Bond portfolio diversification

Portfolio diversification benefits have been extensively documented and acknowledge in the literature since 1952. However, the majority of the studies have focus on an equity context, and only very few on bonds. The study purposed tries to understand and measure the diversification benefits for a pure bond portfolio by investing in securities with different credit risks, maturities and even geographies. Diversification benefits were achieved under the proposed model and some conclusions were withdrawn.

Identificació de components inclusius en alguns centres escolars d'educació infantil i primària de la comarca d'Osona

The present essay –which is a pilot study conceived to continue the research in depth in the future- is based in a comparative analysis of educational practice between five different primary and pre-school teaching centres in Osona and the educational practice in inclusive educational centres. The essay introduces the objectives of the research and the theoretical and conceptual framework in which it is based (chapter 1) in relation with the main themes and expressions which are the purpose of the study: comprensivity, inclusive school and inclusive practice. The theoretical framework is linked to the principal regulations applied in our context. The study describes the instruments and procedure analysis describes the instruments and procedure analysis which have been designed and used for a qualitative methodological approach, together with the data obtained from the analysis of five teaching centres (chapter 2). The results from the research show that the practice done in the analised schools are not totally comparable to the ones in the inclusive environment. Notwithsanding, there are some similar points, although not totally coincident, like the fact that either the analysed schools or the ones with an inclusive approach show availability and interest in improving integration of all the pupils in the school, also the teachers work together in some aspects like, evaluation of pupils with special needs, objectives and contents and activities fort he specific kind of pupils with special needs parents and the majority of the analyzed schools, like those fallowing inclusive educational approaches, try the pupils with special needs to develop their acquisition within the ordinary class with adapted material. I think, these verifications, some of them close to inclusive educational practice, could constitute a starting point to analyse our model, in order to offer a common curriculum that could respect the different styles and rhythms of acquisition of all the pupils, so that promoting a more flexible and open schooling. In conclusion, the results of this analysis, although dues to its limits, they can not be generalized, they can help to find the necessary changes to bet for a qualitative education in a school for everyone.

Addressing the net balances problem as a prerequisite for EU budget reform: a proposal

Conflict among member states regarding the distribution of net financial burdens has been allowed to contaminate the entire design of the EU budget with very negative consequences in terms of equity, efficiency and transparency. To get around this problem and pave the way for a substantive budget reform, we propose to decouple distributional negotiations from the rest of the budget process by linking member state net balances in a rigid manner to relative prosperity. This would be achieved through the introduction of a system of compensating horizontal transfers that would take to its logical conclusion the Commission's proposal for a generalized compensation mechanism. We discuss the impact of the proposed scheme on member states? incentives and illustrate its financial implications using revenue and expenditure projections for 2013 that are based on the current Financial Perspectives and Own Resources Decision.

El Sistema de financiación de las comunidades autónomas de régimen común: un análisis crítico y algunas propuestas de reforma

We identify a number of elements of the current Spanish system of regional financing that do not conform satisfactorily to the principles of equity, autonomy and efficiency that should inspire its design. Our main conclusion is that although the system presents a series of shortcomings that would require an in-depth reform, its basic focus on the equalization of the service provision capacity of all regional governments should be preserved because it is in accordance with the constitutional guarantee of equal rights for all citizens and with notions of horizontal equity that are widely shared in our country. In fact, the main shortcoming of the system is, in our opinion, that it does not fully guarantee such equality in practice. Additional weaknesses of the system are its lack of transparency, the absence of mechanisms to maintain vertical equilibrium across the different levels of the administration and a significant deficit of fiscal autonomy and responsibility on the pa

Report of the Working Group on Post Mortem Practice

The Madden Report into Post Mortem Practice and Procedure (2005)1 stated that consideration should be given to the implementation of the recommendations made in the Report to other post mortems2, namely those carried out on babies who died before or during birth, minors and adults. It was acknowledged that while many of the recommendations in the Report may apply generically to all categories of post-mortem examinations, these post mortems also raise distinct legal and ethical issues that were not within the Terms of Reference of the Madden Report. The Report advised that a Working Group be established to ensure that appropriate adaptation in relation to those issues takes place. The terms of reference were: Read the report (PDF, 117kb)

Evaluation of high frequency jet ventilation in patients undergoing percutaneous thermal ablation

