Efectos de la privatización en la gestión financiera: un estudio de casos

[ES] La privatización de una empresa conlleva un profundo proceso de reforma, que incluye la introducción de nuevas prácticas de gobierno. La revisión de trabajos teóricos y empíricos realizada nos permite confirmar que no existe un análisis sistemático de los cambios en la gestión que tienen lugar tras la privatización de una empresa pública.

Traditional budgeting during financial crisis

[EN] This study examines the evolution of budgeting practices in the extremely difficult Spanish economic environment. In order to analyse if companies are still maintaining their budgeting process and if, right now, they are facing more difficulties in forecasting accurate indicators, two similar web surveys were addressed over two periods of time, firstly in 2008 at the beginning of the financial crisis, and secondly in 2013 after five years of a downward trend. In addition, in-depth interviews were conducted to investigate how companies brought more flexibility to their budgeting process in order to cope with environmental uncertainty. The survey indicates that 97% of respondents are still using a traditional budgeting process being this result similar to the one found in 2008. However, 2013 showed that the reliance on forecasted information is being increasingly questioned. Furthermore the study revealed that the respondents are bringing more flexibility to their processes, being able to modify the objectives once the budget is approved and to obtain new resources outside the budgeting process. This paper contributes to revealing information about difficulties in setting reliable objectives in a turbulent environment and provides data about the evolution of budgeting practices over five years during an austere economic crisis.

Career Planning in Spain: Do temporary contracts delay marriage and motherhood?

The aim of this paper is to find an empirical connection between the impressive increase in the use of temporary contracts in Spain and the observed increase in age at marriage and maternity. Using a pool of the six available waves of individual information from the European Household Panel for Spain, we find that holding temporary contracts rather than permanent ones delays marriage for males, but not for females. Concerning maternity, the labor market situation of both members of the household affects entry into motherhood. In particular, if woman has a temporary contract rather than a permanent one, motherhoods is delayed independently of the husband's contract. As expected, postponement of maternity is not found for non-working women. These results give strong support to the career planning, motive to delay maternity in Spain, given that an unstable labor market situation of female workers is found to be the main deterrent to entry into motherhood.

Resale in Auctions with Financial Constraints

This paper analyzes auctions where bidders face nancial constraints that may force them to resell part of the property of the good (or subcontract part of a project) at a resale market. First we show that the ine¢ cient speculative equilibria of second- price auctions (Garratt and Tröger, 2006) generalizes to situations with partial resale where only the high value bidder is nancially constrained. However, when all players face nancial constraints the ine¢ cient speculative equilibria disappear. Therefore, for auctioning big facilities or contracts where all bidders are nancially constrained and there is a resale market, the second price auction remains a simple and appropriate mechanism to achieve an e¢ cient allocation.

Towards a participatory integrated assessment approach for planning and managing Natura 2000 network sites

Managing protected areas implies dealing with complex social-ecological systems where multiple dimensions (social, institutional, economic and ecological) interact over time for the delivery of ecosystem services. Uni-dimensional and top-down management approaches have been unable to capture this complexity. Instead, new integrated approaches that acknowledge the diversity of social actors in the decision making process are required. In this paper we put forward a novel participatory assessment approach which integrates multiple methodologies to reflect different value articulating institutions in the case of a Natura 2000 network site in the Basque Country. It integrates within a social multi-criteria evaluation framework, both the economic values of ecosystem services through a choice experiment model and ecological values by means of a spatial bio-geographic assessment. By capturing confronting social and institutional conflicts in protected areas the participatory integrated assessment approach presented here can help decision makers for better planning and managing Natura 2000 sites.

Linking Reduced Deforestation and a Global Carbon Market: Impacts on Costs, Financial Flows, and Technological Innovation

25 p.

Towards a Participatory Integrated Assessment Approach for Planning and Managing Natura 2000 Network Sites

36 p.

