Truncated distributions of valuation multiples: an application to European food firms

[EN] Company valuation is increasingly used in company management for various purposes. However, in Spain, information that is useful for small and medium-sized enterprises (SMEs) is non-existent. In order to broaden this information, a mass model for valuation of companies is proposed to enable valuation multiples to be obtained. This model has been applied to SMEs in the food sector in Spain. However, the asymmetry of the distributions obtained causes an upwards bias of the mean multiples and makes it difficult to establish statistically significant differences between the distributions. To solve this problem, an algorithm to eliminate outliers has been designed which enables the most probable range of values to be obtained for each multiple. The multiples obtained are compared with the multiples for European food companies listed on the stock market, revealing statistically significant differences.Ribal Sanchis, FJ.; Blasco Ruiz, A.; Segura García Del Río, B. (2009). Truncated distributions of valuation multiples: an application to European food firms. International Journal of Mathematics in Operational Research. 1(4):419-432. doi:10.1504/IJMOR.2009.026275S4194321

Estudio de la autocorrelación espacial en el mercado inmobiliario comercial de la ciudad de Madrid

The availability of spatial attributes makes it possible to quantify the degree of clustering or randomness of a variable in space, thus offering valuable contributions to exploratory analysis. Particularly, the use of spatial autocorrelation indices makes it is possible to delve into the distribution of a variable at both global (Moran's index) and local (LISA) scales and identify patterns between spatial units whose neighborhood links are set according to the hypothesis. However, despite the extensive use of such indices in fields such as ecology and epidemiology, the use of these techniques in the analysis of variables in real estate contexts has been limited, although it should be noted that it helps to define the importance of the spatial component in the value of a property and whether there is a clear relationship with surrounding properties. In the context of the national real estate market, and given the importance of retail trade, specifically in Madrid, the use of such indices is essential. Therefore, this paper offers an exploratory spatial analysis corresponding to data on commercial premises for sale and rent in 2020, a period characterized by the compulsory closure of non-essential trade and subsequent limitations in capacity, opening, and closing hours. The results show patterns among the 21 districts that make up the city, serving as a basis for the study of the gross yields of commercial premises, which in turn have been among the real estate products with the most favorable evolution in the last year.La disponibilidad de atributos espaciales hace posible la cuantificación del grado de agrupación o aleatoriedad de una variable en el espacio, ofreciendo así útiles aportes en el análisis exploratorio. En particular, el uso de los índices de autocorrelación espacial permite ahondar en la distribución de una variable tanto a escala global (índice de Moran) como local (LISA), así como la identificación de patrones entre unidades espaciales con nexos de vecindad. Sin embargo, pese a la vasta utilización de dichos índices en campos como ecología y epidemiología, el empleo de estas técnicas en el análisis de variables en contextos inmobiliarios ha sido limitada, aunque cabe señalar que ayuda a definir la importancia del componente espacial en el valor de un inmueble y si existe una relación clara con los inmuebles del entorno. En el contexto del mercado inmobiliario nacional, y dada la importancia del comercio minorista en la ciudad de Madrid, uno de los principales núcleos productivos, es de importancia el uso de dichos índices. Por ello, en este trabajo, se ofrece un análisis exploratorio espacial correspondiente a datos de locales comerciales en venta y alquiler en 2020, período caracterizado por el cierre obligatorio del comercio no esencial y limitaciones posteriores en términos aforo, horario de apertura y cierre. Los resultados muestran patrones entre los 21 distritos que conforman la ciudad, base para el estudio de las rentabilidades brutas de los locales comerciales, que a su vez han sido de los productos inmobiliarios con evolución más favorable en el último año

Influence of Management Practices on Economic and Enviromental Performance of Crops. A Case Study in Spanish Horticulture

