Does rating shopping exist in spanish securitization issues?

[EN] Debt issue credit ratings can lead to conflicts of interest as the issuer itself is entrusted with contracting and compensating the rating agency. Into the bargain, the credit rating agency may be involved in designing the issues that the same agency subsequently rates. Credit rating agencies thus could have incentives to rate issues advantageously. Given the economic importance of this issue, in this paper we have proposed to analyze this phenomenon, known as rating shopping in academic literature, for Spanish market securitization issues for the period of time comprehensive from January 1993 to December 2011. In sum 3,665 published ratings are been analysed, for an issued nominal amount of 791,090 million Euros. The results show an association between the credit rating agency contracted and the mean rating awarded. Significant differences are observed in the ratings associated to the contracting manager (or special purpose vehicle SPV- manager firm), to the number of ratings or to the type of collateral. Furthermore, a pattern compatible with rating shopping was observed for some types of collateral: abnormally high market shares associated with certain agencies awarding unusually generous ratings. However, this phenomenon is not seen to be widespread on the rating market associated to Spanish securitization issues.

Geology alive. GeoBizirik.org

Geology is the science that studies the Earth, its composition, structure and origin in addition to past and present phenomena that leave their mark on rocks. So why does society need geologists? Some of the main reasons are listed below: - Geologists compile and interpret information about the earth’s surface and subsoil, which allows us to establish the planet’s past history, any foreseeable changes and its relationship with the rest of the solar system. - Society needs natural resources (metals, non-metals, water and fossil fuels) to survive. The work of geologists is therefore a key part of finding new deposits and establishing a guide for exploring and managing resources in an environmentally-friendly way. - The creation of geological maps allows us to identify potential risk areas and survey different land uses; in other words, they make an essential contribution to land planning and proposing sustainable development strategies in a region. - Learning about Geology and the proper use of geological information contributes to saving lives and reducing financial loss caused by natural catastrophes such as earthquakes, tsunamis, volcanic eruptions, flooding and landslides, while also helping to develop construction projects, public works, etc. Through the proposed activities we aim to explain some of the basic elements of the different specialities within the field of Geological Sciences. In order to do this, four sessions have been organised that will allow for a quick insight into the fields of Palaeontology, Mineralogy, Petrology and Tectonics.

Geología en acción. GeoBizirik.org

La Geología es la ciencia que estudia la Tierra en su conjunto, su composición, estructura y origen, así como los fenómenos que han tenido lugar en el pasado o que se producen en la actualidad y que han dejado sus huellas en las rocas. Pero, ¿por qué necesita la sociedad a los geólogos? A continuación se citan algunas de las principales razones: - Los geólogos recopilan e interpretan información de la superficie terrestre y del subsuelo, lo que permite establecer la historia pasada del planeta, sus cambios previsibles y su relación con el resto del sistema solar. - La sociedad requiere para su subsistencia recursos naturales (metálicos, no metálicos, hídricos y combustibles fósiles). La labor de los geólogos es determinante para la localización de nuevos yacimientos y para establecer las guías de una explotación y gestión respetuosa con el medio ambiente. - La elaboración de cartografías geológicas permite identificar potenciales zonas de riesgo y acotar distintos usos del suelo; es decir, es esencial para la planificación del territorio y para proponer estrategias de desarrollo sostenible en una región. - La educación en Geología y el buen uso de la información geológica contribuye a salvar vidas y a reducir las pérdidas económicas originadas por catástrofes naturales tales como terremotos, tsunamis, erupciones volcánicas, inundaciones y desprendimientos, así como a desarrollar proyectos de construcción, obras públicas, etc. Con las actividades propuestas se pretende dar a conocer algunos aspectos básicos de distintas especialidades de las Ciencias Geológicas. Para ello se han organizado cuatro sesiones destinadas a realizar una pequeña inmersión en el campo de la Paleontología, la Mineralogía, la Petrología y la Tectónica.

