Gaizka Ormazabal

University of Navarra, IESE Business School

Avenida Pearson 21

Barcelona, 08034

Spain

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium

Rue Ducale 1 Hertogsstraat

1000 Brussels

Belgium

Centre for Economic Policy Research (CEPR)

London

United Kingdom

  • University of Navarra, IESE Business School

  • European Corporate Governance Institute (ECGI)

  • Centre for Economic Policy Research (CEPR)

SCHOLARLY PAPERS

30

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Top 1,934

in Total Papers Citations

268

CROSSREF CITATIONS

408

Scholarly Papers (30)

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1.

Correcting for Cross-Sectional and Time-Series Dependence in Accounting Research

Accounting Review, Forthcoming
Number of pages: 49 Posted: 31 Jul 2008 Last Revised: 24 Oct 2010
Ian D. Gow, Gaizka Ormazabal and Daniel J. Taylor
University of Melbourne, University of Navarra, IESE Business School and The Wharton School, University of Pennsylvania
Downloads 3,501 (4,001)
Citation 45

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cross-sectional dependence, time-series dependence, autocorrelation, Fama-MacBeth, Newey-West, cluster-robust standard errors, cost of capital, credit ratings, conservatism

2.

Outsourcing Shareholder Voting to Proxy Advisory Firms

Journal of Law and Economics, Vol. 58, No. 1 (February 2015), pp. 173-204, Rock Center for Corporate Governance at Stanford University Working Paper No. 119, Stanford University Graduate School of Business Research Paper No. 14-27 (2105R), IESE Business School Working Paper No. WP1096-E
Number of pages: 51 Posted: 19 Jul 2012 Last Revised: 02 Sep 2015
David F. Larcker, Allan L. McCall and Gaizka Ormazabal
Stanford University - Graduate School of Business, Stanford University - Graduate School of Business and University of Navarra, IESE Business School
Downloads 2,257 (8,245)
Citation 44

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proxy advisory firms, say-on-pay, institutional shareholder voting

3.

Political Connections and the Informativeness of Insider Trades

Downloads 2,126 ( 9,094)
Citation 12

Political Connections and the Informativeness of Insider Trades

Rock Center for Corporate Governance at Stanford University Working Paper No. 222, Journal of Finance (Forthcoming), Jacobs Levy Equity Management Center for Quantitative Financial Research Paper
Number of pages: 108 Posted: 08 Sep 2016 Last Revised: 11 Aug 2020
Alan D. Jagolinzer, Alan D. Jagolinzer, Alan D. Jagolinzer, David F. Larcker, Gaizka Ormazabal and Daniel J. Taylor
Stanford University - Graduate School of BusinessUniversity of Colorado - Leeds School of BusinessUniversity of Cambridge Judge Business School, Stanford University - Graduate School of Business, University of Navarra, IESE Business School and The Wharton School, University of Pennsylvania
Downloads 2,126 (8,921)
Citation 14

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Political Connections; Insider Trading; Financial Crisis; Troubled Asset Relief Program; Capital Purchase Program

Political Connections and the Informativeness of Insider Trades

Number of pages: 56 Posted: 25 Jul 2017
Alan D. Jagolinzer, Alan D. Jagolinzer, Alan D. Jagolinzer, David F. Larcker, Gaizka Ormazabal and Daniel J. Taylor
Stanford University - Graduate School of BusinessUniversity of Colorado - Leeds School of BusinessUniversity of Cambridge Judge Business School, Stanford University - Graduate School of Business, University of Navarra, IESE Business School and The Wharton School, University of Pennsylvania
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Political Connections; Insider Trading; Financial Crisis; Troubled Asset Relief

4.

Ten Myths of 'Say on Pay'

Rock Center for Corporate Governance at Stanford University Closer Look Series: Topics, Issues and Controversies in Corporate Governance No. CGRP-26
Number of pages: 12 Posted: 27 Jun 2012 Last Revised: 03 Jul 2014
David F. Larcker, Allan L. McCall, Gaizka Ormazabal and Brian Tayan
Stanford University - Graduate School of Business, Stanford University - Graduate School of Business, University of Navarra, IESE Business School and Stanford University - Graduate School of Business
Downloads 2,020 (9,880)

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say on pay, executive compensation, equity awards, equity compensation, performance-based pay, executive pay, corporate governance

5.