This article assesses the effect of management practices on the environmental and economic performance of tigernut production. Tigernut is a horticultural crop grown in a very limited and homogeneous area. Results show that the environmental variability among farms was greater than variability in costs. A selection of practices can reduce impacts per kilogram tigernut by factors 252.5 (abiotic depletion), 33 (aquatic ecotoxicity), or 6 (global warming) and costs by factors of between 2 and 3. The analysis shows a positive relationship between economic and environmental performance. Results highlight how proper management leads to both relatively low environmental impacts and costs.The authors acknowledge the support of the Conselleria d'Empresa, Universitat i Ciencia de la Generalitat Valenciana (GV/2007/211) and the Universitat Politecnica de Valencia (PAID05-08-316).Fenollosa Ribera, ML.; Ribal Sanchis, FJ.; Lidón Cerezuela, AL.; Bautista Carrascosa, I.; Juraske, R.; Clemente Polo, G.; Sanjuán Pellicer, MN. (2014). Influence of Management Practices on Economic and Enviromental Performance of Crops. A Case Study in Spanish Horticulture. Agroecology and Sustainable Food Systems. 38(6):635-659. https://doi.org/10.1080/21683565.2014.896302635659386De Backer, E., Aertsens, J., Vergucht, S., & Steurbaut, W. (2009). Assessing the ecological soundness of organic and conventional agriculture by means of life cycle assessment (LCA). British Food Journal, 111(10), 1028-1061. doi:10.1108/00070700910992916Basset-Mens, C., Anibar, L., Durand, P., & van der Werf, H. M. G. (2006). Spatialised fate factors for nitrate in catchments: Modelling approach and implication for LCA results. Science of The Total Environment, 367(1), 367-382. doi:10.1016/j.scitotenv.2005.12.026Basset-Mens, C., Kelliher, F. M., Ledgard, S., & Cox, N. (2009). Uncertainty of global warming potential for milk production on a New Zealand farm and implications for decision making. The International Journal of Life Cycle Assessment, 14(7), 630-638. doi:10.1007/s11367-009-0108-2Blengini, G. A., & Busto, M. (2009). The life cycle of rice: LCA of alternative agri-food chain management systems in Vercelli (Italy). Journal of Environmental Management, 90(3), 1512-1522. doi:10.1016/j.jenvman.2008.10.006Carlsson Reich, M. (2005). Economic assessment of municipal waste management systems—case studies using a combination of life cycle assessment (LCA) and life cycle costing (LCC). Journal of Cleaner Production, 13(3), 253-263. doi:10.1016/j.jclepro.2004.02.015Contreras, W. A., Lidón, A. L., Ginestar, D., & Bru, R. (2009). Compartmental model for nitrogen dynamics in citrus orchards. Mathematical and Computer Modelling, 50(5-6), 794-805. doi:10.1016/j.mcm.2009.05.008Prudêncio da Silva, V., van der Werf, H. M. G., Spies, A., & Soares, S. R. (2010). Variability in environmental impacts of Brazilian soybean according to crop production and transport scenarios. Journal of Environmental Management, 91(9), 1831-1839. doi:10.1016/j.jenvman.2010.04.001Jan, P., Dux, D., Lips, M., Alig, M., & Dumondel, M. (2012). On the link between economic and environmental performance of Swiss dairy farms of the alpine area. The International Journal of Life Cycle Assessment, 17(6), 706-719. doi:10.1007/s11367-012-0405-zJuraske, R., & Sanjuán, N. (2011). Life cycle toxicity assessment of pesticides used in integrated and organic production of oranges in the Comunidad Valenciana, Spain. Chemosphere, 82(7), 956-962. doi:10.1016/j.chemosphere.2010.10.081Lidón, A., Ramos, C., & Rodrigo, A. (1999). Comparison of drainage estimation methods in irrigated citrus orchards. Irrigation Science, 19(1), 25-36. doi:10.1007/s002710050068McDevitt, J. E., & Milà i Canals, L. (2011). Can life cycle assessment be used to evaluate plant breeding objectives to improve supply chain sustainability? A worked example using porridge