Víctor M. González

Long-Run IPO Performance Analysis of German and Spanish Family-Owned Businesses

This article examines the long-run stock market performance of German and Spanish initial public offerings (IPOs) between 1990 and 2000. We distinguish between family-and nonfamily-owned business IPOs by using the power subscale of the F-PEC. Buy-and-hold-abnormal returns (BHAR) are calculated in order to determine abnormal returns. Our results show that three years after going public, investors, on average, realized an abnormal return of −32.8% for German and −36.7% for Spanish IPOs. In both countries, nonfamily business IPOs perform insignificantly better. Regression analyses show that for the whole sample there is a positive company size effect. In family-owned businesses, strong family involvement has a positive impact on the long-run stock market performance, whereas the age of the firm has a negative influence.

Firm size and capital structure: evidence using dynamic panel data

This article suggests that the validity of the Trade-Off Theory (TOT) and Pecking-Order Theory (POT) to explain financing decisions varies among small, medium-sized and large firms. Using dynamic panel data tests on a sample of 3439 Spanish firms over the period 1995–2003, results are partially consistent with both explanations but suggest a greater validity of pecking-order predictions for small firms. In small firms, the negative influence of profitability and the positive influence of investment opportunities and of intangible assets on firm debt predicted by the POT are heightened. However, no differences are observed between small and large firms in their speed of adjustment to the target leverage as suggested by the TOT.

Generalized Models for the Classification of Abnormal Movements in Daily Life and its Applicability to Epilepsy Convulsion Recognition

The identification and the modeling of epilepsy convulsions during everyday life using wearable devices would enhance patient anamnesis and monitoring. The psychology of the epilepsy patient penalizes the use of user-driven modeling, which means that the probability of identifying convulsions is driven through generalized models. Focusing on clonic convulsions, this pre-clinical study proposes a method for generating a type of model that can evaluate the generalization capabilities. A realistic experimentation with healthy participants is performed, each with a single 3D accelerometer placed on the most affected wrist. Unlike similar studies reported in the literature, this proposal makes use of [Formula: see text] cross-validation scheme, in order to evaluate the generalization capabilities of the models. Event-based error measurements are proposed instead of classification-error measurements, to evaluate the generalization capabilities of the model, and Fuzzy Systems are proposed as the generalization modeling technique. Using this method, the experimentation compares the most common solutions in the literature, such as Support Vector Machines, [Formula: see text]-Nearest Neighbors, Decision Trees and Fuzzy Systems. The event-based error measurement system records the results, penalizing those models that raise false alarms. The results showed the good generalization capabilities of Fuzzy Systems.

MIOOP. An object oriented programming paradigm approach on the IEC 61131 standard

This paper presents MIOOP, a new extension of the IEC 61131-3 norm which allows for an object oriented programming paradigm (OOPP) approach for the development of PLC control software. MIOOP supports the basis of OOPP, i.e. abstraction, encapsulation, modularity, hierarchy and polymorphism. In addition, the five programming languages of the IEC 61131-3 norm are supported by MIOOP. Generated code is compliant with the standard specification, allowing for real implementation in those PLCs vendors supporting the new standard.

VISIR, a simulation software for domotics installations to improve laboratory training

This paper focuses on the programming and configuration stages of the domotics systems (automation technology applied to the technical management of houses and buildings), which are carried out in the laboratory prior to its definitive installation in houses and buildings. Different hardware and software tools for testing and debugging domotics systems are described. Because of their limitations (cost, closeness to the real system, flexibility, maintenance, etc.) we have developed a new software simulation tool called VISIR, which is comprised of three components: Editor, Drawing and Simulation. This paper describes VISIR features and operation modes using an example. All of this allows important advantages to be found in using this software for domotics laboratory training.

Performance of Spanish firms going public: windows of opportunity and the informative effect

The aim of this paper is to analyse the performance of firms that went public on Madrid Stock Exchange in the period 1985–1997. Results show that no relation exists between the ownership structure of a firm and the decline in returns subsequent to its going public, although a signaling effect does exist with respect to the quality of the firm that is associated with the percentage of equity retained at the moment of going public. On the other hand, the decline in returns appears to be determined by the firms exploiting the existence of windows of opportunity and by the adjustment made by firms in their profit figures.

Stock repurchases with legal restrictions. Evidence from Spain

This paper analyses the consequences of legal restrictions on the volume of shares firms can repurchase. Results suggest that the imposition of a limit on the volume of common stock favours the use of open market repurchases (OMRs) compared to other methods of repurchase such as tender offer repurchases (TORs) and Dutch auctions (DAs). The positive share abnormal returns around both announcements of open market buybacks and sellbacks in the full sample suggest that they are basically used to change the ownership structure of the firm in a consistent way with the convergence of interest hypothesis. The positive abnormal stock returns around open market repurchases, which are significantly different to the negative ones around sellbacks, when there are no changes in ownership structure also indicates the existence of a signalling and free cash flow effects.

MLAV. Object Oriented Methodology for the Analysis and Modelling of the Control Logic of Discrete Event Systems

Abstract This paper shows an introduction to the basic characteristics of MLAV (Methodology of the Virtual Automation Laboratory), an object-oriented methodology for the analysis and modelling of discrete event systems applied to the development of the control logic based on the IEC 61131-3 standard.

Determinants of Debt Maturity Structure Across Firm Size

This study examines the empirical determinants of debt maturity structure across the size of Spanish firms. Our evidence offers support for the relevance of growth opportunities, size, asymmetric information and asset to maturity to explain debt maturity structure. The paper also provides evidence regarding the differences in explanations according to firm size. It is shown that debt maturity in small firms is higher when the slope of the interest rate term structure increases and for very low-risk and very risky firms.

Analyzing Accelerometer Data for Epilepsy Episode Recognition

Epilepsy is one of the main neurological disorders with high impact in the patient’s everyday life. An incorrect treatment or a lack in monitoring might produce cognitive damage and depression. Therefore, developing a wearable device for epilepsy monitoring would eventually complete the anamnesis, enhancing the medical staff diagnosing and treatment setting. This study shows the preliminary results in epilepsy onset recognition based on wearable tri-axial accelerometers and simple fuzzy set learnt using genetic algorithms. A complete experimentation for learning the fuzzy set is detailed. According to the obtained results, some generalized feasible solutions are discussed. Results show a very interesting researching area that might be easily transferred to embedded devices and online health care systems.