Single period Markowitz portfolio selection, performance gauging and duality: a variation on Luenberger's shortage function

Markowitz portfolio theory (1952) has induced research into the efficiency of portfolio management. This paper studies existing nonparametric efficiency measurement approaches for single period portfolio selection from a theoretical perspective and generalises currently used efficiency measures into the full mean-variance space. Therefore, we introduce the efficiency improvement possibility function (a variation on the shortage function), study its axiomatic properties in the context of Markowitz efficient frontier, and establish a link to the indirect mean-variance utility function. This framework allows distinguishing between portfolio efficiency and allocative efficiency. Furthermore, it permits retrieving information about the revealed risk aversion of investors. The efficiency improvement possibility function thus provides a more general framework for gauging the efficiency of portfolio management using nonparametric frontier envelopment methods based on quadratic optimisation.

Ecological sustainability and urban form

One controversial idea present in the debate on urban sustainability is that urban sprawl is an ecological stressing problem. We have tested this popular assumption by measuring the ecological footprint of commuting and housing of the 163 municipalities of the Barcelona Metropolitan Region and by relating the estimated values with residential density and accessibility, the fundamental determinant of residential density according to the Monocentric City Model.

La Moda y la clase social en la era del consumo

Dado que el debate académico actual exige del hallazgo de nuevas guías con las que poder reconsiderar la permanencia de la cultura de clases en las sociedades tardo-modernas, el análisis aquí presentado podría perfectamente adquirir preeminencia en tanto ambiciona poner de relieve las relaciones existentes entre la estructura social y las prácticas de consumo. En este sentido, el examen teórico es utilizado para recordar la trascendencia de la diferenciación y jerarquización de usos y significados que se aplican a los bienes de moda como resultado de las correspondencias entre determinadas condiciones sociales, ciertas normas situacionales y sistemas estructurados. En este sentido, las categorías operativas sobre las que se sustenta la tesina y que han de servir para la elaboración de una futura tesis, son el género y la clase social. Por lo que para el enjuiciamiento de la perspectiva adoptada ha de estimarse la voluntad de oponerse a los enfoques que anuncian las prácticas de consumo como realidades democratizadoras que igualan y liberan del contexto y la historia. Ya que en este caso, lo que precisamente no es pretendido, es la inobservancia de que los consumos de bienes simbólicos, como son los de moda, se realizan a partir de valores consensuados a través de relaciones interpersonales.

Estudi per la selecció de CAG pel procés de potabilització de l'ETAP Ter

El present document representa l’estudi per la selecció de CAG pel procés de potabilització de l’ETAP Ter a partir d’un disseny experimental de planta pilot de menor escala. Es determina l'adequació de carbó en base a les característiques físiques (superfície BET, índex de iode...) i la capacitat d’eliminació de COT i UV respecte la mostra a tractar.

Distintiu de garantia de qualitat ambiental per a equipaments culturals: aplicació pilot en biblioteques

El DGQA per a Equipaments Culturals és un distintiu per a la certificació ambiental de biblioteques i museus. L’objectiu del projecte és avaluar el distintiu mitjançant una aplicació pilot en 26 biblioteques de la província de Barcelona, i proposar millores tant per al distintiu com per a les biblioteques. També es pretén fer recerca sobre l’ecoetiquetatge de serveis, ja que és un àmbit poc desenvolupat, i sobre el sistema d’estudi, les biblioteques. Una anàlisi de les ecoetiquetes a nivell mundial, considerant 4 macroregions, ha permès caracteritzar les ecoetiquetes i determinar la situació actual dels serveis en l’ecoetiquetatge. Hi han variacions en el nombre de categories entre ecoetiquetes, i el percentatge de categories de serveis és, en general, reduït (8% de mitjana). Els subsectors serveis dominants són els d’Hosteleria, serveis de neteja i comerç. No hi ha cap experiència de certificació ambiental de serveis culturals, per tant, l’ecoetiquetatge de serveis culturals és un àmbit nou. El sistema d’estudi són 26 biblioteques de la província de Barcelona. L’aplicació del distintiu a aquestes s’ha dut a terme realitzant treball de camp a cadascuna per tal de determinar el seu estat ambiental. Posteriorment, s’han analitzat les dades per establir el grau de compliment de cadascuna. La majoria de les biblioteques (85%) compleixen més de la meitat dels criteris bàsics, i un 60% superen la puntuació mínima de compliment dels criteris opcionals. Els resultats obtinguts han permès avaluar la viabilitat de la implantació del distintiu, a través de l’anàlisi de cadascun dels seus criteris. Per tal de millorar les possibilitats d’èxit en la implantació del distintiu, s’han aportat un seguit de propostes a nivell individual i col·lectiu. S’ha realitzat una fitxa per a cadascuna de les 26 biblioteques, per tal d’orientar els gestors de les biblioteques en l’adopció de mesures per a l’acompliment dels criteris. També s’han inclòs propostes a l’avaluació dels criteris, dirigides als gestors del distintiu.

