{"id":77,"date":"2011-10-06T10:52:05","date_gmt":"2011-10-06T09:52:05","guid":{"rendered":"https:\/\/blog.iese.edu\/ormazabal\/?page_id=77"},"modified":"2026-03-25T15:30:46","modified_gmt":"2026-03-25T14:30:46","slug":"current-research","status":"publish","type":"page","link":"https:\/\/blog.iese.edu\/ormazabal\/current-research\/","title":{"rendered":"Current Research"},"content":{"rendered":"<h3>Research Interests<\/h3>\n<ul>\n<li>Executive compensation<\/li>\n<li>Corporate Governance<\/li>\n<li>Risk Management<\/li>\n<li>Financial regulation and enforcement<\/li>\n<li>Governance intermediaries<\/li>\n<li>Sustainable finance<\/li>\n<li>Banking<\/li>\n<\/ul>\n<h3><strong>Refereed Publications<\/strong><\/h3>\n<ul>\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=6437162\">Trust and Credibility in Sustainability Reporting<\/a>, Accounting and Business Research, forthcoming.<\/li>\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4620424\"><strong>Enforcement of Financial Reporting Regulation in the EU: New Data<\/strong><\/a> with Sanjay Bissessur, Robin Litjens and Gaizka Ormazabal.\u00a0 <em>European Accounting Review<\/em>, Forthcoming.<\/li>\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4564890\"><strong>Mandatory Investor Disclosure, Sustainability Commitments, and Portfolio Decarbonization<\/strong><\/a>, with Fernando Pe\u00f1alva, Jiyuan Dai, Gaizka Ormazabal, and Robert Raney. <em>Journal of Accounting &amp; Economics<\/em>, Forthcoming.<\/li>\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3716765\"><strong>Why have CEO Pay Levels Become Less Diverse?<\/strong><\/a>, with Torsten Jochem and Anjana Rajamani. <em>Journal of Finance<\/em>, Forthcoming<em>.<\/em><\/li>\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4216364\"><strong>Trading Emission Allowances and Reporting Incentives<\/strong><\/a>, with Donald N&#8217;Gatta and Robert Raney. <em>Journal of Accounting and Economics<\/em>, Forthcoming<em>.<\/em><\/li>\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4718697\"><strong>The Role of Information in Building a More Sustainable Economy: A Supply and Demand Perspective<\/strong><\/a>\u00a0(2024), with Henry Friedman, <em>Journal of Accounting Research <\/em>64(5), 1575-1609.<\/li>\n<li><strong><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4138869\">Institutional Investors, Climate Disclosure, and Carbon Emissions<\/a><\/strong> (2023), with Shira Cohen and Igor Kadach, <em>Journal of Accounting and Economics <\/em>76(2-3).<\/li>\n<li><strong><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4097202\">Executive Compensation Tied to ESG Performance: International Evidence <\/a><\/strong>(2023),\u00a0with Shira Cohen, Igor Kadach, and Stefan Reichelstein, <em>Journal of Accounting Research<\/em>\u00a061(3), 805-853.<\/li>\n<li><strong><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4295842\">Individual Wealth Taxes and Corporate Payouts<\/a> <\/strong>(2023), with Raul Barroso, and Donald N\u2019Gatta, The Accounting Review 98(5), 31-60.<\/li>\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3858572\"><strong>Boosting Foreign Investment: The Role of Cerfitication of Corporate Governance <\/strong><\/a>(2023),\u00a0with Pietro Bonetti, Journal of Accounting Research, Forthcoming.<\/li>\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3946031\"><strong>Mandatory Carbon Disclosures and the Path to Net Zero <\/strong><\/a>(2021), with Patrick Bolton, Marcin Kacperczyk, Christian Leuz, Stefan Reichelstein, and Dirk Schoenmaker, Management and Business Review, Vol.1, No. 3, Fall 2021.<\/li>\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3603056\"><strong>Switching From Incurred to Expected Loan Loss Provisioning: Early Evidence<\/strong><\/a> (2021), with <a href=\"https:\/\/www.iese.edu\/faculty-research\/faculty\/german-lopez-espinosa\/\">Germ\u00e1n L\u00f3pez Espinosa<\/a> and Yuki Sakasai, Journal of Accounting Research, <i>59<\/i> (3), 757-804.