Governance mechanisms in Spanish financial intermediaries

This paper examines the governance of Spanish Banks around two main issues. First, does a poor economic performance activate those governance interventions that favor the removal of executive directors and the merger of non-performing banks? And second, does the relationship between governance intervention and economic performance vary with the ownership form of the bank? Our results show that a bad performance does activate governance mechanisms in banks, although for the case of Savings Banks intervention is confined to a merger or acquisition. Nevertheless, the distinct ownership structure of Savings Banks does not fully protect non-performing banks from disappearing. Product-market competition compensates for those weak internal governance mechanisms that result from an ownership form which gives voice to several stakeholder groups.

Memòria: estada a London South Bank University (Regne Unit)

Investigación producida a partir de una estancia en la London South Bank University, Reino Unido, entre los meses de setiembre y diciembre del 2005. Se estudia el trabajo sexual en el Reino Unido desde tres perspectivas diferentes. Por una parte, se trata la historia del feminismo anglosajón respecto a sus visiones sobre la prostitución, desde una aproximación a las fuentes. Por otra parte, se plantea la situación jurídico-política. Finalmente, se presenta brevemente a las principales entidades que dan apoyo al colectivo de trabajadoras del sexo en la ciudad de Londres.

Corporate governance in banking: the role of board of directors

We test hypotheses on the dual role of boards of directors for a sample of large international commercial banks. We find an inverted U shaped relation between bank performance and board size that justifies a large board and imposes an efficient limit to the board’s size; a positive relation between the proportion of non-executive directors and performance; and a proactive role in board meetings. Our results show that bank boards’ composition and functioning are related to directors’ incentives to monitor and advise management. All these relations hold after we control for bank business, institutional differences, size, market power in the banking industry, bank ownership and investors’ legal protection.

Research work in Tokyo Institute of Technology

Research carried out in Tokyo Institute of Technology. The objective is to determine the influence of Interfacial Transition Zone (ITZ) around Lightweight aggregate in concrete on Chloride ion diffusivity. The ITZ of conventional concretes is the weakest point of concrete. The accumulating water on ITZ zone forms the most permeable area inside the concrete. Hence ITZ paves the way for chloride ion diffusion. The quality of ITZ depends on type and quality of aggregates used, water-cement ratio and also the method used for the production of concrete. It has been used two types of lightweight aggregates will be used, Chinese and Japanese, with different absorption capacities. The idea is to produce concrete with same effective water - cement ratio, using the same aggregates in two different conditions, dry and saturated, and compare the chloride ion diffusivity in these concretes (by diffusion test). A comparison of ITZ thickness of these concretes by SEM and EDAX-maps is also proposed. The chloride ion diffusion of concretes produced with the same effective water – cement ratio and same aggregates (dry and ssd) will depend, mainly, on ITZ.

Bifurcations of homoclinic tangency in two-dimensional area-preserving and reversible maps

Report for the scientific sojourn at the Research Institute for Applied Mathematics and Cybernetics, Nizhny Novgorod, Russia, from July to September 2006. Within the project, bifurcations of orbit behavior in area-preserving and reversible maps with a homoclinic tangency were studied. Finitely smooth normal forms for such maps near saddle fixed points were constructed and it was shown that they coincide in the main order with the analytical Birkhoff-Moser normal form. Bifurcations of single-round periodic orbits for two-dimensional symplectic maps close to a map with a quadratic homoclinic tangency were studied. The existence of one- and two-parameter cascades of elliptic periodic orbits was proved.

