Fact Sheet: Terrorism, 2011

Learn about the nature of terrorism. • Terrorists often choose targets that offer little danger to themselves and areas with relatively easy public access. • Foreign terrorists look for visible targets where they can avoid detection before or after an attack such as international airports, large cities, major international events, resorts, and high-profile landmarks. Learn about the different types of terrorist weapons including explosives, kidnappings, hijackings, arson, and shootings. Prepare to deal with a terrorist incident by adapting many of the same techniques used to prepare for other crises.

[Lettre autographe signée de Giuseppe Verdi adressée à Du Locle, Turin, 12 août 1871]

Papier à en-tête "Hotel Trombetta"

Three essays in financial economics: asset pricing, optimal portfolio selection and financial integration

Executive Summary The unifying theme of this thesis is the pursuit of a satisfactory ways to quantify the riskureward trade-off in financial economics. First in the context of a general asset pricing model, then across models and finally across country borders. The guiding principle in that pursuit was to seek innovative solutions by combining ideas from different fields in economics and broad scientific research. For example, in the first part of this thesis we sought a fruitful application of strong existence results in utility theory to topics in asset pricing. In the second part we implement an idea from the field of fuzzy set theory to the optimal portfolio selection problem, while the third part of this thesis is to the best of our knowledge, the first empirical application of some general results in asset pricing in incomplete markets to the important topic of measurement of financial integration. While the first two parts of this thesis effectively combine well-known ways to quantify the risk-reward trade-offs the third one can be viewed as an empirical verification of the usefulness of the so-called "good deal bounds" theory in designing risk-sensitive pricing bounds. Chapter 1 develops a discrete-time asset pricing model, based on a novel ordinally equivalent representation of recursive utility. To the best of our knowledge, we are the first to use a member of a novel class of recursive utility generators to construct a representative agent model to address some long-lasting issues in asset pricing. Applying strong representation results allows us to show that the model features countercyclical risk premia, for both consumption and financial risk, together with low and procyclical risk free rate. As the recursive utility used nests as a special case the well-known time-state separable utility, all results nest the corresponding ones from the standard model and thus shed light on its well-known shortcomings. The empirical investigation to support these theoretical results, however, showed that as long as one resorts to econometric methods based on approximating conditional moments with unconditional ones, it is not possible to distinguish the model we propose from the standard one. Chapter 2 is a join work with Sergei Sontchik. There we provide theoretical and empirical motivation for aggregation of performance measures. The main idea is that as it makes sense to apply several performance measures ex-post, it also makes sense to base optimal portfolio selection on ex-ante maximization of as many possible performance measures as desired. We thus offer a concrete algorithm for optimal portfolio selection via ex-ante optimization over different horizons of several risk-return trade-offs simultaneously. An empirical application of that algorithm, using seven popular performance measures, suggests that realized returns feature better distributional characteristics relative to those of realized returns from portfolio strategies optimal with respect to single performance measures. When comparing the distributions of realized returns we used two partial risk-reward orderings first and second order stochastic dominance. We first used the Kolmogorov Smirnov test to determine if the two distributions are indeed different, which combined with a visual inspection allowed us to demonstrate that the way we propose to aggregate performance measures leads to portfolio realized returns that first order stochastically dominate the ones that result from optimization only with respect to, for example, Treynor ratio and Jensen's alpha. We checked for second order stochastic dominance via point wise comparison of the so-called absolute Lorenz curve, or the sequence of expected shortfalls for a range of quantiles. As soon as the plot of the absolute Lorenz curve for the aggregated performance measures was above the one corresponding to each individual measure, we were tempted to conclude that the algorithm we propose leads to portfolio returns distribution that second order stochastically dominates virtually all performance measures considered. Chapter 3 proposes a measure of financial integration, based on recent advances in asset pricing in incomplete markets. Given a base market (a set of traded assets) and an index of another market, we propose to measure financial integration through time by the size of the spread between the pricing bounds of the market index, relative to the base market. The bigger the spread around country index A, viewed from market B, the less integrated markets A and B are. We investigate the presence of structural breaks in the size of the spread for EMU member country indices before and after the introduction of the Euro. We find evidence that both the level and the volatility of our financial integration measure increased after the introduction of the Euro. That counterintuitive result suggests the presence of an inherent weakness in the attempt to measure financial integration independently of economic fundamentals. Nevertheless, the results about the bounds on the risk free rate appear plausible from the view point of existing economic theory about the impact of integration on interest rates.

