Has the Euro-Mediterranean partnership affected Mediterranean business cycles?

We date turning points of the reference cycle for 19 Mediterranean countries andanalyze their structure and interdependences. Fluctuations are volatile and not highlycorrelated across countries; recessions are deep but asynchronous making average outputlosses in the area limited. Heterogeneities across countries and regions are substantial.Mediterranean cycles are time varying but their evolution is not linked withthe Euro-Mediterranean partnership process. The concordance of cyclical fluctuationsis poorly related to trade and financial linkages and to their evolution over time.

Adopting a new religion: The case of Protestantism in 16th Century Germany

Using a rich dataset of territories and cities of the Holy Roman Empire in the16th century, this paper investigates the determinants of adoption and diffusion ofProtestantism as a state religion. A territory s distance to Wittenberg, the city whereMartin Luther taught, is a major determinant of adoption. This finding can be explainedthrough a theory of strategic neighbourhood interactions: in an uncertainlegal context, introducing the Reformation was a risky enterprise for territorial lords,and had higher prospects of success if powerful neighbouring states committed tothe new faith first. The model is tested in a panel dataset featuring the dates ofintroduction of the Reformation.

Solving two production scheduling problems with sequence-dependent set-up times

In today’s competitive markets, the importance of goodscheduling strategies in manufacturing companies lead to theneed of developing efficient methods to solve complexscheduling problems.In this paper, we studied two production scheduling problemswith sequence-dependent setups times. The setup times areone of the most common complications in scheduling problems,and are usually associated with cleaning operations andchanging tools and shapes in machines.The first problem considered is a single-machine schedulingwith release dates, sequence-dependent setup times anddelivery times. The performance measure is the maximumlateness.The second problem is a job-shop scheduling problem withsequence-dependent setup times where the objective is tominimize the makespan.We present several priority dispatching rules for bothproblems, followed by a study of their performance. Finally,conclusions and directions of future research are presented.

The dog that did not bark: Insider trading and crashes

This paper documents that at the individual stock level insiders sales peak many months before a large drop in the stock price, while insiders purchases peak only the month before a large jump. We provide a theoretical explanation for this phenomenon based on trading constraints and asymmetric information. We test our hypothesis against competing stories such as patterns of insider trading driven by earnings announcement dates, or insiders timing their trades to evade prosecution. Finally we provide new evidence regarding crashes and the degree of information asymmetry.

Does it cost to be virtuous? The macroeconomic effects of fiscal constraints

We study whether and how fiscal restrictions alter the business cycle features of macrovariables for a sample of 48 US states. We also examine the typical transmission properties of fiscal disturbances and the implied fiscal rules of states with different fiscal restrictions. Fiscal constraints are characterized with a number of indicators. There are similarities in second moments of macrovariables and in the transmission properties of fiscal shocks across states with different fiscal constraints. The cyclical response of expenditure differs in size and sometimes in sign, but heterogeneity within groups makes point estimates statistically insignificant. Creative budget accounting is responsible for the pattern. Implications for the design of fiscal rules and the reform of the Stability and Growth Pact are discussed.

What is what?: A simple time-domain test of long-memory vs. structural breaks

This paper proposes a new time-domain test of a process being I(d), 0 < d = 1, under the null, against the alternative of being I(0) with deterministic components subject to structural breaks at known or unknown dates, with the goal of disentangling the existing identification issue between long-memory and structural breaks. Denoting by AB(t) the different types of structural breaks in the deterministic components of a time series considered by Perron (1989), the test statistic proposed here is based on the t-ratio (or the infimum of a sequence of t-ratios) of the estimated coefficient on yt-1 in an OLS regression of ?dyt on a simple transformation of the above-mentioned deterministic components and yt-1, possibly augmented by a suitable number of lags of ?dyt to account for serial correlation in the error terms. The case where d = 1 coincides with the Perron (1989) or the Zivot and Andrews (1992) approaches if the break date is known or unknown, respectively. The statistic is labelled as the SB-FDF (Structural Break-Fractional Dickey- Fuller) test, since it is based on the same principles as the well-known Dickey-Fuller unit root test. Both its asymptotic behavior and finite sample properties are analyzed, and two empirical applications are provided.