Testing of stair climbing point-of-choice prompts in Barcelona at an outdoor set of stairs and scalators on the Montjuïc site

Regular stair climbing has well-documented health dividends, such as increased fitness and strength, weight loss and reduced body fat, improved lipid profiles and reduced risk of osteoporosis. The general absence of barriers to participation makes stair climbing an ideal physical activity (PA) for health promotion. Studies in the US and the UK have consistently shown that interventions to increase the accumulation of lifestyle PA by climbing stairs rather than using the escalators are effective. However, there are no previous in Catalonia. This project tested one message for their ability to prompt travelers on the Montjuïc site to choose the stairs rather than the escalator when climbing up the Monjuïc hill. One standard message, " Take the stairs! 7 minutes of stair climbing a day protects your heart" provided a comparison with previous research done in the UK. Translated into Catalan and Spanish, it was presented on a poster positioned at the point of choice between the stairs and the escalator. The study used a quasi-experimental, interrupted time series design. Travelers, during several and specific hours on two days of the week, were coded for stair or escalator use, gender, age, ethnic status, presence of accompanying children or bags by one observer. Overall, the intervention resulted in a 81% increase in stair climbing. In the follow-up period without messages, stair climbing dropped out to baseline levels. This preliminary study showed a significant effect on stair use. However, caution is needed since results are based on a small sample and, only a low percentage of the sample took the stairs at baseline or the intervention phase . Future research on stair use in Catalonia should focus on using bigger samples, different sites (metro stations, airports, shopping centers, etc) , different messages and techniques to promote stair climbing.

Why did London become the main money market? Monetary Policy, Arbitrage and European Money Market Integration in 18th century

How did the leading capital market start to attract international bullion? Why did London become the main money market? Monetary regulations, including the charges for minting money and the restrictions on bullion exchange, have played the key role in defining the direction of the flow of international bullion. Countries that abolished minting charges and permitted the free movement of bullion were able to attract international bullion, and countries that applied minting taxes suffered an outflow of bullion. In these cases monetary authorities tried to limit bullion movement through prohibitions on domestic bullion exchange at a free price, and tariffs and quantitative restrictions on bullion exports. The paper illustrates the logic of international monetary flow in the 18th century, using empirical evidence for England, France and Spain. The first section defines and measures monetary policy, and the second section introduces minting charges into the arbitrage equation in order to explain the logic of bullion flow between the pairs of nations England-France, England-Spain and France-Spain. The conclusion emphasises the importance of monetary policy in the creation of leading money markets.

Parametric analysis of different compact tension specimens for fracture toughness characterisation in woven composite materials

Estudi elaborat a partir d’una estada a l’ Imperial College London, entre juliol i novembre de 2006. En aquest treball s’ha investigat la geometria més apropiada per a la caracterització de la tenacitat a fractura intralaminar de materials compòsits laminats amb teixit. L’objectiu és assegurar la propagació de l’esquerda sense que la proveta falli abans per cap altre mecanisme de dany per tal de permetre la caracterització experimental de la tenacitat a fractura intralaminar de materials compòsits laminats amb teixit. Amb aquesta fi, s’ha dut a terme l’anàlisi paramètrica de diferents tipus de provetes mitjançant el mètode dels elements finits (FE) combinat amb la virtual crack closure technique (VCCT). Les geometries de les provetes analitzades corresponen a la proveta de l’assaig compact tension (CT) i diferents variacions com la extended compact tension (ECT), la proveta widened compact tension (WCT), tapered compact tension (TCT) i doubly-tapered compact tension (2TCT). Com a resultat d’aquestes anàlisis s’han derivat diferents conclusions per obtenir la geometria de proveta més apropiada per a la caracterització de la tenacitat a fractura intralaminar de materials compòsits laminats amb teixit. A més, també s’han dut a terme una sèrie d’assaigs experimentals per tal de validar els resultats de les anàlisis paramètriques. La concordança trobada entre els resultats numèrics i experimentals és bona tot i la presència d’efectes no previstos durant els assaigs experimentals.

