{"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":"2026-07-07T11:09:49","modified_gmt":"2026-07-07T10:09:49","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=4276130\"><strong>Debt Misreporting and Bank Lending<\/strong><\/a><strong>,<\/strong> with Miguel Duro, Germ\u00e1n L\u00f3pez-Espinosa, Sergio Mayordomo, and Mar\u00eda Rodriguez. <em>Journal of Financial Intermediation<\/em>, forthcoming.<\/li>\n<li><strong><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4832122\">Cross-border carbon taxes and shareholder wealth<\/a><\/strong>, with Marta Alonso, Martin Jacob, and Rob Raney. <em>Management Science<\/em>, Forthcoming.<\/li>\n<li><strong><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=6437162\">Trust and Credibility in Sustainability Reporting<\/a>,<\/strong> 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 Debt Misreporting and Bank Lending, with Miguel Duro, Germ\u00e1n L\u00f3pez-Espinosa, Sergio Mayordomo, and Mar\u00eda Rodriguez. Journal of Financial Intermediation, forthcoming. Cross-border carbon taxes and shareholder wealth, with Marta Alonso, Martin Jacob, and Rob Raney. Management Science, [&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":126,"href":"https:\/\/blog.iese.edu\/ormazabal\/wp-json\/wp\/v2\/pages\/77\/revisions"}],"predecessor-version":[{"id":687,"href":"https:\/\/blog.iese.edu\/ormazabal\/wp-json\/wp\/v2\/pages\/77\/revisions\/687"}],"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}]}}