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.

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

Cómo aplicar las pruebas paramétricas bivariadas t de Student y ANOVA en SPSS.

Las pruebas paramétricas son un tipo de pruebas de significación estadística que cuantifican la asociación o independencia entre una variable cuantitativa y una categórica. Las pruebas paramétricas exigen ciertos requisitos previos para su aplicación: la distribución Normal de la variable cuantitativa en los grupos que se comparan, la homogeneidad de varianzas en las poblaciones de las que proceden los grupos y una n muestral no inferior a 30. Su incumplimiento conlleva la necesidad de recurrir a pruebas estadísticas no paramétricas. Las pruebas paramétricas se clasifican en dos: prueba t (para una muestra o para dos muestras relacionadas o independientes) y prueba ANOVA (para más de dos muestras independientes).

Stable sampling and Fourier multipliers

We study the relationship between stable sampling sequences for bandlimited functions in $L^p(\R^n)$ and the Fourier multipliers in $L^p$. In the case that the sequence is a lattice and the spectrum is a fundamental domain for the lattice the connection is complete. In the case of irregular sequences there is still a partial relationship.

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.

Regression analysis of compositional data when both the dependent variable and independent variable are components

It is well known that regression analyses involving compositional data need special attention because the data are not of full rank. For a regression analysis where both the dependent and independent variable are components we propose a transformation of the components emphasizing their role as dependent and independent variables. A simple linear regression can be performed on the transformed components. The regression line can be depicted in a ternary diagram facilitating the interpretation of the analysis in terms of components. An exemple with time-budgets illustrates the method and the graphical features

View-dependent information theory quality measures for pixel sampling and scene discretization in flatland

In this paper, we present view-dependent information theory quality measures for pixel sampling and scene discretization in flatland. The measures are based on a definition for the mutual information of a line, and have a purely geometrical basis. Several algorithms exploiting them are presented and compare well with an existing one based on depth differences

Point sampling with uniformly distributed lines

In this paper we address the problem of extracting representative point samples from polygonal models. The goal of such a sampling algorithm is to find points that are evenly distributed. We propose star-discrepancy as a measure for sampling quality and propose new sampling methods based on global line distributions. We investigate several line generation algorithms including an efficient hardware-based sampling method. Our method contributes to the area of point-based graphics by extracting points that are more evenly distributed than by sampling with current algorithms

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

Dinámica del heleoplancton en relación a las fluctuaciones hidrológicas en aiguamolls de l’Empordà (NE de la península Ibérica). Propuesta de un método sencillo de monitorización basado en la abundancia de grupos taxonómicos

Monitoring of the 'ecological water quality' in 'Aiguamolls de l’Empordà' Natural Park was carried out between September 1996 and August 1997 . The aim of this sampling programme was to design a simple method for rapid detect changes in water quality due to human activity. These include flow regulation by the Park management, nutrient entries from effluents of a nearby wastewater treatment plant or agricultural fertilising. The proposed method is based on the analysis of the abundance of characteristic taxonomic groups of aquatic invertebrates (heleoplankton). The simplicity of the method is ensured by the use of large taxa which are easier to recognise than species. The functioning of aquatic systems has been modelled by means of correspondence analysis between samples and taxa. Results can be summerized in five environmental conditions with a regular community structure. Dominated by one taxon: cladocerans, ostracods, calanoids, cyclopoids and harpacticoids. The dynamics of both freshwater and brackish lagoons can be modelled as displacements between these five groups of environmental conditions. Nevertheless, the “calanoids situation” and the “harpacticoids situation” occur mainly in brackish lagoons, whereas the “cladocerans situation” occurs mainly in freshwater. The four principal axes of data variation have been respectively identified as nutrient turnover rate, hypertrophy, degree of mineralization of the organic matter and eutrophy. The use of these taxa has been validated by comparison with a model obtained from the species. We conclude that in a highly fluctuating system such as the one here, only persistent situations of eutrophy or hypertrophy must be equated to low 'ecological water quality'