There exists circularity between WACC and value? Another solution.

Although we know there exists a simple approach to solve the circularity between value and the discount rate, known as the Adjusted Present Value proposed by Myers, 1974, it seems that practitioners still rely on the traditional Weighted Average Cost of Capital, WACC approach of weighting the cost of debt, Kd and the cost of equity, Ke and discounting the Free Cash Flow, FCF. We show how to solve circularity when calculating value with the free cash flow, FCF and the WACC. As a result of the solution we arrive at a known solution when we assume the discount rate of the tax equity: the capital cash flow, CCF discounted at Ku. When assuming Kd as the discount rate for the tax savings, we find an expression for calculating value that does not implies circularity. We do this for a single period and for N periods.

W-CDMA capacity analysis using GIS based planning tools and MATLAB simulation

The evolution of cellular systems towards third generation (3G) or IMT-2000 seems to have a tendency to use W-CDMA as the standard access method, as ETSI decisions have showed. However, there is a question about the improvements in capacity and the wellness of this access method. One of the aspects that worry developers and researchers planning the third generation is the extended use of the Internet and more and more bandwidth hungry applications. This work shows the performance of a W-CDMA system simulated in a PC using cover maps generated with DC-Cell, a GIS based planning tool developed by the Technical University of Valencia, Spain. The maps are exported to MATLAB and used in the model. The system used consists of several microcells in a downtown area. We analyse the interference from users in the same cell and in adjacent cells and the effect in the system, assuming perfect control for each cell. The traffic generated by the simulator is voice and data. This model allows us to work with coverage that is more accurate and is a good approach to analyse the multiple access interference (MAI) problem in microcellular systems with irregular coverage. Finally, we compare the results obtained, with the performance of a similar system using TDMA.

The Influence of Propagation Model and Sectorization over WCDMA Capacity

In this paper we use a dynamic model that we have developed for WCDMA capacity analysis using MATLAB and a GIS based planning tool, to estimate the capacity of a mobile system under different conditions like number of cells, propagation model, sectorization and handover margin.

Up-Link/Down-Link capacity Unbalance analysis in UMTS using a GIS based Planning Tool and MATLAB simulation

Capacity analysis using simulation is not a new thing in literature. Most of the development process of UMTS standardization have used simulation tools; however, we thing that the use of GIS planning tools and matrix manipulation capacity of MATLAB can show us different scenarios and make a more realistic analysis. Some work is been doing in COST 273 in order to have more realistic scenarios for UMTS planning. Our work initially was centered in uplink analysis, but we are now working in downlink analysis, specifically in two areas: capacity in number of users for RT and NRT services, and Node B power. In this work we will show results for up-link capacity and some results for downlink capacity and BS power consumption.

Madeira wine vinification process: analysis and control

The present study was done in collaboration with J. Faria e Filhos company, a Madeira wine producer, and its main goal was to fully characterize three wines produced during 2014 harvest and identify possible improving points in the winemaking process. The winemaking process was followed during 4 weeks, being registered the amounts of grapes received, the fermentation temperatures, the time at which fermentation was stopped and evolution of must densities until the fortification time. The characterization of musts and wines was done in terms of density, total and volatile acidity, alcohol content, pH, total of polyphenol, organic acids composition, sugars concentration and the volatile profile. Also, it was developed and validated an analytical methodology to quantify the volatile fatty acids, namely using SPME-GC-MS. Briefly, the following key features were obtained for the latter methodology: linearity (R2=0.999) e high sensitivity (LOD =0.026-0.068 mg/L), suitable precision (repeatability and reproducibility lower than 8,5%) and good recoveries (103,11-119,46%). The results reveal that fermentation temperatures should be controlled in a more strictly manner, in order to ensure a better balance in proportion of some volatile compounds, namely the esters and higher alcohols and to minimize the concentration of some volatiles, namely hexanoic, octanoic and decanoic acids, that when above their odours threshold are not positive for the wine aroma. Also, regarding the moment to stop the fermentation, it was verified that it can be introduced changes which can also be benefit to guarantee the tipicity of Madeira wine bouquet.

Evaluación de los bulbos de humedecimiento con fines de generar datos preliminares para el diseño de sistemas de riego por goteo.