Financial Futures Markets and Their Impact on the Real Economy in Middle and Low Income Countries

This project analyses the influence of the futures market on middle and low income countries. In it, I attempt to show that investments made by large investment funds in this market, as well as by certain pension plans, bring major consequences whose effects are more evident in less developed countries. The cornerstones of the work are as follows; to attempt to see the existing relationship between the commodity futures market and its underlying assets; analysing products such as wheat, rice and corn in-depth, because these are the most basic foodstuffs at a global level; to determine how an increase in trading in these markets can affect the lives of people in the poorest countries; to analyse investor concern regarding the consequences that their investments may have. Throughout the project we will see how large speculators use production forecasting models to determine the shortage of a commodity in order to take a position in the futures market to profit from it. In addition we will see how an increase in trading in this market causes an increase in the price of the underlying asset in the spot market. As for investor concern, I can say it is negligible, but the idea of running pension plans or investment funds that follow some social criteria has been welcomed by those interviewed, which makes me think that different legislation is possible. This legislation will only come into existence if it is demanded by the people. A fact that now becomes complicated because without a minimum financial basis, they cannot even know how the large investment funds trade with hunger in the world. The day when most people understand how large speculators profit from famine will be the day to put pressure on governments to begin to put limits on speculation. This makes financial awareness necessary in order to achieve a curb in excessive speculation.

4th European Conference on Energy Efficiency and Sustainability in Architecture and Planning : Donostia-San Sebastián, 1-3 Julio 2013

XXXII Cursos de Verano de la UPV/EHU

5th European Conference on Energy Efficiency and Sustainability in Architecture and Planning : Donostia-San Sebastián, 7-9 Julio 2014

XXXIII Cursos de Verano de la UPV/EHU

Geology alive. GeoBizirik.org

Geology is the science that studies the Earth, its composition, structure and origin in addition to past and present phenomena that leave their mark on rocks. So why does society need geologists? Some of the main reasons are listed below: - Geologists compile and interpret information about the earth’s surface and subsoil, which allows us to establish the planet’s past history, any foreseeable changes and its relationship with the rest of the solar system. - Society needs natural resources (metals, non-metals, water and fossil fuels) to survive. The work of geologists is therefore a key part of finding new deposits and establishing a guide for exploring and managing resources in an environmentally-friendly way. - The creation of geological maps allows us to identify potential risk areas and survey different land uses; in other words, they make an essential contribution to land planning and proposing sustainable development strategies in a region. - Learning about Geology and the proper use of geological information contributes to saving lives and reducing financial loss caused by natural catastrophes such as earthquakes, tsunamis, volcanic eruptions, flooding and landslides, while also helping to develop construction projects, public works, etc. Through the proposed activities we aim to explain some of the basic elements of the different specialities within the field of Geological Sciences. In order to do this, four sessions have been organised that will allow for a quick insight into the fields of Palaeontology, Mineralogy, Petrology and Tectonics.

Geology alive. GeoBizirik.org

Geology is the science that studies the Earth, its composition, structure and origin in addition to past and present phenomena that leave their mark on rocks. So why does society need geologists? Some of the main reasons are listed below: - Geologists compile and interpret information about the earth’s surface and subsoil, which allows us to establish the planet’s past history, any foreseeable changes and its relationship with the rest of the solar system. - Society needs natural resources (metals, non-metals, water and fossil fuels) to survive. The work of geologists is therefore a key part of finding new deposits and establishing a guide for exploring and managing resources in an environmentally-friendly way. - The creation of geological maps allows us to identify potential risk areas and survey different land uses; in other words, they make an essential contribution to land planning and proposing sustainable development strategies in a region. - Learning about Geology and the proper use of geological information contributes to saving lives and reducing financial loss caused by natural catastrophes such as earthquakes, tsunamis, volcanic eruptions, flooding and landslides, while also helping to develop construction projects, public works, etc. Through the proposed activities we aim to explain some of the basic elements of the different specialities within the field of Geological Sciences. In order to do this, four sessions have been organised that will allow for a quick insight into the fields of Palaeontology, Mineralogy, Petrology and Tectonics.

