Inversion Analytics: Análisis sobre rentabilidad de inversiones mediante VAN y TIR

Inversion Analytics es una herramienta para facilitar el análisis en inversiones que se planteen en pequeñas, medianas y grandes empresas, en el que se plasmará toda la información necesaria para determinar los valores que entran en juego en la inversión. La aplicación realiza esta función mediante el cálculo de VAN (Valor Actual Neto) y TIR (Tasa Interna de Rentabilidad) de una inversión determinada, a partir de la información introducida por el usuario y teniendo en cuenta los distintos métodos de amortización de la inversión inicial, así como los distintos enfoques o supuestos en el que clasificaremos el horizonte temporal de la misma.

La Inspiració de Van Gogh

La Inspiració de Van Gogh ofereix una reflexió entre les similituds i coincidències de dues societats (la societat de finals del sXIX, i la societat actual) separades pel temps, però unides per la necessitat de trobar una sortida a tanta incomprensió artística i social.

Open minded and open access: introducing NeoBiota, a new peer-reviewed journal of biological invasions

The Editorial presents the focus, scope, policies, and the inaugural issue of NeoBiota, a new open access peer-reviewed journal of biological invasions. The new journal NeoBiota is a continuation of the former NEOBIOTA publication series. The journal will deal with all aspects of invasion biology and impose no restrictions on manuscript size neither on use of color. NeoBiota implies an XML-based editorial workflow and several cutting-edge innovations in publishing and dissemination, such as semantic markup of and enhancements to published texts, data publication, and extensive cross-linking within the journal and to external sources

The Sustainable Debts of Philip II: A Reconstruction of Spain's Fiscal Position, 1560-1598

The defaults of Philip II have attained mythical status as the origin of sovereign debt crises. Four times during his reign the king failed to honor his debts and had to renegotiate borrowing contracts. In this paper, we reassess the fiscal position of Habsburg Spain. New archival evidence allows us to derive comprehensive estimates of debt and revenue. These show that primary surpluses were sufficient to make the king's debt sustainable in most scenarios. Spain's debt burden was manageable up to the 1580s, and its fiscal position only deteriorated for good after the defeat of the "Invincible Armada." We also estimate fiscal policy reaction functions, and show that Spain under the Habsburgs was at least as "responsible" as the US in the 20th century or as Britain in the 18th century. Our results suggest that the outcome of uncertain events such as wars may influence on a history of default more than strict adherence to fiscal rules.

Risk sharing with the monarch: Excusable defaults and contingent debt in the age of Philip II, 1556-1598

Contingent sovereign debt can create important welfare gains. Nonetheless,there is almost no issuance today. Using hand-collected archival data, we examine thefirst known case of large-scale use of state-contingent sovereign debt in history. Philip IIof Spain entered into hundreds of contracts whose value and due date depended onverifiable, exogenous events such as the arrival of silver fleets. We show that this allowedfor effective risk-sharing between the king and his bankers. The data also stronglysuggest that the defaults that occurred were excusable they were simply contingenciesover which Crown and bankers had not contracted previously.

The sustainable debts of Philip II: A reconstruction of Castile's fiscal position, 1566-1596

The defaults of Philip II have attained mythical status as the origin of sovereigndebt crises. We reassess the fiscal position of Habsburg Castile, derivingcomprehensive estimates of revenue, debt, and expenditure from new archivaldata. The king s debts were sustainable. Primary surpluses were large and rising.Debt-to-revenue ratios remained broadly unchanged during Philip s reign.Castilian finances in the sixteenth century compare favorably with those of otherearly modern fiscal states at the height of their imperial ambitions, includingBritain. The defaults of Philip II therefore reflected short-term liquidity crises,and were not a sign of unsustainable debts.

