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.

Chapter 3 Knowledge Exchanges and Innovation in Connected Firms: Evidence from Upstream-Downstream Relationships

This paper proposes evidences for linking innovation and knowledge exchanges in developing economies towards a comprehensive theory of new economic geography in the knowledge based spatial economy. Firms which dispatched engineers to customers achieved more innovations than firms which did not. Mutual sharing of knowledge also stimulates innovations. A just-in-time relationship is effective for dealing with upgrading production process. But such strong complementarities with partners are not effective for product innovation.. These evidences support the hypothesis that face-to-face communication and complementarities among production linkages have different roles in knowledge creation.

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.

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.

Entornos termodinámicos. Una cartografía crítica en torno a la energía y la arquitectura

En los últimos años, y a la luz de los retos a los que se enfrenta la sociedad, algunas voces están urgiendo a dejar atrás los paradigmas modernos —eficiencia y rendimiento— que sustentan a las llamadas prácticas sostenibles, y están alentando a repensar, en el contexto de los cambios científicos y culturales, una agenda termodinámica y ecológica para la arquitectura. La cartografía que presenta esta tesis doctoral se debe de entender en este contexto. Alineándose con esta necesidad, se esfuerza por dar a este empeño la profundidad histórica de la que carece. De este modo, el esfuerzo por dotar a la arquitectura de una agenda de base científica, se refuerza con una discusión cultural sobre el progresivo empoderamiento de las ideas termodinámicas en la arquitectura. Esta cartografía explora la historia de las ideas termodinámicas en la arquitectura desde el principio del siglo XX hasta la actualidad. Estudia, con el paso de los sistemas en equilibrio a los alejados del equilibrio como trasfondo, como las ideas termodinámicas han ido infiltrándose gradualmente en la arquitectura. Este esfuerzo se ha planteado desde un doble objetivo. Primero, adquirir una distancia crítica respecto de las prácticas modernas, de modo que se refuerce y recalibre el armazón intelectual y las herramientas sobre las que se está apoyando esta proyecto termodinámico. Y segundo, desarrollar una aproximación proyectual sobre la que se pueda fundamentar una agenda termodinámica para la arquitectura, asunto que se aborda desde la firme creencia de que es posible una re-descripción crítica de la realidad. De acuerdo con intercambios de energía que se dan alrededor y a través de un edificio, esta cartografía se ha estructurado en tres entornos termodinámicos, que sintetizan mediante un corte transversal la variedad de intercambios de energía que se dan en la arquitectura: -Cualquier edificio, como constructo espacial y material inmerso en el medio, intercambia energía mediante un flujo bidireccional con su contexto, definiendo un primer entorno termodinámico al que se denomina atmósferas territoriales. -En el interior de los edificios, los flujos termodinámicos entre la arquitectura y su ambiente interior definen un segundo entorno termodinámico, atmósferas materiales, que explora las interacciones entre los sistemas materiales y la atmósfera interior. -El tercer entorno termodinámico, atmosferas fisiológicas, explora los intercambios de energía que se dan entre el cuerpo humano y el ambiente invisible que lo envuelve, desplazando el objeto de la arquitectura desde el marco físico hacia la interacción entre la atmósfera y los procesos somáticos y percepciones neurobiológicas de los usuarios. A través de estos tres entornos termodinámicos, esta cartografía mapea aquellos patrones climáticos que son relevantes para la arquitectura, definiendo tres situaciones espaciales y temporales sobre las que los arquitectos deben actuar. Estudiando las conexiones entre la atmósfera, la energía y la arquitectura, este mapa presenta un conjunto de ideas termodinámicas disponibles —desde los parámetros de confort definidos por la industria del aire acondicionado hasta las técnicas de acondicionamiento pasivo— que, para ser efectivas, necesitan ser evaluadas, sintetizadas y recombinadas a la luz de los retos de nuestro tiempo. El resultado es un manual que, mediando entre la arquitectura y la ciencia, y a través de este relato histórico, acorta la distancia entre la arquitectura y la termodinámica, preparando el terreno para la definición de una agenda termodinámica para el proyecto de arquitectura. A este respecto, este mapa se entiende como uno de los pasos necesarios para que la arquitectura recupere la capacidad de intervenir en la acuciante realidad a la que se enfrenta. ABSTRACT During the last five years, in the light of current challenges, several voices are urging to