Analysis of the operating efficiency of mobile operators during the 2002 to 2008 period

This article aims to quantify the efficiency of mobile operators in Spain and other European countries such as France and Germany. The period considered is from 2002 to 2008. Linear regression is used to analyze the relationship between growth in revenue and gross operating margin (EBITDA) generated by the relevant operators and the aggregate industry in each country. At the industry level, it is shown that (i) there is a strong correlation between revenue and margin; and (ii) this correlation weakens when competitive intensity grows. At the operator level, those which achieved larger increases in revenues did not sacrifice their margins, but offset the additional investments and costs required to achieve said growth through economies of scale.

A bivariate return period based on copulas for hydrologic dam design: accounting for reservoir routing in risk estimation

A multivariate analysis on flood variables is needed to design some hydraulic structures like dams, as the complexity of the routing process in a reservoir requires a representation of the full hydrograph. In this work, a bivariate copula model was used to obtain the bivariate joint distribution of flood peak and volume, in order to know the probability of occurrence of a given inflow hydrograph. However, the risk of dam overtopping is given by the maximum water elevation reached during the routing process, which depends on the hydrograph variables, the reservoir volume and the spillway crest length. Consequently, an additional bivariate return period, the so-called routed return period, was defined in terms of risk of dam overtopping based on this maximum water elevation obtained after routing the inflow hydrographs. The theoretical return periods, which give the probability of occurrence of a hydrograph prior to accounting for the reservoir routing, were compared with the routed return period, as in both cases hydrographs with the same probability will draw a curve in the peak-volume space. The procedure was applied to the case study of the Santillana reservoir in Spain. Different reservoir volumes and spillway lengths were considered to investigate the influence of the dam and reservoir characteristics on the results. The methodology improves the estimation of the Design Flood Hydrograph and can be applied to assess the risk of dam overtopping

Portuguese Vaulting System at the Dawn and Early Modern Period. Between tradition and Innovation

Portuguese Vaulting System at the Dawn and Early Modern Period. Between tradition and Innovation. III International Congress on Construction History . Brandenburg university of technology Cottbus, Germany. Colab: Soraya Genin, Krista de Jonge.

Effects of coaches' timeouts on basketball teams' offensive and defensive performances according to momentary differences in score and game period.

The aim of the present study was to assess the effects of game timeouts on basketball teams? offensive and defensive performances according to momentary differences in score and game period. The sample consisted of 144 timeouts registered during 18 basketball games randomly selected from the 2007 European Basketball Championship (Spain). For each timeout, five ball possessions were registered before (n?493) and after the timeout (n?475). The offensive and defensive efficiencies were registered across the first 35 min and last 5 min of games. A k-means cluster analysis classified the timeouts according to momentary score status as follows: losing ( ?10 to ?3 points), balanced ( ?2 to 3 points), and winning (4 to 10 points). Repeated-measures analysis of variance identified statistically significant main effects between pre and post timeout offensive and defensive values. Chi-square analysis of game period identified a higher percentage of timeouts called during the last 5 min of a game compared with the first 35 min (64.999.1% vs. 35.1910.3%; x ?5.4, PB0.05). Results showed higher post timeout offensive and defensive performances. No other effect or interaction was found for defensive performances. Offensive performances were better in the last 5 min of games, with the least differences when in balanced situations and greater differences when in winning situations. Results also showed one interaction between timeouts and momentary differences in score, with increased values when in losing and balanced situations but decreased values when in winning situations. Overall, the results suggest that coaches should examine offensive and defensive performances according to game period and differences in score when considering whether to call a timeout.

Return of Equity Issues in the Spanish Stock Market from the Investor’s Perspective, during the 1997-2012 Period

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.

Influence of body weight of the pullets at hatch on egg production at the onset of the subsequent laying period

We studied the influence of pre-incubation weight of eggs (EW) laid by 24 wk-old brown laying breeders on egg production from 18 (start of egg production) to 22 wk of age (average egg production across EW treatments of 87.8%). The experiment consisted in 7 treatments based on the initial EW (47 to 53 g with 1 g difference between groups) Average BW of the extreme groups varied at hatching from 32.5 to 35.4 g, respectively. Feed intake, egg production, and egg weight were recorded weekly by replicate as well as for the entire experiment (18 to 22 wk of age). Hens were weighed by replicate at the beginning and at the end of the experiment. From these data, ADFI, egg production, egg weight, egg mass, feed conversion ratio per kilogram of eggs and per dozen of eggs, and BW gain were calculated by week and for the entire experiment. Also, the number of dirty, broken, and shell-less eggs was recorded daily by replicate in all eggs produced. Data were analyzed as a completely randomized design with 7 treatments differing in the initial pre-hatching EW. Effects of EW on the variables studied were partitioned into linear and quadratic components. EW did not affect the age at which pullets reached 50% egg production, cumulative egg production, or BW gain of the hens from 18 to 22 wk of age. Egg weight and the proportion of dirty, broken, and shell-less eggs were not affected by the BW of the pullets at hatching. In summary, small eggs (>47 g) laid by young, healthy laying breeders, can be used successfully to produce high quality pullets