Human Capital Externalities and Private Returns to Education in Kenya

We use micro data to analyse the effect of human capital externality on earnings and private returns to education. The earnings equations are estimated using the OLS method for a sample of full-time workers. The results show that human capital has a positive effect on earnings, indicating that an increase in education benefits all workers. However, men benefit more from women's education than the women do from men's. The effects of human capital externality on private returns to schooling are shown to vary substantially between rural and urban areas and across levels of the education system.

Assessing inequality using percentile shares

At least since Thomas Piketty's best-selling \Capital in the Twenty- First Century" (2014, Cambridge, MA: The Belknap Press), percentile shares have become a popular approach for analyzing distributional inequalities. In their work on the development of top incomes, Piketty and collaborators typically report top- percentage shares, using varying percentages as thresholds (top 10%, top 1%, top 0.1%, etc.). However, analysis of percentile shares at other positions in the distri- bution may also be of interest. In this paper I present a new Stata command called pshare that estimates percentile shares from individual-level data and displays the results using histograms or stacked bar charts.

Assessing inequality using percentile shares

At least since Thomas Piketty's best-selling "Capital in the Twenty-First Century" (2014, Cambridge, MA: The Belknap Press), percentile shares have become a popular approach for analyzing distributional inequalities. In their work on the development of top incomes, Piketty and collaborators typically report top-percentage shares, using varying percentages as thresholds (top 10%, top 1%, top 0.1%, etc.). However, analysis of percentile shares at other positions in the distribution may also be of interest. In this paper I present a new Stata command called -pshare- that estimates percentile shares from individual-level data and displays the results using histograms or stacked bar charts.

Who Develops Innovations in Medicine for the Poor? Trends in Patent Applications Related to Medicines for HIV/AIDS, Tuberculosis, Malaria and Neglected Diseases

Who invents medicines for the poor of the world? This question becomes very important where the WTO allows low income countries to be unbound by the TRIPS agreement. This agreement concerns medicines for infectious diseases such as HIV/AIDS, tuberculosis and malaria. These diseases cause serious damage to low income countries. Under these circumstances, some scholars wonder if anyone will continue innovative activities related to treating these diseases. This paper sought to answer this question by collecting and analyzing patent data of medicines and vaccines for diseases using the database of the Japan Patent Office. Results indicate that private firms have led in innovation not only for global diseases such as HIV/AIDS but also diseases such as malaria that are spreading exclusively in low income countries. Innovation for the three infectious diseases is diverse among firms, and frequent patent applications by high-performing pharmaceutical firms appear prominent even after R&D expenditure, economies of scale, and economies of scope are taken into account.

Effects of birth order and sibling sex composition on human capital investment in children in India

The paper explores the effects of birth order and sibling sex composition on human capital investment in children in India using the Indian Human Development Survey (IHDS). Endogeneity of fertility is addressed using instruments and controlling for household fixed effects. Family size effect is also distinguished from the sibling sex composition effect. Previous literature has often failed to take endogeneity into account and shows a negative birth order effect for girls in India. Once endogeneity of fertility is addressed, there is no evidence for a negative birth order effect or sibling sex composition effect for girls. Results show that boys are worse off in households that have a higher proportion of boys specifically when they have older brothers.

What best transfers knowledge? : capital, goods, and innovative labor in East Asia

This paper compares three knowledge carriers—trade, foreign direct investment (FDI), and inventors—as knowledge mediums, and investigates their effects on knowledge flow in East Asia from 1996 to 2010. Using patent citations as a proxy for knowledge flow, this paper shows that FDI and inventor mobility have positive effects on increasing patent citations in East Asia when the technological portfolios of two countries are less similar. While trade shows statistical significance, the effect is inconsistent according to the regression models.

The introduction of teaching innovations into the traditional teaching of construction and building materials

The traditional teaching methods used for training civil engineers are currently being called into question as a result of the new knowledge and skills now required by the labor market. In addition, the European Higher Education Area is requesting that students be given a greater say in their learning. In the subject called Construction and Building Materials at the Civil Engineering School of the Universidad Politécnica de Madrid, a path was set three academic years ago to lead to an improvement in traditional teaching by introducing active methodologies. The innovations are based on cooperative learning, new technologies, and continuous assessment. The writers’ proposal is to offer their experience as a contribution to the debate on how students can be encouraged to acquire the skills currently demanded from a civil engineer, though not overlooking solid, top-quality training. From the outcomes obtained, it can be concluded that using new teaching techniques to supplement a traditional approach provides more opportunities for students to learn while boosting their motivation. In our case, the introduction of these changes has resulted in an increased pass rate of 29% on average, when such a figure is considered in the light of the mean value of passes during the last decade.