The Market Reaction to Corporate Governance Regulation

Journal of Financial Economics, Volume 101, Issue 2, August 2011, Pages 431–448, Rock Center for Corporate Governance at Stanford University Working Paper Series No. 82
Number of pages: 52 Posted: 14 Apr 2015 Last Revised: 20 Jun 2015
David F. Larcker, Gaizka Ormazabal and Daniel J. Taylor
Stanford University - Graduate School of Business, University of Navarra, IESE Business School and The Wharton School, University of Pennsylvania
Downloads 1,979 (10,223)
Citation 20

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corporate governance, executive compensation, proxy access, SEC regulation

6.

The Big Three and Corporate Carbon Emissions Around the World

Journal of Financial Economics (JFE), Forthcoming, Proceedings of Paris December 2020 Finance Meeting EUROFIDAI - ESSEC, European Corporate Governance Institute – Finance Working Paper 715/2020
Number of pages: 78 Posted: 03 Apr 2020 Last Revised: 06 Dec 2020
José Azar, Miguel Duro, Igor Kadach and Gaizka Ormazabal
University of Navarra, IESE Business School, IESE Business School, University of Navarra, IESE Business School and University of Navarra, IESE Business School
Downloads 1,404 (17,627)
Citation 3

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Climate change, ESG, Carbon emissions, Big Three, Shareholder Activism, Institutional Ownership

7.

The Relation between Equity Incentives and Misreporting: The Role of Risk-Taking Incentives

Journal of Financial Economics (JFE), 109 (August 2013): 327-350., Rock Center for Corporate Governance at Stanford University Working Paper No. 126, Stanford Graduate School of Business Research Paper No. 2120
Number of pages: 61 Posted: 21 Oct 2012 Last Revised: 08 Jun 2013
Chris Armstrong, David F. Larcker, Gaizka Ormazabal and Daniel J. Taylor
University of Pennsylvania - Accounting Department, Stanford University - Graduate School of Business, University of Navarra, IESE Business School and The Wharton School, University of Pennsylvania
Downloads 1,268 (20,470)
Citation 67

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Equity Incentives, Executive Compensation, Misreporting, Earnings Management, Restatements, SEC Enforcement Actions

8.

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

Downloads 934 ( 31,925)
Citation 3

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

Foundations and Trends in Accounting (Forthcoming)
Number of pages: 97 Posted: 15 Dec 2017
Gaizka Ormazabal
University of Navarra, IESE Business School
Downloads 934 (31,464)

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corporate governance, stakeholders, accounting

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

Number of pages: 100 Posted: 13 Mar 2018
Gaizka Ormazabal
University of Navarra, IESE Business School
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Citation 1
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9.

Asset Securitizations and Credit Risk

Accounting Review, Forthcoming
Number of pages: 49 Posted: 21 Jun 2011 Last Revised: 17 Aug 2013
Mary E. Barth, Gaizka Ormazabal and Daniel J. Taylor
Stanford University - Graduate School of Business, University of Navarra, IESE Business School and The Wharton School, University of Pennsylvania
Downloads 928 (32,211)
Citation 9

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asset securitizations, credit ratings, credit risk

10.

Proxy Advisory Firms and Stock Option Repricing

Journal of Accounting & Economics (JAE), Vol. 56, No. Issues 2–3, November–December 2013, Pages 149-169, 2013, Rock Center for Corporate Governance at Stanford University Working Paper No. 100
Number of pages: 60 Posted: 19 Apr 2011 Last Revised: 09 Dec 2013
David F. Larcker, Allan L. McCall and Gaizka Ormazabal
Stanford University - Graduate School of Business, Stanford University - Graduate School of Business and University of Navarra, IESE Business School
Downloads 826 (37,821)
Citation 10

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proxy advisory firms, stock option exchanges, institutional shareholder voting, proxy voting

11.

Follow the Money: Compensation, Risk, and the Financial Crisis

Rock Center for Corporate Governance at Stanford University Closer Look Series: Topics, Issues and Controversies in Corporate Governance No. CGRP-43, Stanford University Graduate School of Business Research Paper No. 14-34
Number of pages: 6 Posted: 08 Sep 2014
David F. Larcker, Gaizka Ormazabal, Brian Tayan and Daniel J. Taylor
Stanford University - Graduate School of Business, University of Navarra, IESE Business School, Stanford University - Graduate School of Business and The Wharton School, University of Pennsylvania
Downloads 586 (59,596)
Citation 6

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2008 financial crisis, risk-taking incentives, executive compensation, board of directors risk oversight, risk tolerance, financial incentives, corporate governance

12.

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

The Review of Accounting Studies
Number of pages: 61 Posted: 25 May 2018 Last Revised: 23 Mar 2019
Miguel Duro, Jonas Heese and Gaizka Ormazabal
IESE Business School, Harvard University - Business School (HBS) and University of Navarra, IESE Business School
Downloads 479 (76,580)
Citation 14

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Disclosure Rules, SEC Comment-Letter Reviews, Public Enforcement

13.

