This article is aimed at verifying the fulfilment of the Fisher hypothesis for a panel of 15 EU countries using the recent developments in the estimation of panel cointegration models with cross-sectional dependence generated by unobservable global stochastic trends (Bai et al., 2009). Bai et...

Purpose – The purpose of this paper is to investigate the relationship between corporate governance and cost of equity capital for a set of Spanish firms. Design/methodology/approach – The paper focuses on five board characteristics that have received widespread attention in corporate...

We propose a new testing procedure to determine the rank of cointegration. This new method is based on the nonparametric resampling procedure, so-called Residual-Based Block Bootstrap (RBB), which is developed by Paparoditis and Politis (2003) in the context of unit root testing. Through Monte...

Research on earnings prediction has documented that the transitory component of current earnings undermines its predictive ability about future earnings. The implication of this finding is that a measure that better captures the underlying persistent component of earnings may prove very useful...

This study analyses the value relevance of the different components of the earnings figure that appear in the Spanish profit and loss account in order to determine the preferred level of disaggregation by investors. It is considered that the disaggregation may help to evaluate the earnings...