Recopilación de artículos sobre la geografía vasca, y nota del "Diario de Navarra" sobre las investigaciones del profesor Angel Viñas sobre la Guerra Civil.

Fecha: 11-8-1972/9-5-1982 / Unidad de instalación: Carpeta 48 - Expediente 7-18 / Nº de pág.: 7 (mecanografiadas)

Cartas enviadas por José Angel Ascunde a Justo Garate entre 1991 y 1994

9 cartas y 1 tarjeta de visita (mecanografiadas y manuscritas) ; 210x295mm. Ubicación: Caja 1 - Carpeta 70

Carta enviada por Angel Ayestarán a Justo Garate en 1982

1 carta (mecanografiada) ; 219x277mm. Ubicación: Caja 1 - Carpeta 78

Pharmacological Blockade of Cannabinoid CB1 Receptors in Diet-Induced Obesity Regulates Mitochondrial Dihydrolipoamide Dehydrogenase in Muscle

Cannabinoid CB1 receptors peripherally modulate energy metabolism. Here, we investigated the role of CB1 receptors in the expression of glucose/pyruvate/tricarboxylic acid (TCA) metabolism in rat abdominal muscle. Dihydrolipoamide dehydrogenase (DLD), a flavoprotein component (E3) of alpha-ketoacid dehydrogenase complexes with diaphorase activity in mitochondria, was specifically analyzed. After assessing the effectiveness of the CB1 receptor antagonist AM251 (3 mg kg(-1), 14 days) on food intake and body weight, we could identified seven key enzymes from either glycolytic pathway or TCA cycle-regulated by both diet and CB1 receptor activity-through comprehensive proteomic approaches involving two-dimensional electrophoresis and MALDI-TOF/LC-ESI trap mass spectrometry. These enzymes were glucose 6-phosphate isomerase (GPI), triosephosphate isomerase (TPI), enolase (Eno3), lactate dehydrogenase (LDHa), glyoxalase-1 (Glo1) and the mitochondrial DLD, whose expressions were modified by AM251 in hypercaloric diet-induced obesity. Specifically, AM251 blocked high-carbohydrate diet (HCD)-induced expression of GPI, TPI, Eno3 and LDHa, suggesting a down-regulation of glucose/pyruvate/lactate pathways under glucose availability. AM251 reversed the HCD-inhibited expression of Glo1 and DLD in the muscle, and the DLD and CB1 receptor expression in the mitochondrial fraction. Interestingly, we identified the presence of CB1 receptors at the membrane of striate muscle mitochondria. DLD over-expression was confirmed in muscle of CB1-/- mice. AM251 increased the pyruvate dehydrogenase and glutathione reductase activity in C2C12 myotubes, and the diaphorase/oxidative activity in the mitochondria fraction. These results indicated an up-regulation of methylglyoxal and TCA cycle activity. Findings suggest that CB1 receptors in muscle modulate glucose/pyruvate/lactate pathways and mitochondrial oxidative activity by targeting DLD.

Turnout Intention and Social Networks

How can networking affect the turnout in an election? We present a simple model to explain turnout as a result of a dynamic process of formation of the intention to vote within Erdös-Renyi random networks. Citizens have fixed preferences for one of two parties and are embedded in a given social network. They decide whether or not to vote on the basis of the attitude of their immediate contacts. They may simply follow the behavior of the majority (followers) or make an adaptive local calculus of voting (Downsian behavior). So they either have the intention of voting when the majority of their neighbors are willing to vote too, or they vote when they perceive in their social neighborhood that elections are "close". We study the long run average turnout, interpreted as the actual turnout observed in an election. Depending on the combination of values of the two key parameters, the average connectivity and the probability of behaving as a follower or in a Downsian fashion, the system exhibits monostability (zero turnout), bistability (zero turnout and either moderate or high turnout) or tristability (zero, moderate and high turnout). This means, in particular, that for a wide range of values of both parameters, we obtain realistic turnout rates, i.e. between 50% and 90%.

Correspondencia sobre las ejecuciones y la represión contra los vascos en Santoña.

