901 resultados para Mortgage-backed securities
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The diabases cut across the ophiolites as parallel and variably thick dyke-swarms. Geochemistry of the diabases reveals three distinct groups, including a) supra-subduction zone (SSZ) type, which is characterized by marked Nb-anomaly and normal mid-ocean ridge basalt (N-MORB) like HFSE distribution, b) enriched MORB (E-MORB) type, showing some degree of enrichment relative to N-MORB, c) oceanic-island basalt (OIB) type with characteristic hump-backed trace element patterns, coupled with fractionated REE distribution.
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The involvement of members of owners' families in the running of large family businesses in Mexico is decreasing. Although family members still hold key posts such as that of CEO, other executive posts tend to be delegated to professional salaried managers. Top managers, including family members, share some common characteristics. They are young compared with managers in other developed countries, their quality as human resources is high, and many of them are graduates of overseas MBA courses. Most of them are sufficiently experienced. Improvement of quality among top managers is a recent phenomenon in Mexico, and has been encouraged mainly by the following two factors. First, globalization of business activities was promoted by intense competition among firms under conditions of market liberalization. In order to equip themselves with the ability to cope with the globalization of their operations, large family businesses tried hard to improve the quality of top management, by training and educating existing managers, and/or by recruiting managers in the outside labor market. Second, developments in the Mexican economy during the 1990s led to a growth in the labor market for top managers Thus, business restructuring caused by bankruptcy, as well as mergers and acquisitions, privatization and so on, led to the dismissal of business managers who then entered the labor market in large numbers. The increasing presence of these managers in the labor market helped family businesses to recruit well-qualified senior executives.
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Indigenous firms in Mexico, as in most developing countries, take the shape of family businesses. Regardless of size, the most predominant ones are those owned and managed by one or more families or descendent families of the founders. From the point of view of economics and business administration, family business is considered to have variety of limitations when it seeks to grow. One of the serious limitations is concerning human resource, which is revealed at the time of management succession. Big family businesses in Mexico deal with human resource limitations adopting measures such as the education and training of the successors, the establishment of management structure that makes control by the owner family possible and divisions of roles among the owner family members, and between the owner family members and the salaried managers. Institutionalization is a strategy that considerable number of family businesses have adopted in order to undergo the succession process without committing serious errors. Institutionalization is observed in such aspects as the establishment of the requisite condition to be met by the candidate of future successor and the screening by an institution which is independent of the owner family. At present these measures allow for the continuation of family businesses in an extremely competitive environment.
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This paper is conducting a comparative analysis of the development of securities markets in nine Asian economies: Korea, Taiwan, Hong Kong, Singapore, Malaysia, Thailand, Indonesia, the Philippines, and China. This study focuses on two aspects: the history and institutional development of securities market, such as legal systems, payment systems, etc. From the analyses, this paper reveals several common features of the development of securities markets in nine Asian economies. First, most economies had an informal capital market in the early period of their history. Second, the background of the foundation of their official markets was influenced by experiences of colonization. Third, most governments recognized the importance of the capital market for economic development and had a positive attitude in promoting the market. Fourth, statistics clearly showed that most economies experienced several booms in their capital market from the late 1980s.
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Literature on agency problems arising between controlling and minority owners claim that separation of cash flow and control rights allows controllers to expropriate listed firms, and further that separation emerges when dual class shares or pyramiding corporate structures exist. Dual class share and pyramiding coexisted in listed companies of China until discriminated share reform was implemented in 2005. This paper presents a model of controller to expropriate behavior as well as empirical tests of expropriation via particular accounting items and pyramiding generated expropriation. Results show that expropriation is apparent for state controlled listed companies. While reforms have weakened the power to expropriate, separation remains and still generates expropriation. Size of expropriation is estimated to be 7 to 8 per cent of total asset at mean. If the "one share, one vote" principle were to be realized, asset inflation could be reduced by 13 percent.
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Costa Rica has some concerns for the "middle income trap" stemming from her perceived weakening export competitiveness, intensifying competition in attracting FDI inflow; and apparent lack of innovation capabilities. Quantitative analyses on the impact of recent FTAs suggest only large firms benefit from FTAs suggesting the need for improving utilization by smaller firms. Continuing attraction of potential MNCs backed by human capital development is necessary. In pursuing its development goals, Costa Rica should be mindful of its reputation as an environmentally friendly place.
