196 resultados para decoupled net present value


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En aquest treball presentem dues caracteritzacions de dos valors diferents en el marc dels jocs coalicionals amb cooperació restringida. Les restriccions són introduïdes com una seqüència finita de particions del conjunt del jugadors, de manera que cada una d'elles eés més grollera que l'anterior, formant així una estructura amb diferents nivells d'unions a priori.

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[cat] En aquest article, es presenta un model econòmic que permet determinar la venda o no d'una pòlissa de vida (total o en part) per part d'un assegurat malalt terminal en el mercat dels viatical settlements. Aquest mercat va aparèixer a finals de la dècada dels 80 a conseqüència de l'epidèmia de la SIDA. Actualment, representa una part del mercat dels life settlements. Les pòlisses que es comercialitzen en el mercat dels viaticals són aquelles on l'assegurat és malalt terminal amb una esperança de vida de dos anys o menys. El model és discret i considera només dos períodes (anys), ja que aquesta és la vida residual màxima que contempla el mercat. L'agent posseix una riquesa inicial que ha de repartir entre consum i herència. S'introdueix en primer lloc la funció d'utilitat esperada del decisor i, utilitzant programació dinàmica, es dedueix l'estratègia que reporta una utilitat més gran (no vendre/vendre (en part) la pòlissa en el moment zero/vendre (en part) la pòlissa en el moment ú). L'òptim depèn del preu de la pòlissa venuda i de paràmetres personals de l'individu. Es troba una expressió analítica per l'estratègia òptima i es realitza un anàlisi de sensibilitat.

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Syntaxin 1 and synaptosome-associated protein of 25 kD (SNAP-25) are neuronal plasmalemma proteins that appear to be essential for exocytosis of synaptic vesicles (SVs). Both proteins form a complex with synaptobrevin, an intrinsic membrane protein of SVs. This binding is thought to be responsible for vesicle docking and apparently precedes membrane fusion. According to the current concept, syntaxin 1 and SNAP-25 are members of larger protein families, collectively designated as target-SNAP receptors (t-SNAREs), whose specific localization to subcellular membranes define where transport vesicles bind and fuse. Here we demonstrate that major pools of syntaxin 1 and SNAP-25 recycle with SVs. Both proteins cofractionate with SVs and clathrin-coated vesicles upon subcellular fractionation. Using recombinant proteins as standards for quantitation, we found that syntaxin 1 and SNAP-25 each comprise approximately 3% of the total protein in highly purified SVs. Thus, both proteins are significant components of SVs although less abundant than synaptobrevin (8.7% of the total protein). Immunoisolation of vesicles using synaptophysin and syntaxin specific antibodies revealed that most SVs contain syntaxin 1. The widespread distribution of both syntaxin 1 and SNAP-25 on SVs was further confirmed by immunogold electron microscopy. Botulinum neurotoxin C1, a toxin that blocks exocytosis by proteolyzing syntaxin 1, preferentially cleaves vesicular syntaxin 1. We conclude that t-SNAREs participate in SV recycling in what may be functionally distinct forms.

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We analyze the dynamics of a transient pattern formation in the Fréedericksz transition corresponding to a twist geometry. We present a calculation of the time-dependent structure factor based on a dynamical model which incorporates consistently the coupling of the director field with the velocity flow and also the effect of fluctuations. The appearance and development of a characteristic periodicity is described in terms of the time dependence of the maximum of the structure factor. We find a well-defined time for the appearance of the pattern and a subsequent stage of pattern development in which the characteristic periodicity tends to an asymptotic value.

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Magnetic interactions in ionic solids are studied using parameter-free methods designed to provide accurate energy differences associated with quantum states defining the Heisenberg constant J. For a series of ionic solids including KNiF3, K2NiF4, KCuF3, K2CuF4, and high- Tc parent compound La2CuO4, the J experimental value is quantitatively reproduced. This result has fundamental implications because J values have been calculated from a finite cluster model whereas experiments refer to infinite solids. The present study permits us to firmly establish that in these wide-gap insulators, J is determined from strongly local electronic interactions involving two magnetic centers only thus providing an ab initio support to commonly used model Hamiltonians.

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This paper analyzes the relationship between spatial density of economic activity and interregional differences in the productivity of industrial labour in Spain during the period 1860-1999. In the spirit of Ciccone and Hall (1996) and Ciccone (2002), we analyze the evolution of this relationship over the long term in Spain. Using data on the period 1860-1999 we show the existence of an agglomeration effect linking the density of economic activity with labour productivity in the industry. This effect was present since the beginning of the industrialization process in the middle of the 19th century but has been decreasing over time. The estimated elasticity of labour productivity with respect to employment density was close to 8% in the subperiod 1860-1900, reduces to a value of around 7% in the subperiod 1914-1930, to 4% in the subperiod 1965-1979 and becomes insignificant in the final subperiod 1985-1999. At the end of the period analyzed there is no evidence of the existence of net agglomeration effects in the industry. This result could be explained by an important increase in the congestion effects in large industrial metropolitan areas that would have compensated the centripetal or agglomeration forces at work. Furthermore, this result is also consistent with the evidence of a dispersion of industrial activity in Spain during the last decades.

