SPANISH COMPANY FOREIGN MARKET ENTRY

The aim of this paper is to analyse the determinants of diversification mode (acquisition versus greenfield) through foreign direct investment considering various theories, such as those of mergers and acquisitions, transaction costs, the learning organisation, the institutional context of the company and the cultural environment of the host country, and to analyse the determinants of entry mode combining diversification mode with ownership structure decision (greenfield wholly-owned subsidiaries, greenfield joint ventures, full acquisition and partial acquisition) and proposing various research hypotheses. The methodology used estimates various binomial and multinomial logit models, over a sample of 141 Spanish manufacturing companies between 1998 and 2000, finding that entry mode into a foreign country through direct investment is mainly explained by related diversification, international and local experience, advertising intensity, cultural distance, company size and ownership structure. El propósito de este trabajo consiste en analizar, por un lado, los determinantesdel modo de diversificación (adquisición versus desarrollo interno) de la inversióndirecta en el exterior considerando diversas aproximaciones teóricas, como las defusiones y adquisiciones, costes de transacción, del aprendizaje organizativo, así comodel contexto institucional de la empresa y del entorno cultural del país receptor. Por otrolado, se examinan los determinantes de la inversión directa exterior combinando elmodo de diversificación con la estructura de la propiedad empresarial (adquisición total,adquisición parcial, filial de plena propiedad y filial de propiedad compartida)proponiendo diversas hipótesis de investigación. La metodología aplicada estimadiversos modelos logit, binomial y multinomial, sobre 141 empresas españolasmanufactureras entre 1998 y 2000, detectando que el modo de entrada medianteinversión directa exterior viene explicada por la diversificación relacionada, laexperiencia internacional y local de la empresa, la intensidad publicitaria, la distanciacultural, así como por el tamaño y estructura de la propiedad de la empresa.marketing internacional, modo de entrada, inversión directa en el exterior, joint-venture, adquisición. international marketing, entry mode, foreign direct investment, jointventure, acquisition

Online Social Networks and Parliamentary Elections. An International Comparison

More and more researchers focus on the role of social networks in election campaigns. This article represents a case study of the parliamentary elections from 2015 in Spain and 2016 in Romania, with the aim of comparing the two online political campaigns. We describe how both parties in Romania and Spain used Facebook during the last parliamentary elections, in order to see how the political parties communicate and the online reactions generated by their messages. With the help of content and statistical analysis we take a closer look the messages published in the Facebook profiles of candidates and political parties during the general elections. The results indicate that, during parliamentary elections, unlike the presidential ones, the voters' attention is not directed to a candidate, but to a group of candidates. As a result, the communication strategy is different, focusing on increasing the notoriety of the candidates. The low interest in parties and parliamentary elections leads to using social networks mainly for disseminating information about the candidates and less as tool for mobilizing voter

RanBP2-Mediated SUMOylation Promotes Human DNA Polymerase Lambda Nuclear Localization and DNA Repair

Cellular DNA is under constant attack by a wide variety of agents, both endogenous and exogenous. To counteract DNA damage, human cells have a large collection of DNA repair factors. Among them, DNA polymerase lambda (Polλ) stands out for its versatility, as it participates in different DNA repair and damage tolerance pathways in which gap-filling DNA synthesis is required. In this work we show that human Polλ is conjugated with Small Ubiquitin-like MOdifier (SUMO) proteins both in vitro and in vivo, with Lys27 being the main target of this covalent modification. Polλ SUMOylation takes place in the nuclear pore complex and is mediated by the E3 ligase RanBP2. This post-translational modification promotes Polλ entry into the nucleus, which is required for its recruitment to DNA lesions and stimulated by DNA damage induction. Our work represents an advance in the knowledge of molecular pathways that regulate cellular localization of human Polλ, which are essential to be able to perform its functions during repair of nuclear DNA, and that might constitute an important point for the modulation of its activity in human cells

Online Social Networks and Parliamentary Elections. An International Comparison

More and more researchers focus on the role of social networks in election campaigns. This article represents a case study of the parliamentary elections from 2015 in Spain and 2016 in Romania, with the aim of comparing the two online political campaigns. We describe how both parties in Romania and Spain used Facebook during the last parliamentary elections, in order to see how the political parties communicate and the online reactions generated by their messages. With the help of content and statistical analysis we take a closer look the messages published in the Facebook profiles of candidates and political parties during the general elections. The results indicate that, during parliamentary elections, unlike the presidential ones, the voters' attention is not directed to a candidate, but to a group of candidates. As a result, the communication strategy is different, focusing on increasing the notoriety of the candidates. The low interest in parties and parliamentary elections leads to using social networks mainly for disseminating information about the candidates and less as tool for mobilizing voters

