Value at Risk in measuring market risk: Historical simulation

In this study the theoretical part was created to make comparison between different Value at Risk models. Based on that comparison one model was chosen to the empirical part which concentrated to find out whether the model is accurate to measure market risk. The purpose of this study was to test if Volatility-weighted Historical Simulation is accurate in measuring market risk and what improvements does it bring to market risk measurement compared to traditional Historical Simulation. Volatility-weighted method by Hull and White (1998) was chosen In order to improve the traditional methods capability to measure market risk. In this study we found out that result based on Historical Simulation are dependent on chosen time period, confidence level and how samples are weighted. The findings of this study are that we cannot say that the chosen method is fully reliable in measuring market risk because back testing results are changing during the time period of this study.

Leniency - Kartellin ilmiantaminen ja seuraamusmaksusta vapautuminen tai sen alentaminen oikeustaloustieteellisestä näkökulmasta tarkasteltuna

The purpose of the study is to solve contents, functioning and potential improvements of European Union and Finlands leniency-system that is to say amnesty and reduction system from fines imposed from cartel activity. Law and economics was chosen as a research method, which has made possible to handle the subject in a comprehensive perspective. The study is based on literature, also legal cases, law and legislative history have been used as help. Leniency is a reasonably new system both in European Unions and in Finlands competition law. It makes possible to detect even secret cartels with the help of deterrent aimed at them. Companies experience the large amount of fines and the investigation concerning the cartel as big threats, therefore they all want to be the first one to report it in order to get full amnesty. However, this system needs improvements, for instance improving the transparency, unifying the European Unions leniency applications and finding answers to certain question concerning justice.

Elinkaarianalyysin soveltaminen käyttökustannuslaskennassa ja kilpailijavertailussa

The aim of this master’s thesis is to develop a calculation form that can be utilized in studying life cycle costs of different products. This research will especially focus on competing products with different cost structures. The calculation form introduced here will then be applied to calculate the operation costs of green mowers in terms of the life cycle method.The research contains an introduction to the field of study and its specific features. The main questions are how to construct a frame of reference and how to find an effective way to combine life cycle assessment and calculation with management accounting. The empirical part of the research concentrated on studying operation costs of green mowers in different working situations. The results were critically analyzed and the effectivity of the new calculation form was estimated.The present study shows that this new method is effective in giving information on life cycle costs. The results concerning the green mowers were not simple but depended on several factors. In any case it is possible to say that the new type of the green mower is very competitive against the traditional green mowers.

Response of the Thermal Conductivity as a Function of Water Content of a Burnt Mediterranean Loam Soil

The purpose of this research is to explore the variability on the soil thermal conductivity -λ- after a prescribe fire, and to assess the effects of the ashes on the heat transfer once it"s were incorporated into the soil matrix. Sampling plot was located in the Montgrí Massif (NE of Spain). A set of 42 soil samples between surface and 5 cm depth was collected before and after the fire. To characterize the soil chemical and physical variables were analyzed. To determine the vari-ability on the soil λ a dry-out curve per scenario (before and after fire) was determined. SoilRho® method based on ASTM D-5334-08 which was validated by LabFerrer was used. Soil thermal conductivity has shown changes in their values. Indeed, in all moisture scenarios the values of soil λ decreased after soil was burnt. The critical point in the rela-tionship ϴ (λ) for the soil after fire which always was stronger than soil before to be burnt. Soil with"white" ashes showed a high thermal conductivity. An X-Ray diffractometry analysis allowed to clarify and to verify these results. To sum up, we could say that thermal conductivity presents changes when the scenario changes, i.e. before and after to be burnt. On the other hand, the volume of ashes incorporated on the soil increased the differences between no burnt and burnt soil, showing even some improvements on the heat transfer when water content started to govern the process.