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The existence of fluids and partial melt in the lower crust of the seismically active Kutch rift basin (on the western continental margin of India) owing to underplating has been proposed in previous geological and geophysical studies. This hypothesis is examined using magnetotelluric (MT) data acquired at 23 stations along two profiles across Kutch Mainland Uplift and Wagad Uplift. A detailed upper crustal structure is also presented using twodimensional inversion of MT data in the Bhuj earthquake (2001) area. The prominent boundaries of reflection in the upper crust at 5, 10 and 20 km obtained in previous seismic reflection profiles correlate with conductive structures in our models. The MT study reveals 1-2 km thick Mesozoic sediments under the Deccan trap cover. The Deccan trap thickness in this region varies from a few meters to 1.5 km. The basement is shallow on the northern side compared to the south and is in good agreement with geological models as well as drilling information. The models for these profiles indicate that the thickness of sediments would further increase southwards into the Gulf of Kutch. Significant findings of the present study indicate 1) the hypocentre region of the earthquake is devoid of fluids, 2) absence of melt (that is emplaced during rifting as suggested from the passive seismological studies) in the lower crust and 3) a low resistive zone in the depth range of 5-20 km. The present MT study rules out fluidsand melt (magma) as the causative factors that triggered the Bhuj earthquake. The estimated porosity value of 0.02% will explain 100-500 ohm·m resistivity values observed in the lower crust. Based on the seismic velocities and geochemical studies, presence of garnet is inferred. The lower crust consists of basalts - probably generated by partial melting of metasomatised garnet peridotite at deeper depths in the lithosphere - and their composition might be modified by reaction with the spinel peridotites.

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While an adequate supply of food can be achieved at present for the current global population, sustaining this into the future will be difficult in the face of a steadily increasing population, increased wealth and a diminishing availability of fertile land and water for agriculture. This problem will be compounded by the new uses of agricultural products, for example, as biofuels. Wheat alone provides ≥20% of the calories and the protein for the world's population, and the value and need to increase the production is recognized widely. Currently, the world average wheat yield is around 3 t/ha but there is considerable variation between countries, with region-specific factors limiting yield, each requiring individual solutions. Delivering increased yields in any situation is a complex challenge that is unlikely to be solved by single approaches and a multidisciplinary integrated approach to crop improvement is required. There are three specific major challenges: increasing yield potential, protecting yield potential, and increasing resource use efficiency to ensure sustainability. Since the green revolution, yields at the farm gate have stagnated in many countries, or are increasing at less than half the rate required to meet the projected demand. In some countries, large gains can still be achieved by improvements in agronomy, but in many others the yield gains will only be achieved by further genetic improvement. In this overview, the problems and potential solutions for increased wheat yields are discussed, in the context of specific geographic regions, with a particular emphasis on China. The importance and the prospects for improvement of individual traits are presented. It is concluded that there are opportunities for yield increase but a major challenge will be avoiding a simultaneous increase in resource requirements.

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The archaeological site of Cuyacabras (Quintanar de la Sierra, Burgos) is one of main early medieval reference settlements in Upper Arlanza basin lands and it attracts a great amount of visitors. The monumental featured half-caved church and the necropolis consisting of several burials dug into the rock present around the whole area are material evidences of an ancient hill town which has remained uninhabited from middle XIIIth century. New fieldworks on this whole site, excavated during the sixties, have been focused on improving the scientific impact of the site and setting up to date the records and information entries for the necropolis. All obtained data emphasize the weakness of several principles used to put in value the settlement, and they also suggest a revision of several-year-old discussions on one hand, and on the other one, they encourage scholars to propound new up to date theories which will fi t better with our knowledge"s current context.

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The archaeological site of Cuyacabras (Quintanar de la Sierra, Burgos) is one of main early medieval reference settlements in Upper Arlanza basin lands and it attracts a great amount of visitors. The monumental featured half-caved church and the necropolis consisting of several burials dug into the rock present around the whole area are material evidences of an ancient hill town which has remained uninhabited from middle XIIIth century. New fieldworks on this whole site, excavated during the sixties, have been focused on improving the scientific impact of the site and setting up to date the records and information entries for the necropolis. All obtained data emphasize the weakness of several principles used to put in value the settlement, and they also suggest a revision of several-year-old discussions on one hand, and on the other one, they encourage scholars to propound new up to date theories which will fi t better with our knowledge"s current context.