Modelo para evaluar el capital social en programas de cooperación para el desarrollo

Los programas de desarrollo regional promovidos por los gobiernos nacionales y las agencias multilaterales, como el Banco Mundial y el Banco Interamericano de Desarrollo (BID), se orientan a las políticas públicas de suministro de bienes públicos, ya sean servicios públicos o infraestructuras, a las regiones subdesarrolladas. Las evidencias apuntan que el éxito de estos programas depende en parte de externalidades, las cuales se relacionan con los cambios del tejido asociativo y los valores de los participantes de la comunidad. Estas externalidades se definen como el capital social. Cómo las externalidades no son directamente evaluadas en el impacto económico y social de los proyectos, pero su existencia es aceptada por los planificadores que reconocen la importancia de desarrollar el tejido de relaciones en la comunidad. Sin embargo este capital social no es medido. El objeto de esta tesis es investigar y proponer procesos de medida y evaluación del capital social de un proyecto, y relacionarlos con las actividades del mismo en un territorio y proyecto dado como casos de estudio. El Programa de Desarrollo de la Zona de Mata (PROMATA) en el Estado de Pernambuco, Brasil, financiado por el Estado de Pernambuco en Brasil y el BID, finalizado en 2010, ha sido elegido como caso de estudio. Para la evaluación y medida del capital social se han estudiado dos periodos. Uno considerando solo los planes del proyecto, sin considerar su implantación, que se ha denominado evaluación A Priori, basada en un panel de expertos con visión de las externalidades generadas. Y otra con la participación de las partes de la comunidad después de su finalización, denomina evaluación A Posteriori, para lo cual se han entrevistado un número significativo de partes interesadas utilizando un cuestionario especialmente diseñado. Los resultados han sido procesados mediante análisis estadísticos avanzados. El proyecto PROMATA es considerado un caso de éxito en Brasil, en parte por su aproximación al desarrollo asociativo. Sin embargo las valoraciones del capital social muestran que algunas relaciones Estado-sociedad y sociedad-personas no han cambiado todo lo esperado, en oposición a las evaluaciones de satisfacción de los indicadores del proyecto. Es el efecto externo del capital social. ABSTRACT The regional development programs promoted by the national governments and international multilateral agencies, like the World Bank and the Interamerican Development Bank (BID), are oriented to public policies under which public goods, like public services and infrastructures, are supplied to underdeveloped regions. More and more evidences are pointing to the fact that success of these programs depends in a good part of externalities, which are related to the changes in the networking and values among the stakeholders in the territory. These externalities are defined as the Social Capital. As externalities, they are not directly evaluated in the projects economic and social impact, but accepted to exist and the planners of the projects do acknowledge the important of social networking. However never assessed. The objective of this thesis is to investigate and propose a way to measure and assess the social capital of a given project, and relate that with the activities of the project, with a given project and territory as base case. The Development Program in Zona da Mata (PROMATA) in the State of Pernambuco, Brazil, funded by the Brazil State and the BID, ended in 2010, was chosen as the base case. For the assessment of the social capital two periods in time where studied. One considering only the project program named a priori evaluation and based in a panel of experts, which are aware of the possible externalities of the project. Other, considering the stakeholders view after the project ended, named posterior evaluation, which required interviewing a number of stakeholders using a specially designed questionnaire. The results were processed using advanced statistical techniques. PROMATA is considered a success case story in Brazil, in part for its social networking approach. However when the social capital is assessed there are areas of state-society and society-community relations not that well transformed, as the satisfaction research of the project indicators. This unforeseen externality is the social capital effect.

Using damage from 2010 Haiti earthquake for vulnerability estimation of typical structures in Port-au-Prince (Haiti).