Feeding habits of Ophichthus rufus (Anguilliformes, Ophichthidae) in the western Mediterranean

Ophichthus Rufus is a Mediterranean benthic fish with nocturnal habits. It lives in sand or mud bottoms at depths between 50 and 150m. Until now, nothing about its feeding habits was known. Stomach contents of 689 individuals, collected between 1985 and 1987, were analysed. The diet is basically composed of benthic organisms, among which the decapods processa canaliculata and Alpheus glaber and the teleost fish Callionymus maculatus are prominent. Young of both sexes and adult males have a euryphagic carnivorous diet, whereas adult females are closer to a stenophagic piscivorous diet

If you want me to stay, pay

Devolution of political power is constantly on the political agenda in both Italy and Spain. Fiscal policy in these countries has granted specific privileges to some regions. Valle d’Aosta/Vallée d’Aoste,(VdA) and País Vasco-Euskadi (PV) have an extensive say over spending decisions, and receive nearly all regional tax revenues. Although both VdA and PV are among the richest regions in each country, both are net beneficiaries of the fiscal equalisation system. This preferential treatment is the outcome of a fiscal system with limits on taxing power and debt issuance, and is meant as a compensation for the lack of autonomy. It so prevents calls for more fiscal autonomy, or even outright secession. The economic effects of this asymmetric federalism are negative Although partial equalisation reduces excessive redistribution built in the fiscal equalisation system, more autonomy could pay off with more efficient government. Asymmetric federalism moreover creates a political impasse in the negotiation of a more efficient tax system and financing arrangement.

L'impacte d'un programa de tennis com a eina de millora de la qualitat de vida i l'estrès percebut en dones físicament inactives d'entre 43 i 50 anys

Introducció: L’activitat física és una necessitat imprescindible per a la salut de les persones, i tot i ser conscients dels seus beneficis encara es troben alts percentatges d’inactivitat física i sedentarisme. Per aquest motiu, els objectius principals d’aquest estudi són esbrinar si les dones adultes d’entre 43 i 50 anys que realitzen activitat física regularment, més concretament que practiquen l’esport del tennis, tenen una qualitat de vida i un estrès percebut millor que les que no realitzen activitat física, i per tant, valorar l’impacte d’un programa de tennis adequat i específic, és a dir, adaptat a les característiques i les necessitats dels alumnes, com a eina per millorar aquestes dues variables: l’estrès percebut i la qualitat de vida. Metodologia: El treball és un estudi experimental el qual consta d’una mostra total de 12 dones, 6 es varen assignar al grup control (practiquen el tennis) i 6 al grup intervenció (no realitzen AF), i totes elles de manera aleatòria. Les participants del grup intervenció varen realitzar un programa de 8 sessions de 60 minuts de treball durant 4 setmanes, mentre que les participants del grup control van seguir la seva rutina habitual. Les variables dependents (qualitat de vida i estrès percebut) es varen mesurar abans i després de la intervenció. Resultats: Els resultats obtinguts mostren, pel que fa al grup intervenció, millores significatives respecte a les dues variables mentre que el grup control presenta alguna mínima millora puntual però, en general no es produeixen canvis. Quan a la variable de qualitat de vida, les participants del grup intervenció han obtingut millores en les 8 dimensions del qüestionari un cop finalitzat el programa, les quals han estat més significatives pel que fa al rol emocional i la funció física. I respecte a l’estrès percebut, el grup intervenció ha aconsegui reduir el seu nivell d’estrès 3’17 punts. Discussió: Per tant, podem dir que el tennis, amb el disseny adequat d’un programa, millora l’estat de salut de les persones, en aquest cas redueix l’estrès percebut i millora la qualitat de vida. Extretes les conclusions i coneixent l’elevat nombre de dones que practiquen el tennis és de gran interès i molt factible oferir aquest programa a clubs de tennis amb l’objectiu de millorar la salut de les persones.

Estudi de l'ensenyament-aprenentatge de la multiplicació de fraccions

Aquest treball és una investigació de com cal ensenyar la multiplicació de fraccions a l’Educació Primària. S’han recollit les dades a través d’entrevistes per conèixer com 6 mestres ensenyaven aquest coneixement matemàtic per comparar-ho amb el que diuen diferents autors com Van de Walle, Tipps, Tucker i Bruner. L’ensenyamentaprenentatge de la multiplicació de fraccions és un procés difícil i complex. Per adquirir aquest coneixement, els infants necessiten tenir experiències amb diferents situacions que es plantegi el producte de fraccions i deduir ells mateixos estratègies i algorismes propis per resoldre-les. Si se’ls dóna directament l’algorisme tradicional sense comprensió, tindran dificultats per identificar si el resultat és coherent o no.

