Efectividad de las señales de compromiso de suscripción ante el anuncio de ampliaciones de capital en España

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.

Design and Optimization of Power Delivery and Distribution Systems Using Evolutionary Computation Techniques

Nowadays computing platforms consist of a very large number of components that require to be supplied with diferent voltage levels and power requirements. Even a very small platform, like a handheld computer, may contain more than twenty diferent loads and voltage regulators. The power delivery designers of these systems are required to provide, in a very short time, the right power architecture that optimizes the performance, meets electrical specifications plus cost and size targets. The appropriate selection of the architecture and converters directly defines the performance of a given solution. Therefore, the designer needs to be able to evaluate a significant number of options in order to know with good certainty whether the selected solutions meet the size, energy eficiency and cost targets. The design dificulties of selecting the right solution arise due to the wide range of power conversion products provided by diferent manufacturers. These products range from discrete components (to build converters) to complete power conversion modules that employ diferent manufacturing technologies. Consequently, in most cases it is not possible to analyze all the alternatives (combinations of power architectures and converters) that can be built. The designer has to select a limited number of converters in order to simplify the analysis. In this thesis, in order to overcome the mentioned dificulties, a new design methodology for power supply systems is proposed. This methodology integrates evolutionary computation techniques in order to make possible analyzing a large number of possibilities. This exhaustive analysis helps the designer to quickly define a set of feasible solutions and select the best trade-off in performance according to each application. The proposed approach consists of two key steps, one for the automatic generation of architectures and other for the optimized selection of components. In this thesis are detailed the implementation of these two steps. The usefulness of the methodology is corroborated by contrasting the results using real problems and experiments designed to test the limits of the algorithms.

HispaVeg: a new online vegetation plot database for Spain

We describe a new online database, named HispaVeg, which currently holds data from 2663 vegetation plots of Spanish woodlands, scrublands and grasslands. Unlike other similar databases, a detailed description of the structure is stored with the floristic data of each plot (i.e., number and physiognomy of the vertical layers, cover values for each layer).Most of the vegetation plots are large rectangles (400 to 2000 square meters) with an average of 34 species per plot. The survey dates range from 1956 to present, with most of the records between 1964 and 1994. The elevation of the plots ranges from 0 to 2880, with most of the plots between 300 and 1500 m. HispaVeg is freely available to the scientific community. Users can query the online database, view printable reports for each plot and download spreadsheet-like raw data for subsets of vegetation plots.

Sistemas Avanzados de Asistencia al Conductor

El control inteligente de vehículos autónomos es uno de los retos actuales más importantes de los Sistemas Inteligentes de Transporte. La aplicación de técnicas de inteligencia artificial para la gestión automática de los actuadores del vehículo permite a los diferentes sistemas avanzados de asistencia al conductor (ADAS) y a los sistemas de conducción autónoma, realizar una gestión de nivel bajo de una manera muy similar a la de los conductores humanos, mejorando la seguridad y el confort. En este artículo se presenta un esquema de control para gestionar estos actuadores de bajo nivel del vehículo (dirección, acelerador y freno). Este sistema automático de control de bajo nivel se ha definido, implementado y probado en un vehículo Citroën C3 Pluriel, cuyos actuadores han sido automatizados y pueden recibir señales de control desde un ordenador de a bordo.

A simplified approach to determine aerodynamic damping of railway overheads

The railway overhead (or catenary) is the system of cables responsible for providing electric current to the train. This system has been reported as wind-sensitive (Scanlon et al., 2000), and particularly to the occurrence of galloping phenomena. Galloping phenomena of the railway overhead consists of undamped cable oscillations triggered by aerodynamic forces acting on the contact wire. As is well known, aerodynamic loads on the contact wire depends on the incident flow mean velocity and the angle of attack. The presence of embankments or hills modifies both vertical velocities profiles and angles of attack of the flow (Paiva et al., 2009). The presence of these cross-wind related oscillations can interfere with the safe operation of the railway service (Johnson, 1996). Therefore a correct modelling of the phenomena is required to avoid these unwanted oscillations.

