The Simple Economics of Conglomeration with Bankruptcy Costs: Separate or Joint Financing?

Which projects should be financed through separate non-recourse loans (or limited- liability companies) and which should be bundled into a single loan? In the pres- ence of bankruptcy costs, this conglomeration decision trades off the benefit of co- insurance with the cost of risk contamination. This paper characterize this tradeoff for projects with binary returns, depending on the mean, variability, and skewness of returns, the bankruptcy recovery rate, the correlation across projects, the number of projects, and their heterogeneous characteristics. In some cases, separate financing dominates joint financing, even though it increases the interest rate or the probability of bankruptcy.

Conglomeration with bankruptcy costs: Separate or joint financing?

The paper analyzes the determinants of the optimal scope of incorporation in the presenceof bankruptcy costs. Bankruptcy costs alone generate a non-trivial tradeoff between thebenefit of coinsurance and the cost of risk contamination associated to joint financing corporate projects through debt. This tradeoff is characterized for projects with binary returns,depending on the distributional characteristics of returns (mean, variability, skewness, heterogeneity, correlation, and number of projects), the bankruptcy recovery rate, and the taxrate advantage of debt relative to equity. Our testable predictions are broadly consistentwith existing empirical evidence on conglomerate mergers, spin-offs, project finance, andsecuritization.

The Catalan countries project (1931-1939)

In the evolution of Catalan nationalism, as much politician as cultural, the period of II Spanish Republic (1931-1939) was essential. The obtaining of the Statute of Autonomy (1931-1932) supposed the beginning of a stage of expansion in multiple aspects. One of them were the contacts with the Catalanists nuclei of the rest of the cultural space of Catalan language in which, at that time, it would begin to call Catalan Countries (Balearic Islands, Valencian Country, Andorra, Rosselló, to l'Alguer). On Those Collaborations between cultural organizations, political and particular parties Catalonia always will be the model to follow. The Increasing connections will be visualized on press, as well as on cultural celebrations, policy of parties and Constituent Courts. This evolution will be cut by the Franco victory in the Civil War in 1939.

Transferring QTL technology to the pig breeding industry (PigQTech) - a demonstration project

The aim of the project has been to demonstrate how the farm animal breeding industry can utilise gene mapping technology to accelerate genetic improvement. Previous theoretical studies had suggested that the use of marker assisted selection could potentially increase the annual improvement for quantitative traits like backfat with about 10% and for more difficult traits such as meat quality and reproduction by as much as 40-60% compared with existing technology. The work has comprised two major tasks: 1. Commercially relevant populations have been screened for segregation at QTLs identified in experimental populations. The aim has been to establish optimal strategies for QTL detection in commercial pig populations and the extent to which QTLs explaining major phenotypic differences between divergent lines used in experimental studies also explain quantitative variation within commercial lines. The results are important for specifying future strategies for finding economically valuable QTLs. 2. Marker assisted backcrossing has been used to demonstrate how a QTL allele can be introgressed from one breed to another. The work has focused on the major fatness QTL on pig chromosome 4 previously identified in a wild pig/Large White intercross. The end result was not designed to be a commercially viable product in its own right, but the process has validated a number of points of major importance for the exploitation of QTLs in livestock.

Inequality and a repeated joint project

Agents voluntarily contribute to an infinitely repeated joint project. We investigate the conditions for cooperation to be a renegotiation-proof and coalition-proof equilibrium before examining the influence of output share inequality on the sustainability of cooperation. When shares are not equally distributed, cooperation requires agents to be more patient than under perfect equality. Beyond a certain degree of share inequality, full efficiency cannot be reached without redistribution. This model also explains the coexistence of one cooperating and one free-riding coalition. In this case, increasing inequality can have a positive or negative impact on the aggregate level of effort.

Does the EU financing system contribute to shadow economic activity?

