Three essays on the interest rate cruve multiplicity in the interbank market

Esta tesis lleva por título ”Tres ensayos sobre la multiplicidad de curvas de tipos de interés en el mercado interbancario” y está compuesta por tres artículos de investigación independientes en los que se analiza la evolución de los diferenciales del mercado interbancario del Euro en el periodo post-crisis. El objetivo es obtener información embebida en las cotizaciones de estos diferenciales emplenado distintas metodologías e identificar las variables que subyacen al fenómeno de la multiplicidad de curvas, caracterizando el papel que juegan a la hora de explicar esta evolución. El análisis se realiza según una aproximación cercana a la práctica de mercado (Capítulo 2), siguiendo técnicas de valoración de activos (Capítulo 3) y finalmente considerando métodos econométricos (Capítulo 4). El Capítulo 2, que incluye el primer ensayo, se centra en la evolución dinámica de las distintas curvas de tipos de interés surgidas a raíz de la crisis -diferenciadas por la periodicidad de pago del tipo de interés subyacente- a través del estudio de sus diferenciales respecto a la curva overnight. La metodología empleada es similar a la de Diebold and Li (2006) y se resume en tres factores principales que se interpretan como nivel, pendiente y curvatura. El análisis de componentes principales de estos factores para distintas periodicidades muestra que existen patrones comunes entre los factores de las diferentes curvas, en particular el primer componente principal explica el 90% de su variación. El estudio de los determinantes de estos factores revela importantes conclusiones sobre las fuentes de este patrón. En concreto, se observa que el nivel tiene una relación muy importante con el riesgo de crédito. Asimismo, el estudio del contenido informacional de los errores residuales del modelo -mediante el cómputo de la medida de ruido de Hu et al. (2013)- nos lleva a concluir que estos residuos tienen relación con la liquidez. El análisis de estos datos empleando téncicas VAR refuerza estos resultados...

The magnetically-active, low-mass, triple system WDS 19312+3607 (Research Note)

Aims. We investigated in detail the system WDS 19312+3607, whose primary is an active M4.5Ve star previously inferred to be young (τ ~ 300–500 Ma) based on its high X-ray luminosity. Methods. We collected intermediate- and low-resolution optical spectra taken with 2 m-class telescopes, photometric data from the B to 8 μm bands, and data for eleven astrometric epochs with a time baseline of over 56 years for the two components in the system, G 125–15 and G 125–14. Results. We derived the M4.5V spectral types of both stars, confirmed their common proper motion, estimated their heliocentric distance and projected physical separation, determined their Galactocentric space velocities, and deduced a most-probable age of older than 600 Ma. We discovered that the primary, G 125–15, is an inflated, double-lined, spectroscopic binary with a short period of photometric variability of 1.6 d, which we associated with orbital synchronisation. The observed X-ray and Hα emissions, photometric variability, and abnormal radius and effective temperature of G 125–15 AB are indicative of strong magnetic activity, possibly because of the rapid rotation. In addition, the estimated projected physical separation between G 125–15 AB and G 125–14 of about 1200 AU ensures that WDS 19312+3607 is one of the widest systems with intermediate M-type primaries. Conclusions. G 125–15 AB is a nearby (d ≈ 26 pc), bright (J ≈ 9.6 mag), active spectroscopic binary with a single proper-motion companion of the same spectral type at a wide separation. They are thus ideal targets for specific follow-ups to investigate wide and close multiplicity or stellar expansion and surface cooling because of the lower convective efficiency.

Dramaturgias en el teatro actual de las Antillas. Cartografía de poéticas en movimiento: Teresa Hernández y Josefina Báez

This dissertation aims to explore the contemporary Caribbean and its dramaturgy through the study of the artistic work of two remarkable artists: the Puerto Rican Teresa Hernández and the Dominicanyork Josefina Báez. Both artists are currently generating a lot of attention due to the internationalization of their creations, but still their work deserves even more consideration. These skilled stage artists connect various islands through their artistic work: Puerto Rico, the Dominican Republic, and the islands within New York City. The different cultures that converge and coexist in these places exemplify the process of hybridization that characterizes our modern world. Teresa and Josefina illustrate in their plays the plurality of the Caribbean, depicting a true multiplicity of languages and cultures that makes it impossible to adopt a fixed and unique conception of a national identity. They engage in the difficult task of finding out what it means to be a Puerto Rican, a Dominican or a New Yorker. Both performers clearly criticize the notion of an identity that pretends to fuse and include all the possible voices of every Caribbean nation under a sole definition. Therefore, one must consider the heterogeneity that surrounds us as the basis to approach the work of these two artists when evaluating the Caribbean, as well as the dramaturgical procedures these great performers employ. To begin with, how can we talk about the Caribbean? How can we talk accurately about dramaturgical procedures? Furthermore, how can we express with words the ephemeral aspect of the theatrical event? How can we use words to address a Caribbean reality, which contains European and American standards, but does not necessarily follow them? These are the questions that the present investigation seeks to answer; however, it is not an easy task. Thus, the real challenge of this dissertation is to offer a rigorous response to these questions...