Incentives to underprice

an initial public offering, the choices made by issuers, such as the offer price, might not appear to be wealth maximizing. In this article, we argue that the choices are strategic. Based on the model developed by Barry (1989), we show that the average change in the issuer's wealth (4.52 per cent) is lower than the average loss implied by underpricing (12.09 per cent). Our results support the notion that the choices issuers make at the offering generate a compensatory benefit in the aftermarket. That the issuer may well not suffer a net wealth loss from the offering is in accordance with continued initial public offering activity.

Traditionally Protected Forests and Sacred Forests of Zigua and Gweno Ethnic Groups in Tanzania

In Tanzania, indigenous forests can still be found whose existence is based on the management systems of precolonial society. This study covers material from over 900 forests. There are similar types of forests elsewhere in Africa, and similar forests can also be found in indigenous cultures on every continent. In this study they are called traditionally protected forests (TPFs). They have a high level of endemism and a rich biodiversity. The field study was carried out during the years 1997-2003 using participatory methods. An active debate is going on concerning the capacity of local communities to manage their environment. The role of indigenous people and their institutions in the development of the physical environment is a central issue in the debate. This study discusses the opportunities that the local people have had to decide on how to conserve, maintain, utilise, and manage their environment during different political periods. The study explains what kinds of changes have taken place in these forests and institutions in northeastern Tanzania among the matrilinear Zigua and patrilinear Gweno ethnic groups. About 2% of the land area of the communities was still protected by the precolonial structures. The communities have established their protection systems for different reasons, not only because of their beliefs but also because of different secular and clearly environmentally motivated reasons. There are different TPF types. Less than half of them are directly related to spirituality, and more than half are not. In earlier research elsewhere, it has been commonly understood that spiritual reasons played the main role in the protection of these environments. This study is also part of the postcolonial geographical discussion on the precolonial landscape and environmental management which was started by Carl Sauer. In the Zigua case study villages, only two out of five first comer clans have performed rain rituals in the past 30 years. Many of the most respected sacred sites do not have a ritual maker or even a person who knows how to perform rituals any longer. The same is happening with male initiation rites. In all case study villages there have been illegal cuts in the TPFs, but variations can be seen between the communities. The number of those who neither respect indigenous regulations nor accept indigenous penalties is growing. Positive developments have also taken place. Nowadays, the Forest Act of 2002 is in effect, which works as a cornerstone of community-based land ownership and also allows elders to protect TPFs, and by-laws are created with the support of different projects. Moreover, during the field study it was found that many young people are ignorant about their village's TPF sites, but interested in learning about their history and values.

Depth dependence of nanohardness in a CuAlNi single crystal shape memory alloy

Instrumented nanoindentation was employed to study the depth dependence of nanohardness in a CuAlNi single crystal shape memory alloy that exhibits shape memory effect (SME). A Berkovich indenter and a cube comer indenter were used in this study, and the

Régimen jurídico de las lenguas y reconocimiento de la diversidad lingüística en el Tratado por el que se establece una Constitución para Europa

