A pénzügyi eszközök árazásának alaptétele, lokálisan korlátos szemimartingál árfolyamok esetén (The fundamental theorem of asset pricing for locally bounded semimartingales)

A pénzügyi eszközök árazásának alaptétele - kissé pongyolán megfogalmazva - azt állítja, hogy egy értékpapírpiacon akkor nincs arbitrázs, ha létezik egy az eredetivel ekvivalens valószínűségi mérték, amelyre vonatkozóan az értékpapírok árait leíró folyamat egy bizonyos értelemben "martingál". Az első ilyen jellegű állítást M. Harrison és S. R. Pliska bizonyították arra esetre, amikor a valószínűségi mező végesen generált. Azóta a tételnek számos általánosítása született. Ezek közül az egyik legismertebb a Dalang{Morton{ Willinger-tétel, ami már teljesen általános valószínűségi mezőből indul ki, de felteszi, hogy az időparaméter diszkrét, és az időhorizont véges. Időközben a tételnek számos folytonos időparaméterű folyamatokra vonatkozó változata is született. Az alaptételt általános esetben, vagyis amikor valószínűségi mező teljesen általános, és az értékpapírok piaci árait leíró folyamat lokálisan korlátos szemimartingál, Delbaen és W. Schachermayer bizonyították be. A Delbaen{Schachermayer-féle alaptétel a maga nemében egy igen általános áll ítás. A tétel bizonyítása igen hosszadalmas, és a funkcionálanalízis valamint a sztochasztikus folyamatok általános elméletének mély eredményeit használja. Utóbbi tudományterület nagy részét P. A. Meyer és a francia strassbourgi iskola matematikusai dolgozták ki a 60-as évek végétől kezdve. A terület megértését tehát alaposan megnehezíti, hogy a felhasznált matematikai apparátus viszonylag friss, egy része pedig csak francia nyelven érhető el. Meggyőződésünk szerint az eredeti, 1994-es Delbaen és Schachermayer-féle bizonyítás csak kevesek által hozzáférhető. A tételnek tudomásunk szerint azóta sem született tankönyvi feldolgozása, annak ellenére, hogy maga az állítás közgazdász körökben is széles körben ismerté vált, és az eredeti cikket számos szerző idézi. Az itt bemutatott bizonyítás Delbaen és Schachermayer 1992 és 2006 közötti írásain alapul. ______ The Delbaen and Schachermayer's theorem is one of the deepest results of mathematical finance. In this article we tried to rethink and slightly simplify the original proof of the theorem to make understandable for nonspecialists who are familiar with general theory of stochastic processes. We give a detailed proof of the theorem and we give new proofs for some of the used statements.

Os limites constitucionais ao exercício de direito de patente e seus reflexos na indústria do petróleo, gás natural e biocombustíveis

This dissertation deals with the constitutional limits on the exercise of patent rights and its effects on the oil, natural gas and biofuels. Held with the support of ANP / PETROBRAS, It seeks to show how the law will limit the exercise of industrial property, based on a reinterpretation of private law by the constitutional development perspective . Today it is a fact that Petrobras, a Brazilian joint venture, has the latest technology in various sectors of the oil industry, and is one of the highest investments in developing new technologies. The overall objective of this thesis is to establish the relationship between the public interest of the Petroleum Industry, Natural Gas and Biofuels and constitutional limits to the free exercise of patent rights, then confirm or refute our hypothesis that Article 71 on Industrial Property Law is contrary to the existing objectives in Article 3 of the Constitution of the Federative Republic of Brazil. The research aims to examine the relevant aspects of the legal nature attributed to IPGN constitutionally confronting the constitutional limits on the free exercise of patent rights, with the purpose to outline the state of the performance limits in the regulation of the economy, in particular the application of feasibility limitations on the right of property in favor of national interest on the strategic energy industry. The aim is to confront the fundamental rights to property and economic development, against the public interest, limiting these first. As to the objectives, the research will be theoretical and descriptive and harvest of industrial property, respect the possible impact of regulatory standards and limiting the right of ownership in the oil industry. To establish how the state will mitigate the intellectual property right, we discuss, at first, a definition of public interest from the general theory of state and sovereign character in order to establish a new concept of national interest and popular interest, which will in turn the definition of our concept of public interest. In the second phase, will be addressed the issue of industrial property rights and how to will be free exercise thereof, in the constitutional sphere, infra, and demonstrating the use of industrial property rights with examples of market and IPGN . After situating the industrial property rights in the constitution and national legislation, establish their relationship with the national and regional development, will be addressed in this chapter in particular the patent law, as most usual form of intellectual property protection in IPGN. Used a study highlighting the number of patents in the area of the analyzed industry, demonstrating with hard data the importance of a sector for industrial development. The relationship between the social function of intellectual property and the constitutional objective of development was characterized to demonstrate the strategic nature of oil to Brazil in the national and international scene, and put into question the hypothesis of the research which provides that even with large investments the lack of legal certainty in the sector turns out not to have a considerable volume of investment as it could.

