IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this paper or follow this series

Subjetividad De Los Ajustes Por Devengo Y Valoración De Su Calidad En El Mercado De Deuda: Evidencia Empirica Para Empresas No Cotizadas

  • Belén Gill de Albornoz

    ()

    (Universitat Jaume I)

  • Manuel Illueca Muñoz

    (Universitat Jaume I)

This paper examines the effect of accruals subjectivity on the way investors use the information contained in accruals to set the interest rates charged in debt contracts. To measure the degree of subjectivity involved in the estimation of accruals we use several indicators of their ex ante verifiability based on the categorization of accruals proposed by Richardson et al (2005). We focus on a wide sample of Spanish private firms, corresponding to the period 1996-2002. Our results indicate that the higher the subjectivity of accruals, the lower is the sensitivity of the cost of debt to changes in accruals quality. Este trabajo evalúa el efecto de la subjetividad inherente al cálculo de los ajustes por devengo sobre el modo en que los usuarios utilizan la información contenida en los mismos para determinar el tipo de interés de los contratos de deuda. Para medir el grado de subjetividad de los ajustes por devengo se utilizan diversos indicadores de verificabilidad ex ¿ ante construidos a partir de las categorías de accruals identificadas por Richardson et al (2005). El análisis empírico se lleva a cabo en una amplia muestra de empresas españolas no cotizadas, correspondiente al periodo 1996-2002. Los resultados ponen de manifiesto que la sensibilidad del coste de la deuda ante variaciones en la calidad de los ajustes por devengo disminuye a medida que aumenta el grado de subjetividad inherente a su cálculo.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.ivie.es/downloads/docs/wpasec/wpasec-2006-14.pdf
File Function: Fisrt version / Primera version, 2006
Download Restriction: no

Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number 2006-14.

as
in new window

Length: 44 pages
Date of creation: Dec 2006
Date of revision:
Publication status: Published by Ivie
Handle: RePEc:ivi:wpasec:2006-14
Contact details of provider: Postal: C/ Guardia Civil, 22, Esc 2a, 1o, E-46020 VALENCIA
Phone: +34 96 319 00 50
Fax: +34 96 319 00 55
Web page: http://www.ivie.es/
Email:


More information through EDIRC

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:ivi:wpasec:2006-14. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Departamento de Edición)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.