After the 2010 Haiti earthquake, that hits the city of Port-au-Prince, capital city of Haiti, a multidisciplinary working group of specialists (seismologist, geologists, engineers and architects) from different Spanish Universities and also from Haiti, joined effort under the SISMO-HAITI project (financed by the Universidad Politecnica de Madrid), with an objective: Evaluation of seismic hazard and risk in Haiti and its application to the seismic design, urban planning, emergency and resource management. In this paper, as a first step for a structural damage estimation of future earthquakes in the country, a calibration of damage functions has been carried out by means of a two-stage procedure. After compiling a database with observed damage in the city after the earthquake, the exposure model (building stock) has been classified and through an iteratively two-step calibration process, a specific set of damage functions for the country has been proposed. Additionally, Next Generation Attenuation Models (NGA) and Vs30 models have been analysed to choose the most appropriate for the seismic risk estimation in the city. Finally in a next paper, these functions will be used to estimate a seismic risk scenario for a future earthquake.

Optimal Control Using Feedback Linearization for a Generalized T-S Model

In this paper, a fuzzy feedback linearization is used to control nonlinear systems described by Takagi-Suengo (T-S) fuzzy systems. In this work, an optimal controller is designed using the linear quadratic regulator (LQR). The well known weighting parameters approach is applied to optimize local and global approximation and modelling capability of T-S fuzzy model to improve the choice of the performance index and minimize it. The approach used here can be considered as a generalized version of T-S method. Simulation results indicate the potential, simplicity and generality of the estimation method and the robustness of the proposed optimal LQR algorithm.

