Susana Álvarez Otero: artículos de investigación, prensa económica, blog económico: SSRN PAPER

jueves, 29 de marzo de 2018

SSRN PAPER

Mi nueva investigación con el Catedrático Félix J. López Iturriaga. Dirección digital para su descarga libre y gratuita:

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3101053

Forthcoming, Spanish Journal of Finance and Accounting

42 Pages Posted: 19 Jan 2018

Susana Alvarez-Otero

Universidad de Oviedo - Business Administration

Félix J. López-Iturriaga

University of Valladolid - Department of Financial Economics and Accounting; National Research University Higher School of Economics - International Laboratory of Intangible-driven Economy

Date Written: January 12, 2018

JEL Classification: D73, G30, H11, H26

Suggested Citation:

Alvarez, Susana and López-Iturriaga, Félix J., Does Corporate Governance Affect the Valuation of Spanish IPOs? The Role of Ownership Structure and the Board of Directors (January 12, 2018). Forthcoming, Spanish Journal of Finance and Accounting. Available at SSRN:

https://ssrn.com/abstract=3101053

Susana Alvarez Otero (Contact Author)

Universidad de Oviedo - Business Administration ( email )

Felix Lopez Iturriaga.

University of Valladolid - Department of Financial Economics and Accounting ( email )

HOME PAGE: http://www2.eco.uva.es/flopez

National Research University Higher School of Economics - International Laboratory of Intangible-driven Economy ( email )

Lebedeva,27

Perm, Perm 614070

Russia

DATOS PROFESIONALES

SIZE EFFECT

After the cooling off of IPOs since the dot com bubble, Google has rekindled the fire for IPOs. This IPO reader contains new articles exclusive to this reader by leading academics from around the world dealing with quantitative and qualitative analyses of this increasingly popular and important area of finance. Articles address new methods of IPO performance, international IPOs, IPO evaluation, IPO underwriting, evaluation and bookbuilding. Although numerous articles are technical in nature, with econometric and statistical models, particular attention has been directed towards the understanding and the applicability of the results as well as theoretical development in this area. This reader will assist researchers, academics, and graduate students to further understand the latest research on IPOs.
*Interest in IPOs is increasing again after the Google IPO, and IPOs are up significantly from last year
*Chapters by well known academics provide an international perspective, describing research results from IPO data in countries spanning the globe.

My chapter: THE SIZE EFFECT OF FIRMS' GOING PUBLIC ON THE SPANISH CAPITAL MARKET". ISBN: 0-7506-7975-1.

La volatilidad generada por la incertidumbre económica y política a nivel global y nacional, así como determinadas regulatorias, han espantado el apetito inversor y obligado a las empresas que tenían previsto salir a cotizar a posponer esos planes. En el primer semestre del ejercicio ninguna compañía ha salido a Bolsa en España, lo que supone la peor primera mitad de un año en cuanto a OPIs (Ofertas Públicas Iniciales) desde 2012, en plena crisis del euro. Esta conjunción de incertidumbres ha demostrado ser el caldo de cultivo perfecto para intimidar a las compañías con planes de cotizar. Es por ello que este es un momento muy adecuado para llevar a cabo un análisis de las salidas a Bolsa del último sexenio, a través de mis artículos sobre estas operaciones publicados en el diario EL COMERCIO Y LA VOZ DE AVILÉS en su sección de Economía, haciendo un estudio pormenorizado y un repaso de todas estas operaciones. En esta obra también se intercalan otros artículos de naturaleza económica publicados en el mismo diario.

