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...

In the advent of Customer Relationship Management, a more accurate profile of the consumer is needed. The objective of this paper is to show the usefulness of knowing consumer¿s complete utility function through his/her marginal utilities. This approach allows one to form groups of individuals...

In recent years, users' information needs have changed, and forward-looking information has become of great importance, as it has been highlighted in many international and national reports. Nonetheless, Spanish regulations are not very specific in this respect, since although it is required to...

In the last years, Spanish firms have attempted to create value for their shareholders.The market value added (MVA) has been proposed by the Stern Stewart Consulting Group asa measure of value creation, and the economic value added (EVA) as an operating measure toimplement this new management...

In financial literature, different ways of estimating the cash flow generated in a firm can be found. These methods are based on the estimation of these flows and on the analysis of the components that are involved in them. Although the estimation is important, we want to know what these cash...

During the nineties, the main issue in earnings management research has beenfocused on models¿ specification to estimate the abnormal component of accruals buttoday it does not exist a generalised consensus about current models. In this paper, wepresent an analysis of statistic and econometric...

We study the association between corporate governance and impression management in annual results press releases (ARPRs). Press releases constitute a timely vehicle to communicate firm performance to third parties. However, oftentimes, managers provide self-serving disclosures that attempt to...

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...

We study accounting choice around firm-level collective agreement negotiations. Prior literature argues that managers make income-decreasing accounting choices to limit the concessions made to trade unions. However, empirical research to date fails to find evidence in support of this hypothesis....

This paper examines the effect of accruals subjectivity on the way investors use the information contained in accruals to set the interest rates charged in debt contracts. To measure the degree of subjectivity involved in the estimation of accruals we use several indicators of their ex ante...