leave behind the modern energy paradigms —efficiency and performance— on which the so called sustainable practices are relying, and are posing the need to rethink, in the light of the scientific and cultural shifts, the thermodynamic and ecological models for architecture. The historical cartography this PhD dissertation presents aligns with this effort, providing the cultural background that this endeavor requires. The drive to ground architecture on a scientific basis needs to be complemented with a cultural discussion of the history of thermodynamic ideas in architecture. This cartography explores the history of thermodynamic ideas in architecture, from the turn of the 20th century until present day, focusing on the energy interactions between architecture and atmosphere. It surveys the evolution of thermodynamic ideas —the passage from equilibrium to far from equilibrium thermodynamics— and how these have gradually empowered within design and building practices. In doing so, it has posed a double-objective: first, to acquire a critical distance with modern practices which strengthens and recalibrates the intellectual framework and the tools in which contemporary architectural endeavors are unfolding; and second, to develop a projective approach for the development a thermodynamic agenda for architecture and atmosphere, with the firm belief that a critical re-imagination of reality is possible. According to the different systems which exchange energy across a building, the cartography has been structured in three particular thermodynamic environments, providing a synthetic cross-section of the range of thermodynamic exchanges which take place in architecture: -Buildings, as spatial and material constructs immersed in the environment, are subject to a contiuous bidirectional flow of energy with its context, defining a the first thermodynamic environment called territorial atmospheres. -Inside buildings, the thermodynamic flow between architecture and its indoor ambient defines a second thermodynamic environment, material atmospheres, which explores the energy interactions between the indoor atmosphere and its material systems. -The third thermodynamic environment, physiological atmospheres, explores the energy exchanges between the human body and the invisible environment which envelopes it, shifting design drivers from building to the interaction between the atmosphere and the somatic processes and neurobiological perceptions of users. Through these three thermodynamic environments, this cartography maps those climatic patterns which pertain to architecture, providing three situations on which designers need to take stock. Studying the connections between atmosphere, energy and architecture this map presents, not a historical paradigm shift from mechanical climate control to bioclimatic passive techniques, but a range of available thermodynamic ideas which need to be assessed, synthesized and recombined in the light of the emerging challenges of our time. The result is a manual which, mediating between architecture and science, and through this particular historical account, bridges the gap between architecture and thermodynamics, paving the way to a renewed approach to atmosphere, energy and architecture. In this regard this cartography is understood as one of the necessary steps to recuperate architecture’s lost capacity to intervene in the pressing reality of contemporary societies.

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.

Sustainability assessment of energy saving measures: A multi-criteria approach for residential buildings retrofitting—A case study of the Spanish housing stock

The building sector is well known to be one of the key energy consumers worldwide. The renovation of existing buildings provides excellent opportunities for an effective reduction of energy consumption and greenhouse gas emissions but it is essential to identify the optimal strategies. In this paper a multi-criteria methodology is proposed for the comparative analysis of retrofitting solutions. Life Cycle Assessment (LCA) and Life Cycle Cost (LCC) are combined by expressing environmental impacts in monetary values. A Pareto optimization is used to select the preferred strategies. The methodology is exemplified by a case study: the renovation of a representative housing block from the 1960s located in Madrid. Eight scenarios have been proposed, from the Business as Usual scenario (BAU), through Spanish Building Regulation requirements (for new buildings) up to the Passive House standard. Results show how current renovation strategies that are being applied in Madrid are far from being optimal solutions. The required additional investment, which is needed to obtain an overall performance improvement of the envelope compared with the common practice to date, is relatively low (8%) considering the obtained life cycle environmental and financial savings (43% and 45%, respectively).