The territory of the European Union is made up of a rich and wide-ranging universe of languages, which is not circumscribed to the «State languages». The existence of multilingualism is one of Europe’s defining characteristics and it should remain so in the constantly evolving model of Europe’s political structure. Nonetheless, until now, the official use of languages has been limited to the «State languages» and has been based on a concept of state monolingualism that has led to a first level of hierarchization among the languages of Europe. This has affected the very concept of European language diversity. The draft of the treaty establishing a European Constitution contains various language-related references that can be grouped in two major categories: on the one hand, those references having to do the constitutional status of languages, and on the other, those regarding the recognition of European language diversity. Both issues are dealt with in this article. In analyzing the legal regime governing languages set forth in the draft of the constitutional treaty, we note that the draft is not based on the concept of the official status of languages. The language regulation contained in the draft of the constitutional treaty is limited in character. The constitutional language regime is based on the concept of Constitutional languages but the official status of languages is not governed by this rule. The European Constitution merely enunciates rights governing language use for European citizens vis-à-vis the languages of the Constitution and refers the regulation of the official status of languages to the Council, which is empowered to set and modify that status by unanimous decision. Because of its broad scope, this constitutes a regulatory reservation. In the final phase of the negotiation process a second level of constitutional recognition of languages would be introduced, linked to those that are official languages in the member states (Catalan, Basque, Galician, etc.). These languages, however, would be excluded from the right to petition; they would constitute a tertium genus, an intermediate category between the lan guages benefiting from the language rights recognized under the Constitution and those other languages for which no status is recognized in the European institutional context. The legal functionality of this second, intermediate category will depend on the development of standards, i.e., it will depend on the entrée provided such languages in future reforms of the institutional language regime. In a later section, the article reflects on European Union language policy with regard to regional or minority languages, concluding that the Union has not acted in accordance with defined language policy guidelines when it has been confronted, in the exercise of its powers, with regional or minority languages (or domestic legislation having to do with language demands). The Court of Justice has endeavoured to resolve on a case by case basis the conflicts raised between community freedoms and the normative measures that protect languages. Thus, using case law, the Court has set certain language boundaries for community freedoms. The article concludes by reflecting on the legal scope of the recognition of European language diversity referred to in Article II-82 of the European Constitution and the possible measures to implement the precept that might constitute the definition of a true European language policy on regional or minority languages. Such a policy has yet to be defined.

Apuntes jurídicos sobre el paisaje lingüístico en Euskal Herria

This paper is a study of place-names and signs in the Basque Country from the point of view of language law. These are matters that relate to both the status and corpus of language and contribute to the formation of the language landscape,» After a brief historical introduction, the author focuses on the factors that bear on signs and the language 1andscape: the cornpetence factor and the language factor. The description of the latter leads the author to a discussion of the existing language system, in which the Spanish and Basque sharing official status does not necessarily entail the obligation to use both languages at the same time. Using this discussion as a frame of reference, the au- thor analyses place-names, traffic signals and signs. As for place-names, the existing rules are deemed rigid and lacking in ambition, in that they do not pursue the dissemination of official Basque forms. In traffic signaIs, Basque has to appear alongside Spanish, which is required by Spanish legislation, although this bilingualism excludes place-names that have an official Basque form only. With regard to signs, the author analyses public premises, companies licensed to provide public services and the private sector. For public premises there is no specific regulation, but the status of Basque as an autochthonous language, together with the identification and informatíon purposes of signs, could support the exclusive use of this language, According to the author , companies licensed to provide public services should observe the same language system as the goverment and therefore promote the use of Basque. Finally, in the private sector, the author upholds the legitimacy of measures to promote Basque language use such as tax allowances and exemptions in advertising and commercial signs.

El viajero Wilhelm von Humboldt y sus sucesores: caracterización cultural del País Vasco en las descripciones de viaje del siglo XIX

Berta Raposo Fernández e Ingrid García Wistädt (editoras)

Transformaciones económicas en el sector costero guipuzcoano central durante el siglo XVII

[ES]El presente artículo pretende analizar cómo se desarrolló en el sector costero central de Guipúzcoa (Orio, Zarauz y Guetaria) la llamada «crisis del XVII» y qué mecanismos arbitraron sus habitantes para sobreponerse a las dificultades. En realidad, se trata de analizar y descubrir qué mecanismos utilizaron para llevar a cabo la reconversión y transformación de sus actividades. En el mencionado ámbito tres fueron las principales actividades económicas relacionadas con el mar: el comercio, la construcción naval y la pesca. Las tres actividades tuvieron que llevar a cabo una serie de reestructuraciones y amoldarse continuamente a lo cambiante de la realidad económica de la época a fin de perdurar y sobrevivir.

Hacia los orígenes de la literatura gastronómica: el calendario de Ananio (fr. 5 West)

[ES] El fragmento 5 West de Ananio, un yambógrafo del siglo VI a.C., es probablemente el primer ejemplo de literatura gastronómica en Grecia. En él se mencionan diversos alimentos indicando el mejor momento del año para su consumo, lo que lo convierte en un verdadero calendario gastronómico. Este tema será después particularmente importante en la medicina dietética, reapareciendo también en el personaje del cocinero-médico en la comedia.