El periodismo deportivo condicionado por la gestión comunicativa de los clubes de fútbol: el caso del FC Barcelona

Las relaciones entre los gabinetes de Comunicación de los clubes de fútbol y los periodistas deportivos se enmarcan en el modelo de Gieber y Johnson (1961) por el que el hecho de que ambos compartan objetivos comunes, donde los gabinetes de Comunicación necesitan que los medios publiquen determinadas informaciones y los periodistas precisan de noticias que publicar, provoca una pérdida de independencia por parte de los periodistas, ya que necesitan a esos departamentos como fuentes. En la actualidad, los departamentos de Comunicación de los clubes de fútbol, como el del FC Barcelona, se han constituido en gatekeepers. Esto ha acentuado las históricas diferencias que existen entre los periodistas y los profesionales de la comunicación corporativa, incrementado por el control informativo de estos departamentos lo que provoca constantes tensiones entre ambos.

Aportes de las teorías sociológicas a la discusión de la ontología. Los casos de Luhmann, Habermas y Latour

En este trabajo se discuten los aportes de la teoría sociológica contemporánea al debate filosófico y científico de la ontología, para ello son cotejados los componentes ontológicos de la Teoría General de Sistemas Sociales de Niklas Luhmann, lla Teoría de la Acción Comunicativa de Jürgen Habermas y la Actor-Network Theory de Bruno Latour.

Keynes’s "Treatise on Money" and the role of the State

Este artículo hace una reconstrucción crítica de la visión de Keynes sobre la relación entre gasto público, tipo de interés, salarios y desempleo, tal y como se formula en su Tratado sobre el Dinero. El trabajo defiende que el enfoque de Keynes lleva a propuestas de política económica que enfatizan la necesidad de intervención estatal directa en la provisión de bienes y servicios. Esta conclusión se deriva de una interpretación circuitista de su obra.

El dinero en la historia del pensamiento económico: la teoría monetaria postkeynesiana y su confrontación con la ortodoxia

Las disputas en torno a determinados aspectos del dinero, como su neutralidad y el carácter endógeno o exógeno de la oferta monetaria, han sido permanentes entre las distintas escuelas de pensamiento y autores, estando su origen, probablemente, en la época de desarrollo del pensamiento escolástico. En este artículo pretendemos, en primer lugar, realizar un recorrido cronológico e histórico sobre el tratamiento científico económico del dinero, para, en segundo lugar, poner sobre la mesa la macroeconomía ortodoxa a la que han dado lugar las interpretaciones al respecto, así como los enfoques alternativos frente a este pensamiento dominante. Finalmente, intentamos poner en valor los desarrollos monetarios post-keynesianos, integrados en lo que denominan “Economía Monetaria de Producción”, confrontándolos con la llamada Nueva Síntesis Neoclásica.

