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Dr. SUSANA OTERO
Universidad de Oviedo

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0 Mutual Funds
0 CSR and sustainability
0 IPOs
0 CSR and sustainability reporting
0 anomalies in finance

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Associate Professor of Finance. Research lines: Mutual Funds, IPOs, CSR and sustainability.

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Journal article
Published: 25 July 2021 in Processes
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The global focus on the use of renewable energy resources was mainly reignited by the signing of the Kyoto Protocol Agreement in 1997. Since then, the world has seen a great deal of progress in terms of the production and consumption of renewable energy. This in turn is rapidly powering economic growth and social development around the globe. Contrary to popular belief, the use of renewable energy is not limited to developed countries only. The developing countries are also rapidly endorsing renewable energy as a vital engine of economic growth and societal development. In this regard, even though renewable energy production and consumption are in their infancy in BRICS, these countries are taking concrete steps towards the development of renewable energy resources. The results of previous studies have indicated that with an increase in the GDP of a country its carbon footprint also tends to increase; the Brazil, Russia, India, China, and South Africa (BRICS) countries are no exception in this regard. One of the main challenges in research related to measuring the contribution of renewable energy towards economic growth is the use of a singular model or techniques that may not be appropriate for the generalization of the results. This study intends to overcome this challenge by application of multiple econometric-based models which include the “Cross Dependency” test, the unit root test, and “CIPS” (cross-sectional augmented IPS). Besides these the second generation, stochastic models based upon econometrics, such as the DOLS test (dynamic ordinary least square) and the FMOLS (fully modified ordinary least square) are also applied for verification of the contribution of renewable energy towards the economic growth of the BRICS countries. The novelty of the study mainly stems from fact that these models are seldom applied in tandem and especially in the BRICS countries. The results of the study indicate that the existence of the bi-directional relationship between the use of renewable energy and economic growth is mainly indicated by the increase in GDP, thus lending support to the feedback hypothesis. Moreover, the conservation hypothesis was proven by the existence of a unidirectional causality relationship between the use of renewable energy and CO2 emissions. Alongside these, the study also included sensitivity analysis to gauge the impact of the growth of GDP on the CO2 emissions of BRICS countries, and regression analysis was performed to create an EKC curve which was used to gauge not only the sensitivity but also to help in highlighting the impact of using renewable energy in controlling and reducing CO2 emissions, thus proving the EKC theory. Thus, it can be deduced that increase in CO2 emissions is of major concern for the BRICS countries, which has led them to increase the production of renewable energy. Based upon the findings of the present study it is recommended that policymakers should encourage the use of renewable energy by offering incentives in financial terms, such as interest-free or low-interest loans, subsidies and feed-in tariffs.

ACS Style

Qinghua Fu; Susana Álvarez-Otero; Muhammad Sial; Ubaldo Comite; Pengfei Zheng; Sarminah Samad; Judit Oláh. Impact of Renewable Energy on Economic Growth and CO2 Emissions—Evidence from BRICS Countries. Processes 2021, 9, 1281 .

AMA Style

Qinghua Fu, Susana Álvarez-Otero, Muhammad Sial, Ubaldo Comite, Pengfei Zheng, Sarminah Samad, Judit Oláh. Impact of Renewable Energy on Economic Growth and CO2 Emissions—Evidence from BRICS Countries. Processes. 2021; 9 (8):1281.

Chicago/Turabian Style

Qinghua Fu; Susana Álvarez-Otero; Muhammad Sial; Ubaldo Comite; Pengfei Zheng; Sarminah Samad; Judit Oláh. 2021. "Impact of Renewable Energy on Economic Growth and CO2 Emissions—Evidence from BRICS Countries." Processes 9, no. 8: 1281.