El pescado en la comedia griega

Presentado en el Congreso Internacional "Sociedad, política y literatura. Comedia griega antigua", organizado por la Universidad de Salamanca y celebrado en Salamanca los días 26 a 30 de noviembre de 1996.

Travel time tomographic studies of seismic structures around subducted lithospheric slabs

The nature of the subducted lithospheric slab is investigated seismologically by tomographic inversions of ISC residual travel times. The slab, in which nearly all deep earthquakes occur, is fast in the seismic images because it is much cooler than the ambient mantle. High resolution three-dimensional P and S wave models in the NW Pacific are obtained using regional data, while inversion for the SW Pacific slabs includes teleseismic arrivals. Resolution and noise estimations show the models are generally well-resolved.

The slab anomalies in these models, as inferred from the seismicity, are generally coherent in the upper mantle and become contorted and decrease in amplitude with depth. Fast slabs are surrounded by slow regions shallower than 350 km depth. Slab fingering, including segmentation and spreading, is indicated near the bottom of the upper mantle. The fast anomalies associated with the Japan, Izu-Bonin, Mariana and Kermadec subduction zones tend to flatten to sub-horizontal at depth, while downward spreading may occur under parts of the Mariana and Kuril arcs. The Tonga slab appears to end around 550 km depth, but is underlain by a fast band at 750-1000 km depths.

The NW Pacific model combined with the Clayton-Comer mantle model predicts many observed residual sphere patterns. The predictions indicate that the near-source anomalies affect the residual spheres less than the teleseismic contributions. The teleseismic contributions may be removed either by using a mantle model, or using teleseismic station averages of residuals from only regional events. The slab-like fast bands in the corrected residual spheres are are consistent with seismicity trends under the Mariana Tzu-Bonin and Japan trenches, but are inconsistent for the Kuril events.

The comparison of the tomographic models with earthquake focal mechanisms shows that deep compression axes and fast velocity slab anomalies are in consistent alignment, even when the slab is contorted or flattened. Abnormal stress patterns are seen at major junctions of the arcs. The depth boundary between tension and compression in the central parts of these arcs appears to depend on the dip and topology of the slab.

Plan de Marketing en entidades deportivas

A diario, mucha gente se ve obligada a comer lejos de su casa ya que, los apretados horarios, el trabajo, los estudios, la distancia u otros motivos no le permiten acudir a su hogar a almorzar tranquilamente. Además, los recortes sufridos por la crisis en los presupuestos de la mayoría de los hogares y empresas, han llevado a que muchas de esas personas no puedan acudir a comer a restaurantes y tengan que llevarse la comida preparada de su casa para comerla en la calle. Para dar solución a este problema, cada vez más presente en nuestra sociedad, en este Trabajo de Fin de Grado se ha ideado el recinto EATING POINT. Enmarcado dentro del servicio de deportes de los ayuntamientos, permite a sus usuarios comer su propia comida en un lugar agradable y en el centro de su ciudad. A lo largo del trabajo, se expone un plan de negocio para esta entidad deportiva, haciendo hincapié sobretodo, en lo referente a su plan de marketing, el cual se ha desarrollado siguiendo los criterios del marketing para el ámbito de los deportes. Además, se analiza la evolución del marketing deportivo, la política estratégica deportiva, el análisis de gestión y el marketing mix en los servicios deportivos.

La participación de los microRNAs en la regulación de la plasticidad en la corteza visual en un modelo de ambliopía experimental

La aplicaci�n de campos geomagn�ticos con la polaridad cambiante promueve la plasticidad de la corteza visual de animales privados visualmente mediante la cr�a en oscuridad, o bien a trav�s de la sutura palpebral de un ojo.Esto es debido a que la estimulaci�n magn�tica produce la down-regulaci�n de la expresi�n de los microRNAs let-7b*, miR-330, miR-338* y miR-376c en la corteza visual de animales sometidos a la cr�a en oscuridad, as� como de animales sujetos a sutura palpebral de un ojo. Como consecuencia de la down-regulaci�n de la expresi�n de los microRNAs citados anteriormente, se ven incrementados los niveles de expresi�n de sus correspondientes mol�culas diana, Conexina 26 para el caso de let-7b*, Tenascina R en el caso de miR-330, Contactina 4 para el caso de miR-338* y Matriz metalopeptidasa 9 y �-sinucle�na, ambas mol�culas diana de miR-376c. El aumento de expresi�n de estas mol�culas diana a nivel de RNA mensajero, as� como a nivel de prote�na en la corteza visual promueve la capacidad pl�stica de la corteza visual, ya que estas mol�culas diana se encuentran implicadas en procesos de crecimiento/elongaci�n de las neuritas y en la regulaci�n de la morfolog�a de las espinas dendr�ticas.

