11 resultados para Equity Portfolio with Equal Weights

em Universidad Politécnica de Madrid


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RESUMEN Los procesos de diseño de zonas o diseño del territorio implican la partición de un espacio geográfico, organizado en un conjunto de unidades de área, en diferentes regiones o zonas según un conjunto especifico de criterios que varían en función del campo de aplicación. En la mayoría de los casos, el objetivo fundamental consiste en crear zonas de tamaño aproximadamente igual respecto a uno o varios atributos de medida -de carácter cuantitativo- (zonas con igual número de habitantes, igual promedio de ventas...). Sin embargo, están apareciendo nuevas aplicaciones, algunas en el contexto de las políticas de desarrollo sostenible, cuya finalidad es la definición de regiones con un tamaño predeterminado, no necesariamente similar. Además, en estos casos las zonas han de formarse en torno a un conjunto específico de posiciones, semillas o generadores. Este tipo de particiones no han sido lo suficientemente investigadas, de manera que no se conocen modelos de solución para la delimitación automática de las zonas. En esta tesis se ha diseñado un nuevo método basado en una versión discreta del diagrama de Voronoi con peso aditivo adaptativo (DVPAA), que permite la partición de un espacio bidimensional en zonas de un tamaño específico, considerando tanto la posición como el peso de cada uno de los generadores. El método consiste en resolver repetidamente un tradicional diagrama de Voronoi con peso aditivo, de forma que los pesos de cada generador se actualizan en cada iteración. En el proceso de cálculo de distancias se usa una métrica basada en el camino más corto, lo que garantiza que la partición obtenida esté formada por un conjunto de zonas conexas. La heurística diseñada se integra en una aplicación prototipo, desarrollada en un entorno SIG (Sistemas de Información Geográfica), que permite el trazado automático de zonas según los criterios anteriormente expuestos. Para analizar la viabilidad del método se ha utilizado como caso de estudio la gestión de los recursos pastorales para la ganadería extensiva en tres municipios de Castilla-La Mancha. Las pruebas realizadas ponen de manifiesto que la heurística diseñada, adaptada a los criterios que se plantean en el contexto de la gestión de sistemas extensivos agropecuarios, es válida para resolver este tipo de problemas de partición. El método propuesto se caracteriza por su eficacia en el tratamiento de un gran número de unidades superficiales en formato vectorial, generando soluciones que convergen con relativa rapidez y verifican los criterios establecidos. En el caso estudiado, aunque la posición prefijada de los generadores reduce considerablemente la complejidad del problema, existen algunas configuraciones espaciales de estos elementos para las que el algoritmo no encuentra una solución satisfactoria, poniéndose de manifiesto una de las limitaciones de este modelo. Tal y como se ha podido comprobar, la localización de los generadores puede tener un considerable impacto en la zonificación resultante, por lo que, de acuerdo con Kalcsics et al. (2005), una selección "inadecuada" difícilmente puede generar regiones válidas que verifiquen los criterios establecidos. ABSTRACT Tenitory or zone design processes entail partitioning a geographic space, organized as a set of basic areal units, into different regions or zones according to a specific set of entena that are dependent on the application context. In most cases the aim is to create zones that have approximately equal sizes with respect to one or several measure attributes (zones with equal numbers of inhabitants, same average sales, etc). However, some of the new applications that have emerged, particularly in the context of sustainable development policies, are aimed at defining zones of a predetermined, though not necessarily similar, size. In addition, the zones should be built around a given set of positions, seeds or generators. This type of partitioning has not been sufñciently researched; therefore there are no known approaches for automated zone delimitation. This thesis proposes a new method based on a discrete versión of the Adaptive Additively Weighted Voronoi Diagram (AAWVD) that makes it possible to partition a 2D space into zones of specific sizes, taking both the position and the weight of each (seed) generator into account. The method consists of repeatedly solving a traditional additively weighted Voronoi diagram, so that the weights of each generator are updated at every iteration. The partition s zones are geographically connected nsing a metric based 011 the shortest path. The proposed heuristic lias been included in an application, developed in a GIS environment that allows the automated zone delimitation according to the mentioned criteria. The management of the extensive farming system of three municipalities of Castilla-La Mancha (Spain) has been used as study case to analyze the viability of the method. The tests carried out have established that the proposed method, adapted to the criteria of this application field, is valid for solving this type of partition problem. The applied algorithm is capable of handling a high number of vector areal units, generating solutions that converge in a reasonable CPU time and comply with the imposed constraints. Although the complexity of this problem is greatly reduced when the generator's positions are fixed, in many cases, these positions impose a spatial confignration that the algorithm proposed is unable to solve, thus revealing one of the limitations of this method. It has been shown that the location of the generators has a considerable impact on the final solution, so that, as Kalcsics et al. (2005) observed, an "inadequate" selection can hardly generate valid zones that comply with the established criteria.