Financial contributions to the EU budget depend basically on official GDP. This means that countries with higher shadow economic activity contribute less than they should contribute in a system based on actual GDP and therefore could reduce their incentive to fight against such activities. In this paper we investigate if the EU financing system really has an influence on the intensity with which governments in EU member states fight against shadow economic activity. We find that the EU net contributors significantly fight more intensively against shadow economic activity while EU net receivers significantly fight less. As a result, shadow economic activity is higher in net receiver and lower in net contributor countries than it were in comparison with a scenario of nationally balanced EU funding. Quantitatively and averaged over the time period 2001-2007, the diagnosed effect amounts to a stimulation of hidden economic activity by almost 10% for particular economies. JEL classification: C31, D63, F33, H21, H26. Keywords: EU financing system, shadow economy, tax auditing.

After Art. Una propuesta de implementación digital en el Museu d'Art Contemporani de Barcelona a través de Google Art Project

L’aplicació de la tecnologia de Google Art Project al Museu d’Art Contemporani de Barcelona (MACBA) com a forma d’aproximació de l’art a un públic més internacional és el plantejament d’aquest treball. Amb aquesta finalitat es desenvoluparà una estratègia de comunicació digital que comprengui aquesta eina com a principal i abasti altres mètodes interactius a xarxes socials i a altres espais de socialització 2.0. L’elaboració d’aquesta estratègia estarà basada dins un context real de l’art contemporani a Barcelona i de la seva màxima compenetració amb aquesta innovadora iniciativa.

El nuevo sistema de financiación regional: Adenda

This note contains some addenda to a recent paper (de la Fuente, 2010) that analyzed the new Spanish system of regional financing and estimated its financial results for 2009. The note updates my previous estimates using the information contained in the recently published liquidation of the system for 2009. It also discusses some aspects of the new financing law that have to do with the future evolution of the system and collects some data that may be useful to project its results.

E-MOVE project : a case of successfulcooperation of European academic librariesof distance teaching universities

El Library and Learning Support Working Group (LLSWG) és una xarxa europea de professionals de biblioteca i de la informació i educadors dins de l'Associació Europea d'Universitats d'Ensenyament (EADTU). EADTU és l'organització que representa tant les universitats obertes i d'ensenyament a distància com els consorcis nacionals d'institucions d'ensenyament superior actius en els camps d'educació de distància i e-learning. El 2005 l'Associació Europea d'Universitats d'Ensenyament de Distància (EADTU) presentava a la Comissió Europea una proposta de projecte sobre Mobilitat Virtual anomenada E-MOVE. El projecte incloïa, entre d'altres, un paquet de treball referent a biblioteca i suport a l'aprenentatge al context de mobilitat virtual. Aquest fou desenvolupat pel LLSWG de l'EADTU.

COINE Project : Cultural Objects in Networked Environments

La idea subjacent al Projecte de Recerca i Desenvolupament COINE és permetre a la gent contar les seves pròpies històries. COINE pretén proporcionar les eines necessàries per crear estructuradament, un entorn basat en el World Wide Web, que permeti compartir continguts. Els resultats del Projecte ajudaran al desenvolupament d'estàndards per a la implantació i la recuperació estructurades de recursos digitals en entorns en xarxa distribuïda. El Projecte de COINE s'inicià el març de 2002 i finalitzà l'agost de 2004. Avui en dia estem al WorkPackage 5 on estem construint el Sistema, el programari i les interfícies. COINE pretén cobrir la gamma més àmplia possible d'usuaris potencials, des d'organitzacions de patrimoni cultural i institucions de qualsevol mida (principalment biblioteques, arxius i museus) fins a individus de qualsevol edat sense habilitats en l'ús de les TIC, o a grups petits de ciutadans. Els usuaris no utilitzaran només COINE com a eina de cerca, sinó que contribuiran amb el seu propi contingut.