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In the 2000s, the Philippines' local banking sector have conducted very conservative lending behavior and at the same time, gradually but continuously improved their profitability in terms of ROE (return on equity). A set of analyses on the flow of funds and segment reports (information) of local universal banks, whose loans outstanding to the industrial sector have dominated more than three fourths of the total outstanding, shows that (1) they have actively manage assets overseas, (2) their profitability has come from investment activities in the securities markets, and (3) some universal banks have shifted their resources into the consumer/retail segment. Although further refinement in the dataset is needed for a more detailed analysis, diverse business strategies would be expected among the local universal banks in the near future.
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Experiences relating to the InternationalMasters in Rural Development from the Technical University of Madrid (Universidad Politécnica de Madrid, UPM), the first Spanish programme to receive a mention as a Registered Education Programme by InternationalProject Management Association (IPMA) are considered. Backed by an educational strategy based on Project-Based Learning dating back twenty years, this programme has managed to adapt to the competence evaluation requirements proposed by the European Space for Higher Education (ESHE). In order to do this the training is linked to the professional qualification using competences as a reference leading to the qualification in project management as established by the IPMA.
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Land value bears significant weight in house prices in historical town centers. An essential aim for regulating the mortgage market, particularly in the financial and property crisis that countries such as Spain are undergoing, is to have at hand objective procedures for its valuation, whatever the conditions (location, construction, planning). Of all the factors contributing to house price make-up, the land is the only one whose value does not depend on acquisition cost, but rather on the location-time binomial. That is to say, the specific circumstances at that point and at the exact moment of valuation. For this reason, the most commonly applied procedure for land valuation in town centers is the use of the residual method: once the selling price of new housing in a district is known, the other necessary costs and expenses of development are deducted, including those of building and the developer’s profit. The value left is that of the land. To apply these procedures it is vital to have figures such as building costs, technical fees, tax costs, etc. But, above all, it is essential to obtain the selling price of the new housing. This is not always feasible, on account of the lack of newbuild development in this location. This shortage of information occurs in historical town cities, where urban renewal is slight due to the heritage-protection policies, and where, nevertheless there is substantial activity in the secondary market. In these circumstances, as an alternative for land valuation in consolidated urban areas, we have the adaptation of the residual method to the particular characteristics of the secondary market. To these ends, there is the proposal for the appreciation of the dwelling which follows, in a backwards direction, the application of traditional depreciation methods proposed by the various valuation manuals and guidelines. The reliability of the results obtained is analyzed by contrasting it with published figures for newly-built properties, according to different rules applied in administrative appraisals in Spain and the incidence of an eventual correction due to conservation state.
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The aeronautical charts are a convenient means to provide aeronautical information in a manageable, condensed, and coordinated way. Despite having an extensive regulatory legislation backed by the International Civil Aviation Organization (ICAO), this kind of specialized mapping is defined by a marked symbolical disparity between the different editions published by countries and publishers. This implies not to follow the uniformity and consistency principles that ICAO have identified as essential to help ensure the safety of international civil aviation. Plans for the implementation of a global interoperability of aeronautical information require urgently rethink the way in which, so far, this information has been published and disseminated. A single, transverse, and independent symbolical specification would contribute to the generation of a well defined final-product that provides general purpose aeronautical information for an unequivocal interpretation. The contribution of this article is the verification of the real possibilities for the definition of a general specification that provides the mechanisms for a reliable, indisputable, and legible reading of aeronautical charts under any operational circumstances and conditions. Such conditions must be aligned with the specificities of any country, publishers or crew.