Characterisation of neutron spectra in mixed high energy fields in lineal accelerators: response functions validation

Actualment, la resposta de la majoria d’instrumentació operacional i dels dosímetres personals utilitzats en radioprotecció per a la dosimetria neutrònica és altament dependent de l’energia dels espectres neutrònics a analitzar, especialment amb camps neutrònics amb una important component intermitja. En conseqüència, la interpretació de les lectures d’aquests aparells es complicada si no es té un coneixement previ de la distribució espectral de la fluència neutrònica en els punts d’interès. El Grup de Física de les Radiacions de la Universitat Autònoma de Barcelona (GFR-UAB) ha desenvolupat en els últims anys un espectròmetre de neutrons basat en un Sistema d’Esferes Bonner (BSS) amb un contador proporcional d’3He com a detector actiu. Els principals avantatges dels espectròmetres de neutrons per BSS són: la seva resposta isotròpica, la possibilitat de discriminar la component neutrònica de la gamma en camps mixtos, i la seva alta sensibilitat neutrònica als nivells de dosi analitzats. Amb aquestes característiques, els espectròmetres neutrònics per BSS compleixen amb els estándards de les últimes recomanacions de la ICRP i poden ser utilitzats també en el camp de la dosimetria neutrònica per a la mesura de dosis en el rang d’energia que va dels tèrmics fins als 20 MeV, en nou ordres de magnitud. En el marc de la col•laboració entre el GFR - UAB i el Laboratorio Nazionale di Frascati – Istituto Nazionale di Fisica Nucleare (LNF-INFN), ha tingut lloc una experiència comparativa d’espectrometria per BSS amb els feixos quasi monoenergètics de 2.5 MeV i 14 MeV del Fast Neutron Generator de l’ENEA. En l’exercici s’ha determinat l’espectre neutrònic a diferents distàncies del blanc de l’accelerador, aprofitant el codi FRUIT recentment desenvolupat pel grup LNF. Els resultats obtinguts mostren una bona coherència entre els dos espectròmetres i les dades mesurades i simulades.

Memory in contracts: the experience of the EBRD (1991-2003)

The objective of this paper is to identify the role of memory in repeated contracts with moral hazard in financial intermediation. We use the database we have built containing the contracts signed by the European Bank for Reconstruction and Development EBRD between 1991 and 2003. Our framework is a standard setting of repeated moral hazard. After having controlled for the adverse selection component, we are able to prove that client reputation is the discrimination device according to which the bank fixes the amount of credit for the established clients. Our results unambiguously isolate the effect of memory in the bank's lending decisions.

Developing discontinuous Galerkin methods for the resolution of the incompressible Navier-Stokes equations

Informe de investigación elaborado a partir de una estancia en el Laboratorio de Diseño Computacional en Aeroespacial en el Massachusetts Institute of Technology (MIT), Estados Unidos, entre noviembre de 2006 y agosto de 2007. La aerodinámica es una rama de la dinámica de fluidos referida al estudio de los movimientos de los líquidos o gases, cuya meta principal es predecir las fuerzas aerodinámicas en un avión o cualquier tipo de vehículo, incluyendo los automóviles. Las ecuaciones de Navier-Stokes representan un estado dinámico del equilibrio de las fuerzas que actúan en cualquier región dada del fluido. Son uno de los sistemas de ecuaciones más útiles porque describen la física de una gran cantidad de fenómenos como corrientes del océano, flujos alrededor de una superficie de sustentación, etc. En el contexto de una tesis doctoral, se está estudiando un flujo viscoso e incompresible, solucionando las ecuaciones de Navier- Stokes incompresibles de una manera eficiente. Durante la estancia en el MIT, se ha utilizado un método de Galerkin discontinuo para solucionar las ecuaciones de Navier-Stokes incompresibles usando, o bien un parámetro de penalti para asegurar la continuidad de los flujos entre elementos, o bien un método de Galerkin discontinuo compacto. Ambos métodos han dado buenos resultados y varios ejemplos numéricos se han simulado para validar el buen comportamiento de los métodos desarrollados. También se han estudiado elementos particulares, los elementos de Raviart y Thomas, que se podrían utilizar en una formulación mixta para obtener un algoritmo eficiente para solucionar problemas numéricos complejos.

