Análisis del mercado del rating de las emisiones de titulación en España (1993-2011)

[ES] La calificación crediticia externa es un elemento clave para el buen fin de las operaciones de titulización. No obstante, las agencias de calificación han sido objeto de una intensa controversia, cuestionándose su fiabilidad y objetividad. En este trabajo abundamos en esta cuestión, analizando la distribución de los ratings otorgados a las emisiones de bonos de titulización llevadas a cabo en España (1993-2011), uno de los países más activos en cuanto al volumen de emisiones, llegaron a ocupar el segundo puesto a nivel europeo y el tercero a nivel mundial. Aportamos evidencia sobre ciertas anomalías entre las que cabe destacar la estructura oligopolística del mercado del rating, la fragilidad desde una perspectiva histórica de las calificaciones otorgadas, y la existencia de patrones no homogéneos en la elección de la agencia de calificación, tanto si se tiene en cuenta la sociedad gestora, como el colateral de respaldo.

Does rating shopping exist in spanish securitization issues?

[EN] Debt issue credit ratings can lead to conflicts of interest as the issuer itself is entrusted with contracting and compensating the rating agency. Into the bargain, the credit rating agency may be involved in designing the issues that the same agency subsequently rates. Credit rating agencies thus could have incentives to rate issues advantageously. Given the economic importance of this issue, in this paper we have proposed to analyze this phenomenon, known as rating shopping in academic literature, for Spanish market securitization issues for the period of time comprehensive from January 1993 to December 2011. In sum 3,665 published ratings are been analysed, for an issued nominal amount of 791,090 million Euros. The results show an association between the credit rating agency contracted and the mean rating awarded. Significant differences are observed in the ratings associated to the contracting manager (or special purpose vehicle SPV- manager firm), to the number of ratings or to the type of collateral. Furthermore, a pattern compatible with rating shopping was observed for some types of collateral: abnormally high market shares associated with certain agencies awarding unusually generous ratings. However, this phenomenon is not seen to be widespread on the rating market associated to Spanish securitization issues.

Sportsmanship rating scale in tennis competition with young players

World Conference on Psychology and Sociology 2012

System for ampacity monitoring and low sag overhead conductor evaluation

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

Number of prior episodes and the presence of depressive symptoms are associated with longer length of stay for patients with acute manic episodes

Background: Few studies have analyzed predictors of length of stay (LOS) in patients admitted due to acute bipolar manic episodes. The purpose of the present study was to estimate LOS and to determine the potential sociodemographic and clinical risk factors associated with a longer hospitalization. Such information could be useful to identify those patients at high risk for long LOS and to allocate them to special treatments, with the aim of optimizing their hospital management. Methods: This was a cross-sectional study recruiting adult patients with a diagnosis of bipolar disorder (Diagnostic and Statistical Manual of Mental Disorders, 4th edition, text revision (DSM-IV-TR) criteria) who had been hospitalized due to an acute manic episode with a Young Mania Rating Scale total score greater than 20. Bivariate correlational and multiple linear regression analyses were performed to identify independent predictors of LOS. Results: A total of 235 patients from 44 centers were included in the study. The only factors that were significantly associated to LOS in the regression model were the number of previous episodes and the Montgomery-Åsberg Depression Rating Scale (MADRS) total score at admission (P < 0.05). Conclusions: Patients with a high number of previous episodes and those with depressive symptoms during mania are more likely to stay longer in hospital. Patients with severe depressive symptoms may have a more severe or treatment-resistant course of the acute bipolar manic episode.

Tension and Ampacity Monitoring System for Overhead Lines

Real time monitoring allows the determination of the line state and the calculation of the actual rating value. The real time monitoring systems measure sag, conductor tension, conductor temperature or weather related magnitudes. In this paper, a new ampacity monitoring system for overhead lines, based on the conductor tension, the ambient temperature, the solar radiation and the current intensity, is presented. The measurements are transmitted via GPRS to a control center where a software program calculates the ampacity value. The system takes into account the creep deformation experienced by the conductors during their lifetime and calibrates the tension-temperature reference and the maximum allowable temperature in order to obtain the ampacity. The system includes both hardware implementation and remote control software.

Análisis de las publicaciones del personal docente e investigador de las facultades españolas de Bellas Artes

8 p.

