Los instrumentos convertibles en acciones para la financiación empresarial en un entorno económico de restricción del crédito bancario

(SPA) Los bonos convertibles en acciones son instrumentos de financiación corporativa que en general comparten varias de las características de las emisiones de deuda senior corporativa, como el pago regular y fijado de cupones, vencimiento definido, momento en el que se repaga la totalidad del principal, y prelación en caso de default con respecto a otras obligaciones crediticias. En cambio, el repago del principal se ofrecerá bajo determinadas circunstancias en acciones de la compañía emisora en una proporción acordada previamente. Pero los instrumentos convertibles son instrumentos heterogéneos que suelen incorporar otras características particulares a cada caso, como son repagos anticipados bajo determinadas condiciones, reducción del ratio de conversión a determinados precios de la acción, pagos compensatorios o "make-whole" y otros. Los instrumentos convertibles son ejemplos de activos híbridos que comparten características de deuda y de capital y por tanto tienen impacto específico en la contabilidad de las empresas y en la posible dilución de sus accionistas. En España y otros países de la periferia de Europa, la emisión de bonos convertibles ha aumentado considerablemente desde el inicio de la crisis financiera, fundamentalmente debido a la restricción de otras formas de crédito empresarial, principalmente los créditos bancarios. En el presente artículo se explican algunas de las características comunes a los bonos convertibles emitidos recientemente por empresas españolas, se analizan las ventajas, y las razones para la emisión de estos activos, y se indican sus implicaciones contables. Los instrumentos convertibles pueden ser una alternativa estable a la deuda bancaria y a la renta fija tradicional en los mercados de capitales para la financiación de las compañías medianas, que tienen menos acceso a fuentes de financiación en situaciones de aversión riesgo por parte de los inversores y entidades financieras. (ENG)Convertible bonds share several characteristics with secure corporate debt, such as the regular coupon payments, fixed maturity and similar seniority in case of default. Nevertheless the investor of the convertible bond has the option of receiving the principal amount repayment at maturity in cash or receiving a previously agreed number of shares. But convertible securities can be complex financial instruments that possess exotic or specific features, such as soft calls, put options, cash options, cash top up features, or make whole amounts. Convertible securities are hybrid instruments that share characteristics of both debt and equity, and therefore suffer an specific accounting treatment under International Financial Reporting Standards, where the issuing company must separately identify the debt and equity components in its financial statements In peripheral European countries and in Spain in particular, convertible issuance has significantly increased since the start of the Global Financial Crisis, an increase mainly driven by the restriction of other forms of credit, namely banking loans. This article summarizes some of the common characteristics of convertible securities, analyzes its advantages for both issuers and investors, and introduces the accounting of convertible bonds. Convertible Bonds can become a viable and stable alternative to bank loans and to high yield or investment grade bonds for the funding of mid-sized corporates which normally have a more difficult access to credit in regional banking crisis or credit restrictive environments.

Una aproximación a la predicción del valor de acciones en la bolsa de valores aplicando técnicas de Data Mining

La predicción del valor de las acciones en la bolsa de valores ha sido un tema importante en el campo de inversiones, que por varios años ha atraído tanto a académicos como a inversionistas. Esto supone que la información disponible en el pasado de la compañía que cotiza en bolsa tiene alguna implicación en el futuro del valor de la misma. Este trabajo está enfocado en ayudar a un persona u organismo que decida invertir en la bolsa de valores a través de gestión de compra o venta de acciones de una compañía a tomar decisiones respecto al tiempo de comprar o vender basado en el conocimiento obtenido de los valores históricos de las acciones de una compañía en la bolsa de valores. Esta decisión será inferida a partir de un modelo de regresión múltiple que es una de las técnicas de datamining. Para llevar conseguir esto se emplea una metodología conocida como CRISP-DM aplicada a los datos históricos de la compañía con mayor valor actual del NASDAQ.---ABSTRACT---The prediction of the value of shares in the stock market has been a major issue in the field of investments, which for several years has attracted both academics and investors. This means that the information available in the company last traded have any involvement in the future of the value of it. This work is focused on helping an investor decides to invest in the stock market through management buy or sell shares of a company to make decisions with respect to time to buy or sell based on the knowledge gained from the historic values of the shares of a company in the stock market. This decision will be inferred from a multiple regression model which is one of the techniques of data mining. To get this out a methodology known as CRISP-DM applied to historical data of the company with the highest current value of NASDAQ is used.

