Sistema de gestión de las aguas del complejo minero de carbón de S.A.M.C.A. en la Val de Ariño (Teruel)

La finalidad de este proyecto consiste en realizar un estudio de la gestión del agua del complejo minero de carbón que SAMCA tiene en Ariño, así como recoger distintas iniciativas de mejora para su optimización en la actualidad. Por otro lado, también se pretende analizar la problemática de la posible clausura de la mina de interior “Sierra de Arcos”, una de las principales aportadoras de agua al sistema, y se presentan las posibles opciones para el aprovechamiento óptimo de las aguas superficiales y subterráneas de cara al futuro de la explotación para garantizar un balance hídrico en el que los aportes y los consumos de agua estén equilibrados. Después de este exhaustivo análisis, se deciden cuáles son las mejores opciones desde un punto de vista tanto técnico como económico. ABSTRACT The purpose of this Project is to carry out a study about the management of SAMCA´s coalmine complex in Ariño, as well as gathering a range of initiatives to help optimizing the present system. Additionally, the study sets out to analyze the possible problems arising from the closing of “Sierra de Arcos” underground mine, contributor of one of the main sources of water into the system. Based on the analysis, a series of possible options are presented to reach the ideal utilization of the superficial and underground water. These proposals aim to ensure an optimal water balance sheet between the water contributions and the water consumptions. The results obtained from this exhaustive analysis are used to reach a conclusion for the project by presenting what are considered the best options from both, a technical and an economic point of view.

Return of Equity Issues in the Spanish Stock Market from the Investor’s Perspective, during the 1997-2012 Period

Is it profitable for an investor, from a risk-return perspective, to acquire a stake in a quoted company when a capital increase is announced? This paper analyses the return obtained from the investment in equity issues with cash contribution and pre-emptive rights, aimed at funding corporate activities: acquisitions, investments in new facilities and/or strengthening the balance sheet of the companies undertaking the equity issue. During the 16 years covered by the study, the results show a negative average excess risk-adjusted return of almost 5%, from the moment that the equity offer is announced until the completion of the preferential subscription period. To obtain this excess return, the difference between the nominal Internal Rate of Return (IRR) and the expected return, using the CAPM, is computed for each equity issue. The intention behind this method is to eliminate the effects of time and any other possible effect on the stock price during the period of the analysis.The results from this article are consistent with the Pecking Order theory for the Spanish Stock Market also six months after the preferential subscription period. However, there is a positive return after three months.

Differential expression of major histocompatibility complex class II genes on murine macrophages associated with T cell cytokine profile and protective/suppressive effects

Protective/suppressive major histocompatibility complex (MHC) class II alleles have been identified in humans and mice where they exert a disease-protective and immunosuppressive effect. Various modes of action have been proposed, among them differential expression of MHC class II genes in different types of antigen-presenting cells impacting on the T helper type 1 (Th1)–Th2 balance. To test this possibility, the expression of H-2 molecules from the four haplotypes H-2b, H-2d, H-2k, and H-2q was determined on bone marrow-derived macrophages (BMDMs) and splenic B cells. The I-Ab and I-Ek molecules, both well characterized as protective/suppressive, are expressed at a high level on almost all CD11b+ BMDMs for 5–8 days, after which expression slowly declines. In contrast, I-Ad, I-Ak, and I-Aq expression is lower, peaks over a shorter period, and declines more rapidly. No differential expression could be detected on B cells. In addition, the differential MHC class II expression found on macrophages skews the cytokine response of T cells as shown by an in vitro restimulation assay with BMDMs as antigen-presenting cells. The results indicate that macrophages of the protective/suppressive haplotypes express MHC class II molecules at a high level and exert Th1 bias, whereas low-level expression favors a Th2 response. We suggest that the extent of expression of the class II gene gates the back signal from T cells and in this way controls the activity of macrophages. This effect mediated by polymorphic nonexon segments of MHC class II genes may play a role in determining disease susceptibility in humans and mice.

A realistic bridge towards European banking union. Bruegel Policy Contribution 2013/09, June 2013

New obstacles to the European banking union have emerged over the last year, but a successful transition remains both necessary and possible. The key next step will be in the second half of 2014, when the European Central Bank (ECB) will gain supervisory authority over most of Europe’s banking system. This needs to be preceded by a rigorous balance sheet assessment that is likely to trigger significant bank restructuring, for which preparation has barely started. It will be much more significant than current discussions about a bank resolution directive and bank recapitalisation by the European Stability Mechanism (ESM). The 2014 handover, and a subsequent change in the European treaties that will establish the robust legal basis needed for a sustainable banking union, together define the policy sequence as a bridge that can allow Europe to cross the choppy waters that separate it from a steady-state banking policy framework.

Monetary policy and risk taking. Bruegel Working Paper 2010/00, February 2010

We assess, through VAR evidence, the effects of monetary policy on banks’ risk exposure and find the presence of a risk-taking channel. A model combining fragile banks prone to risk mis-incentives and credit constrained firms, whose collateral fluctuations generate a balance sheet channel, is used to rationalize the evidence. A monetary expansion increases bank leverage. With two consequences: on the one side this exacerbates risk exposure; on the other, the risk spiral depresses output, therefore dampening the conventional amplification effect of the financial accelerator. Keywords: monetary policy, bank behavior, leverage, financial accelerator.

