The causal relationships in mean and variance between stock returns and foreign institutional investment in India

This paper examines the causalities in mean and variance between stock returns and Foreign Institutional Investment (FII) in India. The analysis in this paper applies the Cross Correlation Function approach from Cheung and Ng (1996), and uses daily data for the timeframe of January 1999 to March 2008 divided into two periods before and after May 2003. Empirical results showed that there are uni-directional causalities in mean and variance from stock returns to FII flows irrelevant of the sample periods, while the reverse causalities in mean and variance are only found in the period beginning with 2003. These results point to FII flows having exerted an impact on the movement of Indian stock prices during the more recent period.

Metro de Madrid rolling stock models and comparative studies relating to comfort

This paper presents the work carried out by Metro de Madrid and the Railway Technology Research Centre (Polytechnic University of Madrid), aimed at setting up rolling stock simulation models with a high level of detail. To do this, the features of the SIMPACK simulation tool used to create models have been briefly outlined, explaining the main features of models in two of the series modelled: 7000 and 8000. Finally, the results obtained from comparing comfort in the 7000 and 8000 series are presented.

Robust rolling stock in rapid transit network

This paper focuses on the railway rolling stock circulation problem in rapid transit networks, in which frequencies are high and distances are relatively short. Although the distances are not very large, service times are high due to the large number of intermediate stops required to allow proper passenger flow. The main complicating issue is the fact that the available capacity at depot stations is very low, and both capacity and rolling stock are shared between different train lines. This forces the introduction of empty train movements and rotation maneuvers, to ensure sufficient station capacity and rolling stock availability. However, these shunting operations may sometimes be difficult to perform and can easily malfunction, causing localized incidents that could propagate throughout the entire network due to cascading effects. This type of operation will be penalized with the goal of selectively avoiding them and ameliorating their high malfunction probabilities. Critic trains, defined as train services that come through stations that have a large number of passengers arriving at the platform during rush hours, are also introduced. We illustrate our model using computational experiments drawn from RENFE (the main Spanish operator of suburban passenger trains) in Madrid, Spain. The results of the model, achieved in approximately 1 min, have been received positively by RENFE planners

Integration of Timetable Planning and Rolling Stock in Rapid Transit Networks

The aim of this paper is to propose an integrated planning model to adequate the offered capacity and system frequencies to attend the increased passenger demand and traffic congestion around urban and suburban areas. The railway capacity is studied in line planning, however, these planned frequencies were obtained without accounting for rolling stock flows through the rapid transit network. In order to provide the problem more freedom to decide rolling stock flows and therefore better adjusting these flows to passenger demand, a new integrated model is proposed, where frequencies are readjusted. Then, the railway timetable and rolling stock assignment are also calculated, where shunting operations are taken into account. These operations may sometimes malfunction, causing localized incidents that could propagate throughout the entire network due to cascading effects. This type of operations will be penalized with the goal of selectively avoiding them and ameliorating their high malfunction probabilities. Swapping operations will also be ensured using homogeneous rolling stock material and ensuring parkings in strategic stations. We illustrate our model using computational experiments drawn from RENFE (the main Spanish operator of suburban passenger trains) in Madrid, Spain. The results show that through this integrated approach a greater robustness degree can be obtained

Facade typologies as a tool for selecting refurbishment measures for the Spanish residential building stock

Today, the building sector alone accounts for 40% of the total energy consumption in the European Union (EU). In most EU member states, about 70–90% of the buildings were constructed at least 20 years ago. Due to this, these buildings have a worse energy efficiency behavior than the new ones that comply with current regulations. As a consequence, acting on the existing building stock is needed, developing special methods on assessment and advice in order to reduce the total energy consumption. This article addresses a procedure allowing the classification and characterization of existing buildings facades. It can help researchers to achieve in-depth knowledge of the facades construction and therefore knowing their thermal behavior. Once knowing that, the most appropriate upgrading strategies can be established with the purpose of reducing the energy demand. Furthermore, the classified facade typologies have been verified, complying with current and future Spanish regulations and according to the results obtained, a series of upgrading strategies based on the opaque part and those in the translucent part, have been proposed. As a conclusion, this procedure helps us to select the most appropriate improvement measures for each type of facade in order to comply with current and future Spanish regulations. This proposed method has been tested in a specific neighborhood of Madrid, in a selected period of time, between 1950 and 1980, but it could be applicable to any other city.

Robust rolling stock under uncertain demand in rapid transit networks

This paper focuses on the railway rolling stock circulation problem in rapid transit networks where the known demand and train schedule must be met by a given fleet. In rapid transit networks the frequencies are high and distances are relatively short. Although the distances are not very large, service times are high due to the large number of intermediate stops required to allow proper passenger flow. The previous circumstances and the reduced capacity of the depot stations and that the rolling stock is shared between the different lines, force the introduction of empty trains and a careful control on shunting operation. In practice the future demand is generally unknown and the decisions must be based on uncertain forecast. We have developed a stochastic rolling stock formulation of the problem. The computational experiments were developed using a commercial line of the Madrid suburban rail network operated by RENFE (The main Spanish operator of suburban trains of passengers). Comparing the results obtained by deterministic scenarios and stochastic approach some useful conclusions may be obtained.