<\/li>\n<li><strong><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3553258\">The Big Three and Corporate Carbon Emissions around the World<\/a><\/strong>\u00a0(2021), with <a href=\"https:\/\/www.iese.edu\/faculty-research\/faculty\/jose-azar\/\">Jos\u00e9 Azar<\/a>, <a href=\"https:\/\/www.iese.edu\/faculty-research\/faculty\/miguel-duro\/\">Miguel Duro<\/a>, and<a href=\"https:\/\/www.iese.edu\/faculty-research\/faculty\/igor-kadach\/\"> Igor Kadach<\/a>. <em><em>Journal of\u00a0 Financial Economics, 142 (2), 674-696.<\/em><\/em><\/li>\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2877070\"><strong>Disclosure Regulation and Competitive Interactions: Evidence from the Oil and Gas Industry<\/strong><\/a>\u00a0(2021), with <a href=\"http:\/\/www.iese.edu\/en\/faculty-research\/professors\/faculty-directory\/marc-badia\/\">Marc Badia<\/a>, <a href=\"http:\/\/www.iese.edu\/en\/faculty-research\/professors\/faculty-directory\/miguel-duro\/\">Miguel Duro<\/a>, and <a href=\"http:\/\/www.lse.ac.uk\/accounting\/people\/bjorn-jorgensen\">Bjorn Jorgensen<\/a>, <em><em>The Accounting Review, <\/em><\/em>96 (5), 1-29.<\/li>\n<li><a href=\"https:\/\/doi.org\/10.1111\/1475-679X.12298\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Disclosure Regulation and Corporate Acquisitions<\/strong><\/a>\u00a0(2020), with <a href=\"https:\/\/www.iese.edu\/faculty-research\/faculty\/pietro-bonetti\/\">Pietro Bonetti<\/a>, and <a href=\"http:\/\/www.iese.edu\/en\/faculty-research\/professors\/faculty-directory\/miguel-duro\/\">Miguel Duro<\/a>, <em>Journal of Accounting Research,<\/em> \u00a058 (1), 55 &#8211; 103.<\/li>\n<li><a href=\"https:\/\/doi.org\/10.1111\/jofi.12899\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Political Connections and the Informativeness of Insider Trades<\/strong><\/a> (2020), with Alan Jagolinzer, David F. Larcker, and Daniel J. Taylor,\u00a0<em>Journal of Finance,<\/em> 75 (4), 1833-1876.<\/li>\n<li><strong><a href=\"https:\/\/doi.org\/10.1016\/j.jfi.2020.100854\" target=\"_blank\" rel=\"noopener noreferrer\">Capital Structure Under Collusion<\/a><\/strong>\u00a0(2020), with Daniel Ferres, Paul Povel, and Giorgo Sertsios, <em>Journal of Financial Intermediation, <\/em>45, Article 100854.<\/li>\n<li><a href=\"https:\/\/doi.org\/10.2308\/accr-52445\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Firm Risk and Disclosures about Dispersion of Asset Values: Evidence from Oil and Gas Reserves <\/strong><\/a>\u00a0(2020), with <a href=\"http:\/\/www.iese.edu\/en\/faculty-research\/professors\/faculty-directory\/marc-badia\/\">Marc Badia<\/a>, <a href=\"https:\/\/gsbapps.stanford.edu\/facultyprofiles\/biodetail.asp?id=37912109\">Mary E. Barth<\/a>, and <a href=\"http:\/\/www.iese.edu\/en\/faculty-research\/professors\/faculty-directory\/miguel-duro\/\">Miguel Duro<\/a>, <em>The Accounting Review<\/em> 95 (1), 1-29.<\/li>\n<li><a href=\"https:\/\/doi.org\/10.1111\/1911-3846.12572\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>The Informational Effects of Tightening Oil and Gas Disclosure Rules<\/strong><\/a> (2020),\u00a0with <a href=\"http:\/\/www.iese.edu\/en\/faculty-research\/professors\/faculty-directory\/marc-badia\/\">Marc Badia<\/a>, <a href=\"http:\/\/www.iese.edu\/en\/faculty-research\/professors\/faculty-directory\/miguel-duro\/\">Miguel Duro<\/a>, and <a href=\"http:\/\/www.lse.ac.uk\/accounting\/people\/bjorn-jorgensen\">Bjorn Jorgensen<\/a>,\u00a0<em>Contemporary Accounting Research<\/em> 37 (3), 1720-1755.<\/li>\n<li><strong><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3178609\">The Effect of Enforcement Transparency: Evidence from SEC Comment-Letter Reviews <\/a><\/strong>(2019),\u00a0with <a href=\"http:\/\/www.iese.edu\/en\/faculty-research\/professors\/faculty-directory\/miguel-duro\/\">Miguel Duro<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.hbs.edu\/faculty\/Pages\/profile.aspx?facId=740159\">Jonas Heese<\/a>, <em>Review of Accounting Studies <\/em>24 (3), 780-823.