Optimization of snowmaking in high mountains ski resort

Ski resorts are deploying more and more systems of artificial snow. These tools are necessary to ensure an important economic activity for the high alpine valleys. However, artificial snow raises important environmental issues that can be reduced by an optimization of its production. This paper presents a software prototype based on artificial intelligence to help ski resorts better manage their snowpack. It combines on one hand a General Neural Network for the analysis of the snow cover and the spatial prediction, with on the other hand a multiagent simulation of skiers for the analysis of the spatial impact of ski practice. The prototype has been tested on the ski resort of Verbier (Switzerland).

Hidroteràpia antiga a Catalunya, els fons de la Facultat de Medicina de Barcelona

Amb posterioritat a la cel·lebració a la biblioteca de medicina de la UB (Hospital Clínic) de l'exposició "Aigües curatives: font i balnearis a Catalunya", es va decidir aprofitar la feina de recerca feta i publicar aquest volum. Aquí trobem una història de la pràctica de la hidroteràpia a Catalunya tot reseguint els punts geogràfics on es va desenvolupar més. També inclou una bibliografia extensa de les obres publicades sobre aquest tema tant al nostre país com a fora i disponibles a la biblioteca de la facultad de medicina de la UB.

El deterioro del soporte de contrachapado: propuesta de restauración de 9 obras de Francesc Artigau

Francesc Artigau (Barcelona 1940) pintó en los años setenta una serie de obras al temple sobre contrachapado. De éstas, dos trípticos y un díptico estaban destinados a decorar un hotel en Masquefa (Lérida), pero fueron rechazados por su atrevimiento y sus colores, y quedaron en propiedad del agente intermediario, junto con otra obra de menor formato. Las nueve obras sufrieron después un grave proceso de deterioro causado por una conservación en condiciones deplorables, al estar almacenadas en un local en el que se guardaba un grupo indeterminado de perros. Las obras, actualmente propiedad del Museo de l'Hospitalet (Barcelona), han permanecido fuera del circuito artístico hasta la actualidad. Se exponen los primeros resultados de la fase de estudio del soporte de las nueve obras y las propuestas de intervención en los soportes dañados

Psychophysiological responses to affective pictures in younger and older adults

Despite the central role that emotional reactivity plays in adaptation, few studies have examined age differences in this capacity under well-controlled laboratory conditions, on the basis of standardized emotion-evoking stimuli and assessing experiential, expressive, and physiological measures. 212 adults ranging in age from 20 to 81 years were exposed to 14 picture series, each lasting 60 s and of a different valence and arousal. We assessed valence and arousal ratings, cardiovascular, respiratory and electrodermalmeasures, facial muscle activity and gaze activity. Here, we present findings for 22 younger (mean age=24.0) and 22 older (mean age=72.1) adults for valence and arousal ratings, systolic bloodpressure (SBP) andheart rate (HR).Compared to younger adults, older adults rated unpleasant seriesmore negatively and showed a smaller range in arousal for pleasant series. SBP linearly increased with increasing appetitive activation. HR showed the expected deceleration from the pleasant to the unpleasant series.However, this effect was clearer for the younger adults than the older adults. For older adults, if something is pleasant, it is also judged to be generally lower in arousal, whereas, if something is unpleasant, it is also judged to be generally higher in arousal. The results for SBP indicate that the association between arousal and sympathetic outflow to the cardiovascular system might be similar in younger and older adults. The results for HR suggest that the parasympathetic activation might be attenuated in older adults as compared to younger adults.

El deterioro del soporte de contrachapado: propuesta de restauración de 9 obras de Francesc Artigau

Francesc Artigau (Barcelona 1940) pintó en los años setenta una serie de obras al temple sobre contrachapado. De éstas, dos trípticos y un díptico estaban destinados a decorar un hotel en Masquefa (Lérida), pero fueron rechazados por su atrevimiento y sus colores, y quedaron en propiedad del agente intermediario, junto con otra obra de menor formato. Las nueve obras sufrieron después un grave proceso de deterioro causado por una conservación en condiciones deplorables, al estar almacenadas en un local en el que se guardaba un grupo indeterminado de perros. Las obras, actualmente propiedad del Museo de l'Hospitalet (Barcelona), han permanecido fuera del circuito artístico hasta la actualidad. Se exponen los primeros resultados de la fase de estudio del soporte de las nueve obras y las propuestas de intervención en los soportes dañados

Relación precio-calidad de los destinos turísticos españoles de sol y playa

The aim of this article is to estímate price-quality relatíon of Spain resorts from ‘sun and beach’ segment. This study uses initially observed prices, but after obtains net pnces -estimated-, discounting services and characteristics prices. Methodologically, this article is based in hedonic methods, often used in economic analysis. Results show important differences between ‘prices observed’ and ‘adjusted prices’ by services and characteristics. Empirical results obtained in this article should be useful for taking decisions from public and prívate agents