Arquitectura industrial tabacalera en la España peninsular: secaderos y fábricas

La Arquitectura industrial del tabaco en España está representada por dos tipos de construcciones, que corresponden a las dos fases en las que se divide el proceso de producción del tabaco: los secaderos (arquitectura bioclimática donde se realiza el secado), y las fábricas (centros donde se elabora el tabaco procedente de los secaderos). Las fábricas se repartieron por todo el territorio español, ocupando preferiblemente los lugares costeros, aunque existen casos en los que su localización obedecía a razones políticas. Estos edificios, en su mayoría, incluidos en los centros históricos de las ciudades, han cambiando de uso, y las antiguas fábricas de tabaco se han transformado en su mayoría, en centros de cultura, o centros sociales y representativos. La tesis surge del análisis de las características constructivas de la arquitectura industrial del tabaco: de los secaderos y de las fábricas, por tratarse de una tipología con suficiente entidad y un ejemplo de arquitectura bioclimática de producción en el caso de los secaderos, y por conseguir haberse adaptado a otros usos en el caso de las fábricas. La arquitectura de producción emplea un lenguaje acorde con los avances de la industrialización, anticipando materiales y estructuras, y condensando en una tipología específica las complejas relaciones establecidas entre producto, hombres y espacio. Estos edificios tuvieron una extensa implantación en el territorio, y se caracterizan por una serie de valores tecnológicos, arquitectónicos, sociológicos y paisajísticos, que hacen de ellos un documento de primera magnitud para conocer: la evolución e implantación de las técnicas constructivas (materiales y estructuras), los procesos de innovación tipológica y la estructura económica y procedimientos técnicos utilizados. El territorio en el que se insertan constituye su contexto territorial, por lo que no sería adecuado considerar estos edificios como elementos aislados, sin analizar la relación con el entorno en el que se generaron. Por este motivo, se analizan las condiciones higrotérmicas ambientales de los secaderos para compararlas con las de confort humano y establecer relaciones y parámetros compatibles. Los ejemplos analizados de secaderos son todos de fábrica. El uso del ladrillo como módulo principal para la elaboración de un edificio, supone la consideración de un “grado cero” de todo el aparato constructivo y compositivo de la arquitectura. Dejar el ladrillo visto, supone hacer explícitos todos los procesos acumulativos. Este elemento mínimo, permite unas posibilidades enormemente abiertas, pero no absolutamente aleatorias, que definen su propia lógica combinatoria. La exigencia de sinceridad, característica de la arquitectura industrial, en la exposición de los materiales, exhibiéndolos en su propia naturaleza y en el modo real de ser utilizados, se hace patente en este tipo de construcción. Se realiza un estudio de permeabilidad en las fachadas de los secaderos, para determinar el grado de ventilación y su relación con la orientación, el patrón de celosía empleado y el volumen total. Este sistema de acondicionamiento climático específico, puede servir de recurso a otras construcciones, por lo que se podría trasladar el sistema constructivo y formal de los secaderos a otros usos, desde una doble vertiente: Arquitectura para la adaptación climática al entorno. Arquitectura como generadora de condiciones climáticas específicas, en el interior. La utilidad de los secaderos es fundamentalmente: proporcionar sombra, ventilación y un espacio cubierto, pero permeable en sus fachadas. La arquitectura industrial debe ser reconocida dentro del conjunto patrimonial, debido a sus características propias que permiten su diferenciación del resto de la arquitectura. Conocer la estructura productiva permite analizar correctamente estas construcciones, ya que el programa inicial es básico para entender la organización del espacio interior. Las fábricas no se situaron cerca de las zonas de producción del tabaco, excepto en dos casos: Cádiz y Palazuelo, en los que existen secaderos y campos de cultivo de hoja de tabaco en las áreas cercanas. La principal causa de esta separación es que el proceso de obtención de tabaco es un proceso dividido en dos fases principales: proceso primario y proceso secundario. En el proceso primario la hoja de tabaco se seca en los secaderos, en los que es determinante el clima, pero únicamente en el caso del secado del tabaco al aire. En el proceso secundario sin embargo, el tabaco llega previamente tratado a las fábricas, por lo que no influye el clima en esta parte del proceso. Esta razón determina que en las áreas climáticas donde se centra el estudio, haya zonas en las que existen fábrica y secaderos y otras en las que únicamente existe fábrica, o sólo secaderos. La localización de las fábricas atendía a razones de muy diferente índole, las más importantes fueron: geográficas, estratégicas, y políticas. En la mayoría de las fábricas la elección de la ciudad de emplazamiento estaba ligada a la recepción de la materia prima, que principalmente se hacía por vía marítima, o acuática (el caso de Sevilla), y por vía terrestre, utilizando como medio de transporte el ferrocarril. Sólo dos casos, de las antiguas fábricas, corresponden a razones políticas, son las dos únicas que no están en la costa: Madrid y Logroño. La de Madrid se construyó por centralidad política, y porque geográficamente ocupaba el punto central de todas las comunicaciones terrestres por carretera y ferrocarril. Muchas de las fábricas se situaron cercanas a las estaciones de ferrocarril. La de Logroño atendió, sin embargo, a razones políticas. Para finalizar, se realiza un estudio comparativo de las fábricas de Sevilla, Madrid y San Sebastián. Las razones que justifican esta elección son: - La de Sevilla fue históricamente la primera fábrica y la más importante. - La de Madrid fue la más importante a nivel administrativo, la sede de Tabacalera se instaló en la capital, y después de la de Sevilla, fue la que sirvió de modelo al resto de las fábricas. - La de San Sebastián era la más grande del Norte. Los análisis que se han realizado son de: volumen y superficies de patios, superficies de cubierta, permeabilidad o huecos en fachadas, orientación y soleamiento de patios, distribución espacial interior y organización, y evolución de usos. Podemos observar que