CONCENTRACIÓN ACCIONARIAL Y LIQUIDEZ DE MERCADO: UN ANALISIS CON ECUACIONES SIMULTÁNEAS

This paper analyzes the relationship between ownership concentration andshares liquidity for a sample of 115 listed firms that traded during the period from April2000 to December 2000. Results show a negative influence of ownership of directors,major shareholders and outside shareholders on liquidity. We do not find evidence ofthe influence of liquidity on the ownership concentration. We also observe that theownership concentration increases the adverse selection spread component. Therefore,firms with higher ownership concentration present larger informative asymmetry,having less liquidity. Este trabajo analiza la relación entre la concentración accionarial y la liquidez de las acciones, para una muestra de 115 empresas que cotizaban en el Mercado Continuo en el período de abril a diciembre de 2000. Los resultados obtenidos ponen de manifiesto un efecto negativo del porcentaje de acciones que poseen los consejeros, principales propietarios y accionistas externos en la mencionada liquidez, no hallando evidencia de la relación contraria. Además, observamos que la concentración accionarial incrementa el componente de selección adversa. Por tanto, las empresas más concentradas presentan mayor asimetría informativa, detectándose en ellas una menor liquidez.Concentración accionarial, liquidez, microestructura ownership structure, liquidity, microstructure

Crop insurance demand in wheat production: focusing on yield gaps and asymmetric information

Analysis of yield gaps were conducted in the context of crop insurance and used to build an indicator of asymmetric information. The possible influence of asymmetric information in the decision of Spanish wheat producers to contract insurance was additionally evaluated. The analysis includes simulated yield using a validated crop model, CERES-Wheat previously selected among others, whose suitability to estimate actual risk when no historical data are available was assessed. Results suggest that the accuracy in setting the insured yield is decisive in farmers’ willingness to contract crop insurance under the wider coverage. Historical insurance data, when available, provide a more robust technical basis to evaluate and calibrate insurance parameters than simulated data, using crop models. Nevertheless, the use of crop models might be useful in designing new insurance packages when no historical data is available or to evaluate scenarios of expected changes. In that case, it is suggested that yield gaps be estimated and considered when using simulated attainable yields

La influencia del género en la dirección de las sociedades cooperativas españolas sobre la rentabilidad y el endeudamiento: un análisis empírico

En el presente trabajo se aborda la reclamación por el mercado de una nueva gestión empresarial que asegure la presencia de la mujer en la toma de decisiones para dar respuesta a las nuevas necesidades sociales. Así, este trabajo analiza la influencia de la diversidad de género de los consejeros sobre la rentabilidad y el nivel de endeudamiento para una muestra de 5.199 cooperativas españolas. A diferencia de las sociedades capitalistas, estas organizaciones presentan una serie de peculiaridades en su gobierno, ya que los socios son a su vez principales, agentes y clientes. El estudio se centra en el contexto español, donde existe un debate abierto sobre la importancia de la gestión empresarial femenina impulsado, como en otros países, por la proliferación de legislación sobre la igualdad de género, siendo, además, España el país pionero en contar con una legislación específica sobre Economía Social. Los resultados muestran que las cooperativas con mayor representación femenina en su Consejo Rector presentan una mayor rentabilidad. Por otro lado, en aquellos consejos con un mayor porcentaje de mujeres muestran un menor nivel de endeudamiento

Ownership structure and debt as corporate governance mechanisms: an empirical analysis for Spanish SMEs

The purpose of this paper is to analyze the relationship between ownership structure and indebtedness for a sample of 2,544 Spanish small and medium enterprises. A System Generalized Method of Moments methodology is applied to control for the heterogeneity and endogeneity problems. The finding shows a negative effect of several measures of ownership on debt ratio. Therefore, the presence of an individual as main shareholder has a positive effect on debt, while the presence of a corporation as main shareholder exerts a negative influence. As research implications, this paper includes the agency problem based on principal-principal conflicts to explain the capital structure of small and medium enterprises, going beyond traditional principal-agent conflicts. The main practical implications of the paper is that owners who seek equity financing can use the results of this study for understanding better why investors are reluctant to invest in their small and medium enterprises. Policymakers can use the results of this study to develop better policies and to promote better provision of information for all stakeholders. About the contribution of this study, we are not aware of any paper that uses a panel of small and medium enterprises operating in a French-civil law country to examine the relationship between indebtedness and three different proxies of the ownership structure. First published online: 28 May 201

