Exclusivas Jumillano presenta Galas de arte [Material gráfico]

La parte inferior del cartel reservada para incluir información textual, está libre

Simeón Durá [Material gráfico] : Valencia : Fábrica de naipes de todas clases y tipos : Marcas El Cid y Fortuna

En el centro incluye una reproducción de un cartel de Carlos Vázquez del primer cuarto del s. XX

Maravillas de España [Material gráfico] : toreo-cómico-musical : Espectáculos Taurinos, Exclusivas Vercher ... Alicante

Editor tomado de logotipo en ángulo inf. der

El Frente Popular [Material gráfico] : - 20 de julio de 1936 -

En la parte inferior del cartel se reproduce la letra de La Internacional

Thomistici flores logici [Texto impreso]

Cartel con orla tip. y esc. xil. de los Despuig

Grandes carreras a pie en el Paseo de la Alameda [Material gráfico] : Excmo. Ayuntamiento de Valencia : Feria de Julio 1930 : Día 23 Julio a las 6'30 tarde ...

Tit. en cartel: "Excmo. Ayuntamiento de Valencia Feria de Julio 1930 Día 23 Julio A las 6'30 tarde Grandes carreras a pie ..."

[Colección de fotografías de viajes] [ [Material gráfico]: [París, Hamburgo, Madrid y Barcelona].

[1]. Estación del Norte en Valencia, 1930 (1 fot.) – [2]. París, Manolo Orrico Vidal junto al río Sena, al fondo la Torre Eiffel, 1930 (1 fot.) – [3]. París, bifurcación del río Sena, 1930 (1 fot.) – [4]. Vista de la Torre Eiffel, 1930 (1 fot.) – [5-8]. Varias fotos en la Torre Eiffel: Manolo Orrico Vidal en la terraza de la Torre y en el paseo bajo la Torre, Francisco Roglá López sentado en un banco en la terraza de la Torre lleva paraguas y sombrero, 1930 (4 fot.) – [9]. Museo del Louvre (1 fot.) – [10]. Plaza de la Concorde (1 fot.) – [11]. Notre Dame (1 fot.) – [12]. Manolo Orrico Vidal en una terraza donde se ve una panorámica de la ciudad de Paris, en el cartel se lee Musée Grévin (1 fot.) – [13-14]. Iglesia de la Madeleine, Manolo Orrico Vidal en la escalinata de Iglesia (2 fot.) – [15]. Gran Palacio de París situado en los Campos Elíseos (1 fot.) – [16]. Palacio del Descubrimiento (1 fot.) – [17]. El Arco de Triunfo del Carrusel (1 fot.) – [18]. Palacio del Trocadero, 1930 (1 fot.) – [19]. Jardín de las Tullerias, Manolo Orrico Vidal junto a la escultura Le Nil, 1930 (1 fot.) – [20]. Plaza del Châtelet con la Fuente de la Palmera (1 fot.) – [21]. Plaza sin identificar (imagen borrosa) (1 fot.) – [22]. Manolo Orrico Vidal sentado en un banco en la plaza junto a la Torre medieval de Saint Jacques (1 fot.) – [23]. Manolo Orrico Vidal con un amigo bajo un conjunto escultórico (La Danza, de Carpeaux) a la entrada de la Ópera de París (1 fot.) – [24]. Plaza de la República con el monumento (1 fot.) – [25]. Manolo Orrico Vidal con un amigo en una plaza sin identificar (1 fot.) – [26]. Manolo Orrico Vidal junto a la fuente en el patio del Ayuntamiento de Hamburgo (1 fot.) – [27-29]. Vista de Hamburgo desde el barco con S. Michelle al fondo, Francisco Roglá López sentado en una butaca de mimbre en el barco (3 fot.) – [30]. Lieja, 1930 Fuente de la Virgen situada en rue des dominicains, erigida en 1584 y coronada por la estatua de bronce de la Virgen y el Niño, realizada en 1696 por el escultor Jean Delcour(1 fot.) – [31]. Hamburgo 1930, Denkmal Kaiser Wilhem en Rathausmarkt (1 fot.) – [32]. Manolo Orrico Vidal junto al lateral derecho del monumento al Káiser Wilhem (1 fot.) – [33-34]. Palacio Real de Madrid, durante un desfile y vista de la fachada sur, 1930 (2 pares estereoscópicos) (2 fot.) – [35-38]. Parque Güell de Barcelona, 1930 (4 pares estereoscópicos) (4 fot.)