oats from the UK. International Journal of Agricultural Sustainability, 9(4), 484-494. doi:10.1080/14735903.2011.584473Michelsen, J. (2001). Recent Development and Political Acceptance of Organic Farming in Europe. Sociologia Ruralis, 41(1), 3-20. doi:10.1111/1467-9523.00167Meisterling, K., Samaras, C., & Schweizer, V. (2009). Decisions to reduce greenhouse gases from agriculture and product transport: LCA case study of organic and conventional wheat. Journal of Cleaner Production, 17(2), 222-230. doi:10.1016/j.jclepro.2008.04.009Mouron, P., Nemecek, T., Scholz, R. W., & Weber, O. (2006). Management influence on environmental impacts in an apple production system on Swiss fruit farms: Combining life cycle assessment with statistical risk assessment. Agriculture, Ecosystems & Environment, 114(2-4), 311-322. doi:10.1016/j.agee.2005.11.020Mouron, P., Scholz, R. W., Nemecek, T., & Weber, O. (2006). Life cycle management on Swiss fruit farms: Relating environmental and income indicators for apple-growing. Ecological Economics, 58(3), 561-578. doi:10.1016/j.ecolecon.2005.08.007Pascual, B., Maroto, J. V., LóPez-Galarza, Sa., Sanbautista, A., & Alagarda, J. (2000). Chufa (Cyperus esculentus L. var. sativus boeck.): An unconventional crop. studies related to applications and cultivation. Economic Botany, 54(4), 439-448. doi:10.1007/bf02866543Ribal, J., Sanjuán, N., Clemente, G., & Fenollosa, M. L. (2011). Medición de la ecoeficiencia en procesos productivos en el sector agrario. Caso de estudio sobre producción de cítricos. Economía Agraria y Recursos Naturales, 9(2), 125. doi:10.7201/earn.2009.02.06Rosenbaum, R. K., Bachmann, T. M., Gold, L. S., Huijbregts, M. A. J., Jolliet, O., Juraske, R., … Hauschild, M. Z. (2008). USEtox—the UNEP-SETAC toxicity model: recommended characterisation factors for human toxicity and freshwater ecotoxicity in life cycle impact assessment. The International Journal of Life Cycle Assessment, 13(7), 532-546. doi:10.1007/s11367-008-0038-4Sanjuan, N., Ribal, J., Clemente, G., & Fenollosa, M. L. (2011). Measuring and Improving Eco-efficiency Using Data Envelopment Analysis. Journal of Industrial Ecology, 15(4), 614-628. doi:10.1111/j.1530-9290.2011.00347.xSanjuan, N., Ubeda, L., Clemente, G., Mulet, A., & Girona, F. (2005). LCA of integrated orange production in the Comunidad Valenciana (Spain). International Journal of Agricultural Resources, Governance and Ecology, 4(2), 163. doi:10.1504/ijarge.2005.007198Saxton, K. E., Rawls, W. J., Romberger, J. S., & Papendick, R. I. (1986). Estimating Generalized Soil-water Characteristics from Texture1. Soil Science Society of America Journal, 50(4), 1031. doi:10.2136/sssaj1986.03615995005000040039xThomassen, M. A., Dolman, M. A., van Calker, K. J., & de Boer, I. J. M. (2009). Relating life cycle assessment indicators to gross value added for Dutch dairy farms. Ecological Economics, 68(8-9), 2278-2284. doi:10.1016/j.ecolecon.2009.02.011Tzilivakis, J., Jaggard, K., Lewis, K. A., May, M., & Warner, D. J. (2005). Environmental impact and economic assessment for UK sugar beet production systems. Agriculture, Ecosystems & Environment, 107(4), 341-358. doi:10.1016/j.agee.2004.12.016Van der Werf, H. M. G., Kanyarushoki, C., & Corson, M. S. (2009). An operational method for the evaluation of resource use and environmental impacts of dairy farms by life cycle assessment. Journal of Environmental Management, 90(11), 3643-3652. doi:10.1016/j.jenvman.2009.07.003Van Zeijts, H., Leneman, H., & Wegener Sleeswijk, A. (1999). Fitting fertilisation in LCA: allocation to crops in a cropping plan. Journal of Cleaner Production, 7(1), 69-74. doi:10.1016/s0959-6526(98)00040-7Venkat, K. (2012). Comparison of Twelve Organic and Conventional Farming Systems: A Life Cycle Greenhouse Gas Emissions Perspective. Journal of Sustainable Agriculture, 36(6), 620-649. doi:10.1080/10440046.2012.67237

