Security prices and market transparency: the role of prior information

This paper analyzes the role of traders' priors (proper versus improper) on the implications of market transparency by comparing a pre-trade transparent market with an opaque market in a set-up based on Madhavan (1996). We show that prices may be more informative in the opaque market, regardless of how priors are modelled. In contrast, the comparison of market liquidity and volatility in the two market structures are affected by prior specification. Key words: Market microstructure, Transparency, Prior information

Reduction of periodic difference systems to linear or autonomous ones

We extend Floquet theory for reducing nonlinear periodic difference systems to autonomous ones (actually linear) by using normal form theory.

Iniciativas para el desarrollo sostenible del Área de Conservación Arenal- Huetar Norte, Costa Rica

El presente proyecto tiene como zona de estudio el Área de Conservación Arenal- Huetar Norte (ACA-HN), concretamente los cantones de Upala, Los Chiles y Guatuso. El propósito del proyecto es promover el desarrollo sostenible de la zona mediante los pilares de la educación y la economía. Para ello se elabora un manual de educación ambiental de la cuenca de río Frío y así poder solventar algunas de las carencias en educación que tienen los docentes de las escuelas de la cuenca hidrográfica. Por otro lado, se diagnostica la cadena de valor sobre usos alternativos de la biodiversidad, específicamente zoocriaderos de mariposas diurnas, en los cantones de Upala y Los Chiles. Por último, se trata la información de la zona de estudio con Sistemas de Información Geográfica (SIG) para elaborar mapas que ilustren los proyectos anteriores y el proyecto sobre el diagnóstico de la industria de turismo local.

Co-movements between US and UK stock prices: the roles of macroeconomic information and time-series varying conditional correlations

This paper provides evidence on the sources of co-movement in monthly US and UK stock price movements by investigating the role of macroeconomic and financial variables in a bivariate system with time-varying conditional correlations. Crosscountry communality in response is uncovered, with changes in the US Federal Funds rate, UK bond yields and oil prices having similar negative effects in both markets. Other variables also play a role, especially for the UK market. These effects do not, however, explain the marked increase in cross-market correlations observed from around 2000, which we attribute to time variation in the correlations of shocks to these markets. A regime-switching smooth transition model captures this time variation well and shows the correlations increase dramatically around 1999-2000. JEL classifications: C32, C51, G15 Keywords: international stock returns, DCC-GARCH model, smooth transition conditional correlation GARCH model, model evaluation.

Hydrogeophysical data integration at larger scales: Application of Bayesian sequential simulation for the characterization of heterogeneous alluvial aquifers

Knowledge of the spatial distribution of hydraulic conductivity (K) within an aquifer is critical for reliable predictions of solute transport and the development of effective groundwater management and/or remediation strategies. While core analyses and hydraulic logging can provide highly detailed information, such information is inherently localized around boreholes that tend to be sparsely distributed throughout the aquifer volume. Conversely, larger-scale hydraulic experiments like pumping and tracer tests provide relatively low-resolution estimates of K in the investigated subsurface region. As a result, traditional hydrogeological measurement techniques contain a gap in terms of spatial resolution and coverage, and they are often alone inadequate for characterizing heterogeneous aquifers. Geophysical methods have the potential to bridge this gap. The recent increased interest in the application of geophysical methods to hydrogeological problems is clearly evidenced by the formation and rapid growth of the domain of hydrogeophysics over the past decade (e.g., Rubin and Hubbard, 2005).

Advanced mapping of environmental data: Geostatistics, Machine Learning and Bayesian Maximum Entropy

This book combines geostatistics and global mapping systems to present an up-to-the-minute study of environmental data. Featuring numerous case studies, the reference covers model dependent (geostatistics) and data driven (machine learning algorithms) analysis techniques such as risk mapping, conditional stochastic simulations, descriptions of spatial uncertainty and variability, artificial neural networks (ANN) for spatial data, Bayesian maximum entropy (BME), and more.

On stability of solutions to systems of convex inequalities

"Vegeu el resum a l'inici del document del fitxer adjunt."

Microgeographical patterns of schistosomiasis and water contact behavior; examples from Africa and Brazil

This paper examines the results of spatial (microgeographical) water contact/schistosomiasis studies in two African (Egyptian and Kenyan) and one Brazilian communities. All three studies used traditional cartographic and statistical methods but one of them emploeyd also GIS (geographical information systems) tools. The advantage of GIS and their potential role in schistosomiasis control are briefly described. The three cases revealed considerable variation in the spatial distribution of water contact, transmission parameters and infection levels at the household and individual levels. All studies showed considerable variation in the prevalence and intensity of infection between households. They also show a variable influence of distance on water contact behavior associated with type of activity, age, sex, socioeconomic level, perception of water quality, season and availability of water in the home. Water contact behavior and schistosomiasis were evaluated in the Brazilian village of Nova União within the context of water sharing between household and age/sex groups. Recommendations are made for further spatial studies on the transmission and control of schistosomiasis.

