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

47

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636

Scholarly Papers (47)

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1.

Executive Compensation Tied to ESG Performance: International Evidence

Downloads 3,880 ( 6,110)
Citation 76

Executive Compensation Tied to ESG Performance: International Evidence

European Corporate Governance Institute – Finance Working Paper No. 825/2022, Journal of Accounting Research, forthcoming
Number of pages: 69 Posted: 02 May 2022 Last Revised: 17 Apr 2023
Shira Cohen, Igor Kadach, Gaizka Ormazabal and Stefan Reichelstein
San Diego State University, University of Navarra, IESE Business School, University of Navarra, IESE Business School and University of Mannheim - Business School
Downloads 2,400 (12,950)
Citation 45

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ESG metrics, Executive compensation, Institutional ownership

Executive Compensation Tied to ESG Performance: International Evidence

TRR 266 Accounting for Transparency Working Paper Series No. 103
Number of pages: 61 Posted: 05 Oct 2022
Shira Cohen, Igor Kadach, Gaizka Ormazabal and Stefan Reichelstein
San Diego State University, University of Navarra, IESE Business School, University of Navarra, IESE Business School and Stanford University
Downloads 835 (62,790)

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ESG metrics, Executive compensation, Institutional ownership

Executive Compensation Tied to ESG Performance: International Evidence

IESE Business School Working Paper, Stanford University Graduate School of Business Research Paper
Number of pages: 63 Posted: 03 May 2022 Last Revised: 23 Mar 2023
Shira Cohen, Igor Kadach, Gaizka Ormazabal and Stefan J. Reichelstein
San Diego State University, University of Navarra, IESE Business School, University of Navarra, IESE Business School and Stanford University - Stanford Graduate School of Business
Downloads 355 (180,839)
Citation 2

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ESG metrics, Executive compensation, Institutional ownership

Executive Compensation Tied to ESG Performance: International Evidence

ZEW - Centre for European Economic Research Discussion Paper No. 22-051
Number of pages: 61 Posted: 08 Nov 2022
Shira Cohen, Igor Kadach, Gaizka Ormazabal and Stefan Reichelstein
San Diego State University, University of Navarra, IESE Business School, University of Navarra, IESE Business School and University of Mannheim - Business School
Downloads 289 (225,992)

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ESG metrics, Executive compensation, Institutional ownership

Executive Compensation Tied to ESG Performance: International Evidence

CEPR Discussion Paper No. DP17267
Number of pages: 61 Posted: 27 May 2022
Shira Cohen, Igor Kadach, Gaizka Ormazabal and Stefan Reichelstein
San Diego State University, University of Navarra, IESE Business School, University of Navarra, IESE Business School and Stanford University
Downloads 1 (1,394,948)
Citation 29
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ESG metrics, Executive compensation, Institutional Ownership

2.

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 - Department of Accounting, University of Navarra, IESE Business School and The Wharton School, University of Pennsylvania
Downloads 3,745 (6,505)
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

3.

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 2,782 (10,392)
Citation 55

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

4.

Mandatory Corporate Carbon Disclosures and the Path to Net Zero

Downloads 2,674 (11,079)
Citation 19

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
Imperial College London, Imperial College London - Accounting, Finance, and Macroeconomics, University of Chicago - Booth School of Business, University of Navarra, IESE Business School, Stanford University and Rotterdam School of Management, Erasmus University
Downloads 1,875 (19,260)
Citation 16

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

Mandatory Corporate Carbon Disclosures and the Path to Net Zero

Management and Business Review, Vol. 1, No. 3, Fall 2021
Number of pages: 8 Posted: 21 Mar 2022
Patrick Bolton, Stefan Reichelstein, Marcin T. Kacperczyk, Christian Leuz, Gaizka Ormazabal and Dirk Schoenmaker
Imperial College London, Stanford University, Imperial College London - Accounting, Finance, and Macroeconomics, University of Chicago - Booth School of Business, University of Navarra, IESE Business School and Rotterdam School of Management, Erasmus University
Downloads 799 (66,560)
Citation 3

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net zero, carbon economy, carbon emissions, GHG

5.

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 Graduate School of Business, Stanford University - Graduate School of Business and University of Navarra, IESE Business School
Downloads 2,574 (11,807)
Citation 49

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

6.