Responses of riparian guilds to flowalterations in a Mediterranean stream

Questions: Do Mediterranean riparian guilds show distinct responses to stream water declines? If observed,which are the most sensitive and resilient guilds and theirmost affected attributes? Location: Tie¿tar river below the Rosarito dam, central-western Spain. Methods: We identified riparian guilds based on key woody species features and species distribution within this Mediterranean river corridor, and evaluated similarity of their responses to long-term flow alteration (i.e. stream water declines since dam construction in 1959). Hierarchical cluster analysis was used to group surveyed vegetation bands according to species composition. The groups were designated as riparian guilds where each vegetation group comprising a guild: (1) contains species sharing similar features (using PCA); and (2) shares a similar environment (using DCA). Changes in several guild attributes (i.e. dominance and species composition, diversity and establishment patterns) during the regulated period were compared statistically. We used pre- and post-dam established vegetation bands identified based on old (1956) and modern (2006) aerial photographs and field measurements of woody species diameter. Results: Responses to flow alterations varied between guilds according to ecological requirements of their species. The ability to survive water stress (i.e. ?Xeric? guilds) and drag forces caused by floods (?Torrential? guilds) allowed certain pioneer shrub-dominated guilds (e.g. Flueggea tinctoria and Salix salviifolia) to spread on newly emerged surfaces downward to the main channel after flow alterations, although new shrubland had less species diversity than pre-dam shrubland. In contrast, new hydromorphological conditions following damming limited recruitment of native late-successional tree guilds sensitive to floods (to drag forces, inundation and anoxia; i.e. ?Slow-water? and ?Flood-sensitive?, respectively) and those with greater water requirements (i.e. ?Hydric?) (e.g. Alnus glutinosa and Celtis australis), although species diversity increased in this mature forest through co-existence of remaining riparian species and new arrival of upland species. Conclusions: Changes in several riparian attributes after flow alterations differed between guilds. Stream water declines after damming caused shifts in species-poor pioneer shrubland downwards to the watered channel, resulting in severe declines ofmaturenative forest.Understanding vegetation guild responses provides information about general trends in plant populations and assemblage structures expected to occur during river development and flow regulation, increasing our capacity to detect and synthesize complex flowalteration?riparian ecosystem response relationships, and anticipate irreversible impacts.

A study of four listed micro finance institutions

Compared to the size of the microfinance market, the number of Microfinance Institutions that are professionally ran like commercial banks is still scarce, and even more scarce are the MFI listed in public stock exchanges. This document focuses on four listed MFIs and reviews its business model and funding sources. The document also analyses the market price evolution of the listed shares and investigates whether investors are assigning a premium to the MFIs compared with its respective market indices. Keywords: Microfinance institutions, Micro-credits, Financial Institutions, Equity; Stock Exchange.

An Idea Fits in The Palm of a Hand

Jewish laws prescribed that when a first-born son was presented in the temple shortly after birth, the offering consisted of two turtle doves or pigeons. And if the family were very poor, a handful of wheat would suffice: the wheat that would fit in the palm of one’s hand. That wonderful Jewish custom, which I learnt about when writing this text, moved me deeply on account of what it shares with my proposal of making models capable of fitting into the palm of one’s hand.

Surface velocity and mass balance of Livingston Island ice cap, Antarctica

The mass budget of the ice caps surrounding the Antarctica Peninsula and, in particular, the partitioning of its main components are poorly known. Here we approximate frontal ablation (i.e. the sum of mass losses by calving and submarine melt) and surface mass balance of the ice cap of Livingston Island, the second largest island in the South Shetland Islands archipelago, and analyse variations in surface velocity for the period 2007–2011. Velocities are obtained from feature tracking using 25 PALSAR-1 images, and used in conjunction with estimates of glacier ice thicknesses inferred from principles of glacier dynamics and ground-penetrating radar observations to estimate frontal ablation rates by a flux-gate approach. Glacier-wide surface mass-balance rates are approximated from in situ observations on two glaciers of the ice cap. Within the limitations of the large uncertainties mostly due to unknown ice thicknesses at the flux gates, we find that frontal ablation (−509 ± 263 Mt yr−1, equivalent to −0.73 ± 0.38 m w.e. yr−1 over the ice cap area of 697 km2) and surface ablation (−0.73 ± 0.10 m w.e. yr−1) contribute similar shares to total ablation (−1.46 ± 0.39 m w.e. yr−1). Total mass change (δM = −0.67 ± 0.40 m w.e. yr−1) is negative despite a slightly positive surface mass balance (0.06 ± 0.14 m w.e. yr−1). We find large interannual and, for some basins, pronounced seasonal variations in surface velocities at the flux gates, with higher velocities in summer than in winter. Associated variations in frontal ablation (of ~237 Mt yr−1; −0.34 m w.e. yr−1) highlight the importance of taking into account the seasonality in ice velocities when computing frontal ablation with a flux-gate approach.