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The discretionality and the appraisers’ subjectivity that characterize traditional real estate valuation are still allowed to take part in the formation of the asset price even when respecting international standards (EVS, IVS) or Appraisal Institution´s regulations (TEGOVA, RICS, etc.). The application of econometric and statistical methods to real estate valuation aims at the elimination of subjectivity on the appraisal process. But the unanswered question underneath this subject is the following: How important is the subjective component on real estate appraisal value formation? On this study Structural Equation Models (SEM) are used to determine the importance of the objective and subjective components on real estate valuation value formation as well as the weight of economic factors and the current economic context on real estate appraisal for mortgage purposes price formation. There were used two latent variables, Objective Component and Subjective Component, witch aggregate objective observed variables and subjective observed and unobserved variables, respectively. Factorial Exploratory Analysis is the statistical technique used in order to link the observed variables extracted from the valuation appraisal reports to the latent constructs derived from the theoretical model. SEM models were used to refine the model, eliminate non‐significant variables and to determine the weight of Objective and Subjective latent variables. These techniques were applied to a sample of over 11.000 real estate assets appraisal reports throughout the time period between November of 2006 and April of 2012. The real assets used on this study are located on Lisbon’s Metropolitan Area – “Grande Lisboa” –, Portugal. From this study, we conclude that Subjective Component has a considerable weight on real estate appraisal value formation and that the external factor Economic Situation has a very small impact on real estate appraisal value formation.
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This paper is the result of research whose main objective is to analyse different methods used for the prediction of maximum scour depth and scour extension, and for the design of scour protections in offshore wind farms located in shallow water, using medium and large diameter monopile foundations. Physical agents such as waves, currents and wind play a major role in the design of structures like offshore farms. As a result, the study has highlighted the need for introducing experience backed climate monomials such as the dimensionless wave height parameter (H0) and proposes the use of formulations that can express the extent of scour protections as a function of waves in transitional waters.
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The study examines the Capital Asset Pricing Model (CAPM) for the mining sector using weekly stock returns from 27 companies traded on the New York Stock Exchange (NYSE) or on the London Stock Exchange (LSE) for the period of December 2008 to December 2010. The results support the use of the CAPM for the allocation of risk to companies. Most companies involved in precious metals (particularly gold), which have a beta value less than unity (Table 1), have been actuated as shelter values during the financial crisis. Values of R2 do not shown very explanatory power of fitted models (R2 < 70 %). Estimated coefficients beta are not sufficient to determine the expected returns on securities but the results of the tests conducted on sample data for the period analysed do not appear to clearly reject the CAPM
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El presente trabajo de tesis doctoral tiene por finalidad demostrar que las decisiones de financiación y de inversión inmobiliaria en España influyen de manera determinante en la configuración del proceso urbanístico y arquitectónico. Este planteamiento inicial obliga a formular las siguientes cuestiones: - En una primera fase, la situación en España del sector inmobiliario y su relación con el sector financiero en el contexto de la actual crisis financiera, iniciada en el año 2008. - Los métodos de análisis y selección de inversiones y su aplicación a los proyectos de inversión en función de la naturaleza de los activos inmobiliarios. - La valoración inmobiliaria para determinadas entidades financieras. - Características de la gestión financiera empresarial y de las empresas inmobiliarias. - El origen de fondos para financiar el proceso urbanístico y arquitectónico mediante las instituciones de inversión colectiva inmobiliaria y el mercado inmobiliario. - La regulación actual en España, a nivel estatal, del suelo como materia prima del sector inmobiliario. - La edificación residencial y el mercado inmobiliario en el actual contexto económico. - La posibilidad de crear en España un mercado de derivados basado en activos inmobiliarios. - Cómo repercute la actividad económica, a través de la inversión y la financiación, en los activos inmobiliarios, en el urbanismo y la arquitectura. Las cuestiones precedentes se resuelven de forma sistemática y metodológica en esta tesis doctoral estructurada en tres grandes bloques (inversión, financiación y repercusiones en el urbanismo y la arquitectura), obteniendo una serie de respuestas reflejadas en el desarrollo del presente trabajo que se sintetizan en las siguientes líneas: - La actual crisis financiera iniciada en el año 2008 ha provocado en España el colapso del sector inmobiliario y una nueva concepción en la naturaleza de los