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...

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...

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...

This study, conducted with a sample of Spanish listed companies during the period 1998-2008,examines the role of financial reporting quality and debt maturity in investment efficiency.The results show that financial reporting quality mitigates the overinvestment problem.Likewise, lower debt...

This paper examines whether Working Capital Management (WCM) is sensitive to market imperfections such as asymmetric information, agency conflicts or financial distress. We find that firms have a target investment in working capital and that they take decisions in order to achieve this. In...

This study provides an empirical evidence of the relationship that exists between participation in technological strategic alliances and business performance by considering the knowledge-based distinctive competencies that the alliance is capable of generating as a mediating variable. The...

We analyze extensively the characteristics of the solution to an irreversibleinvestment decision when the only source of uncertainty comes from interest rates.They are assumed to be driven by the popular Cox-Ingersoll-Ross (CIR) stochasticprocess. Particular attention is paid to the impact that...

This paper studies the shape of the relation between firm value and trade credit for a sample of Spanish listed firms in the period 2001 to 2007. Considering the tradeoff between benefits and costs of investing in trade credit we estimate a non-linear relationship between accounts receivable and...

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...