In this paper we focus on, for the period 1995-2007, the analysis of the variables that can affect thebehavior of target company shareholders in a takeover bid and how legislation can influence the sellingdecisions of the agents involved.For this analysis we review the theoretical and empirical...

Many studies have examined the impact of various characteristics of the board of directors on firm value. However, little attention has been paid to the impact of female board membership on firm value, with the exception of a number of U.S. studies. The aim of this paper is to investigate this...

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 article examines the form and content of auditor¿s report published by Tunisian auditors who represent international auditing firms. It measures the compliance of these reports with elements enumerated by International standard on auditing (ISA700). To reach this objective, an empirical...

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...

The aim of this work is twofold: on the one hand, to demonstrate the utility of the actuarial balance as an element of transparency, an indicator of the solvency, sustainability and financial solidity of the pay-as-you-go system and a tool capable of providing positive incentives to improve the...

In the light of the Agency and Signalling Theories, the aim of this paper is to analyse the relationship between investors and private equity managers in order to identify the factors that affect the latter's reputation. Since there are no individual references about their past returns, the...

As a result of the publication of the Code of Corporate Good Governance in 1998, known as the Olivencia Code, some companies voluntarily created an audit committee, after the recommendation of the Code in which all companies, especially listed, were encouraged to create them. Therefore, the aim...

This paper analyzes the effect of the power of the chairman and CEO on firm risk. As proxies of power several variables have been employed: the fact that a person accumulates both the CEO and the Chairman titles, the fact of CEO or Chairman being founders, their tenure, their shareholding and...

In this work we introduce the Proper Orthogonal Decomposition (POD)approach to the valuation of contingent claims for one–dimensional price models.First, we present the POD in the context of an abstract Hilbert space and we givean application for the numerical pricing of Double Barrier...