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The Effect of Enforcement Transparency: Evidence from SEC Comment-Letter Reviews 

Date: 09/2019 Author(s): Duro, Miguel; Heese, Jonas; Ormazábal, Gaizka Document type: Article in Journal (refereed) This paper studies the effect of the public disclosure of the Securities and Exchange Commission (SEC) comment-letter reviews (CLs) on firms' financial reporting. We exploit a major change in the SEC's disclosure policy: in 2004, the SEC decided to make its CLs publicly available. Using a novel dataset of CLs, we analyze the capital-market responses ... More information

Firm Risk and Disclosures about Dispersion of Asset Values: Evidence from Oil and Gas Reserves 

Date: 05/2019 Author(s): Badia, Marc; Barth, Mary E.; Duro, Miguel; Ormazábal, Gaizka Editor(s): CIF - Center for International Finance Document type: Article in Journal (refereed) The question we address is whether mandated disclosure about dispersion of non-financial asset values can provide information relevant to assessing firm risk. Using a sample of Canadian oil and gas (O&G) firms between 2004 and 2011, we find that the difference between the disclosed 10th and 50th percentiles from the O&G reserves distribution, which ... More information

Are Directors More Likely to Relinquish Their Riskiest Directorships after the Financial Crisis? 

Date: 12/2018 Author(s): Ormazábal, Gaizka Document type: Article in Journal (refereed) This paper documents that directors exhibit a strong tendency to resign from their riskiest directorships in the period subsequent to the financial crisis of 2007-2008. Consistent with this pattern, additional evidence suggests that, in the post-crisis period, riskier directorships become more costly for directors. I also find that the post-crisis ... More information

The Informational Effects of Tightening Oil and Gas Disclosure Rules 

Date: 03/08/2018 Author(s): Badia, Marc; Duro, Miguel; Jorgensen, Bjorn N.; Ormazábal, Gaizka Document type: Article in Journal (refereed) We exploit two regulatory shocks to examine the informational effects of tightening pre-existing mandatory disclosure rules. Canadian National Instrument 51-101 in 2003 and the United States rule "Modernization of Oil and Gas Reporting" in 2009 introduced quasi-identical amendments which effectively tightened the rules governing oil and gas reserve ... More information Read related article

The Role of Stakeholders in Corporate Governance: A View from Accounting Research 

Date: 19/02/2018 Author(s): Ormazábal, Gaizka Document type: Article in Journal (refereed) I review the empirical research on the role of stakeholders in corporate governance with an emphasis in contributions from the accounting literature. In particular, I focus on the following stakeholders: employees, the general public, the media, related firms, the government, private regulators, gatekeepers, and foreigners. This list does not include ... More information

Whistle-Blowers on the Board? The Role of Independent Directors in Cartel Prosecutions 

Date: 05/2017 Author(s): Campello, Murillo; Ferres, Daniel; Ormazábal, Gaizka Document type: Article in Journal (refereed) Market reactions to news of cartel prosecutions are muted when indicted firms have a high proportion of independent directors on their boards. Independent directors serving on cartel-indicted firms are penalized by losing board seats and vote support at other firms where they serve. Notably, firms with more independent directors are more likely to ... More information Read related article

Outsourcing Shareholder Voting to Proxy Advisory Firms 

Date: 01/02/2015 Author(s): Larcker, David F.; McCall, Allan L.; Ormazábal, Gaizka Document type: Article in Journal (refereed) This paper examines the economic consequences of institutional investors outsourcing research and voting decisions in public company elections to proxy advisory firms. We investigate the implications of these decisions in the context of shareholder say-on-pay voting required in 2011 under the Dodd-Frank Act. We find three primary results: proxy advisory ... More information

Proxy Advisory Firms and Stock Option Repricing 

Date: 11/2013 Author(s): Larcker D. F.; McCall, Allan L.; Ormazábal, Gaizka Document type: Article in Journal (refereed) This paper examines the economic consequences associated with the board of director's choice of whether to adhere to proxy advisory firm policies in the design of stock option repricing programs. Proxy advisors provide research and voting recommendations to institutional investors on issues subject to a shareholder vote. Since many institutional investors ... More information Read related article

The Relation between Equity Incentives and Misreporting 

Date: 08/2013 Author(s): Armstrong, Chris; Larcker D. F.; Ormazábal, Gaizka; Taylor, D.J. Document type: Article in Journal (refereed) Prior research argues that a manager whose wealth is more sensitive to changes in the firm's stock price has a greater incentive to misreport. However, if the manager is risk-averse and misreporting increases both equity values and equity risk, the sensitivity of the manager's wealth to changes in stock price (portfolio delta) will have two countervailing ... More information Read related article

Sistema integrado para toma de decisiones en el diseño de estructuras de hormigón 

Date: 07/2012 Author(s): Armengou, Jaume; Aguado, A.; Ormazábal, Gaizka Document type: Article in Journal (refereed) El presente artículo hace una breve reflexión sobre las alternativas in situ y prefabricadas para estructuras de hormigón, justificando la necesidad de profundizar en métodos multicriterio como ayuda a la toma de decisiones. Manifiesta la trascendencia de la calidad en las decisiones más allá de este ámbito concreto, así como su influencia en la mayor ... More information
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