ISBN: 978-84-1338-290-9
Depósito legal: AL 2316-2019

Cómo hacer las Bolsas más atractivas para las empresas

The financial crisis highlighted the need for all of us to seek formulas that would enable companies to diversify their sources of finance and make use of the stock markets to undertake their growth and expansion strategies. With the decision of the market managers, some support from a number of governments and the declared willingness of the EU to favour mechanisms for bringing companies closer to the markets, in recent years there have been some significant achievements, especially in the field of small and medium-sized enterprises. In Spain, examples of this are the growth of the MAB (now BME Growth) and the MARF (Alternative Fixed Income Market). However, the undertow is still worrying: so far this century the number of companies listed on the stock markets has continued to decline, especially in developed countries. Something is escaping us and we are not capable of reversing a trend that we understand to be negative if we are really looking to promote a healthier and more balanced growth of economies as a whole.

Cognitive Dissonance: An Evidence of How Self‐protective Distortions Undermine IPO Decision

Journal of Behavioural Economics, Finance, Entrepreneurship, Accounting and Transport, 2020, Vol. 8, No. 1, 7-13
Available online at http://pubs.sciepub.com/jbe/8/1/2
Published by Science and Education Publishing
DOI:10.12691/jbe-8-1-2

Abstract The purpose of this article is to identify the role of cognitive dissonance bias in managers’ IPO indeterminacy. In order to achieve our purpose, 67 CEOs and CFOs were indepthly interviewed, within the framework of a constructivist phenomenological analysis. Data were analyzed by means of content analysis method combined with a Probit/Logit Model. The results disclose that managers’ IPO indeterminacy is explained by cognitive dissonance. Demographic characteristics (such as gender, education level, field of study, firm size, age and experience) significantly moderate managers’ exposure to cognitive dissonance. In line with the results by Özen and Ersoy [1] and Hoechle et al. [2], we also outline that financial literacy reduces cognitive dissonance, hence fosters IPO likelihood. This study consists of a prime assessment of IPO decision through behavioral economics and the earliest empirical investigation of IPO decision through cognitive dissonance. Our managerial implications highlight
the requirement of behavior-wise measures within IPO incentives policies.

LA DOCENCIA ON LINE: UN ENFOQUE UNIVERSITARIO INTERDISCIPLINAR ISBN-13: 978-620-0-40371-1.

Coordinación y autoría: Susana Álvarez Otero. Coautores (p.o. alfabético): Celia Clotilde Bilbao Terol, Belén González Díaz, Mª de los Ángeles Menéndez de la Uz, Cristina Muñiz Artime, Primitiva Pascual Fernández y Rafael Rosillo Camblor.

Este manual tiene por objeto llevar a cabo un análisis de las ventajas que tiene la docencia universitaria on-line o a distancia en el contexto actual. La crisis derivada de la pandemia del coronavirus ha puesto de manifiesto la necesidad de desarrollar metodologías de docencia a distancia y de potenciar la formación del profesorado y del estudiantado en este nuevo contexto. Este libro es el resultado de un proyecto desarrollado entre varios profesores de la Facultad de Comercio, Turismo y Ciencias Sociales Jovellanos de Gijón que impartimos diferentes asignaturas en el Grado en Gestión y Administración Pública a distancia de la Universidad de Oviedo para potenciar la enseñanza on-line, desarrollar sinergias entre los distintos profesores que formamos parte del equipo, así como visibilizar las ventajas de este tipo de docencia en el mundo actual.

LA FINANCIACIÓN EN LA ADMINISTRACIÓN PÚBLICA: UN ESTUDIO EMPÍRICO

ISBN-13:	978-620-2-10184-4
ISBN-10:	6202101849
EAN:	9786202101844

Este manual tiene por objeto llevar a cabo un análisis de las decisiones de inversión y financiación en el contexto de las administraciones públicas, abordando un enfoque tanto teórico como empírico. En la primera parte se presenta un estudio de las decisiones de inversión y financiación a nivel local, concretándose en la administración pública de los ayuntamientos asturianos de Oviedo y Gijón. En la segunda parte, se realiza un estudio pormenorizado del proceso de financiación durante la construcción de una de las obras públicas más importantes del Principado de Asturias en los últimos años: el nuevo complejo hospitalario asturiano (H.U.C.A.). Finalmente, la tercera parte está destinada al estudio de la financiación de ayuntamientos de toda España, llevando a cabo un análisis empírico sobre la evolución de las sanciones de tráfico y lo que representan a nivel de ingresos en las corporaciones locales.

