Stock market listing and creation of employment: An empirical analysis of the Spanish stock exchange

Este trabajo examina las consecuencias de la decisión de salida a Bolsa sobre la capacidad de creación de empleo y de generación de ingresos, para las empresas que han salido a Bolsa en el mercado de valores español a lo largo del período 1998-2011, tanto en el mercado bursátil tradicional como en el mercado alternativo bursátil. Los resultados ponen de manifiesto que las empresas que salen a Bolsa incrementan su nivel de empleo en un 13,81% a lo largo del primer año tras la oferta pública inicial, acumulando un incremento del 309,53% en el número de puestos de trabajo en su primera década de negociación bursátil. El contraste empírico realizado para determinar los factores que explican la capacidad de creación de empleo por parte de las empresas cotizadas muestra que las emergentes tienen un mayor potencial de creación de puestos de trabajo en el primer año de negociación en el mercado. De acuerdo con estos resultados se puede concluir que la decisión de salida a Bolsa repercute favorablemente en los ingresos y el número de empleados de las empresas cotizadasThis paper analyses the consequences of the decision to go public on the capacity to create employment and generate revenues for the companies that have gone public in the Spanish capital market throughout the period 1998-2011, both in the traditional market and in the alternative investment market. The results show that the companies that go public increase their employment level by 13.81% throughout the first year after the initial public offering, accumulating an increase of 309.53% in the number of jobs during the first decade of market dealing. The empirical contrast carried out to determine the factors that explain the capacity of employment creation by the quoted companies shows that the emerging companies have a greater potential of job creation during the first year of business in the stock market. According to these results, we can conclude that the decision to go public favorably affects the revenuesand the number of employees of the listed companiesEste trabajo ha sido financiado por el Ministerio de Economía y Competitividad, Proyecto ECO2012-3177

Comportamiento operativo de las salidas a Bolsa en España

Este trabajo ha sido seleccionado y ha obtenido el Accésit Premio Estudios Financieros 2003 en la Modalidad de Contabilidad y Administración de Empresas. El objetivo del trabajo es analizar el comportamiento operativo de las empresas que han iniciado su cotización en la Bolsa de Madrid en el período 1985-1997. Asimismo se pretende estudiar si ese comportamiento se puede explicar a partir de argumentos basados en la intensificación de costes de agencia, de ventanas de oportunidad, de «maquillaje» contable y de reducción de las restricciones financieras. Los resultados son consistentes con el aprovechamiento de las ventanas de oportunidad y el «maquillaje» de los resultados contables con anterioridad a la salida a bolsa. Asimismo, se constata el papel supervisor desempeñado por las entidades financieras en el mercado español de capitales. Códigos JEL: G10 y G32

CSR and Workplace Autonomy as Enablers of Workplace Innovation in SMEs through Employees: Extending the Boundary Conditions of Self-Determination Theory

The current business environment characterized by high uncertainty, volatility, and stiff situation of competitiveness that is evident in almost every sector has increased the importance of workplace innovation for contemporary businesses. In this regard, a considerable attention in realizing employees of an organization as a source of innovation is not evident from the existing literature. In this aspect, the current study is an attempt to foster workplace innovation through employees in the SME sector of an emerging economy. In doing so, the authors propose that corporate social responsibility (CSR) initiatives of an SME, along with workplace autonomy, are helpful in creating an environment at the workplace that fosters innovative employee behavior (IEB). Furthermore, the current study also extends the boundary condition of the theory of self-determination by arguing that this theory provides a comprehensive framework to explain employees' motivation for workplace innovation. The data of the current survey was obtained from the SME sector situated in two large cities of a developing country through a self-administered questionnaire which was then analyzed through structural-equation-modeling (SEM) using the AMOS software. The results confirmed that CSR directly relates to IEB and workplace autonomy mediates this relationship. The study also discusses the implications of this survey for theory and practice

Analyzing the underlying relationship between monetary policy and residential property prices in China

