Current Research

Research Interests

• Executive compensation
• Corporate Governance
• Risk Management
• Financial regulation and enforcement
• Governance intermediaries
• Sustainable finance
• Banking

Refereed Publications

• Enforcement of Financial Reporting Regulation in the EU: New Data with Sanjay Bissessur, Robin Litjens and Gaizka Ormazabal.  European Accounting Review, Forthcoming.
• Mandatory Investor Disclosure, Sustainability Commitments, and Portfolio Decarbonization, with Fernando Peñalva, Jiyuan Dai, Gaizka Ormazabal, and Robert Raney. Journal of Accounting & Economics, Forthcoming.
• Why have CEO Pay Levels Become Less Diverse?, with Torsten Jochem and Anjana Rajamani. Journal of Finance, Forthcoming.
• Trading Emission Allowances and Reporting Incentives, with Donald N’Gatta and Robert Raney. Journal of Accounting and Economics, Forthcoming.
• The Role of Information in Building a More Sustainable Economy: A Supply and Demand Perspective (2024), with Henry Friedman, Journal of Accounting Research 64(5), 1575-1609.
• Institutional Investors, Climate Disclosure, and Carbon Emissions (2023), with Shira Cohen and Igor Kadach, Journal of Accounting and Economics 76(2-3).
• Executive Compensation Tied to ESG Performance: International Evidence (2023), with Shira Cohen, Igor Kadach, and Stefan Reichelstein, Journal of Accounting Research 61(3), 805-853.
• Individual Wealth Taxes and Corporate Payouts (2023), with Raul Barroso, and Donald N’Gatta, The Accounting Review 98(5), 31-60.
• Boosting Foreign Investment: The Role of Cerfitication of Corporate Governance (2023), with Pietro Bonetti, Journal of Accounting Research, Forthcoming.
• Mandatory Carbon Disclosures and the Path to Net Zero (2021), with Patrick Bolton, Marcin Kacperczyk, Christian Leuz, Stefan Reichelstein, and Dirk Schoenmaker, Management and Business Review, Vol.1, No. 3, Fall 2021.
• Switching From Incurred to Expected Loan Loss Provisioning: Early Evidence (2021), with Germán López Espinosa and Yuki Sakasai, Journal of Accounting Research, 59 (3), 757-804.
• The Big Three and Corporate Carbon Emissions around the World (2021), with José Azar, Miguel Duro, and Igor Kadach. Journal of  Financial Economics, 142 (2), 674-696.
• Disclosure Regulation and Competitive Interactions: Evidence from the Oil and Gas Industry (2021), with Marc Badia, Miguel Duro, and Bjorn Jorgensen, The Accounting Review, 96 (5), 1-29.
• Disclosure Regulation and Corporate Acquisitions (2020), with Pietro Bonetti, and Miguel Duro, Journal of Accounting Research,  58 (1), 55 – 103.
• Political Connections and the Informativeness of Insider Trades (2020), with Alan Jagolinzer, David F. Larcker, and Daniel J. Taylor, Journal of Finance, 75 (4), 1833-1876.
• Capital Structure Under Collusion (2020), with Daniel Ferres, Paul Povel, and Giorgo Sertsios, Journal of Financial Intermediation, 45, Article 100854.
• Firm Risk and Disclosures about Dispersion of Asset Values: Evidence from Oil and Gas Reserves  (2020), with Marc Badia, Mary E. Barth, and Miguel Duro, The Accounting Review 95 (1), 1-29.
• The Informational Effects of Tightening Oil and Gas Disclosure Rules (2020), with Marc Badia, Miguel Duro, and Bjorn Jorgensen, Contemporary Accounting Research 37 (3), 1720-1755.
• The Effect of Enforcement Transparency: Evidence from SEC Comment-Letter Reviews (2019), with Miguel Duro and Jonas Heese, Review of Accounting Studies 24 (3), 780-823.
• Are Directors More Likely to Relinquish Their Riskiest Directorships after the Financial Crisis? (2018), Journal of Corporate Finance 52, 1-20.
• Whistleblowers on the Board? The Role of Independent Directors in Cartel Prosecutions (2017),with Murillo Campello and Daniel Ferrés, Journal of Law and Economics 60:2, 241-268.
• The Role of Stakeholders in Corporate Governance: A View from Accounting Research (2016), Foundations and Trends in Accounting 11 (4), 193–290.
• Outsourcing Shareholder Voting to Proxy Advisory Firms (2015), with David F. Larcker and Allan L. McCall, Journal of Law and Economics 58, 173-204. 
• Proxy Advisory Firms and Stock Option Repricing (2013), with David F. Larcker and Allan L. McCall, Journal of Accounting and Economics 56, 149-169.
• The Relation Between Equity Incentives and Misreporting: The Role of Risk-Taking Incentives (2013), with Christopher Armstrong, David F. Larcker and Daniel J. Taylor, Journal of Financial Economics 109 (2), 327-350.
• Asset Securitizations and Credit Risk(2012), with Mary E. Barth and Daniel F. Taylor, The Accounting Review 87 (2), 423-448.
• The Market Reaction to Corporate Governance Regulation (2010), with David F. Larcker and Daniel J. Taylor, Journal of Financial Economics 101, 432-448.
• Correcting for Cross-Sectional and Time-Series Dependence in Accounting Research (2010), with Ian D. Gow and Daniel J. Taylor, The Accounting Review 85 (2), 483-512.

Working Papers

• Forward-Looking Provisions: Credit Supply and Risk-Taking, with Bernardo Morais, José Luis Peydró, Mónica Roa, and Miguel Sarmiento. Third round at Journal of Accounting Research
• Climate Disclosures and Decarbonization Along the Supply Chain, with Pietro Bonetti, Yang(Ellen) En, and Igor Kadach. Second round at Journal of Accounting Research
• Cross-border Carbon Taxes and Shareholder Wealth, with Marta Alonso, Martin Jacob, and Rob Raney. Second round at Management Science.
• Climate Disclosure Regulation and Investor Wealth, with Hami Amiraslani, Xi Chen, and Peter Pope. Working paper.
• Climate Disclosures in Financial Statements, with Maximillian Müller, Thorsten Shellhorn, and Victor Wagner. Working paper.
• Debt Misreporting with Miguel Duro, Germán López-Espinosa, Sergio Mayordomo, and María Rodriguez. Working paper.
• Towards Boards of Supervisors? Fit and Proper Assessments by the European Central Bank, with Jiyuan Dai and Miguel Duro. Working paper.
• Does Provisioning based on Expected Credit Losses Weaken Risk-taking Discipline?, with Fernando Peñalva. Working paper.
• Shareholder Activism and Corporate Leasing, with Fang Li and Carles Vergara. Working paper.
• E&S Disclosure Regulation and Political Ideology, with David Schröeder, working paper.
• Do Consumers (Have to) Pay for ESG?, with Lisa Hillmann, Martin Jacob, and Rob Raney, working paper.
• Cross-border Spillover Effects of Corporate Taxes, with Pietro Bonetti and Martin Jacob, working paper.

Other Details

Social Science Research Network: https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1076473

Google Scholar: https://scholar.google.com/citations?hl=en&user=TQw8NsQAAAAJ

ResearchGate: https://www.researchgate.net/profile/Gaizka-Ormazabal-2