Purpose: To evaluate the use of high frequency jet ventilation (HFJV) in patients undergoing percutanous thermal ablation procedures.Materials: From may to september 2011 patients with lung, liver or kidney tumors suitable for percutanous thermal ablation were prospectively enrolled to be treated under general anesthesia using HFJV instead of conventional positive pressure ventilation (PPV). Our primary endpoint was feasability of HFJV during percutanous ablation, our secondary endpoints were assessment of breathing related movements by image fusion (CT/US), precision and ease of needle placement by number of CT aquisition/needle reposition and procedure related complications.Results: Twenty-nine patients (21 males, 8 females mean age 66.2 years) with 30 liver tumors, 1 kidney tumors and 6 lung tumors were included. Tumor ablation was performed by radiofrequency (RFA) in 26 cases, microwaves ( MWA) in 2 and cryoablation (CRA) in 1. The ablation procedure could be completed under HFJV in 22 patients. In 2 patients HFVJ had to be stopped in favor of PPV because the tumor was better seen under PPV. HFJV was not performed in 5. Breathing related movements of the target lesion in the cranio-caudal direction as estimated by image fusion were always inferior to 5mm compared to 20mm when patients are under PPV. Needle placement was straightforward under CT as well as US. No patient needed needle repositionning before ablation. We did not observe any HFJV related complications.Conclusions: HFJV significantly reduces breathing movements of target lesion during percutaneous ablation procedures. It does not seem to cause any particular complication. However in some cases such as tumors located at the base of the lungs or in the dome of the liver, the target may be best seen under PPV.

Ús de problemàtiques ètiques per l'ensenyança del codi deontològic de la psicologia: una sessió il·lustrativa

El present treball exposa el contingut i procediment d’una sessió emmarcada en un taller–seminari sobre ètica aplicada als àmbits professionals de la psicologia. L’objectiu de la mateixa és introduir als estudiants en els fonaments del Codi Deontològic, així com la reflexió d’alguns dels articles que aquest conté. El mètode expositiu consisteix en presentar i discutir tres situacions, èticament problemàtiques, a partir de les quals s’il·lustra el contingut normatiu de diferents articles que regulen l’exercici professional en l’àmbit de la psicologia

Experiències catalanes, angleses i irlandeses en el millorament de l’accès a l’habitatge

El Grup de Recerca d´Accés a l´Habitatge de la Universitat Rovira i Virgili ha portat a terme durant l´any 2011 una sèrie d´activitats gràcies a l´ajuda concedida per la convocatòria de l´AGAUR PBR-DGR 2010, que ha donat suport al Grup tant de forma directa (per exemple, en viatges i dietes) com indirecta (gràcies a l´ajuda prestada per la Sra. Helaine Cristina Madeira Santos, becària de suport al Grup de Recerca, que ha portat a terme tasques de coordinació i investigació). Així, el Grup ha portat a terme tasques d´investigació (per exemple, la signatura d´un Conveni amb l’Agència de l’Habitatge de Catalunya amb la finalitat de portar a terme en el termini de 3 anys l’elaboració d´un marc legislatiu sobre les tinences intermitges en el Dret català); tasques de formació (gràcies a la participació en Congressos i Jornades); esta coordinant una xarxa sobre grups d´habitatge (per exemple, mitjançant un Congrés internacional sobre habitatge celebrat a Granada); ha publicat llibres i articles científics (per exemple, la publicació dels treballs presentats en les III Jornades Internacionals de Housing de 2010); i finalment cal destacar que l´activitat del Grup ha tingut un gran impacte en els mitjans de comunicació. Tot aquest treball ha permès al Grup arribar a unes conclusions sobre el status quo de l´habitatge a Espanya, per exemple les mancances del mercat d´habitatge en propietat i en lloguer i els aspectes que cal reformar quant al règim tributari i processal d´aquestes formes de tinença immobiliària. La principal conclusió, però, és la necessitat de regular noves formes d´entendre la tinença de la terra tot seguint els models ja presents en altres països europeus (principalment, Anglaterra i Irlanda), com la propietat compartida i la propietat temporal, figures en les quals està aprofundint actualment el Grup de recerca.

Iowa Board of Nursing Annual Report, July 1, 2003-June 30, 2004

Annual Report of the Iowa Board of Nursing. Includes changes to rules,legislation and procedure during fiscal year 2004, as well as statistics pertaining to all aspects of board business: basic education, continuing education, enforcement, administration, financial report, and nursing demographics.

Executive Order Number Six, November 1966

Executive Orders from Governor Hughes. Office for State Planning and Procedure.

Prime property institutions for a subprime era: Toward innovative models of homeownership

This Article breaks new ground toward contractual and institutional innovation in models of homeownership, equity building, and mortgage enforcement. Inspired by recent developments in the affordable housing sector and other types of public financing schemes, we suggest extending institutional and financial strategies such as time- and place-based division of property rights, conditional subsidies, and credit mediation to alleviate the systemic risks of mortgage foreclosure. Two new solutions offer a broad theoretical basis for such developments in the economic and legal institution of homeownership: a for-profit shared equity scheme led by local governments alongside a private market shared equity model, one of "bootstrapping home buying with purchase options".

Use of high-frequency jet ventilation for percutaneous tumor ablation.