IMPACTO DE LA ESTRATEGIA DE DIVERSIFICACION EN LA EXPANSION A MERCADOS EXTERIORES SOBRE LOS RESULTADOS

The aim of this study is to examine the determining factors of a firm's performance, as a direct consequence of its diversification strategy in its expansion into foreign markets, considering certain factors like the market, the product and the company itself. As a novelty, the methodology employed uses the event-study to estimate the excess of returns generated by its shares on the Stock Market, based on a sample of 35 expansion announcements into external markets corresponding to 11 diversifying companies. A regression analysis is also carried out to examine the impact of these factors, market, product and company, on the excesses in returns observed. The empirical application carriedout in Spain, has allowed us to detect that, on average, the impact of the news about a company' expansion on the returns of its shares is positive, its determining factors being the speciality of the product offered and the level of development in the target country. El propósito de este trabajo consiste en examinar los determinantes de los resultados empresariales, derivados de la estrategia de diversificación en la expansión a mercados exteriores, en términos de los factores del mercado, del producto y de la empresa. Como novedad, la metodología aplicada utiliza el estudio del suceso ("event-study") para estimar los excesos de rentabilidad de las acciones generados en la Bolsa por una muestra de 35 noticias de expansión a mercados exteriores correspondientes a 11 empresas españolas diversificadas; así como el análisis de regresión para examinar el impacto de los factores del mercado, del producto y de la empresa sobre dichos excesos de rentabilidad. La aplicación empírica realizada en nuestro país permite detectar que, en promedio, el impacto de dichas noticias sobre la rentabilidad de las acciones es positivo, siendo sus determinantes la especialización del producto y el grado de desarrollo del país de destino.Estrategias de expansión exterior, diversificación, event-study, resultados. External expansion strategies, Diversification, Event-study, Performance.

COMPETENCIA EN EL MERCADO ESPAÑOL DE CRÉDITOS BANCARIOS: UN MODELO DE VARIACIONES CONJETURALES

The main objective of this work is to propose an oligopolistic competition model thatincorporates product differentiation through quality of service in the Spanish bank loansmarket. This model allows us to detect the competitive behavior patterns in terms of the outputof all the financial entities with respect to three strategic groups defined in terms of size. Thismodel of competitive interactions is tested with a sample of 100 firms in the Spanish bank loanmarket between 1992 and 1994. This period of time is characterized by both, the end of a longprocess of deregulation and the integration of the Spanish Banking System in the EuropeanBanking System. The findings evidence a stronger aggressiveness from the larger-size groupwhen the medium and smaller-size groups increase their output. Besides, the results detect anaggressive conduct between the entities within the larger-size group. El objetivo de este trabajo consiste en proponer un modelo de competencia oligopolísticacon diferenciación de producto vía calidad de servicio en el mercado de créditos bancarios, elcual permite detectar el patrón de conducta competitiva del output (variaciones conjeturales anivel de cantidades de créditos vendidos) para todas y cada una de las entidades financierasrespecto de cada uno de los grupos estratégicos definidos por tamaño. Este modelo deinteracciones competitivas es contrastado con 100 entidades del mercado español de créditosbancarios entre 1992 y 1994, período temporal que marca la culminación de un proceso dedesregulación e integración europea del sistema bancario español y que incide directamente enla competencia en términos de cantidades de créditos vendidos. Los resultados obtenidosevidencian que el grupo de entidades de mayor tamaño tiene una actitud agresiva ante unaumento del output de los grupos de entidades pequeñas y medianas. Además, se detecta unaconducta agresiva entre las entidades del grupo de mayor tamaño.Variación Conjetural, Comportamiento Competitivo, Grupos Estratégicos, Banking; Competition; Strategic Groups.

