUrl":"https://doi.org/10.2139/ssrn.3576050","url":null,"abstract":"ABSTRACT This paper examines how external governance pressure from the media affects capital structure. Using a comprehensive set of corporate news, we find a negative relation between media coverage and financial leverage. The tests we use to address endogeneity suggest that the effect is causal. Cross-sectional tests indicate that the results are more pronounced when board or shareholder monitoring is weaker. We further find that the effect of media coverage is more pronounced for news related to executives (i.e., the news that are more likely to impose reputational costs on managers). Our findings are consistent with a substitution effect between the external governance imposed by the media and the discipline provided by debt financing.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122516573","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Impact of regulatory environment on accruals manipulation of bankrupt firms 监管环境对破产企业应计利润操纵的影响
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2020-04-03 DOI: 10.1080/02102412.2020.1735209
Ayman Aldahray, Faisal Alnori
{"title":"Impact of regulatory environment on accruals manipulation of bankrupt firms","authors":"Ayman Aldahray, Faisal Alnori","doi":"10.1080/02102412.2020.1735209","DOIUrl":"https://doi.org/10.1080/02102412.2020.1735209","url":null,"abstract":"ABSTRACT The aims of this study are twofold: first, to determine whether bankrupt firms manipulate signed accruals upwards compared with active firms with similar performance, and second, whether the regulatory environment influences pre-bankruptcy manipulation. Using the performance-matched discretionary accrual model and 500 firm-year observations, this study finds that bankrupt firms manipulate signed accruals upwards. Further, it examines subsamples of positive and negative accruals manipulation in the lightly regulated Alternative Investment Market (AIM) and the heavily regulated Main Market. Analysis of the first subsample reveals that bankrupt firms delisted from AIM manipulate accruals upwards more than bankrupt firms delisted from the Main Market. These results suggest that managers in bankrupt AIM firms have greater incentive and ability to manipulate accruals upwards compared with managers in Main Market firms. Finally, analysis of the negative accruals manipulation subsample shows that AIM bankrupt firms manipulate accruals downwards more than Main Market bankrupt firms.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125465435","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Professional accountants in Spain: a comparative study of ethical and professional values 西班牙职业会计师:道德与职业价值的比较研究
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2020-04-02 DOI: 10.1080/02102412.2019.1620491
M. Espinosa-Pike, I. Barrainkua
{"title":"Professional accountants in Spain: a comparative study of ethical and professional values","authors":"M. Espinosa-Pike, I. Barrainkua","doi":"10.1080/02102412.2019.1620491","DOIUrl":"https://doi.org/10.1080/02102412.2019.1620491","url":null,"abstract":"ABSTRACT The loss of professional identity and a greater orientation towards commercial goals on the part of professional accountants have been considered as one of the main causes of the financial scandals. This ‘deprofessionalization’ has focused on auditors, with few studies analysing other accounting professionals. This study, carried out among more than 800 members of the Consejo General de Economistas, analyses the differences in the professional identity and values as well as the ethical judgment of accounting professionals employed in a company, accounting and tax advisors and external auditors. The results of this paper reinforce the importance of the accreditation and regulation of the professional accountant. Further, findings suggest important measures to be taken by professional corporations and public law institutions to improve commitment to the profession as well as the ethical and professional values of the professional accountants in different work settings.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"212 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133295167","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
Analysis of the intention to invest in a socially responsible manner: a segmentation of the Spanish investor 以对社会负责的方式进行投资的意向分析:西班牙投资者的细分
Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad Pub Date : 2020-04-02 DOI: 10.1080/02102412.2019.1598700
M. M. Palacios‐González, Antonio Chamorro‐Mera
{"title":"Analysis of the intention to invest in a socially responsible manner: a segmentation of the Spanish investor","authors":"M. M. Palacios‐González, Antonio Chamorro‐Mera","doi":"10.1080/02102412.2019.1598700","DOIUrl":"https://doi.org/10.1080/02102412.2019.1598700","url":null,"abstract":"ABSTRACT Some authors view socially responsible investment as a tool for promoting the social responsibility of companies. The profile of the socially responsible investor is a recent topic of research, especially in Spain where there are few papers that analyse their attitudes. Our paper aims to describe the socio-demographic and attitudinal profile of Spanish investors who have a greater intention to invest in a socially responsible manner. A survey has been conducted on a sample of 415 potential investors. The results identify three segments depending on whether or not they are willing to make financial sacrifices, with the potential market of socially responsible investors being 7 out of every 10 Spanish investors.","PeriodicalId":244340,"journal":{"name":"Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116484251","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
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