Colonisation, formal and informal institutions, and development

This article analyses current attempts to identify the factors underlying long-term economic growth. The author criticises some the arguments and historical proofs in which are based the two main explanations which dominate recent literature: the institutional approach and those which focus on the importance of geographical factors. Using an approach which is deliberately eclectic, the author considers the role of geography, international trade, human capital and institutional quality in explaining development. A new estimation is carried out through TLSL with instrumental variables. The results of the empirical model confirm the central role of institutions in long-term economic growth. However, certain geographical conditions also seem to have influenced countries´ possibilities of progress. Human capital and trade openness are less robust in explaining economic growth.Development, long-term growth, institutional quality, geographical factors, human capital, trade openness.

Energetic metabolism in fasting sheep: regularization of metabolic profile by treatment with oral glucose, with prior handling of gastric groove

The objective of this research was to evaluate a possible corrective measure against negative metabolic states, as occurs in the advanced stage of gestation in ewes, and that sometimes produces a disease called pregnancy toxaemia. In the present research, we found that the joint administration of i.v. lysine-vasopressin (0.08 IU/kg body weight, BW) and an oral glucose solution (50 g) produces an increase in blood glucose, which persists for some time (up to 6 h); therefore, it could be used in the treatment of pregnancy toxaemia. This therapy is based on the fact that lysine-vasopressin induces gastric groove closure in adult ruminants, enabling orally administered glucose to reach the abomasum directly, from where it rapidly passes into the intestine and is immediately absorbed. We can say that the tested treatment causes a significant increase in blood glucose in ewes affected by toxaemia caused by fasting, which, although less marked than conventional therapy with intravenous drip glucose, remains longer, regularizing other parameters indicative of energy metabolism in fasting ewes

The Determinants of Institutional Quality. More on the Debate

This paper provides new evidences about the determinants of institutional quality. Given the shortcomings of governance indicators, we first discuss the criteria employed to judge institutional quality. Then, we identify the factors that, according to these criteria, shape the quality of institutions. The results of this empirical research show that the main determinants of the quality of the institutions of a given country are its income per head and its income distribution, the efficiency of its tax system and the educational level of its population. Interestingly, some of the variables identified in previous literature (location, ethnolinguistic fragmentation, the origin of the legal system or colonial origin) either do not have any impact on institutional quality or they impact indirectly through the variables previously mentioned.Institutional Quality Development, Income Distribution, Tax System

The Determinants of Institutional Quality. More on the Debate

This paper provides new evidences about the determinants of institutional quality. Prior to implementing our empirical research, we discuss the criteria that should be used to judge the quality of institutions. Then, we identify the factors that, according to these criteria, determine institutional quality. The results obtained in the estimated model enable to draw some interesting conclusions. First of all, development level determines institutional quality: the highest the former, the highest the latter. Secondly, income distribution seems to condition institutional quality. A certain degree of social cohesion is needed to provide institutional predictability and legitimacy. Thirdly, a sound tax system is positively asso-ciated with institutional quality improvement. Taxes provide the necessary revenue to ge-nerate quality institutions, while creating a narrower and more demanding relation between State and citizens. Finally, education improves institutional quality. On the contrary, some of the variables identified in the literature either they do not seem to determine institutional quality or their effects are indirect, through the aforementioned variables.Institutional quality, income distribution, taxes, education.

Financial forecasts of SMEs in IPOs: fact or fiction?

Este artículo valora el proceso de previsión financiera de las pequeñas y medianas empresas (PYME) en sus salidas a bolsa. Específicamente, se analiza la calidad de las previsiones de beneficios realizadas y se exploran los factores que determinan la precisión de tales previsiones. Este estudio considera todas las empresas que han salido a cotizar al Mercado Alternativo Bursátil español (MAB). Los resultados muestran que los directivos de las empresas del MAB han sido mayoritariamente optimistas y altamente imprecisos en la estimación de los beneficios futuros.This article assesses the financial forecasts of small and medium-sized enterprises (SMEs) in their process of initial public offering (IPO). In particular, the quality of earnings forecasts is analysed and the determinants of accuracy of earning forecasts are explored. To this end, the empirical study considers all the companies listed on the Spanish Alternative Stock Market (MAB). The results show that managers of newly listed Spanish SMEs have mostly been optimistic and highly inaccurate when estimating their future earnings