IE University

About: IE University is a education organization based out in Segovia, Castilla y León, Spain. It is known for research contribution in the topics: Corporate governance & Context (language use). The organization has 527 authors who have published 1709 publications receiving 64682 citations.

How does social media sentiment impact mass media sentiment? A study of news in the financial markets

Abstract: Mass media sentiment of financial news significantly influences investment decisions of investors. Hence, studying how this sentiment emerges is important. In years past, this was straightforward, often dictated by journalists who cover financial news, but this has become more complex now. In this paper, we focus on how social media sentiment affects mass media sentiment. Using data from Sina Weibo and Sina Finance (around 60 million weibos and 6.2 million news articles), we show that social media does influence mass media sentiment emergence for financial news. The sentiment consistency between social media reaction and prior news articles amplifies the persistence of mass media sentiment over time. By contrast, we found limited evidence of social media reducing the persistence of mass media sentiment over time. The results have significant implications for understanding how 2 types of media, treated separately in the literature, may be connected.

The Political Economy of Municipal Transfers: Evidence from Mexico

Abstract: How do fiscal institutions, partisanship, and governance affect federal transfers to municipalities? We address this question using a novel research design and data set for Mexico. We compare the state-level obligations for federal transfers to municipalities with the distribution of these funds as reported by municipalities. This strategy allows us to know whether state-level formulas are binding, whether there are partisan skews in the formula, and how and why governors reallocate funds. We find that state-level fiscal institutions are quite binding; even so, deviations from the formula total approximately US$300–500 million annually. Whereas Partido Revolucionario Institucional governors appear to reallocate to municipalities when they are governed by their co-partisans, Partido Accion Nacional and Partido de la Revolucion Democratica governors appear to reallocate funds to municipalities for equity, stabilization, and disasters (with no detectable partisan bias).

Human capital, age and job stability: evidence from Spanish certified auditors (1976-1988)

Abstract: During the period 1976–1988, Spain witnessed pervasive transformations that led the country from a military dictatorship to a fully‐fledged democracy. In turn, the audit profession experienced high demand which doubled the number of members of the Institute of Sworn Auditors of Spain (Instituto de Censores Jurados de Cuentas de Espana). In this unique social laboratory, we draw on the insights of human capital theory and the entrepreneurship literature to examine the profile of newly certified auditors at the time of receiving the audit certificate that enabled them to (i) become a licensed auditor and engage in public practice, or (ii) become an unlicensed auditor and leave the profession immediately after receiving the professional qualification. Our results indicate that those Spanish auditors who had high general or specific human capital and job stability and were at the younger or older ends of the age continuum were less likely to apply for audit licences than their counterparts (i.e. low ...