en la mayoría de estas fábricas ha habido una transformación en el uso, pasando de ser edificios industriales a edificios culturales. Estas construcciones se pueden considerar como infraestructuras adaptables, por ser útiles, sostenibles y funcionales. ABSTRACT The Spanish industrial architecture of tobacco is represented by two construction types that correspond to the two phases of tobacco production: the drying sheds (bioclimatic constructions where the drying process takes place) and factories (centres where tobacco is processed after the drying process). The factories were distributed throughout the Spanish territory, preferably occupying coastal locations, although some of them were located elsewhere following political reasons. Most of the buildings inside city centres have suffered changes in their use, becoming cultural, social or representative centres. This thesis attempts the analysis of the constructive systems employed in tobacco industrial architecture, from drying sheds to factories. The drying sheds are an example of bioclimatic industrial architecture. The factories are a typology that have successfully adapted to new uses. Industrial architecture uses a language that follows the advances in industrialization, anticipating new materials and structures, and merging the complex relationships established among products, human beings, space and locations. These buildings were promoted extensively in the country. They are characterized by technological architectural sociological and landscaping innovations. They are considered as important examples of the evolution and the implementation of construction techniques (building materials and structures). They are also considered as examples of innovation in the building typology, in their economic structure and in the technologies that they have applied. The settings in which the drying sheds are placed have an important influence in them. They cannot be considered as isolated elements. Instead, there is a close relationship between drying sheds and the surroundings in which they are located. Drying sheds’ hygrotermal and environmental conditions are analyzed in this thesis to compare them with the values of human comfort and find suitable relationships and parameters. All the drying sheds that have been analyzed are constructed with brick. This implies a consideration of “zero degree” for both the construction and the composition of the architectural process. The detailing - entails making all the accumulative processes explicit as the brick walls are left exposed. This minimal component allows a wide range of options that are never random but based on the logic of the way in which it is combined. The “sincerity” in the exposition of material, displaying them in their very nature and showing how they are really used, is a basic characteristic of industrial architecture, and it is even more expressive in these types of buildings. The walls of the drying sheds undergo a permeability assessment in order to determine the degree of ventilation and orientation, the lattice pattern used and the overall volume. This specific conditioning system can serve as a resource for other buildings, and consequently, it could be transferred to other uses within a two-pronged approach: -Climatically adapted architecture that takes into account the surroundings. -Architecture as a generator of specific climatic conditions indoors. Drying sheds’ main purposes / aims deal with how to provide shade, ventilation and a covered space as well as permeability. The industrial architecture must be recognized as historical valuable buildings due to its intrinsic and distinctive characteristics. Knowing the productive structure, allow us to make a proper analysis of these buildings, since the basic aim, is to understand the spatial organization indoors. Factories did not come close to the tobacco production, with the exception of Cádiz and Palazuelo, where there are sheds and tobacco croplands nearby. The main reason for this separation is that the process of obtaining tobacco has two processes: the primary process and the secondary process. In the primary process tobacco leaves are left to dry. In the secondary process, previously manufactured tobacco allocated in the factories where the weather conditions are not important. This fact determines that in the climate areas where this study tales place there are some cases in which we can find both factories and drying sheds, and others where there are either factories or drying sheds only. The location of these factories met various demands, being the most outstanding the ones related to geographic, strategic and political reasons. In most factories the choice of its location was often linked to the incoming of raw goods, mainly delivered through waterways –it is the case of Seville,) and by land, using railways. The location of the factories was linked to political reasons in only two cases Madrid and Logroño, which are the only ones that are not placed near the coast. The one in Madrid was built due to its political centrality and because geographically speaking, it was the reference landmark of means of land and rail transports. Many factories, in fact, were settled nearby rail stations. For the factory in Logroño, only political reasons were taken into consideration. I should like to close by undertaking a comparative study of factories in Seville, Madrid and San Sebastian. There are a number of reasons to substantiate this choice: -The factory in Seville was historically speaking the first that was built and the most important one. -The factory in Madrid was the most important one administratively. This factory was the headquarters as well as being, after Seville, the one which provided a model for other factories. -The factory in San Sebastian is the biggest in the North of Spain. The analysis carried out are related to the volume of the buildings and the surface areas of the courtyards, the surface of the roofs, the permeability of the walls and the openings of the façade, the orientation and the sun exposure, the indoor spatial distribution and organization and evolution of the uses (formerly and currently) I observe that in most of these factories there has been a change in the use of the buildings, from industrial cultural purposes. These buildings can be considered as adaptable infrastructures based on a combination of architectural practicability, sustainability and functionality.