Journal article
Published: 28 May 2021 in Sustainability
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The current business environment characterized by high uncertainty, volatility, and stiff situation of competitiveness that is evident in almost every sector has increased the importance of workplace innovation for contemporary businesses. In this regard, a considerable attention in realizing employees of an organization as a source of innovation is not evident from the existing literature. In this aspect, the current study is an attempt to foster workplace innovation through employees in the SME sector of an emerging economy. In doing so, the authors propose that corporate social responsibility (CSR) initiatives of an SME, along with workplace autonomy, are helpful in creating an environment at the workplace that fosters innovative employee behavior (IEB). Furthermore, the current study also extends the boundary condition of the theory of self-determination by arguing that this theory provides a comprehensive framework to explain employees’ motivation for workplace innovation. The data of the current survey was obtained from the SME sector situated in two large cities of a developing country through a self-administered questionnaire which was then analyzed through structural-equation-modeling (SEM) using the AMOS software. The results confirmed that CSR directly relates to IEB and workplace autonomy mediates this relationship. The study also discusses the implications of this survey for theory and practice.

ACS Style

Beili Li; Xu Fan; Susana Álvarez-Otero; Muhammad Sial; Ubaldo Comite; Jacob Cherian; László Vasa. CSR and Workplace Autonomy as Enablers of Workplace Innovation in SMEs through Employees: Extending the Boundary Conditions of Self-Determination Theory. Sustainability 2021, 13, 6104 .

AMA Style

Beili Li, Xu Fan, Susana Álvarez-Otero, Muhammad Sial, Ubaldo Comite, Jacob Cherian, László Vasa. CSR and Workplace Autonomy as Enablers of Workplace Innovation in SMEs through Employees: Extending the Boundary Conditions of Self-Determination Theory. Sustainability. 2021; 13 (11):6104.

Chicago/Turabian Style

Beili Li; Xu Fan; Susana Álvarez-Otero; Muhammad Sial; Ubaldo Comite; Jacob Cherian; László Vasa. 2021. "CSR and Workplace Autonomy as Enablers of Workplace Innovation in SMEs through Employees: Extending the Boundary Conditions of Self-Determination Theory." Sustainability 13, no. 11: 6104.

Journal article
Published: 27 May 2021 in Sustainability
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The purpose of our study is to investigate the impact of women and independent directors on corporate social responsibility and financial performance. We use the fixed effect regression model as a baseline methodology. The data set includes information from 2010 to 2019 regarding Chinese non-financial companies, from which we use yearly information. The RSK rating is used for the assessment of corporate social responsibility reporting, ranging from 0 to 100, and other data are taken from the China stock market and accounting research (CSMAR) database. We use a two-stage least square (TSLS) regression model to control the possible problem of endogeneity. The empirical results show that gender diversity in boards significantly and positively affects CSR reporting. We do not find an effect due to non-executive directors on CSR reporting. The presence of non-executive directors on a board is mostly trivial in the case of China, as they do not have much influence with regard to decision making, especially related to CSR reporting. The control variables, such as board size, board member meeting frequency and leverage, are also found to have a significant effect on CSR reporting. Therefore, our results add a new aspect to the emerging literature on CSR reporting, especially in China. Furthermore, our results are robust with regard to the alternative variables under consideration. Our study has important implications. Our research enriches the existing literature on CSR and highlights the importance of female and independent directors having an impact on decisions related to the increased reporting of CSR activities. Our study contributes to the existing literature by presenting a pioneering investigation of the effect of female and independent directors on CSR reporting, as well as shedding light on the relationship in the context of an emerging economy.

ACS Style

Chenxi Wang; Xincai Deng; Susana Álvarez-Otero; Muhammad Sial; Ubaldo Comite; Jacob Cherian; Judit Oláh. Impact of Women and Independent Directors on Corporate Social Responsibility and Financial Performance: Empirical Evidence from an Emerging Economy. Sustainability 2021, 13, 6053 .

AMA Style

Chenxi Wang, Xincai Deng, Susana Álvarez-Otero, Muhammad Sial, Ubaldo Comite, Jacob Cherian, Judit Oláh. Impact of Women and Independent Directors on Corporate Social Responsibility and Financial Performance: Empirical Evidence from an Emerging Economy. Sustainability. 2021; 13 (11):6053.