II Workshop en Modelización Farmacocinética y Farmacodinámica. Aplicación del NONMEM para el desarrollo e interpretación de modelos FC/FD

Sesión I: Modelos FC/FD: Desarrollo e implementación de modelos. Sesión de exposición teórica seguida de realización y evaluación práctica: - Introducción al análisis farmacocinético con NONMEM: construcción de una base de datos y archivos control (Carmen Navarro Fontestad, Universitat de València). - Introducción al análisis farmacocinético con NONMEM: exploración, evaluación y validación de resultados de los modelos (Víctor Mangas Sanjuán, Universidad Miguel Hernández de Elche). Sesión II: Implementación de modelos farmacodinámicos en la modelización farmacocinética/farmacodinámica. Sesión de exposición teórica seguida de realización y evaluación práctica: - Iniciación al modelado de la respuesta farmacológica a través de NONMEM (Zinnia Parra-Guillén, Iñaki F. Trocóniz, Mª Jesús Garrido, Universidad de Navarra). - Iniciación al modelado de la respuesta farmacológica a través de NONMEM. Sesión práctica (Zinnia Parra-Guillén, Iñaki F. Trocóniz, Mª Jesús Garrido, Universidad de Navarra). Sesión III: Modelos FC/FD: Aplicaciones prácticas: - Modelos FC/FD para describir el efecto de antitumorales en el tamaño del tumor en modelos xenograft (Carlos Fernández Teruel, PharmaMar). - Modelos FC/FD en antibioterapia. Aplicación en profilaxis quirúrgica y pacientes críticos sometidos a técnicas continuas de reemplazo renal (Arantxa Isla, Universidad del País Vasco UPV/EHU). - Modelos FC/FD antihistamínicos. Caso práctico bilastina (Ignacio Ortega, FAES FARMA)

Gestión web de servicios de hostelería para alérgicos

Hoy en día existe un gran sector de la población que tiene restricciones alimenticias, bien sea por alergias o por convicciones personales. Para estos usuarios salir a comer fuera de casa acarrea un gran inconveniente, que es: la búsqueda de un establecimiento que ofrezca un servicio de calidad y que tenga en cuenta sus limitaciones a la hora de ofrecerles el servicio. Muchas veces estos usuarios se ven decepcionados en este sentido, con la consecuente frustración que sienten por el sentimiento de insatisfacción. Dicho sentimiento genera un ansia de comunicación de la experiencia para castigar dicho servicio. Además, esta ansia de comunicación no solo se da en casos negativos, ya que cuando el servicio es bueno el usuario generalmente siente el deseo de expresar su gratitud. Sin embargo, no existe una plataforma efectiva que recoja esas voces críticas o de gratitud que, si fuesen públicas, ahorrarían disgustos a otros usuarios ya que dirigirían el consumo a lugares de con buena calidad de servicio. En este traba jo presentamos el desarrollo de una plataforma web que permitirá a los usuarios de la misma conocer y dar su opinión para que el resto de usuarios puedan evaluar establecimientos según una serie de criterios,entre ellos los problemas que hayan podido tener con alergias a alimentos. Para ello, esta plataforma se hace uso de la nueva generación de dispositivos móviles que disponen de internet, posicionamiento GPS etc.. La plataforma estará alojada en un servidor web accesible en todo momento desde cualquier parte gracias a que los hoy en día todos los dispositivos disponen de conexión a Internet. La conguración necesaria para el acceso a la plataforma se encuentra en el Anexo I.