Efectividad de las señales de compromiso de suscripción ante el anuncio de ampliaciones de capital en España

El objetivo de esta tesis doctoral es averiguar si el anuncio por parte del accionista significativo de ejercitar su derecho de suscripción preferente elimina o reduce la asimetría de información en las ampliaciones de capital con derecho de suscripción preferente en el Mercado de Valores español. Durante los 17 años analizados, encontramos que ni el anuncio de la ampliación de capital ni el tipo de aseguramiento acordado en cada ampliación tienen un impacto estadísticamente significativo en el Exceso de Rentabilidad Ajustada por Riesgo. Principalmente, el análisis realizado utiliza la información requerida por la Comisión Nacional del Mercado de Valores (CNMV) que deben aportar los accionistas significativos en el Folleto de emisión publicado con carácter previo a la ampliación. Esta investigación desglosa las ofertas en un Grupo 1, el cual incluye aquéllas en las que los accionistas significativos anuncian su intención de ejercitar su derecho en las emisiones, y el Grupo 2, que incluye aquéllas en donde no acuden o simplemente no existía información al respecto ya que no es una información obligatoria a incluir en el Folleto. Para cada ampliación de capital y para tres periodos de tiempo distintos se obtiene el Exceso de Rentabilidad Ajustada por Riesgo (ERAR) como la diferencia entre la Tasa Interna de Retorno y el Retorno Esperado, utilizando el modelo CAPM. De este modo, se trata de aislar el efecto temporal. La principal contribución de esta tesis doctoral es el hallazgo de una rentabilidad negativa estadísticamente significativa cuando el accionista significativo anuncia su intención de no suscribir la ampliación, o no existe información suficiente sobre su intención a este respecto. Adicionalmente, el análisis que se ha llevado a cabo en este estudio muestra un refuerzo estadísticamente significativo de este efecto negativo en la rentabilidad cuando existe simultáneamente una falta de compromiso por parte del accionista significativo y la ampliación no está asegurada. ABSTRACT The aim of this doctoral dissertation is to find out whether or not consideration of significant shareholders announcement of intention to exercise subscription rights makes a difference in eliminating or reducing the effects of asymmetrical information in equity offerings with pre-emptive rights on the Spanish Stock Market. For the 17 years of equity issues covered, we find that neither equity issue announcements nor the type of underwriting arrangements has a statistically significant impact on the issues’ Excess Risk Adjusted Return. The analysis uses the information required by CNMV (Spanish equivalent to SEC) to be provided by the significant shareholders in the equity issue’s prospectus. The doctoral dissertation breaks the offerings down into Group 1, in which the significant shareholders indicated their intention to subscribe, and Group 2, for which there was not enough information provided as to their intentions. For each equity issue, Excess Risk Adjusted Return (ERAR) is obtained, for three different periods, as is the difference between nominal Internal Rate of Return and expected return, using the CAPM. By subtracting the expected return from the IRR, the effect of time or any other variable influencing the stock price during the period, aside from the equity issue, should, in principle, be removed. The main contribution of this study is the finding of a statistically significant negative impact on returns either when the significant shareholders indicate their intention not to subscribe, or when not enough information is provided about their intention. We also find a statistically significant reinforcing negative effect on returns in the case of simultaneous lack of commitment on the part of significant shareholders, and non-underwritten equity issues.

Adapting micro-economy of energy corporations to macroeconomy policies aiming at a sustainable economy

