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...

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...

We test whether corporate governance mechanisms promoted by best practice codes are effective in constraining earnings manipulation in Spain, as previously documented in the US and the UK. We show that to a certain extent an Anglo-Saxon model of corporate governance may turn out to be a failure...

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...

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...

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...