Ormazábal, Gaizka

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  Could a new accounting standard exacerbate the economic damage of the COVID-19 crisis?

López Espinosa, G.; Ormazábal, Gaizka; Sakasai, Yuki Some predicted new accounting standard IFRS 9 could constrain lending, hit banking earnings and harm the economy during times of crisis. Now, amid the COVID-19 outbreak, will this prediction come true? Our analysis points to yes, under certain conditions. Read article

  Stealth takeovers: are hidden shareholders buying your company?

Bonetti, Pietro; Duro, Miguel; Ormazábal, Gaizka The M&A market plays a key role in ensuring that the optimal management is in place for publicly traded companies. In light of this, there's much debate about takeover regulations, particularly when it comes to disclosure and transparency. Read article

  Striking oil with more precision in financial regulation

Badia, Marc; Duro, Miguel; Jorgensen, Bjorn N.; Ormazábal, Gaizka Do tougher reporting regulations make an impact? Yes, when it comes to companies' oil reserves estimates, a pioneering study finds. Requiring greater precision has increased disclosures' informational value and reduced information asymmetry among investors. Read article

  The supervision of listed companies: better out in the open?

Duro, Miguel; Heese, Jonas; Ormazábal, Gaizka Disclosing the oversight actions of regulators may be an effective and inexpensive way to improve the quality of financial information from publicly traded companies. This is the conclusion of a study led by Miguel Duro and Gaizka Ormazábal. Read article

  Will Financial Reforms Really Help Prevent Another Financial Crisis?

Duro, Miguel; Ormazábal, Gaizka The financial crisis of 2007-2008 prompted many reforms, but their effectiveness is still under debate. Miguel Duro and Gaizka Ormazábal review the evidence to discover whether -- and how -- corporate governance reforms are working out in the financial sector. Read article

  Independent Directors: A Weapon Against Cartels?

Campello, Murillo; Ferres, Daniel; Ormazábal, Gaizka Price-fixing schemes can cost consumers and companies millions of dollars, not to mention the headache they present for antitrust authorities. Independent directors could help to solve this problem. Read article

  How crisis bailouts may end up enriching political insiders

Jagolinzer, Alan D.; Larcker D. F.; Ormazábal, Gaizka; Taylor, D.J. An analysis of trading during the 2007-9 global financial crisis indicates that political insiders fared better than most in the stock market turmoil. Might history repeat itself with the current coronavirus crisis and bailout? IESE's Gaizka Ormazabal investigates an occasionally unlevel playing field. Read article

  Risk Oversight: What Every Director Should Know Premium

Ormazábal, Gaizka Institutional changes related to risk oversight since the global financial crisis have increased the cost of serving on boards. This article describes how companies are responding to the higher demand for board involvement in risk management, especially as U.S. trends are coming to Europe. Read article

  Accounting for Decision Making

Ormazábal, Gaizka; Soler, Edi A rush order comes in -- a big one. On a tight deadline, your client has a discounted price in mind. Should you accept this order or reject it? "Accounting for Decision Making," a technical note by IESE's Gaizka Ormazabal and Eduardo Soler, explains how to approach this decision armed with numbers. Read article

  Are Voting Guidelines Ruling Your Business? Premium

Ormazábal, Gaizka; McCall, Allan L. There has been a dramatic rise in the number of proxy issues that have to be voted on by shareholders. The authors studied proxy voting on stock option repricings and found it had a negative effect on firm performance and turnover. They call for a better understanding of the U.S. proxy advisory industry before other national bodies follow SEC rules. Read article
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