Consumer Confidence and Yield Spreads in Europe

This paper shows the extraordinary capacity of yield spreads to anticipate consumption growth as proxy by the Economic Sentiment Indicator elaborated by the European Commission in order to predict turning points in business cycles. This new evidence complements the well known results regarding the usefulness of the slope of the term structure of interest rates to predict real economic conditions and, in particular, recessions by using a direct measure of expectations. A linear combination of European yield spreads explains a surprising 93.7% of the variability of the Economic Sentiment Indicator. Yield spreads seem to be a key determinant of consumer confidence in Europe.

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.

Contribution of Resource-Based View and Entrepreneurial Orientation on Small Firm Growth

[EN] This research provides a useful framework for identifying a small firms’ propensity to engage in entrepreneurial orientation. We examine the impact of the Entrepreneurial Orientation (EO) as a main resource and capability on small firm’ growth. The growth seems to come out as an important demonstration of the entrepreneurial orientation of small firms (Davidsson, 1989; Green and Brown, 1997; Janney and Gregory, 2006). Thus, this research builds on prior conceptual research that suggests a positive integration between entrepreneurial orientation and resource-based view. In the first instance, the research will focus on reviewing literature in the emerging area of entrepreneurial orientation as it applies to growth oriented small firms and resource-based view of the firm. Secondly, an empirical study was developed based on a stratified sample of small firms of manufacturing industry. Data were submitted to a multivariate statistical analysis and a linear regression model was performed in order to predict the influence of the resources and capabilities on small firms’ growth. In this sense, we consider the construct growth as a dependent variable and the ones relates with resources and capabilities (entrepreneur resources, firm resources, networks and EO) as independent variables. The research results suggest a set of resources and capabilities that promote the growth of the small firms. Also, the EO seems to have a predictive value on growth. Explaining variables related with resources and capabilities and EO were identified as essential in growth oriented small firms. It was still possible to conclude that the entrepreneurial firms which grew seem to have resources and develop more capabilities and take advantage in the search for those competences. This attitude reflects on the EO of the firm. This study has important implication for both researchers and practitioners. It highlights the necessity of firms to develop superior EO of all their members and also to invest on better resources and consequently superior capabilities as a way of reaching higher levels of growth. While previous authors have attempted to analyse certain aspects of this process (linkage between entrepreneurial orientation and growth), this research developed a framework that combines these and others factors (resource-based view) pertinent to growth oriented small firms. The results support the necessity to identify explicative variables of multiple levels to explain the growth of small firms. The adoption of an entrepreneurial orientation as an indispensable variable to the growth oriented small firms seems pertinent.

Estadística actuarial : modelos estocásticos

Son destinatarios de estas notas de clase, los alumnos de la asignatura Estadística Actuarial: modelos estocásticos, actualmente impartida dentro de la Licenciatura en Ciencias Actuariales y Financieras, futuro grado en Finanzas y Seguros. El contenido se estructura en cinco capítulos. El primero contiene una colección de ejercicios propuestos, con la idea de revisar mediante su resolución, una serie de conceptos básicos del cálculo de probabilidades, que serán necesarios en el resto de los temas. Los restantes capítulos contienen una serie de conceptos teóricos en relación a la aplicación de la teoría de la probabilidad al estudio de las situaciones de azar en las ciencias actuariales. Finaliza cada capítulo con una colección de ejercicios propuestos.

Fundamentos de informática. Ejercicios resueltos de programación en C

I. Ejercicios cortos de programación: - Enunciados. - Soluciones propuestas. II. Ejercicios largos: - Componentes electrónicos. - Hábitos de consumo: bebidas. - Emisora de radio. - Gasolinera. - Tienda. - Central eléctrica. - Ladrón Elca Comayor. - Cumbres de montaña. - Autopista. - Sala de juegos. - Farolas. - Pueblos de Guipúzcoa. - Olimpiadas. - Ventas S.A. - Accidentes de circulación. - Euskadi Irratia. - San Sebastián.

Informatikaren oinarriak. C lengoaian ebatzitako problemak

I. Programazioko ariketa laburrak: - Enuntziatuak. - Soluzioen proposamenak. II. Ariketa luzeak: - Gailu elektronikoak. - Kontsumo ohiturak: edariak. - Irratsaioa. - Gasolindegia. - Denda. - Zentral elektrikoa. - Elca Comayor lapurra. - Medi igoerak. - Autopista. - Joko aretoa. - Farolak. - Herrien arteko distantziak. - Olinpiadak. - Ventas S.A. - Heriozko istripuak. - Euskadi Irratia. - San Sebastianak

Diseño hidráulico para la red de abastecimiento de agua en el cantón de Conacaste, municipio de Comasagua, El Salvador.

[ES]El presente trabajo tiene como objetivo el diseño hidráulico de un sistema de abastecimiento de agua potable para las comunidades de La Violeta-Arcoiris, La Ceiba, San Rafael, La Finquita y La Dalia en el municipio de Comasagua, El Salvador. Para ello, se utilizaran los datos recogidos en el Plan Director para el abastecimiento y saneamiento de agua en zonas rurales del sur de La Libertad y las mediciones llevadas a cabo en terreno. Atendiendo tanto a las especificaciones técnicas y los criterios de diseño de ACUA como a los cálculos hidráulicos realizados, se ha seleccionado la mejor alternativa a desarrollar.

Estudio de la interacción entre los canales Kv7.2 y la calmodulina utilizando la técnica Bimolecular Fluorescence Complementation (BiFC)

Empleo de la técnica BiFC para estudiar la interacción entre los canales Kv7.2 y la CaM. Para ello se realizan clonajes, se co-transfectan distintas combinaciones de éstos en células de mamífero y se analiza y cuantifica la intensidad de fluorescencia obtenida mediante microscopía confocal.