El valor razonable como concepto vinculado a la pertinencia del valor. Fair value as a concept related to value relevance.

IDENTIFICACIÓN Y CARACTERIZACIÓN DEL PROBLEMA - HIPÓTESIS Según la NIC 39, el valor razonable es la cantidad por la que puede ser intercambiado un activo o cancelado un pasivo entre un comprador y un vendedor interesados y debidamente informados, en condiciones de independencia mutua. La definición del FASB (SFAC 7) es muy similar, y define el valor razonable como el monto mediante el que un activo podría ser enajenado en una transacción entre partes independientes, dispuestas a realizar la operación en situaciones diferentes a la de una liquidación o a la de una venta forzada. Puede apreciarse que esta definición de valor razonable es limitada porque, a excepción de escenarios que se correspondan con mercados perfectos y completos, el concepto puede abarcar valores de entrada, valores de salida y valores en uso, los cuales pueden ser muy diferentes (Beaver, 1987). El valor de entrada es el valor de adquisición o de reemplazo, el valor de salida es el precio al cual un activo puede ser vendido o liquidado, y el valor en uso es el valor incremental de una empresa atribuible a un activo (se correspondería con el valor presente mencionado anteriormente). Dado que el IASB y la FASB se ocupan de la valuación de activos que una empresa posee, y no de activos que serán adquiridos en un futuro, su definición de valor razonable debería ser interpretada desde la perspectiva del vendedor. Por lo tanto, el concepto de valor razonable que manejan el IASB y la FASB se asemeja a un valor de salida, tal como lo propusieron Chambers y Stirling hace bastantes años atrás.Planteado esto, lo que tratará de dilucidar este proyecto de investigación es si este concepto de valor razonable es realmente novedoso o es una simple regresión a los valores corrientes de salida defendidos por los autores de la década del setenta. OBJETIVOS GENERALES Y ESPECÍFICOS General Analizar si el concepto “valor razonable” tal como es definido por la normativa actual se corresponde con una definición novedosa o es una adaptación/modificación/regresión de conceptos ya existentes (valores corrientes de salida). Específicos Revisar la literatura específica desde el punto de vista de la teoría contable y las normas de las que dispone la profesión referidas a los siguientes aspectos: a) Valores corrientes b) Valor razonable MATERIALES Y MÉTODOS El análisis que se llevará a cabo comprenderá dos aspectos. El primero consiste en la revisión de la doctrina contable. Para ello se analizará bibliografía significativa y trabajos de eventos académicos relacionados con el valor razonable. En segundo término se revisará la normativa profesional a nivel nacional e internacional. Después de concluido con los pasos anteriores se analizará la novedad del concepto valor razonable y su semejanza con el valor corriente de salida planteado por los autores de la década del setenta. IMPORTANCIA DEL PROYECTO – IMPACTO Se pretende revisar si el concepto valor razonable planteado por la normativa actual resulta realmente novedoso o es una adaptación de viejos conceptos planteados en la década del setenta del siglo pasado. El proyecto resulta importante porque es un tema no desarrollado en la literatura, ni planteado en congresos. Se estima lograr material de publicación y presentación en eventos académicos. According to the NIC 39, fair value is the quantity for the one that can be exchanged an asset or cancelled a liability between a buyer and a seller interested and due informed, in conditions of mutual independence. The definition of the FASB (SFAC 7) is very similar, and defines fair value as the amount by means of which an assets might be alienated in a transaction between independent parts, ready to realize the operation in situations different from that of a liquidation or to that of a forced sale. This definition of reasonable value is limited because, with the exception of scenes that fit with perfect and complete markets, the concept can include values of entry, values of exit and values in use, which can be very different (Beaver, 1987). The value of entry is the value of acquisition or of replacement, the value of exit is the price to which an asset can be sold or liquidated, and the value in use is the incremental value of a company attributable to an asset. Provided that the IASB and the FASB deal with the appraisal of assets that a company possesses, and not of assets that will be acquired in a future, this definition of fair value should be interpreted from the perspective of the seller. Therefore, the concept of reasonable value that they handle the IASB and the FASB is alike a value of exit, as Chambers and Stirling proposed it enough years ago behind. We will review if the concept of "fair value" is really new or if it is an adaptation of old concepts.