Anàlisi de la figura de coordinador/a TIC a deu escoles vallesanes: Funcions, formació i perfil

La present recerca és un estudi de cas de la figura del coordinador/a TIC (Tecnologies de la Informació i la Comunicació) centrant-se en aspectes referents a les funcions, la formació i el perfil. El constant avenç tecnològic en la societat també inclou el món educatiu i això crea la necessitat de tenir una figura dinamitzadora de les TIC dins l’escola, un punt de referència. Amb l’objectiu d’aconseguir conèixer aquesta figura es dissenya i s’aplica un qüestionari amb el qual s’obtindrà informació d’aquesta figura tractant temes que van tant dels esmentats anteriorment com de la comissió TAC o dels recursos TIC que disposen. Per poder obtenir aquesta informació es compta amb la participació de deu escoles vallesanes. Els resultats mostren que el tipus de funció que més realitza són les Tècniques mentre que les de Lideratge són les que menys. Mostren també com la formació que es demana és tècnica i pedagògica i que el perfil dels coordinadors/es TIC és bastant divers. En conclusió, es pot dir que la figura del coordinador/a TIC de centre és un punt clau dins l’escola ja que ajuda a la inclusió digital, entre d’altres aspectes, però encara és una figura molt ambigua.

La intervenció psicomotriu educativa com estratègia per afavorir la inclusió d'alumnes amb trastorn de l'espectre autista (TEA) dins l'aula ordinària: Anàlisi d'un cas

Des de la inclusió es pretén aconseguir una societat més justa per tothom, on els infants per molt diferents que siguin puguin estar i participar en una escola ordinària, gaudint de les mateixes oportunitats i els mateixos drets. Amb la diversitat ens enriquim els uns amb els altres i aquest fet dóna sentit a l’educació. Amb aquest marc referencial, el present treball d’investigació tracta sobre la millora de la inclusió d’un infant amb TEA (Trastorn de l’Espectre Autista) a través de la pràctica psicomotriu educativa i vivencial, és a dir, una educació més lliure, donant lloc a l’experiència i a uns espais relacionals per dur a terme una activitat espontània psicomotriu. De fet, tracta de demostrar, de manera més específica, que la pràctica psicomotriu millora la capacitat d’interacció social de l’infant amb TEA, és a dir, la relació amb els altres, així com assegurar que aquesta pràctica vivencial aporta més beneficis en la implicació del joc dels infants amb TEA, que una intervenció psicomotriu més funcional.

La música com a eina d’inclusió i cohesió de grup en els entorns escolars

La música com a eina d’inclusió i cohesió de grup de tots els alumnes d’una mateixa aula constitueix el títol del meu Treball Final de Grau. Amb aquesta recerca he volgut conèixer la importància de la música per l’educació i els beneficis que aporta als nens i nenes d’Educació Infantil. També he aprofundit en la inclusió escolar, ja que la música per si mateixa pot reduir barreres pel que fa a la participació i a l’aprenentatge de tots els alumnes. A partir de tota la recerca bibliogràfica, he realitzat entrevistes a diferents professionals de l’educació per tal de valorar la visió que hi ha avui en dia sobre el tractament de la música a les escoles. Així mateix, s’ha portat a terme una intervenció educativa basada amb pràctiques musicals per tal de corroborar si la música contribueix favorablement a la inclusió i cohesió de grup. Finalment, s’han relacionat conceptes i s’han extret conclusions sobre el paper de la música en relació a la inclusió educativa.

Genomic insights into the Ixodes scapularis tick vector of Lyme disease.

