Caja General de Ahorros, Granada = Savings Bank, Granada

Caja General de Ahorros, Granada = Savings Bank, Granada Texto en español e inglés.

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.

Caja Granada Savings Bank

Publicación de la obra de Caja Granada

PDB-REPRDB: a database of representative protein chains from the Protein Data Bank (PDB)

PDB-REPRDB is a database of representative protein chains from the Protein Data Bank (PDB). The previous version of PDB-REPRDB provided 48 representative sets, whose similarity criteria were predetermined, on the WWW. The current version is designed so that the user may obtain a quick selection of representative chains from PDB. The selection of representative chains can be dynamically configured according to the user’s requirement. The WWW interface provides a large degree of freedom in setting parameters, such as cut-off scores of sequence and structural similarity. One can obtain a representative list and classification data of protein chains from the system. The current database includes 20 457 protein chains from PDB entries (August 6, 2000). The system for PDB-REPRDB is available at the Parallel Protein Information Analysis system (PAPIA) WWW server (http://www.rwcp.or.jp/papia/).

Validation of a mobility item bank for older patients in primary care

Background: To develop and validate an item bank to measure mobility in older people in primary care and to analyse differential item functioning (DIF) and differential bundle functioning (DBF) by sex. Methods: A pool of 48 mobility items was administered by interview to 593 older people attending primary health care practices. The pool contained four domains based on the International Classification of Functioning: changing and maintaining body position, carrying, lifting and pushing, walking and going up and down stairs. Results: The Late Life Mobility item bank consisted of 35 items, and measured with a reliability of 0.90 or more across the full spectrum of mobility, except at the higher end of better functioning. No evidence was found of non-uniform DIF but uniform DIF was observed, mainly for items in the changing and maintaining body position and carrying, lifting and pushing domains. The walking domain did not display DBF, but the other three domains did, principally the carrying, lifting and pushing items. Conclusions: During the design and validation of an item bank to measure mobility in older people, we found that strength (carrying, lifting and pushing) items formed a secondary dimension that produced DBF. More research is needed to determine how best to include strength items in a mobility measure, or whether it would be more appropriate to design separate measures for each construct.

Nonlinear dynamics in discretionary accruals: An analysis of bank loan-loss provisions

Several studies have analyzed discretionary accruals to address earnings-smoothing behaviors in the banking industry. We argue that the characteristic link between accruals and earnings may be nonlinear, since both the incentives to manipulate income and the practical way to do so depend partially on the relative size of earnings. Given a sample of 15,268 US banks over the period 1996–2011, the main results in this paper suggest that, depending on the size of earnings, bank managers tend to engage in earnings-decreasing strategies when earnings are negative (“big-bath”), use earnings-increasing strategies when earnings are positive, and use provisions as a smoothing device when earnings are positive and substantial (“cookie-jar” accounting). This evidence, which cannot be explained by the earnings-smoothing hypothesis, is consistent with the compensation theory. Neglecting nonlinear patterns in the econometric modeling of these accruals may lead to misleading conclusions regarding the characteristic strategies used in earnings management.

D. Bank note, 1805

One bank note for the Bank of England, dated March 29, 1805.