Los Anos Research Articles

Valuing local and dual-class IPOs in the Alternative Investment Market

espanolResumen: Las ofertas iniciales de venta al publico (IPOs), por definicion, no tienen historia y no han sido valoradas por inversionistas. Por ello, es dificil o imposible realizar proyecciones de flujos futuros, al no existir informacion financiera publica. Este trabajo centra la valoracion en el Mercado de alternativo de inversiones, determinando los observables que afectan la valoracion. Aplicamos distintas tecnicas econometricas a datos contables de 2,185 IPOs entre los anos 1995 y 2020. Nuestros resultados sugieren que las valoraciones se relacionan con diversos factores. EnglishAbstract: Initial Public Offerings are, by definition, not seasoned securities. They have not been subjected to valuation by the community of investors. It is often difficult or impossible to forecast their future cash flows because most do not have a long history of publicly disclosed financial information. Consequently, valuing IPOs in any market is more difficult than valuing seasoned equities. In this paper, we address the valuation of IPOs in the Alternative Investment Market, (hereafter the AIM.) The purpose of this study is to determine the observable factors that affect valuation in the AIM. We apply OLS, LASSO regression, and Extreme Bounds Analysis (EBA) techniques on historical accounting data to test our theory of valuation. The statistical sample consists of 2,185 IPOs issued on the AIM between 1995 and 2020. Our findings suggest that the market valuation of IPOs in the AIM is systematically related to a multiplicity of factors. These include earnings per share (EPS) in the after-market, operating cash follow per share, and the percentage of shares issued to the public. The findings of the study have a practical value for investors who are interested in buying IPOs in the AIM.

Sonia Andrade e Letícia Parente, duas videoartistas brasileiras em uma exposição de arte feminista de vanguarda dos anos 1970

Neste artigo, analisamos a presença de obras de Letícia Parente (1930-1991) e Sonia Andrade (1935) na exposição La Vanguardia Feminista de los años 70. Obras de la Verbund Collection, Vienna, sediada no Centro de Cultura Contemporânea de Barcelona, entre 2019 e 2020. Para tanto, estabelecemos como objetivo identificar intencionalidades no projeto curatorial, a partir da análise dos vídeos Preparação 1 e Tarefa 1, de Letícia Parente, e do vídeo sem título de Sonia Andrade, percorrendo também algumas das produções que compartilham o espaço expográfico com as obras das artistas brasileiras. Por procedimento metodológico, recorremos a investigações sobre videoarte brasileira; à análise de fotografias e diários de campo produzidos durante visitas à exposição e ao catálogo Sammlung Verbund: The Verbund Art Collection, Vienna, sobre a coleção de arte feminista a partir da qual a exposição foi elaborada. Por resultados, explicitamos contradições e potencialidades que atravessam a participação de Letícia Parente e Sonia Andrade na exposição La Vanguardia Feminista de los años 70.

Los días y los años de Luis González de Alba: ¿escritura condicionada o escritura liberadora?

Si bien los libros hablan a sus lectores por medio de sus contenidos, también lo hacen desde las situaciones en las que fueron creados. A través de estas líneas revisaré el proceso de escritura del libro Los días y los años (1971), de Luis González de Alba, tanto desde algunas de las ventajas que reportó a su autor como desde ciertos condicionamientos (políticos, de grupo y de género) a los que se vio sujeto durante su creación. Esta obra representó, en su momento, un contrapeso a la versión oficial que se manejó tras los sucesos del 2 de octubre de 1968, por medio de la cual varias generaciones pudieron conocer el movimiento estudiantil en voz de sus dirigentes. Algunos escritos, sobre todo aquellos que surgen en momentos coyunturales o en situaciones de excepción, como el que aquí nos ocupa, se encuentran sujetos a diversos intereses y tensiones que los moldean, o incluso, los determinan. Los días y los años resulta paradigmático pues, además de haberse escrito en la cárcel y de tener un origen colectivo, cuenta con una historia paralela, escrita casi 40 años después, la cual descubre aspectos del autor velados en el primer libro. ¿Desde qué “lugar” creó González de Alba su historia del ’68 mexicano, qué ventajas le reportó y cuáles fueron los condicionamientos que influyeron en su escritura? Con base en fuentes primarias como el libro objeto de estudio y las entrevistas que realicé a su autor, Luis González de Alba, y al representante del Consejo Nacional de Huelga, Raúl Álvarez Garín, y desde las nuevas perspectivas de la historia del libro y la lectura, se intenta tener un acercamiento no solo al libro y las circunstancias de su escritura, sino a aquellos procesos de índole social, política y cultural que marcaron una época.

