Who benefits from IPO underpricing? Evidence form hybrid bookbuilding offerings

This paper uses a unique sample of 175 Spanish equity offerings from 1985 to 2002 to test who benefits from IPO underpricing and why. Institutions receive nearly 75% of the profits in underpriced issues, while they have to bear only 56% of the losses in overpriced offerings. Superior information regarding first day underpricing cannot completely explain the institutional abnormal profits. Underwriters are better informed about the companies they take public, and use that information to favor their long term clients. The preferential treatment of institutional investors, however, does not come at the expense of retail investors. Retail investors earn positive profits from participating in the new issues market. The driving factor behind the relative retail large allocation in overpriced issues when compared to underpriced offerings is not the underwriter allocation bias in favor of institutional investors. Retail investors subscribe more heavily to underpriced issues, consistent with individuals being partially informed. JEL Classification: G32, G24Allocations, Initial Public Offerings, Retail Investors, Winner's Curse

Corporate Financial Policies and Performance Prior to Currency Crises

Using company level data from 17 countries that have suffered a currency crisis during the past decade, this paper documents that firms have increasing leverage and declining profitability prior to a crisis. After sorting companies into two groups based on their exchange rate beta, we show that companies that benefit from currency depreciations have higher leverage, lower earnings to revenue ratios and lower interest coverage ratios compared to firms that are harmed by currency depreciations. These results are consistent with the recent literature that puts the financial policies and performance of corporations as the central issue in currency crisis.http://deepblue.lib.umich.edu/bitstream/2027.42/39770/3/wp386.pd

Corporate Financial Policies and Performance Prior to Currency Crises

Using company level data from 17 countries that have suffered a currency crisis during the past decade, this paper documents that firms have increasing leverage and declining profitability prior to a crisis. After sorting companies into two groups based on their exchange rate beta, we show that companies that benefit from currency depreciations have higher leverage, lower earnings to revenue ratios and lower interest coverage ratios compared to firms that are harmed by currency depreciations. These results are consistent with the recent literature that puts the financial policies and performance of corporations as the central issue in currency crisis.currency crisis, corporate leverage, capital structure, profitability, exchange rates

Corporate Financial Policies and Performance Around Currency Crises

Using data from 17 countries that have suffered a currency crisis, this paper studies firm-level leverage and performance measures before and after a crisis has occurred. We show that in the years preceding a currency crisis, companies that are expected to benefit from currency depreciations increase their leverage more than companies that are expected to be harmed by currency depreciations. The evidence regarding the profitability and financial fragility ratios is consistent with the leverage results, since companies that are expected to benefit from depreciations fare worse than other companies before a crisis. We also provide evidence that the Asian crisis is different from the previous European and Latin American ones: in Asia firms become more fragile after the crisis and their profitability declines and leverage increases further, whereas in Europe and Latin America there are clear signs of recovery after a crisis has occurred, especially for firms that are ex-ante expected to benefit from depreciations.currency crises; currency depreciation; corporate leverage; capital structure; profitability; financial fragility; exchange rates

Who benefits from IPO underpricing? Evidence form hybrid bookbuilding offerings

This paper uses a unique sample of 175 Spanish equity offerings from 1985 to 2002 to test who benefits from IPO underpricing and why. Institutions receive nearly 75% of the profits in underpriced issues, while they have to bear only 56% of the losses in overpriced offerings. Superior information regarding first day underpricing cannot completely explain the institutional abnormal profits. Underwriters are better informed about the companies they take public, and use that information to favor their long term clients. The preferential treatment of institutional investors, however, does not come at the expense of retail investors. Retail investors earn positive profits from participating in the new issues market. The driving factor behind the relative retail large allocation in overpriced issues when compared to underpriced offerings is not the underwriter allocation bias in favor of institutional investors. Retail investors subscribe more heavily to underpriced issues, consistent with individuals being partially informed

Soft Information, Hard Sell: The Role of Soft Information in the Pricing of Intellectual Property

There is a growing literature on the differential impact of soft' vs. hard' information on organizational structure and behavior. This study is an attempt to empirically quantify the value of soft information, using a data-base on the market for screenplays. Script quality is difficult to estimate without subjective evaluation. Therefore soft information should be an integral part of the pricing of these intellectual assets. In our empirical analysis, we find that hard information' (reputation) variables as well as soft information' proxies are priced. Screenplays with high soft information content are priced significantly lower than high concept' harder information'- type scripts. We also follow the screenplays to production, and find that buyers seem to be able to forecast the success of a script, paying more for screenplays resulting in more successful films. In other words, high concept' (harder information) screenplays sell for more and result in more successful movies.

