El voto doble por lealtad para el accionista de una sociedad cotizada

In April 2021, the Official State Gazette published Regulation 5/2021, April 12th, amending the Capital Companies Act and other financial and mercantile regulatory texts. This regulation lays down measures for the encouragement of long-term shareholder engagement in listed companies and, in order to achieve so, this regulation introduces a novelty for listed companies by offering the opportunity to issue «loyalty shares» that reward shareholders with additional voting rights under the condition the shareholder holds shares for a certain period of time. This paper aims at analyzing the proposed legal framework as regards loyalty shares, introduced as a novelty mechanism in the Spanish corporate law. «Loyalty shares» are a matter of contention in Europe because of it is disrupting the principle of fair and equal treatment of all shareholders «one share, one vote».Este trabajo ha sido finalista en el Premio «Estudios Financieros» 2021 en la modalidad de Derecho Civil y Mercantil. En abril de 2021, el Boletín Oficial del Estado publicaba la Ley 5/2021, de 12 de abril, por la que se modifica el texto refundido de la Ley de sociedades de capital. Esta ley establece medidas para el fomento de la implicación a largo plazo de los accionistas en las sociedades cotizadas, y, para la consecución de tal fin, introduce una novedad significativa para las sociedades cotizadas: permite el reconocimiento de votos adicionales por lealtad al accionista a condición de que este las mantenga por un periodo mínimo de tiempo. En el presente trabajo analizaremos el régimen jurídico de las «acciones de lealtad» contemplado en esta novedosa reforma legislativa, que supone, cuando menos, una medida que ha contribuido a avivar el debate acerca de la vigencia actual del principio de proporcionalidad «una acción, un voto»

Gestión del riesgo en el diseño y comercialización masiva de instrumentos financieros con políticas corporativas de gobierno de producto

Financial entities are in continuously development of their corporate policies in order to manage and mitigate risks associated to banking activity. Banks have to address multiple risks indeed but there is a risk that stands out among others when it comes to product governance: regulatory and legal risk. Product governance is a system of oversight and control of product and services, based on the principle of self-regulation, that it must be implemented. Financial entities have to establish and make employees comply with an internal approval process of new products and also entities must monitor the whole lifecycle of any product: from its design until the massive selling to the target market.Las entidades financieras están en continuo desarrollo de sus políticas corporativas con el fin de gestionar y mitigar los riesgos aparejados a la actividad bancaria. Hay múltiples riesgos que subyacen en el ejercicio de esa actividad social, pero uno es especialmente destacable a los efectos de una correcta gobernanza de productos, como es el riesgo regulatorio o legal. La gobernanza de productos es un sistema de control de productos y servicios, basado en el principio de autorregulación normativa, que las entidades financieras tienen que establecer y hacer cumplir internamente con la finalidad de controlar completamente el ciclo de vida de un instrumento financiero: desde su diseño hasta la venta masiva al público destinatario

La joyería orientalizante peninsular. Diversidad y particularidades a la luz de los últimos hallazgos

Sin resume

Una de cal y otra de arena: tarjetas revolving y la fatigosa inseguridad jurídica. Soluciones de lege ferenda

The complaints in relation to revolving credit cards will add to the vast litigation proceedings connected to mortgage providers; a banking product usually addressed to a large target market, this issue that has been a matter of contention after the Spanish Supreme Court pronounced its judgment on 4th March 2020, sustaining that the interest rates associated to revolving cards are, in certain cases, are usury rates and, therefore, the contract was declared to be void. Far from protecting consumer rights, we argue that this unexpected judgment will discourage the use of revolving cards; it will reduce competition among lenders and may lead to a certain degree of collusion among market participants. These matters might be avoided with a specific regulation of revolving cards, which will also avoid further contentious proceedings and disparate judgments by local courts, giving legal certainty to all market participants.Este trabajo ha obtenido un accésit del Premio «Estudios Financieros» 2020 en la modalidad de Derecho Civil y Mercantil. A la enorme litigación ligada a los préstamos hipotecarios celebrados con consumidores se sumarán con toda seguridad las reclamaciones sobre las tarjetas de crédito revolving; un producto bancario de crédito al consumo muy extendido para todo tipo de público y que ha sido recientemente puesto en cuestión, al considerar nuestro Tribunal Supremo, en su Sentencia de 4 de marzo de 2020, que sus tipos de interés, en determinados casos, son usurarios y por consiguiente el contrato celebrado radicalmente nulo. Lejos de proteger al consumidor, consideramos que la sentencia desincentivará el uso de las tarjetas revolving, reducirá la competencia de este producto en el sector bancario y puede que produzca efectos colusorios en el mercado, lo que podría evitarse con una precisa regulación sobre estas tarjetas que evitara litigiosidad y pronunciamientos dispares de los órganos judiciales inferiores, ofreciendo asimismo mayor seguridad jurídica para todos los intervinientes en el mercado

La deseable evolución legislativa sobre la venta de la unidad productiva en sede concursal

