This paper analyses the existence of insider trading before a takeover announcement through the changes in spread. Accordingly with the microstructure models that assume the existence of informational asymmetries among investors, the possibility of trading with insiders is a reason why market...

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...

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...

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...

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...

This paper investigates the relationship between board of directors¿characteristics and firm value. We find a positive relationship between board ofdirectors¿ shareholdings and Tobin¿s Q. Endogenous treatment of these variables alsoreveals a positive relationship between Tobin¿s Q and board...

This article considers a two-sided private information model. We assume that two exogenouslygiven qualities are offered in a monopolistic market. Prices are fixed. A low quality seller choosesto be either honest (by charging the lower market price) or dishonest (by charging the higherprice). We...

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...