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Este trabajo estudia la aportación que los métodos de agregación de juicios de expertos pueden realizar en el cálculo de la peligrosidad sísmica de emplazamientos. Se han realizado cálculos en dos emplazamientos de la Península Ibérica: Mugardos (La Coruña) y Cofrentes (Valencia) que están sometidos a regímenes tectónicos distintos y que, además, alojan instalaciones industriales de gran responsabilidad. Las zonas de estudio, de 320 Km de radio, son independientes. Se ha aplicado un planteamiento probabilista a la estimación de la tasa anual de superación de valores de la aceleración horizontal de pico y se ha utilizado el Método de Montecarlo para incorporar a los resultados la incertidumbre presente en los datos relativos a la definición de cada fuente sismogenética y de su sismicidad. Los cálculos se han operado mediante un programa de ordenador, desarrollado para este trabajo, que utiliza la metodología propuesta por el Senior Seismic Hazard Analysis Commitee (1997) para la NRC. La primera conclusión de los resultados ha sido que la Atenuación es la fuente principal de incertidumbre en las estimaciones de peligrosidad en ambos casos. Dada la dificultad de completar los datos históricos disponibles de esta variable se ha estudiado el comportamiento de cuatro métodos matemáticos de agregación de juicios de expertos a la hora de estimar una ley de atenuación en un emplazamiento. Los datos de partida se han obtenido del Catálogo de Isosistas del IGN. Los sismos utilizados como variables raíz se han elegido con el criterio de cubrir uniformemente la serie histórica disponible y los valores de magnitud observados. Se ha asignado un panel de expertos particular a cada uno de los dos emplazamientos y se han aplicado a sus juicios los métodos de Cooke, equipesos, Apostolakis_Mosleh y Morris. Sus propuestas se han comparado con los datos reales para juzgar su eficacia y su facilidad de operación. A partir de los resultados se ha concluido que el método de Cooke ha mostrado el comportamiento más eficiente y robusto para ambos emplazamientos. Este método, además, ha permitido identificar, razonadamente, a aquellos expertos que no deberían haberse introducido en un panel. The present work analyses the possible contribution of the mathematical methods of aggregation in the assessment of Seismic Hazzard. Two sites, in the Iberian Peninsula, have been considered: Mugardos ( La Coruña) and Cofrentes (Valencia).Both of them are subjected to different tectonic regimes an both accommodate high value industrial plants. Their areas of concern, with radius of 320 Km, are not overlapping. A probabilistic approach has been applied in the assessment the annual probability of exceedence of the horizontal peak acceleration. The Montecarlo Method has allowed to transfer the uncertainty in the models and parameters to the final results. A computer program has been developed for this purpose. The methodology proposed by the Senior Seismic Analysis Committee (1997) for the NRC has been considered. Attenuation in Ground motion has been proved to be the main source of uncertainty in seismic hazard for both sites. Taking into account the difficulties to complete existing historical data in this subject the performance of four mathematical methods of aggregation has been studied. Original data have been obtained from the catalogs of the Spanish National Institute of Geography. The seismic events considered were chosen to cover evenly the historical records and the observed values of magnitude. A panel of experts have been applied to each site and four aggregation methods have been developed : equal weights, Cooke, Apostolakis-Mosleh and Morris The four proposals have been compaired with the actual data to judge their performance and ease of application. The results have shown that the Method of Cooke have proved the most efficient and robust for both sites. This method, besides, allow the reasoned identification of those experts who should be rejected from the panel

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Agricultural water management needs to evolve in view of increased water scarcity, especially when farming and natural protected areas are closely linked. In the study site of Don?ana (southern Spain), water is shared by rice producers and a world heritage biodiversity ecosystem. Our aim is to contribute to defining adaptation strategies that may build resilience to increasing water scarcity and minimize water conflicts among agricultural and natural systems. The analytical framework links a participatory process with quantitative methods to prioritize the adaptation options. Bottom-up proposed adaptation measures are evaluated by a multi-criteria analysis (MCA) that includes both socioeconomic criteria and criteria of the ecosystem services affected by the adaptation options. Criteria weights are estimated by three different methods?analytic hierarchy process, Likert scale and equal weights?that are then compared. Finally, scores from an MCA are input into an optimization model used to determine the optimal land-use distribution in order to maximize utility and land-use diversification according to different scenarios of funds and water availability. While our results show a spectrum of perceptions of priorities among stakeholders, there is one overriding theme that is to define a way to restore part of the rice fields to natural wetlands. These results hold true under the current climate scenario and evenmore so under an increased water scarcity scenario.

