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Este trabajo ha obtenido el accésit del Premio Estudios Financieros 2022 en la modalidad de Recursos Humanos. El say-on-pay (SOP) es una votación realizada en junta general que permite al accionariado pronunciarse –mediante un voto a favor, en contra o una abstención– acerca de la idoneidad de la retribución directiva. Esta votación, implementada originariamente por el Reino Unido en 2002, ha sido acogida en multitud de países, adoptando diversas tipologías. A pesar de las evidencias existentes hasta la fecha, sigue existiendo cierta controversia sobre su efectividad, siendo el contexto español de especial interés por sus especificidades de gobierno corporativo. En este sentido, el objetivo de este trabajo es explorar los efectos del SOP sobre el diseño de la retribución de los CEO de las empresas cotizadas españolas durante el periodo 2013-2020, analizando el grado de activismo existente, así como los efectos de la votación sobre el diseño de los paquetes retributivos. Los resultados indican que el SOP estimula la participación del accionariado en los asuntos de gobierno corporativo relacionados con la retribución, además de fomentar diseños retributivos para los CEO más alineados con los resultados empresariales.

This paper provides a review on machine learning methods applied to the asset management discipline. Firstly, we describe the theoretical background of both machine learning and finance that will be needed to understand the reviewed methods. Next, the main datasets and sources of data are exposed to help researchers decide which are the best ones to suit their targets. After that, the existing methods are reviewed, highlighting their contribution and significance in the analyzed financial disciplines. Furthermore, we also describe the most common performance criteria that are applied to compare such methods quantitatively. Finally, we carry out a critical analysis to discuss the current state-of-the-art and lay down a set of future research directions. This research has been funded by Faculty of Economics and Business Administration (ICADE), Universidad Pontificia Comillas.

The current literature shows great interest in the issue of gender diversity on boards of directors. Some studies have hypothesized a direct relationship between diversity and the value of the firm, but not many examine the intermediate mechanisms that may exert an influence on such relationships. We employ two stages of GMM estimation methodology to exhibit evidences of the relationship between gender diversity and compensation of top managers in the Spanish context. Results show that gender diversity positively affects the effectiveness of boards—in terms of composition, structure, size and functioning—influencing a proper design of top managers compensation linked to company performance. Evidences suggest that legislative actions aimed at increasing the presence of women on boards of directors are justified not only for ethical reasons, but also for reasons of economic efficiency.