The effect of structural fund spending on the spanish regions: an assessment of the 1994-99 objective 1 CSF

This paper analyzes the growth and employment effects of the 1994-99 Community Support Framework (CSF) for the Objective 1 Spanish regions using a simple supply-side model estimated with a panel of regional data. The results suggest that the impact of the Structural Funds in Spain has been quite sizable, adding around a percentage point to annual output growth in the average Objective 1 region and 0.4 points to employment growth. Over the period 1994-2000, the Framework has resulted in the creation of over 300,000 new jobs and has eliminated 20% of the initial gap in income per capita between the assisted regions and the rest of the country.

Anàlisi i proposta de millora de la gestió del Memorial Auschwitz-Birkenau

La conservació d’un museu de les característiques del Memorial Museu Auschwitz-Birkenau és de vital importància. La realització d’aquest projecte pretén trobar les mancances que el museu pugui tenir per tal d’aportar-hi solucions. El museu té problemes per a conservar les seves instal·lacions a causa de la manca de fons econòmics i del gran nombre de visites que rep anualment

Behavioral aspects of investment fund's markets: are good managers lucky or skilled?

It is generally accepted that financial markets are efficient in the long run a lthough there may be some deviations in the short run. It is also accepted that a good portfolio manager is the one who beats the market persistently along time, this type of manager could not exist if markets were perfectly efficient According to this in a pure efficient market we should find that managers know that they can not beat the market so they would undertake only pure passive management strategies. Assuming a certain degree of inefficiency in the short run, a market may show some managers who tr y to beat the market by undertaking active strategies. From Fama’s efficient markets theory we can state that these active managers may beat the market occasionally although they will not be able to enhance significantly their performance in the long run. On the other hand, in an inefficient market it would be expected to find a higher level of activity related with the higher probability of beating the market. In this paper we follow two objectives: first, we set a basis to analyse the level of efficiency in an asset invest- ment funds market by measuring performance, strategies activity and it’s persistence for a certain group of funds during the period of study. Second, we analyse individual performance persistence in order to determine the existence of skilled managers. The CAPM model is taken as theoretical background and the use of the Sharpe’s ratio as a suitable performance measure in a limited information environment leads to a group performance measurement proposal. The empiri- cal study takes quarterly data from 1999-2007 period, for the whole population of the Spanish asset investment funds market, provided by the CNMV (Comisión Nacional del Mercado de Valores). This period of study has been chosen to ensure a wide enough range of efficient market observation so it would allow us to set a proper basis to compare with the following period. As a result we develop a model that allows us to measure efficiency in a given asset mutual funds market, based on the level of strategy’s activity undertaken by managers. We also observe persistence in individual performance for a certain group of funds

Portafolio selection with skewness: a comparison of methods and a generalized two fund separation result

This contribution compares existing and newly developed techniques for geometrically representing mean-variances-kewness portfolio frontiers based on the rather widely adapted methodology of polynomial goal programming (PGP) on the one hand and the more recent approach based on the shortage function on the other hand. Moreover, we explain the working of these different methodologies in detail and provide graphical illustrations. Inspired by these illustrations, we prove a generalization of the well-known two fund separation theorem from traditionalmean-variance portfolio theory.

The use of derivatives in the Spanish mutual fund industry

We study the use of derivatives in the Spanish mutual fund industry. The picture that emerges from our analysis is rather negative. In general, the use of derivatives does not improve the performance of the funds. In only one out of eight categories we find some (very weak and not robust) evidence of superior performance. In most of the cases users significantly underperform non users. Furthermore, users do not seem to exhibit superior timing or selectivity skills either, but rather the contrary. This bad performance is only partially explained by the larger fees funds using derivatives charge. Moreover,we do not find evidence of derivatives being used for hedging purposes. We do find evidence of derivatives being used for speculation. But users in only one category exhibit skills as speculators. Finally, we find evidence of derivatives being used to manage the funds cash inflows and outflows more efficiently.

El Memorial de Barcelona a Archer Milton Huntington, el fundador de la Hispanic Society of America, y a su esposa, la escultora, Anna Hyatt Huntington.

Barcelona en 1954 se anticipo a todos los homenajes, dedicando a Archer Milton Huntington (New York, 1870- Bathel, Connecticut, 1955) un monumento en reconocimiento a su excepcional figura como coleccionista e hispanófilo y también a su esposa, Anna Vaughn Hyatt Huntington (Cambridge, 1876 - California, 1973), excelente escultora que generosamente secundo los propósitos filo hispanos de su consorte. De esta manera Barcelona quería dejar constancia de su devoción y tributo a este reconocido coleccionista y filántropo americano que ayudo a vencer el llamado "Paradigma Prescott", historiador que había defendido las tesis sobre la leyenda negra española. A la vez que se reconocía que Archer M. Huntington ocupaba un lugar preeminente en la línea del hispanismo americano conjuntamente con los nombres de George Ticknor (1791 -1871), Washington Irving (1783-1859) y Henry Longfellow (1807-1882).

Entorn del projecte de "l'obra nova" del Palau de la Generalitat. El Memorial de 1603

Quan el 1602 els diputats ordenen una nova visura de les obres d'ampliació del Palau de la Generalitat, s'està de fet qüestionant la primitiva traça de Pere Blai. Hom posa en joc tot un seguit de categories, d'acord amb un nou estil visual d'arrel renaixentista que prima la mirada. En són requeriments: els costos econòmics, la visualització de l'edifici –valor de la imatge d'acord amb una intencionada representació del poder civil– i la seva individualització en el teixit urbà –d'aquí, el propòsit d'alliberar l'espai d'una plaça. El Memorial de 1603 s'insereix en una llarga i intricada seqüència. El document, d'interès pel cabal intrínsec d'informació projectual i constructiva, ho és també per a l'exegesi del model clàssic, del seu grau de comprensió i utilització al llindar del segle XVII en l'àmbit del Principat