Anàlisi de la gestió de fons d’inversió de renda variable en el període 2009-2013

La crisi financera que es va originar l’any 2007 va tenir uns efectes devastadors a tots els àmbits de l’economia. El mercat hipotecari es va desplomar i l’accés al crèdit es va restringir a la majoria de la població. Els efectes que va tenir la crisi sobre aquests mercats han estat analitzats i estudiats repetidament en diverses assignatures. Però el que es vol observar amb la realització d’aquest treball són els efectes que va provocar la crisi econòmica sobre un altre àmbit del mercat financer, el mercat de fons d’estalvi i més concretament, en el de fons d’inversió. Aquest treball vol analitzar si els mercats espanyol i europeu de fons d’inversió ha patit els efectes de la crisi econòmica i si ha estat així, en quin grau s’han vist afectats. Aquests mercats venen regits per experts professionals en la matèria i la rendibilitat d’aquests actius vindrà determinada per la gestió que aquests facin. Per poder mesurar si la seva gestió aconsegueix millorar els resultats que podríem obtenir invertint en el mercat, utilitzarem uns índexs financers anomenats mesures de performance. Dins el ventall disponible de fons d’inversió, ens centrarem en el mercat de renda variable ja que és el que presenta major variabilitat i està més sotmès a possibles canvis en el mercat. En concret s’analitzaran els resultats de la gestió del mercat de fons d’inversió de renda variable durant els anys posteriors a la crisi fins a l’actualitat tant al mercat espanyol com al mercat europeu per diferents categories de fons.

Identification of metabolites and thermal transformation products of quinolones in raw cow milk by liquid chromatography coupled to high resolution mass spectrometry

The presence of residues of antibiotics, metabolites, and thermal transformation products (TPs), produced during thermal treatment to eliminate pathogenic microorganisms in milk, could represent a risk for people. Cow"s milk samples spiked with enrofloxacin (ENR), ciprofloxacin (CIP), difloxacin (DIF), and sarafloxacin (SAR) and milk samples from cows medicated with ENR were submitted to several thermal treatments. The milk samples were analyzed by liquid chromatography-mass spectrometry (LC-MS) to find and identify TPs and metabolites. In this work, 27 TPs of 4 quinolones and 24 metabolites of ENR were found. Some of these compounds had been reported previously, but others were characterized for the first time, including lactose-conjugated CIP, the formamidation reaction for CIP and SAR, and hydroxylation or ketone formation to produce three different isomers for all quinolones studied.

Effect of tow-drop gaps on the damage resistance and tolerance of Variable-Stiffness Panels

This paper presents an experimental study of the effects of tow-drop gaps in Variable Stiffness Panels under drop-weight impact events. Two different configurations, with and without ply-staggering, have been manufactured by Automated Fibre Placement and compared with their baseline counterpart without defects. For the study of damage resistance, three levels of low velocity impact energy are generated with a drop-weight tower. The damage area is analysed by means of ultrasonic inspection. Results of the analysed defect configurations indicate that the influence of gap defects is only relevant under small impact energy values. However, in the case of damage tolerance, the residual compressive strength after impact does not present significant differences to that of conventional straight fibre laminates. This indicates that the strength reduction is driven mainly by the damage caused by the impact event rather than by the influence of manufacturing-induced defects

Variable-stiffness composite panels: Defect tolerance under in-plane tensile loading

Automated Fiber Placement is being extensively used in the production of major composite components for the aircraft industry. This technology enables the production of tow-steered panels, which have been proven to greatly improve the structural efficiency of composites by means of in-plane stiffness variation and load redistribution. However, traditional straight-fiber architectures are still preferred. One of the reasons behind this is related to the uncertainties, as a result of process-induced defects, in the mechanical performance of the laminates. This experimental work investigates the effect of the fiber angle discontinuities between different tow courses in a ply on the un-notched and open-hole tensile strength of the laminate. The influence of several manufacturing parameters are studied in detail. The results reveal that 'ply staggering' and '0% gap coverage' is an effective combination in reducing the influence of defects in these laminates