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Is it profitable for an investor, from a risk-return perspective, to acquire a stake in a quoted company when a capital increase is announced? This paper analyses the return obtained from the investment in equity issues with cash contribution and pre-emptive rights, aimed at funding corporate activities: acquisitions, investments in new facilities and/or strengthening the balance sheet of the companies undertaking the equity issue. During the 16 years covered by the study, the results show a negative average excess risk-adjusted return of almost 5%, from the moment that the equity offer is announced until the completion of the preferential subscription period. To obtain this excess return, the difference between the nominal Internal Rate of Return (IRR) and the expected return, using the CAPM, is computed for each equity issue. The intention behind this method is to eliminate the effects of time and any other possible effect on the stock price during the period of the analysis.The results from this article are consistent with the Pecking Order theory for the Spanish Stock Market also six months after the preferential subscription period. However, there is a positive return after three months.

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The low frequency modulation of the laser source (menor que30KHz) allows the generation of a pulsed signal that intermittently excites the gold nanorods. The temperature curves obtained for different frequencies and duty cycles of modulation but with equal average power and identical laser parameters, show that the thermal behavior in continuous wave and modulation modes is the same. However, the cell death experiments suggest that the percentage of death is higher in the cases of modulation. This observation allows us to conclude that there are other effects in addition to temperature that contribute to the cellular death. The mechanical effects like sound or pressure waves are expected to be generated from thermal expansion of gold nanorods. In order to study the behavior and magnitude of these processes we have developed a measure device based on ultrasound piezoelectric receivers (25KHz) and a lock-in amplifier that is able to detect the sound waves generated in samples of gold nanorods during laser irradiation providing us a voltage result proportional to the pressure signal. The first results show that the pressure measurements are directly proportional to the concentration of gold nanorods and the laser power, therefore, our present work is focused on determine the real influence of these effects in the cell death process.

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Territory or zone design processes entail partitioning a geographic space, organized as a set of areal units, into different regions or zones according to a specific set of criteria that are dependent on the application context. In most cases, the aim is to create zones of approximately equal sizes (zones with equal numbers of inhabitants, same average sales, etc.). However, some of the new applications that have emerged, particularly in the context of sustainable development policies, are aimed at defining zones of a predetermined, though not necessarily similar, size. In addition, the zones should be built around a given set of seeds. This type of partitioning has not been sufficiently researched; therefore, there are no known approaches for automated zone delimitation. This study proposes a new method based on a discrete version of the adaptive additively weighted Voronoi diagram that makes it possible to partition a two-dimensional space into zones of specific sizes, taking both the position and the weight of each seed into account. The method consists of repeatedly solving a traditional additively weighted Voronoi diagram, so that each seed?s weight is updated at every iteration. The zones are geographically connected using a metric based on the shortest path. Tests conducted on the extensive farming system of three municipalities in Castile-La Mancha (Spain) have established that the proposed heuristic procedure is valid for solving this type of partitioning problem. Nevertheless, these tests confirmed that the given seed position determines the spatial configuration the method must solve and this may have a great impact on the resulting partition.