Esta Tesis surgió ante la intensidad y verosimilitud de varias señales o “warnings” asociadas a políticas dirigidas a reducir el peso del petróleo en el sector energético, tanto por razones económicas, como geopolíticas, como ambientales. Como tal Tesis se consolidó al ir incorporando elementos novedosos pero esenciales en el mundo petrolífero, particularmente las “tecnologías habilitantes”, tanto de incidencia directa, como el “fracking” como indirecta, del cual es un gran ejemplo el Vehículo Eléctrico (puro). La Tesis se definió y estructuró para elaborar una serie de indagaciones y disquisiciones, que comportaran un conjunto de conclusiones que fueran útiles para las corporaciones energéticas. También para la comprensión de la propia evolución del sector y de sus prestaciones técnicas y económicas, de cara a dar el servicio que los usuarios finales piden. Dentro de las tareas analíticas y reflexivas de la Tesis, se acuñaron ciertos términos conceptuales para explicar más certeramente la realidad del sector, y tal es el caso del “Investment burden”, que pondera la inversión específica (€/W) requerida por una instalación, con la duración del período de construcción y los riesgos tanto tangibles como regulatorios. Junto a ello la Tesis propone una herramienta de estudio y prognosis, denominada “Market integrated energy efficiency”, especialmente aplicable a dicotomías. Tal es el caso del coche térmico, versus coche eléctrico. El objetivo es optimizar una determinada actividad energética, o la productividad total del sector. Esta Tesis propone varias innovaciones, que se pueden agrupar en dos niveles: el primero dentro del campo de la Energía, y el segundo dentro del campo de las corporaciones, y de manera especial de las corporaciones del sector hidrocarburos. A nivel corporativo, la adaptación a la nueva realidad será función directa de la capacidad de cada corporación para desarrollar y/o comprar las tecnologías que permitan mantener o aumentar cuota de mercado. Las conclusiones de la Tesis apuntan a tres opciones principalmente para un replanteamiento corporativo: - Diversificación energética - Desplazamiento geográfico - Beneficiándose de posibles nuevos nichos tecnológicos, como son: • En upstream: Recuperación estimulada de petróleo mediante uso de energías renovables • En downstream: Aditivos orientados a reducir emisiones • En gestión del cambio: Almacenamiento energético con fines operativos Algunas políticas energéticas siguen la tendencia de crecimiento cero de algunos países de la OCDE. No obstante, la realidad mundial es muy diferente a la de esos países. Por ejemplo, según diversas estimaciones (basadas en bancos de datos solventes, referenciados en la Tesis) el número de vehículos aumentará desde aproximadamente mil millones en la actualidad hasta el doble en 2035; mientras que la producción de petróleo sólo aumentará de 95 a 145 millones de barriles al día. Un aumento del 50% frente a un aumento del 100%. Esto generará un curioso desajuste, que se empezará a sentir en unos pocos años. Las empresas y corporaciones del sector hidrocarburos pueden perder el monopolio que atesoran actualmente en el sector transporte frente a todas las demás fuentes energéticas. Esa pérdida puede quedar compensada por una mejor gestión de todas sus capacidades y una participación más integrada en el mundo de la energía, buscando sinergias donde hasta ahora no había sino distanciamiento. Los productos petrolíferos pueden alimentar cualquier tipo de maquina térmica, como las turbinas Brayton, o alimentar reformadores para la producción masiva de H2 para su posterior uso en pilas combustible. El almacenamiento de productos derivados del petróleo no es ningún reto ni plantea problema alguno; y sin embargo este almacenamiento es la llave para resolver muchos problemas. Es posible que el comercio de petróleo se haga menos volátil debido a los efectos asociados al almacenamiento; pero lo que es seguro es que la eficiencia energética de los usos de ese petróleo será más elevada. La Tesis partía de ciertas amenazas sobre el futuro del petróleo, pero tras el análisis realizado se puede vislumbrar un futuro prometedor en la fusión de políticas medioambientales coercitivas y las nuevas tecnologías emergentes del actual portafolio de oportunidades técnicas. ABSTRACT This Thesis rises from the force and the credibility of a number of warning signs linked to policies aimed at reducing the role of petroleum in the energy industry due to economical, geopolitical and environmental drives. As such Thesis, it grew up based on aggregating new but essentials elements into the petroleum sector. This is the case of “enabling technologies” that have a direct impact on the petroleum industry (such as fracking), or an indirect but deep impact (such as the full electrical vehicle). The Thesis was defined and structured in such a way that could convey useful conclusions for energy corporations through a series of inquiries and treatises. In addition to this, the Thesis also aims at understating la evolution of the energy industry and its capabilities both technical and economical, towards delivering the services required by end users. Within the analytical task performed in the Thesis, new terms were coined. They depict concepts that aid at explaining the facts of the energy industry. This is the case for “Investment burden”, it weights the specific capital investment (€/W) required to build a facility with the time that takes to build it, as well as other tangible risks as those posed by regulation. In addition to this, the Thesis puts forward an application designed for reviewing and predicting: the so called “Market integrated energy efficiency”, especially well-suited for dichotomies, very appealing for the case of the thermal car versus the electric car. The aim is to optimize energy related activity; or even the overall productivity of the system. The innovations proposed in this Thesis can be classified in two tiers. Tier one, within the energy sector; and tier two, related to Energy Corporation in general, but with oil and gas corporations at heart. From a corporate level, the adaptation to new energy era will be linked with the corporation capability to develop or acquire those technologies that will yield to retaining or enhancing market share. The Thesis highlights three options for corporate evolution: - diversification within Energy - geographic displacement - profiting new technologies relevant to important niches of work for the future, as: o Upstream: enhanced oil recovery using renewable energy sources (for upstream companies in the petroleum business) o Downstream: additives for reducing combustion emissions o Management of Change: operational energy storage Some energy policies tend to follow the zero-growth of some OECD countries, but the real thing could be very different. For instance, and according to estimates the number of vehicles in use will grow from 1 billion to more than double this figure 2035; but oil production will only grow from 95 million barrel/day to 145 (a 50% rise of versus an intensification of over a 100%). Hydrocarbon Corporation can lose the monopoly they currently hold over the supply of energy to transportation. This lose can be mitigated through an enhanced used of their capabilities and a higher degree of integration in the world of energy, exploring for synergies in those places were gaps were present. Petroleum products can be used to feed any type of thermal machine, as Brayton turbines, or steam reformers to produce H2 to be exploited in fuel cells. Storing petroleum products does not present any problem, but very many problems can be solved with them. Petroleum trading will likely be less volatile because of the smoothing effects of distributed storage, and indeed the efficiency in petroleum consumption will be much higher. The Thesis kicked off with a menace on the future of petroleum. However, at the end of the analysis, a bright future can be foreseen in the merging between highly demanding environmental policies and the relevant technologies of the currently emerging technical portfolio.