Self-adaptive grids for noise mapping refinement

Noise maps are usually represented as contour or isolines maps describing the sound levels in a region. Using this kind of representation the user can easily find the noise level assigned to every location in the map. But the acoustic calculations behind the map are not performed for every single location on it; they are only performed in a grid of receivers. The results in this calculation grid are interpolated to draw the isolines or contours. Therefore, the resolution of the calculation grid and the way it was created (rectangular, triangulated, random…) have an effect on the resulting map. In this paper we describe a smart iterative procedure to optimize the quality of the map at a really low additional computational cost, using self-adaptive grids for the acoustic calculations. These self-adaptive grids add new receivers to the sampling grid in those locations where they are expected to be more useful, so that the performance at the output of the interpolator is enhanced. Self-adaptive sampling grids can be used for minimizing the overall error of the map (improving its quality), or for reducing calculation times, and can be also applied selectively to target areas or contour lines. This can be done by the user customizing the maximum number of iterations, the number of new receivers for each iteration, the target isolines, the target quality…

ITER fast plant system controller prototype based on PXIe platform

The ITER CODAC design identifies slow and fast plant system controllers (PSC). The gast OSCs are based on embedded technologies, permit sampling rates greater than 1 KHz, meet stringent real-time requirements, and will be devoted to data acquisition tasks and control purposes. CIEMAT and UPM have implemented a prototype of a fast PSC based on commercial off-the-shelf (COTS) technologies with PXI hardware and software based on EPICS

NetCDF based data archiving system applied to ITER Fast Plant System Control prototype

EURATOM/CIEMAT and Technical University of Madrid (UPM) have been involved in the development of a FPSC [1] (Fast Plant System Control) prototype for ITER, based on PXIe (PCI eXtensions for Instrumentation). One of the main focuses of this project has been data acquisition and all the related issues, including scientific data archiving. Additionally, a new data archiving solution has been developed to demonstrate the obtainable performances and possible bottlenecks of scientific data archiving in Fast Plant System Control. The presented system implements a fault tolerant architecture over a GEthernet network where FPSC data are reliably archived on remote, while remaining accessible to be redistributed, within the duration of a pulse. The storing service is supported by a clustering solution to guaranty scalability, so that FPSC management and configuration may be simplified, and a unique view of all archived data provided. All the involved components have been integrated under EPICS [2] (Experimental Physics and Industrial Control System), implementing in each case the necessary extensions, state machines and configuration process variables. The prototyped solution is based on the NetCDF-4 [3] and [4] (Network Common Data Format) file format in order to incorporate important features, such as scientific data models support, huge size files management, platform independent codification, or single-writer/multiple-readers concurrency. In this contribution, a complete description of the above mentioned solution is presented, together with the most relevant results of the tests performed, while focusing in the benefits and limitations of the applied technologies.

Estudio de la capacidad de arranque de una dinamita gelatinosa frente a una dinamita de seguridad

El presente proyecto pretende demostrar que el explosivo de seguridad 20 SR es capaz de arrancar el carbón de forma satisfactoria en las condiciones de disparo habituales y establecer la equivalencia práctica de dicho explosivo con una dinamita gelatinosa (Goma 2ECO). Para conseguir este objetivo se realizaron una serie de voladuras, variando las condiciones de disparo y los consumos específicos de la dinamita de seguridad. Se utilizó un software de análisis fotográfico para el estudio de la fragmentación en la pila y también se compararon los resultados obtenidos con el modelo teórico de fragmentación de Kuz – Ram. Los resultados demostraron la capacidad de arranque de la dinamita de seguridad, para diferentes composiciones de carbón. Del estudio parece deducirse que la dinamita de seguridad 20 SR es capaz de arrancar el carbón en condiciones de disparo habituales utilizando un consumo específico proporcional a la relación de la potencia del péndulo balístico de ambos explosivos. ABSTRACT The objective of this project is to show that the permissible explosive called 20 SR is able to pull out the coal in the normal conditions of blasting in a satisfactory way and to set up the equivalence between the 20 SR and gelatin dynamite (Goma 2 ECO). To achieve this goal some blasting were done, changing the conditions of the blasting and the powder factor for the 20 SR. To analyze the fragmentation base on the analysis of the images of the rock blasted, a commercial software was used. The results from this analysis were compared with the results from the theoretical model for fragmentation created by Kuz – Ram. After all, it was showed that the 20 SR explosive is able to pull out the coal for different coal rock compositions. As the result of this project we can conclude that the 20 SR seems to be able to pull out the coal in normal blasting conditions, using the powder factor as a proportion of the “ballistic mortar” between the two explosives.