Policymakers and the public express concern regarding the volatility of housing prices due to its potential to increase consumer costs and negatively impact housing affordability. Based on empirical study, it has been seen that the expansion of the real estate sector has a significant impact on the investment in fixed assets by firms. This influence is mostly attributed to the alteration of the transmission of monetary policy. Real estate investment is considered a feasible option because of the significant and rapid appreciation in property prices. The primary objective of this study is to examine the influence of monetary policy on the housing market in China. To conduct the current study, macroeconomic data from a total of 44 time periods, ranging from the fourth quarter of 2012 to the fourth quarter of 2022, was collected. The findings of our study indicate that in the context of China, an expansion in the money supply has a greater propensity to positively influence the borrowing activities of real estate suppliers and clients, as opposed to the supply of properties themselves. The housing market can be influenced by governmental actions such as adjustments to the money supply and interest rates. While scholars have extensively examined the subject matter, the housing market in China remains relatively under-researched in terms of its susceptibility to government macroeconomic policies. Moreover, the current study offers a comprehensive overview of the prevailing challenges encountered by the residential property market in China, emphasizing the significance of macroeconomic policies within this particular context

Patterns and drivers of UV absorbing chromophoric dissolved organic matter in the euphotic layer of the open ocean

The global distribution of chromophoric dissolved organic matter (CDOM) in the euphotic layer of the Atlantic, Indian, and Pacific oceans (between 35° N and 40° S) was analyzed by absorption spectroscopy during the Malaspina 2010 circumnavigation. Absorption coefficients at 254 nm (a254) and 325 nm (a325), indices (a254/a365) and spectral slopes (between 275 and 295 nm, S275-295) were calculated from the dissolved fraction of the UV absorption spectra to describe the amount and quality of CDOM. Generalized Additive Models (GAMs) were applied to evaluate the relevance of physical and biogeochemical drivers for the variability of CDOM. Besides the low CDOM values, a first division of our data following the Longhurst’s biogeographic classification showed significant differences in CDOM levels among provinces. The lowest values of a254 and a325 were found in the oligotrophic gyres, particularly in the Indian Ocean, and the highest in the upwelling areas, particularly in the Equatorial Pacific. Opposite distributions were obtained for S275-295 and a254/a365, indicative of higher photobleaching in the gyres. Within each province, whereas a254 was constant through the photic layer, a325 increased significantly with depth as a result of the dominance of photobleaching over biological production in the surface layer and the opposite at depth. The Pacific provinces, including the subtropical gyres, showed, however, significantly higher a325 values, indicative of lower photobleaching/higher biological production. The GAM analysis indicates that a254 and a325 were primarily related to chlorophyll a (Chl a), exhibiting a significant positive linear response. Interestingly, Prochlorococcus and Synechococcus abundances were related to these absorption coefficients. Apparent oxygen utilization also contributed to explain the distributions of these absorption coefficients, being inversely related to a254 and directly related to a325. These results are consistent with the premise that a254 could be a proxy for the concentration of dissolved organic carbon and a325 for the aromatic by-products of biological degradation. The GAM analysis also shows that a254/a365 and S275-295 exhibited inverse relationships with solar radiation, indicating that the biological production of CDOM counteracts photodegradation as solar radiation increases. In summary, whereas photobleaching dictates the vertical distribution of CDOM, Chl a explains the CDOM differences among the photic layer of the tropical and subtropical ocean provinces visited during the circumnavigationMinisterio de Economía y Competitividad | Ref. CDS2008-0007

Impact of Renewable Energy on Economic Growth and CO2 Emissions—Evidence from BRICS Countries

The global focus on the use of renewable energy resources was mainly reignited by the signing of the Kyoto Protocol Agreement in 1997. Since then, the world has seen a great deal of progress in terms of the production and consumption of renewable energy. This in turn is rapidly powering economic growth and social development around the globe. Contrary to popular belief, the use of renewable energy is not limited to developed countries only. The developing countries are also rapidly endorsing renewable energy as a vital engine of economic growth and societal development. In this regard, even though renewable energy production and consumption are in their infancy in BRICS, these countries are taking concrete steps towards the development of renewable energy resources. The results of previous studies have indicated that with an increase in the GDP of a country its carbon footprint also tends to increase; the Brazil, Russia, India, China, and South Africa (BRICS) countries are no exception in this regard. One of the main challenges in research related to measuring the contribution of renewable energy towards economic growth is the use of a singular model or techniques that may not be appropriate for the generalization of the results. This study intends to overcome this challenge by application of multiple econometric-based models which include the “Cross Dependency” test, the unit root test, and “CIPS” (cross-sectional augmented IPS). Besides these the second generation, stochastic models based upon econometrics, such as the DOLS test (dynamic ordinary least square) and the FMOLS (fully modified ordinary least square) are also applied for verification of the contribution of renewable energy towards the economic growth of the BRICS countries. The novelty of the study mainly stems from fact that these models are seldom applied in tandem and especially in the BRICS countries. The results of the study indicate that the existence of the bi-directional relationship between the use of renewable energy and economic growth is mainly indicated by the increase in GDP, thus lending support to the feedback hypothesis. Moreover, the conservation hypothesis was proven by the existence of a unidirectional causality relationship between the use of renewable energy and CO2 emissions. Alongside these, the study also included sensitivity analysis to gauge the impact of the growth of GDP on the CO2 emissions of BRICS countries, and regression analysis was performed to create an EKC curve which was used to gauge not only the sensitivity but also to help in highlighting the impact of using renewable energy in controlling and reducing CO2 emissions, thus proving the EKC theory. Thus, it can be deduced that increase in CO2 emissions is of major concern for the BRICS countries, which has led them to increase the production of renewable energy. Based upon the findings of the present study it is recommended that policymakers should encourage the use of renewable energy by offering incentives in financial terms, such as interest-free or low-interest loans, subsidies and feed-in tariff