Corporate Financial Policies and Performance Around Currency Crises

This paper studies firm-level leverage and performance measures before and after a currency crisis, using data from 17 countries. We show that, prior to a crisis, companies that expect to benefit from currency depreciations increase their leverage more than companies that are expected to be harmed by the depreciation. Profitability and financial fragility ratios display consistent patterns. We provide evidence that the Asian crisis is different from the previous European and Latin American ones: In Asia, all firms become more fragile after the crisis and their profitability declines and leverage increases further, whereas elsewhere there are clear signs of recovery after a crisis occurs

La diócesis de Segorbe-Albarracín a través de la décima de 1401-1404

Study and edition of the decima apostolica, 1401-1404, from de Segorbe- Albarracín diocese. The source wich has been kept at the “Archivo de la Corona de Aragón” contains a detailed inventory of different ecclesiastical institutions, such as the cathedral, numerous parochial churches and monasteries. It details with its government, regulations and rents

Design and Development of an Automatic Blood Detection System for Capsule Endoscopy Images

Wireless Capsule Endoscopy is a technique that allows for observation of the entire gastrointestinal tract in an easy and non-invasive way. However, its greatest limitation lies in the time required to analyze the large number of images generated in each examination for diagnosis, which is about 2 hours. This causes not only a high cost, but also a high probability of a wrong diagnosis due to the physician’s fatigue, while the variable appearance of abnormalities requires continuous concentration. In this work, we designed and developed a system capable of automatically detecting blood based on classification of extracted regions, following two different classification approaches. The first method consisted in extraction of hand-crafted features that were used to train machine learning algorithms, specifically Support Vector Machines and Random Forest, to create models for classifying images as healthy tissue or blood. The second method consisted in applying deep learning techniques, concretely convolutional neural networks, capable of extracting the relevant features of the image by themselves. The best results (95.7% sensitivity and 92.3% specificity) were obtained for a Random Forest model trained with features extracted from the histograms of the three HSV color space channels. For both methods we extracted square patches of several sizes using a sliding window, while for the first approach we also implemented the waterpixels technique in order to improve the classification resultsThis work was funded by the European Unions H2020: MSCA: ITN program for the “Wireless In-body Environment Communication WiBEC” project under the grant agreement no. 675353. Additionally, we gratefully acknowledge the support of NVIDIA Corporation with the donation of the Titan V GPU used for this research.Pons Suñer, P.; Noorda, R.; Nevárez, A.; Colomer, A.; Pons Beltrán, V.; Naranjo, V. (2019). Design and Development of an Automatic Blood Detection System for Capsule Endoscopy Images. En Lecture Notes in Artificial Intelligence. Springer. 105-113. https://doi.org/10.1007/978-3-030-33617-2_12S105113Berens, J., Finlayson, G.D., Qiu, G.: Image indexing using compressed colour histograms. IEE Proc. Vis., Image Signal Process. 147(4), 349–355 (2000). https://doi.org/10.1049/ip-vis:20000630Breiman, L.: Random forests. Mach. Learn. 45(1), 5–32 (2001). https://doi.org/10.1023/A:1010933404324Buscaglia, J.M., et al.: Performance characteristics of the suspected blood indicator feature in capsule endoscopy according to indication for study. Clin. Gastroenterol. Hepatol. 6(3), 298–301 (2008). https://doi.org/10.1016/j.cgh.2007.12.029Cortes, C., Vapnik, V.: Support-vector networks. Mach. Learn. 20(3), 273–297 (1995). https://doi.org/10.1007/BF00994018Li, B., Meng, M.Q.H.: Computer-aided detection of bleeding regions for capsule endoscopy images. IEEE Trans. Biomed. Eng. 56(4), 1032–1039 (2009). https://doi.org/10.1109/TBME.2008.2010526Machairas, V., Faessel, M., Cárdenas-Peña, D., Chabardes, T., Walter, T., Decencière, E.: Waterpixels. IEEE Trans. Image Process. 24(11), 3707–3716 (2015). https://doi.org/10.1109/TIP.2015.2451011Novozámskỳ, A., Flusser, J., Tachecí, I., Sulík, L., Bureš, J., Krejcar, O.: Automatic blood detection in capsule endoscopy video. J. Biomed. Opt. 21(12), 126007 (2016). https://doi.org/10.1117/1.JBO.21.12.126007Signorelli, C., Villa, F., Rondonotti, E., Abbiati, C., Beccari, G., de Franchis, R.: Sensitivity and specificity of the suspected blood identification system in video capsule enteroscopy. Endoscopy 37(12), 1170–1173 (2005). https://doi.org/10.1055/s-2005-870410Simonyan, K., Zisserman, A.: Very deep convolutional networks for large-scale image recognition. arXiv preprint arXiv:1409.1556 (2014)Varma, S., Simon, R.: Bias in error estimation when using cross-validation for model selection. BMC Bioinform. 7(1), 91 (2006). https://doi.org/10.1186/1471-2105-7-9