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Actualmente existen multitud de aplicaciones creadas para la gestión de proyectos software; cada una de ellas pretende dar solución y facilitar las tareas propias de los gestores y los desarrolladores pertenecientes a los equipos de desarrollo. Los equipos de desarrollo software suelen estar integrados por gran variedad de recursos, tanto humanos como materiales. Cada uno desempeña una función concreta en el proyecto, pudiendo no tener una dedicación plena al proyecto. Por eso, es necesario que dichos recursos sean compartidos entre la cartera proyectos existentes. Para resolver este planteamiento en las aplicaciones de gestión de proyectos, ha sido requisito fundamental que se puedan gestionar varios proyectos de forma simultánea (gestión multiproyecto), pudiendo repartir la dedicación de los recursos entre los proyectos existentes en la cartera. En la actualidad, existe un gran número de metodologías de gestión de proyectos, por lo que, en parte, el éxito del proyecto radica en la elección de la más adecuada. Entre todas las metodologías existentes, este estudio se ha centrado en las cada vez más utilizadas metodologías de gestión de proyectos ágiles; se describe en qué consisten, qué beneficios aportan frente a las metodologías clásicas y cuáles son las más utilizadas por sus ya contrastados beneficios y el valor que aportan a la gestión de proyectos. Por lo descrito anteriormente, otro requisito fundamental a la hora de valorar las aplicaciones de gestión de proyectos ha sido la capacidad de soportar y aplicar metodologías ágiles de gestión de proyectos. En este estudio también se ha tenido en cuenta el tipo de aplicación atendiendo a su instalación y acceso, y se ha realizado la diferenciación entre aplicaciones web- las cuales precisan ser instaladas en un servidor web y son accesibles desde cualquier dispositivo con navegador -, y aplicaciones de escritorio - las cuales precisan estar instaladas en un equipo de forma local y sólo pueden ser accedidas a ellas desde dicho equipo. En este estudio se han evaluado varias aplicaciones, intentando analizar el cumplimiento de las características comentadas anteriormente, dando como resultado tres aplicaciones seleccionadas siendo éstas las que pueden aportar más valor a la hora de gestionar una cartera de proyectos. ABSTRACT. At present, there are many applications aimed at managing software projects. Every application intends to solve and facilitate tasks to managers and developers belonging to the development teams. Software development teams are usually made up of many different human and material resources, each of them developing a specific task in the project and sometimes without a full dedication to the project. Therefore, these resources have to be shared within the existing project portfolio. To meet this need in project management applications, the main requirement is to be able to manage several projects simultaneously (multi-project management), thus allowing resources to be shared within the existing project portfolio. At present, there are a large number of project management methodologies and the success of the project lies in choosing the most appropriate one. Among all the existing methodologies, this study has focused on the increasingly used agile project management methodologies. The study describes the way they work, their added value in comparison traditional methodologies, and which ones are more often used due to their already verified benefits and value in managing projects. Taking into account the above-mention characteristics, another key requirement when assessing the project management applications has been their capacity to support and implement project management agile methodologies. This study has also taken into account the type of application according to its installation and access. A difference is established between web applications – which require to be installed in a web server and are accessible from any device with a web browser – and desktop applications, which must be installed in the equipment to be used and are only accessible from this equipment. The study has assessed several applications by analyzing the compliance with the above-mentioned characteristics and has chosen three applications that provide the management of the project portfolio with an added value.

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Propulsion and power generation by bare electrodynamic tethers are revisited in a unified way and issues and constraints are addressed. In comparing electrodynamic tethers, which do not use propellant, with other propellantconsuming systems, mission duration is a discriminator that defines crossover points for systems with equal initial masses. Bare tethers operating in low Earth orbit can be more competitive than optimum ion thrusters in missions exceeding two-three days for orbital deboost and three weeks for boosting operations. If the tether produces useful onboard power during deboost, the crossover point reaches to about 10 days. Power generation by means of a bare electrodynamic tether in combination with chemical propulsion to maintain orbital altitude of the system is more efficient than use of the same chemicals (liquid hydrogen and liquid oxygen) in a fuel cell to produce power for missions longer than one week. Issues associated with tether temperature, bowing, deployment, and arcing are also discussed. Heating/cooling rates reach about 4 K/s for a 0.05-mm-thick tape and a fraction of Kelvin/second for the ProSEDS (0.6-mm-radius) wire; under dominant ohmic effects, temperatures areover200K (night) and 380 K (day) for the tape and 320 and 415 K for that wire. Tether applications other than propulsion and power are briefly discussed.

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In this work, we use large eddy simulations (LES) and Lagrangian tracking to study the influence of gravity on particle statistics in a fully developed turbulent upward/downward flow in a vertical channel and pipe at matched Kàrmàn number. Only drag and gravity are considered in the equation of motion for solid particles, which are assumed to have no influence on the flow field. Particle interactions with the wall are fully elastic. Our findings obtained from the particle statistics confirm that: (i) the gravity seems to modify both the quantitative and qualitative behavior of the particle distribution and statistics of the particle velocity in wall normal direction; (ii) however, only the quantitative behavior of velocity particle in streamwise direction and the root mean square of velocity components is modified; (iii) the statistics of fluid and particles coincide very well near the wall in channel and pipe flow with equal Kàrmàn number; (iv) pipe curvature seems to have quantitative and qualitative influence on the particle velocity and on the particle concentration in wall normal direction.

