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Disclosure Regulation and Corporate Acquisitions 

Date: 20/12/2018 Author(s): Bonetti, Pietro; Duro, Miguel; Ormazábal, Gaizka Document type: Working Paper This paper examines the effect of disclosure regulation on the market for corporate control. We study the implementation of a recent European regulation imposing tighter disclosure requirements regarding the financial and ownership information provided by public firms. We find a substantial drop in the number of control acquisitions after the implementation ... More information Read related article

Does Regulating Banks' Corporate Governance Help? A Review of the Empirical Evidence 

Date: 03/03/2018 Author(s): Duro, Miguel; Ormazábal, Gaizka Document type: Chapter The financial crisis of 2007-2008 fueled the idea that corporate governance in the financial sector urgently needed reform. The perception that poor corporate governance was a primary cause of the breakdown of the financial markets prompted extensive regulatory actions around the world. However, whether and how regulating banks' corporate governance ... More information Read related article

Political Connections and the Informativeness of Insider Trades 

Date: 08/09/2016 Author(s): Jagolinzer, Alan D.; Larcker, David F.; Ormazábal, Gaizka; Taylor, D.J. Editor(s): Rock Center for Corporate Governance at Stanford University Document type: Working Paper This paper examines the relation between political connections and informed trading by corporate insiders in the context of the Financial Crisis. The unprecedented magnitude of government intervention, the substantial impact of this intervention on firm value, and the political nature of the intervention provide a powerful setting to examine the relation ... More information Read related article

Risk Oversight: What Every Director Should Know  Premium

Date: 15/03/2016 Author(s): Ormazábal, Gaizka Document type: Non-refereed article The public and political perception that excessive risk-taking was to blame for the global financial crisis has led to a number of legislative and regulatory actions concerning the role of the board in risk oversight. This article discusses the main factors driving the pressure on boards to oversee corporate risk and the potential consequences of this ... More information Read related article

Are Voting Guidelines Ruling Your Business?  Premium

Date: 15/06/2014 Author(s): Ormazábal, Gaizka; McCall, Allan L. Document type: Non-refereed article Recent legislative and regulatory decisions giving shareholders more influence over the governance of U.S. listed companies has motivated corporate boards and management to engage with shareholders -- with unintended consequences. There has been a dramatic rise in the number of proxy issues that have to be voted on by shareholders. Under SEC rules, ... More information Read related article

Outsourcing Shareholder Voting to Proxy Advisory Firms 

Date: 13/06/2014 Author(s): Larcker, David F.; McCall, Allan L.; Ormazábal, Gaizka Document type: Working Paper This paper examines the economic consequences of institutional investors outsourcing research and voting decisions on matters submitted to a vote of public company shareholders to proxy advisory firms. These outsourcing decisions appear to be the result of the regulatory requirement that institutional investors vote their shares combined with incentives ... More information

Are they really to blame? 

Date: 10/2012 Author(s): Ormazábal, Gaizka Document type: Non-refereed article Many people have blamed the credit rating agencies for their role in the ?nancial meltdown of 2008 but were their assessments on asset securitizations any different from the judgment of the market? More information

Ten Myths of "Say on Pay" 

Date: 28/06/2012 Author(s): Larcker D. F.; McCall, Allan L.; Ormazábal, Gaizka; Tayan, Brian Document type: Working Paper Say on pay is the practice of granting shareholders the right to vote on a company’s executive compensation program at the annual shareholder meeting. Under the Dodd-Frank Act of 2010, publicly traded companies in the U.S. are required to adopt say on pay. Advocates of this approach believe that say on pay will increase the accountability of corporate ... More information Read related article
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