The poor stock price performance of firms conducting initial public offerings is one of the recent puzzles in financial literature. We detect this market anomaly for Spanish IPO firms and we investigate whether earnings management around the time of the offering can explain these results....

Spanish Abstract: En esta monografía se estudian las rentabilidades anormalmente bajas de las acciones en los años siguientes a su salida a bolsa. Se observa que las empresas emisoras hacen uso de la discrecionalidad contable para revelar mayores beneficios en el año de la oferta y que las...

Previous evidence has documented that equity issuers underperform in the long-run. One possible explanation is that investors have over-optimistic expectations regarding future earnings and the underperformance occurs as these expectations are corrected over time. Our central focus is to test...

This study aims to analyze the effect on accounting conservatism of IFRS adoption in Spain. Following evidence found in previous studies we expect a decline in balance-sheet accounting conservatism due to this change towards a more Anglo-Saxon accounting system. Using a sample of Spanish and UK...

Spanish Abstract: La sustitución de la NIC 31 por la NIIF 11, que ha entrado en vigor el 1 de enero de 2013,implica un cambio sustancial en cuanto al método permitido para consolidar las empresas multigrupo. Desaparece la posibilidad de optar por el método de integración proporcional o...

A fundamental question about the analysis of financial information is the potential manipulations that could be introduced by insiders in the information that is revealed to investors. In this context, this article is focused on the analysis of abnormal accruals as a potential instrument to...

Prior research documents an anomalous negative price–earnings relation when a simple earnings capitalization model is estimated for loss-making firms. Collins et al. (1999) suggest that the model is misspecified due to the omission of book value of equity. However, results from previous...

This study examines the reactions of the Spanish capital market and financial analysts to CEO presentations organized by the Spanish Society of Financial Analysts. The sample contains 156 presentations that took place during the period 1994-2000. To estimate the effect of these meetings -on...

This study investigates the market valuation of income smoothing by a long run analysis of the relation income smoothing vs. return and risk in the Spanish stock market. Using several methodological approaches to estimate and test abnormal returns, the results suggest some pattern of behaviour...

The poor stock price performance of firms that raise capital through seasoned equity offerings is one of the recent puzzles in financial literature. In this study we investigate whether pre-issue earnings management can explain these results for rights issues in Spain. Consistent with this...