Evidencia Empírica de la Relación que Existe entre la Información sobre Solvencia Contenida en las Ratios Contables de las Empresas que aplica NIIF y la Información sobre Solvencia Medida a través de CDS

Abstract

Beginning January 1, 2005 all corporate groups listed in any stock exchange from the European Union must report their consolidated financial statements according to the International Financial Reporting Standards. This new regulation implies a substantial change in the valuation and recognition criteria, and, consequently, in the information contained in the financial statements of business corporations. This paper aims at analyzing which items and/or financial ratios of the companies which report their financial statements under IFRS provide more information about corporate credit worthiness. In order to do so, the credit default swap, which measures market expectation on a firm payments default, has been used as a measure associated with credit solvency. For this purpose, this work presents a panel data model, whose dependent variable is credit default swap. The independent variables consist on several ratios, which have been proved by previous literature to be significant for analyzing of a company’s credit worthiness.A partir del 1 de enero de 2005 los grupos de empresas con valores admitidos a cotización en algún est