Chicago/Turabian Style

Chenxi Wang; Xincai Deng; Susana Álvarez-Otero; Muhammad Sial; Ubaldo Comite; Jacob Cherian; Judit Oláh. 2021. "Impact of Women and Independent Directors on Corporate Social Responsibility and Financial Performance: Empirical Evidence from an Emerging Economy." Sustainability 13, no. 11: 6053.

Journal article
Published: 18 May 2021 in Sustainability
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Organizational sustainability is the reality which is considered essential for the success of all kind of organizations. Researchers and academicians struggle to conceptualize this phenomenon while practitioners endeavor to achieve it on the ground. Much has been done in resource-affluent countries of the world, whereas in the least developed countries, social sustainability is now becoming a new normal. The purpose of this research was to understand the social perspective of organizational sustainability and the roles of electronic performance appraisal and transformational leadership in shaping it. Data were collected from the healthcare sector through the administration of close-ended questionnaires to a randomly selected sample; 320 out of 400 questionnaires with an acceptable degree of accuracy were selected for statistical treatment. Inferential statistics were applied using structural equation modeling (SEM). Results confirmed the existence of definite contributions of the electronic performance appraisal system and transformational leadership towards organizational sustainability. However, our findings surprisingly ruled out the moderating role of transformational leadership on the cause and effect relationship between electronic performance appraisal and organizational social sustainability. In the face of a scarcity of related literature in the given context and due to the partial novelty of the model, the findings of this study add significantly to the existing bank of literature in the field. It will also be handy for the guidance of practitioners who are engaged in sustainability management.

ACS Style

Zia Ullah; Susana Álvarez-Otero; Mohammed Sulaiman; Muhammad Sial; Naveed Ahmad; Miklas Scholz; Khaoula Omhand. Achieving Organizational Social Sustainability through Electronic Performance Appraisal Systems: The Moderating Influence of Transformational Leadership. Sustainability 2021, 13, 5611 .

AMA Style

Zia Ullah, Susana Álvarez-Otero, Mohammed Sulaiman, Muhammad Sial, Naveed Ahmad, Miklas Scholz, Khaoula Omhand. Achieving Organizational Social Sustainability through Electronic Performance Appraisal Systems: The Moderating Influence of Transformational Leadership. Sustainability. 2021; 13 (10):5611.

Chicago/Turabian Style

Zia Ullah; Susana Álvarez-Otero; Mohammed Sulaiman; Muhammad Sial; Naveed Ahmad; Miklas Scholz; Khaoula Omhand. 2021. "Achieving Organizational Social Sustainability through Electronic Performance Appraisal Systems: The Moderating Influence of Transformational Leadership." Sustainability 13, no. 10: 5611.

Journal article
Published: 22 April 2021 in Sustainability
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The concept of corporate social responsibility (CSR) is an ever-evolving concept in the field of business management. Even in 2021, its boundaries are evolving and researchers are linking the concept of CSR to different variables to achieve different outcomes. However, the concept of CSR in the healthcare sector is not well-explored in prior literature. The current study is an application of social identity theory to induce electronic word-of-mouth (eWOM) from consumers for a specific brand, through its CSR engagement on social media (CSRS) and consumer-company identification (CCI) in the healthcare sector of an emerging economy. The data of the current survey were collected from different patients of four large hospitals in a large city through a self-administered questionnaire (paper-pencil technique). To validate different hypotheses of the current study, the authors employed the structural-equation-modeling (SEM) technique using AMOS software. The output of SEM analysis confirmed that CSRS positively influences eWOM, and CCI mediates this relationship. The findings of the current study will be helpful for policymakers in the healthcare industry to improve their understanding of CSRS and CCI, inducing eWOM through the lens of social identity theory.

ACS Style

Rui Ma; Jacob Cherian; Wen-Hsien Tsai; Muhammad Sial; Li Hou; Susana Álvarez-Otero. The Relationship of Corporate Social Responsibility on Digital Platforms, Electronic Word-of-Mouth, and Consumer-Company Identification: An Application of Social Identity Theory. Sustainability 2021, 13, 4700 .