International For-Profit Investments in Microfinance Institutions Equity

Purpose: The purpose of this document is to review the funding options for Microfinance Institutions (MFIs), define the size of the holdings of international investors in MFI equity and in particular the MFIs listed in stock exchanges, analyze the characteristics of these subset of the financial world and study the stock exchange evolution of some listed MFIs amid the financial crisis. Design/methodology/approach: Since academic literature on listed MFI equity is virtually inexistent, most of the information has been obtained from the World Bank, annual accounts of the listed MFIs, stock exchanges and from equity research documents. Findings and Originality/value: Microfinance Institutions share several common characteristics that make them a resilient business and the few MFIs that are listed in stock exchanges seem to have performed better in the financial crisis. Microfinance can be considered as one of the new frontiers of the expansion of the global banking industry. Practical implications: Presently, international for-profit investors have very few ways of investing in microfinance equity. Most of the equity of the MFI equity is funded locally or thanks to the local public sector. The stock exchange listing of the MFIs should drive MFIs towards a more professional management, more transparency and better governance. Social implications: Microfinance Institutions provide credit to microenterprises in poor countries that have no other alternative sources of external capital to expand its activity. If global investors could easily invest in the listed equity of the MFIs these institutions would expand its lending books and would improve its governance, part of the population living in poor areas or with lower income could ameliorate its standard of living. Originality/value: The number of Microfinance Institutions that are professionally run like commercial banks is still scarce and even more scarce are the MFI listed in public stock exchanges. Therefore the published literature on the characteristics and performance of the listed equity of the Microfinance Institutions is extremely reduced. But microfinance assets are rapidly growing and MFIs will need to list their equity in stock exchanges to sustain this expansion.

Wind tunnel analysis of the aerodynamic loads on rolling stock over railway embankments: the effect of shelter windbreaks

Wind-flow pattern over embankments involves an overexposure of the rolling stock travelling on them to wind loads. Windbreaks are a common solution for changing the flow characteristic in order to decrease unwanted effects induced by the presence of crosswind. The shelter effectiveness of a set of windbreaks placed over a railway twin-track embankment is experimentally analysed. A set of two-dimensional wind tunnel tests are undertaken and results corresponding to pressure tap measurements over a section of a typical high-speed train are herein presented.The results indicate that even small-height windbreaks provide sheltering effects to the vehicles. Also, eaves located at the windbreak tips seem to improve their sheltering effect.

Efectos de la vegetación en el stock de carbono del suelo en el límite del árbol en la Sierra de Guadarrama

La vegetación es uno de los factores que condicionan los stocks de C en los suelos ya que determina la cantidad y calidad de la materia orgánica que incorpora al suelo, la estructura y condiciones microclimáticas edáficas, la respiración radicular, micorrizas y bacterias asociadas. En las últimas décadas se ha observado un ascenso del límite del árbol, así como la matorralización de la vegetación en los ecosistemas de montaña consecuencia del cambio climático y de los cambios en el uso del suelo. Sin embargo, las consecuencias de los cambios de la vegetación sobre los stocks de C del suelo no se conocen todavía de manera satisfactoria y los observados hasta ahora no son unívocos. El objetivo de este trabajo es identificar los parámetros relacionados con la vegetación que mejor predicen los stocks de C y N en el suelo.

Análisis fundamental aplicado a la industria minera : un estudio multivariante

Este trabajo tiene por objeto aplicar los principios del Value Investing a veinticuatro empresas del sector minero y definir las claves para extrapolar, en base a un análisis fundamental, una calificación para cada una de las empresas. Con este fin, se ha realizado un estudio estadístico multivariante para comparar las correlaciones existentes entre cada ratio fundamental y su evolución en bolsa a uno, tres y cinco años vista. Para procesar los datos se han utilizado los programas MATLAB y EXCEL. Sobre ellos se ha planteado una Matriz de Correlaciones de Pearson y un estudio de dispersión por cruce de pares. El análisis demostró que es posible aplicar la metodología del Value Investing a empresas del sector minero con resultados positivos aunque, el ajuste de las correlaciones, sugiere utilizar series temporales más largas y un mayor número de empresas para ganar fiabilidad en el contraste de estas hipótesis. De los estudios realizados, se deduce que unos buenos fundamentales influyen, de manera notable, a la revalorización bursátil a 3 y 5 años destacando, además, que el ajuste es mejor cuanto mayor sea este tiempo. Abstract This study aims to apply the principles of Value Investing to twenty four mining companies and, based on this fundamental study, develop a rating to classify those companies. For this purpose, we have performed a multivariate statistical study to compare the correlations between each fundamental ratio and its stock revalorization for one, three and five years. MATLAB and EXCEL have been used to process data. The statistical methods used are Pearson Matrix of Correlations and a Cross Pairs Scattering Study. The analysis showed that it is possible to apply the methodology of Value Investing to mining companies, although, the adjustment of correlations suggests using longer time series and a larger amount of companies to test these hypothesis. From the studies performed, it follows that good fundamentals significantly influence the stock market value at 3 and 5 years, noting that, the larger the period under study, the better the fit.

Return of Equity Issues in the Spanish Stock Market from the Investor’s Perspective, during the 1997-2012 Period

Is it profitable for an investor, from a risk-return perspective, to acquire a stake in a quoted company when a capital increase is announced? This paper analyses the return obtained from the investment in equity issues with cash contribution and pre-emptive rights, aimed at funding corporate activities: acquisitions, investments in new facilities and/or strengthening the balance sheet of the companies undertaking the equity issue. During the 16 years covered by the study, the results show a negative average excess risk-adjusted return of almost 5%, from the moment that the equity offer is announced until the completion of the preferential subscription period. To obtain this excess return, the difference between the nominal Internal Rate of Return (IRR) and the expected return, using the CAPM, is computed for each equity issue. The intention behind this method is to eliminate the effects of time and any other possible effect on the stock price during the period of the analysis.The results from this article are consistent with the Pecking Order theory for the Spanish Stock Market also six months after the preferential subscription period. However, there is a positive return after three months.