La competencia instrumental específica en el grado de Administracion y Dirección de Empresas de la Universitat Politècnica de València

[ES] La competencia transversal instrumental específica hace referencia al uso de herramientas y tecnologías necesarias para el ejercicio profesional. El término específico hace referencia a la titulación. El objetivo de la misma debe ser aproximar las competencias y habilidades de los graduados a los requerimientos y demandas de las empresas. En la Facultad de Administración y Dirección de Empresas de la Universitat Politècnica de València varias de las asignaturas que evalúan esta competencia lo hacen empleando la hoja de cálculo como la herramienta necesaria para el ejercicio profesional. Otras se centran en técnicas y modelos específicos de la materia mediante el uso de software libre.[EN] The soft skill termed as specific instrumental skill deals with using tools and technologies needed in the work environment. The word “specific” is referred to the specific degree. Its goal should be closing the gap between the skills and capabilities of graduates, and the requirements and demands of the work environment. In the Business Administration School at the Universidad Politècnica de València several courses assess this soft skill considering the spreadsheet software as the tool needed in the work environment while others build models by means of open-source software.Ribal Sanchis, FJ.; Andrés González-Moralejo, S.; Blasco Ruiz, A.; Cervelló Royo, RE.; Chirivella González, V. (2019). La competencia instrumental específica en el grado de Administracion y Dirección de Empresas de la Universitat Politècnica de València. En JIDDO. I Jornada de innovación en docencia universitaria para la dirección de organizaciones públicas y privadas. Editorial Universitat Politècnica de València. 101-1096. https://doi.org/10.4995/JIDDO2019.2019.10240OCS101109

Evaluación de la Competencia Transversal 8: Comunicación efectiva

[ES] En este trabajo se detallan las actividades realizadas en las asignaturas que han sido escogidas, por la Facultad de Administración y Dirección de Empresas de la UPV, como puntos de control de la competencia transversal "comunicación efectiva". Estas actividades se refieren tanto a la dimensión oral como a la escrita. En el primer caso se utilizan fundamentalmente presentaciones y también vídeos. En el segundo caso abundan los proyectos y las memorias realizadas sobre los trabajos de laboratorio. En todos los casos, la evaluación se realiza mediante el uso de una rúbrica elemental, creada ex profeso, que identifica aquellos aspectos en los que se desea incidir.[EN] In this paper we detail the activities carried out at the subjects that have been chosen as control points to evaluate the transversal competence "effective communication". These activities refer to both the oral and the written communication. In the first case, presentations and videos are mainly used. In the second case, we prefer projects and reports on laboratory work. In all cases, the evaluation is done using custom-made elementary rubrics, which identify those aspects that we want to measure.Chirivella González, V.; Ribal Sanchis, FJ.; Martí Selva, ML.; Grau Gadea, GF.; Conejero López, M.; Maroto Álvarez, MC. (2019). Evaluación de la Competencia Transversal 8: Comunicación efectiva. En JIDDO. I Jornada de innovación en docencia universitaria para la dirección de organizaciones públicas y privadas. Editorial Universitat Politècnica de València. 50-59. https://doi.org/10.4995/JIDDO2019.2019.10237OCS505

Análisis multidisciplinar de la aplicación de técnicas de evaluación continua formativa

El presente trabajo presenta las actividades realizas para la mejora del proceso de aprendizaje en sesiones de prácticas mediante distintas estrategias de evaluación continua formativa por parte de un grupo de innovación educativa de la Universidad Politécnica de Valencia. Se ha estudiado el uso de cuestionarios temporizados realizados antes y al finalizar la práctica mediante el uso de una plataforma de e-learning así como el uso de rúbricas para la valoración del trabajo del alumno y las memorias de prácticas. La eficacia de las distintas estrategias ha sido establecida a partir de datos cualitativos y cuantitativos recogidos mediante observación durante su aplicación, calificaciones obtenidas y realizando un sondeo de opinión. La aplicación de estas metodologías ha sido llevada a cabo en 10 asignaturas de diferentes áreas de conocimiento (Teoría de la Señal y Comunicaciones, Química, Ingeniería Química y Economía) impartidas en diferentes carreras técnicas, por lo que se obtiene una visión multidisciplinar del efecto de las innovaciones

Economic feasibility of freeze-drying to obtain powdered fruit

[EN] Fruit is a highly valuable food whose consumption should be encouraged. In addition, it would be desirable to design processes and products to channel the surplus and take advantage of the post-harvest losses that limit its fresh marketing. Freeze-drying is a known industrial process that permits the obtaining of high quality products, despite having always been labeled as very expensive. In this study, the economic feasibility of freeze-drying to obtain powdered fruit has been proven, as it yields a product more than twice as cheap as when obtained by spray-drying, recognized for its low cost.The authors thank the Ministerio de Economía y Competitividad for the financial support given through the Project AGL 2012-39103.Camacho Vidal, MM.; Casanova, MÁ.; Fenollosa Ribera, ML.; Ribal Sanchis, FJ.; Martínez-Lahuerta, JJ.; Martínez Navarrete, N. (2018). Economic feasibility of freeze-drying to obtain powdered fruit. En IDS 2018. 21st International Drying Symposium Proceedings. Editorial Universitat Politècnica de València. 827-834. https://doi.org/10.4995/IDS2018.2018.7479OCS82783