Proyecto de ejecución para las obras de concesión de dominio público para la reforma y adecuación de la central térmica y de la red de saneamiento en un hospital de 350 camas

El Hospital Punta de Europa en Algeciras (Cádiz), centro sanitario del Servicio Andaluz de Salud, desea optimizar la gestión de sus instalaciones de generación de energía térmica (vapor, agua caliente sanitaria y agua caliente de calefacción) y adecuarlas a la normativa vigente así como la sustitución de bajantes del edificio, para lo cual sacará a concurso público la licitación para la concesión de dominio público de dichas instalaciones. Para definir el alcance y condiciones de la citada concesión, el Hospital Punta de Europa (Algeciras) del Servicio Andaluz de Salud ha solicitado a Pedro Alonso Martín el estudio para la reforma y adecuación de las instalaciones productoras de energía térmica del citado Hospital. El objetivo principal de este trabajo es hacer un estudio, propuesta y valoración de las actuaciones necesarias para la reforma y mejora de la explotación de las instalaciones generadoras de energía térmica y de la red saneamiento interior del Hospital Punta de Europa de Algeciras (Cádiz). Las actuales instalaciones de generación térmica consumidoras de energía del hospital dentro del alcance de este Proyecto son: Generación de vapor (lavandería y esterilización). Producción de agua caliente sanitaria (ACS). Producción de agua caliente de calefacción. La mayoría de los equipos productores de energía datan del año 1975, por lo que en la mayoría de los casos se ha cumplido su plazo de amortización y periodo de vida útil. Se hace necesaria la instalación de gas natural, debido a que se tendrá que abastecer a todas las calderas de la central térmica. El diseño del sistema de producción de agua caliente sanitaria garantiza el máximo confort y economía del usuario, compatible con el máximo ahorro energético y la protección del medio ambiente, cubriendo las necesidades de agua caliente sanitaria mediante la combinación de un sistema de calderas a gas con los colectores solares.

Parametrització de contorns oberts

Un dels principals problemes quan es realitza un anàlisi de contorns és la gran quantitat de dades implicades en la descripció de la figura. Per resoldre aquesta problemàtica, s’aplica la parametrització que consisteix en obtenir d’un contorn unes dades representatives amb els mínims coeficients possibles, a partir dels quals es podrà reconstruir de nou sense pèrdues molt evidents d’informació. En figures de contorns tancats, la parametrització més estudiada és l’aplicació de la transformada discreta de Fourier (DFT). Aquesta s’aplica a la seqüència de valors que descriu el comportament de les coordenades x i y al llarg de tots els punts que formen el traç. A diferència, en els contorns oberts no es pot aplicar directament la DFT ja que per fer-ho es necessita que el valor de x i de y siguin iguals tan en el primer punt del contorn com en l’últim. Això és degut al fet que la DFT representa sense error senyals periòdics. Si els senyals no acaben en el mateix punt, representa que hi ha una discontinuïtat i apareixen oscil·lacions a la reconstrucció. L’objectiu d’aquest treball és parametritzar contorns oberts amb la mateixa eficiència que s’obté en la parametrització de contorns tancats. Per dur-ho a terme, s’ha dissenyat un programa que permet aplicar la DFT en contorns oberts mitjançant la modificació de les seqüencies de x i y. A més a més, també utilitzant el programari Matlab s’han desenvolupat altres aplicacions que han permès veure diferents aspectes sobre la parametrització i com es comporten els Descriptors El·líptics de Fourier (EFD). Els resultats obtinguts han demostrat que l’aplicació dissenyada permet la parametrització de contorns oberts amb compressions òptimes, fet que facilitarà l’anàlisi quantitatiu de formes en camps com l’ecologia, medicina, geografia, entre d’altres.

Informe sobre el I Encuentro Británico-Español de Profesores de Biblioteconomía y Documentación, 2000 (Barcelona, 30-31 de març i 1 d'abril de 2000)

Sota el títol de Biblioteconomía y Documentación en la era digital: docencia e investigación, l'Observatori de la Comunicació Científica, la Secció Científica de Biblioteconomia i Documentació del Departament de Ciències Polítiques i Socials i l'Institut de Lingüística Aplicada (IULA) de la Universitat Pompeu Fabra organitzaren en les dates ja esmentades el I Encuentro Británico-Español de Profesores de Biblioteconomia y Documentación a la seu de la Rambla d'aquesta Universitat. Han col·laborat en aquesta activitat, a més, el Ministerio de Educación y Cultura, el Departamento de Biblioteconomía y Documentación de la Universidad Carlos III de Madrid, la Llicenciatura en Documentació de la Universitat Autònoma de Barcelona, la Llicenciatura en Documentació de la Universitat de Barcelona, la Llicenciatura en Documentació de laUniversitat Oberta de Catalunya, el Col·legi Oficial de Bibliotecaris-Documentalistes de Catalunya (COBDC) i la School of Information and Media Robert Gordon University. Pel nombre d'institucions implicades i pelseu alt nivell, es constata fàcilment que la trobada naixia amb molt bons auguris.

