Arguments about increased (market based) accounting accruals suggest that the information benefits accrue directly to investors (Barth, 2007; Barth et al., 2008). This paper compares Spanish and Australian accruals as a test of relative information asymmetry, measured by the ability of insiders to...

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...

The aim of this study is analyzed empirically the effect that annual earnings announcementshave in market value and the trading volume of shares on the Spanish Stock Market for the periodbetween 1999 and 2001. With the finality to accomplish a more complete analysis, is examined theactual...

This paper analyses the intraday reaction of the Spanish market to annual earnings announcements. Specifically, we examine the levels of stock liquidity, trading activity, volatility, and asymmetric information, as well as the order placement strategy around earnings disclosures. We also analyse...

Most of studies which have analysed the topic of accounting systemclassification have been based on explanatory variables such as the socio-economicenvironment or accounting practices to both, measure and disclosure the financialinformation. This investigation does not take these concepts into...

The weak value-growth premium of the Spanish stock market highlights the importance of enhancing the accounting-based fundamental strength of the value-growth strategy. This accounting strength is needed to detect potential errors in market expectations that result in mispriced stocks. When we...

Previous evidence has demonstrated that the momentum effect is present in the Spanish stock market, and that it can not bee explained neither by the CAPM nor the Fama amp; French (1993) three factor model. The aim of this paper is to deepen in the possible explanations of such phenomenon by...

One of the most important topics in financial literature is the market efficiency hypothesis. In the last couple of decades, most studies have questioned this hypothesis and several authors have shown that the contrarian strategy, or the forming of a zero-investment portfolio that buys the...

Expectation errors, measured by ‘incongruent value/growth’ characteristics of Piotroski and So (2012), is better than trading volume to identify early- and late-stage momentum stocks in the momentum life cycle proposed by Lee and Swaminathan (2000). Early (late) momentum strategy based on...

Several studies have shown that the contrarian strategy, or the forming of a zeroinvestmentportfolio that buys the stocks that have performed poorly in the past (losers) andsells those that have performed well (winners), creates abnormally positive returns in thefuture. Many hypotheses have been...