El modelo de Markowitz en la gestión de carteras

[ES] Desde su aparición, el modelo de Markowitz ha sido un referente teórico fundamental en la selección de carteras de valores, dando lugar a múltiples desarrollos y derivaciones. Sin embargo, su utilización en la práctica entre gestores de carteras y analistas de inversiones no ha sido tan amplia como podría esperarse de su éxito teórico. Con este trabajo pretendemos demostrar que el modelo de Markowitz puede ser de gran utilidad en la práctica. A través de un estudio empírico queremos verificar si el modelo de Markowitz es capaz de proporcionar carteras que nos ofrezcan una mayor rentabilidad y un menor riesgo que la cartera representada por los índices IBEX-35 e IGBM. Así mismo, pretendemos comprobar la supuesta eficiencia de estos índices como representantes de la cartera de mercado teórica.

Construcción de índices simplificados de riesgo país: Aproximación a los casos de Europa y América

[ES] Partiendo de los valores semestrales de cada una de las nueve variables que componen el índice de riesgo país elaborado por Euromoney, en el periodo comprendido entre septiembre de 1992 y septiembre de 2002, para 41 países europeos y 30 países americanos, los autores proponen la construcción de dos nuevos índices de riesgo país, a los que han denominado «Índice Simplificado» e «Índice Observacional». La característica de ambos índices es que, además de contener únicamente cuatro variables (de las nueve propuestas por el índice de riesgo país de Euromoney), permiten replicar, con un elevado índice de fiabiabilidad el ranking de países (dado en función de su riesgo país) proporcionado por el índice del cual se derivan.

Los dominios social y personal del autoconcepto

[Es] El estudio del autoconcepto continúa siendo uno de los grandes retos de la investigación psicológica. Se trata de un campo de investigación muy amplio en el que tanto la dimensión física como la académica han sido objeto de numerosas investigaciones; por el contrario son pocas las investigaciones llevadas a cabo tanto sobre el autoconcepto social como sobre el autoconcepto personal. En este trabajo se informa de dos estudios llevados a cabo con el fin de verificar si los análisis factoriales confirman una estructura multidimensional de tres componentes en el caso del social (la responsabilidad social, la aceptación social y la competencia social) y de cuatro componentes en la del personal: la autorrealización, la honradez, la autonomía, y el ajuste emocional. Los resultados obtenidos a partir de la aplicación de dos cuestionarios elaborados específicamente para medir ambos dominios (APE y AUSO) confirman en buena medida esta estructura; los factores identificados explican un 52,56% y un 41,43%, respectivamente, de la varianza. Por otro lado, los índices de consistencia interna son aceptables en ambos casos: alpha 0.85 en el APE y alpha 0.76 en el AUSO. Se proponen algunos cambios a incorporar en la versión definitiva de ambos cuestionarios.

Stability of the factorial structure of metabolic syndrome from childhood to adolescence : a 6-year follow-up study

Background: Metabolic syndrome (MS) is a clustering of cardiometabolic risk factors that is considered a predictor of cardiovascular disease, type 2 diabetes and mortality. There is no consistent evidence on whether the MS construct works in the same way in different populations and at different stages in life. Methods: We used confirmatory factor analysis to examine if a single-factor-model including waist circumference, triglycerides/HDL-c, insulin and mean arterial pressure underlies metabolic syndrome from the childhood to adolescence in a 6-years follow-up study in 174 Swedish and 460 Estonian children aged 9 years at baseline. Indeed, we analyze the tracking of a previously validated MS index over this 6-years period. Results: The estimates of goodness-of-fit for the single-factor-model underlying MS were acceptable both in children and adolescents. The construct stability of a new model including the differences from baseline to the end of the follow-up in the components of the proposed model displayed good fit indexes for the change, supporting the hypothesis of a single factor underlying MS component trends. Conclusions: A single-factor-model underlying MS is stable across the puberty in both Estonian and Swedish young people. The MS index tracks acceptably from childhood to adolescence.

¿Reflejan los índices de riesgo país las variables relevantes en el desencadenamiento de las crisis externas? Un análisis sobre el periodo 1994-2001

[ES] El objetivo de este trabajo es establecer en qué medida los índices de riesgo país más utilizados por la comunidad económica y financiera internacional, en concreto, el índice de Euromoney y el ICRG, recogen las variables relevantes en el desencadenamiento de las crisis monetarias y financieras externas, como un aspecto básico en la evaluación de su capacidad para medir adecuadamente el riesgo de los diferentes países.

Evaluación de la actividad investigadora: indicadores de calidad. Utilización de bases de datos en estudios bibliométricos.

[ES]La utilización de indicadores bibliométricos como los índices de citas y el factor de impacto se han convertido en herramientas imprescindibles tanto para la evaluación de la actividad investigadora como para la medición de la actividad económica y social de un país. El artículo analiza los indicadores para la evaluación de la calidad en la actividad investigadora y profundiza en la utilización de las bases de datos como herramienta de estudios bibliométricos.

A comprehensive method for the elastic calculation of the two-point wheel-rail contact

This work shows the method developed to solve the wheel-rail contact problem via a look-up table with a three-dimensional elastic model. This method enables introduction of the two contact point effect on vehicle movement using three-dimensional analysis of surfaces including the influence of the angle of attack. This work presents several dynamic simulations and studies the impact that the introduction of the two contact points on three dimensions has on wear indexes and derailment risk against traditional bidimensional analysis. Furthermore, it studies advantages and disadvantages of using a look-up table against an on-line resolution of the problem.

