Ongizate estatua kolokan Espainian : pentsioen erreformak

This paper analyzes the pensions reforms and changes that have been in Spain to guarantee Welfare State. In fact, pensions are the most important part that we have to control in order to satisfy the necessities of a country: who and what conditions in we have to receive them, what have to be the financial source or sources etcetera. Because of that, this paper summarizes the reforms have been until nowadays, what are the reasons of these changes and what have been the impacts as much on workers as on pensioners. Apart from that, we are going to analyze the factor to cause gender differences. Finally, it suggests some restraints that the state must to impose in the medium term to remove unfair elements that the last reform causes and to guarantee solvency in the long term.

Study of the transmitter antenna gain for intersatellite laser communications

The gain of a transmitter for intersatellite communications is closely related to the performance of all the links. We calculate the transmitter telescope's gain with the help of the rigorous scalar diffraction theory and equivalent optical layout method. Furthermore, a comparison is performed with the conventional imaging method. The results show that the stop inside the telescope can affect the gain of the telescope. Finally, the gain is calculated under the condition of the aberrations. We find that different aberrations cause different effects. (C) 2006 Society of Photo-Optical Instrumentation Engineers.

Study of the transmitter antenna gain for intersatellite laser communications

The gain of a transmitter for intersatellite communications is closely related to the performance of all the links. We calculate the transmitter telescope's gain with the help of the rigorous scalar diffraction theory and equivalent optical layout method. Furthermore, a comparison is performed with the conventional imaging method. The results show that the stop inside the telescope can affect the gain of the telescope. Finally, the gain is calculated under the condition of the aberrations. We find that different aberrations cause different effects. (C) 2006 Society of Photo-Optical Instrumentation Engineers.

Company financial performance: Does board size matter? Case of the EUROSTOXX50 index

[EN] This study analyzes the relationship between board size and economic-financial performance in a sample of European firms that constitute the EUROSTOXX50 Index. Based on previous literature, resource dependency and agency theories, and considering regulation developed by the OECD and European Union on the normative of corporate governance for each country in the sample, the authors propose the hypotheses of both positive linear and quadratic relationships between the researched parameters. Using ROA as a benchmark of financial performance and the number of members of the board as measurement of the board size, two OLS estimations are performed. To confirm the robustness of the results the empirical study is tested with two other similar financial ratios, ROE and Tobin s Q. Due to the absence of significant results, an additional factor, firm size, is employed in order to check if it affects firm performance. Delving further into the nature of this relationship, it is revealed that there exists a strong and negative relation between firm size and financial performance. Consequently, it can be asseverated that the generic recommendation one size fits all cannot be applied in this case; which conforms to the Recommendations of the European Union that dissuade using generic models for all countries.

Traditional budgeting during financial crisis

[EN] This study examines the evolution of budgeting practices in the extremely difficult Spanish economic environment. In order to analyse if companies are still maintaining their budgeting process and if, right now, they are facing more difficulties in forecasting accurate indicators, two similar web surveys were addressed over two periods of time, firstly in 2008 at the beginning of the financial crisis, and secondly in 2013 after five years of a downward trend. In addition, in-depth interviews were conducted to investigate how companies brought more flexibility to their budgeting process in order to cope with environmental uncertainty. The survey indicates that 97% of respondents are still using a traditional budgeting process being this result similar to the one found in 2008. However, 2013 showed that the reliance on forecasted information is being increasingly questioned. Furthermore the study revealed that the respondents are bringing more flexibility to their processes, being able to modify the objectives once the budget is approved and to obtain new resources outside the budgeting process. This paper contributes to revealing information about difficulties in setting reliable objectives in a turbulent environment and provides data about the evolution of budgeting practices over five years during an austere economic crisis.

Selected topics in financial engineering: first-exit times and dependence structures of Marshall-Olkin Kind

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Gain Scheduling Control of an Islanded Microgrid Voltage

The aim of this research study has been to design a gain scheduling (GS) digital controller in order to control the voltage of an islanded microgrid in the presence of fast varying loads (FVLs), and to compare it to a robust controller. The inverter which feeds the microgrid is connected to it through an inductance-capacitor-inductance (LCL) filter. The oscillatory and nonlinear behaviour of the plant is analyzed in the whole operating zone. Afterwards, the design of the controllers which contain two loops in cascade are described. The first loop concerns the current control, while the second is linked to the voltage regulation. Two controllers, one defined as Robust and another one as GS controller, are designed for the two loops, emphasizing in their robustness and their ability to damp the oscillatory plant behaviour. To finish, some simulations are carried out to study and compare the two kinds of controllers in different operating points. The results show that both controllers damp the oscillatory behaviour of the plant in closed loop (CL), and that the GS controller ensures a better rejection of current disturbances from FVLs.

Gain characteristics of Er3+-doped phosphate glass fibres

An erbium-doped phosphate glass fibre has been drawn by the rod-in-tube technique in our laboratory. The gain for the Er3+-doped phosphate glass fibre with different pump powers and with different input signal wavelengths is investigated. The 2.2-cm-long fibre, pumped by a single-mode 980-nm fibre-pigtailed laser diode, can provide a net gain per unit length greater than 1.8dB/cm. The pump threshold is about 50 mW at the wavelength of 1534 nm, and below 70 mW at 1550 nm. The gain linewidth of the Er3+-doped phosphate glass fibre is greater than 34 nm and can cover the C band in optical communication networks.

Gain and noise figure of a double-pass waveguide amplifier based on Er/Yb-doped phosphate glass

A waveguide amplifier is fabricated by Ag+-Na+ two-step ion exchange on Er/Yb-doped phosphate glass. The spectroscopic performance of glass and the properties of channel waveguide are characterized. A double-pass configuration is adopted to measure the gain and noise figure (NF) of the waveguide amplifier, and the comparison of gain and NF for the single and double-pass configuration of the waveguide amplifier is presented. The results show that the double-pass configuration can make the gain increase from 8.8dB (net gain 2.2dB/cm) of the single-pass one to 14.6 dB (net gain 3.65 dB/cm) for small input power at 1534 nm, and the NF are all lower than 5.5dB for both the configurations.