Shareholder value creation in Europe. Eurostoxx 50: 1997-2003

2003 was a good year for the shareholders of the companies in the Euro Stoxx 50: the shareholder value creation of these 50 companies was €150,016 million. The companies that created most value for their shareholder were Siemens (€18,778 million), Telefonica (15,382) and BSCH (12,443). The companies that destroyed most shareholder value were Nokia (-€12,051 million), L'Oreal (-8,089) and Ahold (-5,427). None of the Spanish companies in the Euro Stoxx 50 destroyed shareholder value in 2003. Shareholder value destruction in the three-year period 2001-2003 was €-1.75 trillion. The market value of the 50 companies was €1.65 trillion in 2003, and €1.4 trillion in 2002. We also calculate the created shareholder value of the 50 companies during the seven-year period 1997-2003. Siemens was the top shareholder value creator and Nokia the top shareholder value destroyer during the seven-year period. A portfolio long in the companies that entered the index and short in the companies that abandoned the index had on average a 6% return in the 20 days prior to the index recomposition and a 7% return in the 20 days after the index recomposition. In 2003, the Euro Stoxx 50 was much more volatile than the S&P 500 or the Dow Jones.shareholder value creation; created shareholder value; shareholder value added; shareholder return; required return equity;

Shareholder value creators in the S&P 500: Year 2004

During 2004, 64% of the companies in the S&P 500 created value, while in 2003 the figure was 87%. The market value of the 500 companies was $11.2 trillion in 2004, compared to$10.1 trillion in 2003. The top shareholder value creators in 2004 were Exxon, General Electric, Ebay, Johnson & Johnson and Qualcomm. We define created shareholder value and provide the ranking of created shareholder value for the 500 companies. We also calculate the created shareholder value of the 500 companies during the twelve-year period 1993-2004. General Electric was the top shareholder value creator and AT&T was the top shareholder value destroyer during the twelve-year period. On average, the small market capitalization companies of the S&P were more profitable. Between 1998 and 2004, the volatility of the S&P as a whole fell, but the volatility of its components increased on the average.shareholder value creation; created shareholder value; equity market value; shareholder value added; shareholder return; required return to equity;

Shareholder value creators and shareholder value destroyers in Europe. Year 2002

2002 was a bad year for the shareholders of the companies in the Euro Stoxx 50: the shareholder value destruction of the companies in the Euro Stoxx 50 was 958,968 million euros. In 2002 only Eni created value (3,374 million euros). The remaining 49 companies destroyed value and had negative returns. Alcatel had the lowest shareholder return in 2002 (-77.9%). Shareholder value destruction in the 3-year period 2000-2002 was 1.9 trillion euros. The market value of the 50 companies was 1.42 trillion euros in 2002, and 2.24 trillion euros in 2001, and 2.75 trillion euros in 2001. The author also calculates the created shareholder value of the 50 companies during the six-year period 1997-2002. Nokia was the top shareholder value creator and Allianz the top shareholder value destroyer during the six-year period. A very weak relationship is found between return and size. A portfolio long in the companies that entered the index and short in the companies that abandoned the index had on average a 10% return in the 16 days prior to the index recomposition and a -6% return in the 12 days after the index recomposition. In 2002, the Euro Stoxx 50 was much more volatile than the S&P 500 or the Dow Jones.shareholder value creators; shareholder value destroyers;

Rentabilidad y creación de valor para los accionistas de las empresas españolas y del Ibex 35. 1992-2004

En este trabajo se analiza la evolución del IBEX y de las 75 empresas españolas que cotizaron en bolsa (en el mercado continuo) desde diciembre de 1992 hasta diciembre de 2004. Los datos de 2004 se presentan en los Anexos. Las definiciones que se utilizan se toman del libro "Valoración de Empresas", y son: 1) capitalización: valor de todas las acciones de la empresa; 2) aumento del valor para los accionistas; 3) rentabilidad para los accionistas; 4) la rentabilidad exigida a las acciones, y 5) creación de valor para los accionistas.Valor mercado de la empresa; valor añadido para los accionistas; rentabilidad del accionista; rentabilidad requerida recursos propios;