Proteomic analysis in morquio a cells treated with immobilized enzymatic replacement therapy on nanostructured lipid systems

[ENG]Morquio A syndrome, or mucopolysaccharidosis type IVA (MPS IVA), is a lysosomal storage disease due to mutations in the N-acetylgalactosamine-6-sulfatase (GALNS) gene. Systemic skeletal dysplasia and the related clinical features of MPS IVA are due to disruption of cartilage and its extracellular matrix, leading to an imbalance of growth. Enzyme replacement therapy (ERT) with recombinant human GALNS, alpha elosulfase, provides a systemic treatment. However, this therapy has a limited impact on skeletal dysplasia because the infused enzyme cannot penetrate cartilage and bone. Therefore, an alternative therapeutic approach to reach the cartilage is an unmet challenge. We have developed a new drug delivery system based on a nanostructure lipid carrier with the capacity to immobilize enzymes used for ERT and to target the lysosomes. This study aimed to assess the effect of the encapsulated enzyme in this new delivery system, using in vitro proteomic technology. We found a greater internalization of the enzyme carried by nanoparticles inside the cells and an improvement of cellular protein routes previously impaired by the disease, compared with conventional ERT. This is the first qualitative and quantitative proteomic assay that demonstrates the advantages of a new delivery system to improve the MPS IVA ERTS

Extramedullary plasmocytoma in base of tongue

[ES] Introducción: El plasmocitoma extramedular es un tumor de células plasmáticas monoclonales que ocurre fuera de la médula o del hueso.La localización mas frecuente en otorrinolaringología asienta en las fosas nasales y senos paranasales, presentándose en el 80% de los casos como una masa solitaria de tejido blando. Paciente/método: Varón de 80 años con cardiopatía isquémica, insuficiencia renal crónica e hipertensión. Acude a urgencias por espina de pescado, localizada en hemibase de lengua derecha y extraída. Se aprecia en línea media tumoración rojiza de 2 cm. La nasofibroscopia muestra tumoración limitada a base de lengua, no ulcerada.La RMN revela una tumoración en base de lengua de 2,5cm con intensa captación de gadolineo. Se establece diagnóstico diferencial con tiroides lingual y rabdomioma, descartándose patología tiroidea tras gammagrafía. El paciente, informado de la necesidad de biopsia/exéresis, rechaza actitud quirúrgica y seguimiento. Tras 1 año y 2 meses, ingresa en Medicina interna por dolores óseos erráticos. En pruebas radiológicas se objetivan múltiples lesiones óseas junto a lesión nodular en axila derecha con PAAF compatible con proceso linfoproliferativo. Biopsia de médula ósea sin evidencia de infiltración neoplásica. Se realiza adenectomía axilar derecha con diagnóstico anatomopatológico de plasmocitoma extramedular. Resultado: La enfermedad local evolucionó a mieloma múltiple sin infiltración medular. Se establece quimioterapia con protocolo VMP. Tras 2 ciclos, el paciente decide la suspensión. Discusión/Conclusión: El plasmocitoma extramedular faríngeo es poco frecuente manifestándose en el 5% de los casos. La toma de biopsia es fundamental para el diagnóstico debiendo realizarse tomas profundas ya que el plasmocitoma asienta en la submucosa. [EN] Introduction: Extramedullary plasmocytoma is a plasma cell neoplasia that arises outside of the bone marrow or bone.The most frequent locations in the otorrinolaryngologist area are nostrils and nasal sinuses. In 80% of the cases solitary plasmocytoma appears like a soft tissue mass. Patient and methods: Case report: An 80-years old male, with ischaemic heart disease, chronic renal failure and hypertension came to the emergency service complaining of fishbone, located in right base of tongue and removed after exploration. A reddish 2 cm mass is observed in the midline.Endoscopy showed up a mass limited to base of tongue, non ulcerated. The MRI revealed a mass in base of the tongue with 2, 5 cm and intense uptake of gadolinium was discovered. Differential diagnosis is established between lingual thyroid and rhabdomyoma.Thyroid pathology is dismissed after thyroid scan. The patient is informed of the need of biopsy/excision and rejects surgery and monitoring. After 1 year and 2 months the patient is admited to Internal medicine, complaining of erratic bone pains. Imaging studies showed multiples bones lesions, also one nodular lesion in the right axila is found with FNAC compatible with lymphoproliferative process. Bone marrow biopsy did not show evidence of neoplasic infiltration. An axilar right adenectomy is performed with pathologist diagnosis of extramedularry plasmocytoma. Results: Local disease evolved to multiple myeloma without bone marrow infiltration. Chemotherapy with VMP protocol is established, after 2 cycles , the patient decide to interrupt treatment. Conclusions: Pharingeal extramedularry plasmocytoma is infrequent manifesting itself in 5% of cases. Taking a biopsy in deep is essential for diagnosis, as plasmacytoma sits in the submucosa