Of Marx and Makers: an Historical Perspective on Generative Justice

In Marxist frameworks “distributive justice” depends on extracting value through a centralized state. Many new social movements—peer to peer economy, maker activism, community agriculture, queer ecology, etc.—take the opposite approach, keeping value in its unalienated form and allowing it to freely circulate from the bottom up. Unlike Marxism, there is no general theory for bottom-up, unalienated value circulation. This paper examines the concept of “generative justice” through an historical contrast between Marx’s writings and the indigenous cultures that he drew upon. Marx erroneously concluded that while indigenous cultures had unalienated forms of production, only centralized value extraction could allow the productivity needed for a high quality of life. To the contrary, indigenous cultures now provide a robust model for the “gift economy” that underpins open source technological production, agroecology, and restorative approaches to civil rights. Expanding Marx’s concept of unalienated labor value to include unalienated ecological (nonhuman) value, as well as the domain of freedom in speech, sexual orientation, spirituality and other forms of “expressive” value, we arrive at an historically informed perspective for generative justice. 

Studies on Quasinormal Modes and Late-time Tails in Black Hole Spacetimes

Black hole's response to external perturbations will carry significant information about these exotic objects. Its response, shortly after the initial `kick', is known to be ruled by the damped oscillation of the perturbating eld, called quasinormal modes(QNMs), followed by the tails of decay and is the characteristic of the background black hole spacetime. In the last three decades, several shortcomings came out in the Einstein's General Theory of Relativity(GTR). Such issues come, especially, from observational cosmology and quantum eld theory. In the rst case, for example, the observed accelerated expansion of the universe and the hypothesized mysterious dark energy still lack a satisfactory explanation. Secondly, GTR is a classical theory which does not work as a fundamental theory, when one wants to achieve a full quantum description of gravity. Due to these facts modi cation to GTR or alternative theories for gravity have been considered. Two potential approaches towards these problems are the quintessence model for dark energy and Ho rava-Lifshitz(HL) gravity. Quintessence is a dynamical model of dark energy which is often realized by scalar eld mechanism. HL gravity is the recently proposed theory of gravity, which is renormalizable in power counting arguments. The two models are considered as a potential candidate in explaining these issues.

Early investigation towards defining and measuring sustainability as a quality attribute in software systems

Sustainability in software system is still a new practice that most software developers and companies are trying to incorporate into their software development lifecycle and has been largely discussed in academia. Sustainability is a complex concept viewed from economic, environment and social dimensions with several definitions proposed making sometimes the concept of sustainability very fuzzy and difficult to apply and assess in software systems. This has hindered the adoption of sustainability in the software industry. A little research explores sustainability as a quality property of software products and services to answer questions such as; How to quantify sustainability as a quality construct in the same way as other quality attributes such as security, usability and reliability? How can it be applied to software systems? What are the measures and measurement scale of sustainability? The Goal of this research is to investigate the definitions, perceptions and measurement of sustainability from the quality perspective. Grounded in the general theory of software measurement, the aim is to develop a method that decomposes sustainability in factors, criteria and metrics. The Result is a method to quantify and access sustainability of software systems while incorporating management and users concern. Conclusion: The method will empower the ability of companies to easily adopt sustainability while facilitating its integration to the software development process and tools. It will also help companies to measure sustainability of their software products from economic, environmental, social, individual and technological dimension.

Multiscale Modeling and Simulation of Stepped Crystal Surfaces

A primary goal of this dissertation is to understand the links between mathematical models that describe crystal surfaces at three fundamental length scales: The scale of individual atoms, the scale of collections of atoms forming crystal defects, and macroscopic scale. Characterizing connections between different classes of models is a critical task for gaining insight into the physics they describe, a long-standing objective in applied analysis, and also highly relevant in engineering applications. The key concept I use in each problem addressed in this thesis is coarse graining, which is a strategy for connecting fine representations or models with coarser representations. Often this idea is invoked to reduce a large discrete system to an appropriate continuum description, e.g. individual particles are represented by a continuous density. While there is no general theory of coarse graining, one closely related mathematical approach is asymptotic analysis, i.e. the description of limiting behavior as some parameter becomes very large or very small. In the case of crystalline solids, it is natural to consider cases where the number of particles is large or where the lattice spacing is small. Limits such as these often make explicit the nature of links between models capturing different scales, and, once established, provide a means of improving our understanding, or the models themselves. Finding appropriate variables whose limits illustrate the important connections between models is no easy task, however. This is one area where computer simulation is extremely helpful, as it allows us to see the results of complex dynamics and gather clues regarding the roles of different physical quantities. On the other hand, connections between models enable the development of novel multiscale computational schemes, so understanding can assist computation and vice versa. Some of these ideas are demonstrated in this thesis. The important outcomes of this thesis include: (1) a systematic derivation of the step-flow model of Burton, Cabrera, and Frank, with corrections, from an atomistic solid-on-solid-type models in 1+1 dimensions; (2) the inclusion of an atomistically motivated transport mechanism in an island dynamics model allowing for a more detailed account of mound evolution; and (3) the development of a hybrid discrete-continuum scheme for simulating the relaxation of a faceted crystal mound. Central to all of these modeling and simulation efforts is the presence of steps composed of individual layers of atoms on vicinal crystal surfaces. Consequently, a recurring theme in this research is the observation that mesoscale defects play a crucial role in crystal morphological evolution.

The significant role of third-party logistics (3pl) operators as fosterers of organizational performance in colombian companies

La eliminación de barreras entre países es una consecuencia que llega con la globalización y con los acuerdos de TLC firmados en los últimos años. Esto implica un crecimiento significativo del comercio exterior, lo cual se ve reflejado en un aumento de la complejidad de la cadena de suministro de las empresas. Debido a lo anterior, se hace necesaria la búsqueda de alternativas para obtener altos niveles de productividad y competitividad dentro de las empresas en Colombia, ya que el entorno se ha vuelto cada vez más complejo, saturado de competencia no sólo nacional, sino también internacional. Para mantenerse en una posición competitiva favorable, las compañías deben enfocarse en las actividades que le agregan valor a su negocio, por lo cual una de las alternativas que se están adoptando hoy en día es la tercerización de funciones logísticas a empresas especializadas en el manejo de estos servicios. Tales empresas son los Proveedores de servicios logísticos (LSP), quienes actúan como agentes externos a la organización al gestionar, controlar y proporcionar actividades logísticas en nombre de un contratante. Las actividades realizadas pueden incluir todas o parte de las actividades logísticas, pero como mínimo la gestión y ejecución del transporte y almacenamiento deben estar incluidos (Berglund, 2000). El propósito del documento es analizar el papel de los Operadores Logísticos de Tercer nivel (3PL) como promotores del desempeño organizacional en las empresas colombianas, con el fin de informar a las MIPYMES acerca de los beneficios que se obtienen al trabajar con LSP como un medio para mejorar la posición competitiva del país.

La estrategia en la perdurabilidad empresarial. Un estudio de la segunda aerolínea más antigua del mundo: Avianca

Una de las principales dificultades que se presenta en Colombia, para el desarrollo económico y social, está dada por la falta de sostenibilidad de la gran mayoría de empresas en el país. Por este motivo, este trabajo se ha concentrado en investigar este problema y brindar herramientas que ayuden a fomentar una cultura de perdurabilidad. Con este fin, se ha realizado un estudio acerca de Avianca, una empresa referente en el país en lo que respecta a la perdurabilidad, posicionamiento y estrategia, pues, a lo largo de sus casi cien años de historia, ha superado retos y circunstancias, que, de haber actuado de otra manera, habrían podido llevarla a su fin.

