Grupo Santander Chair of Financial Institutions and Corporate Governance

Holder: Gaizka Ormazabal

The Grupo Santander Chair of Financial Institutions and Corporate Governance expands knowledge of the most relevant aspects of the corporate governance of financial institutions.

The Chair conducts research, publishes informative articles and produces teaching materials. It also organizes training seminars, focused programs on corporate governance and boards of directors, and sessions in IESE’s Alumni Learning Program.

The Chair is a member of the European Corporate Governance Institute, and participates regularly in conferences organized by the CEPR, the Asociación Española de Finanzas, Instituto MEFF and other institutions.

Research lines

  • The abolition of anti-takeover provisions from company by-laws.
  • Commitments to information transparency with respect to directors’ pay.
  • Value creation in merger and acquisition processes in the financial industry.
  • Integration process of the financial industry in Europe.

Activities

The Chair supports and conducts research and prepares teaching materials on corporate governance and the management of financial institutions. Among the subjects studied are:

  1. The abolition of anti-takeover provisions from company by-laws
  2. Commitments to information transparency with respect to directors’ pay
  3. Value creation in merger and acquisition processes in the financial industry
  4. Integration of the financial industry in Europe

The Chair is also actively involved in organizing training seminars and specialized conferences, both at IESE and in collaboration with respected international bodies. The activities carried out by the Chair include:

  • CEO’s Forum
  • Focused program at IESE on “Corporate Governance: Boards of Directors”, held yearly
  • Regular sessions within IESE’s Continuous Education Program
  • Organizer of the 24th Colloquium of the European Financial Research Society in October 2004

The Chair is an active participant in national and international conferences with a view to disseminating its work. For example, it belongs to the European Corporate Governance Institute and regularly takes part in conferences organized by CEPR, Asociación Española de Finanzas, Instituto MEFF and other institutions.

Holder of the Chair

Gaizka Ormazabal is a professor of Accounting and Control. He holds a doctorate in Business from Stanford University, and his research centers on the determinants and economic impact of corporate governance and executive compensation practices. Thus, he has analyzed subjects such as remuneration incentives for risk taking, corporate risk oversight, financial regulation, asset securitization, stakeholder activism and the role of intermediaries in the field of corporate governance.

Sponsor

Publications

Journal Articles (refereed)

FERRES, D., ORMAZABAL, G., POVEL, P., SERTSIOS, G. (2021). Capital Structure under Collusion. Journal of Financial Intermediation, 45, Article 100854. doi:10.1016/j.jfi.2020.100854.
LÓPEZ, G., ORMAZABAL, G., SAKASAI, Y. (2021). Switching from incurred to expected loan loss provisioning. Early evidence. Journal of Accounting Research. (Forthcoming)
AZAR, J., DURO, M., KADACH, I., ORMAZABAL, G. (2020). The Big three and corporate carbon emissions around the world. Journal of Financial Economics. doi:http://dx.doi.org/10.2139/ssrn.3553258. (Forthcoming)
BADIA, M., DURO, M., JORGENSEN, B. N., ORMAZABAL, G. (2020). The Informational Effects of Tightening Oil and Gas Disclosure Rules. Contemporary Accounting Research, 37 (3), 1720-1755. doi:10.1111/1911-3846.12572.
BADIA, M., DURO, M., JORGENSEN, B. N., ORMAZABAL, G. (2020). Disclosure regulation and competitive interactions. Evidence form the oil and gas industry. The Accounting Review. doi:http://dx.doi.org/10.2139/ssrn.2877070. (Online first)
JAGOLINZER, A. D., LARCKER D. F., ORMAZABAL, G., TAYLOR, D. J. (2020). Political connections and the informativeness of insider trades. Journal of Finance, 75 (4), 1833-1876. doi:https://doi.org/10.1111/jofi.12899.
BONETTI, P., DURO, M., ORMAZABAL, G. (2020). Disclosure Regulation and Corporate Acquisitions. Journal of Accounting Research, 58 (1), 55 - 103. doi:https://doi.org/10.1111/1475-679X.12298.
BADIA, M., BARTH, M. E., DURO, M., ORMAZABAL, G. (2020). Firm Risk and Disclosures about Dispersion of Asset Values: Evidence from Oil and Gas Reserves. The Accounting Review, 95 (1), 1 - 29. doi:10.2308/accr-52445.
DURO, M., HEESE, J., ORMAZABAL, G. (2019). The Effect of Enforcement Transparency: Evidence from SEC Comment-Letter Reviews. Review of Accounting Studies, 24 (3), 780 - 823. doi:10.1007/s11142-019-09503-1.
ORMAZABAL, G. (2018). Are Directors More Likely to Relinquish Their Riskiest Directorships after the Financial Crisis? Journal of Corporate Finance, 53, 1 - 20. doi:10.1016/j.jcorpfin.2018.09.001.

Studies

CAMPA, J. M., LÓPEZ DE LA TORRE, T. (2006). Prácticas de gobierno corporativo.