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

Forthcoming in The Accounting Review, DOI: 10.2308/accr-52445
Number of pages: 61 Posted: 13 Mar 2016 Last Revised: 04 Jun 2019
Marc Badia, Mary E. Barth, Miguel Duro and Gaizka Ormazabal
IESE Business School, Stanford University - Graduate School of Business, IESE Business School and University of Navarra, IESE Business School
Downloads 450 (82,533)
Citation 7

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Risk-relevant information, risk disclosure, oil and gas reserves, fair value accounting

14.

Mandatory Corporate Carbon Disclosures and the Path to Net Zero

Number of pages: 21 Posted: 25 Oct 2021 Last Revised: 26 Oct 2021
Patrick Bolton, Marcin T. Kacperczyk, Christian Leuz, Gaizka Ormazabal, Stefan Reichelstein and Dirk Schoenmaker
Columbia Business School - Department of Economics, Imperial College London - Accounting, Finance, and Macroeconomics, University of Chicago - Booth School of Business, University of Navarra, IESE Business School, Stanford University - Graduate School of Business and Rotterdam School of Management, Erasmus University
Downloads 368 (105,735)

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Climate change, Nonfinancial information, ESG reporting, sustainability, Reporting mandates, Carbon emissions

15.

Switching From Incurred to Expected Loan Loss Provisioning: Early Evidence

Downloads 335 (115,705)
Citation 3

Switching From Incurred to Expected Loan Loss Provisioning: Early Evidence

Journal of Accounting Research, Forthcoming
Number of pages: 83 Posted: 27 May 2020 Last Revised: 26 Jan 2021
Germán López-Espinosa, Gaizka Ormazabal and Yuki Sakasai
School of Economics - University of Navarra and IESE Business School, University of Navarra, IESE Business School and IESE Business School
Downloads 335 (114,970)
Citation 2

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Expected credit losses, loan loss provision, bank accounting, IFRS 9

Switching from Incurred to Expected Loan Loss Provisioning: Early Evidence

Number of pages: 76 Posted: 28 May 2020
Germán López-Espinosa, Gaizka Ormazabal and Yuki Sakasai
School of Economics - University of Navarra and IESE Business School, University of Navarra, IESE Business School and IESE Business School
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bank accounting, expected credit losses, loan loss provision

Switching from Incurred to Expected Loan Loss Provisioning: Early Evidence

Journal of Accounting Research, Volume 59, Issue 3 (2021)
Posted: 28 Jun 2021
Germán López-Espinosa, Gaizka Ormazabal and Yuki Sakasai
School of Economics - University of Navarra and IESE Business School, University of Navarra, IESE Business School and IESE Business School

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expected credit losses; loan loss provision; bank accounting; IFRS 9; CECL

16.

Whistleblowers on the Board? The Role of Independent Directors in Cartel Prosecutions

Number of pages: 47 Posted: 12 Oct 2015
Murillo Campello, Daniel Ferrés and Gaizka Ormazabal
Cornell University - Samuel Curtis Johnson Graduate School of Management, Universidad de Montevideo and University of Navarra, IESE Business School
Downloads 273 (143,645)
Citation 1

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Cartel Prosecution, Antitrust Policy, Leniency Programs, Independent Directors, Reputational Costs, Heckman Selection Test

17.

Disclosure Regulation and Corporate Acquisitions

Downloads 272 (144,736)

Disclosure Regulation and Corporate Acquisitions

Journal of Accounting Research, Forthcoming, European Corporate Governance Institute – Finance Working Paper No. 654/2020
Number of pages: 93 Posted: 05 Jan 2019 Last Revised: 02 Feb 2020
Pietro Bonetti, Miguel Duro and Gaizka Ormazabal
University of Navarra, IESE Business School, IESE Business School and University of Navarra, IESE Business School
Downloads 272 (144,066)

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disclosure regulation, takeover market, takeover laws, mergers and acquisitions

Disclosure Regulation and Corporate Acquisitions

Number of pages: 90 Posted: 23 Jan 2019 Last Revised: 27 Jan 2020
Pietro Bonetti, Miguel Duro and Gaizka Ormazabal
University of Navarra, IESE Business School, IESE Business School and University of Navarra, IESE Business School
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Acquisitions, Disclosure regulation, market for corporate control, mergers, Proprietary costs, Takeover laws

Disclosure Regulation and Corporate Acquisitions

Journal of Accounting Research, Volume 58, Issue 1, March 2020, IESE Business School Working Paper No. 64025
Posted: 09 Mar 2020
Pietro Bonetti, Miguel Duro and Gaizka Ormazabal
University of Navarra, IESE Business School, IESE Business School and University of Navarra, IESE Business School

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disclosure regulation; takeover market; takeover laws; mergers and acquisitions

18.

