This paper seeks to draw lessons from the IMF’s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that...

The private non-financial sector in Europe is facing increased challenges in meeting its debt servicing obligation. In response, governments are revisiting legal tools and—in some cases—institutional arrangements to deal with over-indebtedness. For households, where the problem in...

This paper investigates the effect of a going concern opinion (GCO) on the equity value of the announcing firm’s competitors. On average, GCOs increase the value of a value-weighted portfolio of rivals by 0.37% at the event date. This positive effect is significantly larger when the announcing...

This paper examines whether going concern audit opinions (GCO) affect the stock price performance of the announcing firms and their industry rivals. Our original evidence clearly suggests that such accounting event is asymmetrically perceived by the market depending on whether the firm is...

In order to demonstrate that there is a direct link between compliance with accounting principles and auditor’s opinion, which, of course, is „filtered” through professional judgement, the study starts from information provided by a representative medium-sized audit company located in the...

The financial audit is called in to take the responsibilities on prevention of shocking events in the life of a company. Therefore we have to look into both of some concepts and the practice of financial audit so as to improve its performance and utility. On this purpose we assume some proposals...

This paper analyzes Spanish companies’ growing need for funding in a crisis context, focusing on one of the most relevant sectors in the Spanish economy: the Spanish tourism sector. Specifically, we will be looking at the twelve main hotel chains. We also provide a brief overview of the main...