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International Seminar BBVA-Ivie 2008
Accounting, Financial Institutions and Capital Markets
Castellón de la Plana, December 19th, 2008
Fundación BBVA


The events of recent months have brought to light the impact that the malfunctioning of financial markets can have on the real economy. The credit crunch caused by the subprime mortgage crisis is preventing the normal development of economic transactions, limiting firms’ capacity to generate wealth and employment. Hence, many are now calling for stricter and better market regulation, aimed at creating stronger incentives for investors and financial institutions to act according to public interest. One of the most stressed aspects is the need for safer and more transparent financial markets.

In this context, the workshop includes five research papers which, from different points of view, analyze the role that financial information and information intermediaries play in allocating savings to investment opportunities. The session will be divided in two thematic areas. First of all, three works will be presented which focus on the tasks of the main gatekeepers: analysts, auditors and banks. The second session will include two studies on the effects of earnings management on investment decisions.


9.00-9.15 h: Presentation

Vicente Orts, Vice-rector for Research at the Universitat Jaume I

9.15-11.30 h: First Session

9.15–10.00 h: “Can financial statement analysis beat consensus analysts’ recommendations?”
James M. Wahlen, Indiana University and Matthew M. Wieland, University of Georgia

10.00–10.45 h: “Crunch time for bank audits? Questions of practice and the scope for dialogue”
Margaret Woods, Nottingham University, Christopher Humphrey, University of Manchester, Kevin Dowd, Nottingham University and Yu-Lin Liu, University of Manchester

10.45–11.30 h: “Liberalization, corporate governance and savings banks”
Manuel Illueca, Universitat Jaume I and Ivie, Lars Norden, University of Mannheim and Greg Udell, Indiana University

11.30-12.00 h: Coffee break

12.00-13.30 h: Second Session

12.00–12.45 h: “Bank financing as an incentive for earnings management in business start-ups”
Nancy Huyghebaert and Heidi Vander Bau-whede, Katholieke Universiteit Leuven (KUL) and Marleen Willekens, Katholieke Universiteit Leu-ven and Tilburg University

12.45–13.30 h: “Income smoothing and idiosyncratic risk”
Belén Gill de Albornoz, Universitat Jaume I and Ivie and Garen Markarian, Instituto de Empresa


Universitat Jaume I
Salón de Grados at the Facultad de Ciencias Jurídicas y Económicas
Av. Sos Baynat s/n
12071 Castellón de la Plana