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Increasing anthropogenic pressures urge enhanced knowledge and understanding of the current state of marine biodiversity. This baseline information is pivotal to explore present trends, detect future modifications and propose adequate management actions for marine ecosystems. Coralligenous outcrops are a highly diverse and structurally complex deep-water habitat faced with major threats in the Mediterranean Sea. Despite its ecological, aesthetic and economic value, coralligenous biodiversity patterns are still poorly understood. There is currently no single sampling method that has been demonstrated to be sufficiently representative to ensure adequate community assessment and monitoring in this habitat. Therefore, we propose a rapid non-destructive protocol for biodiversity assessment and monitoring of coralligenous outcrops providing good estimates of its structure and species composition, based on photographic sampling and the determination of presence/absence of macrobenthic species. We used an extensive photographic survey, covering several spatial scales (100s of m to 100s of km) within the NW Mediterranean and including 2 different coralligenous assemblages: Paramuricea clavata (PCA) and Corallium rubrum assemblage (CRA). This approach allowed us to determine the minimal sampling area for each assemblage (5000 cm² for PCA and 2500 cm²for CRA). In addition, we conclude that 3 replicates provide an optimal sampling effort in order to maximize the species number and to assess the main biodiversity patterns of studied assemblages in variability studies requiring replicates. We contend that the proposed sampling approach provides a valuable tool for management and conservation planning, monitoring and research programs focused on coralligenous outcrops, potentially also applicable in other benthic ecosystems

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Objecte: L'aplicació de la NIC 32 en les cooperatives ha generat una important controvèrsia en els últims anys. Fins al moment, s'han realitzat diversos treballs que intenten preveure els possibles efectes de la seva aplicació. Aquest treball pretén analitzar l'impacte de la primera aplicació de la NIC 32 en el sector cooperatiu. Disseny/metodologia/enfocament: S'ha seleccionat una mostra de 98 cooperatives, i s'ha realitzat una anàlisi comparativa de la seva informació financera presentada abans i després de l'aplicació de la NIC 32, per a determinar les diferències existents. S’ha utilitzat la prova de la suma de rangs de Wilcoxon per comprovar si aquestes diferències són significatives. També s’ha utilitzat la prova de la U de Mann Whitney per comprovar si existeixen diferències significatives en l’impacte relatiu de l’aplicació de la NIC 32 entre diversos grups de cooperatives. Finalment, s'ha realitzat una anàlisi dels efectes de l'aplicació de la NIC 32 en la situació patrimonial i econòmica de les cooperatives, i en l'evolució dels seus actius intangibles, mitjançant l’ús de tècniques d’anàlisi econòmico-financera. Aportacions i resultats: Els resultats obtinguts confirmen que l'aplicació de la NIC 32 provoca diferències significatives en algunes partides del balanç de situació i el compte de pèrdues i guanys, així com en les ràtios analitzades. Les principals diferències es concreten en una reducció del nivell de capitalització i un augment de l'endeutament de les cooperatives, així com un empitjorament general dels ràtios de solvència i autonomia financera. Limitacions: Cal tenir en compte que el treball s'ha realitzat amb una mostra de cooperatives que estan obligades a auditar els seus comptes anuals. Per tant, els resultats obtinguts han d'interpretar-se en un context de cooperatives de tamany elevat. També cal tenir en compte que hem realitzat una anàlisi comparativa dels comptes anuals de 2011 i 2010. Això ens ha permès conèixer les diferències en la informació financera de les cooperatives abans i després d'aplicar la NIC 32. Encara que algunes d’aquestes diferències també podrien estar causades per altres factors com la situació econòmica, els canvis en l'aplicació de les normes comptables, etc. Originalitat/valor afegit: Creiem que és el moment idoni per a realitzar aquest treball d'investigació, ja que des de 2011 totes les cooperatives espanyoles han d'aplicar les normes comptables adaptades a la NIC 32. A més, fins on coneixem, no existeixen altres treballs similars realitzats amb comptes anuals de cooperatives que ja han aplicat les normes comptables adaptades a la NIC 32 . Creiem que els resultats d'aquest treball d'investigació poden ser útils per a diferents grups d'interès. En primer lloc, perquè els organismes emissors de normes comptables puguin conèixer l'abast de la NIC 32 en les cooperatives i, puguin plantejar millores en el contingut de la norma. En segon lloc, perquè les pròpies cooperatives, federacions, confederacions i altres organismes cooperatius disposin d'informació sobre l'impacte econòmic de la primera aplicació de la NIC 32, i puguin realitzar les valoracions que creguin convenients. I en tercer lloc, perquè les entitats financeres, auditors i assessors de cooperatives i altres grups d'interès disposin d'informació sobre els canvis en els comptes anuals de les cooperatives, i puguin tenir-los en compte a l'hora de prendre decisions. Paraules clau: Cooperatives, patrimoni net, capital social, NIC 32, solvència, efectes de la normativa comptable, informació financera, ràtios.