ESTRATEGIAS DE INNOVACIÓN DOCENTE EN FINANZAS

ISBN-13:978-3-639-53698-0

ISBN-10: 3639536983

Este manual tiene por objeto presentar el objetivo y características principales de diversos proyectos de innovación docente en Economía Financiera, basados en la innovación docente aplicada a las asignaturas de finanzas con un enfoque de colaboración entre distintos centros, en el desarrollo de un enfoque metodológico innovador para la asignatura de “Financial Investments”, así como en el empleo de las TIC, redes sociales y juegos de simulación empresarial para un enfoque profesionalizante de la gestión de empresas bancarias. Los proyectos aquí expuestos y desarrollados han sido financiados por la Universidad de Oviedo, habiendo sido premiado el primero de ellos.

One of my best papers.

Signalling and the Long-run Performance of Spanish Initial Public Offerings (IPOs)

·First published: January 2005Full publication history

· DOI: 10.1111/j.0306-686X.2005.00596.xView/save citation

Susana Alvarez, Department of Business Administration, Avda. del Cristo, s/n, 33071 Oviedo, Spain.
e-mail: saotero@uniovi.es

Abstract: Academic research into firms that have gone public has focused on the study of two anomalies: initial underpricing and long-run underperformance. We analyse Spanish Initial Public Offerings to provide additional evidence on the long-run performance of IPOs and its relationship with initial underpricing. Results reveal the existence of negative long-run abnormal stock returns, in line with the international literature. Long-run performance presents a positive relationship with underpricing and the volume of funds obtained in seasoned offerings, in consonance with the predictions of Allen and Faulhaber (1989), Welch (1989) and Grinblatt and Hwang (1989).

Continue reading full article

Economía Aplicada

The long-run underperformance of initial public offerings: a methodological problem?

Localización: Revista de economía aplicada, ISSN 1133-455X, Vol. 13, Nº 37, 2005, págs. 51-67

· Idioma: inglés

Texto completo (pdf)

o Enlace OpenURL

· Resumen

El objetivo de este estudio es analizar el comportamiento a largo plazo de las OPIs realizadas en el mercado español de capitales. Dado que el método de cálculo del rendimiento influye tanto en la magnitud del rendimiento anormal, como en el tamaño y potencia de los tests estadísticos, hemos utilizado diferentes métodos, con el objeto de examinar la robustez del comportamiento a largo plazo de las OPIs con respecto a varias especificaciones del modelo. Los resultados del estudio muestran que la existencia de bajo rendimiento a largo plazo para las OPIs españolas depende de la metodología utilizada. Así, existe bajo rendimiento a largo plazo cuando se utilizan rentabilidades equiponderadas de comprar y mantener, aunque depende del test estadístico considerado, y no cuando se utilizan carteras calendario o rentabilidades de comprar y mantener ponderadas por capitalización.

Cuadernos de Economía Volume 37, Issue 103, Pages 1-72 (January–April 2014)

Abstract

This paper analyses the consequences of the decision to go public on the capacity to create employment and generate revenues for the companies that have gone public in the Spanish capital market throughout the period 1998-2011, both in the traditional market and in the alternative investment market. The results show that the companies that go public increase their employment level by 13.81% throughout the first year after the initial public offering, accumulating an increase of 309.53% in the number of jobs during the first decade of market dealing. The empirical contrast carried out to determine the factors that explain the capacity of employment creation by the quoted companies shows that the emerging companies have a greater potential of job creation during the first year of business in the stock market. According to these results, we can conclude that the decision to go public favorably affects the revenues and the number of employees of the listed companies.

THE INFLUENCE OF THE UNDERWRITING SYNDICATE ON THE VALUATION OF SPANISH INITIAL PUBLIC OFFERINGS".

