IS THE MARKET OVER-OPTIMISTIC ABOUT THE PROSPECTS OF FIRMS THAT ISSUE EQUITY? EVIDENCE FOR THE SPANISH MARKET

Previous evidence has documented that equity issuers underperform in the long-run. One possible explanation is that investors have overoptimistic expectations regarding future earnings and the underperformance occurs as these expectations are corrected over time. Our central focus is to test this hypothesis for Spanish rights issuing firms, for that, firstly we examine analysts? predictions about future earnings of these companies. We observe that forecasts are unusually favourable and, moreover, the post-offering underperformance is most pronounced when analyst predictions have higher optimistic bias. Secondly, we study the market response to issuing firms? earnings announcements in the post-offering period observing a significant negative reaction. So the evidence in this paper is consistent with the excessive optimism hypothesis about issuing firms. Evidencia previa ha documentado que las empresas que amplían capital experimentanrentabilidades anormales negativas en el largo plazo. Una posible explicación es que losinversores tienen expectativas excesivamente optimistas sobre los beneficios futuros de estascompañías y la evolución observada se debe a la corrección gradual de este exceso deoptimismo. El principal objeto de este trabajo es contrastar esta hipótesis para las emisionescon derechos en el mercado español. Para ello, en primer lugar se examinan los pronósticos delos analistas sobre los beneficios futuros de las empresas emisoras. Se observa que laspredicciones para estas compañías son inusualmente favorables y, además, la peor evolución alargo plazo es más pronunciada cuando las predicciones son más optimistas. En segundolugar, se estudia la reacción del mercado a los anuncios de beneficios de las compañíasemisoras los años siguientes a la oferta, observando una reacción significativamente negativa.Por tanto, la evidencia aportada en este trabajo es consistente con la hipótesis de expectativasexcesivamente optimistas sobre las empresas que deciden ampliar capital.Finanzas corporativas, ampliaciones de capital, predicciones de beneficios Corporate Finance, Seasoned Equity Offerings, Earnings Forecasting.

The jibarization of logos: how medical reductionism can kill

En las últimas décadas se ha desencadenado una verdadera proliferación disciplinar y subdisciplinar tanto en el ámbito médico como en la ciencia en general. Esta tendencia podría ser parcialmente explicada por dos hechos diacrónicos e interconectados dialécticamente: la profundización de la división técnica, social e internacional del trabajo del mundo capitalista globalizado, y el triunfo del Programa Reduccionista, desarrollado principalmente por el empirismo lógico del Círculo de Viena. El presente trabajo tiene por objetivo ahondar el debate sobre los intrincados vínculos entre la medicina, la biología, la filosofía, el reduccionismo y el pensamiento complejo, a partir de la utilización de dos ejemplos: un informe de caso de la medicina actual y la situación experimentada por un afamado científico norteamericano, Stephen Jay Gould, a propósito de su primer cáncer, un mesotelioma abdominal. Hemos observado cómo los dos hechos históricos mencionados han venido operando como una súper estructura de “pinza”, descuartizando y comprimiendo al mismo tiempo al objeto a conocer, a las teorías que permiten su estudio y al propio sujeto que recibe el conocimiento. Esta jibarización del logos constituye un verdadero problema para la salud pública desde el momento en que impacta, omnipresente, en el modelo médico hegemónico actual, propiciando actitudes potencialmente peligrosas para los diversos integrantes de los sistemas de salud.In recent decades, a disciplinary and subdisciplinary proliferation has triggered both in the medical fields and science in general. This trend may be partially explained by two diachronic, dialectically interconnected facts: the deepening of technical, social and international division of labor in the globalized capitalist world, and the triumph of the reductionist program, mainly developed by the logical empiricism of the Vienna Circle. This paper aims to deepen the debate on the intricate links between medicine, biology, philosophy, reductionism and complex thought, by using two examples: a case report of current medicine and the situation experienced by a famous American scientist, Stephen Jay Gould, about his first cancer, an abdominal mesothelioma. We have witnessed how the two above-mentioned historical facts have been operating as a super-structure like a pair of “tweezers”, dismembering and compressing at the same moment the object of knowledge, the theories that allow their study, and the subject that receives the knowledge. This jibarization of logos is a real problem for public health, from the moment that it impacts, omnipresent, in the actual hegemonic medical model, leading to potentially dangerous attitudes to the various components of health systems.Fil: Sala, Juan Emilio. Universidad Nacional de la Patagonia; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Centro Nacional Patagónico. Instituto de Biología de Organismos Marinos; Argentin

La "herencia esencialista" en la biología: sobre la media y la varianza

El objetivo principal del presente trabajo será intentar demostrar, mediante el desarrollo de dos ejemplos puntuales, de qué forma la Biología actual continúa siendo obstinadamente esencialista, ya que a pesar del quiebre epistemológico provocado por Darwin, se perpetúa el abuso indiscriminado en la utilización estadística de la Media, como justificación de ideas preconcebidas por los científicos y forzando de esta forma la verdad mediante la reificación de los números. Buscaré mostrar los limites con los que cuenta la utilización estadística poco cuidadosa de la Media en la biología e intentaré reivindicar la utilización de la Varianza, como medida representativa de la variabilidad de las mediciones en biología y de la dinámica propia de lo biológico, despojándola de toda la carga negativa con la que todavía cuenta