PURPOSE: To report feasibility and potential benefits of high-frequency jet ventilation (HFJV) in tumor ablations techniques in liver, kidney, and lung lesions. METHODS: This prospective study included 51 patients (14 women, mean age 66 years) bearing 66 tumors (56 hepatic, 5 pulmonary, 5 renal tumors) with a median size of 16 ± 8.7 mm, referred for tumor ablation in an intention-to-treat fashion before preoperative anesthesiology visit. Cancellation and complications of HFJV were prospectively recorded. Anesthesia and procedure duration, as well as mean CO2 capnea, were recorded. When computed tomography guidance was used, 3D spacial coordinates of an anatomical target <2 mm in diameter on 8 slabs of 4 slices of 3.75-mm slice thickness were registered. RESULTS: HFJV was used in 41 of 51 patients. Of the ten patients who were not candidate for HFJV, two patients had contraindication to HFJV (severe COPD), three had lesions invisible under HFJV requiring deep inspiration apnea for tumor targeting, and five patients could not have HFJV because of unavailability of a trained anesthetic team. No specific complication or hypercapnia related to HFJV were observed despite a mean anesthetic duration of 2 h and ventilation performed in procubitus (n = 4) or lateral decubitus (n = 6). Measured internal target movement was 0.3 mm in x- and y-axis and below the slice thickness of 3.75 mm in the z-axis in 11 patients. CONCLUSIONS: HFJV is feasible in 80 % of patients allowing for near immobility of internal organs during liver, kidney, and lung tumor ablation.

Portal vein embolization: what do we know?

Portal vein embolization (PVE) has been developed to increase the size of the future remnant liver (FRL) left in place after major hepatectomy, thus reducing the risk of postoperative liver insufficiency. PVE consist in embolizing preoperatively portal branches of the segments that will be resected. Indication is based on preoperative measurements of the FRL by computed tomography and its ratio with either the theoretical liver volume or by direct measurement of the functional liver volume. After PVE, the volume and function of the FRL increases in 3 to 6 weeks, permitting extensive resections in patients otherwise contraindicated for liver resection. The PVE technique is variable from one center to another; however n-butyl-cyano-acrylate provides an interesting compromise between hypertrophy rate and procedure risk.

Bridge Maintenance Manual, TR-646, 2014

The Bridge Maintenance Manual is published solely to provide information and guidance to bridge maintenance personnel when repairing bridges in the state of Iowa. This manual is issued to secure, so far as possible, uniformity of practice and procedure in methods developed by experience. Budgetary limitations, volumes and types of traffic, local conditions and other factors may render complete compliance with the guidelines set forth, in this manual, impossible or impractical. This manual is not purported to be a complete guide in all areas of bridge maintenance and is not a substitute for engineering judgment.

Essays in equilibrium asset pricing

Introduction This dissertation consists of three essays in equilibrium asset pricing. The first chapter studies the asset pricing implications of a general equilibrium model in which real investment is reversible at a cost. Firms face higher costs in contracting than in expanding their capital stock and decide to invest when their productive capital is scarce relative to the overall capital of the economy. Positive shocks to the capital of the firm increase the size of the firm and reduce the value of growth options. As a result, the firm is burdened with more unproductive capital and its value lowers with respect to the accumulated capital. The optimal consumption policy alters the optimal allocation of resources and affects firm's value, generating mean-reverting dynamics for the M/B ratios. The model (1) captures convergence of price-to-book ratios -negative for growth stocks and positive for value stocks - (firm migration), (2) generates deviations from the classic CAPM in line with the cross-sectional variation in expected stock returns and (3) generates a non-monotone relationship between Tobin's q and conditional volatility consistent with the empirical evidence. The second chapter proposes a standard portfolio-choice problem with transaction costs and mean reversion in expected returns. In the presence of transactions costs, no matter how small, arbitrage activity does not necessarily render equal all riskless rates of return. When two such rates follow stochastic processes, it is not optimal immediately to arbitrage out any discrepancy that arises between them. The reason is that immediate arbitrage would induce a definite expenditure of transactions costs whereas, without arbitrage intervention, there exists some, perhaps sufficient, probability that these two interest rates will come back together without any costs having been incurred. Hence, one can surmise that at equilibrium the financial market will permit the coexistence of two riskless rates that are not equal to each other. For analogous reasons, randomly fluctuating expected rates of return on risky assets will be allowed to differ even after correction for risk, leading to important violations of the Capital Asset Pricing Model. The combination of randomness in expected rates of return and proportional transactions costs is a serious blow to existing frictionless pricing models. Finally, in the last chapter I propose a two-countries two-goods general equilibrium economy with uncertainty about the fundamentals' growth rates to study the joint behavior of equity volatilities and correlation at the business cycle frequency. I assume that dividend growth rates jump from one state to other, while countries' switches are possibly correlated. The model is solved in closed-form and the analytical expressions for stock prices are reported. When calibrated to the empirical data of United States and United Kingdom, the results show that, given the existing degree of synchronization across these business cycles, the model captures quite well the historical patterns of stock return volatilities. Moreover, I can explain the time behavior of the correlation, but exclusively under the assumption of a global business cycle.