The Irish Pub: past, present – whither the future?

The purpose of this research is to examine the main economic, legislative, and socio- cultural factors that are currently influencing the pub trade in Ireland and their specific impact on a sample of publicans in both Galway city and county. In approaching this task the author engaged in a comprehensive literature review on the origin, history and evolution of the Irish pub; examined the socio-cultural and economic role of the public house in Ireland and developed a profile of the Irish pub by undertaking a number of semi-structured interviews with pub owners from the area. In doing so, the author obtained the views and opinions of the publicans on the current state of their businesses, the extent to which patterns of trade have changed over recent years, the challenges and factors currently influencing their trade, the actions they believed to be necessary to promote the trade and address perceived difficulties and how they viewed the future of the pub business within the framework of the current regulatory regime. In light of this research, the author identified a number of key findings and put forward a series of recommendations designed to promote the future success and development of the pub trade in Ireland. The research established that public houses are currently operating under a very unfavourable regulatory framework that has resulted in the serious decline of the trade over the last decade. This decline appears to have coincided initially with the introduction of the ban on smoking in the workplace and was exacerbated further by the advent of more severe drink-driving laws, especially mandatory breath testing. Other unfavourable conditions include the high levels of excise duty, value added tax and local authority commercial rates. In addition to these regulatory factors, the research established that a major impediment to the pub trade is the unfair competition from supermarkets and other off-licence retail outlets and especially to the phenomenon of the below-cost selling of alcohol. The recession has also been a major contributory factor to the decline in the trade as also has been the trend towards lifestyle changes and home drinking mirroring the practice in some continental European countries.

The role of biomass and biorefineries in a sustainable future

Some o f the biggest issues facing humanity in the 21st century include energy security, global warming and resource scarcity. These issues will affect every nation and Ireland is no exception. There is much research underway to uncover technologies that will allow the world to overcome such problems, but none offer the flexibility o f biomass. Unlike other sustainable technologies, which offer a solution to one or at most two o f the above problems, biomass as demonstrated by the author, can play a part in mitigating all o f the above problems. It has been known for some time that biomass can be used in various ways as a form o f renewable energy, but with the development o f biorefineries biomass can be used to produce material as well as fuel products. In this report the author has looked at the viability and benefits o f biomass, bioenergy and biorefining in Ireland. The author has demonstrated that such technologies when implemented correctly are sustainable from an economic, environmental and societal point o f view. The author has shown in this thesis that abundant supplies o f biomass make bio re fineries a viable business opportunity in Ireland and has shown how a number o f biorefinery scenarios have the potential to be extremely profitable. The author has evaluated the profitability o f material product-based bio re fineries as well as fuel productbased configurations. The author demonstrated that value-added co-products help to make bio refineries profitable even when excise-relief is not granted on bio fuels. In this thesis the author has revealed some o f the problems that bioenergy and biorefineries have had to overcome to date and examines challenges that remain for bioenergy and biorefining, and looks at the future opportunities for bio fuels. This report concludes that biomass and biorefining has exciting business potential while offering unique opportunities to mitigate the problems o f the future.

equivalence of almost bent and almost perfect nonlinear functions and their generalizations

Vectorial Boolean function, almost bent, almost perfect nonlinear, affine equivalence, CCZ-equivalence

Crosscorrelation properties between perfect sequences

Binary sequence, perfect sequence, autocorrelation, crosscorrelation, Hadamard transform

Global literature of fiddler crabs, genus Uca (Decapoda, Ocypodidae): trends and future directions