Los sistemas de riego por goteo normalmente mojan sólo una porción del área de suelo a lo cual se le llama: porcentaje de área humedecida. Este valor depende del volumen de agua aplicado, espaciamientos de puntos de emisión y tipo de suelo que se está regando. El porcentaje de área humedecida tiene influencia sobre los parámetros de diseño de un sistema de riego por goteo, tal porcentaje no se ha establecido para cultivos de espaciamientos mayores de 1.8m. Con el estado actual de conocimiento, un objetivo razonable como lo mencionan varios autores (11,13), es por lo menos mojar entre un tercio y un medio del área total correspondiente a una planta. Se utilizó un diseño estadístico completamente al azar en arreglo factorial 3x3 con repeticiones. El total de tratamientos fue de 9, constituidos por la combinación del volumen de agua aplicado (12 lts., 24 lts., y 48 lts.), y la textura (Arenoso- franco, Franco-Arcilloso y Franco). La prueba consistió en aplicar un caudal de 4 LPH en tres tipos (3h, 6h, y 12hh), en las texturas de estudio, que se evaluaron en cajas de madera, después de cada tiempo de aplicación se midió el diámetro del bulbo humedecido a intervalos de 5 cm de profundidad, hasta cubrir el bulbo humedecido. En este sentido, el presente trabajo tiene por objetivo la determinación del número de goteros por planta y volumen de agua aplicado que humedezca del 33% al 50% del área total del sistema de raíces. La determinación de tal porcentaje de humedecimiento contribuirá al desarrollo de la agricultura bajo riego en El Salvador. Entre los resultados obtenidos en este experimento se pueden mencionar la relación que existe entre el diámetro del bulbo humedecido (DC) y el volumen de agua aplicado (V), tal relación puede ser expresada matemáticamente mediante una ecuación de tipo exponencial para cada uno de los suelos analizados. Las ecuaciones que representan la relacion entre Dc y V, son: Arena-franca:Dc = 26.9 (V) °.27 Franca-arcillosa: Dc = 76.4 (V) °.27 Franca:Dc = 29.3 (V) °.38 En relación a lo anterior se concluye lo siguiente: 1.Que el diámetro del bulbo humedecido está íntimamente ligado con el tipo de suelo y el volumen de agua aplicado. 2.Una vez conocido el diámetro de bulbo húmedo y suponiendo un número determinado de goteros se puede estimar el porcentaje de área humedecido. 3.Los diámetros leídos en el campo para determinado suelo están influenciados por el contenido de humedad al momento de realizar la prueba.

Hardpan and maize root distribution under conservation and conventional tillage in Agro-Ecological Zone IIA, Zambia

Hardpans (plough/hoe pans) are commonly believed to restrict plant root growth and crop yields under conventional small-scale agriculture in sub-Saharan Africa. This study questions the notion of widespread hardpans in Zambia and their remedy under conservation tillage. Soil penetration resistance was measured in 8x12 grids, covering 80 cm wide and 60 cm deep profiles in 32 soil pits. Large and fine maize roots were counted in 8x6 grids. Soil samples from mid-rows were analysed for pH, exchangeable H+, exchangeable Al3+, cation exchange capacity, total N and extractable P (Bray 1) at six depths from 0-10 to 50-60 cm. Cultivation-induced hardpans were not detected. Soils under conservation tillage were more compact at 5 cm depth than soils under conventional tillage. No differences in root distributions between conservation and conventional tillage were found. Maize ( Zea mays L. ) roots were largely confined to a relatively small soil volume of about 30 cm x 30 cm x 30 cm. Root growth appeared to be restricted by a combination of low concentrations of N and P. Soil acidity and Al saturation appeared to play a minor role in root distribution. L-shaped taproots in soils under manual tillage reported earlier were not necessarily due to hardpans, but may rather be caused by temporarily dry, impenetrable subsoils early in the rain season. There is no scientific basis for the recommendation given to farmers by agricultural extension workers to “break the hardpan” in fields under manual or animal tillage in the study areas.

Los derechos sobre la tierra en el sector centro-oriental de la Extremadura castellana. Usos y abusos a fines de la Edad Media

El régimen de propiedad y los derechos y usos de la tierra se encontraban, a fines del período medieval, directamente condicionados por las circunstancias físicas, pero también, y sobre todo, por la superposición de los intereses de los distintos sectores sociales. La situación se presentaba especialmente compleja en aquellos territorios de tradicional explotación comunitaria, donde el proceso de diferenciación social, con la consolidación de una oligarquía urbana, la presencia del campesinado, y de un sector enriquecido en el mismo, y la implantación de una poderosa nobleza señorial, determinó un panorama de imprecisión y multiplicación de los derechos sobre la tierra, en medio de fuertes tensiones. El caso de Cuenca, en el sector centro-oriental de la Extremadura castellana, presenta particular interés, y constituye un escenario muy adecuado para observar los procesos por los que la propiedad particular y los usos privatizados se abrieron paso, produciendo la ruptura del sistema de organización comunal.

La frontera enquistada: el reino de Murcia a fines de la Edad Media

Con el final de las grandes conquistas del siglo XIII, la frontera con el recién creado reino de Granada quedó prácticamente estancada. El presente artículo estudia la situación del territorio murciano y el efecto que la presencia de la cercana frontera ejerció sobre él. Se hace referencia a organización del territorio, a la concentración de la población en grandes núcleos como Lorca, Caravaca, Cehegín y otros. Se alude también a la función que la frontera murciana ejerció, como lugar de refugio político, en el contexto de las luchas internas de la región entabladas en el siglo XV. Todo ello permite a los autores trazar un amplio parorama sobre la realidad de la región murciana durante el último siglo de la Edad Media e, incluso, analizar las repercusiones que tuvo para el territorio murciano la desaparición del reino nazarí de Granada tras su capitulación en 1492.

