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

La participación de los grupos de interés en las instituciones de la Unión Europea: propuesta específica para la elaboración de directivas y reglamentos

Partiendo de un análisis de las causas de la pérdida de prestigio de la actual democracia, en este trabajo se pretende explorar el concepto de grupo de interés y las vías de participación de dichos grupos en las instituciones europeas. Hasta ahora la normativa comunitaria se ha centrado en el Registro de los lobbies en las instituciones y en códigos de conducta. Pero no han tratado la incardinación de los grupos de interés en sentido amplio en las instituciones comunitarias, y en especial a la hora de elaborar directivas o reglamentos.Based on a preliminary analysis regarding the loss of standing of current democracy, the aim of this study is to explore a new concept of lobbies and the practical ways of participation of these groups in the European institutions. Until now, the European institutions have focused on the registration of these groups and in codes of conduct, not dealing with the abovementioned participation, which is actually relevant in drafting EU Regulations and Directives

Los autores de tres novelas de Olavide

Tomo II ; págs. 1-2

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

Supercritical water processes: future prospects

Producción CientíficaThis contribution examines the challenges faced by supercritical water processes for industrial development. As an alternative, the intensification of the supercritical water processes is presented in order to reduce the size of the equipment needed and to facilitate the scaling up of the process. The perspective of developing micro combustors using hydrothermal flames as the internal heat source could open up an alternative for the in-situ energy generation in biorefineries, for example. The fundamental studies about supercritical water hydrolysis using ultrafast reactors has enabled extremely high selectivity in the biomass fractionation processes, and in the production of C2 and C3 building blocks from key components. The high-energy consumption of this process is another issue that limit its commercialization. In the examples proposed, the energy, work recovery and energy integration allows the reduction of the total energy consumption and, in some processes, the availability of extra energy as heat and work.2018-12-30Ministerio de Economía, Industria y Competitividad - FEDER (Proyect CTQ2013-44143-R)Ministerio de Economía, Industria y Competitividad - FEDER (Proyect CTQ2016-79777-R)Junta de Castilla y León (programa de apoyo a proyectos de investigación – Ref. VA040U16

l-Amino Acid Production by a Immobilized Double-Racemase Hydantoinase Process: Improvement and Comparison with a Free Protein System

Protein immobilization is proving to be an environmentally friendly strategy for manufacturing biochemicals at high yields and low production costs. This work describes the optimization of the so-called “double-racemase hydantoinase process,” a system of four enzymes used to produce optically pure l-amino acids from a racemic mixture of hydantoins. The four proteins were immobilized separately, and, based on their specific activity, the optimal whole relation was determined. The first enzyme, d,l-hydantoinase, preferably hydrolyzes d-hydantoins from d,l-hydantoins to N-carbamoyl-d-amino acids. The remaining l-hydantoins are racemized by the second enzyme, hydantoin racemase, and continue supplying substrate d-hydantoins to the first enzyme. N-carbamoyl-d-amino acid is racemized in turn to N-carbamoyl-l-amino acid by the third enzyme, carbamoyl racemase. Finally, the N-carbamoyl-l-amino acid is transformed to l-amino acid by the fourth enzyme, l-carbamoylase. Therefore, the product of one enzyme is the substrate of another. Perfect coordination of the four activities is necessary to avoid the accumulation of reaction intermediates and to achieve an adequate rate for commercial purposes. The system has shown a broad pH optimum of 7–9, with a maximum activity at 8 and an optimal temperature of 60 °C. Comparison of the immobilized system with the free protein system showed that the reaction velocity increased for the production of norvaline, norleucine, ABA, and homophenylalanine, while it decreased for l-valine and remained unchanged for l-methionine

Emissions pollutant from diesel, biodiesel and natural gas refuse collection vehicles in urban areas

Urban pollution is more and more concern due to human health implications. In that way, emissions pollutant from commercial vehicles which move daily at fixed itineraries such as, buses and refuse collection vehicles must be monitored. In this study we have aimed to show the results of the test made on refuse collection vehicles, in real conditions, with regard to their energy consumption and emissions pollutant. A comparative study is carried out with regard to CO, HC, NOx, PM and greenhouse gas emissions, in respect of two types of engine with three different fuels. The fuels analyzed are diesel, biodiesel (B50 and B100) and compressed natural gas (CNG)

El Comento contra setenta y tres estancias atribuido a Quevedo: observaciones en torno a su autoría, edición y anotación

Este trabajo pretende esbozar el estado de la cuestión en torno a una obrita muy poco conocida y atribuida a Francisco de Quevedo: el Comento contra setenta y tres estancias… Las consideraciones que se realizan sobre este opúsculo, de autoría aún incierta, sirven como paso previo a la edición crítica y anotada del mismo. Antes de abordar el aspecto esencial del artículo, la necesidad de replantear el problema de la autoría, a partir del análisis de las posibles relaciones con escritos quevedianos, el artículo contextualiza el Comento , una glosa satírica del Elogio descriptivo —poema escrito por Ruiz de Alarcón para conmemorar la llegada a España del Príncipe de Gales en 1623—, con datos sobre el momento histórico, el género del opúsculo en prosa y la transmisión del mismo. This article tries to update the situation of a short writing almost unknown and sometimes attributed to Francisco de Quevedo: the Comento contra setenta y tres estancias. The explanations about this text, that has yet an uncertain author, are the basis to achieve a critical and philological annotated edition. The article begins offering the context of the Comento –a satirical gloss of the Elogio descriptivo, a poem written by Ruiz de Alarcón to commemorate the Prince of Wales’ arrival in Spain, in 1623. It also deals with matters like the historical period, the genre or the textual transmission of the Comento. To end, the article puts forward consideration the convenience of reconsidering the problem of authorship, providing an analysis about the possible relations of the text with some Quevedo’s works