The experience of identity transformation process for people living with tetraplegia and paraplegia = El proceso de reconstrucción de la identidad de las personas afectadas de una paraplejia o tetraplejia

A spinal cord injury (SCI) is perceived as a source of biographical disruption, not only at a physical level but also in terms of people’s life stories, their motivation and their self-esteem. The aim of this study is to explore the factors that people with spinal cord injuries perceive as contributing to rebuilding their sense of self. Two focus groups were established from the SCIcommunity, one of which was made up of 14 people with paraplegia and the other of 9 people with tetraplegia. In addition, four individual interviews were conducted with the participants. The results of content analysis show that the two most prominent factors in the process of identity renegotiation are the partial transformation of the subject’s identity followed by a coming to terms with that new identity. To rebuild self-worth, the importance of finding a balance between change and continuity was identified. Renegotiation of identity after a spinal cord injury is a complex phenomenon that greatly influences the SCI individual’s quality of life perceptions. Reaching a balance between the changes experienced due to the injury and finding a sense of continuity can be either facilitated or obstructed by the economic, political, legal, architectural, and social context

Estimating extreme value cumulative distribution functions using bias-corrected kernel approaches

We propose a new kernel estimation of the cumulative distribution function based on transformation and on bias reducing techniques. We derive the optimal bandwidth that minimises the asymptotic integrated mean squared error. The simulation results show that our proposed kernel estimation improves alternative approaches when the variable has an extreme value distribution with heavy tail and the sample size is small.

Identification of metabolites and thermal transformation products of quinolones in raw cow milk by liquid chromatography coupled to high resolution mass spectrometry.

The presence of residues of antibiotics, metabolites, and thermal transformation products (TPs), produced during thermal treatment to eliminate pathogenic microorganisms in milk, could represent a risk for people. Cow"s milk samples spiked with enrofloxacin (ENR), ciprofloxacin (CIP), difloxacin (DIF), and sarafloxacin (SAR) and milk samples from cows medicated with ENR were submitted to several thermal treatments. The milk samples were analyzed by liquid chromatography-mass spectrometry (LC-MS) to find and identify TPs and metabolites. In this work, 27 TPs of 4 quinolones and 24 metabolites of ENR were found. Some of these compounds had been reported previously, but others were characterized for the first time, including lactose-conjugated CIP, the formamidation reaction for CIP and SAR, and hydroxylation or ketone formation to produce three different isomers for all quinolones studied.

Greek by Steven Berkoff (1980): The Risky Transformation of Sophocles’ Oedipus Rex into a Love Story

[eng] Can Sophocles’ Oedipus Rex really be transformed into a love story, as in Steven Berkoff’s drama entitled Greek? This article will show that, although Greek may be viewed by some critics as simply a provocative drama by no means intended to justify incest, directors, actors and critics in the end become enthralled by the powerful love story that ensues between Eddy and his wife and mother. This perspective reveals that Berkoff’s adaptation, intended to portray the social degradation of 1980s Great Britain, is in reality a quite risky proposition since it represents a flat denial of the tragic awareness of contemporary men and women. However, if this is the case, the audience, apart from enjoying the performance of Berkoff’s drama, might question, even from a non-fundamentalist perspective within the classical tradition, to what degree it makes sense to take inspiration from a text by Sophocles that precisely illustrates the great tragic awareness of the ancient Greeks.

Regulating Concessions of Toll Motorways, An Empirical Study on Fixed vs. Variable Term Contracts

Recent theoretical developments on concession contracts for long term infrastructure projects under uncertain demand show the benefits of allowing for flexible term contracts rather than fixing a rigid term. This study presents a simulation to compare both alternatives by using real data from the oldest Spanish toll motorway. For this purpose, we analyze how well the flexible term would have performed instead of the fixed length actually established. Our results show a huge reduction of the term of concession that would have dramatically decreased the firm’s benefits and the user’s overpayment due to the internalization of an unexpected traffic increase.

ROLOC. Transformation chromatic stripes

[cat] Roloc es basa en la codificació cromàtica d'imatges. Roloc analitza una imatge i, a partir d'uns colors predeterminats per l'usuari, la reconverteix en franges de diferents mides segons la seva proporció cromàtica. D'aquesta manera tota imatge es reordena en franges verticals de colors plans.