activos inmobiliarios. El sector inmobiliario trae causa del sector financiero, en especial del crédito bancario. - Dependencia y vinculación del sector inmobiliario español de la política monetaria europea: la incorporación de España a la moneda única transforma por completo el sector inmobiliario español. - Los métodos de análisis y selección de inversiones se conforman como instrumentos relevantes que nos permiten jerarquizar nuestros proyectos. No obstante, presentan una serie de limitaciones y dificultades de aplicación práctica, por lo que no deben considerarse como herramientas que nos aporten una única solución irrefutable. - La valoración de activos inmobiliarios se constituye en un pilar básico que fundamenta la correcta aplicación de los fondos. - La inversión en activos inmobiliarios puede realizarse de forma directa o indirecta. En este último supuesto, con una influencia relevante de las innovaciones financieras surgidas en los últimos años. - Las instituciones de inversión colectiva y el mercado hipotecario constituyen instituciones fundamentales capaces de captar importantes cantidades de fondos que impulsan y financian el proceso urbanístico y arquitectónico. - El complejo y cambiante sistema jurídico español en materia de suelo, dificulta la implementación de los procesos urbanísticos y arquitectónicos. - Tras la crisis financiera de 2008, los activos inmobiliarios tienen un comportamiento similar a otros activos en cuanto a subidas y bajadas de precios. En el actual sistema económico, la especulación forma parte inherente a la naturaleza de los activos inmobiliarios. - Desde una perspectiva teórica, existe la posibilidad de crear un mercado de derivados que tenga como subyacente activos de naturaleza inmobiliaria. - Sin actividad económica, el proceso urbanístico y arquitectónico carecerá finalmente de sentido y tenderá a desaparecer. No obstante, son las innovaciones tecnológicas, a nivel de producto y proceso, las principales causantes del impulso de la actividad económica. - A pesar de lo expresado en los documentos urbanísticos internacionales, la transformación del urbanismo y la arquitectura dependen principalmente de la actividad económica y la tecnología. En un segundo nivel, la inversión y la financiación condicionan y definen el urbanismo y la arquitectura, incluso a nivel de proyecto si se pretende su materialización. En base al desarrollo previo, el objetivo fundamental de esta tesis doctoral ha sido demostrar que las decisiones de financiación y de inversión tienen una importancia capital y determinan la configuración de los activos inmobiliario, del urbanismo y la arquitectura, por lo que deben ser tenidas en cuenta no sólo en su materialización sino incluso en la propia concepción del proceso creativo. ABSTRACT The present dissertation aims to show that real estate financing and investment decisions in Spain play a predominant role in structuring urban development and architectural solutions. The issues addressed to support that contention include: - As a preliminary study, the situation of the real estate industry in Spain and its relationship to the financial sector in the context of the 2008 financial crisis. - The methods used to analyse and select investments and their application to investment projects, by type of real estate asset. - Appraisal of certain financial institutions’ real estate asset holdings. - Characteristics of financial institution and real estate company corporate management. - Sourcing funds for financing urban development and architecture through real estate investment trusts and the real estate market. - Present nation-wide regulations on landed property in Spain as a raw material for the real estate industry. - Residential building construction and the real estate market in the present economic context. - The possibility of creating a real estate asset-based derivatives market in Spain - The impact of economic activity, through investment and financing, on real estate assets, urban development and architecture. The aforementioned issues are addressed systematically and methodically in this dissertation, which is divided into three major units: investment, financing, and impact on urban development and architecture. The conclusions drawn are summarised below. - The financial crisis that began in 2008 has induced the collapse of the Spanish real estate industry and spawned a new perception of the nature of real estate assets. The real estate industry is dependent upon the financial sector, in particular on bank loans. - The Spanish real estate industry also depends on and is related to European monetary policy: Spain’s adherence to the single currency ushered in a thorough overhaul of its real estate industry. - Investment analysis and selection methods constitute highly suitable tools for project evaluation and ranking. Nonetheless, inasmuch as their practical implementation is subject to a series of limitations and difficulties, they should not be thought able to deliver a single irrefutable solution. - Real estate asset appraisal is a mainstay to the rightful application of funds. - Real estate asset investments can be made directly or indirectly. The latter approach is heavily influenced by the financial innovations forthcoming in recent years. - Investment trusts and the mortgage market are key institutions able to raise substantial funding, thereby driving and financing urban development and architecture. - Spain’s complex and changing legal provisions on land management are an obstacle to urban development and architecture. - