A linear chained approach for service invocation in IP multimedia subsystem.

IP Multimedia Subsystem (IMS) is considered to provide multimedia services to users through an IP-based control plane. The current IMS service invocation mechanism, however, requires the Serving-Call Session Control Function (S-CSCF) invokes each Application Server (AS) sequentially to perform service subscription pro?le, which results in the heavy load of the S-CSCF and the long session set-up delay. To solve this issue, this paper proposes a linear chained service invocation mechanism to invoke each AS consecutively. By checking all the initial Filter Criteria (iFC) one-time and adding the addresses of all involved ASs to the ?Route? header, this new approach enables multiple services to be invoked as a linear chain during a session. We model the service invocation mechanisms through Jackson networks, which are validated through simulations. The analytic results verify that the linear chained service invocation mechanism can effectively reduce session set-up delay of the service layer and decrease the load level of the S-CSCF

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.

Explicit context matching in content-based publish/subscribe systems

Although context could be exploited to improve performance, elasticity and adaptation in most distributed systems that adopt the publish/subscribe (P/S) communication model, only a few researchers have focused on the area of context-aware matching in P/S systems and have explored its implications in domains with highly dynamic context like wireless sensor networks (WSNs) and IoT-enabled applications. Most adopted P/S models are context agnostic or do not differentiate context from the other application data. In this article, we present a novel context-aware P/S model. SilboPS manages context explicitly, focusing on the minimization of network overhead in domains with recurrent context changes related, for example, to mobile ad hoc networks (MANETs). Our approach represents a solution that helps to efficiently share and use sensor data coming from ubiquitous WSNs across a plethora of applications intent on using these data to build context awareness. Specifically, we empirically demonstrate that decoupling a subscription from the changing context in which it is produced and leveraging contextual scoping in the filtering process notably reduces (un)subscription cost per node, while improving the global performance/throughput of the network of brokers without fltering the cost of SIENA-like topology changes.

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.