THE DETERMINANTS OF THE GOING PUBLIC DECISION: EVIDENCE FROM THE U.K.

Several theoretical papers have addressed the question of why firms raise public equity. However, direct empirical evidence on the characteristics of firms going public is scarce and limited to non-Anglo-Saxon contexts. Our research combines the analysis of ex ante and ex post characteristics of Initial Public Offering (IPO) companies to cast more light on the determinants of the going public decision in the UK. Some of our findings are consistent with prior empirical studies in other contexts: IPO probability depends positively on firm size and stock price levels. Results also suggest that a firm?s need to finance investments is not the main motive to go public, although this reason underlies the going public decision in a number of UK firms. Besides, contrary to the evidence shown by Pagano et al. (1998) for Italian IPOs, we find that UK firms do not go public to reduce debt since leverage is negatively related to the probability of going public. Finally, the relationship between profitability and the likelihood of an IPO for our whole IPO sample is negative and significant. Whether firms that go public have higher investment rates than other firms, as is the case of our survivor IPOs, the negative effect of profitability on the probability of going public may reflect the fact that these firms cannot yield sufficient internal funds to finance large investments. In fact, the relationship between profitability and the likelihood of an IPO becomes significantly positive for our acquired IPO group, where investment opportunities variables have no significant effect on the going public decision. This result is consistent with the portfolio rebalancing motive to go public.Initial Public Offerings, the Going Public Decision.

Rubén Darío en el último verso de Antonio Machado

Sin resume

Effects of database choice on international accounting research.

Data availability is one of the traditional obstacles confronting researchers carrying out international empirical studies in accounting. In recent years several databases have claimed to offer comprehensive coverage of accounting and financial data of firms worldwide. We analyse whether the choice of database has an effect on the results of empirical studies. We find that the results of a simple empirical adaptation of the Ohlson (1995) model for fourteen member states of the European Union change significantly depending on the database chosen (Datastream, Global Vantage, Company Analysis, Worldscope, Thomson Financial, Financials and BvD Osiris). These differences are mainly attributable to differences in the samples across databases. When we match observations across all databases the differences persist but are much less pronounced. Our main conclusion is that database choice matters, as it leads to different results when the same research design is used.Database comparability; International empirical research;

El malestar de los jueces y el modelo judicial

En el libro recensionado, Alejandro Nieto analiza la lamentable situación de la justicia en España y se pregunta si los propios jueces son los culpables o, por el contrario, las primeras de sus victimas. La recensión analiza el contenido del libro y las opiniones de su auto

Alliances: An Innovative Management Model for Public and Private Investments

Although Alliancing has been in use since the 1990s in Australia and New Zealand, this method of procuring and managing major capital assets and services has become more popular also in Europe in the past few years. Under an Alliance contract, a public or private entity contractually works collaboratively with the contractor to deliver the project under the principle of ‘open books’, that is, sharing gains and pains. This chapter will analyse the Alliance contracting model, which is characterised by three main features: It requires parties to work collaboratively, act with integrity and make best-for-project decisions. The project team, formed with members of the promoter and contractors, works as an integrated, collaborative team to deal with all project matters. In alliance contracts, risks are jointly managed by the parties together, except financial exposure, which lies mostly on the owner/promoter. Through the examples presented in the chapter, including the desalinations plants of Perth or Adelaide water supply system, in Australia, it will be concluded which kind of projects are more suitable for potential delivery as Alliances

Predicción del fracaso empresarial en los sectores de construcción e inmobiliario: Modelos generales versus específicos

This paper looks at the advantages of industry-focused versus general models to better predict corporate failure. The results confirm that profitability, stock turnover, leverage, liquidity, size, business growth, age, and general economic conditions are determinants of the failure, but there are differences between industries. In addition, it is found that a specific model estimation has similar predictive power than a general one in the construction industry, while that is not the case in the real estate industry.Este trabajo investiga si la estimación de modelos específicos sectoriales permite predecir mejor el fracaso que la estimación de un modelo general. Los resultados confirman que la rentabilidad, la rotación de las existencias, el endeudamiento, la liquidez, el crecimiento, la edad y las condiciones económicas generales afectan a la probabilidad de insolvencia, pero hay diferencias sectoriales. Por otro lado, aunque para las empresas constructoras tiene similar capacidad predictiva un modelo específico sectorial que un modelo general, no sucede lo mismo en el sector inmobiliario