EuroStoxx 50: 1997-2004. Shareholder value creation in Europe

2004 was a good year for the shareholders of the companies in the Euro Stoxx 50: the shareholder value creation of these 50 companies was €42,880 million. It was not as good as 2003, however, when their value creation reached slightly over €160,000 million. The companies that created most value for their shareholders were Enel (€13,364 million), ENI (11,855) and TIM (9,891). The companies that destroyed most value were Nokia (-€15,239 million), L'Oréal (-9,095) and Philips (-7,823). In 2004, the Euro Stoxx 50 was much more volatile than either the S&P 500 or the Dow Jones. Shareholder value destruction in the three-year period 2002-2004 was €-0.9 trillion. The market value of the companies included in the Euro Stoxx 50 was €1.5 trillion in 2004 and €1.4 trillion in 2003. We also calculate the created shareholder value of the 50 companies during the seven-year period 1997-2004. ENI was the top shareholder value creator and Vivendi, the top shareholder value destroyer during that period. A portfolio long in the companies that entered the index and short in the companies that abandoned the index had on average a 7.2% return in the 20 days prior to the index recomposition and a 2.3% return in the 20 days after the index recomposition.shareholder value creation; created shareholder value; shareholder value added; shareholder return; required return to equity;

The Decision To Set Up Home Independently In Spain: Explanatory Factors

Young people today are leaving the parental home; i.e., living independently at increasingly later ages. In Mediterranean Europe in particular, most males, and a large portion of females, continue to live in their parents home until they are into their thirties.In the case of Spain, in recent years, a series of economic and social changes have led to a rise in young peoples uptake of non-compulsory stages of education, resulting in increasingly late arrival on the job market (with this extended education and also high youth unemployment), characterized by higher temporary employment rates and greater vulnerability in the process of joining the labor force than previous cohorts. As regards to living independently, despite a very large increase in housing stock over the past ten years, young Spaniards encounter increasing difficulties in gaining access to housing because of higher purchase prices and the structure of the rental market.This paper will study the socioeconomic factors that have influenced the young Spanish population when deciding to leave the family home (i.e., becoming autonomous)

La obsolescencia programada en nuestra sociedad: perspectivas y análisis

La obsolescencia programada, aunque es un término ampliamente conocido, pocas personas saben realmente como funciona o cuál es su significado exacto. Por ello, a lo largo de este trabajo, definiremos qué es la obsolescencia, para qué sirve y cómo se clasifica, así como sus antecedentes históricos y su desarrollo hasta la actualidad. Posteriormente, se dará paso a estudiar la sociedad del consumo, definiendo qué es el consumismo y explicando los efectos que tiene esta práctica en la economía y en el proceso de compra, así como la repercusión del marketing en la sociedad actual. Este apartado centrará su visión en demostrar que el problema de la obsolescencia no solo radica en las empresas, sino también en todas las personas que compran e incentivan la sociedad de consumo en la que vivimos hoy en día. Otros aspectos que también se analizan en este trabajo es la regulación vigente que existe en Europa y España, así como las diferentes maneras de poder evitar la obsolescencia programada.Grado en Comerci

Producción de un hidrolizado proteico extenso de girasol mediante hidrólisis secuencial con endo- y exo-proteasas.