Ticks transmit more pathogens to humans and animals than any other arthropod. We describe the 2.1 Gbp nuclear genome of the tick, Ixodes scapularis (Say), which vectors pathogens that cause Lyme disease, human granulocytic anaplasmosis, babesiosis and other diseases. The large genome reflects accumulation of repetitive DNA, new lineages of retro-transposons, and gene architecture patterns resembling ancient metazoans rather than pancrustaceans. Annotation of scaffolds representing ∼57% of the genome, reveals 20,486 protein-coding genes and expansions of gene families associated with tick-host interactions. We report insights from genome analyses into parasitic processes unique to ticks, including host 'questing', prolonged feeding, cuticle synthesis, blood meal concentration, novel methods of haemoglobin digestion, haem detoxification, vitellogenesis and prolonged off-host survival. We identify proteins associated with the agent of human granulocytic anaplasmosis, an emerging disease, and the encephalitis-causing Langat virus, and a population structure correlated to life-history traits and transmission of the Lyme disease agent.

Timing of visual stimuli in V1 and V5/MT: fMRI and TMS

Time perception is used in our day-to-day activities. While we understand quite well how our brain processes vision, touch or taste, brain mechanisms subserving time perception remain largely understudied. In this study, we extended an experiment of previous master thesis run by Tatiana Kenel-Pierre. We focused on time perception in the range of milliseconds. Previous studies have demonstrated the involvement of visual areas V1 and V5/MT in the encoding of temporal information of visual stimuli. Based on these previous findings the aim of the present study was to understand if temporal information was encoded in V1 and extrastriate area V5/MT in different spatial frames i.e., head- centered versus eye-centered. To this purpose we asked eleven healthy volunteers to perform a temporal discrimination task of visual stimuli. Stimuli were presented at 4 different spatial positions (i.e., different combinations of retinotopic and spatiotopic position). While participants were engaged in this task we interfered with the activity of the right dorsal V1 and the right V5/MT with transcranial magnetic stimulation (TMS). Our preliminary results showed that TMS over both V1 and V5/MT impaired temporal discrimination of visual stimuli presented at specific spatial coordinates. But whereas TMS over V1 impaired temporal discrimination of stimuli presented in the lower left quadrant, TMS over V5/MT affected temporal discrimination of stimuli presented at the top left quadrant. Although it is always difficult to draw conclusions from preliminary results, we could tentatively say that our data seem to suggest that both V1 and V5/MT encode visual temporal information in specific spatial frames.

Productivity of Business Services - Towards A New Taxonomy

Statistics show that the expanding service sector accounts already for three quarters of GDP in the developed economies. Moreover, there is abundant evidence on high variation in productive performance across the service industries. This suggests divergent technological and institutional trajectories within the tertiary sector. While conceptual knowledge on services and their performance has accumulated substantially, the overall landscape on productivity and competitiveness is still inconclusive. As noted by number of authors the research on service productivity is still in its infancy. The purpose of this paper is to develop further the analytical framework of service productivity. The approach is based on the notion that service definitions, classifications and performance measurement are strongly interdependent. Given the ongoing restructuring of businesses activities with higher information content, it is argued that the dichotomy between manufacturing and services should not be taken too far. Industrial evolution also suggests that the official industry classifications are increasingly outdated and new taxonomies for empirical research are therefore needed. Based on the previous analyses and new insights the paper clarifies the debated concept of service productivity and identifies the critical dimensions by which the service industries cluster. It is also demonstrated that the dimensions enable to construct new service taxonomies which bear essentially on productivity opportunities at the business level. Needles to say the key determinant explaining the development and potential of productivity growth is innovation activity. As an extensive topic of research, however, service innovation is tackled here only in a cursory way. The paper is constructed as follows: the first section focuses on the conceptual issues and evolving nature of service activities. A workable definition of service should capture the diversity of service activities, as well as the aspects of service processes, comprehensively. The distinctions and similarities between services and manufacturing are discussed, too. Section 2 deals with the service productivity, a persistent and controversial issue in academic literature and policy. With the assessments of strengths and weaknesses of the main schools new insights based on value creation will be brought in. Industry classifications and taxonomies are discussed in Section 3. It begins with a short analysis of the official classifications and their evaluation from the perspective of empirical research. Using well-known examples it is shown that the taxonomies on the manufacturing industries have a clear analogy with the business services. As there is a growing interest to regroup services too, the work to date, has been less systematic and inherently qualitative. Based on the earlier contributions threedimensional service taxonomy is constructed which highlight the key dimensions of productive performance. The main findings and implications are summed up in Section 4.