Democratization and Financial Reform in Taiwan: The Political Economy of Bad-Loan Creation

This study shows that many bad loans now burdening Taiwan's financial institutions are interrelated with the society's democratization which started in the late 1980s. Democratization made the local factions and business groups more independent from the Kuomintang government. They acquired more political influence than under the authoritarian regime. These changes induced them to manage their owned financial institutions more arbitrarily and to intervene more frequently in the state-affiliated financial institutions. Moreover they interfered in financial reform and compelled the government to allow many more new banks than it had originally planned. As a result the financial system became more competitive and the qualities of loans deteriorated. Some local factions and business groups exacerbated the situation by establishing banks in order to funnel funds to themselves, sometimes illegally. Thus many bad loans were created as the side effect of democratization.

A Cost-Benefit analysis model for technical debt management considering uncertainty and time

In the last few years, technical debt has been used as a useful means for making the intrinsic cost of the internal software quality weaknesses visible. This visibility is made possible by quantifying this cost. Specifically, technical debt is expressed in terms of two main concepts: principal and interest. The principal is the cost of eliminating or reducing the impact of a, so called, technical debt item in a software system; whereas the interest is the recurring cost, over a time period, of not eliminating a technical debt item. Previous works about technical debt are mainly focused on estimating principal and interest, and on performing a cost-benefit analysis. This cost-benefit analysis allows one to determine if to remove technical debt is profitable and to prioritize which items incurring in technical debt should be fixed first. Nevertheless, for these previous works technical debt is flat along the time. However the introduction of new factors to estimate technical debt may produce non flat models that allow us to produce more accurate predictions. These factors should be used to estimate principal and interest, and to perform cost-benefit analysis related to technical debt. In this paper, we take a step forward introducing the uncertainty about the interest, and the time frame factors so that it becomes possible to depict a number of possible future scenarios. Estimations obtained without considering the possible evolution of the interest over time may be less accurate as they consider simplistic scenarios without changes.

Good and bad practices in pv plants

The PVCROPS project (PhotoVolta ic Cost r€duction, Reliability, Operational performance, Prediction and Simulation), cofinanced by European Commission in the frame of Seventh Framework Programme, has compiled in the “Good and bad practices: Manual to improve the quality and reduce the cost of PV systems” a collection of good and bad practices in actual PV plants . All the situations it collects represent the state-of-the-art of existing PV installations all around Europe. They show how the different parts of an installation can be implem ented properly or not. The aim of this manual is to represent a reference text which can help any PV actor (installers, electricians, maintenance operators, owners, etc.) not only to check and improve an already existing installation but will also, and mainly, avoid the previously known bad practices for the construction of a new PV installation. Thus, solving a priori the known errors, new PV installations will be more reliable, efficient and cost-effective and can recover the initial investment in a shorter time. The manual is going to be free available in the PVCROPS website in several languages.

A Valuation of SAREB, the Spanish “Bad Bank”, Upside Using the Real Options Methodology

This paper develops a model to analyze the upside potential of profitability of the SAREB (“Asset Management Company for Assets Arising from Bank Restructuring”), the Spanish “Bad Bank”. The model is based in the Real Options methodology, that is especially adequate due to the convergence of two elements, (i) depreciated assets with a high upside potential, and (ii) a highly volatile market as it has shown to be the real estate Spanish market. Our results suggest that the SAREB has a higher than expected profitability potentialthat would be dedicated to increase the return to its shareholders, mainly private banks. Consequently we also show that after the financial crisis are emerging two types of banks in Spain, in one hand the losers who are transferring their real estate assets at a deep discount, and in the other hand the winners, capturing the upside potential of those assets as shareholders of SAREB, and consequently consolidating their strength in the Spanish Real Estate Industry. It is worth to mention that Governments should make an effort in properly redistribute the wealth generated by the real Estate industry.