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The fermentation stage is considered to be one of the critical steps in coffee processing due to its impact on the final quality of the product. The objective of this work is to characterise the temperature gradients in a fermentation tank by multi-distributed, low-cost and autonomous wireless sensors (23 semi-passive TurboTag® radio-frequency identifier (RFID) temperature loggers). Spatial interpolation in polar coordinates and an innovative methodology based on phase space diagrams are used. A real coffee fermentation process was supervised in the Cauca region (Colombia) with sensors submerged directly in the fermenting mass, leading to a 4.6 °C temperature range within the fermentation process. Spatial interpolation shows a maximum instant radial temperature gradient of 0.1 °C/cm from the centre to the perimeter of the tank and a vertical temperature gradient of 0.25 °C/cm for sensors with equal polar coordinates. The combination of spatial interpolation and phase space graphs consistently enables the identification of five local behaviours during fermentation (hot and cold spots).

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El objetivo de esta tesis doctoral es averiguar si el anuncio por parte del accionista significativo de ejercitar su derecho de suscripción preferente elimina o reduce la asimetría de información en las ampliaciones de capital con derecho de suscripción preferente en el Mercado de Valores español. Durante los 17 años analizados, encontramos que ni el anuncio de la ampliación de capital ni el tipo de aseguramiento acordado en cada ampliación tienen un impacto estadísticamente significativo en el Exceso de Rentabilidad Ajustada por Riesgo. Principalmente, el análisis realizado utiliza la información requerida por la Comisión Nacional del Mercado de Valores (CNMV) que deben aportar los accionistas significativos en el Folleto de emisión publicado con carácter previo a la ampliación. Esta investigación desglosa las ofertas en un Grupo 1, el cual incluye aquéllas en las que los accionistas significativos anuncian su intención de ejercitar su derecho en las emisiones, y el Grupo 2, que incluye aquéllas en donde no acuden o simplemente no existía información al respecto ya que no es una información obligatoria a incluir en el Folleto. Para cada ampliación de capital y para tres periodos de tiempo distintos se obtiene el Exceso de Rentabilidad Ajustada por Riesgo (ERAR) como la diferencia entre la Tasa Interna de Retorno y el Retorno Esperado, utilizando el modelo CAPM. De este modo, se trata de aislar el efecto temporal. La principal contribución de esta tesis doctoral es el hallazgo de una rentabilidad negativa estadísticamente significativa cuando el accionista significativo anuncia su intención de no suscribir la ampliación, o no existe información suficiente sobre su intención a este respecto. Adicionalmente, el análisis que se ha llevado a cabo en este estudio muestra un refuerzo estadísticamente significativo de este efecto negativo en la rentabilidad cuando existe simultáneamente una falta de compromiso por parte del accionista significativo y la ampliación no está asegurada. ABSTRACT The aim of this doctoral dissertation is to find out whether or not consideration of significant shareholders announcement of intention to exercise subscription rights makes a difference in eliminating or reducing the effects of asymmetrical information in equity offerings with pre-emptive rights on the Spanish Stock Market. For the 17 years of equity issues covered, we find that neither equity issue announcements nor the type of underwriting arrangements has a statistically significant impact on the issues’ Excess Risk Adjusted Return. The analysis uses the information required by CNMV (Spanish equivalent to SEC) to be provided by the significant shareholders in the equity issue’s prospectus. The doctoral dissertation breaks the offerings down into Group 1, in which the significant shareholders indicated their intention to subscribe, and Group 2, for which there was not enough information provided as to their intentions. For each equity issue, Excess Risk Adjusted Return (ERAR) is obtained, for three different periods, as is the difference between nominal Internal Rate of Return and expected return, using the CAPM. By subtracting the expected return from the IRR, the effect of time or any other variable influencing the stock price during the period, aside from the equity issue, should, in principle, be removed. The main contribution of this study is the finding of a statistically significant negative impact on returns either when the significant shareholders indicate their intention not to subscribe, or when not enough information is provided about their intention. We also find a statistically significant reinforcing negative effect on returns in the case of simultaneous lack of commitment on the part of significant shareholders, and non-underwritten equity issues.