Insiders ownership and firm value in Southern Europe

The effectiveness of the insider ownership as an internal governance mechanism is addressed in the Southern European context using a sample of publicly traded firms during the 2001-2007 period. A cross country and panel data design is used, taking into account the endogeneity problem arising in studies of corporate governance. The results provide new evidence of the influence of the insider ownership on firm value by testing a non-linear relationship. Our study supports both the convergence of interests and the entrenchment effect. It also shows whether there are significant differences in the estimated relationship between family and non family firms. We find that when the large shareholder has not a family nature, firm value initially declines with insider ownership, then increases, and, finally, increases again. However, when the large shareholder has a family nature, firm value initially increases with insider ownership and then decreases

Corporate governance, weak investor protection and financial performance in Southern Europe

The effectiveness of boards of directors is addressed in a context of weak legal protection using a sample of listed firms from Southern. A cross-country and panel data design is used, taking into account the endogeneity problem arising in studies of corporate governance. The results show that there is an inverted Ushaped relationship between independent directors and firm performance which allows us to identify the optimal level of independent directors on the board. Moreover, the study determines whether there are significant differences in the optimal level of independent directors depending on the family identity of the large shareholder and whether any such differences are correlated with firm performance. This article has implications for practitioners because the results fail to support good the governance recommendation suggesting that more independent directors are always in the best interest of investors

Changes to the regulation and the declaration of unfair terms in mortgage agreements: an event study approach to the Spanish Banking Industry

This paper investigates how the European Union and Spanish changes to the regulation and the declaration of some unfair terms in mortgage loan agreements have affected the valuation of the Spanish banking industry. This paper has a dual legal and economic focus, and could consequently be of interest not only to financial institutions but also to the administrator of justice, which oversees the correct functioning of the financial system and the protection of consumer rights, in this case, mortgage holders. The empirical analysis was carried out using a sample of Spanish companies composed of 11 financial institutions that are listed, or have been listed, on the Madrid stock exchange and 24 non-financial companies listed on the IBEX-35 index. The period analysed was from December 2009 to March 2019. One of the main conclusions was the observation that, in general, the abnormal negative returns of financial institutions are greater when dealing with a decision from the Court of Justice of the European Union rather than from the Spanish Supreme Court. The events referred to as unfair terms that have had the most impact as a whole on the returns of shareholders were, because of their impact of the valuation of financial institutions, in order of importance, those relating to default interest charges, followed by rounding up, and, in last place, the unfair terms of floor clauses, mortgage constitution expenses and multi-currency loans.The authors acknowledge the financial support from Junta de Andalucía, Spain, through Project SEJ_555 and the financial support through the Jean Monnet Module in “EU Finance and Institutions: New Social and Environmental Challenges” (620132-EPP-1-2020-1-ES-EPPJMOMODULE)

Molding with nanoparticle-based one-dimensional photonic crystals: A route to flexible and transferable Bragg mirrors of high dielectric contrast

Self-standing, flexible Bragg mirror films of high refractive index contrast and showing intense and wide Bragg peaks are herein presented. Nanoparticle-based one-dimensional photonic crystals are used as templates to infiltrate a polymer, which provides the multilayer with mechanical stability while preserving the dielectric contrast existing in the mold. Such films can be lifted off the substrate and used to coat another surface of arbitrary shapeMinisterio de Ciencia y Educación MAT2008-02166Junta de Andalucía FQM-357

El matrimonio consaguíneo en la Persia aqueménida : la perspectiva griega

Este artículo estudia la práctica de matrimonios consanguíneos en la Persia aqueménida. La mención de el término avéstico xvaétvadada ha llevado a algunos estudiosos a considerar que la institución de los matrimonios consanguíneos propios de época sasánida existía ya en el período aqueménida. Sin embargo, los testimonios aportados por los autores griegos contemporáneos de los reyes aqueménidas inducen a pensar que esta práctica no estaba tan extendida, dado el grado de discrepancia observable en estas fuentes.This article studies the practice of consanguineous marriages in Achemenid Persia. The mention of the avestic term xvaetvadaBa implies, according to some scholars, that the Sasanian institution of consanguineous marriages already existed in the Achemenid period. However, the great discrepancies showed by the ancient Western authors lead us to think that this practice was not so widespread

El matrimonio consaguíneo en la Persia aqueménida : la perspectiva griega

Este artículo estudia la práctica de matrimonios consanguíneos en la Persia aqueménida. La mención de el término avéstico xvaétvadada ha llevado a algunos estudiosos a considerar que la institución de los matrimonios consanguíneos propios de época sasánida existía ya en el período aqueménida. Sin embargo, los testimonios aportados por los autores griegos contemporáneos de los reyes aqueménidas inducen a pensar que esta práctica no estaba tan extendida, dado el grado de discrepancia observable en estas fuentes.This article studies the practice of consanguineous marriages in Achemenid Persia. The mention of the avestic term xvaetvadaBa implies, according to some scholars, that the Sasanian institution of consanguineous marriages already existed in the Achemenid period. However, the great discrepancies showed by the ancient Western authors lead us to think that this practice was not so widespread

Corporate governance attributes and listed SMES' debt maturity

ABSTRACT: Purpose: This article develops a cross-country analysis of the similarities and differences in the debt maturity structure of listed SMEs from the point of view of CG attributes in two different eco-nomic environments: an OECD (Spain) country and a non-OECD (Argentina) country. Design/methodology/approach: Using data from listed SMEs in the Argentinian SME segment (pooled data from 2012 to 2015) and listed SMEs in the Spanish Mercado Alternativo Bursátil for growing firms (MAB_GE 2014), bivariate and multivariate analyses are performed. Findings: Spanish firms with a higher ownership concentration and a large controlling share-holder have higher short-term liabilities (STL) ratios. Participation of women on the board has a negative relation with the STL ratio only for Spain. The participation of corporations in owner-ship and a Big4 auditor have a negative relation with the STL ratio for both countries. Practical implications: These results will help SME managers understand the effects of the ap-plication of good governance policies. The study also gives regulators a guideline to develop standards to assist in efficient borrowing in terms of seeking funding in alternative capital mar-kets. Originality/value: First, the results provide evidence about the financial impact on the STL ratio of CG attributes in listed SME. Second, as far as the authors know, this is the first article to analyse the CG attributes of listed SMEs in an OECD country and a non-OECD country. Third, the paper presents CG data derived from an ad hoc basis elaborated from different websites and databases