Geology alive. GeoBizirik.org

Geology is the science that studies the Earth, its composition, structure and origin in addition to past and present phenomena that leave their mark on rocks. So why does society need geologists? Some of the main reasons are listed below: - Geologists compile and interpret information about the earth’s surface and subsoil, which allows us to establish the planet’s past history, any foreseeable changes and its relationship with the rest of the solar system. - Society needs natural resources (metals, non-metals, water and fossil fuels) to survive. The work of geologists is therefore a key part of finding new deposits and establishing a guide for exploring and managing resources in an environmentally-friendly way. - The creation of geological maps allows us to identify potential risk areas and survey different land uses; in other words, they make an essential contribution to land planning and proposing sustainable development strategies in a region. - Learning about Geology and the proper use of geological information contributes to saving lives and reducing financial loss caused by natural catastrophes such as earthquakes, tsunamis, volcanic eruptions, flooding and landslides, while also helping to develop construction projects, public works, etc. Through the proposed activities we aim to explain some of the basic elements of the different specialities within the field of Geological Sciences. In order to do this, four sessions have been organised that will allow for a quick insight into the fields of Palaeontology, Mineralogy, Petrology and Tectonics.

Geologia bizirik. GeoBizirik.org

Geologia Lurra aztertzen duen zientzia da: lurraren osaera, egitura eta jatorria, eta bai arroketan aztarnak utzi dituzten iraganeko edo gaur egungo gertaerak ere. Baina, zergatik du gizarteak geologoen beharra? Hona hemen zenbait arrazoi: - Geologoek lurrazalari eta lurpeari buruzko informazioa bildu, eta interpretatu egiten dute. Informazio horrek guztiak ahalbidetzen du planetaren iraganeko historia, Lurrean aurreikus daitezkeen aldaketak eta gure planetak Eguzki-sistemarekin duen harremana finkatzea. - Gizarteak beharrezkoak ditu baliabide naturalak (metalikoak, ez-metalikoak, ura eta erregai fosilak). Geologoen parte-hartzea erabakigarria da hobi berriak aurkitzeko eta ingurumena zaintzen duten baliabide naturalen ustiapen eta kudeaketarako irizpideak ezartzeko. - Kartografia geologikoen bidez arrisku-eremuak identifikatu eta lurzoruaren erabilerak mugatzen dira. Geologoak beharrezkoak dira, beraz, lurraldearen planifikaziorako eta garapen iraunkorrerako estrategiak garatzeko. - Geologiaren ezagutzak eta informazio geologikoaren erabilera egokiak laguntzen dute bizitzak salbatzen eta lurrikarak, tsunamiak, erupzio bolkanikoak, uholdeak eta lurjausiak bezalako katastrofe naturalek eragindako diru-galerak murrizten. Halaber laguntzen dute eraikuntza-proiektuak, herri-lanak eta abar garatzen ere. Proposatutako jardueren bitartez, Zientzia Geologikoen adar desberdinen oinarrizko zenbait alderdi ezagutzera eman nahi ditugu. Horretarako, lau saio antolatu ditugu Paleontologia, Mineralogia, Petrologia eta Tektonika arloetan murgiltzeko.

Utilización del Modelo de Triple Hélice para el desarrollo de nuevos sectores productivos en el contexto de la Industria 4.0

Máster en Dirección Empresarial desde la Innovación y la Internacionalización. Curso 2014/2015

Effects of global change on the functioning of Mediterranean Rivers

138 p.

Variation in yellowfin tuna (Thunnus albacares) catches related to El Niño-Southern Oscillation events at the entrance to the Gulf of California