<\/li>\n<li><a href=\"https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0929119918301950\"><strong>Are Directors More Likely to Relinquish Their Riskiest Directorships after the Financial Crisis?<\/strong><\/a> (2018), <em>Journal of Corporate Finance <\/em>52, 1-20<em>.<\/em><\/li>\n<li><strong><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2672696\">Whistleblowers on the Board? The Role of Independent Directors in Cartel Prosecutions <\/a><\/strong>(2017),with <a href=\"https:\/\/www.johnson.cornell.edu\/Faculty-And-Research\/Profile\/id\/mnc35\">Murillo Campello<\/a>\u00a0and <a href=\"http:\/\/fcee.um.edu.uy\/profesoresum\/2803-daniel-ferres\/\">Daniel Ferr\u00e9s<\/a>, <em><em>Journal of\u00a0Law and Economics\u00a0<\/em><\/em><span class=\"volume\">60<\/span>:<span class=\"issue\">2<\/span>, <span class=\"page\">241-268.<\/span><\/li>\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3086875\"><strong>The Role of Stakeholders in Corporate Governance: A View from Accounting Research<\/strong><\/a> (2016),\u00a0<em>Foundations and Trends in Accounting <\/em>11 (4), 193\u2013290<em>.<\/em><\/li>\n<li><a href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2101453\"><strong>Outsourcing Shareholder Voting to Proxy Advisory Firms<\/strong><\/a> (2015), with <a href=\"https:\/\/gsbapps.stanford.edu\/facultyprofiles\/biodetail.asp?id=55599549\">David F. Larcker<\/a>\u00a0and Allan L. McCall,\u00a0<em>Journal of\u00a0Law and Economics <\/em>58, 173-204<em>.\u00a0<\/em><\/li>\n<li><a href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=1811130\"><strong>Proxy Advisory Firms and Stock Option Repricing<\/strong><\/a> (2013),\u00a0with\u00a0<a href=\"https:\/\/gsbapps.stanford.edu\/facultyprofiles\/biodetail.asp?id=55599549\">David F. Larcker<\/a>\u00a0and\u00a0Allan L. McCall,\u00a0<em>Journal of Accounting and Economics <\/em>56, 149-169.<\/li>\n<li><a href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2164768\"><strong>The Relation Between Equity Incentives and Misreporting: The Role of Risk-Taking Incentives<\/strong><\/a> (2013), with <a href=\"https:\/\/accounting.wharton.upenn.edu\/profile\/399\/\">Christopher Armstrong<\/a>,\u00a0<a href=\"https:\/\/gsbapps.stanford.edu\/facultyprofiles\/biodetail.asp?id=55599549\">David F. Larcker<\/a>\u00a0and\u00a0<a href=\"http:\/\/accounting.wharton.upenn.edu\/people\/faculty.cfm?id=675\">Daniel J. Taylor<\/a>,\u00a0<em>Journal of Financial Economics<\/em>\u00a0109 (2), 327-350.<\/li>\n<li><strong><a title=\"Asset Securitizations and Credit Risk\" href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=1865376\">Asset Securitizations and Credit Risk<\/a><\/strong>(2012),\u00a0with\u00a0<a href=\"https:\/\/gsbapps.stanford.edu\/facultyprofiles\/biodetail.asp?id=37912109\">Mary E. Barth<\/a>\u00a0and\u00a0<a href=\"http:\/\/accounting.wharton.upenn.edu\/people\/faculty.cfm?id=675\">Daniel F. Taylor<\/a>,\u00a0<em>The Accounting Review<\/em> 87 (2), 423-448.<\/li>\n<li><strong><a href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=1650333##\">The Market Reaction to Corporate Governance Regulation<\/a><\/strong>\u00a0(2010), with <a href=\"https:\/\/gsbapps.stanford.edu\/facultyprofiles\/biodetail.asp?id=55599549\">David F. Larcker<\/a> and <a href=\"http:\/\/accounting.wharton.upenn.edu\/people\/faculty.cfm?id=675\">Daniel J. Taylor<\/a>, <em>Journal of Financial Economics <\/em>101, 432-448<em>.<\/em><\/li>\n<li><strong><a href=\"http:\/\/www.kellogg.northwestern.edu\/faculty\/gow\/htm\/GOT\/\">Correcting for Cross-Sectional and Time-Series Dependence in Accounting Research<\/a><\/strong> (2010), with <a href=\"http:\/\/www.kellogg.northwestern.edu\/faculty\/gow\/htm\/index.html\">Ian D. Gow<\/a>\u00a0and\u00a0<a href=\"http:\/\/accounting.wharton.upenn.edu\/people\/faculty.cfm?id=675\">Daniel J. Taylor<\/a>,\u00a0<em>The Accounting Review<\/em> 85 (2), 483-512.