Global Finance Journal
Volume 21, Issue 3, Pages 223-318 (2010)

Abstract

The aim of this paper is to analyze the role of the underwriting syndicate in relation to firms that went public on the Madrid Stock Exchange between 1985 and 2004. The sample time frame chosen, which covers a period of twenty years, allows us to analyze the evolution of the role of the underwriting syndicate in valuation and information production throughout the process of going public in the case of the Spanish stock market. The results obtained provide evidence that the forming of larger underwriting syndicates leads to a better valuation of the offered titles. Likewise, in light of the results obtained, less underpricing is observed for those IPOs whose final offering price has been upwardly revised from the registration statement.

La explicación de la infravaloración de las salidas a bolsa

Economía Aplicada, vol. 11 (33); pp. 49-64. Año 2003

El objetivo de este trabajo es explicar la infravaloración de las salidas a bolsa en el mercado de valores español, para lo cual se ha contrastado si la existencia de información asimétrica entre los agentes participantes en las salidas a bolsa y el retardo institucional explican esta anomalía. De acuerdo con los resultados del estudio, la infravaloración constituye una señal informativa del valor de las empresas que inician su cotización en la bolsa española. Asimismo, la magnitud de la rentabilidad inicial se incrementa con la incertidumbre ex-ante de la emisión y se encuentra afectada por la coyuntura bursátil.

El efecto de las señales informativas en la valoración de las salidas a bolsa

Susana Álvarez Otero

Revista Española de Financiación y Contabilidad

Vol. 30, No. 108 (Abril-Junio 2001), pp. 409-454

Published by: Taylor & Francis, Ltd.

Stable URL: http://www.jstor.org/stable/42781383

Page Count: 46

Abstract

This paper attempts to evaluate the effect of informative signals from companies going public over the initial market valuation of unseasoned offerings of common stock in Spain, by analysing if these signals have significant influence over this valuation. The period under consideration is from 1985 to 1997. The analysis allows conclusions to be drawn over the efficacy of signals in reducing the asymmetry of information between the company and the investors in the initial public offering before going public. The results are consistent with the level of underpricing signalling hypothesis and indicate positive associations between the market valuation of the offering firms and variables for the percentage of equity retained by prelisting stockholders in the offering firms. However, support was not generated for the other signalling mechanisms considered.

Analysis of the pricing process efficiency for IPO firms

Susana Álvarez Otero

Pages 691-722 | Received 16 Oct 2006, Accepted 17 Jan 2008, Published online: 15 Jan 2014

· Download citation

http://dx.doi.org/10.1080/02102412.2008.10779656

ABSTRACT

The aim of this paper is to analyze the efficiency of the pricing process of firms that went public on Madrid Stock Exchange during the period 1985–1997. Results show that underwriters do not fully incorporate all the available information. We find that underwriters disregard some private information when they set the final offer price. Moreover, the underwriters do not incorporate all the public information into the final offer price. Thus, underwriters' treatment of information appears to be inconsistent with an efficient IPO pricing process at the semistrong form in the Spanish capital market. The paper also analyses the economic impact of the price update on initial returns.

KEY WORDS: Pricing process, Efficiency, Underwriter, IPOs (Initial Public Offerings)

La rentabilidad y persistencia de los fondos de inversión

La rentabilidad y persistencia de los resultados de los fondos de inversión españoles de renta variable

· Localización: Revista española de financiación y contabilidad, ISSN 0210-2412, Nº 103, 2000, págs. 15-36

The aim of this study is the evaluation of Spanish equity mutual fund performance in order to analyse if they perform better than the market portfolio and if there is a persistence in their perfomance. The period of analysis is from 1991 to 1998.

The interest of our analysis is that it allows us to come to conclusions about mutual fund management tecniques. We try to determine if mutual fund managers obtain higher returns than the market portfolio. According to our results, Spanish equity mutual funds earn returns that, on average, are not higher than the market return for the same level of risk. Moreover, mutual funds that, on average, perform better than the market every year, do not persist in their positive excess returns.