The aim of this article is to analyze the financial-economic situation by sizes of Spanish firms. The results show that, not only the small size firms, but also the medium size firms, find more difficulties in their production organization than large firms. In fact, their human resources are...

This paper examines the effect of accruals subjectivity on the way investors use the information contained in accruals to set the interest rates charged in debt contracts. To measure the degree of subjectivity involved in the estimation of accruals we use several indicators of their ex ante...

There is extensive empirical research on the potential destabilizing effects of futures trading activity on spot market volatility. Rather than just focussing on spot volatility, this paper deals with the contemporaneous relationship between futures trading volume and the overall probability...

The purpose of this paper is to analyze the relationship between the productive efficiency of Spanish banks, whose shares are traded in the Spanish stock market, and their market returns. Based on recent theoretical contributions that relate the efficiency with bank management quality, we first...

In view of the limited interest that external users have in financial reporting by local governments, the harmonization of their accounting standards will depend on the international convergence of their information requests for management. In that sense, this paper contributes to analyze...

The main purpose of this paper is to identify the pattern of convergence of theeconomic environments that characterise the European Local Governments. In thisregard, our findings suggest that the key factors of the environment have not tended toconverge across Europe. The convergence has taken...

In this paper we provide additional evidence on expiration effects in the Ibex 35 stock index futures market using realized volatility as proposed in Andersen et al. (2003, Econometrica 71, 529-626). Our findings reveal not only a significant increase in spot trading activity, but also the...

In November 2001, the Spanish Official Exchange for Financial Futures and options launched the mini IBEX-35 futures contract. Following the seminal paper of Bessembider and Seguin (1992), this paper analyzes the effects of the introduction of the mini-futures contract in the Spanish stock index...