Fishery catch data on yellowfin tuna (Thunnus albacares) were examined to study the effects of El Niño events between 1990 and 1999 for an area in the northeastern tropical Pacific (18−24°N, 112−104°W). The data were extracted from a database of logbook records from the Mexican tuna purse-seine f leet. Latitudinal distribution of the catches increased from south to north for the 10-year period. Highest catches and effort were concentrated between 22°N and 23°N. This area accumulated 48% of the total catch over the 10year period. It was strongly correlated with El Niño-Southern Oscillation (ENSO) events. At least two periods of exceptionally high catches occurred following El Niño events in 1991 and 1997. Peaks of catches were triggered by the arrival of positive anomalies of sea surface temperature (SST) to the area. A delay of two to four months was observed between the occurrence of maximum SST anomalies at the equator and peaks of catch. Prior to these two events, negative SST anomalies were the dominant feature in the study area and catch was extremely low. This trend of negative SST anomalies with low catches followed by positive SST anomalies and high catches may be attributed to northward yellowfin tuna migration patterns driven by El Niño forcing, a result that contrasts with the known behavior of decreasing relative abundance of these tuna after El Niño events in the eastern Pacific. However, this decrease in relative abundance may be the result of a local or subregional effect.

Documentos de soporte para una práctica interuniversitaria de bases de datos

Este informe recoge la documentación generada para llevar a cabo una práctica interuniversitaria en el área de base de datos durante los cursos 09/10 y 10/11. Se ha desarrollado una experiencia entre la UPV/EHU y la Universidad de la Rioja incorporando de forma sistemática la telecolaboración, formando equipos de trabajo con estudiantes de las dos universidades que no se conocen entre sí y han trabajado a distancia. El proyecto se ha realizado en el ámbito de dos asignaturas de bases de datos concretas, una de cada universidad, donde las similitudes y diferencias entre ambas producen equipos heterogéneos. Los alumnos han colaborado en las diferentes fases de la creación de una base de datos, desde la invención de unos requisitos hasta la realización de consultas. Para el desarrollo de esta práctica se han elaborado enunciados detallados para cada fase con ejemplos del trabajo a realizar. Además se ha acordado una rúbrica de evaluación y una encuesta para valorar la experiencia. En el presente documento se recopila dicho material de soporte.

The occurrence of yellowfin tuna (Thunnus albacares) at Espiritu Santo Seamount in the Gulf of Mexico) at Espiritu Santo Seamount in the Gulf of Mexico

Pelagic fishes are not evenly dispersed in the oceans, but aggregate at distinct locations in this vast and open environment. Nomadic species such as mackerels, tunas, and sharks form assemblages at seamounts (Klimley and Butler, 1988; Fontenau, 1991). Fishermen have recognized this behavior and have placed moorings with surface buoys in deep waters to provide artificial landmarks, around which fish concentrate and are more easily captured. These fish aggregating devices (termed FADs) are common in the tropical oceans (see review, Holland, 1996). In a sense, it may only be the larger size that separates a seamount from a man-made FAD.

The evolution of intermediate castration virulence and ant coexistence in a spatially structured environment

Theory suggests that spatial structuring should select for intermediate levels of virulence in parasites, but empirical tests are rare and have never been conducted with castration (sterilizing) parasites. To test this theory in a natural landscape, we co

Spectroscopy of neutron-rich Dy168,170: Yrast band evolution close to the NpNn valence maximum

The yrast sequence of the neutron-rich dysprosium isotope Dy168 has been studied using multinucleon transfer reactions following collisions between a 460-MeV Se82 beam and an Er170 target. The reaction products were identified using the PRISMA magnetic spectrometer and the γ rays detected using the CLARA HPGe-detector array. The 2+ and 4+ members of the previously measured ground-state rotational band of Dy168 have been confirmed and the yrast band extended up to 10+. A tentative candidate for the 4+→2+ transition in Dy170 was also identified. The data on these nuclei and on the lighter even-even dysprosium isotopes are interpreted in terms of total Routhian surface calculations and the evolution of collectivity in the vicinity of the proton-neutron valence product maximum is discussed. © 2010 The American Physical Society.

Informe asistencia técnica para la evaluación y mejoramiento de los procesos productivos en la alfarería de la comunidad de Cocoviejo.

36 hojas : ilustraciones, fotografías.

Curso taller diseño aplicado a la artesanía y tendencias 2004-2005 : conceptos básicos de Diseño.

66 hojas : ilustraciones, gráficas.

Fortalecimiento de la competitividad de la artesanía desarrollada por los pueblos indígenas del departamento del Guainía : oficio cestería.

75 hojas.