AMA Style

Rui Ma, Jacob Cherian, Wen-Hsien Tsai, Muhammad Sial, Li Hou, Susana Álvarez-Otero. The Relationship of Corporate Social Responsibility on Digital Platforms, Electronic Word-of-Mouth, and Consumer-Company Identification: An Application of Social Identity Theory. Sustainability. 2021; 13 (9):4700.

Chicago/Turabian Style

Rui Ma; Jacob Cherian; Wen-Hsien Tsai; Muhammad Sial; Li Hou; Susana Álvarez-Otero. 2021. "The Relationship of Corporate Social Responsibility on Digital Platforms, Electronic Word-of-Mouth, and Consumer-Company Identification: An Application of Social Identity Theory." Sustainability 13, no. 9: 4700.

Journal article
Published: 18 March 2021 in Journal of Theoretical and Applied Electronic Commerce Research
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Modern businesses in the present digital age are facing different challenges for survival and growth due to the stiff competitive environment that prevails almost in every sector. Technology, especially digital technology, has changed the way of doing business around the globe. Marketers need to develop new strategies by incorporating the element of digital technology to overrun their competitors, as conventional competitive strategies will not produce extraordinaryresults. The rise of social media, in this regard, is a game-changer in the context of marketing as it provides a strategic touchpoint to the marketers to involve the customers with a brand. Prior research has largely ignored the relationship between corporate social responsibility (CSR) practices of a brand and positive customer experiences. Hence the present study aims to test the relationship of customer-related CSR activities on social media on behavioral consequences of customers, such as their purchase likelihood and electronic word of mouth (E-WOM). The data were collected from the banking customers of a developing economy and were analyzed through structural equation modeling in AMOS software. The results revealed that customer-related CSR activitieson social mediainfluence customer behavioral outcomes like E-WOM and purchase intentions. The result also revealed that brand attitude mediates the relationship between customer-related CSR, E-WOM, and purchase intentions. The findings of the present study can help policymakers to understand the importance of CSRpractices from the perspective of marketing, which is largely ignored by contemporary CSR researchers.

ACS Style

Guping Cheng; Jacob Cherian; Muhammad Sial; Grzegorz Mentel; Peng Wan; Susana Álvarez-Otero; Usama Saleem. The Relationship between CSR Communication on Social Media, Purchase Intention, and E-WOM in the Banking Sector of an Emerging Economy. Journal of Theoretical and Applied Electronic Commerce Research 2021, 16, 1025 -1041.

AMA Style

Guping Cheng, Jacob Cherian, Muhammad Sial, Grzegorz Mentel, Peng Wan, Susana Álvarez-Otero, Usama Saleem. The Relationship between CSR Communication on Social Media, Purchase Intention, and E-WOM in the Banking Sector of an Emerging Economy. Journal of Theoretical and Applied Electronic Commerce Research. 2021; 16 (4):1025-1041.

Chicago/Turabian Style

Guping Cheng; Jacob Cherian; Muhammad Sial; Grzegorz Mentel; Peng Wan; Susana Álvarez-Otero; Usama Saleem. 2021. "The Relationship between CSR Communication on Social Media, Purchase Intention, and E-WOM in the Banking Sector of an Emerging Economy." Journal of Theoretical and Applied Electronic Commerce Research 16, no. 4: 1025-1041.

Journal article
Published: 27 May 2020 in Sustainability
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Corporate social responsibility (CSR) is one of the pillars of sustainable development. It is the key to operationalizing the strategic role of business in contributing towards the sustainability process. The fact that firms communicate their activities about economic sustainability, environmental sustainability, and social equity shows their commitment to society and their stakeholders. This paper analyzes the influence exerted by the composition of boards of directors on corporate social responsibility disclosure with reference to those companies that undertook an initial public offerings (IPO) in the Spanish capital market during the period 1998–2013. The empirical evidence provided by this study shows that ownership structure and board characteristics are relevant in the context of a firm’s CSR disclosure. The independent directors, non-executive directors, and large shareholder representatives affect the way in which their companies voluntarily disclose information regarding CSR. Our results lend support for a non-linear relationship between the proportion of shares in the IPO belonging to the members of the board of directors and the level of CSR reporting. We also find that the underwriter’s reputation has a positive and statistically significant influence on CSR disclosure for Spanish IPOs.

