Financial performance of socially responsible companies

El objeto del presente trabajo es analizar determinadas variables de naturaleza financiera en las empresas consideradas socialmente responsables, las que forman parte del índice de sostenibilidad español FTSE4Good IBEX, y determinar si existen diferencias significativas en su comportamiento respecto a las del resto de índices de la familia IBEX. Los resultados muestran que las acciones de las empresas socialmente responsables obtienen una rentabilidad superior para el mismo nivel de riesgo sistemático y que su sensibilidad ante los cambios en el mercado es mayor.This paper analyses financial performance of companies considered as highly socially responsible. For this purpose, companies that compose the Spanish sustainability index FTSE4Good IBEX (as well as other IBEX indices) are examined. Two basic results can be highlighted: first, stocks of companies that are socially responsible earn returns on excess over systematic risk, making them investment-attractive. Second, they have a higher systematic risk

Housing Ranking: a model of equilibrium between buyers and sellers expectations

The equilibrium set of housing units (alternatives) can be characterized from the standpoint of both the demander and the supplier. The current work describes an application of the multicriteria single price model to the ranking of alternatives. By a generalization of the single price model and from both viewpoints an efficiency index can be calculated. We demonstrate how, in equilibrium, the two viewpoints result inevitably in inverse orders of ranking. The model is illustrated by a sample of housing units in the city of Valencia, Spain.

Liquidity Risk and Investors' Mood: Linking the Financial Market Liquidity to Sentiment Analysis through Twitter in the S&P500 Index

[EN] Microblogging services can enrich the information investors use to make financial decisions on the stock markets. As liquidity has immediate consequences for a trader's movements, this risk is an attractive area of interest for both academics and those who participate in the financial markets. This paper focuses on market liquidity and studies the impact on liquidity and trading costs of the popular Twitter microblogging service. Sentiment analysis extracted from Twitter and different popular liquidity measures were gathered to analyze the relationship between liquidity and investors' opinions. The results, based on the analysis of the S&P 500 Index, found that the investors' mood had little influence on the spread of the index.Guijarro, F.; Moya Clemente, I.; Saleemi, J. (2019). Liquidity Risk and Investors' Mood: Linking the Financial Market Liquidity to Sentiment Analysis through Twitter in the S&P500 Index. Sustainability. 11(24):1-13. https://doi.org/10.3390/su11247048S113112

Market Liquidity and Its Dimensions: Linking the Liquidity Dimensions to Sentiment Analysis through Microblogging Data

[EN] Market liquidity has an immediate impact on the execution of transactions in financial markets. Informed counterparty risk is often priced into market liquidity. This study investigates whether microblogging data, as a non-financial information tool, is priced along with market liquidity dimensions. The analysis is based on the Australian Securities Exchange (ASX), and from the results, we conclude that microblogging content in pessimistic periods has a higher impact on liquidity and its dimensions. On a daily basis, pessimistic investor sentiments lead to higher trading costs, illiquidity, a larger price dispersion and a lower trading volume.Guijarro, F.; Moya Clemente, I.; Saleemi, J. (2021). Market Liquidity and Its Dimensions: Linking the Liquidity Dimensions to Sentiment Analysis through Microblogging Data. Journal of Risk and Financial Management (Online). 14(9):1-12. https://doi.org/10.3390/jrfm1409039411214

Análisis comparado de los aspectos técnicos y de las partidas del balance más importantes en las cooperativas de crédito en el periodo 1988-97

This paper analyses the different items which are included in a balance-sheet as well as other technical or size-related issues which are relevant when locating the co-operative credit sector within the framework of the Spanish banking sector. The following variables are considered of particular importance regarding balance sheets: the total asset, the credit items and the deposits. As far as the profit and loss account is concerned, the margins which are considered indicators of the banking business evolution are also taken into account. The evolution of the number of entities, offices and personnel in absolute and relative terms is also studied. Finally, the personnel expenses and their relation with productivity are included.Co-operative Credit Entities, Banking Entities, Profit and Loss Account, Balancesheet, Productivity.