Label Space Reduction in All-Optical Label Switchiing Networks

Report for the scientific sojourn at the Department of Information Technology (INTEC) at the Ghent University, Belgium, from january to june 2007. All-Optical Label Swapping (AOLS) forms a key technology towards the implementation of All-Optical Packet Switching nodes (AOPS) for the future optical Internet. The capital expenditures of the deployment of AOLS increases with the size of the label spaces (i.e. the number of used labels), since a special optical device is needed for each recognized label on every node. Label space sizes are affected by the wayin which demands are routed. For instance, while shortest-path routing leads to the usage of fewer labels but high link utilization, minimum interference routing leads to the opposite. This project studies and proposes All-Optical Label Stacking (AOLStack), which is an extension of the AOLS architecture. AOLStack aims at reducing label spaces while easing the compromise with link utilization. In this project, an Integer Lineal Program is proposed with the objective of analyzing the softening of the aforementioned trade-off due to AOLStack. Furthermore, a heuristic aiming at finding good solutions in polynomial-time is proposed as well. Simulation results show that AOLStack either a) reduces the label spaces with a low increase in the link utilization or, similarly, b) uses better the residual bandwidth to decrease the number of labels even more.

Perioperative stress in dogs underwent elective surgery: evaluation of the antioxidant activity

Projecte de recerca elaborat a partir d’una estada al Department of Biological Science a la University of Lincoln, a la Gran Bretanya, entre octubre i desembre del 2006. L'objectiu del present assaig va ser desciure les respostes antioxidants d'estrès en gossos sotmesos a cirurgia electiva, en condicions de pràctica clínica normals, durant les fases de preoperatori i postoperatori.Setze gossos van ser sotmesos a orquiectomia o ovariohisterectomia electives, utilitzant un protocol quirúrgic estàndard. Durant les fases preoperatoria i postoperatoria, cada animal va ser confinat a la Unitat de Cures Intensives, temps durant el qual es va estudiar la seva resposta antioxidant. Els valors obtinguts a diferents temps van ser comparats amb el valor basal, que s'havia obtingut del mateix animal estant aquest en el seu ambient habitual. No es van detectar variacions significants causades per l'estrès perioperatori. Els valors màxims es van observar durant la fase preoperatoria, just després que l'animal fós confinat a la Unitat de Cures Intensives, moment en el que l'estrès percebut era degut a les amenaces psicològiques de una àrea restringida i de la manipulació per persones desonegudes. L'abscència de variacions significants podrien ser degudes al sistema i el temps d'emmagatzement de les mostres. En humana s'han descrit les alteracions en l'activitat dels antioxidants sèrics després d'un mes d'emmagatzematent. Per definir l'estabilitat, després de la recollida de mostres, de l'activitat dels antioxidants en sèrum de gos és necessari realitzar més estudis.

Accions no canoniques dels Inhibidors d'Acetilcolinesterasa (IAChE ): estudis in vivo i in vitro de les huprines i heterodímers huprina X i tacrina

Projecte de recerca elaborat a partir d’una estada al Karolinska Institutet, Suècia, entre febrer i juliol del 2007. Els anticolinesteràsics són els fàrmacs aprovats actualment pel tractament pal•liatiu d’Alzheimer. En l’intent de trobar fàrmacs capaços de modificar l’evolució de la malaltia s’han sintentitzat nous compostos que conserven l’activitat anticolinesteràsica però que a més, són capaços d’interaccionar amb la cascada de formació de la proteïna beta-amiloid i la proteïna tau, principals agents patogènics d’aquesta malaltia. L’objectiu fonamental del projecte era el d’analitzar el contingut de proteina beta-amiloid, de receptors nicotínics, de GPAF i sinaptofisina en mostres de cervell de ratolins triple transgènics tractats previament amb Huprina X i Huperzina A.

The role of attention in multisensory integration processes

Report for the scientific sojourn at the University of Queensland, Australia, between June to October 2007. The integration of sensory information coming from different modalities is a subjectively effortless and automatic process. However, recent findings converge on the idea that there might be some limitations on how much multisensory information can our brains integrate at a given moment. The overall objective of this research visit was to expand and reinforce our current line of research addressing the role that attention plays on the mechanisms responsible for multisensory integration. There is also a critical review of the literature as well as a list of research questions of potential interest in the area of the neuropsychology of multisensory attention.