In this paper we investigate the incremental information content of a sample of 1751 quarterly financial reports, issued in Portugal between 1994 and 2004. Specifically, we examine price and volume reactions to financial reports issued in: (1) the first and third quarters, which are unaudited; (2)...

In this paper, we investigate whether different business models in the same industry (passenger air transportation) lead to different corporate governance models. We found that low cost carriers organise their boards differently from full service carriers to achieve lower costs and a faster...

Stakeholder theory implies that firms' economic and social purpose is to create value for all their stakeholders, without favoring any group. However, the distribution of the value created is a matter of choice for each firm. Thus, it may reflect the top managers' characteristics. Accordingly,...

In recent years, many have argued for a greater orientation of companies toward defending the interests of their various stakeholders, and many firms have proclaimed their adherence to stakeholder capitalism. However, there is not a single measure that can objectively quantify the orientation of...

The business models of banks are often seen as the result of a variety of simultaneously determined managerial choices, such as those regarding the types of activities, funding sources, level of diversification, and size. Moreover, owing to the fuzziness of data and the possibility that some...

Low cost carriers' (LCCs) pricing system is characterized by a single class of booking that starts with a minimum fare and then monotonically increases its value over time. This is a form of discriminating prices although markets are not physically or temporal separated. Using game theory...