Effect of dispersive long-range corrections to the pressure tensor: The vapour-liquid interfacial properties of the Lennard-Jones system revisited

We propose an extension of the improved version of the inhomogeneous long-range corrections of Janecek [J. Phys. Chem. B 110, 6264–6269 (2006)], presented recently by MacDowell and Blas [J. Chem. Phys. 131, 074705 (2009)] to account for the intermolecular potential energy of spherical, rigid, and flexible molecular systems, to deal with the contributions to the microscopic components of the pressure tensor due to the dispersive long-range corrections. We have performed Monte Carlo simulations in the canonical ensemble to obtain the interfacial properties of spherical Lennard-Jones molecules with different cutoff distances, rc = 2.5, 3, 4, and 5σ . In addition, we have also considered cutoff distances rc = 2.5 and 3σ in combination with the inhomogeneous long-range corrections proposed in this work. The normal and tangential microscopic components of the pressure tensor are obtained using the mechanical or virial route in combination with the recipe of Irving and Kirkwood, while the macroscopic components are calculated using the Volume Perturbation thermodynamic route proposed by de Miguel and Jackson [J. Chem. Phys. 125, 164109 (2006)]. The vapour-liquid interfacial tension is evaluated using three different procedures, the Irving-Kirkwood method, the difference between the macroscopic components of the pressure tensor, and the Test-Area methodology. In addition to the pressure tensor and the surface tension, we also obtain density profiles, coexistence densities, vapour pressure, critical temperature and density, and interfacial thickness as functions of temperature, paying particular attention to the effect of the cutoff distance and the long- range corrections on these properties. According to our results, the main effect of increasing the cutoff distance (at fixed temperature) is to sharpen the vapour-liquid interface, to decrease the vapour pressure, and to increase the width of the biphasic coexistence region. As a result, the interfacial thickness decreases, the width of the tangential microscopic component of the pressure tensor profile increases, and the surface tension increases as the cutoff distance is larger. We have also checked the effect of the impulsive contribution to the pressure due to the discontinuity of the intermolecular interaction potential when it is cut. If this contribution is not accounted for in the calculation of the microscopic components of the pressure tensor, incorrect values of both components as well as a wrong structure along the vapour-liquid interface are obtained.The authors would like to acknowledge helpful discus- sions with J. M. Míguez, L. G. MacDowell, and M. M. Piñeiro. This work was supported by Ministerio de Ciencia e Innovación (MICINN, Spain) (Grant No. FIS2010-14866) and by Ministerio de Economía y Competitividad (MINECO) (Grant No. FIS2013-46920-C2-1-P). Further financial sup- port from Junta de Andalucía and Universidad de Huelva is also acknowledged

Universal scaling behaviour of surface tension of molecular chains

We use and extend the universal relationship recently proposed by Galliero [G. Galliero, J. Chem. Phys. 133, 074705 (2010)], based on a combination of the corresponding-states principle of Guggenheim [E. A. Guggenheim, J. Chem. Phys. 13, 253 (1945)] and the parachor approach of Macleod [J. Macleod, Trans. Faraday Soc. 19, 38 (1923)], to predict the vapour-liquid surface tension of fully flexible chainlike Lennard-Jones molecules. In the original study of Galliero, the reduced surface tension of short-chain molecules formed by up to five monomers is expressed as a unique function of the difference between the liquid and vapour coexistence densities. In this work, we extend the applicability of the recipe and demonstrate that it is also valid for predicting the surface tension of two different chainlike molecular models, namely, linear tangent chains that interact through the Lennard-Jones intermolecular potential and fully flexible chains formed by spherical segments inter- acting through the square-well potential. Computer simulation data for vapour-liquid surface tension of fully flexible and rigid linear Lennard-Jones, and fluid flexible square-well chains is taken from our previous works. Our results indicate that the universal scaling relationship is able to correlate short- and long-chain molecules with different degrees of flexibility and interacting through different inter- molecular potentials.The authors would like to acknowledge helpful discus- sions with B. Mendiboure, D. Bessières, F. Plantier, M. M. Piñeiro, and J. M. Míguez. This work was supported by Ministerio de Ciencia e Innovación (MICINN, Spain) through Grants Nos. FIS2010-14866 and FIS2010-22047-C05-05. Further financial support from Proyecto de Excelencia from Junta de Andalucía (Grant No. P07-FQM02884), Comunidad Autónoma de Madrid (Grant No. MODELICO-P2009EPS-1691), and Universidad de Huelva are also acknowledged