Journal Articles (refereed)

FERRES, D., ORMAZABAL, G., POVEL, P., SERTSIOS, G. (2021). Capital Structure under Collusion. Journal of Financial Intermediation, 45, Article 100854. doi:10.1016/j.jfi.2020.100854.
LÓPEZ, G., ORMAZABAL, G., SAKASAI, Y. (2021). Switching from incurred to expected loan loss provisioning. Early evidence. Journal of Accounting Research. (Forthcoming)
AZAR, J., DURO, M., KADACH, I., ORMAZABAL, G. (2020). The Big three and corporate carbon emissions around the world. Journal of Financial Economics. doi:http://dx.doi.org/10.2139/ssrn.3553258. (Forthcoming)
BADIA, M., DURO, M., JORGENSEN, B. N., ORMAZABAL, G. (2020). The Informational Effects of Tightening Oil and Gas Disclosure Rules. Contemporary Accounting Research, 37 (3), 1720-1755. doi:10.1111/1911-3846.12572.
BADIA, M., DURO, M., JORGENSEN, B. N., ORMAZABAL, G. (2020). Disclosure regulation and competitive interactions. Evidence form the oil and gas industry. The Accounting Review. doi:http://dx.doi.org/10.2139/ssrn.2877070. (Online first)
JAGOLINZER, A. D., LARCKER D. F., ORMAZABAL, G., TAYLOR, D. J. (2020). Political connections and the informativeness of insider trades. Journal of Finance, 75 (4), 1833-1876. doi:https://doi.org/10.1111/jofi.12899.
BONETTI, P., DURO, M., ORMAZABAL, G. (2020). Disclosure Regulation and Corporate Acquisitions. Journal of Accounting Research, 58 (1), 55 - 103. doi:https://doi.org/10.1111/1475-679X.12298.
BADIA, M., BARTH, M. E., DURO, M., ORMAZABAL, G. (2020). Firm Risk and Disclosures about Dispersion of Asset Values: Evidence from Oil and Gas Reserves. The Accounting Review, 95 (1), 1 - 29. doi:10.2308/accr-52445.
DURO, M., HEESE, J., ORMAZABAL, G. (2019). The Effect of Enforcement Transparency: Evidence from SEC Comment-Letter Reviews. Review of Accounting Studies, 24 (3), 780 - 823. doi:10.1007/s11142-019-09503-1.
ORMAZABAL, G. (2018). Are Directors More Likely to Relinquish Their Riskiest Directorships after the Financial Crisis? Journal of Corporate Finance, 53, 1 - 20. doi:10.1016/j.jcorpfin.2018.09.001.

Working Papers

BONETTI, P., DURO, M., ORMAZABAL, G. (2018). Disclosure Regulation and Corporate Acquisitions (WP-1215-E).
JAGOLINZER, A. D., LARCKER, D. F., ORMAZABAL, G., TAYLOR, D., ROCK CENTER FOR CORPORATE GOVERNANCE AT STANFORD UNIVERSITY (2016). Political Connections and the Informativeness of Insider Trades (WP-1160-E).
LARCKER, D. F., MCCALL, A. L., ORMAZABAL, G. (2014). Outsourcing Shareholder Voting to Proxy Advisory Firms (WP-1096-E).
LARCKER D. F.,, MCCALL, A. L., ORMAZABAL, G., TAYAN, B. (2012). Ten Myths of "Say on Pay" (WP-1001-E).

Articles in other publications

ORMAZABAL, G. (2016). Lo que todo consejero debería saber. Supervisión de riesgos. IESE Insight (28), pp. 23 - 28.
ORMAZABAL, G. (2016). Risk Oversight: What Every Director Should Know. Are Risky Boards Getting Riskier? IESE Insight (28), pp. 23 - 28.
ORMAZABAL, G., MCCALL, A. L. (2014). Are Voting Guidelines Ruling Your Business?. Proxy Advisors. IESE Insight (21), pp. 31 - 35.
ORMAZABAL, G., MCCALL, A. L. (2014). ¿Las asesorías de voto gobiernan su negocio?. El poder de decisión en las juntas de accionistas. IESE Insight (21), pp. 37 - 41.
ORMAZABAL, G. (2012). ¿Son realmente culpables?. Agencias de calificación crediticia. Revista de Antiguos Alumnos (127), pp. 26 - 29.

Book Chapters

DURO, M., ORMAZABAL, G. (2018). Does Regulating Banks' Corporate Governance Help? A Review of the Empirical Evidence. In Belén Díaz Díaz, Samuel O. Idowu, Philip Molyneux (Eds.), Corporate Governance in Banking and Investor Protection: From Theory to Practice (pp. 3 - 20). Cham: Springer International Publishing.

Cases

ORMAZABAL, G., KADACH, I., KANJHAN, B. (2019). Al Jakani Computers. IESE, C-794-E.
ORMAZABAL, G., KADACH, I. (2019). Say on Pay at Citigroup. IESE, C-795-E.
SOLER, E., ESTEVES, J., ORMAZABAL, G. (2015). Salers Dairy Products. IESE, C-781-E.
ORMAZABAL, G., SOLER, E. (2014). The British Parbaked Bread Ltd.. IESE, C-782.
ORMAZABAL, G., SOLER, E. (2014). The British Parbaked Bread Ltd.. IESE, C-782-E.

Technical Notes

ORMAZABAL, G., SOLER, E. (2015). Variance Analysis. IESE, CN-226-E.
ORMAZABAL, G., SOLER, E. (2015). Monetary Incentives. IESE, CN-229-E.
ORMAZABAL, G., SOLER, E. (2015). Performance Measurement. IESE, CN-228-E.
ORMAZABAL, G., SOLER, E. (2014). Transfer Pricing. IESE, CN-227-E.
ORMAZABAL, G., SOLER, E. (2014). Introducción a la contabilidad de gestión. IESE, CN-223.