Miguel Angel Acedo Ramírez

Determinants of Capital Structure: United Kingdom Versus Continental European Countries

In this paper, we analyze how country‐specific differences influence capital structure indirectly through firm‐specific variables. We apply a system Generalized Method of Moments technique to a panel data sample of companies from five countries (France, Germany, Italy, Spain and the United Kingdom) during the period 1998–2008. As the different financial systems of European economies (bank‐oriented or market‐oriented) may influence capital structure differently through firm‐specific variables, we first examine the determinants of capital structure for each country separately and we then analyze whether the observed differences between the United Kingdom and the continental European countries are relevant. The results show that there are substantial differences in the capital structure choices of firms across five major European countries. These differences are motivated by the type of financial systems of the countries (bank‐oriented and market‐oriented) and influence the capital structure indirectly through the firm‐specific variables. Overall, our results support the relevance of the differences in the capital structure choices of firms across five major European countries, and in particular, the singularity of the United Kingdom (a market‐oriented economy) as opposed to continental European countries (bank‐oriented economies).

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.

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.