ANÁLISE DAS MUDANÇAS DOS FATORES DETERMINANTES DA ESTRUTURA DE CAPITAL EM FUNÇÃO DO CICLO DE VIDA DAS EMPRESAS BRASILEIRAS

As várias teorias acerca da estrutura de capital despertam interesse motivando diversos estudos sobre o assunto sem, no entanto, ter um consenso. Outro tema aparentemente pouco explorado refere-se ao ciclo de vida das empresas e como ele pode influenciar a estrutura de capital. Este estudo teve como objetivo verificar quais determinantes possuem maior relevância no endividamento das empresas e se estes determinantes alteram-se dependendo do ciclo de vida da empresa apoiada pelas teorias Trade Off, Pecking Order e Teoria da Agência. Para alcançar o objetivo deste trabalho foi utilizado análise em painel de efeito fixo sendo a amostra composta por empresas brasileiras de capital aberto, com dados secundários disponíveis na Economática® no período de 2005 a 2013, utilizando-se os setores da BM&FBOVESPA. Como resultado principal destaca-se o mesmo comportamento entre a amostra geral, alto e baixo crescimento pelo endividamento contábil para o determinante Lucratividade apresentando uma relação negativa, e para os determinantes Oportunidade de Crescimento e Tamanho, estes com uma relação positiva. Para os grupos de alto e baixo crescimento alguns determinantes apresentaram resultados diferentes, como a singularidade que resultou significância nestes dois grupos, sendo positiva no baixo crescimento e negativa no alto crescimento, para o valor colateral dos ativos e benefício fiscal não dívida apresentaram significância apenas no grupo de baixo crescimento. Para o endividamento a valor de mercado foi observado significância para o Benefício fiscal não dívida e Singularidade. Este resultado reforça o argumento de que o ciclo de vida influência a estrutura de capital.

AS INOVAÇÕES TECNOLÓGICAS E OS INTERMEDIÁRIOS DA PRODUÇÃO E DO ACESSO À INFORMAÇÃO JORNALÍSTICA

O jornalismo é um dos principais meios de oferta de temas para a discussão e formação da opinião pública, porém depende de um sistema técnico para ser transmitido. Durante mais de cem anos as informações produzidas pela imprensa foram emitidas, armazenadas, transmitidas e recebidas pelos chamados veículos de comunicação de massa que utilizam a rede centralizada cujas características estão na escassez material, produção em série e massificação. Esse sistema separa no tempo e no espaço emissores e receptores criando uma relação desigual de força em que as grandes empresas controlaram o fluxo informativo, definindo quais fatos seriam veiculados como notícia. Em 1995, a internet cuja informação circula sob a tecnologia da rede distribuída, foi apropriada pela sociedade, alterando a forma de produção, armazenamento e transmissão de informação. A tecnologia despertou a esperança de que esta ferramenta poderia proporcionar uma comunicação mais dialógica e democrática. Mas aos poucos pode-se perceber novas empresas se apropriando da tecnologia da rede distribuída sob a qual circula a internet, gerando um novo controle do fluxo informativo. Realizou-se nessa pesquisa um levantamento bibliográfico para estabelecer uma reflexão crítica dos diferentes intermediários entre fato e a notícia tanto da rede centralizada como na rede distribuída, objetivando despertar uma discussão que possa oferecer novas ideias para políticas, bem como alternativas para uma comunicação mais democrática e mais libertária.