ACS Style

Mar Arenas-Parra; Susana Álvarez-Otero. CSR Disclosure: The IPO Case. Sustainability 2020, 12, 4390 .

AMA Style

Mar Arenas-Parra, Susana Álvarez-Otero. CSR Disclosure: The IPO Case. Sustainability. 2020; 12 (11):4390.

Chicago/Turabian Style

Mar Arenas-Parra; Susana Álvarez-Otero. 2020. "CSR Disclosure: The IPO Case." Sustainability 12, no. 11: 4390.

Journal article
Published: 11 February 2019 in Management Decision
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Purpose Corporate social responsibility (CSR) rating agencies have arisen with the aim of providing external and reliable information about business behaviour. The purpose of this paper is to present a multi-criteria methodology for integrating CSR valuations with the financial performance of companies in a unique measure of global sustainability performance. Design/methodology/approach The authors present a hybrid TOPSIS methodology on transformed scores of both the CSR valuations and the financial ratios. The “attribute-specific evaluation” approach into Multi-attribute Prospect Theory (PT) has been applied and the Design of Experiments (DoE) is used with the TOPSIS value of the firm as the response variable. Findings The proposal has been applied to 118 companies evaluated by Vigeo and Covalence CSR agencies. The authors also have considered five financial ratios of the companies in order to assess their financial performance. Consistent aggregation for firms has been achieved. Relationships between the different rankings, both those of Vigeo and Covalence and the ones constructed in this research, have been analysed. All top 10 Global sustainable firms rank among the top 10 positions in at least one of the remaining rankings. The results show that Vigeo and Covalence provide different information about the CSR behaviour of the companies. Research limitations/implications Another interesting question is to study the discrepancies between Vigeo and Covalence, for example, in which areas there is the greatest divergence between the two agencies and what could be the reasons for this. Practical implications The results of this research could be of interest for both investors who want a global picture of companies in their selection process and stakeholders concerned with CSR issues who want to take advantage of different CSR ratings. Originality/value The application of PT softens the compensatory behaviour of the classical TOPSIS that may prove unsuitable for social evaluation. The DoE allows the aggregation of the weight sets from various decision markers. The combined methodology facilitates the scoring of new firms and the rank reversal problem can be mitigated with this methodology.

ACS Style

Amelia Bilbao-Terol; Mar Arenas-Parra; Susana Alvarez-Otero; Verónica Cañal-Fernández. Integrating corporate social responsibility and financial performance. Management Decision 2019, 57, 324 -348.

AMA Style

Amelia Bilbao-Terol, Mar Arenas-Parra, Susana Alvarez-Otero, Verónica Cañal-Fernández. Integrating corporate social responsibility and financial performance. Management Decision. 2019; 57 (2):324-348.

Chicago/Turabian Style

Amelia Bilbao-Terol; Mar Arenas-Parra; Susana Alvarez-Otero; Verónica Cañal-Fernández. 2019. "Integrating corporate social responsibility and financial performance." Management Decision 57, no. 2: 324-348.

Original articles
Published: 13 September 2017 in Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad
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We analyse the influence of the board of directors and ownership structure on the valuation of initial public offering (IPOs) in the Spanish capital market during the period 1998–2013. After controlling for other influences such as the auditor’s reputation, the underwriter’s reputation and the level of information asymmetry, our results lend strong support for the hypothesis of the influence exerted by ownership concentration over the level of IPO underpricing. Moreover, we find a nonlinear relationship between the proportion of shares in the IPO belonging to members of the board of directors and the level of underpricing. Other IPO and firm characteristics such as the size of the offer and its structure also prove to be statistically significant. Finally, we find that the market cycle influences the valuation of IPOs, as the relationship between the market return and the initial IPO return is positive and statistically significant.