Embryogenic suspensions of adult cork oak: the first step towards mass propagation.

Abstract Protocols have been established to clone adult cork oak trees by somatic embryogenesis using semisolid medium. However, for economically viable mass propagation, embryogenic cultures in liquid medium need to be developed. In this study, suspension cultures were initiated from embryo clusters obtained by secondary embryogenesis on a gelled medium lacking plant growth regulators. After 6 days of culture, these embryo clusters generated high cell density suspensions that also contained small organized structures (embryos and embryogenic clumps). As the culture duration increased, tissue necrosis and fewer embryogenic structures were observed and the establishment of suspension cultures failed. An alternative method was found adequate for initiation of embryogenic suspensions: embryo clusters from gelled medium were briefly shaken in liquid medium and detached cells and embryogenic masses of 41?800 lm were used as inoculum. Maintenance of embryogenic suspensions was achieved using a low-density inoculum (43 mg l-1) by subculturing four embryogenic clumps of 0.8?1.2 mm per 70 ml of medium. Proliferation ability was maintained for almost 1 year through ten consecutive subcultures. The initiation and maintenance protocols first developed for a single genotype were effective when tested on 11 cork oak genotypes.

Early dysfunction of functional connectivity in healthy elderly with subjective memory complaints

It is still an open question whether subjective memory complaints (SMC) can actually be considered to be clinically relevant predictors for the development of an objective memory impairment and even dementia. There is growing evidence that suggests that SMC are associated with an increased risk of dementia and with the presence of biological correlates of early Alzheimer's disease. In this paper, in order to shed some light on this issue, we try to discern whether subjects with SMC showed a different profile of functional connectivity compared with subjects with mild cognitive impairment (MCI) and healthy elderly subjects. In the present study, we compare the degree of synchronization of brain signals recorded with magnetoencephalography between three groups of subjects (56 in total): 19 with MCI, 12 with SMC and 25 healthy controls during a memory task. Synchronization likelihood, an index based on the theory of nonlinear dynamical systems, was used to measure functional connectivity. Briefly, results show that subjects with SMC have a very similar pattern of connectivity to control group, but on average, they present a lower synchronization value. These results could indicate that SMC are representing an initial stage with a hypo-synchronization (in comparison with the control group) where the brain system is still not compensating for the failing memory networks, but behaving as controls when compared with the MCI subjects.

El Atlas Geográfico de España de Tomás López: Análisis mediante SIG de las poblaciones del «Reyno de Jaén» (1787)

El catastro es el inventario de la riqueza de un país, los primeros avances en este sentido fueron identificar las poblaciones existentes y su ubicación geográfica. En este trabajo se analiza el trabajo del cartógrafo Tomás López, primero enmarcando su vida y obra, y posteriormente se analiza Atlas Geográfico de España (AGE) de Tomás López en su edición de 1804 y en concreto la hoja n.º 64 correspondiente al Reyno de Jaén y cuya elaboración data de 1787. Para ello se propone una metodología de análisis sistemático mediante Sistemas de Información Geográfica, basada en digitalizar todos los núcleos de población del AGE y compararlos con los actuales. Se aprecia por otro lado una falta de homogeneidad en la escala del plano siendo más preciso en la zona central, aumentando el error de forma radial. Este trabajo a la vez que aporta nueva información, también sirve para revalorizar el meritorio trabajo del maestro López y abre nuevas ventanas a la investigación de la cartografía histórica y al conocimiento de la realidad de cada territorio. Desde el punto de vista catastral, destaca que alrededor de la mitad de las poblaciones de la época o han desaparecido o han cambiado de nombre, pudiendo ser objeto de una investigación detallada de topónimos. Esto también puede ser indicativo a su vez del gran despoblamiento rural que ha existido en dos siglos, donde se han perdido la mitad de las poblaciones.

First Report of Homothallic Isolates of Phytophthora infestans in Commercial Potato Crops (Solanum tuberosum) in the Toluca Valley, Mexico

Phytophthora infestans causes severe symptoms of wilt disease on potato crops (Solanum tuberosum) in the Toluca Valley (Mexico)despite the use of fungicides. P. infestans oospores produced by sexual reproduction can survive in the soil for many years, resisting harsh environments.