Contraste de un indicador de eficiencia agregado y la estimación paramétrica. Aplicación al sector de crédito cooperativo español

In this paper we try to compare two different efficiency measures, on one hand, the aggregate index used by the Spanish Central Bank, and on the other hand, that obtained by parametric methodology and a Translog cost function. We have studied differences between these two efficiency indicators in the credit co-operative sector because in this sector this aspect has not been studied yet and its market share is reduced compared with private banks and savings banks. This work shows that results are statistical different depending on the measure used. Differences are specially important when efficiency across size is studied, then the index used by the Spanish Central Bank is not satisfactory.Credit Co-operatives, Efficiency, Aggregate measures, Parametric Methodology.

PIGMENTATION OF THE HEART IN THE BICHIR, POLYPTERUS SENEGALUS

El resumen aparece en el Program & Abstracts of the 10th International Congress of Vertebrate Morphology, Barcelona 2013. Anatomical Record, Volume 296, Special Feature — 1: P-078.The presence of melanin-containing cells in the heart has been documented in tetrapods, but not in fish. It has been even suggested that dark pigmented cells are exclusively associated with hearts having two atria and two ventricles. The aim here is to report the occurrence of pigment cells in the heart of the bichir, an extant representative of the polypteriformes, an ancient ray-finned fish lineage that split from the stem of the actinopterygians soon after their divergence from the sarcopterygians. The bichir heart is composed of sinus venosus, atrium, ventricle, conus arteriosus and bulbus arteriosus arranged sequentially within the pericardial cavity. Dendritic-shaped cells containing melanosomes were found in the five cardiac components of the 12 bichirs included in this study. Numerous melanophores were distributed regularly over the surface of all segments having myocardium in their walls, thus resulting in a marked pigmentation of the whole heart. The bulbus arteriosus, which in the bichir is reduced in size, showed an even more intense pigmentation. In all instances, the melanophores were localized in the subepicardial space. Pigment cells also occurred in the pericardium and ventral aorta. The functional role of melanocytes in the tetrapod heart remains obscure. Antiinflamatory activity, cytoprotection and effects on the viscoelastic properties of the cardiac tissue have been adduced as possible actions of such cells. The role of pigment cells in the bichir heart constitutes a new open question. Interestingly, however, the only cells that have been shown to form melanin-containing cells in the heart derive from the neural crest. If the melanophores of the bichir heart are indeed of neural crest origin, it would suggest a much more extensive contribution and persistence of elements from the neural crest in the primitive heart of jawed vertebrates as assumed so far in most papers devoted to vertebrate heart embryology.Proyecto CGL2010-16417/BOS; Fondos FEDER; Beca FPI ref. BES-2011-046901

The anatomical components of the cardiac outflow tract of the bichir, polypterus senegalus. Evolutionary significance

El resumen aparece en el Program & Abstracts of the 10th International Congress of Vertebrate Morphology, Barcelona 2013.Anatomical Record, Volume 296, Special Feature — 1: P-077.In chondrichthyans and actinopterygians, the outflow tract of the heart, namely, the cardiac portion intercalated between the ventricle and the ventral aorta, consists of two anatomical components: conus arteriosus and bulbus arteriosus. In chondrichthyans and extant representatives of phylogenetically ancient actinopterygian groups, the conus and bulbus are well-developed in size, whereas in most teleosts, the bulbus is markedly larger than the conus. Current knowledge about the cardiac outflow tract of the polypteriformes is scarce and highly contradictory, a fact that contrasts with their crucial phylogenetic position at the source of the actinopterygian lineage. In fact, it remains uncertain whether they have a bulbus at the arterial pole of the heart. The present study aimed to elucidate the anatomical arrangement of the cardiac outflow tract of the bichir in an attempt to improve our understanding of the evolution of the vertebrate heart. We examined the hearts from 12 bichirs using histochemical and immunohistochemical techniques. Our findings showed that the outflow tract of the bichir consists of two components, namely, a long conus arteriosus, largely composed of myocardial tissue and furnished with a variable number of valves at its luminal side, and a very short, elastin rich bulbus arteriosus, devoid of myocardium. The bulbus has an arterial-like histological composition. However, it differs from the aorta because it has a thicker wall, shows a different arrangement of the histological elements, is covered by the epicardium and is crossed by coronary arteries. The present observations are consistent with the notion that the conus arteriosus and the bulbus arteriosus have coexisted from the beginning of the jawed vertebrate radiation. This is of particular interest, because there is evidence that the bulbus arteriosus, which is a second heart field derivative, is homologous with the intrapericardial portions of the aorta and pulmonary artery of birds and mammals.Proyecto CGL2010-16417/BOS; Fondos FEDER