Usefulness of bone turnover markers as predictors of mortality risk, disease progression and skeletal-related events appearance in patients with prostate cancer with bone metastases following treatment with zoledronic acid: TUGAMO study

Owing to the limited validity of clinical data on the treatment of prostate cancer (PCa) and bone metastases, biochemical markers are a promising tool for predicting survival, disease progression and skeletal-related events (SREs) in these patients. The aim of this study was to evaluate the predictive capacity of biochemical markers of bone turnover for mortality risk, disease progression and SREs in patients with PCa and bone metastases undergoing treatment with zoledronic acid (ZA). Methods: This was an observational, prospective and multicenter study in which ninety-eight patients were included. Patients were treated with ZA (4mg every 4 weeks for 18 months). Data were collected at baseline and 3, 6, 9, 12, 15 and 18 months after the beginning of treatment. Serum levels of bone alkaline phosphtase (BALP), aminoterminal propeptide of procollagen type I (P1NP) and beta-isomer of carboxiterminal telopeptide of collagen I (b-CTX) were analysed at all points in the study. Data on disease progression, SREs development and survival were recorded. Results: Cox regression models with clinical data and bone markers showed that the levels of the three markers studied were predictive of survival time, with b-CTX being especially powerful, in which a lack of normalisation in visit 1 (3 months after the beginning of treatment) showed a 6.3-times more risk for death than in normalised patients. Levels of these markers were also predictive for SREs, although in this case BALP and P1NP proved to be better predictors. We did not find any relationship between bone markers and disease progression. Conclusion: In patients with PCa and bone metastases treated with ZA, b-CTX and P1NP can be considered suitable predictors for mortality risk, while BALP and P1NP are appropriate for SREs. The levels of these biomarkers 3 months after the beginning of treatment are especially importantThis study was supported by Novartis Oncology Spai

Valoración económica de la propiedad industrial

El  objetivo  fundamental  de  este  proyecto  es  estudiar  las  metodologías  existentes para la valoración económica de los activos intangibles de las empresas que son susceptibles de ser considerados propiedad industrial así como aplicar algunas de ellas. Por ello previamente se realizará una revisión del concepto de activo intangible así como del concepto  de  propiedad  industrial,  ambos  serán  caracterizados  y  clasificados,  refiriendo  asimismo su tratamiento contable. A continuación se tratará la importancia de la valoración de naturaleza técnica ya que delimitará las posibilidades y uso futuros de la propiedad industrial. Ya  dentro  del  objetivo  fundamental  se  detallarán  las  principales  metodologías  valorativas  existentes refiriendo asimismo técnicas complementarias. Para finalizar se mostrarán diversas aplicaciones de las metodologías a varios casos de estudio.Ribal Sanchis, FJ. (2015). Valoración económica de la propiedad industrial. Universitat Politècnica de València. http://hdl.handle.net/10251/51221Archivo delegad

Contrastes no paramétricos de múltiplos fundamentales frente a múltiplos bursátiles en empresas alimentarias europeas

The food industry is made up of small and medium-sized companies causing the valuation multiples to be scarce. In this study fundamental valuation models are applied to food companies listed in the European markets, so as to contrast whether the calculated multiples statistically differ from the stock multiples and find out if these models could be in SMEs. Taking into account that multiples are not normally distributed, several non-parametric statistical tests have been used showing that in 40 to 60 % of cases it cannot be stated that the fundamental multiples are statistically different from the stock multiples.El sector alimentario está formado principalmente por PYMEs por lo que los múltiplos de valoración son escasos. En este trabajo se aplican modelos de valoración fundamental a las empresas alimentarias cotizadas en mercados secundarios europeos, para contrastar si los múltiplos obtenidos de valores fundamentales difieren significativamente de los múltiplos bursátiles, y saber así si estos modelos podrían ser empleados en PYMEs. Dado que los múltiplos no se distribuyen normalmente, se emplean contrastes estadísticos de naturaleza no paramétrica que muestran que entre un 40 y un 60 % de las veces los múltiplos fundamentales no difieren de los múltiplos bursátiles