Crabs of the genus Uca Leach, 1814 are characterized by having strong sexual dimorphism and a global distribution. Currently, 97 species have been described and analyzed under several aspects, including population ecology, physiology and ethology. However, there is no general summary of the information from the various literatures. The aim of this study is to perform a scientometric analysis of fiddler crab studies. For this we searched papers available in the Thomson ISI database that contained the words "Uca" OR "fiddler* crab*" between the years 1991 and 2007. For each paper, we researched and recorded the following characteristics: publication year; journal of publication; the first author's nationality; the country where the study was conducted; study type; species studied; and the work area. Our results indicated that there was no increase in the number of articles through the years considered. The Journal of Experimental Marine Biology and Ecology published most of the articles on Uca, indicating the importance of this group as a model for testing ecological hypotheses using experimental approaches. Our results also showed that United States had the highest number of authors and published studies on Uca, following the overall trend in dominance on scientific research. Furthermore, using models with three variables (per capita income, number of species of Uca and extent of coastal countries) we observed that, according to the Akaike Information Criterion, the per capita income was the most important correlate for the number of articles per country (both the author's country and country of study). Additionally, our results show that the species U. pugilator (distributed on the East Coast of the North American continent) was the species most singularly referenced in the papers considered. Moreover, our results indicate that most studies on Uca use a descriptive and local scale. The majority of papers in our literature search reflect studies in population biology, followed by behavioral and physiological characteristics.

World fishing fleets : an analysis of distant-water fleet operations, past, present, future. prepared by William B. Folsom, David J. Rovinsky, Dennis M. Weidner.

6

World fishing fleets : an analysis of distant-water fleet operations, past, present, future. prepared by U.S. Embassies overseas ; assembled by Frederick H. Beaudry, William B. Folsom, David J. Rovinsky.

2

World fishing fleets : an analysis of distant-water fleet operations, past, present, future. prepared by Mark R. Wildman.

3

World fishing fleets : an analysis of distant-water fleet operations, past, present, future. prepared by Frederick H. Beaudry, William B. Folsom.

1

World fishing fleets : an analysis of distant-water fleet operations, past, present, future. prepared by Milan Kravanja, Ellen Shapiro.

5

Imperfect competition and market liquidity with a supply informed trader

We develop a model of insider trading where agents have private information either about liquidation value or about supply and behave strategically to maximize their profits. The supply informed trader plays a dual role in market making and in information revelation. This trader not only reveals a part of the information he owns, but he also induces the other traders to reveal more of their private information. The presence of different types of information decreases market liquidity and induces non-monotonicity of the market indicators with respect to the variance of liquidation value. Replacing the noise introduced by liquidity traders with a random supply also allows us to study the effect the shocks on different components of supply have on prices and quantities.

Environmental management problems, future generations and social decisions

The decisions of many individuals and social groups, taking according to well-defined objectives, are causing serious social and environmental problems, in spite of following the dictates of economic rationality. There are many examples of serious problems for which there are not yet appropriate solutions, such as management of scarce natural resources including aquifer water or the distribution of space among incompatible uses. In order to solve these problems, the paper first characterizes the resources and goods involved from an economic perspective. Then, for each case, the paper notes that there is a serious divergence between individual and collective interests and, where possible, it designs the procedure for solving the conflict of interests. With this procedure, the real opportunities for the application of economic theory are shown, and especially the theory on collective goods and externalities. The limitations of conventional economic analysis are shown and the opportunity to correct the shortfalls is examined. Many environmental problems, such as climate change, have an impact on different generations that do not participate in present decisions. The paper shows that for these cases, the solutions suggested by economic theory are not valid. Furthermore, conventional methods of economic valuation (which usually help decision-makers) are unable to account for the existence of different generations and tend to obviate long-term impacts. The paper analyzes how economic valuation methods could account for the costs and benefits enjoyed by present and future generations. The paper studies an appropriate consideration of preferences for future consumption and the incorporation of sustainability as a requirement in social decisions, which implies not only more efficiency but also a fairer distribution between generations than the one implied by conventional economic analysis.