Systematic liquidity: commonality and inter-temporal variation in the Portuguese stock market

[EN] The aim of this paper is to study systematic liquidity at the Euronext Lisbon Stock Exchange. The motivation for this research is provided by the growing interest in financial literature about stock liquidity and the implications of commonality in liquidity for asset pricing since it could represent a source of non-diversifiable risk. Namely, it is analysed whether there exist common factors that drive the variation in individual stock liquidity and the causes of the inter-temporal variation of aggregate liquidity. Monthly data for the period between January 1988 and December 2011 is used to compute some of the most used proxies for liquidity: bid-ask spreads, turnover rate, trading volume, proportion of zero returns and the illiquidity ratio. Following Chordia et al. (2000) methodology, some evidence of commonality in liquidity is found in the Portuguese stock market when the proportion of zero returns is used as a measure of liquidity. In relation to the factors that drive the inter-temporal variation of the Portuguese stock market liquidity, the results obtained within a VAR framework suggest that changes in real economy activity, monetary policy (proxied by changes in monetary aggregate M1) and stock market returns play an important role as determinants of commonality in liquidity.

Proyecto de un parque eólico para la alimentación de las bombas de la central hidráulica de Belesar (Lugo).

[ES]El proyecto consiste en el estudio de las necesidades energéticas de las bombas de una central hidráulica y la construcción de un parque eólico para satisfacer dichas necesidades. Para ello será necesario llevar a cabo un estudio del área y así encontrar el lugar más adecuado para ubicar los aerogeneradores, teniendo en cuenta la frecuencia, velocidad y dirección de los vientos predominantes del lugar. Después habrá que estudiar el mercado y elegir el aerogenerador adecuado para las condiciones del lugar y del viento, atendiendo también a otras cuestiones de relevancia. Se estudiará, además, la posibilidad de inyectar un posible exceso de electricidad a la red general. Una vez hecho esto, habrá que calcular el coste del proyecto.

Island life in the Cretaceous - faunal composition, biogeography, evolution, and extinction of land-living vertebrates on the Late Cretaceous European archipelago

The Late Cretaceous was a time of tremendous global change, as the final stages of the Age of Dinosaurs were shaped by climate and sea level fluctuations and witness to marked paleogeographic and faunal changes, before the end-Cretaceous bolide impact. The terrestrial fossil record of Late Cretaceous Europe is becoming increasingly better understood, based largely on intensive fieldwork over the past two decades, promising new insights into latest Cretaceous faunal evolution. We review the terrestrial Late Cretaceous record from Europe and discuss its importance for understanding the paleogeography, ecology, evolution, and extinction of land-dwelling vertebrates. We review the major Late Cretaceous faunas from Austria, Hungary, France, Spain, Portugal, and Romania, as well as more fragmentary records from elsewhere in Europe. We discuss the paleogeographic background and history of assembly of these faunas, and argue that they are comprised of an endemic 'core' supplemented with various immigration waves. These faunas lived on an island archipelago, and we describe how this insular setting led to ecological peculiarities such as low diversity, a preponderance of primitive taxa, and marked changes in morphology (particularly body size dwarfing). We conclude by discussing the importance of the European record in understanding the end-Cretaceous extinction and show that there is no clear evidence that dinosaurs or other groups were undergoing long-term declines in Europe prior to the bolide impact.

Analysis of the housing market in the autonomous community of the Basque country: the adjustment after the burst of the housing bubble

In this project study the characteristic and dynamics of the residential housing market in the Basque country. When strong expansion and colapsing emerged in 2007,studied the differents adjustment.

European Market Infrastructure Regulation

El trabajo trata de dar unas nociones básicas de la regulación EMIR y de la descripción de la implantación de la solución que toma la empresa en la que trabajé en prácticas. Y lo he realizado en castellano

Proceso de creación del “Competitor and Market Report” para cubrir las necesidades de información de la alta dirección de Zurich Insurance Ltd.

Proceso del Competitor and Market Report para cubrir las necesidades de información de la Alta Dirección de Zurich Insurance plc, para la unidad de negocio Global Corporate (GC) en la región de Europa Medio Oriente y África (EMEA) “ El Competitor and Market Report surge de la situación de desinformación en la que los altos directivos y los representantes de CD&M GCiEMEA de cada país se encuentran. Este trabajo consiste en estudiar todo el proceso de creación del Competitor and Market Report, empezando por la identificación del problema, búsqueda de soluciones e implementación y puesta en marcha de la solución. Este proceso nos obligara a inventariar y analizar los estudios que hasta el momento la empresa de seguros Zurich Insurance Ltd, recibía procedentes de fuentes externas o de distintos departamentos que rara vez estaban coordinados en la producción de estos informes. Analizaremos cuales son las áreas de información que estos informes no cubren. El proceso nos obligara a realizar un trabajo de campo. Haremos entrevistas que nos ayudaran a comprender mejor las necesidades de información de los altos directivos. A partir de los resultados anteriores se justificará la creación del Competitor and Market Report, y se estudiará todo el proceso de creación y puesta en marcha de un informe que cubra las necesidades anteriores.

The labour market in the Basque Country: University Employment Centers

This project is a study of the Labour Market in the Basque Country. First of all, we have analysed the position of the Basque Country in the European Union employment situation by gender and age. Secondly, we have studied the educational level of the Basque Country from the European Union perspective. Thirdly, we have showed the importance of labour orientation in educational level, especially in higher education. Finally, the design of new employment policies to promote the creation of jobs and stability of the labour market depends on: new industries and university employment policies.