Re-opening the black box in societal metabolism: the application of MuSIASEM to water

In this paper we address the complexity of the analysis of water use in relation to the issue of sustainability. In fact, the flows of water in our planet represent a complex reality which can be studied using many different perceptions and narratives referring to different scales and dimensions of analysis. For this reason, a quantitative analysis of water use has to be based on analytical methods that are semantically open: they must be able to define what we mean with the term “water” when crossing different scales of analysis. We propose here a definition of water as a resource that deal with the many services it provides to humans and ecosystems. WE argue that water can fulfil so many of them since the element has many characteristics that allow for the resource to be labelled with different attributes, depending on the end use –such as drinkable. Since the services for humans and the functions for ecosystems associated with water flows are defined on different scales but still interconnected it is necessary to organize our assessment of water use across different hierarchical levels. In order to do so we define how to approach the study of water use in the Societal Metabolism, by proposing the Water Metabolism, tganized in three levels: societal level, ecosystem level and global level. The possible end uses we distinguish for the society are: personal/physiological use, household use, economic use. Organizing the study of “water use” across all these levels increases the usefulness of the quantitative analysis and the possibilities of finding relevant and comparable results. To achieve this result, we adapted a method developed to deal with multi-level, multi-scale analysis - the Multi-Scale Integrated Analysis of Societal and Ecosystem Metabolism (MuSIASEM) approach - to the analysis of water metabolism. In this paper, we discuss the peculiar analytical identity that “water” shows within multi-scale metabolic studies: water represents a flow-element when considering the metabolism of social systems (at a small scale, when describing the water metabolism inside the society) and a fund-element when considering the metabolism o ecosystems (at a larger scale when describing the water metabolism outside the society). The theoretical analysis is illustrated using two case which characterize the metabolic patterns regarding water use of a productive system in Catalonia and a water management policy in Andarax River Basin in Andalusia.

Information systems for water resources management improvement in developing countries

Water resources management, as also water service provision projects in developing countries have difficulties to take adequate decisions due to scarce reliable information, and a lack of proper information managing. Some appropriate tools need to be developed in order to improve decision making to improve water management and access of the poorest, through the design of Decision Support Systems (DSS). On the one side, a DSS for developing co-operation projects on water access improvement has been developed. Such a tool has specific context constrains (structure of the system, software requirements) and needs (Logical Framework Approach monitoring, organizational-learning, accountability and evaluation) that shall be considered for its design. Key aspects for its successful implementation have appeared to be a participatory design of the system and support of the managerial positions at the inception phase. A case study in Tanzania was conducted, together with the Spanish NGO ONGAWA – Ingeniería para el Desarrollo. On the other side, DSS are required also to improve decision making on water management resources in order to achieve a sustainable development that not only improves the living conditions of the population in developing countries, but that also does not hinder opportunities of the poorest on those context. A DSS made to fulfil these requirements shall be using information from water resources modelling, as also on the environment and the social context. Through the research, a case study has been conducted in the Central Rift Valley of Ethiopia, an endhorreic basin 160 km south of Addis Ababa. There, water has been modelled using ArcSWAT, a physically based model which can assess the impact of land management practices on large complex watersheds with varying soils, land use and management conditions over long periods of time. Moreover, governance on water and environment as also the socioeconomic context have been studied.

Research development of terahertz imaging systems

The electromagnetic radiation at a terahertz frequencies (from 0.1 THz to 10 THz) is situated in the frequency band comprised between the optical band and the radio band. The interest of the scientific community in this frequency band has grown up due to its large capabilities to develop innovative imaging systems. The terahertz waves are able to generate extremely short pulses that achieve good spatial resolution, good penetration capabilities and allow to identify microscopic structures using spectral analysis. The work carried out during the period of the grant has been based on the developement of system working at the aforementioned frequency band. The main system is based on a total power radiometer working at 0.1 THz to perform security imaging. Moreover, the development of this system has been useful to gain knowledge in the behavior of the component systems at this frequency band. Moreover, a vectorial network analyzer has been used to characterize materials and perform active raster imaging. A materials measurement system has been designed and used to measure material properties as permittivity, losses and water concentration. Finally, the design of a terahertz time-domain spectrometer (THz-TDS) system has been started. This system will allow to perform tomographic measurement with very high penetration resolutions while allowing the spectral characterization of the sample material. The application range of this kind of system is very wide: from the identification of cancerous tissues of a skin to the characterization of the thickness of a painted surface of a car.

Construcció d'un SIG de base municipal amb assignació automàtica del nom de carrer a les illes d'habitatges d'una determinada població

El present treball Final de Carrera és un apropament als Sistemas d'Informació Geogràfica (SIG), segons dues vessants: la teòrica, oferint informació general sobre els SIG, i la pràctica, mostrant el desenvolupament d'una aplicació concreta basada en programari SIG.

Creació d'un sistema de gestió d'avaries en un sistema d'informació geogràfica de distribució d'aigües creat amb GEOMEDIA PUBLICWORKS

En aquesta memòria es realitza una introducció als SIG, Sistemes d'Informació Geogràfica, abastant els aspectes teòrics necessaris per poder implementar un SIG, Així com presentant els resultats obtinguts en una aplicació pràctica dels coneixements adquirits.

Construcció d'un SIG municipal aplicat a les necessitats d'una població qualsevol

L'enunciat del TFC planteja unes qüestions per a donar resposta a les necessitats més bàsiques que pot tenir un ajuntament en relació a la gestió de les dades cadastrals municipals. Concretament, la resolució d'aquestes qüestions requereix la programació d'una aplicació que actuarà sobre un SIG.

Construcció d'un SIG i sincronització de les etiquetes amb els objectes representats a GEOMEDIA PROFESSIONAL 5.2

En aquest treball de fi de carrera s'estudia en què consisteix en SIG i les seves característiques, en concret es realitza l'estudi d'un SIG comercial, GEOMEDIA PROFESSIONAL 5.2 D'aquest producte es presenta el problema de sincronització de les etiquetes amb les entitats que etiqueten, i es planteja una solució a aquest problema, mitjançant el desenvolupament d'una aplicació implementada amb MICROSOFT VISUAL BASIC 6.0