Why Have CEO Pay Levels Become Less Diverse?

Downloads 262 (149,726)
Citation 3

Why Have CEO Pay Levels Become Less Diverse?

European Corporate Governance Institute – Finance Working Paper 707/2020
Number of pages: 97 Posted: 02 Nov 2020 Last Revised: 27 Apr 2021
Torsten Jochem, Gaizka Ormazabal and Anjana Rajamani
University of Amsterdam, University of Navarra, IESE Business School and Erasmus University Rotterdam (EUR)
Downloads 259 (150,912)

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Variation in executive pay, pay diversity, compensation benchmarking, pay transparency, pay disclosure, tournament incentives

Why Have CEO Pay Levels Become Less Diverse?

Number of pages: 94 Posted: 23 Dec 2020
Torsten Jochem, Gaizka Ormazabal and Anjana Rajamani
University of Amsterdam, University of Navarra, IESE Business School and Erasmus University Rotterdam (EUR)
Downloads 3 (814,779)
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19.

Disclosure Regulation and Competitive Interactions: Evidence from the Oil and Gas Industry

Forthcoming The Accounting Review
Number of pages: 77 Posted: 30 Nov 2016 Last Revised: 25 Sep 2020
Marc Badia, Miguel Duro, Bjorn Jorgensen and Gaizka Ormazabal
IESE Business School, IESE Business School, affiliation not provided to SSRN and University of Navarra, IESE Business School
Downloads 245 (160,023)
Citation 1

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Proprietary Costs, Competition, Disclosure Rules, Disclosure of Oil and Gas Reserves, Informational Spillovers, Real Externalities of Disclosure Regulation

20.

Capital Structure under Collusion

Downloads 165 (229,335)
Citation 4

Capital Structure under Collusion

Journal of Financial Intermediation, Forthcoming
Number of pages: 42 Posted: 01 Dec 2016 Last Revised: 04 Nov 2019
Daniel Ferrés, Gaizka Ormazabal, Paul Povel and Giorgo Sertsios
Universidad de Montevideo, University of Navarra, IESE Business School, University of Houston - Department of Finance, C.T. Bauer College of Business and Universidad de los Andes, Chile
Downloads 165 (229,633)
Citation 3

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Capital Structure; Financial Leverage; Collusion; Cartels

Capital Structure Under Collusion

Number of pages: 63 Posted: 25 Jul 2017
Daniel Ferrés, Gaizka Ormazabal, Paul Povel and Giorgo Sertsios
Universidad de Montevideo, University of Navarra, IESE Business School, University of Houston - Department of Finance, C.T. Bauer College of Business and Universidad de los Andes, Chile
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Capital Structure, cartels, Collusion, Financial Leverage, Financial Policies, Trigger Strategies

21.

What hinders Accounting Harmonization? Learning from the Enforcement of IFRS in the European Union

Number of pages: 99 Posted: 11 Oct 2021
Sanjay Bissessur, Robin Litjens and Gaizka Ormazabal
Amsterdam Business School - University of Amsterdam, Tilburg University - CentER and Department of Accountancy and University of Navarra, IESE Business School
Downloads 126 (284,466)

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Enforcement, IFRS, International Accounting, International Financial Governance, Harmonization, European Union

22.

The Informational Effects of Tightening Oil and Gas Disclosure Rules

Downloads 126 (284,466)
Citation 6

The Informational Effects of Tightening Oil and Gas Disclosure Rules

Contemporary Accounting Research, Forthcoming
Number of pages: 57 Posted: 11 Apr 2017 Last Revised: 03 Aug 2018
Marc Badia, Miguel Duro, Bjorn Jorgensen and Gaizka Ormazabal
IESE Business School, IESE Business School, affiliation not provided to SSRN and University of Navarra, IESE Business School
Downloads 126 (285,629)
Citation 3

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disclosure rules, disclosure of oil and gas reserves, bright-line rules, off-balance sheet disclosure.

The Informational Effects of Tightening Oil and Gas Disclosure Rules

Number of pages: 61 Posted: 13 Mar 2018
Marc Badia, Miguel Duro, Bjorn Jorgensen and Gaizka Ormazabal
IESE Business School, IESE Business School, affiliation not provided to SSRN and University of Navarra, IESE Business School
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Citation 2
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Disclosure of Oil, Disclosure Rules, Gas Reserves

The Informational Effects of Tightening Oil and Gas Disclosure Rules

Contemporary Accounting Research, Forthcoming
Posted: 22 Nov 2019
Marc Badia, Miguel Duro, Bjorn Jorgensen and Gaizka Ormazabal
IESE Business School, IESE Business School, affiliation not provided to SSRN and University of Navarra, IESE Business School

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disclosure rules, disclosure of oil and gas reserves, bright-line rules, off-balance sheet disclosure

23.