Fecha: 29-10-1937 (>1970 reproducción) / Unidad de instalación: Carpeta 45 - Expediente 1-10 / Nº de pág.: 6 (mecanografiadas)

The Relationship between Risk and Expected Return in Europe

Revised: 2006-07

The Black Box of Mutual Fund Fees

This paper re-examines the determinants of mutual fund fees paid by mutual fund shareholders for management costs and other expenses. There are two novelties with respect to previous studies. First, each type of fee is explained separately. Second, the paper employs a new dataset consisting of Spanish mutual funds, making it the second paper to study mutual fund fees outside the US market. Furthermore, the Spanish market has three interesting characteristics: (i) both distribution and management are highly dominated by banks and savings banks, which points towards potential conflicts of interest; (ii) Spanish mutual fund law imposes caps on all types of fees; and (iii) Spain ranks first in terms of average mutual fund fees among similar countries. We find significant differences in mutual fund fees not explained by the fund’s investment objective. For instance, management companies owned by banks and savings banks charge higher management fees and redemption fees to nonguaranteed funds. Also, investors in older non-guaranteed funds and non-guaranteed funds with a lower average investment are more likely to end up paying higher management fees. Moreover, there is clear evidence that some mutual funds enjoy better conditions from custodial institutions than others. In contrast to evidence from the US market, larger funds are not associated with lower fees, but with higher custody fees for guaranteed funds and higher redemption fees for both types of funds. Finally, fee-setting by mutual funds is not related to fund before-fee performance.

Smiling under stochastic volatility

This paper studies the behavior of the implied volatility function (smile) when the true distribution of the underlying asset is consistent with the stochastic volatility model proposed by Heston (1993). The main result of the paper is to extend previous results applicable to the smile as a whole to alternative degrees of moneyness. The conditions under which the implied volatility function changes whenever there is a change in the parameters associated with Hestons stochastic volatility model for a given degree of moneyness are given.

Understanding the ex-ante cost of liquidity in the limit order book: A note

This paper estimates a new measure of liquidity costs in a market driven by orders. It represents thecost of simultaneously buying and selling a given amount of shares, and it is given by a single measure of ex-ante liquidity that aggregates all available information in the limit order book for a given number of shares. The cost of liquidity is an increasing function relating bid-ask spreads with the amounts available for trading. This measure completely characterizes the cost of liquidity of any given asset. It does not suffer from the usual ambiguities related to either the bid-ask spread or depth when they are considered separately. On the contrary, with a single measure, we are able to capture all dimensions of liquidity costs on ex-ante basis.

An empirical comparison of the performance of alternative option pricing models

Published as an article in: Investigaciones Economicas, 2005, vol. 29, issue 3, pages 483-523.

Asset pricing and systematic liquidity risk: an empirical investigation of the Spanish stock market

Systematic liquidity shocks should affect the optimal behavior of agents in financial markets. Indeed, fluctuations in various measures of liquidity are significantly correlated across common stocks. Accordingly, this paper empirically analyzes whether Spanish average returns vary cross-sectionally with betas estimated relative to two competing liquidity risk factors. The first one, proposed by Pastor and Stambaugh (2002), is associated with the strength of volume-related return reversals. Our marketwide liquidity factor is defined as the difference between returns highly sensitive to changes in the relative bid-ask spread and returns with low sensitivities to those changes. Our empirical results show that neither of these proxies for systematic liquidity risk seems to be priced in the Spanish stock market. Further international evidence is deserved.

Autorregresive conditional volatility, skewness and kurtosis

This paper proposes a GARCH-type model allowing for time-varying volatility, skewness and kurtosis. The model is estimated assuming a Gram-Charlier series expansion of the normal density function for the error term, which is easier to estimate than the non-central t distribution proposed by Harvey and Siddique (1999). Moreover, this approach accounts for time-varying skewness and kurtosis while the approach by Harvey and Siddique (1999) only accounts for nonnormal skewness. We apply this method to daily returns of a variety of stock indices and exchange rates. Our results indicate a significant presence of conditional skewness and kurtosis. It is also found that specifications allowing for time-varying skewness and kurtosis outperform specifications with constant third and fourth moments.

Análisis de la oferta de formación de postgrado en gestión del conocimiento

Este artículo recoge en gran medida la comunicación presentada en el congreso internacional «The Transparent enterprise. The value of intangibles», que tuvo lugar los días 25 y 26 de noviembre de 2002, publicada en el tomo Best Papers proceedings. Vol. 1. E-know Network (Universidad Autónoma de Madrid).

Monitoring the Tension and the Temperature in an Overhead Line

MELECON 2012 - 2012 16th IEEE Mediterranean Electrotechnical Conference, 25 Mar - 28 Mar 2012, Túnez