Purpose – The purpose of this paper is to investigate the relationship between corporate governance and cost of equity capital for a set of Spanish firms. Design/methodology/approach – The paper focuses on five board characteristics that have received widespread attention in corporate...

This study analyses the value relevance of the different components of the earnings figure that appear in the Spanish profit and loss account in order to determine the preferred level of disaggregation by investors. It is considered that the disaggregation may help to evaluate the earnings...

In this paper, the Ohlson (1995) valuation model is used to analyse the informative value of firm capital structure, decomposing the book value of equity in its two main components (i.e., total assets and liabilities) in order to test whether investors price them in a different way. We adopt a...

Purpose – The paper seeks to highlight the differences among EU countries in a series of institutional factors (e.g. enforcement, securities regulation, investor protection and ownership concentration) in order to test whether these differences are associated with the European variability in...

Research on earnings prediction has documented that the transitory component of current earnings undermines its predictive ability about future earnings. The implication of this finding is that a measure that better captures the underlying persistent component of earnings may prove very useful...

Productivity change and shareholder value have been analysed in the banking sector in the last few years, although it should be noted that these two important aspects have been studied separately. In this regard, the main contribution of our study is to link these two lines of research by...