Banking Business Models Monitor 2014: Europe. CEPS Paperbacks, 14 October 2014

CEPS and the International Observatory on Financial Services Cooperatives (IOFSC) at HEC Montreal have initiated an annual monitoring exercise on banking business models in the EU. Based on their balance sheet structures, 147 European banks that account for more than 80% of the industry assets were categorised in four business models. The Monitor emphasises the ownership structures and assesses the financial and economic performance, resilience and robustness, before, during and after the financial and economic crises across retail diversified-, retail focused-, investment-, and wholesale oriented banks. Inter alia, this edition of the Monitor finds that banks that engage more in traditional retail banking activities with a mix of funding sources fared well as compared to other bank models during the different phases of the crisis.

Time for the ECB to bite the bullet. CEPS Commentary, 19 January 2015

This Commentary summarises the main reasons why the ECB can no longer delay launching a massive bond-buying programme, also including sovereigns of eurozone member countries, and why such interventions will indeed be effective in raising inflation, thus restoring the ECB’s credibility and spurring economic activity. A credible programme must continue either until an explicit inflation target has been achieved or the ECB balance sheet has reached the €2 trillion target already announced by the ECB’s Governing Council. Regardless of how such interventions will be undertaken, they will reduce interest-rate spreads between eurozone markets, but it is nevertheless important that the ECB designs its operations so as to avoid any implication of direct support or deficit financing facilitation for the eurozone’s most indebted countries. Finally, some kind of guarantee against first losses by the ECB on its sovereign bonds may be appropriate, while entrusting open market operations to each national central bank for their own sovereigns could threaten the very survival of monetary union.

The Vulnerability of Europe's Small and Medium-Sized Banks. Bruegel Working Paper 2015/07, 16 July 2015

We study the vulnerability of 130 banks directly supervised by the European Central Bank’s Single Supervisory Mechanism. Illustrative stress tests using banks’ balance sheet data reveal that significant stress prevails in the euro area’s smaller and medium-sized banks, many of them located in southern Europe. The banks we identify as stressed also have performed substantially worse on the stock market. The vulnerable banks are typically hobbled by non-performing loans to European businesses. Strengthening the banking system, therefore, is important to achieve sustainable recovery because it will revitalise credit to the healthier segments of the economy. But instead of emphasising bank recapitalisation, as in past years, we believe the task is to shrink the banking sector to a healthier core.

Energy statistics yearbook 1950-1965

The yearbook "Energy Statistics" is divided into two parts, the first giving basic data of the Energy sector and the "Overall energy balance-sheet" of the Community and of each member country, and the second listing the balance sheets and the additional statistics available for each source of energy.

Energy statistics 1969-1972 yearbook, 1973

The yearbook "Energy Statistics" gives a survey of energy economics for the 9 countries Community, the 6 countries Community and each member country. It is divided into two parts, the first giving basic data of the Energy sector and the "Overall energy balance-sheet" of the Community and of each member country, and the second listing the balance-sheets and the additional statistics available for each source of energy.

Energy statistics 1970-1974 yearbook, 1975

The yearbook "Energy Statistics" gives a survey of energy economics for the 9 countries Community, the 6 countries Community and each member country. The first part gives basic data of the Energy sector and the "Overall energy balance-sheet" of the Community and of each member country, and the remaining parts list the balance-sheets and the additional statistics available for each source of energy.

The negative rates club. CEPS Commentary, 19 February 2016

For the better part of a decade, central banks have been making only limited headway in curbing powerful global deflationary forces. Since 2008, the US Federal Reserve has maintained zero interest rates, while pursuing multiple waves of unprecedented balance-sheet expansion through large-scale bond purchases. The Bank of England, the Bank of Japan and the European Central Bank have followed suit, each with its own version of so-called quantitative easing (QE). Yet inflation has not picked up appreciably anywhere.

The Business Models and Economics of Peer-to-Peer lending. ECRI Research Report No 17, May 2016

This paper reviews peer-to-peer (P2P) lending, its development in the UK and other countries, and assesses the business and economic policy issues surrounding this new form of intermediation. P2P platform technology allows direct matching of borrowers’ and lenders’ diversification over a large number of borrowers without the loans having to be held on an intermediary balance sheet. P2P lending has developed rapidly in both the US and the UK, but it still represents a small fraction, less than 1%, of the stock of bank lending. In the UK – but not elsewhere – it is an important source of loans for smaller companies. We argue that P2P lending is fundamentally complementary to, and not competitive with, conventional banking. We therefore expect banks to adapt to the emergence of P2P lending, either by cooperating closely with third-party P2P lending platforms or offering their own proprietary platforms. We also argue that the full development of the sector requires much further work addressing the risks and business and regulatory issues in P2P lending, including risk communication, orderly resolution of platform failure, control of liquidity risks and minimisation of fraud, security and operational risks. This will depend on developing reliable business processes, the promotion to the full extent possible of transparency and standardisation and appropriate regulation that serves the needs of customers.

Economic indicators of the farm sector.

Title from cover.

Another sheaf,

The road.--The sacred work.--Balance sheet of the soldier workman.--The children's jewel fund.--France, 1916-1917--an impression.--Englishman and Russian.--American and Briton.--Anglo-American drama and its future.--Speculations.--The land, 1917.--The land, 1918.--Grotesques.