ACS Style

Susana Álvarez-Otero; Félix J. López-Iturriaga. Does corporate governance affect the valuation of Spanish IPOs? The role of ownership structure and the board of directors. Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad 2017, 47, 214 -241.

AMA Style

Susana Álvarez-Otero, Félix J. López-Iturriaga. Does corporate governance affect the valuation of Spanish IPOs? The role of ownership structure and the board of directors. Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad. 2017; 47 (2):214-241.

Chicago/Turabian Style

Susana Álvarez-Otero; Félix J. López-Iturriaga. 2017. "Does corporate governance affect the valuation of Spanish IPOs? The role of ownership structure and the board of directors." Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad 47, no. 2: 214-241.

Journal article
Published: 01 July 2017 in International Review of Financial Analysis
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ACS Style

Amelia Bilbao-Terol; Susana Álvarez-Otero; Verónica Cañal-Fernández. Hedonic evaluation of the SRI label of mutual funds using matching methodology. International Review of Financial Analysis 2017, 52, 213 -227.

AMA Style

Amelia Bilbao-Terol, Susana Álvarez-Otero, Verónica Cañal-Fernández. Hedonic evaluation of the SRI label of mutual funds using matching methodology. International Review of Financial Analysis. 2017; 52 ():213-227.

Chicago/Turabian Style

Amelia Bilbao-Terol; Susana Álvarez-Otero; Verónica Cañal-Fernández. 2017. "Hedonic evaluation of the SRI label of mutual funds using matching methodology." International Review of Financial Analysis 52, no. : 213-227.

Journal article
Published: 01 January 2014 in Cuadernos de Economía
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ACS Style

Susana Álvarez Otero. Cotización bursátil y creación de empleo: un análisis empírico para el mercado de valores español. Cuadernos de Economía 2014, 37, 1 -12.

AMA Style

Susana Álvarez Otero. Cotización bursátil y creación de empleo: un análisis empírico para el mercado de valores español. Cuadernos de Economía. 2014; 37 (103):1-12.

Chicago/Turabian Style

Susana Álvarez Otero. 2014. "Cotización bursátil y creación de empleo: un análisis empírico para el mercado de valores español." Cuadernos de Economía 37, no. 103: 1-12.

Journal article
Published: 31 December 2010 in Global Finance Journal
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ACS Style

Susana Alvarez; Ruben Arrondo; Susana Álvarez-Otero. The influence of the underwriting syndicate on the valuation of Spanish initial public offerings. Global Finance Journal 2010, 21, 223 -238.

AMA Style

Susana Alvarez, Ruben Arrondo, Susana Álvarez-Otero. The influence of the underwriting syndicate on the valuation of Spanish initial public offerings. Global Finance Journal. 2010; 21 (3):223-238.

Chicago/Turabian Style

Susana Alvarez; Ruben Arrondo; Susana Álvarez-Otero. 2010. "The influence of the underwriting syndicate on the valuation of Spanish initial public offerings." Global Finance Journal 21, no. 3: 223-238.

Original articles
Published: 01 January 2008 in Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad
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El objetivo de este trabajo es analizar la eficiencia del proceso de valoración de las empresas que han salido a bolsa durante el periodo 1985–1997. Los resultados ponen de manifiesto que los aseguradores no incorporan toda la información disponible. Así, es posible observar que los aseguradores omiten la incorporación de información privada cuando establecen el precio final de las acciones en la oferta de salida a bolsa. Asimismo, no llegan a incorporar en su totalidad la información pública en dicho precio. Por consiguiente, el tratamiento de la información por parte de los aseguradores no parece ser consistente con un proceso de valoración eficiente en la forma semifuerte, para el caso de las empresas que empiezan a cotizar en el mercado de capitales español. El trabajo también analiza el impacto económico del establecimiento del precio de la oferta sobre las rentabilidades iniciales de las acciones que inician su cotización en la bolsa española.

ACS Style

Susana Álvarez Otero. Análisis de la eficiencia en la valoración de las empresas que salen a bolsa. Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad 2008, 37, 691 -722.