In accordance with the Spanish Insolvency Law, one of the mechanisms available to an insolvent company seeking to protect creditors’ rights, to conserve the company assets and to continue the company’s activity is to set up an agreement within we may transfer the whole company or certain productive units to third parties. Notwithstanding, we consider it a sparing regulation which should be reformed due to we need a groundbreaking and an innovative bankruptcy law in this specific issue as well as a more legal certainty.De acuerdo con la legislación concursal española, algunos de los mecanismos disponibles para las empresas en concurso de acreedores es tratar de proteger los derechos de cobro de los acreedores, la conservación de la empresa y la continuación de su actividad mediante un convenio a través del cual podemos enajenar la empresa en su totalidad o bien de unidades productivas a terceras partes. Sin embargo, la consideramos una parca regulación que debería ser reformada debido a que necesitamos de una pionera e innovadora legislación concursal en este concreto aspecto, así como también de una mayor seguridad jurídica

Relations between technological and non-technological innovations in the service sector

In the economic literature, there is a debate on whether technological and non-technological innovations share the same determinants. As a result of this debate, two opposing views have emerged: the distinctive view argues that the determinants of both technologies are different; on the contrary, the integrative view considers that both types of technologies share determinants. The main objective that we pursue in this study is to test which of the two views is prevalent in the service sector of the Spanish economy. Analyses were performed using data from Spanish Technological Innovation Panel for the period 2008–2012. To perform hypothesis tests, the approach of complementarity was used. Our findings indicate that neither of the two approaches has been fully accredited, although the distinctive view is more prevalent. However, this radiography of relations tells us that companies can achieve further increases in productivity if technological innovation and non-technological innovation are implemented simultaneously

The contribution of technological and non-technological innovation to environmental performance. An analysis with a complementary approach

In this study, we pursue two objectives. First, we analyse the influence of product, process, and non-technological innovation on environmental performance. Second, we explore the existence of complementarities or substitutabilities between the different combinations of these three types of innovations to learn which combinations improve or worsen environmental performance. The analyses were performed using data from the 2013 Technological Innovation Panel (PITEC) for Spanish manufacturing companies. We use the two-stage least-squares method as an instrumental variable estimator, which allows us to control the endogeneity and obtain consistent estimators. Our findings indicate that product innovation and process innovation have a negative influence on environmental performance. Likewise, we have also found that the simultaneous implementation of product innovation and process innovation is unconditionally substitutive and that the joint implementation of process innovation and non-technological innovation is conditionally substitutive. This result reinforces the position of those researchers who have pointed out that the association between a greater technology orientation and a better firm environmental performance is probably too simplistic. Finally, it should be emphasized that only non-technological innovation contributes to achieving better environmental performance and that the joint implementation of product innovation and non-technology innovation is conditionally complementary.Junta de Extremadura | Ref. GR1809

Exploration, exploitation, and firm age in alliance portfolios

We analyzed the relationship between exploration-oriented and exploration-oriented alliances. Through the complementarity approach, three possible relationships were analyzed: complementarity, substitutability, and no relationship. We use Technological Innovation Panel data for Spanish manufacturing firms for 2005–2013. The econometric technique that we used to estimate the coefficients was population-averaged OLS. Our findings suggest that alliance portfolios formed by exploration-oriented and exploration-oriented alliances achieve worse innovation performance than specialized exploration or exploitation portfolios. In addition, we found that a single class of alliance has different impacts on innovation performance depending on whether it is implemented by a young company or a mature company

Ultrafast deactivation of bilirubin: dark intermediates and two-photon isomerization

Bilirubin is a neurotoxic product responsible for neonatal jaundice, which is generally treated by phototherapy. The photoreaction involves ultrafast internal conversion via an elusive intermediate and Z–E isomerization with minor yield (less than 3% in solution). The structure of the intermediate remains unclear. Here, the combination of UV-vis and mid-IR ultrafast transient absorption spectroscopy reports a comprehensive picture of the mechanism and provides essential structural information about the intermediate species. Thus, spectral dynamics during the earliest ps unveils a wavepacket travelling from the Franck–Condon region to the crossing point with a dark state. The latter shows a tighter molecular skeleton than the ground state and decays with 15 ps time constant. Remarkably, the relative contribution of a non-decaying component increases linearly with pump energy, suggesting that Z–E isomerization could also be triggered by two-photon excitation. Implications for the photochemistry of protein-bound open tetrapyrroles are discussedJLPL thanks the Spanish Ministry of Science and Innovation (MICINN) for funding through the grant CTQ2010-17026 (FEDER Funds) and the ‘‘Ramón y Cajal’’ Program 2009, as well as the Xunta de Galicia (Spain) for grants EM2012/091, GPC2013/052 and R2014/051. CCB thanks the Spanish Ministry of Education for a FPU doctoral grantS

Soporte a tres alturas para equipos de medida de parámetros ambientales

Número de publicación: 2 661 542 Número de solicitud: 201600846 51 Int. CI.: F16M 11/42 (2006.01) B25H 1/10 (2006.01)Soporte para equipos de medida de parámetros ambientales, del tipo de los que permiten la colocación de equipos de medida en tres alturas y ajustar dichas posiciones en altura. El soporte incorpora un mástil (1) vertical y tres barras-soporte (2) colocadas en posición horizontal y a distintas alturas. Dichas barras-soporte (2) pueden desplazarse verticalmente por medio de sus respectivos mecanismos piñón-cremallera (3). El mecanismo piñón-cremallera (3) incorpora un gatillo (8) para evitar el desplazamiento de la barra-soporte (2) debido a su propio peso. La barra-soporte (2) presenta en toda su longitud una multitud de agujeros (9) destinados a la ubicación de instrumentos de medida.UNIVERSIDAD DE ALMERÍ