La mediació penal en l’àmbit del menor i la seva incidència a Catalunya

La mediació en l‘àmbit penal del menor és un mitjà innovador de resolució de conflictes, que s’ha de promoure per les seves innegables avantatges envers el model de punició tradicional. Permet que tots el agents afectats puguin intervenir i apropa la justícia a la societat, tot donant un paper fonamental a la víctima i afavorint-hi les possibilitats resocialitzadores i educatives del menor infractor. L’objectiu principal ha de ser facilitar al menor, que tot just comença la seva carrera criminal, les eines necessàries per evitar-ne l’evolució com a adult delinqüent, amb el consegüent benefici per a tota la societat. Igualment, la víctima, gran oblidada del procés penal, adquireix un nou protagonisme per decidir l‘abast de la seva reparació i, alhora, la societat reforça els mecanismes per obtenir la pau social. Aquestes finalitats tan loables mereixen l’esforç de les institucions per invertir en mitjans personals i materials que garanteixin l’eficàcia i la viabilitat dels programes de mediació i reparació. L’experiència a Catalunya, comunitat pionera en aquest àmbit, ve avalada per uns resultats excel·lents en el camp de la jurisdicció dels menors, segons reconeixen els mateixos protagonistes. Els resultats favorables de la mediació en l’àmbit del menor han permès, fins i tot, iniciar la primera experiència a l’Estat pel que fa a la mediació en la justícia penal d’adults. S’obren, doncs, noves possibilitats dins la filosofia del dret penal que ens permetran assolir en el futur solucions innovadores, proposades per les persones directament afectades. Aquest ha estat l’objectiu del nostre estudi, tot mirant d’aprofundir els avantatges de la mediació envers al sistema punitiu tradicional i els resultats de la seva implantació a Catalunya, així com cercar solucions que alleugeressin la sempre sobrecarregada Administració de justícia.

Stocks assesment, biomass and fish production in two mediterranean basins (NE Spain)

In order to evaluate the success of the reintroduction of the Eurasian otter (Lutra lutra) in the Empordh wetlands (Parc Natural dels Aiguamolls de I'Empordhà), and the Muga and Fluvih basins, density of fish, biomass and production in the Muga and Fluvia Rivers have been estimated, since fishes represent the principal prey in the otter diet. 12 study sites were selected in order to survey the main flows in both basins. Electrofishing surveys were conducted by blocking off the station with barrier nets, which was performed upon 3 successive catches. The density estimated presents a range of 1,136-1 25 ind .ha' in the Muga basin, 4,49-163 ind.ha' in the Fluvih basin and 3,76-52,2 ind.ha' in the Empordh wetlands. Estimated biomass ranges are 0,616-277,6 g.m2, 8,79-351,2 g.m2, and 5,7-108 g.m-2 respectively. These density anfi biomass ranges are similar to other results obtained from rivers inhabited by the Eurasian otter in NE Spain

Musculoskeletal manifestations in polymyalgia rheumatica and temporal arteritis.

To evaluate the incidence and characteristics of musculoskeletal manifestations in polymyalgia rheumatica (PMR) and temporal arteritis (TA). METHODS The records of 163 cases of PMR or TA diagnosed over a 15 year period in one area of Spain were reviewed for the presence and type of musculoskeletal manifestations. RESULTS Of 163 patients, 90 had isolated PMR and 73 had TA. Eighteen of the 90 patients (20%) with isolated PMR developed distal peripheral arthritis either at diagnosis or during the course of the disease. When it occurred, synovitis was mild, monoarticular or pauci-articular, asymmetrical, transient, and not destructive. Other distal manifestations observed in these patients were carpal tunnel syndrome and distal extremity swelling with pitting oedema. In all cases these manifestations occurred in conjunction with active PMR. As expected, PMR was the most frequent musculoskeletal manifestation in patients with TA, occurring in 56% of cases. On the contrary, only 11% of patients with TA developed peripheral arthritis. An important finding was that peripheral arthritis in these patients appears to be linked only temporally to the presence of simultaneous PMR and is not observed in its absence. Distal extremity swelling or defined polyarthritis were not observed. CONCLUSION The spectrum of distal musculoskeletal manifestations of PMR in our series is similar to that reported in other populations. By contrast, distal musculoskeletal symptoms are uncommon in TA. The almost complete absence of distal musculoskeletal manifestations in patients with pure TA suggests different mechanisms of disease in PMR and TA, supporting the view of two separate conditions or one common disease in which host susceptibility influences the clinical expression.