Political Connections and the Informativeness of Insider Trades

Downloads 2,496 (12,354)
Citation 14

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, David F. Larcker, Gaizka Ormazabal and Daniel J. Taylor
University of Cambridge Judge Business School, Stanford Graduate School of Business, University of Navarra, IESE Business School and The Wharton School, University of Pennsylvania
Downloads 2,495 (12,124)
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

CEPR Discussion Paper No. DP12153
Number of pages: 56 Posted: 25 Jul 2017
Alan D. Jagolinzer, David F. Larcker, Gaizka Ormazabal and Daniel J. Taylor
University of Cambridge Judge Business School, Stanford Graduate School of Business, University of Navarra, IESE Business School and The Wharton School, University of Pennsylvania
Downloads 1 (1,394,948)
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Political Connections; Insider Trading; Financial Crisis; Troubled Asset Relief

7.

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 Graduate School of Business, Stanford University - Graduate School of Business, University of Navarra, IESE Business School and Stanford University - Graduate School of Business
Downloads 2,245 (14,687)

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

8.

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 Graduate School of Business, University of Navarra, IESE Business School and The Wharton School, University of Pennsylvania
Downloads 2,152 (15,724)
Citation 56

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corporate governance, executive compensation, proxy access, SEC regulation

9.

Institutional Investors, Climate Disclosure, and Carbon Emissions (formerly titled "Why Do Institutional Investors Request Climate Related Disclosures?")

Journal of Accounting & Economics (JAE), Forthcoming
Number of pages: 81 Posted: 21 Jun 2022 Last Revised: 09 Jun 2023
Shira Cohen, Igor Kadach and Gaizka Ormazabal
San Diego State University, University of Navarra, IESE Business School and University of Navarra, IESE Business School
Downloads 1,510 (27,307)
Citation 74

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Climate-related Disclosure, Shareholder Activism, Institutional Ownership, Greenwashing.

10.

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
Stanford Graduate School of Business, Stanford Graduate School of Business, University of Navarra, IESE Business School and The Wharton School, University of Pennsylvania
Downloads 1,478 (28,182)
Citation 67

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

11.

Mandatory Investor Disclosure, Sustainability Commitments, and Portfolio Decarbonization

European Corporate Governance Institute – Finance Working Paper 945/2023, IESE Business School Working Paper No. 4564890
Number of pages: 109 Posted: 19 Sep 2023 Last Revised: 28 Apr 2025
Jiyuan Dai, Gaizka Ormazabal, Fernando Penalva and Robert A. Raney
University of Cyprus, University of Navarra, IESE Business School, IESE Business School - University of Navarra and IESE Business School
Downloads 1,465 (28,574)
Citation 4

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SFDR, Institutional Investors, Mutual Funds, Disclosure, Carbon Emissions

12.

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

Downloads 1,197 (38,489)
Citation 1

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 1,196 (37,921)

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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
Downloads 1 (1,394,948)
Citation 1
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13.

Climate Disclosure in Financial Statements

TRR 266 Accounting for Transparency Working Paper Series No. 144
Number of pages: 64 Posted: 18 Mar 2024
Maximilian A. Müller, Gaizka Ormazabal, Thorsten Sellhorn and Victor Wagner
University of Cologne, University of Navarra, IESE Business School, Ludwig-Maximilians-Universitaet (LMU) Munich and LMU Munich School of Management
Downloads 1,163 (40,083)
Citation 3

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14.

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 1,037 (47,196)
Citation 9

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asset securitizations, credit ratings, credit risk

15.

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 Graduate School of Business, Stanford University - Graduate School of Business and University of Navarra, IESE Business School
Downloads 961 (52,570)
Citation 10

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

16.

The Role of Information in Building a More Sustainable Economy: A Supply and Demand Perspective

Number of pages: 48 Posted: 29 Feb 2024
Henry L. Friedman and Gaizka Ormazabal
University of California, Los Angeles (UCLA) - Anderson School of Management and University of Navarra, IESE Business School
Downloads 766 (71,493)
Citation 6

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Sustainability reporting, Sustainability disclosure, ESG, CSR

17.

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 Graduate School of Business, University of Navarra, IESE Business School, Stanford University - Graduate School of Business and The Wharton School, University of Pennsylvania
Downloads 731 (76,073)
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

18.

Switching From Incurred to Expected Loan Loss Provisioning: Early Evidence

Downloads 708 (79,250)
Citation 2

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 708 (78,080)
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

CEPR Discussion Paper No. DP14803
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

19.

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 661 (86,483)
Citation 14

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Disclosure Rules, SEC Comment-Letter Reviews, Public Enforcement

20.

Why Have CEO Pay Levels Become Less Diverse?

Downloads 633 (91,423)

Why Have CEO Pay Levels Become Less Diverse?