Proceso metodológico para optimizar la toma de decisiones en el proyecto de envolventes arquitectónicas multicapa = Methodological process for the optimization of the decision making in multilayer building envelope projects

La presente tesis doctoral se enmarca dentro del concepto de la sistematización del conocimiento en arquitectura, más concretamente en el campo de las construcciones arquitectónicas y la toma de decisiones en la fase de proyecto de envolventes arquitectónicas multicapa. Por tanto, el objetivo principal es el establecimiento de las bases para una toma de decisiones informadas durante el proyecto de una envolvente multicapa con el fin de colaborar en su optimización. Del mismo modo que la historia de la arquitectura está relacionada con la historia de la innovación en construcción, la construcción está sujeta a cambios como respuesta a los fracasos anteriores. En base a esto, se identifica la toma de decisiones en la fase de proyecto como el estadio inicial para establecer un punto estratégico de reflexión y de control sobre los procesos constructivos. La presente investigación, conceptualmente, define los parámetros intervinientes en el proyecto de envolventes arquitectónicas multicapa a partir de una clasificación y sistematización de todos los componentes (elementos, unidades y sistemas constructivos) utilizados en las fachadas multicapa. Dicha sistematización se materializa en una hoja matriz de datos en la que, dentro de una organización a modo de árbol, se puede acceder a la consulta de cada componente y de su caracterización. Dicha matriz permite la incorporación futura de cualquier componente o sistema nuevo que aparezca en el mercado, relacionándolo con aquellos con los que comparta ubicación, tipo de material, etc. Con base en esa matriz de datos, se diseña la sistematización de la toma de decisiones en la fase de proyecto de una envolvente arquitectónica, en concreto, en el caso de una fachada. Operativamente, el resultado se presenta como una herramienta que permite al arquitecto o proyectista reflexionar y seleccionar el sistema constructivo más adecuado, al enfrentarse con las distintas decisiones o elecciones posibles. La herramienta se basa en las elecciones iniciales tomadas por el proyectista y se estructura, a continuación y sucesivamente, en distintas aproximaciones, criterios, subcriterios y posibilidades que responden a los distintos avances en la definición del sistema constructivo. Se proponen una serie de fichas operativas de comprobación que informan sobre el estadio de decisión y de definición de proyecto alcanzados en cada caso. Asimismo, el sistema permite la conexión con otros sistemas de revisión de proyectos para fomentar la reflexión sobre la normalización de los riesgos asociados tanto al proprio sistema como a su proceso constructivo y comportamiento futuros. La herramienta proporciona un sistema de ayuda para ser utilizado en el proceso de toma de decisiones en la fase de diseño de una fachada multicapa, minimizando la arbitrariedad y ofreciendo una cualificación previa a la cuantificación que supondrá la elaboración del detalle constructivo y de su medición en las sucesivas fases del proyecto. Al mismo tiempo, la sistematización de dicha toma de decisiones en la fase del proyecto puede constituirse como un sistema de comprobación en las diferentes fases del proceso de decisión proyectual y de definición de la envolvente de un edificio. ABSTRACT The central issue of this doctoral Thesis is founded on the framework of the concept of the systematization of knowledge in architecture, in particular, in respect of the field of building construction and the decision making in the design stage of multilayer building envelope projects. Therefore, the main objective is to establish the bases for knowledgeable decision making during a multilayer building envelope design process, in order to collaborate with its optimization. Just as the history of architecture is connected to the history of innovation in construction, construction itself is subject to changes as a response to previous failures. On this basis, the decisions made during the project design phase are identified as the initial state to establish an strategic point for reflection and control, referred to the constructive processes. Conceptually, this research defines the parameters involving the multilayer building envelope projects, on the basis of a classification and systematization for all the components (elements, constructive units and constructive systems) used in multilayer façades. The mentioned systematization is materialized into a data matrix sheet in which, following a tree‐like organization, the access to every single component and its characterization is possible. The above data matrix allows the future inclusion of any new component or system that may appear in the construction market. That new component or system can be put into a relationship with another, which it shares location, type of material,… with. Based on the data matrix, the systematization of the decision making process for a building envelope design stage is designed, more particularly in the case of a façade. Putting this into practice, it is represented as a tool which allows the architect or the designer, to reflect and to select the appropriate building system when facing the different elections or the different options. The tool is based on the initial elections taken by the designer. Then and successively, it is shaped on the form of different operative steps, criteria, sub‐criteria and possibilities which respond to a different progress in the definition of the building construction system. In order to inform about the stage of the decision and the definition reached by the project in every particular case, a range of operative sheets are proposed. Additionally, the system allows the connection with other reviewing methods for building projects. The aim of this last possibility is to encourage the reflection on standardization of the associated risks to the building system itself and its future performance. The tool provides a helping system to be used during the decision making process for a multilayer façade design. It minimizes the arbitrariness and offers a qualification previous to the quantification that will be done with the development of the construction details and their bill of quantities, that in subsequent project stages will be executed. At the same time, the systematization of the mentioned decision making during the design phase, can be found as a checking system in the different stages of the decision making design process and in the different stages of the building envelope definition.