Excess executive compensation and corporate governance in the United Kingdom and Spain: a comparative analysis

Literature on executive compensation has relatively neglected the impact of institutional governance contexts. Regarding filling this gap, this study examines the influence of governance mechanisms on excess executive compensation comparing a set of listed UK and Spanish firms on an 8-year panel data. Findings indicate that Spanish firms are characterized by higher excess executive compensation than UK firms because of the less effectiveness of ownership structure and board of directors. Differences in concentration and structure of ownership as well as in composition and size of boards result in more aligned executive compensation design in the UK firms.Ministerio de Ciencia, Innovación y Universidade

Changes in the requirement for early surgery in inflammatory bowel disease in the era of biological agents

This is the peer reviewed version of the following article: Changes in the requirement for early surgery in inflammatory bowel disease in the era of biological agents. Journal of Gastroenterology and Hepatology (2020): 29 April, which has been published in final form at https://doi.org/10.1111/jgh.15084. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived VersionsBiological therapies may be changing the natural history of inflammatory bowel diseases, reducing the need for surgical intervention. We aimed to assess whether the availability of anti‐TNF agents impacts the need for early surgery in Crohn's disease (CD) and ulcerative colitis (UC). Methods Retrospective, cohort study of patients diagnosed within a 6‐year period before and after the licensing of anti‐TNFs (1990‐1995 and 2007‐2012 for CD; 1995‐2000 and 2007‐2012 for UC) were identified in the ENEIDA Registry. Surgery‐free survival curves were compared between cohorts. Results A total of 7,370 CD patients (2,022 in Cohort 1 and 5,348 in Cohort 2) and 8,069 UC patients (2,938 in Cohort 1 and 5,131 in Cohort 2) were included. Immunosuppressants were used significantly earlier and more frequently in both CD and UC post‐biological cohorts. The cumulative probability of surgery was lower in CD following anti‐TNF approval (16% and 11%, 22% and 16%, and 29% and 19%, at 1, 3 and 5 years, respectively p<0.0001), though not in UC (3% and 2%, 4% and 4%, and 6% and 5% at 1, 3 and 5 years, respectively; p=0.2). Ileal involvement, older age at diagnosis and active smoking in CD, and extensive disease in UC, were independent risk factors for surgery, whereas high‐volume IBD centres (in both CD and UC) and immunosuppressant use (in CD) were protective factors. Conclusions Anti‐TNF availability was associated with a reduction in early surgery for CD (driven mainly by earlier and more widespread immunosuppressant use) but not in U

Effectiveness and Safety of the Sequential Use of a Second and Third Anti-TNF Agent in Patients With Inflammatory Bowel Disease: Results From the Eneida Registry

Background: The effectiveness of the switch to another anti-tumor necrosis factor (anti-TNF) agent is not known. The aim of this study was to analyze the effectiveness and safety of treatment with a second and third anti-TNF drug after intolerance to or failure of a previous anti-TNF agent in inflammatory bowel disease (IBD) patients. Methods: We included patients diagnosed with IBD from the ENEIDA registry who received another anti-TNF after intolerance to or failure of a prior anti-TNF agent. Results: A total of 1122 patients were included. In the short term, remission was achieved in 55% of the patients with the second anti-TNF. The incidence of loss of response was 19% per patient-year with the second anti-TNF. Combination therapy (hazard ratio [HR], 2.4; 95% confidence interval [CI], 1.8-3; P < 0.0001) and ulcerative colitis vs Crohn's disease (HR, 1.6; 95% CI, 1.1-2.1; P = 0.005) were associated with a higher probability of loss of response. Fifteen percent of the patients had adverse events, and 10% had to discontinue the second anti-TNF. Of the 71 patients who received a third anti-TNF, 55% achieved remission. The incidence of loss of response was 22% per patient-year with a third anti-TNF. Adverse events occurred in 7 patients (11%), but only 1 stopped the drug. Conclusions: Approximately half of the patients who received a second anti-TNF achieved remission; nevertheless, a significant proportion of them subsequently lost response. Combination therapy and type of IBD were associated with loss of response. Remission was achieved in almost 50% of patients who received a third anti-TNF; nevertheless, a significant proportion of them subsequently lost response

POLÍTICA DE DIVIDENDOS, RIESGO, ENDEUDAMIENTO Y ESTRUCTURA DE PROPIEDAD. Un análisis para el mercado español

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Gender Diversity in the Boardroom and Firm Financial Performance

board of directors, corporate governance, endogeneity, firm value, women,