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REF. Número 62º Cuatrimestre 2005
Títulares de los artículos
This paper analyzes the economic determinants of the voluntary revaluation of assets by
Spanish companies, within the framework of the Royal Decree 7/1996, of June 13th. The study
focuses on an accounting decision that combines discretionary components with several others
which are strictly regulated, as companies could voluntarily decide whether or not to revaluate their
assets, but were not free to decide when or how to do it. The restatement was allowed for a specific
period and according to a certain method. Therefore, it was not possible to introduce value estimates
in the process. Consequently, this represents an excellent scenario to assess the extent to
which the revaluation decision may be explained by the classical theories of accounting choice.
Results from univariate tests reveal that asset revaluations were aimed both, at increasing
contracting efficiency and, at signaling future profitability. Multivariate tests intended to
identify the factors that jointly explain the revaluation decision show that, after controlling
for uncertainty, companies restating their balance sheets were those with the higher profitability
in subsequent periods, even though the decision is conditioned by the existence of
proprietary costs. We found no evidence that political costs, tax savings or leverage have
explanatory power for the revaluation decision. Our results are robust to alternative functional
specifications and statistical tests. We provide evidence that the quality of earnings is
higher in companies restating their fixed assets both, in terms of persistence and in that they
use accounting discretion less opportunistically.
The recent proposal of various non-parametric models to solve prediction problems in banking
has provided powerful estimators. This paper uses two non parametric models, Classification and
Regression Trees (CART) and Multivariate Adaptative Regression Splines (MARS), in the eurobond
market to measure the accuracy of both these methods in determining issue price in the primary market.
Also the research included a comparative analysis with a parametric model, lineal regression estimated
by Ordinary Least Squares (OLS). Furthermore, the learning-generalization dilemma is tackled
by cross-validation in order to establish the most efficient algorithm structure for the solution of our
problem. The study concludes that CART algorithm is best at banking and state sector spread prediction,
while MARS algorithm and OLS estimates are more accurate at banking issues.
Los hedge funds, o fondos de cobertura, han despertado la atencion de los inversores con una aureola de misticismo y oscurantismo, y se han convertido en un sector de mas de $1.000.000.000.000 a nivel mundial. En este articulo se intenta simplemente presentar algunos hechos sobre el sector, y reflexionar sobre algunos de los mitos. En este articulo revisaremos la industria, sus productos, riesgos y plantearemos una manera de pensar sobre los hedge funds, desde el punto de vista del invesor, que tiene en cuenta sus diferencias respecto a las inversiones tradicionales.