AMA Style

Susana Álvarez Otero. Análisis de la eficiencia en la valoración de las empresas que salen a bolsa. Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad. 2008; 37 (140):691-722.

Chicago/Turabian Style

Susana Álvarez Otero. 2008. "Análisis de la eficiencia en la valoración de las empresas que salen a bolsa." Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad 37, no. 140: 691-722.

Simple chapter
Published: 01 January 2006 in Initial Public Offerings
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ACS Style

Susana Álvarez-Otero; Víctor M. González-Méndez. The size effect of firms going public on the Spanish capital market. Initial Public Offerings 2006, 65 -79.

AMA Style

Susana Álvarez-Otero, Víctor M. González-Méndez. The size effect of firms going public on the Spanish capital market. Initial Public Offerings. 2006; ():65-79.

Chicago/Turabian Style

Susana Álvarez-Otero; Víctor M. González-Méndez. 2006. "The size effect of firms going public on the Spanish capital market." Initial Public Offerings , no. : 65-79.

Original articles
Published: 01 December 2005 in Applied Financial Economics
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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.

ACS Style

Susana Álvarez; Víctor M. González; Susana Álvarez-Otero. Performance of Spanish firms going public: windows of opportunity and the informative effect. Applied Financial Economics 2005, 15, 1283 -1297.

AMA Style

Susana Álvarez, Víctor M. González, Susana Álvarez-Otero. Performance of Spanish firms going public: windows of opportunity and the informative effect. Applied Financial Economics. 2005; 15 (18):1283-1297.

Chicago/Turabian Style

Susana Álvarez; Víctor M. González; Susana Álvarez-Otero. 2005. "Performance of Spanish firms going public: windows of opportunity and the informative effect." Applied Financial Economics 15, no. 18: 1283-1297.

Journal article
Published: 01 January 2005 in Journal of Business Finance & Accounting
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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) . Copyright Blackwell Publishers Ltd, 2005.

ACS Style

Susana Álvarez; Víctor M. González. Signalling and the Long-run Performance of Spanish Initial Public Offerings (IPOs). Journal of Business Finance & Accounting 2005, 32, 325 -350.

AMA Style

Susana Álvarez, Víctor M. González. Signalling and the Long-run Performance of Spanish Initial Public Offerings (IPOs). Journal of Business Finance & Accounting. 2005; 32 (1-2):325-350.

Chicago/Turabian Style

Susana Álvarez; Víctor M. González. 2005. "Signalling and the Long-run Performance of Spanish Initial Public Offerings (IPOs)." Journal of Business Finance & Accounting 32, no. 1-2: 325-350.

Original articles
Published: 01 January 2001 in Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad
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El objetivo de este trabajo es evaluar el efecto de las señales informativas emitidas por la empresa que sale a bolsa sobre la valoración obtenida por los títulos en la primera jornada de cotización en la bolsa española, analizando si dichas señales ejercen una influencia significativa sobre dicha valoración y tomando como período de estudio de 1985 a 1997. El interés de este análisis radica en que permite extraer conclusiones sobre la eficacia de las señales emitidas por la empresa para reducir la asimetría informativa existente entre el emisor y los inversores en la oferta previa a la salida a bolsa. De acuerdo con los resultados de este trabajo, tanto la rebaja del precio en la oferta pública inicial como la proporción de acciones retenida por los directivos en dicha oferta constituyen señales con efecto significativo en la valoración obtenida por las acciones el día que se inicia su cotización en la bolsa española, sin obtener apoyo para el resto de mecanismos de señales considerados.

ACS Style

Susana Álvarez-Otero. El Efecto de las Señales Informativas en la Valoración de las Salidas a Bolsa. Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad 2001, 30, 409 -454.

AMA Style

Susana Álvarez-Otero. El Efecto de las Señales Informativas en la Valoración de las Salidas a Bolsa. Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad. 2001; 30 (108):409-454.

Chicago/Turabian Style

Susana Álvarez-Otero. 2001. "El Efecto de las Señales Informativas en la Valoración de las Salidas a Bolsa." Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad 30, no. 108: 409-454.