José Emilio Farinós Viñas

Value Creation When Acquiring Public vs Private Firms. Spanish Evidence

We investigate shareholder value creation of Spanish listed firms in response to announcements of acquisitions of unlisted companies and compare this experience to the purchase of listed firms over the period 1991–2011. Similar to foreign markets, acquirers of listed targets earn insignificant average abnormal returns. However, acquirers of listed targets that perform a first bid show significant negative abnormal returns. Acquirers of unlisted targets gain significant positive average abnormal returns. When we relate these results to company and transaction characteristics our evidence suggests that the listing status effect is mainly associated with the fact that unlisted firms tend to be smaller- and lesser-known firms, and thus suffer from a lack of competition in the market for corporate control. Consequently, the payment of lower premiums and the possibility of diversifying shareholders’ portfolios lead to unlisted firm acquisitions being viewed as value-orientated transactions.

Efecto antioxidante e hipolipemiante del pimentón ahumado en individuos sanos Antioxidant and hypolipidaemic effect of smoked paprika in healthy subjects

The healthy properties and antioxidant activity of smoked paprika in healthy male non-smoking students (age 20.6 ± 1.7 years), from Universidad de Extremadura (Spain), who consumed (2 g/day, 20 times, over 30 days) smoked (La Vera, Extremadura, Spain) or non-smoked (Novelda, Alicante, Spain) paprika were investigated. Anthropometric and cardiovascular measurements and blood and urine samples were taken from overnight fasted subjects for biochemical, hematological, and immunological measurements. The ingestion of smoked paprika increased the urinary excretion of 1-hydroxypyrene (from 38.6 ± 24.9 to 109.2 ± 85.6 nmol/mol; p < 0.05). Plasma triglyceride and total cholesterol levels were significantly (p < 0.05) reduced after the consumption of either smoked or non-smoked paprika. Plasma lipoperoxidation levels measured both as thiobarbituric acid (3.1 ± 0.5 versus 2.7 ± 0.5 μmol/L; p < 0.05) and as malonaldehyde (0.9 ± 0.4 versus 0.6 ± 0.3 μmol/L; p < 0.01) were reduced after consuming smoked paprika. Plasma levels of carotenoids, lycopenes, vitamin C, vitamin E, and selenium were similar after the ingestion of smoked or non-smoked paprika. The smoked paprika from La Vera seems to produce an antioxidant effect by enhancing the activity of the endogenous antioxidant defenses.

On the Determinants of the Going Public Decision in Spain

Though the going public decision has been addressed by several theories, empirical research is particularly scarce to European countries. This is the first research in the Spanish market that investigates ex ante and ex post characteristics of IPO firms, using a large database of private held firms that potentially may go public. Some of our results are consistent with previous studies. Our evidence suggests that firms that go public are young firms with large capital expenditures previously to the IPO. However, a firms need to finance activity is not the main motive to go public, but to achieve the proper conditions to rebalance firms economic and financial structure. Our results are consistent with the portfolio rebalancing motive and the hypothesis of windows of opportunity to go public.