Characterization of New Proteomic Biomarker Candidates in Mucopolysaccharidosis Type IVA

Mucopolysaccharidosis type IVA (MPS IVA) is a lysosomal storage disease caused by mutations in the N-acetylgalactosamine-6-sulfatase (GALNS) gene. Skeletal dysplasia and the related clinical features of MPS IVA are caused by disruption of the cartilage and its extracellular matrix, leading to a growth imbalance. Enzyme replacement therapy (ERT) with recombinant human GALNS has yielded positive results in activity of daily living and endurance tests. However, no data have demonstrated improvements in bone lesions and bone grow thin MPS IVA after ERT, and there is no correlation between therapeutic efficacy and urine levels of keratan sulfate, which accumulates in MPS IVA patients. Using qualitative and quantitative proteomics approaches, we analyzed leukocyte samples from healthy controls (n = 6) and from untreated (n = 5) and ERT-treated (n = 8, sampled before and after treatment) MPS IVA patients to identify potential biomarkers of disease. Out of 690 proteins identified in leukocytes, we selected a group of proteins that were dysregulated in MPS IVA patients with ERT. From these, we identified four potential protein biomarkers, all of which may influence bone and cartilage metabolism: lactotransferrin, coronin 1A, neutral alpha-glucosidase AB, and vitronectin. Further studies of cartilage and bone alterations in MPS IVA will be required to verify the validity of these proteins as potential biomarkers of MPS IVAS

Model of teleconsultation pharmaceutical integrated in the electronic clinical history of the patient

OBJECTIVE: Describe the phases of implementation, scaling and integration of a pharmacy teleconsultation model in electronic history, to coordinate the care transition of patients. METHOD: Descriptive and retrospective study in a health area of 500,000 inhabitants (3 years). In the first phase, a working group was created, a communication platform was designed and a continuity program was piloted between a hospital pharmacist and the 13 primary care pharmacists. The objective was to solve problems related to medications (especially those of sanitary approval) in polymedicated patients hospitalized in the Short Stay Unit- Emergency. In a second phase, the program included all the patients in any unit and all the pharmacists in the hospital. In the third phase, the program was extended to the teleconsultation format within the corporate information systems of the Health Service. Quantitative descriptive variables were recorded (number, motives and resolution of the teleconsultations). RESULTS: In total, more than 470 consultations were registered (118 in the first phase, 158 in the second and 194 in the third), which were resolved in 90% of the cases. The main reasons were discrepancies in type approval drugs, prescribed in the care transition and nutritional assessment. CONCLUSIONS: Teleconsultation allows the coordination of pharmaceutical care between levels, quickly and easily. Increase the visibility and access of professionals. Problems are resolved without displacements or time delays for patients