Cannabis use and involuntary admission may mediate long-term adherence in first-episode psychosis patients: a prospective longitudinal study

Background: This study aimed to examine factors associated with treatment adherence in first-episode psychosis (FEP) patients followed up over 8 years, especially involuntary first admission and stopping cannabis use. Methods: This prospective, longitudinal study of FEP patients collected data on symptoms, adherence, functioning,and substance use. Adherence to treatment was the main outcome variable and was categorized as ‘good’ or ‘bad’. Cannabis use during follow-up was stratified as continued use, stopped use, and never used. Bivariate and logistic regression models identified factors significantly associated with adherence and changes in adherence over the 8-year follow-up period. Results: Of the 98 FEP patients analyzed at baseline, 57.1% had involuntary first admission, 74.4% bad adherence,and 52% cannabis use. Good adherence at baseline was associated with Global Assessment of Functioning score (p = 0.019), Hamilton Depression Rating Scale score (p = 0.017) and voluntary admission (p < 0.001). Adherence patterns over 8 years included: 43.4% patients always bad, 26.1% always good, 25% improved from bad to good. Among the improved adherence group, 95.7% had involuntary first admission and 38.9% stopped cannabis use. In the subgroup of patients with bad adherence at baseline, involuntary first admission and quitting cannabis use during follow up were associated with improved adherence. Conclusions: The long-term association between treatment adherence and type of first admission and cannabis use in FEP patients suggest targets for intervention to improve clinical outcomes.

Multirating decision model validation: the relevance of the quality of the securitization issues

Rating enables the information asymmetry existing in the issuer-investor relationship to be reduced, particularly for issues with a high degree of complexity, as is the case of securitizations. However, there may be a serious conflict of interest between the issuer’s choice and remuneration of the agency and the credit rating awarded, resulting in lower quality and information power of the published rating. In this paper, we propose an explicative model of the number of ratings requested, by analyzing the relevance of the number of ratings to measure the reliability, where multirating is shown to be associated to the quality, size, liquidity and the degree of information asymmetry relating to the issue. Thus, we consider that the regulatory changes that foster the widespread publication of simultaneous ratings could help to alleviate the problem of rating model arbitrage and the crisis of confidence in credit ratings in general and in the securitization issues, in particular.

Ongizate estatua kolokan Espainian : pentsioen erreformak

This paper analyzes the pensions reforms and changes that have been in Spain to guarantee Welfare State. In fact, pensions are the most important part that we have to control in order to satisfy the necessities of a country: who and what conditions in we have to receive them, what have to be the financial source or sources etcetera. Because of that, this paper summarizes the reforms have been until nowadays, what are the reasons of these changes and what have been the impacts as much on workers as on pensioners. Apart from that, we are going to analyze the factor to cause gender differences. Finally, it suggests some restraints that the state must to impose in the medium term to remove unfair elements that the last reform causes and to guarantee solvency in the long term.

Etxebizitza baten kalifikazio energetikoa. Hobekuntza proposamenak

[EU]Komunikabideetan hainbesteko oihartzuna izan zuen eta saldu edo alokatutako etxebizitzak energia eraginkortasunaren ziurtagiria izatera derrigortzen zituen dekretuak urtebete eskas bete du. Proiektu honetan aipatutako legea 2020. urterako ezarritako europar helburu energetikoak betetzeko bidean kokatu egiten da, ziurtapenerako jarraitu beharreko metodologian gehiago sakonduz eta aipaturiko helburuentzako duen garrantzia azpimarratuz. Proiektuak bi zati nagusi ditu. Lehenengo zatian, proiektuaren helburu nagusia den etxebizitza baten kalifikazio energetikoa burutzen da, G letrako kalifikaziorik baxuena lortuz. Ondoren, kalifikatutako etxebizitzaren energia eraginkortasuna hobetzeko neurri posible batzuek bideragarritasuna aztertzen da. E letra erraztasun nahikoz lor daiteke, inbertsioaren berreskuratze aldi oso onargarriekin. C letraraino igotzea ere posible da aztertutako neurriak bateratuz, baina berreskuratze aldiak handiagoak izango lirateke.

Uptake and factors that influence the use of 'sit less, move more' occupational intervention strategies in Spanish office employees

