The purpose of International Financial Reporting Standards (IFRS), adopted mandatorily by European listed firms in 2005, is to increase the transparency and the comparability of accounting information, which should have led to improvements in these firms' information environment. This study uses market microstructure proxies for information asymmetry to examine the effects of IFRS adoption on the level of information asymmetry in the Spanish stock market. Therefore, we consider a setting with substantial differences between local standards-Spanish Accounting Standards (SAS)-and IFRS and where the level of enforcement is low. By controlling for conventional determinants of information asymmetry and firms' characteristics that influence their information environment, we find a reduction of information asymmetry after IFRS adoption. Our findings suggest that the mandatory switch from local accounting standards to IFRS conveys benefits to the market, even when the enforcement level is not strong.

This study examines the relative age effect (RAE) and its impact on the performance of elite male (n = 3,358) and female (n = 3,273) handball players in the U-19 (n = 2,188), U-21 (n = 2,031), and senior (n = 2,412) categories of the

This paper examines earnings management and tax aggressiveness in SMEs. First, we find a discontinuity around zero in the distribution of earnings but not in the distribution of earnings change, and provide evidence that SMEs engage in accrual and real earnings management to beat zero earnings, to achieve a stable net income over the years, and also when in situations of financial constraints. We also find an overall negative association between income‐increasing earnings management and non‐conforming tax avoidance. In addition, we show that SMEs are less tax aggressive in those settings where we have previously found that they engage in upward earnings management (i.e., small profits, smoothed net income, financial constraints). This suggests that under financial reporting incentives to report higher earnings, upward earnings management clearly prevail over tax aggressiveness. On the contrary, in settings without the pressure to report higher earnings, our findings suggest that SMEs may simultaneously engage in conforming and non‐conforming tax avoidance to reduce taxes paid.

No abstract

The concept of the relative age effect refers to the consequences of the physical and psychological differences that may exist between those born earlier or later within the same calendar year. The objective of the present study was to examine this phenomenon in Spanish professional soccer, identifying the influences of the competitive level and the club of origin. The sample comprised 2,130 individuals from five competitive categories: under 12 (U12; n = 480), under 14 (U14; n = 338), under 16 (U16; n = 390), under 19 years old (U19; n = 489) and professional players (n = 433), with nine teams from the Spanish professional soccer league (PSL). Statistical analysis was based on a chi-squared test followed by calculation of the odds ratios and 95% confidence intervals. The main results show that at all levels of competition there was over-representation of individuals born in the first few months of the year. By clubs, the same over-representation was observed. It may be concluded that the relative age effect is consistent and exists throughout Spanish soccer, whether at youth or professional levels. An analysis by age categories showed a more pronounced effect in those competitions in which the youngest players participate, while in clubs the effect continued to be significantly present in all cases investigated in the study.