Testing co-volatility spillovers for natural gas spot, futures and ETF spot using dynamic conditional covariances

There is substantial empirical evidence that energy and financial markets are closely connected. As one of the most widely-used energy resources worldwide, natural gas has a large daily trading volume. In order to hedge the risk of natural gas spot markets, a large number of hedging strategies can be used, especially with the rapid development of natural gas derivatives markets. These hedging instruments include natural gas futures and options, as well as Exchange Traded Fund (ETF) prices that are related to natural gas stock prices. The volatility spillover effect is the delayed effect of a returns shock in one physical, biological or financial asset on the subsequent volatility or co-volatility of another physical, biological or financial asset. Investigating volatility spillovers within and across energy and financial markets is a crucial aspect of constructing optimal dynamic hedging strategies. The paper tests and calculates spillover effects among natural gas spot, futures and ETF markets using the multivariate conditional volatility diagonal BEKK model. The data used include natural gas spot and futures returns data from two major international natural gas derivatives markets, namely NYMEX (USA) and ICE (UK), as well as ETF data of natural gas companies from the stock markets in the USA and UK. The empirical results show that there are significant spillover effects in natural gas spot, futures and ETF markets for both USA and UK. Such a result suggests that both natural gas futures and ETF products within and beyond the country might be considered when constructing optimal dynamic hedging strategies for natural gas spot prices.

Volatility spillovers for spot, futures, and ETF prices in energy and agriculture

The agricultural and energy industries are closely related, both biologically and financially. The paper discusses the relationship and the interactions on price and volatility, with special focus on the covolatility spillover effects for these two industries. The interaction and covolatility spillovers or the delayed effect of a returns shock in one asset on the subsequent volatility or covolatility in another asset, between the energy and agricultural industries is the primary emphasis of the paper. Although there has already been significant research on biofuel and biofuel-related crops, much of the previous research has sought to find a relationship among commodity prices. Only a few published papers have been concerned with volatility spillovers. However, it must be emphasized that there have been numerous technical errors in the theoretical and empirical research, which needs to be corrected. The paper not only considers futures prices as a widely-used hedging instrument, but also takes an interesting new hedging instrument, ETF, into account. ETF is regarded as index futures when investors manage their portfolios, so it is possible to calculate an optimal dynamic hedging ratio. This is a very useful and interesting application for the estimation and testing of volatility spillovers. In the empirical analysis, multivariate conditional volatility diagonal BEKK models are estimated for comparing patterns of covolatility spillovers. The paper provides a new way of analyzing and describing the patterns of covolatility spillovers, which should be useful for the future empirical analysis of estimating and testing covolatility spillover effects.

An econometric analysis of ETF and ETF futures in financial and energy markets using generated regressors

It is well known that that there is an intrinsic link between the financial and energy sectors, which can be analyzed through their spillover effects, which are measures of how the shocks to returns in different assets affect each other’s subsequent volatility in both spot and futures markets. Financial derivatives, which are not only highly representative of the underlying indices but can also be traded on both the spot and futures markets, include Exchange Traded Funds (ETFs), which is a tradable spot index whose aim is to replicate the return of an underlying benchmark index. When ETF futures are not available to examine spillover effects, “generated regressors” may be used to construct both Financial ETF futures and Energy ETF futures. The purpose of the paper is to investigate the covolatility spillovers within and across the US energy and financial sectors in both spot and futures markets, by using “generated regressors” and a multivariate conditional volatility model, namely Diagonal BEKK. The daily data used are from 1998/12/23 to 2016/4/22. The data set is analyzed in its entirety, and also subdivided into three subset time periods. The empirical results show there is a significant relationship between the Financial ETF and Energy ETF in the spot and futures markets. Therefore, financial and energy ETFs are suitable for constructing a financial portfolio from an optimal risk management perspective, and also for dynamic hedging purposes.

El Gratis (1842-1843): aproximación al estudio de un periódico innovador

El presente trabajo expone el análisis de El Gratis, diario de anuncios publicado en 1842-43, algunas de cuyas características (aplicación de la ley del doble mercado, distribución gratuita de parte de los ejemplares, edición de un diario-cartel…) representan una verdadera novedad para la época y para la historia del periodismo decimonónico en España.

