Changes in the influence of board characterisitcs on corporate results due to the recent global financial crisis

The main purpose of this study is to analyse the changes caused by the global financial crisis on the influence of board characteristics on corporate results, in terms of corporate performance, corporate risk-taking, and earnings management. Sample comprises S&P 500 listed firms during 2002-2008. This study reveals that the environmental conditions call for different behaviour from directors to fulfil their responsibilities and suggests changes in normative and voluntary guidelines for improving good practices in the boardroom.

Deep structure of crust and mantle beneath Iberia and Western Mediterranean from P and S Receiver functions and SKS Waveforms

We have conducted a P and S receiver functions [PRFs and SRFs] analysis for 19 seismic stations on the Iberia and western Mediterranean. In the transition zone [TZ] the PRFs analysis reveals a band [from Gibraltar to Balearic] increased by 10-20 km relative to the standard 250 km. The TZ thickness variations are strongly correlated with the P660s times in PRFs. We interpret the variable depth of the 660-km discontinuity as an effect of subduction. Over the anomalous TZ we found a reduced velocity zone in the upper mantle. Joint inversion of PRFs and SRFs reveals a subcrustal high S velocity lid and an underlying LVZ. A reduction of the S velocity in the LVZ is less than 10%. The Gutenberg discontinuity is located at 65±5 km, but in several models sampling the Mediterranean, the lid is missing or its thickness is reduced to ~30 km. In the Gibraltar and North Africa this boundary is located at ~100 km. The lid Vp/Vs beneath Betics is reduced relative to the standard 1.8. Another evidence of the Vp/Vs anomaly is provided by S410p phase late arrivals in the SRFs. The azimuthal anisotropy analysis with a new technology was conducted at 5 stations and at 2 groups of stations. The fast direction in the uppermost mantle layer is ~90º in Iberian Massif. In Balearic is in the azimuth of ~120º. At a depth of ~60 km the direction becomes 90º. Anisotropy in the upper layer can be interpreted as frozen, whereas anisotropy in the lower layer is active, corresponding to the present-day or recent flow. The effect of the asthenosphere in the SKS splitting is much larger than the effect of the subcrustal lithosphere.

100 Años de desarrollo de la teoría financiera : situación actual y previsible evolución tras la crisis : resumen de la ponencia

"Las Finanzas, como disciplina académica, nacen a caballo entre los siglos XIX y XX. Sin duda el importante desarrollo industrial de la época y la necesidad de empresas de mayores dimensiones llevaron a un creciente interés por las concentraciones empresariales como fusiones y adquisiciones. También aumentó el interés por los mercados donde se financiaban estas empresas cada vez mayores. Y esto, aunque sucedía en diversas partes del mundo, estaba ocurriendo de forma especial en Estados Unidos, de manera que allí fue donde nacieron las finanzas, y donde se han seguido desarrollando. De esta manera, desde un comienzo, las finanzas tienen un claro sello anglosajón." [introdução]

From the Bay of Biscay to the High Atlas: completing the anisotropic characterization of the upper mantle beneath the westernmost Mediterranean region

The knowledge of the anisotropic properties beneath the Iberian Peninsula and Northern Morocco has been dramatically improved since late 2007 with the analysis of the data provided by the dense TopoIberia broadband seismic network, the increasing number of permanent stations operating in Morocco, Portugal and Spain, and the contribution of smaller scale/higher resolution experiments. Results from the two first TopoIberia deployments have evidenced a spectacular rotation of the fast polarization direction (FPD) along the Gibraltar Arc, interpreted as an evidence of mantle flow deflected around the high velocity slab beneath the Alboran Sea, and a rather uniform N100 degrees E FPD beneath the central Iberian Variscan Massif, consistent with global mantle flow models taking into account contributions of surface plate motion, density variations and net lithosphere rotation. The results from the last Iberarray deployment presented here, covering the northern part of the Iberian Peninsula, also show a rather uniform FPD orientation close to N100 degrees E, thus confirming the previous interpretation globally relating the anisotropic parameters to the LPO of mantle minerals generated by mantle flow at asthenospheric depths. However, the degree of anisotropy varies significantly, from delay time values of around 0.5 s beneath NW Iberia to values reaching 2.0 sin its NE comer. The anisotropic parameters retrieved from single events providing high quality data also show significant differences for stations located in the Variscan units of NW Iberia, suggesting that the region includes multiple anisotropic layers or complex anisotropy systems. These results allow to complete the map of the anisotropic properties of the westernmost Mediterranean region, which can now be considered as one of best constrained regions worldwide, with more than 300 sites investigated over an area extending from the Bay of Biscay to the Sahara platform. (C) 2015 Elsevier B.V. All rights reserved.