Francisco Javier Ruiz Cabestre

Influence of IPO characteristics on liquidity

ABSTRACT This study examines the relationship between the characteristics that define initial public offerings (IPOs) and the post-offering liquidity of stocks outstanding. We argue that higher under-pricing, relative size and retail composition of the offerings will result in higher post-listing liquidity. Based on a sample of Spanish IPOs, our results reveal that liquidity can be explained by a set of IPO characteristics. Furthermore, the results remain robust after removing the market effect and adding other IPO characteristics, such as stabilization agreements, lockup restrictions and the reputation of underwriters, insurers and auditors.

El papel de la liquidez en la valoración relativa de las nuevas acciones con diferencias de derechos económicos

RESUMEN En el presente trabajo se analiza la valoración relativa de las acciones nuevas y viejas durante el periodo con diferencia de derechos económicos procedentes de las ampliaciones de capital con derechos de suscripción preferente realizadas a lo largo de los años 1992–2000 en el Mercado Continuo español. Los resultados obtenidos revelan la infravaloración de las acciones nuevas y permiten afirmar que puede ser explicada por variables que aproximan la liquidez inmediata entre ambos activos.

Satisfaction with External Internships: Do Students Acquire the Professional Skills Necessary to Improve their Employability?

This paper evaluates the level of satisfaction of students enrolled in the Degree in Business Administration and Management (DBAM) who have completed external internships and of the companies that have hosted them, with the aim of improving both formal and training components of these internships. The authors findings reveal potential for improvement in the administrative management of internships, and the existence of a discrepancy between the skills acquired by undergraduates in university lecture halls and the practical skills necessary for the performance of work. There was also found to be limited potential for applying acquired knowledge during the internships. The evidence therefore suggests that the training offered by universities is not always sufficiently geared towards the demands of todays society and labour market. Nevertheless, company internships meet one of its fundamental objectives, in the form of increased employment opportunities, and this is particularly significant given the extremely high youth unemployment rate at the present time.

Satisfacción del profesorado con el Grado en Administración de Empresas - [Teacher satisfaction with the Degree in Business Administration]

The objective of this paper is to evaluate the satisfaction of the professors of the Degree in Business Administration and Management of the University of La Rioja during the academic year 2015-16. The results indicate that the level of satisfaction is adequate except in what concerns with the dedication of the students to the Degree. Other aspects that have to do with the student that require some improvement are the previous knowledge of the students and their attendance to classes. The allocation of timetables of teachers and the teacher-training plan also require improvement. Finally, highlight the high valuation of the internships carried out by students in companies.

Grados en el Espacio Europeo de Educación Superior: Análisis de la satisfacción del alumnado - [Degrees in the European Higher Education Area: Analysis of student satisfaction]

The aim of this study is to evaluate the satisfaction of students of the Degree in Business Administration from the University of La Rioja during the academic year 2015/16. The results indicate that the level of satisfaction is adequate with values above 3 points on a Likert scale of 5 points. However, there are areas in which students show a certain degree of dissatisfaction. Some of these aspects are related to the planning and organization of teaching −such as the coordination between teachers of different subjects and the exam schedule− and to the channels for making complaints and suggestions. Others, perhaps more troubling, are related to the students’ perception about the orientation of the Degree to the labor market.

Incidencia de la admisión a cotización de las nuevas acciones con diferencias económicas sobre la liquidez y actividad negociadora de las acciones en circulación

RESUMEN En el presente trabajo se analiza la incidencia de la admisión a cotización de las nuevas acciones con diferencias de derechos económicos sobre la liquidez y actividad negociadora de las acciones en circulación en el Mercado Continuo español. Los resultados obtenidos sugieren que la admisión a cotización y la existencia de un mercado de acciones nuevas no tiene consecuencias significativas sobre la liquidez y actividad negociadora del mercado de acciones viejas a pesar de la vinculación existente entre las acciones de ambos mercados.

Reforma impositiva de 2007 y formación de precios exdividendo

RESUMEN El presente trabajo analiza la incidencia que la reforma en el impuesto sobre la renta de 2007 ha producido sobre la formación de precios exdividendo. Dicha reforma trata de anular el tratamiento preferencial de los dividendos en relación con las ganancias de capital para inversores individuales. Los resultados del estudio realizado (2006–2007) revelan que esta reforma ha tenido el efecto esperado. De hecho, la caída de precios es más cercana al importe del dividendo que en el periodo anterior, disminuye la relación entre la rentabilidad por dividendo y la ratio de caída de precios exdividendo y decrece el volumen anormal. Estos resultados sugieren que los aspectos fiscales en el contexto de la teoría de negociación dinámica de las clientelas, unida a la potencial actuación de los inversores a corto plazo, ayudan a explicar, cuando menos parcialmente, la conducta de la formación del precio exdividendo.