Pub Date : 2014-04-03DOI: 10.1080/02102412.2014.910911
A. Lopes, I. Lourenço
This study investigates the firm-level and country-level conditions affecting a company’s decision to engage in partial acquisitions. For the purpose of our empirical analysis, that decision is measured through the existence or non-existence of non-controlling interests (NCI) in 14 European countries. We find that size, leverage, profitability, cross listing, internationalisation and institutional characteristics play an important role in explaining the likelihood of engaging in partial acquisition of subsidiaries that results in reporting of NCI in consolidated financial statements. The main results hold, even if we replace institutional characteristics for different investor protection and securities regulation attributes. Our findings indicate that a company’s incentives to engage in partial acquisitions and report NCI include the ability to access alternative sources of financing (even cross-border), the ability to share risks and to obtain benefits from synergies and the ability to enter in new markets. Our findings also enhance the importance of controlling for firm and country characteristics when doing empirical research related to NCI.
{"title":"Determinants of engaging in business combinations through partial acquisitions","authors":"A. Lopes, I. Lourenço","doi":"10.1080/02102412.2014.910911","DOIUrl":"https://doi.org/10.1080/02102412.2014.910911","url":null,"abstract":"This study investigates the firm-level and country-level conditions affecting a company’s decision to engage in partial acquisitions. For the purpose of our empirical analysis, that decision is measured through the existence or non-existence of non-controlling interests (NCI) in 14 European countries. We find that size, leverage, profitability, cross listing, internationalisation and institutional characteristics play an important role in explaining the likelihood of engaging in partial acquisition of subsidiaries that results in reporting of NCI in consolidated financial statements. The main results hold, even if we replace institutional characteristics for different investor protection and securities regulation attributes. Our findings indicate that a company’s incentives to engage in partial acquisitions and report NCI include the ability to access alternative sources of financing (even cross-border), the ability to share risks and to obtain benefits from synergies and the ability to enter in new markets. Our findings also enhance the importance of controlling for firm and country characteristics when doing empirical research related to NCI.","PeriodicalId":45271,"journal":{"name":"Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad","volume":"37 1","pages":"149 - 176"},"PeriodicalIF":1.0,"publicationDate":"2014-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85942449","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-04-03DOI: 10.1080/02102412.2014.911587
Pascual Garrido-Miralles, Sonia Sanabria-García
This study contributes to investigation into the benefits of mandatory adoption of International Financial Reporting Standards (IFRS) in regard to Spanish GAAP for analysts’ earnings forecasts. In a sample of listed Spanish firms, we find that mandatory IFRS adoption led to improvements in the quality of the information provided to financial analysts in the post-adoption period. We provide evidence that the benefits of IFRS take time to materialise. We also observe that the expected benefits and costs of IFRS adoption in relation to financial analysts’ forecasts were not randomly distributed among Spanish firms. In terms of analysts’ earnings forecast error and dispersion after implementation of IFRS, benefits are concentrated mainly in firms audited by the Big 4 audit firms.
{"title":"The impact of mandatory IFRS adoption on financial analysts’ earnings forecasts in Spain","authors":"Pascual Garrido-Miralles, Sonia Sanabria-García","doi":"10.1080/02102412.2014.911587","DOIUrl":"https://doi.org/10.1080/02102412.2014.911587","url":null,"abstract":"This study contributes to investigation into the benefits of mandatory adoption of International Financial Reporting Standards (IFRS) in regard to Spanish GAAP for analysts’ earnings forecasts. In a sample of listed Spanish firms, we find that mandatory IFRS adoption led to improvements in the quality of the information provided to financial analysts in the post-adoption period. We provide evidence that the benefits of IFRS take time to materialise. We also observe that the expected benefits and costs of IFRS adoption in relation to financial analysts’ forecasts were not randomly distributed among Spanish firms. In terms of analysts’ earnings forecast error and dispersion after implementation of IFRS, benefits are concentrated mainly in firms audited by the Big 4 audit firms.","PeriodicalId":45271,"journal":{"name":"Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad","volume":"30 1","pages":"111 - 131"},"PeriodicalIF":1.0,"publicationDate":"2014-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82338592","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-03-31DOI: 10.1080/02102412.2014.942153
Juan Baños Sánchez-Matamoros, Pedro Araújo Pinzón, Concha Álvarez-Dardet Espejo
Focusing on internal micro-processes, this study contributes to the management accounting change literature showing what conditions allow agency in embedded situations. We analyse a family company in the period 1904–1969 in that, after more than 50 years of ongoing reproduction of highly institutionalised management practice, the chief executive officer (CEO) fostered a radical institutional transformation in whose process the implementation of a cost accounting system was driven. As main conclusions, first, we argue that management accounting change drivers are strongly influenced by actors’ interests and by the perception and interpretation that actors make about institutional contradictions or external critical events and their effects on the organisation. Second, we shed light about the interrelated influences that institutions and individuals exert on meanings and roles attributed to management accounting in institutional change, even impelling the implementation of a completely new system to support it. Finally, we illustrate that both process and content of accounting change are moulded by normative influences intertwined with the cognitive schemes of actors involved.