European Corporate Governance Institute – Finance Working Paper 707/2020
Number of pages: 75 Posted: 02 Nov 2020 Last Revised: 13 Aug 2024
Torsten Jochem, Gaizka Ormazabal and Anjana Rajamani
University of Amsterdam, University of Navarra, IESE Business School and Erasmus University Rotterdam (EUR)
Downloads 628 (91,073)

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pay diversity, compensation benchmarking, pay transparency, pay disclosure, proxy advisers, say on pay, variation in executive pay

Why Have CEO Pay Levels Become Less Diverse?

CEPR Discussion Paper No. DP15523
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 5 (1,366,391)
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21.

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 609 (96,015)
Citation 8

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

22.

Trading of Emission Allowances and Reporting Incentives

IESE Business School Working Paper
Number of pages: 92 Posted: 23 Sep 2022 Last Revised: 15 May 2025
DONALD N'GATTA, Gaizka Ormazabal and Robert A. Raney
affiliation not provided to SSRN, University of Navarra, IESE Business School and IESE Business School
Downloads 467 (133,436)
Citation 1

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Emission Trading, Emission Allowance, Pollution Pricing, Reporting Incentives, Financial and Climate Accounting

23.

Individual Wealth Taxes and Corporate Payouts

The Accounting Review, Forthcoming
Number of pages: 97 Posted: 11 Dec 2022
Raúl Barroso, Donald N'Gatta and Gaizka Ormazabal
IESEG School of Management, University of Navarra, IESE Business School and University of Navarra, IESE Business School
Downloads 462 (135,172)

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Individual wealth taxes, Corporate payouts, Dividend policy

24.

Disclosure Regulation and Corporate Acquisitions

Downloads 441 (142,797)
Citation 6

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 436 (143,083)
Citation 6

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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
Downloads 5 (1,366,391)
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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

25.

Climate Disclosure Regulation and Investor Wealth

Number of pages: 56 Posted: 27 Mar 2024
Hami Amiraslani, Xi Chen, Gaizka Ormazabal and Peter F. Pope
INSEAD, University of Bristol, University of Navarra, IESE Business School and London School of Economics & Political Science (LSE)
Downloads 390 (164,328)

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climate change, disclosure, emissions, ESG, governance, regulation, SEC, sustainability

26.

Climate Disclosures and Decarbonization along the Supply Chain

IESE Business School Working Paper No. 4850301
Number of pages: 69 Posted: 31 May 2024 Last Revised: 11 Mar 2025
Pietro Bonetti, Yang (Ellen) En, Igor Kadach and Gaizka Ormazabal
University of Navarra, IESE Business School, University of Navarra - IESE Business School, University of Navarra, IESE Business School and University of Navarra, IESE Business School
Downloads 388 (165,273)

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JEL classification : G30, M41, Q53 GHG Emissions, Climate Disclosure, CDP disclosure, Supply Chains

27.

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, Copenhagen Business School - Department of Accounting and University of Navarra, IESE Business School
Downloads 372 (173,265)
Citation 1

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

28.

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
University of Florida - Warrington College of Business Administration, Universidad de Montevideo and University of Navarra, IESE Business School
Downloads 326 (200,109)
Citation 1

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

29.

E&S Disclosure Regulation and Political Ideology

Number of pages: 70 Posted: 07 Dec 2024 Last Revised: 10 Apr 2025
David Schroeder and Gaizka Ormazabal
Copenhagen Business School - Department of Accounting and University of Navarra, IESE Business School
Downloads 288 (228,535)

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Accounting standard setting, Sustainability disclosure regulation, Politics, Ideology

30.

Cross-border carbon taxes and shareholder wealth

HKU Jockey Club Enterprise Sustainability Global Research Institute - Archive
Number of pages: 68 Posted: 18 May 2024 Last Revised: 16 Dec 2024
Marta Alonso, Martin Jacob, Gaizka Ormazabal and Robert A. Raney
University of Navarra, IESE Business School, University of Navarra, IESE Business School, University of Navarra, IESE Business School and IESE Business School
Downloads 270 (244,200)

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Carbon pricing, market reactions, border adjustment, climate regulation

31.

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 Last Revised: 30 Jan 2023
Pietro Bonetti and Gaizka Ormazabal
University of Navarra, IESE Business School and University of Navarra, IESE Business School
Downloads 228 (288,896)

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

32.

Capital Structure under Collusion

Downloads 219 (300,356)
Citation 5

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 University of Wisconsin Milwaukee
Downloads 216 (302,914)
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 University of Wisconsin Milwaukee
Downloads 3 (1,379,145)
Citation 2
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Capital Structure, cartels, Collusion, Financial Leverage, Financial Policies, Trigger Strategies

33.