On the tractability of the piecewise-linear approximation for general discrete-choice network revenue management

The choice network revenue management (RM) model incorporates customer purchase behavioras customers purchasing products with certain probabilities that are a function of the offeredassortment of products, and is the appropriate model for airline and hotel network revenuemanagement, dynamic sales of bundles, and dynamic assortment optimization. The underlyingstochastic dynamic program is intractable and even its certainty-equivalence approximation, inthe form of a linear program called Choice Deterministic Linear Program (CDLP) is difficultto solve in most cases. The separation problem for CDLP is NP-complete for MNL with justtwo segments when their consideration sets overlap; the affine approximation of the dynamicprogram is NP-complete for even a single-segment MNL. This is in contrast to the independentclass(perfect-segmentation) case where even the piecewise-linear approximation has been shownto be tractable. In this paper we investigate the piecewise-linear approximation for network RMunder a general discrete-choice model of demand. We show that the gap between the CDLP andthe piecewise-linear bounds is within a factor of at most 2. We then show that the piecewiselinearapproximation is polynomially-time solvable for a fixed consideration set size, bringing itinto the realm of tractability for small consideration sets; small consideration sets are a reasonablemodeling tradeoff in many practical applications. Our solution relies on showing that forany discrete-choice model the separation problem for the linear program of the piecewise-linearapproximation can be solved exactly by a Lagrangian relaxation. We give modeling extensionsand show by numerical experiments the improvements from using piecewise-linear approximationfunctions.

MyTopRoom : Aplicación para Android: Buscador de ofertas de hoteles

El objetivo de este proyecto es el desarrollo de una aplicación móvil para dispositivos con sistema operativo Android que permita la búsqueda de ofertas de hotel de una forma diferente a las actuales. Para ello se ha empleado el modelo del ciclo de vida en cascada, con las fases de análisis, diseño, construcción y pruebas del sistema desarrollado. El software final sigue una arquitectura de tipo cliente/servidor y ha sido realizado con Java como lenguaje base de programación, haciendo uso de algunas librerías como Apache HTTP Request para las conexiones con el servidor remoto como las propias de Android, que facilitan la creación de interfaces gráficas y la gestión de los recursos de los dispositivos en el desarrollo de aplicaciones móviles.

Affections pulmonaires et attitude [High altitude and preexisting lung diseases].

Today, a growing number of people, some of them suffering from lung diseases, travel to high altitude resorts. It is sometimes not easy for the general practitioner to adequately counsel these patients. Based on our knowledge of physiopathology and clinical studies, the present paper addresses the effects of high altitude in patients with preexisting lung diseases and provides recommendations in order to optimize the sojourn at high altitude.

El deterioro del soporte de contrachapado: propuesta de restauración de 9 obras de Francesc Artigau

Francesc Artigau (Barcelona 1940) pintó en los años setenta una serie de obras al temple sobre contrachapado. De éstas, dos trípticos y un díptico estaban destinados a decorar un hotel en Masquefa (Lérida), pero fueron rechazados por su atrevimiento y sus colores, y quedaron en propiedad del agente intermediario, junto con otra obra de menor formato. Las nueve obras sufrieron después un grave proceso de deterioro causado por una conservación en condiciones deplorables, al estar almacenadas en un local en el que se guardaba un grupo indeterminado de perros. Las obras, actualmente propiedad del Museo de l'Hospitalet (Barcelona), han permanecido fuera del circuito artístico hasta la actualidad. Se exponen los primeros resultados de la fase de estudio del soporte de las nueve obras y las propuestas de intervención en los soportes dañados

El deterioro del soporte de contrachapado: propuesta de restauración de 9 obras de Francesc Artigau

Francesc Artigau (Barcelona 1940) pintó en los años setenta una serie de obras al temple sobre contrachapado. De éstas, dos trípticos y un díptico estaban destinados a decorar un hotel en Masquefa (Lérida), pero fueron rechazados por su atrevimiento y sus colores, y quedaron en propiedad del agente intermediario, junto con otra obra de menor formato. Las nueve obras sufrieron después un grave proceso de deterioro causado por una conservación en condiciones deplorables, al estar almacenadas en un local en el que se guardaba un grupo indeterminado de perros. Las obras, actualmente propiedad del Museo de l'Hospitalet (Barcelona), han permanecido fuera del circuito artístico hasta la actualidad. Se exponen los primeros resultados de la fase de estudio del soporte de las nueve obras y las propuestas de intervención en los soportes dañados