Several studies have analyzed discretionary accruals to address earnings-smoothing behaviors in the banking industry. We argue that the characteristic link between accruals and earnings may be nonlinear, since both the incentives to manipulate income and the practical way to do so depend...

This study uses a sample of Spanish companies to examine the use of stock split announcements as signals of a firm's earnings performance. Our results confirm that, as in other stock markets, investors in the Spanish market upwardly revise share prices and financial analysts improve their...

This paper analyzes the value of analysts' consensus recommendations and their changes in eight developed stock markets using data from Factset/JCF, in the period from January 1994 to December 2006. Results show that analysts are optimistically biased, albeit to a different degree in each...

We use the CoVaR approach to identify the main factors behind systemic risk in a set of large international banks. We find that short-term wholesale funding is a key determinant in triggering systemic risk episodes. In contrast, we find weaker evidence that either size or leverage contributes to...