Boosting International Investment: The Role of Expert Assessments of Corporate Governance

European Corporate Governance Institute – Finance Working Paper No. 765/2021
Number of pages: 70 Posted: 03 Jun 2021
Gaizka Ormazabal and Pietro Bonetti
University of Navarra, IESE Business School and University of Navarra, IESE Business School
Downloads 99 (336,275)

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Reputational incentives, corporate governance, certification, expert assessments, foreign investment, index inclusion.

24.

Forward Looking Loan Provisions: Credit Supply and Risk-Taking

Downloads 61 (443,721)

Forward Looking Loan Provisions: Credit Supply and Risk-Taking

CentER Discussion Paper Series No. 2020-027, European Banking Center Series No. 2020-002
Number of pages: 52 Posted: 17 Nov 2020
Bernardo Morais, Gaizka Ormazabal, José-Luis Peydró, Monica Roa and Miguel Sarmiento
Board of Governors of the Federal Reserve System, University of Navarra, IESE Business School, Imperial College London, Independent and Tilburg University, CentER, European Banking Center (EBC)
Downloads 60 (453,707)

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Loan provisions, IFRS9, ECL, corporate real and credit supply effects of accounting, bank risk-taking

Forward Looking Loan Provisions: Credit Supply and Risk-Taking

Number of pages: 55 Posted: 22 Sep 2020
Bernardo Morais, Gaizka Ormazabal, José-Luis Peydró, Monica Roa and Miguel Sarmiento
Board of Governors of the Federal Reserve System, University of Navarra, IESE Business School, Imperial College London, Independent and Tilburg University, CentER, European Banking Center (EBC)
Downloads 1 (838,783)
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bank risk-taking, corporate real and credit supply effects of accounting, ECL, IFRS9, loan provisions

25.

Does the Public Disclosure of the SEC's Oversight Actions Matter?

Number of pages: 64 Posted: 18 Jul 2017
Miguel Duro, Jonas Heese and Gaizka Ormazabal
IESE Business School, Harvard University - Business School (HBS) and University of Navarra, IESE Business School
Downloads 7 (749,822)
Citation 1
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Disclosure Rules, SEC comment letters, SEC oversight

26.

Whistleblowers on the Board? The Role of Independent

Number of pages: 50 Posted: 18 Jul 2017
Murillo Campello, Daniel Ferrés and Gaizka Ormazabal
Cornell University - Samuel Curtis Johnson Graduate School of Management, Universidad de Montevideo and University of Navarra, IESE Business School
Downloads 2 (790,521)
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Cartel Prosecution; Antitrust Policy; Leniency Programs; Independent Directors;

27.

Firm Risk and Disclosures About Dispersion in Asset Values

Number of pages: 69 Posted: 18 Jul 2017
Marc Badia, Mary E. Barth, Miguel Duro and Gaizka Ormazabal
IESE Business School, Stanford University - Graduate School of Business, IESE Business School and University of Navarra, IESE Business School
Downloads 1 (802,064)
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28.

The Big Three and Corporate Carbon Emissions Around the World

Number of pages: 76 Posted: 23 Dec 2020
Jose Azar, Miguel Duro, Igor Kadach and Gaizka Ormazabal
Princeton University - Department of Economics, IESE Business School, University of Navarra, IESE Business School and University of Navarra, IESE Business School
Downloads 0 (819,352)
Citation 4
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29.

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

Journal of Corporate Finance, Vol. 53, 2018, IESE Business School Working Paper No. ART-3198-E
Posted: 26 Feb 2020
Gaizka Ormazabal
University of Navarra, IESE Business School

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Directorship risk, Director turnover, Risk oversight, Corporate governance, Risk management, Financial crisis

30.

Market-Wide Effects of Off-Balance Sheet Disclosures:

Number of pages: 63 Posted: 25 Jul 2017
Marc Badia, Miguel Duro, Bjorn Jorgensen and Gaizka Ormazabal
IESE Business School, IESE Business School, affiliation not provided to SSRN and University of Navarra, IESE Business School
Downloads 0 (819,352)
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Disclosure of Oil and Gas Reserves, Disclosure Rules, Informational Spillovers, Real Effects of Disclosure Regulation.