Los cambios en la política de formación patrimonial de la oligarquía de Sevilla a fines de la Edad Media. El ejemplo de una familia de jurados

A fines del siglo XV, la introducción de nuevos miembros en el grupo oligárquico sevillano, cuando los esquemas de reparto de propiedad ya se habían consolidado, propiciará cambios importantes en la política de formación patrimonial de este grupo social tan singular como característico de la sociedad sevillana de la Baja Edad Media. En este trabajo se analiza este fenómeno a través de una familia de jurados. Con un patrimonio fundiario que ya no tiene como base el olivar y en el que se emplean nuevos sistemas de explotación, esta familia deberá hacer frente, además, a las graves coyunturas que el campo andaluz sufre en las primeras décadas del siglo XVI. Todo un ejemplo de intento de adaptación a una nueva época por parte de un grupo que siempre se caracterizó por su dinamismo económico.

Producción y consumo de pan en Córdoba a fines de la Edad Media

Este trabajo pretende ser una aproximación más al conocimiento de un alimento fundamental en la dieta del hombre medieval -el pan- centrado en la ciudad de Córdoba durante el siglo XV. Analiza el proceso de producción del pan desde que el cereal llegaba a la ciudad hasta que, tras su molturación y cocción, era consumido bajo la forma de pan o de otros productos secundarios, describiendo detenidamente el funcionamiento de molinos y hornos. Se distingue entre el pan elaborado de manera profesional por parte de los panaderos y el de fabricación doméstica. Además se abordan los lugares, precios y condiciones de venta, así como las modalidades de pan existentes y su índice de consumo. Se incluye también un apéndice con la relación de hornos documentados en la ciudad entre 1460 y 1525.

Essays on Macroeconomic Trends and Cycles

This dissertation describes two studies on macroeconomic trends and cycles. The first chapter studies the impact of Information Technology (IT) on the U.S. labor market. Over the past 30 years, employment and income shares of routine-intensive occupations have declined significantly relative to nonroutine occupations, and the overall U.S. labor income share has declined relative to capital. Furthermore, the decline of routine employment has been largely concentrated during recessions and ensuing recoveries. I build a model of unbalanced growth to assess the role of computerization and IT in driving these labor market trends and cycles. I augment a neoclassical growth model with exogenous IT progress as a form of Routine-Biased Technological Change (RBTC). I show analytically that RBTC causes the overall labor income share to follow a U-shaped time path, as the monotonic decline of routine labor share is increasingly offset by the monotonic rise of nonroutine labor share and the elasticity of substitution between the overall labor and capital declines under IT progress. Quantitatively, the model explains nearly all the divergence between routine and nonroutine labor in the period 1986-2014, as well as the mild decline of the overall labor share between 1986 and the early 2000s. However, the model with IT progress alone cannot explain the accelerated decline of labor income share after the early 2000s, suggesting that other factors, such as globalization, may have played a larger role in this period. Lastly, when nonconvex labor adjustment costs are present, the model generates a stepwise decline in routine labor hours, qualitatively consistent with the data. The timing of these trend adjustments can be significantly affected by aggregate productivity shocks and concentrated in recessions. The second chapter studies the implications of loss aversion on the business cycle dynamics of aggregate consumption and labor hours. Loss aversion refers to the fact that people are distinctively more sensitive to losses than to gains. Loss averse agents are very risk averse around the reference point and exhibit asymmetric responses to positive and negative income shocks. In an otherwise standard Real Business Cycle (RBC) model, I study loss aversion in both consumption alone and consumption-and-leisure together. My results indicate that how loss aversion affects business cycle dynamics depends critically on the nature of the reference point. If, for example, the reference point is status quo, loss aversion dramatically lowers the effective inter-temporal rate of substitution and induces excessive consumption smoothing. In contrast, if the reference point is fixed at a constant level, loss aversion generates a flat region in the decision rules and asymmetric impulse responses to technology shocks. Under a reasonable parametrization, loss aversion has the potential to generate asymmetric business cycles with deeper and more prolonged recessions.

False Anglicisms in Legal and Business English as a Lingua Franca (ELF): A Process of Back-borrowing

False Anglicisms are words which technically are not part of the English language, but "seem" English, due to their shape or resemblance to English words. These are usually the result of new creations/coinages in other languages and/or semantic shifts. Due to the use of English as a Lingua Franca, it is becoming quite common to come across these words in English with the "re-imported" shape and meaning they bring from other languages.

Design of functional hybrid coatings with anti-biofouling, self-cleaning and anti-reflecting applications

263 p.

Estimating dynamic models with aggregate shocks and an application to mortgage default in Colombia

We estimate a dynamic model of mortgage default for a cohort of Colombian debtors between 1997 and 2004. We use the estimated model to study the effects on default of a class of policies that affected the evolution of mortgage balances in Colombia during the 1990's. We propose a framework for estimating dynamic behavioral models accounting for the presence of unobserved state variables that are correlated across individuals and across time periods. We extend the standard literature on the structural estimation of dynamic models by incorporating an unobserved common correlated shock that affects all individuals' static payoffs and the dynamic continuation payoffs associated with different decisions. Given a standard parametric specification the dynamic problem, we show that the aggregate shocks are identified from the variation in the observed aggregate behavior. The shocks and their transition are separately identified, provided there is enough cross-sectionavl ariation of the observeds tates.