Un modelo de riesgo de crédito basado en opciones compuestas con barrera. Aplicación al mercado continuo español

In this work the valuation methodology of compound option written on a downand-out call option, developed by Ericsson and Reneby (2003), has been applied to deduce a credit risk model. It is supposed that the firm has a debt structure with two maturity dates and that the credit event takes place when the assets firm value falls under a determined level called barrier. An empirical application of the model for 105 firms of Spanish continuous market is carried out. For each one of them its value in the date of analysis, the volatility and the critical value are obtained and from these, the default probability to short and long-term and the implicit probability in the two previous probabilities are deduced. The results are compared with the ones obtained from the Geskemodel (1977).

Un modelo de riesgo de crédito basado en opciones compuestas con barrera. Aplicación al mercado continuo español

In this work the valuation methodology of compound option written on a downand-out call option, developed by Ericsson and Reneby (2003), has been applied to deduce a credit risk model. It is supposed that the firm has a debt structure with two maturity dates and that the credit event takes place when the assets firm value falls under a determined level called barrier. An empirical application of the model for 105 firms of Spanish continuous market is carried out. For each one of them its value in the date of analysis, the volatility and the critical value are obtained and from these, the default probability to short and long-term and the implicit probability in the two previous probabilities are deduced. The results are compared with the ones obtained from the Geskemodel (1977).

Santuaris lleidetans amb tradició mèdica

Aquest llibre es publica amb motiu del III Congrés d'Història de la Medicina Catalana, que se celebrà a la ciutat de Lleida durant els dies 4 al 6 de juny de 1981.Possiblement, la raó llunyana per la qual s'han elegit aquestes dates per a publicar-lo, obeeixi al punt de partida extern del llibre, que fou la petita comunicació "Aspectes mèdics del santuari de Butsènit", presentada precisament en un Congrés, el II d'Història de la Medicina Catalana, celebrat l'any 1975 a la reial Acadèmia de Medicina de Barcelona.

A contribution to the study of post-depositional alterations of pottery using TL dating analysis

In luminescence dating, the potassium concentration significantly contributes to the dose rate value in the age estimation. Within this study, fine-grain thermoluminescence dating has been applied on sherds of calcareous pottery of known age, excavated at a Roman site in Mallorca, Spain. For those of the samples that showed signs of severe potassium leaching, according to chemical and mineralogical examination, the thermoluminescence analysis provided overestimated dates. By using the known archaeological age of the samples, a corrected dose rate value can be estimated which provides the potassium concentration averaged for the burial period. Finally, a step-like model can then be used to estimate the fraction of the burial period after which most of the alteration effects took place.

Earliest known use of marine resources by neanderthals

Numerous studies along the northern Mediterranean borderland have documented the use of shellfish by Neanderthals but none of these finds are prior to Marine Isotopic Stage 3 (MIS 3). In this paper we present evidence that gathering and consumption of mollusks can now be traced back to the lowest level of the archaeological sequence at Bajondillo Cave (Málaga, Spain), dated during the MIS 6. The paper describes the taxonomical and taphonomical features of the mollusk assemblages from this level Bj19 and briefly touches upon those retrieved in levels Bj18 (MIS 5) and Bj17 (MIS 4), evidencing a continuity of the shellfishing activity that reaches to MIS 3. This evidence is substantiated on 29 datings through radiocarbon, thermoluminescence and U series methods. Obtained dates and paleoenvironmental records from the cave include isotopic, pollen, lithostratigraphic and sedimentological analyses and they are fully coherent with paleoclimate conditions expected for the different stages. We conclude that described use of shellfish resources by Neanderthals (H. neanderthalensis) in Southern Spain started ~150 ka and were almost contemporaneous to Pinnacle Point (South Africa), when shellfishing is first documented in archaic modern humans.

Reconstructing snow avalanches in the Southeastern Pyrenees

A regional study of snow avalanche processes was undertaken in the SE Pyrenees. Dendrogeomorphology was used to date and reconstruct large-scale snow avalanche events that occurred in the last four decades. Dendrochronological analyses yielded the dates of nine winters when avalanches occurred in the recent past in six studied avalanche paths. Some of these avalanches were already known, but others had not been documented. In one case, the existing avalanche path map was improved with the dendrogeomorphological information of a larger past event. As a result of the dendrogeomorphological analyses, evidence for three regional-scale major avalanche years was identified in the SE Pyrenees from 1971 to 2004: 1971¿1972, 1995¿1996 and 2002¿2003. The specific synoptic atmospheric situations and the most likely nivometeorological and snowpack conditions that released these major avalanches were determined using weather data for the seasons of major avalanche releases. In 1971¿1972 the snow avalanche episode was characterized by a deep trough crossing the Pyrenees. In 1995¿1996 a variety of meteorological situations produced several episodes of major avalanches. In 2002¿2003 the more significant of two episodes was attributed to a north advection pumping an arctic air mass over the Pyrenees. The 1995¿1996 avalanche season proved to be the most notable in the four past decades in the Pyrenees.