Nanoarchitectures Based on Layered Titanosilicates Supported on Glass Fibers: Application to Hydrogen Storage

This work reports on the synthesis of nanosheets of layered titanosilicate JDF-L1 supported on commercial E-type glass fibers with the aim of developing novel nanoarchitectures useful as robust and easy to handle hydrogen adsorbents. The preparation of those materials is carried out by hydrothermal reaction from the corresponding gel precursor in the presence of the glass support. Because of the basic character of the synthesis media, silica from the silicate-based glass fibers can be involved in the reaction, cementing its associated titanosilicate and giving rise to strong linkages on the support with the result of very stable heterostructures. The nanoarchitectures built up by this approach promote the growth and disposition of the titanosilicate nanosheets as a house-of-cards radially distributed around the fiber axis. Such an open arrangement represents suitable geometry for potential uses in adsorption and catalytic applications where the active surface has to be available. The content of the titanosilicate crystalline phase in the system represents about 12 wt %, and this percentage of the adsorbent fraction can achieve, at 298 K and 20 MPa, 0.14 wt % hydrogen adsorption with respect to the total mass of the system. Following postsynthesis treatments, small amounts of Pd (<0.1 wt %) have been incorporated into the resulting nanoarchitectures in order to improve their hydrogen adsorption capacity. In this way, Pd-layered titanosilicate supported on glass fibers has been tested as a hydrogen adsorbent at diverse pressures and temperatures, giving rise to values around 0.46 wt % at 298 K and 20 MPa. A mechanism of hydrogen spillover involving the titanosilicate framework and the Pd nanoparticules has been proposed to explain the high increase in the hydrogen uptake capacity after the incorporation of Pd into the nanoarchitecture.

Carteles, publicidad y territorio: la creación de la identidad turística en España (1929-1936)

El Patronato Nacional de Turismo, desde su fundación en 1928, asumió como una de sus tareas esenciales la promoción turística de España. Para ello, entre otras actividades, editó varias decenas de carteles en distintas lenguas, en los que difundió no sólo la riqueza territorial de nuestro país, sino también una determinada concepción de España que pudiera despertar el interés de potenciales visitantes, es decir, una auténtica identidad turística española. Analizar desde la óptica publicitaria y la geográfica el conjunto de carteles que han llegado hasta nosotros y establecer los aspectos claves de aquella promoción de nuestro país es el objetivo de este artículo.

Granger causality and systemic risk

Building on the concept of Granger causality in risk in Hong et al. (2009), and focusing on an international sample of large-capitalization banks, we test for predictability in comovements in the left tails of returns of individual banks and the global system. The main results show that large individual shocks (defined as balance-sheet contractions exceeding the 1% VaR level) are a strong predictor of subsequent shocks in the global system. This evidence is particularly strong for US banks with large desks of proprietary trading. Similarly, we document strong evidence of financial vulnerabilities (exposures) to systemic shocks in US subprime creditors.

Do European Union fines deter price-fixing? Bruegel Policy Brief 2013/04, May 2013

The issue: Anti-cartel enforcement is the least controversial of competition policy themes. Agreements to restrict competition such as price fixing or market sharing have obvious negative effects on welfare. Within the European Union, however, industry representatives have increasingly voiced concern that the European Commission applies a too-strict fining policy to enforce anti-cartel law, particularly since the introduction of new guidelines on fines in 2006. Fines are said to be too high, disproportionate and liable to introduce distortions into the market, ultimately leading to higher prices for consumers. It is often argued that more lenient approaches should be followed in crisis times. Policy challenge: High fines for cartel activity could entail costs for society and might be difficult to implement. Nevertheless, there is no case for reducing current levels of EU anti-cartel fines. Fine levels already take the economic crisis into account, and the net present value of fines might prove to be too low to discourage collusion. We estimate that fines might even be not high enough to offset the additional profits yielded by collusion. Fines should be complemented with other measures to increase deterrence, in particular personal sanctions targeting company officers who are responsible for leading the company to commit infringements. In the short term, pressure on decision makers could be increased by reducing the expected duration of investigations.