Forward Looking Loan Provisions: Credit Supply and Risk-Taking

Downloads 207 (316,858)

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 204 (320,032)

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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

CEPR Discussion Paper No. DP15278
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 3 (1,379,145)
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bank risk-taking, corporate real and credit supply effects of accounting, ECL, IFRS9, loan provisions

34.

Do Consumers (Have to) Pay for ESG?

HKU Jockey Club Enterprise Sustainability Global Research Institute Paper No. 2025/009
Number of pages: 61 Posted: 26 Jan 2025 Last Revised: 19 Apr 2025
Lisa Hillmann, Martin Jacob, Gaizka Ormazabal and Robert A. Raney
WHU - Otto Beisheim School of Management, University of Navarra, IESE Business School, University of Navarra, IESE Business School and IESE Business School
Downloads 203 (322,800)

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ESG outcomes, consumer reactions, consumer prices, climate action

35.

Enforcement of Financial Reporting Regulation in the EU: New Data

Number of pages: 61 Posted: 20 Nov 2023 Last Revised: 28 Jan 2025
Sanjay Bissessur, Robin Litjens and Gaizka Ormazabal
Amsterdam Business School - University of Amsterdam, Nyenrode Business University and University of Navarra, IESE Business School
Downloads 197 (331,804)

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Enforcement, IFRS, International Accounting, Supervisory Convergence, European Union

36.

Boosting Foreign Investment: The Role of Certification of Corporate Governance

Journal of Accounting Research, Forthcoming, IESE Business School Working Paper No. 4342713
Number of pages: 56 Posted: 31 Jan 2023
Pietro Bonetti and Gaizka Ormazabal
University of Navarra, IESE Business School and University of Navarra, IESE Business School
Downloads 184 (353,444)

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

37.

The Informational Effects of Tightening Oil and Gas Disclosure Rules

Downloads 183 (355,127)
Citation 4

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, Copenhagen Business School - Department of Accounting and University of Navarra, IESE Business School
Downloads 176 (366,956)
Citation 2

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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, Copenhagen Business School - Department of Accounting 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, Copenhagen Business School - Department of Accounting 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

38.

Brick or Treat: Shareholder Activism and Corporate Leasing

IESE Business School Working Paper No. 4286423
Number of pages: 56 Posted: 11 Dec 2022
Fang Li, Gaizka Ormazabal and Carles Vergara-Alert
Lancaster University - Lancaster University Management School, University of Navarra, IESE Business School and University of Navarra, IESE Business School
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Shareholder activism, leasing, real estate, corporate governance, sale-and-leaseback

39.

Misreporting in Unaudited Financial Statements and Bank Monitoring

Banco de Espana Working Paper No. 2238
Number of pages: 52 Posted: 18 Nov 2022 Last Revised: 16 Jan 2025
Miguel Duro, Germán López-Espinosa, Sergio Mayordomo, Gaizka Ormazabal and Maria Rodriguez-Moreno
IESE Business School, School of Economics - University of Navarra and IESE Business School, Banco de España, University of Navarra, IESE Business School and Banco de España
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enforcement of financial reporting, debt underreporting, financial distress, credit registries, unaudited private firms

40.

Cross-border spillover effects of corporate taxes

HKU Jockey Club Enterprise Sustainability Global Research Institute Paper No. 2025/010
Number of pages: 63 Posted: 07 Feb 2025
Pietro Bonetti, Martin Jacob and Gaizka Ormazabal
University of Navarra, IESE Business School, University of Navarra, IESE Business School and University of Navarra, IESE Business School
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supply-chain links, spillover effects, tax incidence, corporate tax

41.

Behavioral Distortions in Risk-Taking Incentives and Stock Returns

Number of pages: 46 Posted: 03 Dec 2024
Stephanie Dong, Salman Arif and Gaizka Ormazabal
University of Rochester - Simon Business School, University of Minnesota - Twin Cities - Carlson School of Management and University of Navarra, IESE Business School
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42.

The Big Three and Corporate Carbon Emissions Around the World

CEPR Discussion Paper No. DP15522
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
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43.

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
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Citation 1
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Disclosure Rules, SEC comment letters, SEC oversight

44.

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
University of Florida - Warrington College of Business Administration, Universidad de Montevideo and University of Navarra, IESE Business School
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Cartel Prosecution; Antitrust Policy; Leniency Programs; Independent Directors;

45.

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
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46.

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

47.

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, Copenhagen Business School - Department of Accounting and University of Navarra, IESE Business School
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Disclosure of Oil and Gas Reserves, Disclosure Rules, Informational Spillovers, Real Effects of Disclosure Regulation.