?Gente Borgia?. Un nuevo ejemplo del mecenazgo de los Borja : Primeras inscripciones humanísticas en Valencia

Resumen: Escritura y heráldica se convierten en un lenguaje fundamental al servicio institucional y personal de los Borja, que desde Italia llegará también a su ciudad de origen y a sus señoríos. En Xàtiva y Gandía respectivamente se conservan las primeras inscripciones humanísticas que podemos ubicar en territorio valenciano. En ambos casos se trata de piezas vinculadas a la familia Borja y las dos se encuentran en el ámbito de las colegiatas de estas dos ciudades: en la capilla dedicada a Nuestra Señora de las Fiebres, advocación romana, cuya construcción mandó llevar a cabo en 1497 Francesc de Borja, tesorero pontificio, obispo de Teano, más tarde arzobispo de Cosenza y cardenal nombrado por Alejandro VI; y en el exterior de la colegiata de Santa María de Gandía, erigida en 1499 por Alejandro VI, a ambos lados de la puerta de los Apóstoles, construida bajo los auspicios de María Enríquez, viuda sucesivamente de Pere Lluís de Borja y Joan de Borja, hermanos, I y II duques de Gandía. La duquesa viuda reemprendió el proyecto inconcluso de la colegiata que quedará acabado, como señalan las inscripciones, en 1500, bajo su mecenazgo y el de su hijo Joan de Borja, III duque.   Palabras clave: Inscripciones humanísticas, Historia de la Iglesia, Heráldica, Alejandro VI.   Writing and heraldry become a fundamental language to the institutional and personal service of the Borjas. They did not only used in Italy but also in their city of origin and their manors. Both in Xàtiva and Gandía we find the first humanistic inscriptions located in Valencian territory  In both cases they are pieces linked to the Borja family and the two are found in the collegiate area of these two cities: in the chapel dedicated to the Mare de Déu de les Febres, a Roman dedication, whose construction was ordered in 1497 by Francesc de Borja, pontifical treasurer, bishop of Teano, later archbishop of Cosenza and cardinal appointed by Alexander VI; and outside of the church of Santa María de Gandía, erected as collegiate in 1499 by Alejandro VI, on both sides of the door of the Apostles, built under the auspices of María Enríquez, widow successively of Pere Lluís de Borja and Joan de Borja, brothers, I and II Borja dukes of Gandía. The duchess widow resumed the unfinished project of the collegiate church that will be finished, as indicated by the inscriptions, in 1500, under his patronage and that of his son Joan, III Borja Duke.   Keywords: Heraldry, Humanistic inscription, Alexander VI, Church histor