<\/li>\n<\/ul>\n<h3><strong>Working Papers<\/strong><\/h3>\n<ul>\n<li>Forward-Looking Provisions: Credit Supply and Risk-Taking, with Bernardo Morais, Jos\u00e9 Luis Peydr\u00f3, M\u00f3nica Roa, and Miguel Sarmiento. Third round at Journal of Accounting Research<\/li>\n<li>Climate Disclosures and Decarbonization Along the Supply Chain, with Pietro Bonetti, Yang(Ellen) En, and Igor Kadach. Second round at Journal of Accounting Research<\/li>\n<li>Cross-border Carbon Taxes and Shareholder Wealth, with Marta Alonso, Martin Jacob, and Rob Raney. Second round at Management Science.<\/li>\n<li>Climate Disclosure Regulation and Investor Wealth, with Hami Amiraslani, Xi Chen, and Peter Pope. Working paper.<\/li>\n<li>Climate Disclosures in Financial Statements, with Maximillian M\u00fcller, Thorsten Shellhorn, and Victor Wagner. Working paper.<\/li>\n<li><a href=\"https:\/\/eur03.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D3858572&amp;data=05%7C02%7CARocamora%40iese.edu%7C7202dc65a01f4cd7c11608ddf201a413%7Ced0cd196c46d43d9813e500e8c413eda%7C0%7C0%7C638932811043494394%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=SviXzmDlbcHhF0y8%2BKx1IL1lZJ1X53fbfgt7IOarnyA%3D&amp;reserved=0\">Debt<\/a> Misreporting with Miguel Duro, Germ\u00e1n L\u00f3pez-Espinosa, Sergio Mayordomo, and Mar\u00eda Rodriguez. Working paper.<\/li>\n<li>Towards Boards of Supervisors? Fit and Proper Assessments by the European Central Bank, with Jiyuan Dai and Miguel Duro. Working paper.<\/li>\n<li>Does Provisioning based on Expected Credit Losses Weaken Risk-taking Discipline?, with Fernando Pe\u00f1alva. Working paper.<\/li>\n<li>Shareholder Activism and Corporate Leasing, with Fang Li and Carles Vergara. Working paper.<\/li>\n<li>E&amp;S Disclosure Regulation and Political Ideology, with David Schr\u00f6eder, working paper.<\/li>\n<li>Do Consumers (Have to) Pay for ESG?, with Lisa Hillmann, Martin Jacob, and Rob Raney, working paper.<\/li>\n<li>Cross-border Spillover Effects of Corporate Taxes, with Pietro Bonetti and Martin Jacob, working paper.<\/li>\n<\/ul>\n<h3><strong>Other Details<\/strong><\/h3>\n<p>Social Science Research Network: <a href=\"https:\/\/papers.ssrn.com\/sol3\/cf_dev\/AbsByAuth.cfm?per_id=1076473\">https:\/\/papers.ssrn.com\/sol3\/cf_dev\/AbsByAuth.cfm?per_id=1076473<\/a><\/p>\n<p>Google Scholar: <a href=\"https:\/\/scholar.google.com\/citations?hl=en&amp;user=TQw8NsQAAAAJ\">https:\/\/scholar.google.com\/citations?hl=en&amp;user=TQw8NsQAAAAJ<\/a><\/p>\n<p>ResearchGate: <a href=\"https:\/\/www.researchgate.net\/profile\/Gaizka-Ormazabal-2\">https:\/\/www.researchgate.net\/profile\/Gaizka-Ormazabal-2<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Research Interests Executive compensation Corporate Governance Risk Management Financial regulation and enforcement Governance intermediaries Sustainable finance Banking Refereed Publications Trust and Credibility in Sustainability Reporting, Accounting and Business Research, forthcoming. Enforcement of Financial Reporting Regulation in the EU: New Data with Sanjay Bissessur, Robin Litjens and Gaizka Ormazabal.\u00a0 European Accounting Review, Forthcoming. Mandatory Investor Disclosure, [&hellip;]<\/p>\n","protected":false},"author":850,"featured_media":0,"parent":0,"menu_order":2,"comment_status":"open","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-77","page","type-page","status-publish","hentry"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/blog.iese.edu\/ormazabal\/wp-json\/wp\/v2\/pages\/77","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.iese.edu\/ormazabal\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/blog.iese.edu\/ormazabal\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/blog.iese.edu\/ormazabal\/wp-json\/wp\/v2\/users\/850"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.iese.edu\/ormazabal\/wp-json\/wp\/v2\/comments?post=77"}],"version-history":[{"count":121,"href":"https:\/\/blog.iese.edu\/ormazabal\/wp-json\/wp\/v2\/pages\/77\/revisions"}],"predecessor-version":[{"id":675,"href":"https:\/\/blog.iese.edu\/ormazabal\/wp-json\/wp\/v2\/pages\/77\/revisions\/675"}],"wp:attachment":[{"href":"https:\/\/blog.iese.edu\/ormazabal\/wp-json\/wp\/v2\/media?parent=77"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}