Search results for "SAC"
showing 10 items of 3337 documents
Value Creation When Acquiring Public vs Private Firms. Spanish Evidence
2013
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…
The Global Alternative Finance Market Benchmarking Report
2021
For the first time, the Cambridge Centre for Alternative Finance has consolidated its annual regional reports to produce one global benchmarking report, with the intention of presenting world-wide online alternative finance data for 2018.This report presents the key findings from the CCAF annual global survey of online alternative finance. In all, 1,227 unique firms contributed to this study, providing 2,322 firm-level observations globally. Investigating in crowdfunding, P2P/marketplace lending or related capital raising activities, the study shows that 47 per cent of the firms were operating in two or more countries or jurisdictions. Highlights from the report In 2018, the global alternat…
Contract and Asset Values in Venture Capital Financings
2009
In venture capital financings a venture capitalist buys some fraction of a company, for a stated amount of money, through preferred shares. It is common practice in empirical and theoretical analyses to infer from this transaction a value for the entire company, which we call the contract value. Owners do not hold shares with the same rights and so the contract value misrepresents the company value of all assets (asset value). This paper studies a stylized venture capital market, calculates the ratio of contract to asset value, and derives the expected returns both at the level of venture capital funds and at the company level. We study quantitatively the impact on econometric analyses and …
Voluntary agreements in protecting privately owned forests in Finland — To buy or to lease?
2008
Abstract A voluntary conservation approach may reveal environmentally minded landowners who are willing to protect their lands with a compensation that is lower than the market price based compensation. Consequently, voluntary conservation programs may induce lower costs than traditional obligatory programs, such as a land taking. We compared the costs accrued from land purchasing with those from temporal land leasing. The costs included both direct costs, such as fees of land acquisition and compensation payments in land leasing, and transaction costs. We used a data set from a Finnish pilot program called Trading in Natural Values (TNV). In this new practice landowners and the authority t…
Homeward Bound FDI: Are Migrants a Bridge over Trouble Finance?
2016
Migrants can lower cross-border investment barriers, help investors by providing information about their homeland and reduce transaction costs by sharing expertise on regulations, customs and procedures. In addition to generating these well-known networking effects, migrants can also provide valuable information about local finance, thereby easing the credit constraints foreign investors faced during the 2007 financial crisis. This paper sheds new light on the underlying mechanisms through which migration may affect foreign investment in the migrant's homeland by distinguishing between the effects on FDI's intensive and extensive margins. Gravity estimates for 140 countries for the period 2…
On the hidden side of liquidity
2012
This paper deals with the informativeness of iceberg orders, also known as hidden limit orders (HLOs). Namely, we analyze how the market reacts when the presence of hidden volume in the limit order book is revealed by the trading process. We use high frequency book and transaction data from the Spanish Stock Exchange, including a large sample of executed HLOs. We show that just when hidden volume is detected, traders on the opposite side of the market become more aggressive, exploiting the opportunity to consume more than expected at the best quotes. However, neither illiquidity nor volatility increases in the short-term. Furthermore, the detection of hidden volume has no relevant price imp…
Laparoscopic endopelvic sacral implantation of a Brindley controller for recovery of bladder function in a paralyzed patient
2008
Background: A number of techniques are being investigated to accomplish bladder control recovery in paralyzed patients using the neurostimulation, but currently, all techniques are based on the dorsal implantation of the electrodes using a laminectomy. Methods: On 27 April 2006 we performed a laparoscopic implantation of a Finetech-Brindley bladder controller on the endopelvic sacral roots in a Th8 completely paralyzed woman who had previously undergone the removal of a Brindley controller due to an arachnoiditis after extrathecal implantation with intradural sacral deafferentation. Results: We required about 3.5 h for the entire surgical procedure; no complications occurred and the patient…
Characterization of PAMP/PRR interactions in European eel (Anguilla anguilla) macrophage-like primary cell cultures
2013
The eel (Anguilla anguilla) has been identified as a vulnerable species with stocks dramatically declining over the past decade. In an effort to support the species from overfishing of wild stocks increased interest in eel aquaculture has been notable. In order to expand the scarce knowledge concerning the biology of this species significant research efforts are required in several fields of biology. The development of cell culture systems to study the immune response is a key step towards an increased understanding of the immune response and to develop resources to support further study in this threatened species. Macrophages are one of the most important effector cells of the innate immun…
Mn(II) complexes of scorpiand-like ligands. A model for the MnSOD active centre with high in vitro and in vivo activity
2015
Manganese complexes of polyamines consisting of an aza-pyridinophane macrocyclic core functionalised with side chains containing quinoline or pyridine units have been characterised by a variety of solution techniques and single crystal x-ray diffraction. Some of these compounds have proved to display interesting antioxidant capabilities in vitro and in vivo in prokaryotic (bacteria) and eukaryotic (yeast and fish embryo) organisms. In particular, the Mn complex of the ligand containing a 4-quinoline group in its side arm which, as it happens in the MnSOD enzymes, has a water molecule coordinated to the metal ion that shows the lowest toxicity and highest functional efficiency both in vitro …
Recovery of oil with unsaturated fatty acids and polyphenols from chaenomelessinensis (Thouin) Koehne: Process optimization of pilot-scale subcritica…
2017
The potential effects of three modern extraction technologies (cold-pressing, microwaves and subcritical fluids) on the recovery of oil from Chaenomelessinensis (Thouin) Koehne seeds have been evaluated and compared to those of conventional chemical extraction methods (Soxhlet extraction). This oil contains unsaturated fatty acids and polyphenols. Subcritical fluid extraction (SbFE) provided the highest yield—25.79 g oil/100 g dry seeds—of the three methods. Moreover, the fatty acid composition in the oil samples was analysed using gas chromatography–mass spectrometry. This analysis showed that the percentages of monounsaturated (46.61%), and polyunsaturated fatty acids (42.14%), after appl…