Dissociation of cytokine-induced phosphorylation of Bad and activation of PKB/akt: Involvement of MEK upstream of Bad phosphorylation

The phosphatidylinositol 3-kinase (PI3K)-signaling pathway has emerged as an important component of cytokine-mediated survival of hemopoietic cells. Recently, the protein kinase PKB/akt (referred to here as PKB) has been identified as a downstream target of PI3K necessary for survival. PKB has also been implicated in the phosphorylation of Bad, potentially linking the survival effects of cytokines with the Bcl-2 family. We have shown that granulocyte/macrophage colony-stimulating factor (GM-CSF) maintains survival in the absence of PI3K activity, and we now show that when PKB activation is also completely blocked, GM-CSF is still able to stimulate phosphorylation of Bad. Interleukin 3 (IL-3), on the other hand, requires PI3K for survival, and blocking PI3K partially inhibited Bad phosphorylation. IL-4, unique among the cytokines in that it lacks the ability to activate the p21ras–mitogen-activated protein kinase (MAPK) cascade, was found to activate PKB and promote cell survival, but it did not stimulate Bad phosphorylation. Finally, although our data suggest that the MAPK pathway is not required for inhibition of apoptosis, we provide evidence that phosphorylation of Bad may be occurring via a MAPK/ERK kinase (MEK)-dependent pathway. Together, these results demonstrate that although PI3K may contribute to phosphorylation of Bad in some instances, there is at least one other PI3K-independent pathway involved, possibly via activation of MEK. Our data also suggest that although phosphorylation of Bad may be one means by which cytokines can inhibit apoptosis, it may be neither sufficient nor necessary for the survival effect.

Bad bugs and beleaguered bladders: Interplay between uropathogenic Escherichia coli and innate host defenses

Strains of uropathogenic Escherichia coli (UPEC) are the causative agents in the vast majority of all urinary tract infections. Upon entering the urinary tract, UPEC strains face a formidable array of host defenses, including the flow of urine and a panoply of antimicrobial factors. To gain an initial foothold within the bladder, most UPEC strains encode filamentous surface adhesive organelles called type 1 pili that can mediate bacterial attachment to, and invasion of, bladder epithelial cells. Invasion provides UPEC with a protective environment in which bacteria can either replicate or persist in a quiescent state. Infection with type 1-piliated E. coli can trigger a number of host responses, including cytokine production, inflammation, and the exfoliation of infected bladder epithelial cells. Despite numerous host defenses and even antibiotic treatments that can effectively sterilize the urine, recent studies demonstrate that uropathogens can persist within the bladder tissue. These bacteria may serve as a reservoir for recurrent infections, a common problem affecting millions each year.

El color como recurso expresivo: análisis de las series de televisión Mad Men y Breaking Bad

La presente investigación tiene como objetivo reconocer y aprender a utilizar el color en el medio audiovisual, es decir, conocer sus cualidades, técnicas y estrategias para, de esta forma, dar justa dimensión a su gran capacidad expresiva. El mirar y, posteriormente, observar permite saber el tipo de atmósferas que son necesarias para sugerir determinados estados. Estas atmósferas se generan gracias a los elementos que las componen, cada uno de ellos con sus formas, colores, ubicación en el espacio, más la interrelación global entre ellos. La composición visual se da a partir del conjunto de elementos distribuidos en el espacio. Que se ven “envueltos” con la luz planteada. Toda esta suma, es la que consigue expresar una emoción por parte del creador y, si se sabe “leer”, una correcta interpretación por parte del espectador. Esta “alfabetización visual” establece nexos entre el creador y el receptor, lo que lleva a unos y otros a un mayor conocimiento en la utilización de las reglas. Ello permite reforzar el texto narrativo, que “se articula en dos niveles: la historia —lo narrado, el qué— y el discurso —el modo de narrarlo, el cómo—, es decir, el plano del contenido y el plano de la expresión” (García, F., 2011, p.12). El creador de la obra audiovisual guía al espectador por los caminos de la historia que está desarrollando, mientras que el espectador, al saber “leer”, puede conocer el camino por donde tiene que transitar para disfrutarlo y entenderlo en su totalidad. Comprender la información que proporciona el color parecería innato al ser humano del siglo XXI, dominado por un entorno netamente visual. Pero no es así. Por lo tanto, si se aprende a conocer los parámetros sobre los que se desarrolla la información que se presenta visualmente, se conseguirá hacer más eficaz la comunicación, a la vez que se fomentará la creatividad, por un lado, y el disfrute visual, por otro...

Opinions in cases of debt, 1748-1749

Opinions rendered in cases brought against Thomas Barker, executor of the estate of Robert Forstor, by James and Roger Barlow (executors of the estate of Thomas Forster), Sibylla Price, and Richard Foster. The attorney for all plaintiffs was Samuel Swann.