A high quality protein isolate has been obtained from defatted sunflower meal by alkaline extraction and isoelectric precipitation. Protein content was increased from 31.2 % in the defatted flour to 97 % in the protein isolate. The percentages of fiber, soluble sugars, polyphenols and residual lipids in the protein isolate were reduced to more than 90 % with respect to the defatted meal. The protein isolate was used as starting material for the generation of an extensive enzymatic protein hydrolysate. The hydrolysis was carried out in a pH stat using sequentially an endo-protease (Alcalase) and an exo-protease (Flavourzyme). The protein hydrolysate, with a degree of hydrolysis of 50.7 %, was white and non bitter.Se ha obtenido un aislado proteico de alta calidad a partir de harina desengrasada de girasol, mediante extracción alcalina y precipitación isoeléctrica. Se incrementó el contenido proteico desde un 31.2 % en la harina desengrasada hasta un 97 % en el aislado proteico. Los porcentajes de fibra, azúcares solubles, polifenoles y lípidos residuales se redujeron en más del 90 % en el aislado proteico respecto a la harina desengrasada. Se usó el aislado proteico como material de partida para la producción de un hidrolizado enzimático proteico extenso. La hidrólisis se realizó en un reactor usando secuencialmente una endo-proteasa (Alcalasa) y una exo-proteasa (Flavorzima). El hidrolizado proteico, con un grado de hidrólisis del 50.7 %, era blanco y no presentaba amargor

Propuesta Didáctica Los Negritos de Ocros a través de la comunicación corporal para favorecer la interacción en los estudiantes con Trastorno de Espectro Autista del sexto grado de primaria del CEBE Tahuantinsuyo, 2018

En el Sistema Educativo Peruano, la educación básica especial es tomada como un desafío por los diferentes profesionales que forman parte de esta modalidad de enseñanza, porque no existen las herramientas necesarias para llevar a cabo una labor eficiente. El desafío educativo frente a un niño o joven diagnosticado con Trastorno de Espectro Autista (TEA) no se orienta únicamente a enseñarle un conjunto de técnicas para ejecutar una actividad, sino es importante que reconozca la importancia y funcionalidad de dicha actividad en su vida diaria

Synthesis, optimization and characterization of liposomes as molecular transporters

RESUMEN: Los liposomas se han convertido en una poderosa herramienta utilizada como vehículo de transporte de fármacos. Sus propiedades como capacidad de carga, alta especificidad, vida media, entre otros, dependen enormemente de sus cualidades morfológicas y composición, de ahí la importancia en efectuar una caracterización de estos. En este trabajo se han sintetizado liposomas cargados en superficie empleando sonicación en bañoo y en punta. Se ha realizado su caracterización morfológica utilizando técnicas de microscopía electrónica (TEM) y en base al número y distribución de tamaño de los liposomas obtenidos, se ha seleccionado la mejor opción o ruta de síntesis de las tres que se han explorado. Con la mejor opción se han desarrollado pruebas de encapsulación utilizando: Rodamina B (Rho.B) y 5-isotiocianato de fluoresceína (FITC). Se han empleado algunos procesos para retirar el colorante no encapsulado o adsorbido, y las técnicas de espectroscopia de absorción UV-Vis y de fluorescencia han determinado cuantitativamente la concentración de lípidos, la concentración de colorante, la eficiencia de encapsulación, la carga útil y la adsorción en los liposomas.ABSTRACT: Liposomes have become a powerful tool used as a drug transport and delivery vehicle. Their properties such as load capacity, delivery eficiency, half-life, among others, depend greatly on its morphological qualities and composition, hence the importance of a good characterization. In this work, surface-charged liposomes have been synthesized using bath and probe sonication. A morphological characterization of these was performed using electron microscopy techniques (TEM) and based on the number and size distribution of the liposomes obtained, a selection of the best option or synthesis route of the three that have been explored. With the best option, encapsulation tests have been carried out using: Rhodamine B (Rho.B) and fluorescein 5-isothiocyanate (FITC) dyes. Some processes have been used to remove the non-encapsulated dyes, UV-Vis absorption and fluorescence spectroscopy techniques have been used to quantitatively determine lipid concentration, dye concentration, encapsulation eficiency, payload and adsorption of liposomes.Grado en Físic