The Legacy of Liberation Theology in Colombia

Liberation theology was very important in Latin America between 1970 and 1980. While it is less significant today, it has not disappeared. If we look at Colombia, we can see the pastoral and political commitment of the religious and the laity in various regions as they accompany marginalized communities, victims of government and parastatal violence, in conformity with their preferential option for the poor. Motivated by the crucified Christ, the heirs of liberation theology have developed a theology of life or of human rights. As human rights advocates, they identify among the causes of violence the policies of capitalist development, denounced as imperialist and responsible for the poverty of the majority of the population. This development has its origin in the parallel dynamics of social and international relations and the associated adaptation of the social movement. La teología de la liberación tuvo mucha importancia en América Latina entre los años 1970 y 1980. Bien que hoy ella sea menos relevante, no ha desaparecido. Si tomamos el caso de Colombia podemos ver el compromiso pastoral y político de laicos y religiosos presentes en diferentes regiones del país, quienes consecuentes ante su opción preferencial por los pobres están acompañando comunidades marginalizadas, víctimas de la violencia estatal y paraestatal. Inspirados en Jesús crucificado, los herederos de la teología de la liberación han hilado una teología de los derechos humanos o de la vida. Como defensores de derechos humanos, ellos identifican dentro de las causas de la violencia las políticas de desarrollo capitalista, denunciadas como imperialistas y como responsables de la miseria de las grandes mayorías. Esta trasformación se origina en la dinámica paralela de las relaciones sociales e internacionales y la adaptación consecuente del movimiento social.

Los años norteamericanos de Luis Cernuda by José Teruel (review)

TERUEL, JOS&Eacute!. Los anos norteamericanos de Luis Cernuda. Valencia: PreTextos, 2013. 266 pp.In Los anos norteamericanos de Luis Cernuda, Teruel's objective is as clear as it is ambitious: clarify the poetic production and image of Luis Cernuda during his years in exile in the United States and Mexico between 1947 and 1963. As Teruel rightly argues in the introduction, there is little doubt that Cernuda has been valorized as a poeta del 27, and much of the interest surrounding his poetry has gravitated to the early years that run from the publication of Perfil del aire in 1927 to Como quien espera el alba of 1941-1944. ln Teruel's appraisal, however, Cernuda's later work is not only worthy of study in its own right, but it also illuminates and adds crucial perspective to the poet's complex poetic persona.Teruel's study is composed of an introduction and ten chapters and presents in chronological order Cernuda's life and poetry from his arrival at Mount Holyoke College in 1947 to his death in Mexico in 1963. Teruel makes clear in the introduction that his intention is to refute the well-worn argument that Cernuda's later poetic production exudes an aesthetic fatigue and an overall impoverishment of creativity. Likewise, he aims to demonstrate the unity of Cernuda's obra completa and to what extent his later poetry and meditations on self during his years of exile in fact dialogue with his earlier lyric endeavors. The remaining chapters articulate these distinct yet complementary aims, and they do so with precision and consistency while weaving together critical readings of Cernuda's poetry and a wealth of his correspondence and personal notes.One of the most illuminating aspects of Teruel's study is the manner in which it brings to the fore Cernuda's insecurities about his craft and, in particular, his image as poet. Beginning with his first revised collection of poems, Perfil del aire, Cernuda would fret and fume for the rest of his life over the way his poetry was read, interpreted, appraised, and ignored. Indeed, Perfil del aire was received with scant enthusiasm from Spain's intellectual community, and it even garnered an abundance of negative and hostile reviews. As Teruel sees it, Cernuda was never able to transcend this initial disappointment or the betrayal he endured from those he believed were his closest allies at the time (his mentor Pedro Salinas, to whom the book was dedicated, responded with a simple acknowledgement of receipt when Cernuda sent him a personally dedicated copy of it). The appearance of La invitacion a la poesia, Donde habita el olvido, Invocaciones, and the homage paid to Cernuda's poetry in El Sol in the years leading up to 1936 did little to ameliorate his hurt feelings and growing sense of disaffection with Spain's cultural milieu. Shortly after the outbreak of the Spanish Civil War, he was invited to deliver a series of lectures at the universities of Oxford and Cambridge that were scheduled over a period of a few months, but the war made it impossible for him to return to Spain. And so began his life in exile in 1938.For Teruel, Cernuda was consumed by a sense of exile. This was, in reality, only aggravated in 1938, for he had always felt somehow estranged and underestimated since the publication of Perfil del aire. It was these nagging feelings that generated the rich tension in his later work between past and present, ideality and reality, and sexual craving and platonic love. These sentiments also played a hand in the unpredictable dialectic that ruled Cernuda's life between place and displacement. More concretely, Cernuda's years of exile, as Teruel methodically documents, are characterized by constant movement, a constant shifting and transition between countries, lifestyles, and outlooks. In Teruel's words, errante, interina y zigzagueante vida lo llevo de la pasion por el Absoluto (con inicial mayuscula, como concebia su obra) a su relativismo desesperado (30). …

