Isabel Martínez

Assessing the quality of disclosure on intangibles in the Spanish capital market

Purpose – The purpose of this study is to analyse the quality of disclosure on intangibles in presentations to analysts held by firms listed in the Spanish capital market. Given that quantification of the information provides a more precise and convincing message than qualitative disclosure, the information is measured by two indices, which are focused on the specificity of the disclosure.Design/methodology/approach – The reports of all presentations to financial analysts held by Spanish companies listed in the Madrid Stock Exchange are analysed during the year 2000 and 2001. The sample contains 257 reports.Findings – Briefly, the study finds that there are differences in the quality of the information reported to financial analysts in Spain, and that several factors, such as firm size and the levels of profitability and leverage, highly influence it.Practical implications – This study contributes to the literature by analysing the disclosure of the information on intangibles beyond the commonly used disc...

Influence of enzymatic treatment on the nutritional and functional properties of pea flour

The effect of enzymatic treatment on the nutritional value and functional properties of pea flour was investigated. Pea flour was hydrolyzed with acid protease from Aspergillus saitoi, to give two different hydrolyzed pea flours. This enzymatic treatment led to a significant (p < 0.05) decrease in crude and true protein and to an increase of free amino acids and non-protein nitrogen. The nutritional value decreased, but an increase in the avilability of protein was expected as result of lower trypsin inhibitor activity and phytic acid content in hydrolyzed pea flours. The amino acid profile of unhydrolyzed pea flour was slightly modified after enzymatic hydrolysis, increasing (significantly) the isoleucine, leucine, lysine, cystine, phenylalanine, threonine, alanine, arginine and aspartic acid contents as a result of the added enzyme. In addition, enzymatic treatment released hydrophobic amino acids, which significantly improved the protein solubility at acid pH, the oil absorption capacity and the emulsification capacity of pea flours. Protein solubility, foaming capacity, foam stability, water absorption capacity, gelation capacity and green colour decreased. It was thus confirmed that treatment with acid protease improves some functional properties of pea flour, but the effect on nutritional properties was unclear.

Content and in vitro availability of Fe, Zn, Mg, Ca and P in homogenized fish-based weaning foods after bone addition

The aim of the present study was to compare the Fe, Zn, Mg, Ca and P contents and their in vitro availability in five fish-based infant weaning foods, as a function of the fish bone added with the muscle. The weaning foods studied were: sole without bone (S); hake without bone (H); sole with bone and hake without bone (SBH); sole with bone (SB); and hake with bone (HB). Low levels of Fe and Zn and low percentages of these dialysed minerals were found in all the weaning foods assayed. The incorporation of bone increased the Ca and P contents, particularly in HB weaning food (92.8 ± 0.44 mg 100 g−1 for Ca and 274 ± 1.93 mg 100 g−1 for P). The amounts of Ca and P dialysed were also higher in the weaning foods with bone.

Ranking of handicaps in international financial analysing

The objective of this study is to rank some factors as handicaps that create diversity and incertitude in international financial analysis. It is an important subject when discussing the adoption of International Accounting Standards as one unique set of standards in capital markets around the world. Although it is necessary to reach homogeneity in the field of accounting standards because of the costs, barriers and lack of comparability that they create, the handicap imposed by accounting diversity is not the most important. This assertion has been proved through statistical methodology: Dual Scaling. The most important factors creating differences between net income and shareholders’ funds prepared according to domestic (Spanish, German, and British) and US‐GAAPS are the industry in which the company operates, the country from where the company comes and finally differences due to different accounting standards used in the calculation of net income and shareholders’ funds.

Factors which Influence Disclosure about Human Resources. An International Comparison Based on Disclosure Issued in Form 20-F and Annual Reports

At the present moment global capital markets need an international consensus about disclosure requirements in different stock exchanges. We are now witnessing a wide range of disclosure that does not belong to the fmancial statements but is issued with them. Recently the US-Securities Exchange Commission (US-SEC) has adopted international disclosure standards for foreign private issuers that will become mandatory for annual reports relating to fiscal years ending on or after September 30th, 2000.

Improvement of Ca and P Contents and in Vitro Availability in Sole Fish-Based Infant Beikosts

Infancy is the period of the life in which nutritional demands are the highest, since weight triples and length doubles during the first year of life (1). Due to the rapid growth rate, high amounts of Ca and P are needed to maintain optimal bone development (2). The mineral matrix of fish bone has higher concentrations of both elements than the edible part and can be used to improve the content of these mineral in some infants foods. The aim of the present study was to ascertain the addition of fish bone in the Ca and P contents and in their in vitro availability in three fish-based homogenised infant beikosts. The main difference among these samples was the inclusion or not of fish bones. The beikosts investigated were: sole beikost without bone (SB), sole beikost with bone (SBB) and sole and hake beikost with bone (SHB). We also evaluated the content and in vitro availability of other minerals (Fe, Zn, and Mg) to have a better knowledge of the nutritional value of these beikosts