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

SCHOLARLY PAPERS

24

DOWNLOADS
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Top 2,013

in Total Papers Downloads

17,229

SSRN CITATIONS
Rank 2,088

SSRN RANKINGS

Top 2,088

in Total Papers Citations

156

CROSSREF CITATIONS

408

Scholarly Papers (24)

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 3,438 (3,232)
Citation 28

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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
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 2,153 (7,109)
Citation 35

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

3.

The Market Reaction to Corporate Governance Regulation

Journal of Financial Economics, Volume 101, Issue 2, August 2011, Pages 431–448
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 1,940 (8,520)
Citation 18

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corporate governance, executive compensation, proxy access, SEC regulation

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
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 1,889 (8,926)

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

Political Connections and the Informativeness of Insider Trades

Rock Center for Corporate Governance at Stanford University Working Paper No. 222
Number of pages: 108 Posted: 08 Sep 2016 Last Revised: 24 Mar 2020
University 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 1,830 (9,186)
Citation 5

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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

CEPR Discussion Paper No. DP12153
Number of pages: 56 Posted: 25 Jul 2017
University 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

6.

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

Journal of Financial Economics (JFE), 109 (August 2013): 327-350.
Number of pages: 61 Posted: 21 Oct 2012 Last Revised: 08 Jun 2013
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 1,218 (17,738)
Citation 60

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

7.

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 901 (27,662)
Citation 3

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asset securitizations, credit ratings, credit risk

8.

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
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 798 (32,796)
Citation 7

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

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 772 (33,802)

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corporate governance, stakeholders, accounting

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

CEPR Discussion Paper No. DP12775
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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10.

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
Number of pages: 6 Posted: 08 Sep 2014
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 538 (55,293)
Citation 4

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

11.

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 374 (85,951)
Citation 4

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

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 365 (88,350)
Citation 6

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Disclosure Rules, SEC Comment-Letter Reviews, Public Enforcement

13.

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 259 (128,405)

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

Disclosure Regulation and Corporate Acquisitions

Journal of Accounting Research, Forthcoming
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 206 (160,082)

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

Disclosure Regulation and Corporate Acquisitions

CEPR Discussion Paper No. DP13458
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
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

15.
Downloads 151 (210,702)
Citation 3

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 151 (211,106)
Citation 3

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Capital Structure; Financial Leverage; Collusion; Cartels

Capital Structure Under Collusion

CEPR Discussion Paper No. DP12151
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

16.

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

Number of pages: 56 Posted: 30 Nov 2016 Last Revised: 04 Aug 2018
Marc Badia, Miguel Duro, Bjorn Jorgensen and Gaizka Ormazabal
IESE Business School, IESE Business School, London School of Economics & Political Science (LSE) - Department of Accounting and Finance and University of Navarra, IESE Business School
Downloads 141 (222,750)
Citation 1

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

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, London School of Economics & Political Science (LSE) - Department of Accounting and Finance and University of Navarra, IESE Business School
Downloads 117 (258,140)
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

CEPR Discussion Paper No. DP12776
Number of pages: 61 Posted: 13 Mar 2018
Marc Badia, Miguel Duro, Bjorn Jorgensen and Gaizka Ormazabal
IESE Business School, IESE Business School, London School of Economics & Political Science (LSE) - Department of Accounting and Finance and University of Navarra, IESE Business School
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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, London School of Economics & Political Science (LSE) - Department of Accounting and Finance 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

18.

The Big Three and Corporate Carbon Emissions Around the World

Number of pages: 70 Posted: 03 Apr 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 74 (347,506)

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Carbon emissions, Big Three, Shareholder Activism, Institutional Ownership

Switching From Incurred to Expected Loan Loss Provisioning: Early Evidence

Number of pages: 73 Posted: 27 May 2020
Germán López-Espinosa, Gaizka Ormazabal and Yuki Sakasai
University of Navarra, University of Navarra, IESE Business School and IESE Business School
Downloads 55 (407,762)

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

Switching from Incurred to Expected Loan Loss Provisioning: Early Evidence

CEPR Discussion Paper No. DP14803
Number of pages: 76 Posted: 28 May 2020
Germán López-Espinosa, Gaizka Ormazabal and Yuki Sakasai
University of Navarra, University of Navarra, IESE Business School and IESE Business School
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bank accounting, expected credit losses, loan loss provision

20.

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

CEPR Discussion Paper No. DP12145
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 (649,743)
Citation 1
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Disclosure Rules, SEC comment letters, SEC oversight

21.

Whistleblowers on the Board? The Role of Independent

CEPR Discussion Paper No. DP12143
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 (689,169)
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Cartel Prosecution; Antitrust Policy; Leniency Programs; Independent Directors;

22.

Firm Risk and Disclosures About Dispersion in Asset Values

CEPR Discussion Paper No. DP12144
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 (701,458)
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23.

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

Journal of Corporate Finance, Vol. 53, 2018
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

24.

Market-Wide Effects of Off-Balance Sheet Disclosures:

CEPR Discussion Paper No. DP12152
Number of pages: 63 Posted: 25 Jul 2017
Marc Badia, Miguel Duro, Bjorn Jorgensen and Gaizka Ormazabal
IESE Business School, IESE Business School, London School of Economics & Political Science (LSE) - Department of Accounting and Finance and University of Navarra, IESE Business School
Downloads 0 (719,811)
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Disclosure of Oil and Gas Reserves, Disclosure Rules, Informational Spillovers, Real Effects of Disclosure Regulation.