Lending to the borrower from hell: Debt and default in the age of Philip II, 1556-1598

What sustained borrowing without third-party enforcement, in the early days of sovereignlending? Philip II of Spain accumulated towering debts while stopping all payments tohis lenders four times. How could the sovereign borrow much and default often? Weargue that bankers ability to cut off Philip II s access to smoothing services was key. Aform of syndicated lending created cohesion among his Genoese bankers. As a result,lending moratoria were sustained through a cheat the cheater mechanism (Kletzer andWright, 2000). Our paper thus lends empirical support to a recent literature emphasizingthe role of bankers incentives for continued sovereign borrowing.

Response to the letter to the editor by Dr van den Berg

Letters to the editor

Gurt Esparraguera, J. M., Buxeda i Garrigòs M. i Cau Ontiveros, M. A (eds.), LRCW 1 Late Roman Coarte Wares, Cocking Wares and Amphorae in the Mediterranean, Archaeology and Archaeometry BAR 1340

No es exagerado afirmar que, en las últimas décadas, los estudios dedicados a la cultura material de la antigüedad tardía y, en particular, a sus producciones cerámicas, han experimentado un desarrollo acelerado. Este fenómeno se ha traducido en una auténtica explosión de títulos que, con diversa extensión y profundidad, abarcan todas las posibilidades de análisis: desde las monografías de excavación, en las que se describen los repertorios asociados a las formas de vida y trabajo de un asentamiento, hasta las síntesis regionales que abordan cuestiones relacionadas con los mecanismos económicos, culturales y políticos que impulsaron la creación de unos circuitos de intercambio de alcance mediterráneo.

A cartography of the Van der Waals territory

The distribution of distances from atoms of a particular element E to a probe atom X (oxygen in most cases), both bonded and intermolecular non-bonded contacts, has been analyzed. In general, the distribution is characterized by a maximum at short EX distances corresponding to chemical bonds, followed by a range of unpopulated distances the van der Waals gap and a second maximum at longer distances the van der Waals peak superimposed on a random distribution function that roughly follows a d3 dependence. The analysis of more than five million interatomic"non-bonded" distances has led to the proposal of a consistent set of van der Waals radii for most naturally occurring elements, and its applicability to other element pairs has been tested for a set of more than three million data, all of them compared to over one million bond distances.

Els virus van fer evolucionar el cervell

Un retrovirus va contribuir a incrementar les capacitats cognitives dels éssers humans. Va incidir sobre un gen que també està involucrat en algunes malalties mentals

Cap a on van els programes de garantia social

En el present estudi es descriu l'experiència de la implantació dels PGS en la comunitat de Castella-La Manxa, partint d'un marc conceptual en el que es descriuen les modalitats i característiques de programes. Es detallen les dades obtingudes mitjançant d'un estudi empíric que ofereix informació sobre els diferents agents (professorat, alumnes, famílies) que concurreixen en tals Programes de Garantía Social.

Ellis-Van Creveld Syndrome. Case report and literature review

Ellis-van Creveld syndrome is a genetic disorder that was first described by Richard Ellis and Simon van Creveld in 1940. The four principal characteristics are chondrodysplasia, polydactyly, ectodermal dysplasia and congenital heart defects. The orofacial manifestations include multiple gingivolabial musculofibrous fraenula, dental anomalies, hypodontia and malocclusion. The disease can be diagnosed at any age, even during pregnancy. The differentiation should be made between Jeune syndrome and other orofaciodigital syndromes

Ellis-Van Creveld Syndrome. Case report and literature review

Ellis-van Creveld syndrome is a genetic disorder that was first described by Richard Ellis and Simon van Creveld in 1940. The four principal characteristics are chondrodysplasia, polydactyly, ectodermal dysplasia and congenital heart defects. The orofacial manifestations include multiple gingivolabial musculofibrous fraenula, dental anomalies, hypodontia and malocclusion. The disease can be diagnosed at any age, even during pregnancy. The differentiation should be made between Jeune syndrome and other orofaciodigital syndromes