Background: Little is known about the types of 'sit less, move more' strategies that appeal to office employees, or what factors influence their use. This study assessed the uptake of strategies in Spanish university office employees engaged in an intervention, and those factors that enabled or limited strategy uptake. Methods: The study used a mixed method design. Semi-structured interviews were conducted with academics and administrators (n = 12; 44 +/- 12 mean SD age; 6 women) at three points across the five-month intervention, and data used to identify factors that influenced the uptake of strategies. Employees who finished the intervention then completed a survey rating (n = 88; 42 +/- 8 mean SD age; 51 women) the extent to which strategies were used [never (1) to usually (4)]; additional survey items (generated from interviewee data) rated the impact of factors that enabled or limited strategy uptake [no influence (1) to very strong influence (4)]. Survey score distributions and averages were calculated and findings triangulated with interview data. Results: Relative to baseline, 67% of the sample increased step counts post intervention (n = 59); 60% decreased occupational sitting (n = 53). 'Active work tasks' and 'increases in walking intensity' were the strategies most frequently used by employees (89% and 94% sometimes or usually utilised these strategies); 'walk-talk meetings' and ` lunchtime walking groups' were the least used (80% and 96% hardly ever or never utilised these strategies). 'Sitting time and step count logging' was the most important enabler of behaviour change (mean survey score of 3.1 +/- 0.8); interviewees highlighted the motivational value of being able to view logged data through visual graphics in a dedicated website, and gain feedback on progress against set goals. 'Screen based work' (mean survey score of 3.2 +/- 0.8) was the most significant barrier limiting the uptake of strategies. Inherent time pressures and cultural norms that dictated sedentary work practices limited the adoption of 'walk-talk meetings' and ` lunch time walking groups'. Conclusions: The findings provide practical insights into which strategies and influences practitioners need to target to maximise the impact of 'sit less, move more' occupational intervention strategies.

Integrated treatment of first episode psychosis with online training (e-learning): study protocol for a randomised controlled trial

Background: The integrated treatment of first episode psychosis has been shown to improve functionality and negative symptoms in previous studies. In this paper, we describe a study of integrated treatment (individual psychoeducation complementary to pharmacotherapy) versus treatment as usual, comparing results at baseline with those at 6-month re-assessment (at the end of the study) for these patients, and online training of professionals to provide this complementary treatment, with the following objectives: 1) to compare the efficacy of individual psychoeducation as add-on treatment versus treatment as usual in improving psychotic and mood symptoms; 2) to compare adherence to medication, functioning, insight, social response, quality of life, and brain-derived neurotrophic factor, between both groups; and 3) to analyse the efficacy of online training of psychotherapists. Methods/design: This is a single-blind randomised clinical trial including patients with first episode psychosis from hospitals across Spain, randomly assigned to either a control group with pharmacotherapy and regular sessions with their psychiatrist (treatment as usual) or an intervention group with integrated care including treatment as usual plus a psychoeducational intervention (14 sessions). Training for professionals involved at each participating centre was provided by the coordinating centre (University Hospital of Alava) through video conferences. Patients are evaluated with an extensive battery of tests assessing clinical and sociodemographic characteristics (Positive and Negative Syndrome Scale, State-Trait Anxiety Inventory, Liebowitz Social Anxiety Scale, Hamilton Rating Scale for Depression, Scale to Assess Unawareness of Mental Disorders, Strauss and Carpenter Prognostic Scale, Global Assessment of Functioning Scale, Morisky Green Adherence Scale, Functioning Assessment Short Test, World Health Organization Quality of Life instrument WHOQOL-BREF (an abbreviated version of the WHOQOL-100), and EuroQoL questionnaire), and brain-derived neurotrophic factor levels are measured in peripheral blood at baseline and at 6 months. The statistical analysis, including bivariate analysis, linear and logistic regression models, will be performed using SPSS. Discussion: This is an innovative study that includes the assessment of an integrated intervention for patients with first episode psychosis provided by professionals who are trained online, potentially making it possible to offer the intervention to more patients.

Estudio de optimización de la línea de evacuación del parque eólico de la Sía.

[ES]Estudio de la capacidad de transporte de energía del Parque eólico de la Sía mediante la implementación de un método de cálculo variable(CIGRE)en contraposición a los métodos estáticos y constantes. Mediante la comparación y estudio de éstos se evaluará la posibilidad de ampliar la capacidad del parque.

Certificación energética de la vivienda de Txomin Jauregui y proyecto de posibles mejoras.

[ES]Este trabajo tiene como objetivo principal la consecución de la calificación energética de la vivienda de Txomin Jauregui, y por consiguiente el estudio de las posibles mejoras que puedan llevarse a cabo en ella. Se trabajará con el programa informático CE3X y mediante un simple proceso se obtendrá el certificado. Una vez obtenida la calificación, se trabajará en las mejoras que puedan aplicarse para beneficio del propietario del inmueble. En este informe se recoge todo el proceso a seguir para obtener el certificado, las mejoras a aplicar y el nuevo certificado que se obtendrá tras la implantación de las mejoras. En los anexos se recoge información complementaria que facilitará la comprensión del proceso al lector de este documento.