Tres notes de lexicologia semítica: entre l'arameu, l'àrab i el grec

The linguistic make-up of the Syro-Palestinian Church comprised two clearly differentiated sectors: the Greek-speaking coastal regions and Hellenised cities, on the one hand, and the inland regions, on the other, where a variety of dialects were spoken. This geographical division was only a partial factor, however. Although the tendency of individuals to group together in Greek and Aramaic-speaking areas was initially determined by social inertia strongly influenced by reasons of language, the subsequent Arabo-Islamic occupation brought with it a new linguistic factor – Arabic. Contrary to the opinion of some scholars, Aramaic was also spoken in the major cities and towns. It is known that Palestine was a highly active centre of Greek culture at the time of the Arabo-Islamic occupation; it also known that for a brief period of time Greek continued to be the language of the new Islamic Arab state. However, the Greek language of the Islamic Arab state was used not by Greek officials, the latter having fled with Heraclius, but by the Syriacs. The presence of the ‘language of the Syrians’ (an expression frequently found in Greek texts from the 4th century onwards) appears to have been much greater than believed until very recently. The Aramaic speakers of Syria, Palestine and Mesopotamia not only kept alive the various Aramaic dialects used in everyday life, but they also knew Greek. The constant contact between Greek and the various Aramaic dialects, therefore, contributed to the exchange of cultural elements both in the Christian and the Jewish world. It is in this context that the present article proposes the following three etymologies: (1) An Aramaic-Arabic hapax: the Arabic síq is a form deriving from the Palestinian Christian- Aramaic síq, with a total consonantal shift from the Aramaic and a vocalic interference as a result of the transition from Greek to Aramaic. The sequence would be as follows: síq (Arabic) < síq (Aramaic) < shkov¿, ‘enclosure’, ‘monastery’. (2) An Aramaic loan-word: sábún < sapúná: in verse 1 of the sixth stanza of zejel no. 137 by the Cordoban writer Ibn Quzmán (12th century), we find a term which had previously been supposed to be Romance in origin: sábún, ‘soap’, with the article, which in Hispano Arabic must have been realized as sábún. The loan-word sábún entered Arabic directly from Aramaic. The word has been documented in Hebrew, rabbinical Aramaic and Syriac. (3) A possible Semitic word that failed to prosper: the author is inclined to think that the word endib/via, ‘endive’, was formed from ejntuvbi

¿Qué les queda a las putas para jactarse? Una invectiva paleoislámica de subtemática promartirial

El marco ğāhilī en el que se sitúa la pieza, atribuida a Hind bint U h, sirve para representar la depravación de los Banū Umayyah, como representantes del mundo pagano al que el nuevo modelo político-religioso, el islam, trata de dejar atrás. La autora, para ello, contrapone dos modelos político-religiosos distintos utilizando un preciso lenguaje con el que arremete sexual y culturalmente contra Hind bint Rab `ah, que actúa como símbolo de paganismo anti-islámico cuyos máximos representantes caen en la mítica batalla de Badr. Frente a ello, los musulmanes caídos en U ud simbolizan la entrega auto-martirial del musulmán como representante del nuevo modelo.The djāhilī framework in which the poetic piece attributed to Hind bint Uth th h is located, represents the depravation of the Banū Umayyah, who symbolize the pagan world that should be transcended by the new political-religious model, Islam. The author confronts two different political-religious models using precise language to attack Hind bint Rabī `ah from both sexual and cultural viewpoints. Opposite Hind bint Rabī `ah, who acts like an anti-Islamic pagan symbol, the leaders of which died in the mythical battle of Badr, we find the Muslims killed in U ud who symbolize the self-martyrdom offering like representatives of the new model

Apostillas a una inscripción judeoaramea procedente de la sinagoga de Dura-Europos

En la presente nota ofrecemos una serie de tres apostillas con la intención de resolver los problemas de ledura que presenta la inscripción judeoaramea procedente de Dura-Europos objeto de este estudioOur aim in the present note is to provide a series of three comments intending to solve the problems of reading that this Jewish Aramaic iwaiption from Dura-Europos offers

Un daimónion llamado

Sumarios de revistas del Servicio de Publicaciones de la UC

Sobre el Horologion de Melecio Karma.

Sin resume

Portrait of the pre-Islamic queen Ma‘wiyā in Karšūnī. Analysis of the Arabic version from its Syriac Aramaic original

En el presente trabajo estudiamos un fragmento sobre la reina árabe Ma`wiya incluido en la Crónica de Miguel el Grande (m. 1199 AD) en su versión karshuni, comparada con el original siriaco, con el objeto de poder valorar las diversas estrategias y técnicas utilizadas por el traductor al verter el texto siriaco al árabe.In this paper we study a fragment about the Arab queen Ma‘wiyā included in the karšūnī version of Michael the Great’s Chronicle (d. 1199 BC) compared with the Syriac Vorlage. Our aim is to analyze the differences between the Syriac text and its Arabic version rendered by the translator

Documento fundacional en árabe del monasterio de santa Catalina en el Monte Sinaí.

The stablishment of groups of asceties on Mount Sinai is still far away from getting a clear and complet knowledge of its origin. The manuscript document which we ofler attempts to contribute to it, as it stands for an Arabic version of an ancient document which goes back to 6th century. As there are some Arabic documents which gather similar accounts, as well as by the philological evídences which arise, it calI to think that our document is the version of a Greek original text which is earlier than 6th century, and where is reported the foundation and the ups and downs in which the monks of the monastery of St. Catharine on Mount Sinai were involved alí along the time.El origen de los establecimientos de grupos de ascetas en el Monte Sinaí todavía no lo conocemos de forma clara y pormenorizada. El documento manuscrito que aquí presentamos pretende contribuir a ello, ya que representa una versión árabe de un antiguo documento que se remonta al siglo VI. La existencia de documentos árabes que recogen narracíones s[milares, así como las evidencias filológicas que se derivan, invitan a pensar que nuestro documento representa la versión de un original griego anterior al siglo VI, donde se relata la historia fundacional y los avatares a los que se vieron sometidos los monjes del Monasterio de santa Catalina, en el Monte Sinaí