The Linear Ordering Problem Revisited

The Linear Ordering Problem is a popular combinatorial optimisation problem which has been extensively addressed in the literature. However, in spite of its popularity, little is known about the characteristics of this problem. This paper studies a procedure to extract static information from an instance of the problem, and proposes a method to incorporate the obtained knowledge in order to improve the performance of local search-based algorithms. The procedure introduced identifies the positions where the indexes cannot generate local optima for the insert neighbourhood, and thus global optima solutions. This information is then used to propose a restricted insert neighbourhood that discards the insert operations which move indexes to positions where optimal solutions are not generated. In order to measure the efficiency of the proposed restricted insert neighbourhood system, two state-of-the-art algorithms for the LOP that include local search procedures have been modified. Conducted experiments confirm that the restricted versions of the algorithms outperform the classical designs systematically. The statistical test included in the experimentation reports significant differences in all the cases, which validates the efficiency of our proposal.

Valoración de la composición corporal y de la percepción de la imagen en un grupo de mujeres universitarias del País Vasco

Este trabajo se encuentra bajo la licencia Creative Commons Attribution 3.0.

BAMS: A Tool for Supervised Burned Area Mapping Using Landsat Data

A new supervised burned area mapping software named BAMS (Burned Area Mapping Software) is presented in this paper. The tool was built from standard ArcGIS (TM) libraries. It computes several of the spectral indexes most commonly used in burned area detection and implements a two-phase supervised strategy to map areas burned between two Landsat multitemporal images. The only input required from the user is the visual delimitation of a few burned areas, from which burned perimeters are extracted. After the discrimination of burned patches, the user can visually assess the results, and iteratively select additional sampling burned areas to improve the extent of the burned patches. The final result of the BAMS program is a polygon vector layer containing three categories: (a) burned perimeters, (b) unburned areas, and (c) non-observed areas. The latter refer to clouds or sensor observation errors. Outputs of the BAMS code meet the requirements of file formats and structure of standard validation protocols. This paper presents the tool's structure and technical basis. The program has been tested in six areas located in the United States, for various ecosystems and land covers, and then compared against the National Monitoring Trends in Burn Severity (MTBS) Burned Area Boundaries Dataset.

Evaluación de los cambios en las temperaturas máximas, mínimas y medias diarias en la Cornisa Cantábrica (1928-2013): influencia de la NAO en la variabilidad observada.

[ES]Se ha estudiado la variabilidad de la temperatura en la Cornisa Cantábrica en el periodo 1928-2013 analizando los índices de la temperatura máxima, mínima y media, el rango diario de temperaturas y el número de días de helada. Asimismo se ha analizado la influencia que tiene el índice NAO sobre la temperatura. Para su evaluación se han utilizado las bases de datos de catorce observatorios atmosféricos, un observatorio marítimo y el índice NAO mensual de Hurrell. Se ha observado que la temperatura de la Cornisa Cantábrica ha aumentado sobre todo en las últimas cuatro décadas, siendo mayor el incremento de la temperatura máxima que el de la mínima (1973-2013). Además, la temperatura marítima del Este del mar Cantábrico ha ascendido a un ritmo de 0,197°C dec-1. El índice NAO no muestra relación con la variabilidad de la temperatura.

Analysis of the differences between the rates of inflation associated with two aggregate price level: The case of the euro area and the United States

Idioma: Inglés Abstract: This project focuses on two indicators of prices, the GDP deflator and the consumer price index (CPI), and analyzes the differences and similarities they present. These price indexes have been chosen taking into account its great representativeness and importance to economic and social level, and its direct relationship to the overall functioning of the economy and, in particular, inflation. It should be also mentioned that this study was conducted for cases of the euro area and the United States, as the impact of these economies in the economic and social situation at international level is very significant.

Análisis de la desigualdad económica en los municipios del País Vasco agrupados por tamaño de la población. Economic Inequality in the municipalities of the Basque Country aggregated by population size.

This paper analyses the economic inequality in the municipalities of the Basque Country during the period 1996 and 2010. We have used dates from the Udalmap database mainly the GDP per capita. We have drawn Lorenz Curves and also we have computed Gini indexes to analyse the evolution of inequality during this period. Therefore, we have concluded that there has been an increase of the economic inequality in the municipalities of the Basque Country during this period of time.

Evaluation of Fentanyl Disposition and Effects in Newborn Piglets as an Experimental Model for Human Neonates

Background: Fentanyl is widely used off-label in NICU. Our aim was to investigate its cerebral, cardiovascular and pulmonary effects as well as pharmacokinetics in an experimental model for neonates. Methods: Fentanyl (5 mu g/kg bolus immediately followed by a 90 minute infusion of 3 mu g/kg/h) was administered to six mechanically ventilated newborn piglets. Cardiovascular, ventilation, pulmonary and oxygenation indexes as well as brain activity were monitored from T = 0 up to the end of experiments (T = 225-300 min). Also plasma samples for quantification of fentanyl were drawn. Results: A "reliable degree of sedation" was observed up to T = 210-240 min, consistent with the selected dosing regimen and the observed fentanyl plasma levels. Unlike cardiovascular parameters, which were unmodified except for an increasing trend in heart rate, some of the ventilation and oxygenation indexes as well as brain activity were significantly altered. The pulmonary and brain effects of fentanyl were mostly recovered from T = 210 min to the end of experiment. Conclusion: The newborn piglet was shown to be a suitable experimental model for studying fentanyl disposition as well as respiratory and cardiovascular effects in human neonates. Therefore, it could be extremely useful for further investigating the drug behaviour under pathophysiological conditions.