{"title":"Management accounting change and agency in embedded situations","authors":"Juan Baños Sánchez-Matamoros, Pedro Araújo Pinzón, Concha Álvarez-Dardet Espejo","doi":"10.1080/02102412.2014.942153","DOIUrl":"https://doi.org/10.1080/02102412.2014.942153","url":null,"abstract":"Focusing on internal micro-processes, this study contributes to the management accounting change literature showing what conditions allow agency in embedded situations. We analyse a family company in the period 1904–1969 in that, after more than 50 years of ongoing reproduction of highly institutionalised management practice, the chief executive officer (CEO) fostered a radical institutional transformation in whose process the implementation of a cost accounting system was driven. As main conclusions, first, we argue that management accounting change drivers are strongly influenced by actors’ interests and by the perception and interpretation that actors make about institutional contradictions or external critical events and their effects on the organisation. Second, we shed light about the interrelated influences that institutions and individuals exert on meanings and roles attributed to management accounting in institutional change, even impelling the implementation of a completely new system to support it. Finally, we illustrate that both process and content of accounting change are moulded by normative influences intertwined with the cognitive schemes of actors involved.","PeriodicalId":45271,"journal":{"name":"Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad","volume":"20 1","pages":"241 - 265"},"PeriodicalIF":1.0,"publicationDate":"2014-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87354462","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-03-22DOI: 10.1080/02102412.2014.972665
Francisco J. Ibáñez-Hernández, M. A. Peña-Cerezo, Andrés Araujo de la Mata
This paper considers credit procyclicality processes for Spanish deposit institutions using the macro- and micro-prudential methods for the period from 1984 to 2009. The macro-prudential method proposed by Basel III is applied first in order to identify credit cycles and act as a criterion for establishing counter-cyclical capital buffer requirements. Two expansive credit cycles are thus detected, both of which are indeed followed by financial instability problems. In addition, a micro-prudential approach is applied to analyse the effects of the credit policy of banks on the results obtained during each of the two credit cycles. Processes of procyclicality at the level of financial institutions are detected for the first credit cycle, while for the second evidence is presented to support the idea that statistical provision proved effective in the early years of the crisis. These findings are important for designing prudential policies aimed at preventively monitoring and fostering stability in the banking sector.
{"title":"Identifying credit procyclicality processes and the impact of statistical provision in Spain: analysis of bank financial statements","authors":"Francisco J. Ibáñez-Hernández, M. A. Peña-Cerezo, Andrés Araujo de la Mata","doi":"10.1080/02102412.2014.972665","DOIUrl":"https://doi.org/10.1080/02102412.2014.972665","url":null,"abstract":"This paper considers credit procyclicality processes for Spanish deposit institutions using the macro- and micro-prudential methods for the period from 1984 to 2009. The macro-prudential method proposed by Basel III is applied first in order to identify credit cycles and act as a criterion for establishing counter-cyclical capital buffer requirements. Two expansive credit cycles are thus detected, both of which are indeed followed by financial instability problems. In addition, a micro-prudential approach is applied to analyse the effects of the credit policy of banks on the results obtained during each of the two credit cycles. Processes of procyclicality at the level of financial institutions are detected for the first credit cycle, while for the second evidence is presented to support the idea that statistical provision proved effective in the early years of the crisis. These findings are important for designing prudential policies aimed at preventively monitoring and fostering stability in the banking sector.","PeriodicalId":45271,"journal":{"name":"Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad","volume":"26 1","pages":"380 - 403"},"PeriodicalIF":1.0,"publicationDate":"2014-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89632530","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-01-02DOI: 10.1080/02102412.2014.890825
Verónica Cañal-Fernández, Covadonga Caso-Pardo
En este trabajo se presenta una propuesta para analizar el comportamiento de los inversores individuales españoles respecto a la decisión de invertir con criterios de responsabilidad social, estableciendo una clasificación en inversores Racionales, Universales y Sociales. Concretamente, se analiza la influencia de las cuestiones sobre riesgo y comportamiento financiero, teniendo en cuenta las características socio-demográficas de los inversores. A partir de una encuesta online realizada en España en 2009 y de los resultados de un Análisis Factorial Múltiple se obtiene una caracterización del perfil del inversor español socialmente responsable: se trata de hombres jóvenes, con estudios superiores, con responsabilidades familiares, religiosos y con un nivel de renta medio.