Guernica de Picasso y la Escuela de Nueva York (1939-1947)

Guernica, la pintura realizada por Picasso en 1937 para el Pabellón Republicano en la Exposición Internacional de Artes y Técnicas de París, tuvo un fuerte impacto en la Escuela de Nueva York. En mayo de 1939 fue presentada en la capital americana como un icono político en el marco de una campaña internacional de ayuda a los refugiados republicanos. En noviembre de 1939 reapareció como indiscutible obra maestra del arte moderno en el contexto de la gran exposición antológica dedicada a Picasso por el Museo de Arte Moderno de esta ciudad. Sumando ambos significados, Guernica supuso un estímulo crucial para los artistas del expresionismo abstracto que, en el contexto de la crisis moral producida por la Segunda Guerra Mundial, exploraban la posibilidad de hacer un arte que expresara la conexión del mundo interior del pintor con los problemas de su tiempo, afirmando el papel del artista, como individuo, en la sociedad.Guernica, Picasso’s painting for the Spanish Republican Pavilion in the International Exposition of Arts and Techniques of Paris, 1937, had a strong impact on the New York School. In May 1939 it was first exhibited in this city as a political icon within a campaign to raise funds for the Spanish Republic refugees. In November 1939 it was exhibited again as an undisputed modern art masterpiece in the frame of a great retrospective exhibition on Picasso’s oeuvre at the Museum of Modern Art. By adding up these two meanings, Guernica acted as an important stimulus for abstract expressionist artists, who were looking for an art that could express the connection between the inner self of the artist and the problems of his time, and confirmed the role of the artist, as an individual, in society

Trichuris trichiura egg extract proteome reveals potential diagnostic targets and immunomodulators

The proteomic analysis was performed at the proteomics facility of SCSIE, University of Valencia (Burjassot, Spain) that belongs to ProteoRed, PRB2-ISCIII, Madrid, Spain. We also thank Dr. Tatiana Corey, Dr. Amy Beierschmitt and Dr. Pompei Bolfa for their support during sample collection.Embryonated eggs are the infectious developmental stage of Trichuris trichiura and are the primary stimulus for the immune system of the definitive host. The intestinal-dwelling T. trichiura affects an estimated 465 million people worldwide with an estimated global burden of disease of 640 000 DALYs (Disability Adjusted Life Years). In Latin America and the Caribbean, trichuriasis is the most prevalent soil transmitted helminthiasis in the region (12.3%; 95% CI). The adverse health consequences impair childhood school performance and reduce school attendance resulting in lower future wage-earning capacity. The accumulation of the long-term effects translates into poverty promoting sequelae and a cycle of impoverishment. Each infective T. trichiura egg carries the antigens needed to face the immune system with a wide variety of proteins present in the shell, larvae's surface, and the accompanying fluid that contains their excretions/secretions. We used a proteomic approach with tandem mass spectrometry to investigate the proteome of soluble non-embryonated egg extracts of T. trichiura obtained from naturally infected African green monkeys (Chlorocebus sabaeus). A total of 231 proteins were identified, 168 of them with known molecular functions. The proteome revealed common proteins families which are known to play roles in energy and metabolism; the cytoskeleton, muscle and motility; proteolysis; signaling; the stress response and detoxification; transcription and translation; and lipid binding and transport. In addition to the study of the T. trichiura non-embryonated egg proteome, the antigenic profile of the T. trichiura non-embryonated egg and female soluble proteins against serum antibodies from C. sabaeus naturally infected with trichuriasis was investigated. We used an immunoproteomic approach by Western blot and tandem mass spectrometry from the corresponding SDS-PAGE gels. Vitellogenin N and VWD and DUF1943 domain containing protein, poly-cysteine and histidine tailed protein isoform 2, heat shock protein 70, glyceraldehyde-3-phosphate dehydrogenase, actin, and enolase, were among the potential immunoactive proteins. To our knowledge, this is the first study on the T. trichiura non-embryonated egg proteome as a novel source of information on potential targets for immunodiagnostics and immunomodulators from a neglected tropical disease. This initial list of T. trichiura non-embryonated egg proteins (proteome and antigenic profile) can be used in future research on the immunobiology and pathogenesis of human trichuriasis and the treatment of human intestinal immune-related diseases.Generalitat Valenciana GVPROMETEO16/15