6th European Conference on Energy Efficiency and Sustainability in Architecture and Planning

[ES]Esta obra recoge las comunicaciones seleccionadas para el 6º Congreso Europeo sobre Eficiencia Energética y Sostenibilidad en Arquitectura, organizado por el grupo de investigación Calidad de Vida en Arquitectura de la Universidad del País Vasco/Euskal Herriko Unibertsitatea. El congreso, que se celebra en el marco de los XXXIV Cursos de Verano de la UPV/EHU, aborda en esta cuarta edición el tema “Ciudades en riesgo: resiliencia y redundancia”. Alrededor de este tema general se desarrollan cinco ponencias magistrales, a cargo de Margaretha Breil (Centro Euro-Mediterráneo para el Cambio Climático), Cristina Garzillo Leemhuis (ICLEI), Ignasi Fontanals (OptiCits), Juan Carlos Barrios Montenegro (Global Action Plan) y Manuel Valdés López (Ajuntament de Barcelona). Además, 24 comunicaciones seleccionadas por el comité científico presentarán trabajos de investigaciones actuales en las sesiones orales y póster. Es objetivo paralelo del congreso es fortalecer las líneas de investigación en eficiencia energética y sostenibilidad de los grupos de investigación y formación de la UPV/ EHU comprometidos con esta propuesta, con objeto de colaborar en el reforzamiento de la I D i en su ámbito de conocimiento y apoyar la apuesta específica de los Gobiernos Central y Vasco, así como de otras instituciones nacionales e internacionales respecto a las actividades de I D i en las materias relacionadas con el cambio climático, la eficiencia energética y la sostenibilidad ambiental [ENG] This work contains the selected abstracts of the 6th European Conference on Energy Efficiency and Sustainability in Architecture and Planning, organized by the research group Quality of life in Architecture of the University of the Basque Country. The conference is part of the XXXIV Summer Courses of the UPV/EHU and deals, in its fourth edition, with the topic “Cities at risk: resilience and redundancy”. Around this general theme there are five invited speakers: Margaretha Breil (Euro-Mediterranean Centre for Climate Change), Cristina Garzillo Leemhuis (ICLEI), Ignasi Fontanals (OptiCits), Juan Carlos Barrios Montenegro (Global Action Plan) y Manuel Valdés López (Barcelona City Council). 24 abstracts additional have been selected by the scientific committee that offer actual research works in presentations and posters. The purpose of the conferences is to strengthen the investigation lines in energy efficiency and sustainability of the research and education groups of the University of the Basque Country (UPV/EHU) involved, with the purpose of collaborating in the reinforcement of the I D i in its field of knowledge, and support the specific projects of the Central and Basque Governments, as well as other national and international institutions related to the I Di activities in similar fields of climate change, energy efficiency and environmental sustainability.

Company financial performance: Does board size matter? Case of the EUROSTOXX50 index

[EN] This study analyzes the relationship between board size and economic-financial performance in a sample of European firms that constitute the EUROSTOXX50 Index. Based on previous literature, resource dependency and agency theories, and considering regulation developed by the OECD and European Union on the normative of corporate governance for each country in the sample, the authors propose the hypotheses of both positive linear and quadratic relationships between the researched parameters. Using ROA as a benchmark of financial performance and the number of members of the board as measurement of the board size, two OLS estimations are performed. To confirm the robustness of the results the empirical study is tested with two other similar financial ratios, ROE and Tobin s Q. Due to the absence of significant results, an additional factor, firm size, is employed in order to check if it affects firm performance. Delving further into the nature of this relationship, it is revealed that there exists a strong and negative relation between firm size and financial performance. Consequently, it can be asseverated that the generic recommendation one size fits all cannot be applied in this case; which conforms to the Recommendations of the European Union that dissuade using generic models for all countries.

Selected topics in financial engineering: first-exit times and dependence structures of Marshall-Olkin Kind

146 p.