{"title":"Caracterización de los inversores españoles: la influencia de la inversión socialmente responsable","authors":"Verónica Cañal-Fernández, Covadonga Caso-Pardo","doi":"10.1080/02102412.2014.890825","DOIUrl":"https://doi.org/10.1080/02102412.2014.890825","url":null,"abstract":"En este trabajo se presenta una propuesta para analizar el comportamiento de los inversores individuales españoles respecto a la decisión de invertir con criterios de responsabilidad social, estableciendo una clasificación en inversores Racionales, Universales y Sociales. Concretamente, se analiza la influencia de las cuestiones sobre riesgo y comportamiento financiero, teniendo en cuenta las características socio-demográficas de los inversores. A partir de una encuesta online realizada en España en 2009 y de los resultados de un Análisis Factorial Múltiple se obtiene una caracterización del perfil del inversor español socialmente responsable: se trata de hombres jóvenes, con estudios superiores, con responsabilidades familiares, religiosos y con un nivel de renta medio.","PeriodicalId":45271,"journal":{"name":"Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad","volume":"12 1","pages":"69 - 90"},"PeriodicalIF":1.0,"publicationDate":"2014-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88655370","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-01-02DOI: 10.1080/02102412.2014.890823
J. Zafra-Gómez, L. Pedauga, A. M. Plata-Díaz, A. López-Hernández
Finding solutions to the unfavourable economic and financial situation that the local authorities are currently facing is of crucial importance. One such solution is to adopt mechanisms for restructuring local public services, through new management approaches to reduce costs and thereby reduce fiscal stress. The aim of this article is to determine the probability of a city council changing the way it manages services, selecting from different options, in response to situations of fiscal stress. To address this issue, we studied a sample of 1572 Spanish municipalities for the period 2002–2009, using a random-effects panel multinomial logit model. The results obtained show that outsourcing and inter-municipal cooperation are the management formulas that councils are most likely to choose in response to a financial crisis, especially the ones arising from insufficient transfers, negative cash flow, debt or budget deficit.
{"title":"Do local authorities use NPM delivery forms to overcome problems of fiscal stress?","authors":"J. Zafra-Gómez, L. Pedauga, A. M. Plata-Díaz, A. López-Hernández","doi":"10.1080/02102412.2014.890823","DOIUrl":"https://doi.org/10.1080/02102412.2014.890823","url":null,"abstract":"Finding solutions to the unfavourable economic and financial situation that the local authorities are currently facing is of crucial importance. One such solution is to adopt mechanisms for restructuring local public services, through new management approaches to reduce costs and thereby reduce fiscal stress. The aim of this article is to determine the probability of a city council changing the way it manages services, selecting from different options, in response to situations of fiscal stress. To address this issue, we studied a sample of 1572 Spanish municipalities for the period 2002–2009, using a random-effects panel multinomial logit model. The results obtained show that outsourcing and inter-municipal cooperation are the management formulas that councils are most likely to choose in response to a financial crisis, especially the ones arising from insufficient transfers, negative cash flow, debt or budget deficit.","PeriodicalId":45271,"journal":{"name":"Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad","volume":"51 1","pages":"21 - 46"},"PeriodicalIF":1.0,"publicationDate":"2014-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90739123","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-01-02DOI: 10.1080/02102412.2014.890820
Domenico Campa, M. Camacho-Miñano
We analyse whether Spanish non-listed bankrupt firms are more inclined to manage earnings in comparison with their non-bankrupt pairs during the years preceding a legal procedure for bankruptcy. We also investigate the techniques these companies employ to manage earnings and when they start using earnings manipulation practices. Analysing a matched sample of bankrupt and healthy companies, we find that bankrupt firms manage earnings upwards more than their healthy pairs. They achieve that by employing both accrual and real activity manipulation. These two practices start at least three years before the beginning of the bankruptcy procedure, but real activity manipulation stops the year immediately before filing for bankruptcy. Findings also indicate that earnings management tools change based on the industry in which firms operate and the number of years preceding the bankruptcy. This evidence is relevant to governments, monitoring bodies and all those involved in an insolvency procedure.