Un aporte a la comprensión de las estrategias emergentes en las organizaciones a través del concepto de improvisación y la metáfora musical

Este trabajo se inscribe en uno de los grandes campos de los estudios organizacionales: la estrategia. La perspectiva clásica en este campo promovió la idea de que proyectarse hacia el futuro implica diseñar un plan (una serie de acciones deliberadas). Avances posteriores mostraron que la estrategia podía ser comprendida de otras formas. Sin embargo, la evolución del campo privilegió en alguna medida la mirada clásica estableciendo, por ejemplo, múltiples modelos para ‘formular’ una estrategia, pero dejando en segundo lugar la manera en la que esta puede ‘emerger’. El propósito de esta investigación es, entonces, aportar al actual nivel de comprensión respecto a las estrategias emergentes en las organizaciones. Para hacerlo, se consideró un concepto opuesto —aunque complementario— al de ‘planeación’ y, de hecho, muy cercano en su naturaleza a ese tipo de estrategias: la improvisación. Dado que este se ha nutrido de valiosos aportes del mundo de la música, se acudió al saber propio de este dominio, recurriendo al uso de ‘la metáfora’ como recurso teórico para entenderlo y alcanzar el objetivo propuesto. Los resultados muestran que 1) las estrategias deliberadas y las emergentes coexisten y se complementan, 2) la improvisación está siempre presente en el contexto organizacional, 3) existe una mayor intensidad de la improvisación en el ‘como’ de la estrategia que en el ‘qué’ y, en oposición a la idea convencional al respecto, 4) se requiere cierta preparación para poder improvisar de manera adecuada.

An exploration of the roles of nurses working in emergency care services in general hospitals in West Java, Indonesia : a grounded theory study

A review of literature on the role of emergency nurses in Indonesia revealed a dearth of research. Anecdotal evidence suggests a lack of clarity in role definition which has led to uncertainty and role ambiguity. Despite advances in the development of specialist nursing roles in Indonesia, that of the emergency nurse remains unclear. This study explored the role of nurses working in emergency care services in three general hospitals in West Java, Indonesia. The theoretical framework is grounded in Charmaz’s constructivist grounded theory. Data collection methods were observation, in-depth interviews and interrogation of related documents. Phase one of data collection involved 74 h of observation and nterviews with 35 nurses working in the three ED settings. For the purposes of theoretical sampling, a second phase of data collection was conducted. This involved a second nterview with eight participants from the three EDs. nterviews were also undertaken with the three key informants of nursing management of three related hospitals; key informants from the Indonesian Nurses Association; the Directorate of Nursing, Ministry of Health; and from the organization for ED nurses. Data analysis drew on Charmaz’s constructivist approach and the concepts of simultaneous data collection and analysis, constant comparison, coding, and theoretical sampling. The analysis generated four theoretical concepts that characterized the role of the emergency nurse: An arbitrary scope of practice, Struggling for recognition, Learning on the job and Looking to better practice. These concepts provided analytical direction for an exploration of the clinical and political dimensions of the role of the emergency nurse in Indonesia.

Relational regulation theory and the role of social support and organisational fairness for nurses in a general acute context

Aims and objectives. To present a novel approach to nurse stress by exploring the demand–control–support model with organisational justice through the lens of relational regulation theory. Background. Nursing is often stressful due to high demands and dissatisfaction with pay, which impacts the mental well-being and productivity of nurses. Design. A cross-sectional design. Methods. A validated questionnaire was sent to the work addresses of all nursing and midwifery staff in a medium-sized general acute hospital in Australia. A total of 190 nurses and midwives returned completed questionnaires for the analyses. Results. The multiple regression analyses demonstrated that the model applies to the prototypical context of a general acute hospital and that job control, supervisor support and outside work support improve the job satisfaction and mental health of nurses. Conclusions. Most importantly, supervisor support was found to buffer the impact of excessive work demands. Fairness of procedures, distribution of resources and the quality and consistency of information are also beneficial. Relational regulation theory is applied to these findings as a novel way to conceptualise the mechanisms of support and fairness in nursing. Relevance to clinical practice. The importance of nurses’ well-being and job satisfaction is a priority for improving clinical outcomes. Practically, this means nurse managers should be encouraging nurses in the pursuit of diverse relational activities both at work and outside work.