Polyphenol-rich foods in the Mediterranean diet are associated with better cognitive function in elderly subjects at high cardiovascular risk

Brain oxidative processes play a major role in age-related cognitive decline, thus consumption of antioxidant-rich foods might help preserve cognition. Our aim was to assess whether consumption of antioxidant-rich foods in the Mediterranean diet relates to cognitive function in the elderly. In asymptomatic subjects at high cardiovascular risk (n = 447; 52% women; age 5580 y) enrolled in the PREDIMED study, a primary prevention dietary-intervention trial, we assessed food intake and cardiovascular risk profile, determined apolipoprotein E genotype, and used neuropsychological tests to evaluate cognitive function.We also measured urinary polyphenols as an objective biomarker of intake. Associations between energy-adjusted food consumption, urinary polyphenols, and cognitive scores were assessed by multiple linear regression models adjusted for potential confounders. Consumption of some foods was independently related to better cognitive function. The specific associations [regression coefficients (95% confidence intervals)] were: total olive oil with immediate verbal memory [0.755 (0.1511.358)]; virgin olive oil and coffee with delayed verbal memory [0.163 (0.0100.316) and 0.294 (0.0550.534), respectively];walnuts with working memory [1.191 (0.0612.322)]; and wine with Mini-Mental State Examination scores [0.252 (0.0060.496)]. Urinary polyphenols were associated with better scores in immediate verbal memory [1.208 (0.2362.180)]. Increased consumption of antioxidant-rich foods in general and of polyphenols in particular is associated with better cognitive performance in elderly subjects at high cardiovascular risk. The results reinforce the notion that Mediterranean diet components might counteract age-related cognitive decline.

Incidencia de la incapacidad temporal por contingencia común y profesional en la muestra continua de vidas laborales en 2009

Objetivo: Describir la incidencia de la incapacidad temporal por contingencia común (ITcc) y profesional (ITcp) iniciada en 2009 en afiliados a la Seguridad Social (SS) que forman parte de la Muestra Continua de Vida Laboral.Métodos: Cohorte formada por 873.008 afiliados a la SS en España que registraron 163.008 episodios de IT con un tiempo acumulado total en riesgo de 675.923,6 trabajadores-año. Se estimó la tasa de incidencia de todos los primeros episodios de IT y por trastornos musculo-esqueléticos (TME) según variables demográficas y laborales. Posteriormente se calcularon las razones de tasas crudas (RTc) y ajustadas (RTa) mediante un modelo de regresión Poisson.Resultados: La incidencia de la ITcc e ITcp fue de 23,1 y 1,0 casos por 100 trabajadores-año, respectivamente. La incidencia por ITcc fue superior en mujeres, en menores de 26 años y en Navarra (32,8 casos por 100 trabajadores-año), y por ITcp las mayores incidencias se observaron en hombres y en Galicia. Por diagnóstico, los TME presentaron 424,7 casos y 3,6 casos por 10.000 trabajadores-año según contingencia común y profesional respectivamente. Por otra parte, los trabajadores temporales tuvieron más riesgo de desarrollar ITcp (RTa=1,09;IC95%=1,04-1,15) e ITcc (RTa=1,02;IC95%=1,01-1,03) respecto a los permanentes.Conclusiones: La incidencia de la IT sigue un mismo patrón según edad, régimen de afiliación y relación laboral. Por tipo de contingencia se observaron diferencias en la ocupación, sexo, tamaño de empresa, comunidad autónoma y actividad económica. Es necesario estudiar con más detenimiento las diferencias observadas por actividad económica y tipo de relación contractual.