{"title":"Earnings management among bankrupt non-listed firms: evidence from Spain","authors":"Domenico Campa, M. Camacho-Miñano","doi":"10.1080/02102412.2014.890820","DOIUrl":"https://doi.org/10.1080/02102412.2014.890820","url":null,"abstract":"We analyse whether Spanish non-listed bankrupt firms are more inclined to manage earnings in comparison with their non-bankrupt pairs during the years preceding a legal procedure for bankruptcy. We also investigate the techniques these companies employ to manage earnings and when they start using earnings manipulation practices. Analysing a matched sample of bankrupt and healthy companies, we find that bankrupt firms manage earnings upwards more than their healthy pairs. They achieve that by employing both accrual and real activity manipulation. These two practices start at least three years before the beginning of the bankruptcy procedure, but real activity manipulation stops the year immediately before filing for bankruptcy. Findings also indicate that earnings management tools change based on the industry in which firms operate and the number of years preceding the bankruptcy. This evidence is relevant to governments, monitoring bodies and all those involved in an insolvency procedure.","PeriodicalId":45271,"journal":{"name":"Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad","volume":"23 1","pages":"20 - 3"},"PeriodicalIF":1.0,"publicationDate":"2014-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90199663","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-01-02DOI: 10.1080/02102412.2014.890828
J. L. Fernández Sánchez, Ladislao Luna Sotorrio
The aim of this study is to evaluate the financial performance of European socially responsible investment (SRI) funds for the period 1993–2012 to contrast whether there is a relationship between the application of social screening on investment decisions and funds’ financial performance measured by Carhart’s alpha. Regression analysis has been used to test the hypotheses of this research with a sample free of survivorship bias of 184 SRI equity funds from 14 European countries and the population of conventional funds from the same country and investment objective. The main conclusion of this study is that the application of social criteria in investment decisions carries a cost to the investor in terms of lower financial performance caused by differences in screening intensity.
{"title":"Effect of social screening on funds’ performance: empirical evidence of European equity funds","authors":"J. L. Fernández Sánchez, Ladislao Luna Sotorrio","doi":"10.1080/02102412.2014.890828","DOIUrl":"https://doi.org/10.1080/02102412.2014.890828","url":null,"abstract":"The aim of this study is to evaluate the financial performance of European socially responsible investment (SRI) funds for the period 1993–2012 to contrast whether there is a relationship between the application of social screening on investment decisions and funds’ financial performance measured by Carhart’s alpha. Regression analysis has been used to test the hypotheses of this research with a sample free of survivorship bias of 184 SRI equity funds from 14 European countries and the population of conventional funds from the same country and investment objective. The main conclusion of this study is that the application of social criteria in investment decisions carries a cost to the investor in terms of lower financial performance caused by differences in screening intensity.","PeriodicalId":45271,"journal":{"name":"Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad","volume":"43 1","pages":"109 - 91"},"PeriodicalIF":1.0,"publicationDate":"2014-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/02102412.2014.890828","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59172996","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-01-02DOI: 10.1080/02102412.2014.890824
José‐Luis Godos‐Díez, Roberto Fernández‐Gago, L. Cabeza‐García, Almudena Martínez-Campillo
The purpose of this article is to study the relevance of ownership and top management characteristics in the implementation of corporate social responsibility (CSR) activities. Specifically, it is proposed that ownership structure characterised by the presence of large shareholders is related to CSR activities and that this relationship may be mediated by the CEO management profile in accordance with the Agency–Stewardship approach. The results of mediation analysis on a sample of 101 non-listed companies in Spain show that those with a higher ownership concentration tend to be run by managers whose profile is closer to the steward than the agent model and to be more involved in CSR activities. Our findings also support the existence of the suggested mediating effect. This article goes further than existing research on owners and top managers as determinants of CSR and unveils new ways to address this topic empirically.
