Sonia Sanabria | Universida de Alicante (original) (raw)

Papers by Sonia Sanabria

Universitat d´Alacant / Universidad de Alicante eBooks, 2021

Reservados todos los derechos. No se permite reproducir, almacenar en sistemas de recuperación de... more Reservados todos los derechos. No se permite reproducir, almacenar en sistemas de recuperación de la información, ni transmitir alguna parte de esta publicación, cualquiera que sea el medio empleado-electrónico, mecánico, fotocopia, grabación, etcétera-, sin el permiso previo de los titulares de la propiedad intelectual

Memòries del Programa de XARXES-I 3 CE de qualitat, innovació i investigació en docència universi... more Memòries del Programa de XARXES-I 3 CE de qualitat, innovació i investigació en docència universitària. Convocatòria 2018-19 Memorias del Programa de REDES-I 3 CE de calidad, innovación e investigación en docencia universitaria. Convocatoria 2018-19 Rosabel Roig-Vila (Coord.

Instituto de Ciencias de la Educación eBooks, 2020

Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad, 2014

IVIE working papers offer in advance the results of economic research under way in order to encou... more IVIE working papers offer in advance the results of economic research under way in order to encourage a discussion process before sending them to scientific journals for their final publication. ∗ The authors wish to thank the anonymous referee of IVIE for helpful comments and the financial

Review of Quantitative Finance and Accounting, 2008

Abstract Using Spanish data, this paper examines, for the first time, the differences in the intr... more Abstract Using Spanish data, this paper examines, for the first time, the differences in the intraday response of an order-driven market to earnings announcements made during trading and non-trading hours. We show that the speed of reaction depends on timing of the ...

El reconocimiento docente: innovar e investigar con criterios de calidad.

uv.es

Esta tesis, en su concepción global, tiene como objetivo fundamental llevar a cabo un análisis en... more Esta tesis, en su concepción global, tiene como objetivo fundamental llevar a cabo un análisis en profundidad del impacto que los anuncios de beneficios contables producen en el mercado bursátil español. El vínculo entre la información contable, en concreto la cifra de ...

Most of studies which have analysed the topic of accounting systemclassification have been based ... more Most of studies which have analysed the topic of accounting systemclassification have been based on explanatory variables such as the socio-economicenvironment or accounting practices to both, measure and disclosure the financialinformation. This investigation does not take these concepts into account; it considersthe current accounting regulation existing in each of the EU Members States whichadapts its legislation to the Fourth Directive. The methodology employed is based oncluster analysis and correspondence analysis. Cluster analysis allows us to find out twogroups of countries that have homogeneous accounting systems within them andheterogeneous ones between groups. Nevertheless correspondence analysis indicatesthat differences in the accounting treatment are caused by informational requirementsaffecting the annual report. La mayoria de los estudios sobre clasificacion de los sistemas contables se han basado en variables explicativas como, por ejemplo, el entorno socioeconomico...

This paper analyses the intraday reaction of the Spanish market to annual earnings announcements.... more This paper analyses the intraday reaction of the Spanish market to annual earnings announcements. Specifically, we examine the levels of stock liquidity, trading activity, volatility, and asymmetric information, as well as the order placement strategy around earnings disclosures. We also analyse the differences in the market reaction to announcements made during trading and non-trading hours. We find that stock liquidity and trading activity significantly improves after the announcement, although we do not find a significant reduction in the level of asymmetric information. Our results indicate that the stock market reaction differs according to the timing of the announcement. For overnight announcements, where investors have time to evaluate the earnings news before the market opens, the improvement in liquidity is immediate, caused by higher trading activity and less asymmetric information. On the contrary, for earnings announcements released when the market is open, the significa...