Reflections on Mexico '68

Preface. Contributor Biographies. Introduction (Keith Brewster, Newcastle University, UK). 1 'Prensa, Prensa': A Journalist's Reflections on Mexico '68 (John Rodda). 2 Changing Impressions of Mexico for the 1968 Games (Claire Brewster, Newcastle University, UK). 3 Teaching Mexicans How to Behave: Public Education on the Eve of the Olympics (Keith Brewster, Newcastle University, UK). 4 Lyon '68: The Games that Weren't, or the Intermediate Event-zone of a Non-Olympics (Hugh Dauncey, Newcastle University, UK). 5 'Nasty Demonstrations by Negroes': The Place of the Smith-Carlos Podium Salute in the Civil Rights Movement (Simon Henderson, Newcastle University, UK). 6 Mexico 1968 and South Africa 2010: Sombreros and Vuvuzelas and the Legitimisation of Global Sporting Events (Chris Bolsmann, Aston University, UK). 7 LuisGonz'alez de Alba's Los d'ias y los anos (1971) and Elena Poniatowska's La noche de Tlatelolco (1971): Foundational Representations of Mexico '68 (Chris Harris, University of Liverpool, UK). 8 Traumatic Time in Roberto Bola no's Amuleto and the Archive of 1968 (Ryan Long, University of Oklahoma, USA). 9 'Writing Our History in Songs': Judith Reyes, Popular Music and the Student Movement of 1968 (Hazel Marsh, University of East Anglia, UK). References. Index.

