The objective of this paper is to analyze university graduate students’ assessments of the attainment of skills acquired in a Training Programme (TP) to develop entrepreneurial skills and transversal employability competencies. Both are vital for the success of today’s societies and play an important role in the sustainable development agenda. The TP was a 12-week programme with six modules combining entrepreneurship training and traditional teaching methods. There were nine editions and 148 students worked in teams preparing business plans to present to consultants and potential investors. First, the nominal group technique was used to identify which competencies can be acquired through TP. Second, a survey was designed to identify the level to which the competences were attained. The results suggest that the students attained two types of skills, acquiring a higher level of proficiency in entrepreneurial skills and those transversal competencies. Additionally, different levels of attainment of entrepreneurial skills were found in different groups of students. We provide new evidence that TPs, as compulsory subjects in the core curriculum of degree programmes, will help accomplish both objectives: the acquisition of entrepreneurial skills and generic university educational competencies. The overall outcome of this research highlights the value added by the TPs.
This study analyzes the effect of corporate bond rating changes on stock prices in the Spanish stock market. We explore their effects on excess of returns and systematic risk. Rating changes by Moody's, Standard and Poor's and FitchIBCA are analyzed. On an efficient market, these changes will only have some effect if they contain some new information or if they are associated to a redistribution of wealth between shareholders and bondholders. We use an extension of the event study dummy approach. Our results support the redistribution of wealth hypothesis in the abnormal returns behavior. We also find that changes in both directions cause a rebalancing effect in the total risk of the firm, with significant reductions on their systematic component. Copyright 2006 The Authors Journal compilation (c) 2006 Blackwell Publishing Ltd.
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