The aim of this study is analyzed empirically the effect that annual earnings announcementshave i... more The aim of this study is analyzed empirically the effect that annual earnings announcementshave in market value and the trading volume of shares on the Spanish Stock Market for the periodbetween 1999 and 2001. With the finality to accomplish a more complete analysis, is examined theactual relation between changes in the trading volume around earnings announcements and changes inshares prices besides the sensibility of trading volume to the accumulated abnormal return’s sign inaddition to different firms’ characteristics as determinants of changes in the trading volume aroundearnings announcements.The obtained results demonstrate the presence of informative content at the annual earningsannouncements’ disclosure. Activity of trading volume around earnings announcements is connectedwith the number of analysts following a firm during the previous year to the announcement andinformation content of the earnings announcement, without anything which indicate that it isassociated with the i...

European Research on Management and Business Economics

Water

The determination of a price for water is an open discussion among related players, directly or i... more The determination of a price for water is an open discussion among related players, directly or indirectly, in water management. In the context of the recovery of water service costs, as referred to in Article 9 of the Water Framework Directive 2000/60/EC (WFD), legislation applicable in all member countries of the European Union, the total water cost is broken down into three blocks; financial, environmental, and resource. It is the last component that generates the most uncertainty both in its conceptualization and in its valuation. The need to establish a pricing system for water (water tariff) implies that the different concepts that make it up are correctly delimited. The main goal of this paper is to propose a first approximation to a new theoretical framework to establish a relationship between environmental sustainability and the valuation of the resource cost—given that current water consumption can provoke future water availability difficulties, making it a scarce commodit...

ABSTRACT This study contributes to investigation into the benefits of mandatory adoption of Inter... more ABSTRACT This study contributes to investigation into the benefits of mandatory adoption of International Financial Reporting Standards (IFRS) in regard to Spanish GAAP for analysts’ earnings forecasts. In a sample of listed Spanish firms, we find that mandatory IFRS adoption led to improvements in the quality of the information provided to financial analysts in the post-adoption period. We provide evidence that the benefits of IFRS take time to materialise. We also observe that the expected benefits and costs of IFRS adoption in relation to financial analysts’ forecasts were not randomly distributed among Spanish firms. In terms of analysts’ earnings forecast error and dispersion after implementation of IFRS, benefits are concentrated mainly in firms audited by the Big 4 audit firms.

Los documentos de trabajo del IVIE ofrecen un avance de los resultados de las investigaciones eco... more Los documentos de trabajo del IVIE ofrecen un avance de los resultados de las investigaciones económicas en curso, con objeto de generar un proceso de discusión previo a su remisión a las revistas científicas. * Me gustaría agradecer a Juan Carlos Gómez Sala el tiempo que me ha dedicado durante la realización de este trabajo así como los comentarios y aportaciones efectuadas al mismo.

Este trabajo analiza empíricamente el efecto que la publicación del beneficio anual tiene sobre e... more Este trabajo analiza empíricamente el efecto que la publicación del beneficio anual tiene sobre el valor de mercado y el volumen de negociación de las acciones admitidas a cotización en el mercado bursátil español para el periodo 1999-2001. Se examina la relación existente entre los cambios en los volúmenes alrededor del anuncio y los cambios en el precio de las acciones así como la sensibilidad del volumen anormal al signo de las rentabilidades anormales acumuladas, además de las diferentes características de las empresas como determinantes de los cambios en la negociación alrededor del anuncio.

Este trabajo analiza si en el mercado bursátil español existe con posterioridad al anuncio de res... more Este trabajo analiza si en el mercado bursátil español existe con posterioridad al anuncio de resultados contables una tendencia en las rentabilidades en la misma dirección que la sorpresa asociada a dicho anuncio. Para ello se han utilizado tres medidas de sorpresa alternativas basadas en: (i) la serie temporal de resultados contables, (ii) rentabilidades de mercado y (iii) predicciones de analistas. A excepción de con la segunda medida, con las otras dos observamos una fuerte y significativa tendencia post-anuncio, conteniendo ambas medidas poder explicativo marginal una vez se ha controlado la una por la otra. Los resultados son robustos a diferentes ajustes por riesgo incondicionales, así como a un ajuste por momentum. Sin embargo, cuando se condiciona al momento económico dicha anomalía parece desaparecer.