Heroines, Hierarchies, and Space: The Fiction of Cecilia Absatz

This examination of the fiction of Cecilia Absatz (Argentina, 1943), covers three novels: Feiguele (1976), the 1982 Te con canela ‘Tea with cinnamon’ and the 1985 Los anos pares ‘The Even-Numbered Years.’ The continuities between the three texts, and especially the similarity of their female protagonists, who age from adolescence to the threshold of middle age, allow these novels to be read as a series. The primary focus of this study is the maturation of the protagonists as they struggle for autonomy while navigating different types of space. These include space that is marked by gender; identified as Jewish; and dominated by members of various elites, whether defined by wealth and lineage, by celebrity, or by specialized cultural knowledge or skills. The protagonists are at a disadvantage in different environments: being female in a corporate workplace dominated by powerful males; craving individuality and solitude in a Jewish space in which community is the ideal; and being barely middle-class in milieux where money, accomplishments, and social connections are crucial. Though in many episodes the heroines, out of insecurity and inexperience, allow themselves to be intimidated and manipulated, they analyze their experiences, learn, and seek to strengthen their autonomy. Only in the third of the novels does the protagonist succeed in breaking the hold that more powerful and prestigious men hold over her and establishing a space for herself. This article is available in Studies in 20th & 21st Century Literature: http://newprairiepress.org/sttcl/vol34/iss1/2 Heroines, Hierarchies, and Space: The Fiction of Cecilia Absatz Naomi Lindstrom University of Texas at Austin The novels of Cecilia Absatz (Argentina, 1943), journalist, editor, and creative writer, stand out for the sardonic voices of their heroines and narrators, their casual frankness about sexuality and the body, their mordant satire, and their antiauthoritarian and feminist stance. Absatz lived through the repressive Argentine military regime of 1976-83, and the value of her writing lies partly in the insights it provides into that period. Rather than representing extreme violations of human rights, such as disappearances and torture, her fiction communicates the contradictions and anxieties of everyday existence in an Argentina under authoritarian rule. This essay examines her brief novel Feiguele, published in 1976 along with short stories as Feiguele y otras mujeres ‘Feiguele and other women,’ the first edition of which was suppressed by the military government,1 and two full-length novels, the 1982 Te con canela ‘Tea with cinnamon’ and the 1985 Los anos pares ‘The Even-Numbered Years.’2 Despite their differences—for example, Te, with its fragmented narrative structure, requires greater concentration on the reader’s part—the three novels exhibit significant commonalities. They center on the intimate experiences of protagonists who, while not the same character, have a number of features in common. In Feiguele the heroine is a young adolescent, while in the other two novels she is a sexually active woman. In each novel the protagonist is from Buenos Aires, from a Jewish family situated somewhere on the lower reaches of the middle class, outwardly bold, yet haunted by constant insecurity. The intimate experiences of these heroines are laid bare, whether in first or third person, with exceptional frank1 Lindstrom: Heroines, Hierarchies, and Space: The Fiction of Cecilia Absatz Published by New Prairie Press

The Automobile Industry in Paraná: The Case of Renault

SUMMARY The development process of Paraná has traditionally been closely linked to agriculture. However, given the state's proximity to São Paulo, there have always been attempts to promote industrial development. This occurred initially in the 1970s and became more intensive in the 1990s with the development of fiscal wars between the states to attract investments, especially in the automobile industry. The paper concentrates on an analysis of how the Renault assembly plant was attracted to Paraná, its impact on the state's industrial product and on employment, and on the attempt to attract component producers. RESUMEN. Tradicionalmente, el proceso de desarrollo del estado de Paraná siempre se mantuvo estrechamente vinculado a la agricultura. Sin embargo, debido a su proximidad al estado de São Paulo, se realizaron constantes esfuerzos para promover su desarrollo industrial. El paso inicial se remonta a los años 70, que evolucionó considerablemente en los 90 con el surgimiento de guerras fiscales entre los estados instigadas para atraer inversiones, especialmente de la industria automotriz. El estudio se concentra en el análisis de cómo se atrajo la instalación de la fábrica Renault al estado de Paraná, su impacto sobre el producto industrial del estado y el empleo, y la tentativa de atraer fabricantes de componentes. RESUMO. O processo de desenvolvimento do Paraná esteve intimamente ligado à agricultura. Mas dado sua proximidade com São Paulo, sempre se procurou dar um impulso ao desenvolvimento industrial. O primeiro passo para isto ocorreu na década de 70. No entanto, foi a partir de década de 90 que se observa uma maior evolução do desenvolvimento industrial. Parte desse processo foi conseqüência da guerra fiscal travada entre os estados brasileiros para atração de investimentos, principalmente da indústria automobilística. O objetivo desse artigo é de apresentar o processo de atração da montadora francesa Renault para o estado do Paraná, analisar os investimentos realizados e seus impactos, principalmente na geração de emprego e na tentativa de atrair fabricantes ligados ao setor de autopeças.