{"title":"Determinants of CSR practices: analysis of the influence of ownership and the management profile mediating effect","authors":"José‐Luis Godos‐Díez, Roberto Fernández‐Gago, L. Cabeza‐García, Almudena Martínez-Campillo","doi":"10.1080/02102412.2014.890824","DOIUrl":"https://doi.org/10.1080/02102412.2014.890824","url":null,"abstract":"The purpose of this article is to study the relevance of ownership and top management characteristics in the implementation of corporate social responsibility (CSR) activities. Specifically, it is proposed that ownership structure characterised by the presence of large shareholders is related to CSR activities and that this relationship may be mediated by the CEO management profile in accordance with the Agency–Stewardship approach. The results of mediation analysis on a sample of 101 non-listed companies in Spain show that those with a higher ownership concentration tend to be run by managers whose profile is closer to the steward than the agent model and to be more involved in CSR activities. Our findings also support the existence of the suggested mediating effect. This article goes further than existing research on owners and top managers as determinants of CSR and unveils new ways to address this topic empirically.","PeriodicalId":45271,"journal":{"name":"Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad","volume":"1 1","pages":"47 - 68"},"PeriodicalIF":1.0,"publicationDate":"2014-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82937112","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2013-10-01DOI: 10.1080/02102412.2013.11102930
José Luis Miralles Marcelo, María del Mar Miralles Quirós, José Luis Miralles Quirós
Resumen El objetivo del presente estudio consiste en analizar la implicatión del endeudamiento y la insolvencia como fuentes adicionales de riesgo sistemático en el proceso de valoración de activos del mercado bursátil español durante los años 1995-2010 empleando para ello dos metodologías alternativas basadas en los trabajos de Ferguson y Shockley (2003) y Vassalou y Xing (2004). Los resultados obtenidos nos indican que existen mejoras sustanciales en el ajuste de modelos tradicionales como el modelo de mercado o el modelo de Fama y French (1993) cuando incorporamos dichas fuentes de riesgo sistemático tanto en el análisis de serie temporal como de sectión cruzada. Por último, los análisis condicionales nos indican que existe un significativo premio por riesgo de apalancamiento a lo largo de todo el periodo temporal, pero que tan sólo existe un significativo premio por riesgo asociado a la insolvencia en épocas de recesión y tendencia bajista del mercado.
{"title":"Estructura financiera de la empresa y valoración de activos en el Mercado bursátil español","authors":"José Luis Miralles Marcelo, María del Mar Miralles Quirós, José Luis Miralles Quirós","doi":"10.1080/02102412.2013.11102930","DOIUrl":"https://doi.org/10.1080/02102412.2013.11102930","url":null,"abstract":"Resumen El objetivo del presente estudio consiste en analizar la implicatión del endeudamiento y la insolvencia como fuentes adicionales de riesgo sistemático en el proceso de valoración de activos del mercado bursátil español durante los años 1995-2010 empleando para ello dos metodologías alternativas basadas en los trabajos de Ferguson y Shockley (2003) y Vassalou y Xing (2004). Los resultados obtenidos nos indican que existen mejoras sustanciales en el ajuste de modelos tradicionales como el modelo de mercado o el modelo de Fama y French (1993) cuando incorporamos dichas fuentes de riesgo sistemático tanto en el análisis de serie temporal como de sectión cruzada. Por último, los análisis condicionales nos indican que existe un significativo premio por riesgo de apalancamiento a lo largo de todo el periodo temporal, pero que tan sólo existe un significativo premio por riesgo asociado a la insolvencia en épocas de recesión y tendencia bajista del mercado.","PeriodicalId":45271,"journal":{"name":"Spanish Journal of Finance and Accounting-Revista Espanola De Financiacion Y Contabilidad","volume":"172 1","pages":"561 - 589"},"PeriodicalIF":1.0,"publicationDate":"2013-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/02102412.2013.11102930","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59172606","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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