The Transformation of Practical Teaching Focusing on Dialogic Learning

This study investigates the transformation of practical teaching in a Catalan school, connected to the design, implementation and development of project-based learning, and focusing on dialogic learning to investigate its limits and possibilities. Qualitative and design-based research (DBR) methods are applied. These methods are based on empirical educational research with the theory-driven of learning environments. DBR is proposed and applied using practical guidance for the teachers of the school. It can be associated with the current proposals for Embedding Social Sciences and Humanities in the Horizon 2020 Societal Challenges. This position statement defends the social sciences and the humanities as the most fundamental and important ideas to face all societal challenges. The results of this study show that before the training process, teachers apply dialogic learning in specific moments (for example, when they speak about the weekend); however, during the process and after the process, they work systematically with dialogic learning through the PEPT: they start and finish every activity with a individual and group reflection about their own processes, favouring motivation, reasoning and the implication of all the participants. These results prove that progressive transformations of teaching practice benefit cooperative work in class

Transformation of a Rural Landscape in the Eastern Pyrenees Between 1953 and 2000

In the mid-20th century, the southern parts of the Madres and Mont Coronat massif (Eastern Pyrenees, France) were characterized by a Mediterranean landscape shaped by human activity. Long-term use of these mountains for crops, livestock, and forestry led to an increase in grassland areas at the expense of forest. However, socioeconomic transformation (abandonment of agriculture and a decrease in the rural population) in recent decades has caused profound changes in this massif. Interpretation of aerial photographs (1953, 1969, 1988, and 2000) made it possible to detect and analyze the changes produced in the study area (6787 ha) during this period. In 1953 most of the massif landscape consisted of grasslands (38%) and open forests (18%), with some areas of dense forest (15%). By 2000, dense forest cover had doubled in size (31%), and grassland had decreased considerably (by 73% of the initial area). Since 1953, the study area has become more homogeneous, with a few local exceptions. The results of this study suggest that socioeconomic factors might be the main cause of landscape transformations in this period of approximately 50 years.

An Interface Damage Model for the Simulation of Delamination Under Variable-Mode Ratio in Composite Materials

A thermodynamically consistent damage model for the simulation of progressive delamination under variable mode ratio is presented. The model is formulated in the context of the Damage Mechanics. The constitutive equation that results from the definition of the free energy as a function of a damage variable is used to model the initiation and propagation of delamination. A new delamination initiation criterion is developed to assure that the formulation can account for changes in the loading mode in a thermodynamically consistent way. The formulation proposed accounts for crack closure effets avoiding interfacial penetration of two adjacent layers aftercomplete decohesion. The model is implemented in a finite element formulation. The numerical predictions given by the model are compared with experimental results

Socio-Cultural Transformation and the Promotion of Learning

The main premise of Vygotsky’s cultural-historical theory is that to promotelearning, and thus development, educators must intervene in, and change, the students’ socio-cultural context. Vygotsky’s theory, however, has been misinterpreted and the opposite approach has been accepted: the teaching is adapted, according to the context. The result is widespread failure in schools. This article reclaims the true transformative meaning of Vygotskian theory and shows how successful schools in several countries implement various actions to transform their social and cultural environment. Data is presented from six casestudies of successful schools conducted in five European countries. The analysis showsthat these actions improve instrumental learning and, consequently, cognitive development. All these efforts focus on teaching methods that aim to increase the amount that students learn

Espacios olvidados, lugares diferenciados: transformación social del espacio urbano en Bogotá (1850- 1880) = Forgotten Spaces, distinct places: Social transformation of urban space in Bogotá (1850-1880)

The purpose of this article is linked to some forms of recovery of social and urban spaces fallen into oblivion that are evident in the social transformation of urban space in Bogotá between 1850 and 1880.The following paper presents the preliminary results of the research entitled practices and social uses of water in Bogotá (1850-1888). The text links in first discussions about the understanding of the city as a drawing in space, moving to describe, the growth of the city, integrating its historical, social and cultural structuring