Norte y sur: La narrativa rioplatense desde Mexico

Norte y sur: narrativa rioplatense desde Mexico. Ed. Rose Corral. Mexico: El Colegio de Mexico, 2000. 279 pages.The twenty-four essays collected in this volume were first presented at a conference on the literature of the River Plate region, at the Colegio de Mexico, in 1999. The purpose of the conference was to reestablish a cultural dialogue between Mexico and the River Plate region which, according to the editor, does not presently enjoy the vitality it once did: Concluida la euforia de los anos sesenta y setenta que permitio la circulacion continental de la literatura hispanoamericana, hoy no es dificil observar la compartimentacion, casi podria decirse el confinamiento, en que viven nuestras literaturas nationales (9). The editor does not explore the possible reasons for the present situation, but an opening essay by Ana Maria Barrenechea, which shows the kinds of cultural exchanges that were possible for an intellectual like Alfonso Reyes to undertake-Reyes also published a book titled Norte y Sur in 1944 and created important and enduring bridges between Argentina and Mexico-, demonstrate the volume's desire to begin to recreate the types of intellectual projects (in publishing, literary magazines, seminars, and conferences) that were common between these two regions well into the second half of the twentieth century.Interestingly, many of the essays included here explore the displacements that literary texts make possible, the errancy that neither North nor South can contain. The of literary texts is thus a prime concern throughout this volume-whether that place is considered in geographical terms or in literature's relations with those discourses, spheres of knowledge, and ideologies which are said to mark the literary text's exteriority.This problematic is the focus of the text by Juan Jose Saer, La narracion-objeto, now published in his own collection of essays with the same title (Seix Barral, 1999). Saer shows that the singularity of a literary text must be read in its autonomous linguistic construction and not in its merely representational characteristics: Negandose al comercio con-y de-lo general, emancipandose, gracias a una logica propia, de imperativos exteriores supuestamente ineluctables, obligaciones ideologicas, morales, religiosas que son extranas a su esencia, separandose en lo posible de topicos y de moldes asfixiantes impuestos por la rutina repetitiva de los generos, estas narraciones, adentrandose en las aguas pantanosas y turbias de lo particular adquieren el sabor de lo irrepetible y lo unico (46). …

Carlos Fuentes: Caught in the Modern/Postmodern Crossfire

Nearing fifty years as a public figure in world literature, Carlos Fuentes has witnessed many a literary fashion. For the most part, however, his work has maintained a constant preoccupation with specific themes such as time, history, and national identity, that in varying degrees can be seen from Los dias enmascarados (1954) all the way to Los anos con Laura Diaz (1999) and beyond.1 The texts reviewed here chronologically represent some of the more innovative approaches to the work of Carlos Fuentes in recent years and collectively treat Fuentes's works of fiction and criticism published through 1995.Though fueled by distinct speculations regarding the writings of Carlos Fuentes, one common thread between them is that which addresses his place within the contention of the modern and the postmodern. Although it is difficult to keep up with a writer as prolific as Fuentes, the polemical situations created by these three critics will surely prove useful even for those texts he has conceived but has yet to write or publish.

Humor in Crisis: Guadalupe Loaeza's Caricature of the Mexican Bourgeoisie

Desde 1982 las sátiras de Guadalupe Loaeza han servido como radiografía de la sociedad mexicana durante los años de crisis económica de 1982‐al presente. Mientras otras escritoras como Christina Pacheco y Elena Poniatowska se afanan por pintar la cruda realidad de las masas, Loaeza se concentra en los excesos de la burguesía—en su pretensión, materialismo y corrupción—como materia prima para poner de relieve el gran abismo que existe entre las clases sociales en México. Debido a la inmensa popularidad de sus artículos, Loaeza se ha convertido en cronista de la burguesía capitalina moderna, cuyo poder social y político se ve cada vez más amenazado por la crisis económica y la inestablilidad del gobierno.