Effect of maternal clinical chorioamnionitis on neonatal morbidity in very-low birthweight infants: a case control study

Aims: To assess the relationship between maternal clinical chorioamnionitis and neonatal outcome in preterm very-low birthweight (VLBW) infants. Methods: An observational case-control study was conducted in the Neonatology Services of 12 acute-care teaching hospitals in Spain. Between January 2004 and December 2006, all consecutive VLBW (F1500 g) infants born to a mother with clinical chorioamnionitis were enrolled. Controls were infants without chorioamnionitis matched by gestational age who were born immediately after each index case. Results: There were 165 cases and 163 controls. A significantly higher percentage of cases than controls required intubation (53% vs. 35.8%), had normal intrauterine growth (98.1% vs. 84.7%), were born in a tertiary center (inborn) (95.1% vs. 89.1%), from single gestations (76.4% vs. 65.6%) and vaginal delivery (47.3% vs. 33.3%), showed a lowerApgar score at 5 min, and presented a higher rate of earlyonset sepsis (10.4% vs. 1.2%). Older maternal age (32.5 vs. 30.8 years), premature labor (67.3% vs. 25.8%), premature rupture of membranes (61.3% vs. 25.8%), and antibiotic treatment (88.5% vs. 52.3%) were significantly more frequent among cases than controls. Conclusions: After controlling by gestational age, maternal chorioamnionitis was associated with neonatal depression and early sepsis but not with other prematurity-related complications.

Effect of maternal clinical chorioamnionitis on neonatal morbidity in very-low birthweight infants: a case control study

Aims: To assess the relationship between maternal clinical chorioamnionitis and neonatal outcome in preterm very-low birthweight (VLBW) infants. Methods: An observational case-control study was conducted in the Neonatology Services of 12 acute-care teaching hospitals in Spain. Between January 2004 and December 2006, all consecutive VLBW (F1500 g) infants born to a mother with clinical chorioamnionitis were enrolled. Controls were infants without chorioamnionitis matched by gestational age who were born immediately after each index case. Results: There were 165 cases and 163 controls. A significantly higher percentage of cases than controls required intubation (53% vs. 35.8%), had normal intrauterine growth (98.1% vs. 84.7%), were born in a tertiary center (inborn) (95.1% vs. 89.1%), from single gestations (76.4% vs. 65.6%) and vaginal delivery (47.3% vs. 33.3%), showed a lowerApgar score at 5 min, and presented a higher rate of earlyonset sepsis (10.4% vs. 1.2%). Older maternal age (32.5 vs. 30.8 years), premature labor (67.3% vs. 25.8%), premature rupture of membranes (61.3% vs. 25.8%), and antibiotic treatment (88.5% vs. 52.3%) were significantly more frequent among cases than controls. Conclusions: After controlling by gestational age, maternal chorioamnionitis was associated with neonatal depression and early sepsis but not with other prematurity-related complications.

Effect of maternal clinical chorioamnionitis on neonatal morbidity in very-low birthweight infants: a case control study

Aims: To assess the relationship between maternal clinical chorioamnionitis and neonatal outcome in preterm very-low birthweight (VLBW) infants. Methods: An observational case-control study was conducted in the Neonatology Services of 12 acute-care teaching hospitals in Spain. Between January 2004 and December 2006, all consecutive VLBW (F1500 g) infants born to a mother with clinical chorioamnionitis were enrolled. Controls were infants without chorioamnionitis matched by gestational age who were born immediately after each index case. Results: There were 165 cases and 163 controls. A significantly higher percentage of cases than controls required intubation (53% vs. 35.8%), had normal intrauterine growth (98.1% vs. 84.7%), were born in a tertiary center (inborn) (95.1% vs. 89.1%), from single gestations (76.4% vs. 65.6%) and vaginal delivery (47.3% vs. 33.3%), showed a lowerApgar score at 5 min, and presented a higher rate of earlyonset sepsis (10.4% vs. 1.2%). Older maternal age (32.5 vs. 30.8 years), premature labor (67.3% vs. 25.8%), premature rupture of membranes (61.3% vs. 25.8%), and antibiotic treatment (88.5% vs. 52.3%) were significantly more frequent among cases than controls. Conclusions: After controlling by gestational age, maternal chorioamnionitis was associated with neonatal depression and early sepsis but not with other prematurity-related complications.

Disseny i instal·lació de pantalles flexibles antiallaus per a la protecció de la C-28 a la Vall d'Aran

Els treballs del present projecte contemplen el disseny i la instal lació de 5.250 m de pantalles flexibles antiallaus tipus Umbrelli, per tal de protegir la carretera C-28 dels efectes de les allaus. En concret les estructures es situaran a l’alçada del Pk 39 de la C-28, a uns 2 km, aproximadament del nucli de Baqueira, terme municipal del Naut Aran a la comarca de la Vall d’Aran. Amb la instal lació d’aquestes pantalles es pretén assegurar 40 hectàrees aproximadament del possible desencadenament d’allaus al vessant conegut com les Pales de Ruda.