Contribution to Asterisk Open Source Project

With this final master thesis we are going to contribute to the Asterisk open source project. Asterisk is an open source project that started with the main objective of develop an IP telephony platform, completely based on Software (so not hardware dependent) and under an open license like GPL. This project was started on 1999 by the software engineer Mark Spencer at Digium. The main motivation of that open source project was that the telecommunications sector is lack of open solutions, and most of the available solutions are based on proprietary standards, which are close and not compatible between them. Behind the Asterisk project there is a company, Digum, which is the project leading since the project was originated in its laboratories. This company has some of its employees fully dedicated to contribute to the Asterisk project, and also provide the whole infrastructure required by the open source project. But the business of Digium isn't based on licensing of products due to the open source nature of Asterisk, but it's based on offering services around Asteriskand designing and selling some hardware components to be used with Asterisk. The Asterisk project has grown up a lot since its birth, offering in its latest versions advanced functionalities for managing calls and compatibility with some hardware that previously was exclusive of proprietary solutions. Due to that, Asterisk is becoming a serious alternative to all these proprietaries solutions because it has reached a level of maturity that makes it very stable. In addition, as it is open source, it can be fully customized to a givenrequirement, which could be impossible with the proprietaries solutions. Due to the bigness that is reaching the project, every day there are more companies which develop value added software for telephony platforms, that are seriously evaluating the option of make their software fully compatible withAsterisk platforms. All these factors make Asterisk being a consolidated project but in constant evolution, trying to offer all those functionalities offered by proprietaries solutions. This final master thesis will be divided mainly in two blocks totally complementaries. In the first block we will analyze Asterisk as an open source project and Asterisk as a telephony platform (PBX). As a result of this analysis we will generate a document, written in English because it is Asterisk project's official language, which could be used by future contributors as an starting point on joining Asterisk. On the second block we will proceed with a development contribution to the Asterisk project. We will have several options in the form that we do the contribution, such as solving bugs, developing new functionalities or start an Asterisk satellite project. The type of contribution will depend on the needs of the project on that moment.

Email system upgrade : project report

Final degree project report. It summarizes the email upgrade project that was held at CELLS by Sergio Vicente.

eKnowledge Project: Developing and piloting a forum tool to support the collaborative construction of knowledge on the UOC's Virtual Campus

Final report of the eKnowledge's project, an online forum tool that offers consultants and students the chance to create spaces for asynchronous communication and collaboration.

Adaptive integral assessment package for the A2UN@ project

This paper presents a first approach of Evaluation Engine Architecture (EEA) as proposal to support adaptive integral assessment, in the context of a virtual learning environment. The goal of our research is design an evaluation engine tool to assist in the whole assessment process within the A2UN@ project, linking that tool with the other key elements of a learning design (learning task, learning resources and learning support). The teachers would define the relation between knowledge, competencies, activities, resources and type of assessment. Providing this relation is possible obtain more accurate estimations of student's knowledge for adaptive evaluations and future recommendations. The process is supported by usage of educational standards and specifications and for an integral user modelling

EGASP: the human ENCODE Genome Annotation Assessment Project

Background: We present the results of EGASP, a community experiment to assess the state-ofthe-art in genome annotation within the ENCODE regions, which span 1% of the human genomesequence. The experiment had two major goals: the assessment of the accuracy of computationalmethods to predict protein coding genes; and the overall assessment of the completeness of thecurrent human genome annotations as represented in the ENCODE regions. For thecomputational prediction assessment, eighteen groups contributed gene predictions. Weevaluated these submissions against each other based on a ‘reference set’ of annotationsgenerated as part of the GENCODE project. These annotations were not available to theprediction groups prior to the submission deadline, so that their predictions were blind and anexternal advisory committee could perform a fair assessment.Results: The best methods had at least one gene transcript correctly predicted for close to 70%of the annotated genes. Nevertheless, the multiple transcript accuracy, taking into accountalternative splicing, reached only approximately 40% to 50% accuracy. At the coding nucleotidelevel, the best programs reached an accuracy of 90% in both sensitivity and specificity. Programsrelying on mRNA and protein sequences were the most accurate in reproducing the manuallycurated annotations. Experimental validation shows that only a very small percentage (3.2%) of the selected 221 computationally predicted exons outside of the existing annotation could beverified.Conclusions: This is the first such experiment in human DNA, and we have followed thestandards established in a similar experiment, GASP1, in Drosophila melanogaster. We believe theresults presented here contribute to the value of ongoing large-scale annotation projects and shouldguide further experimental methods when being scaled up to the entire human genome sequence.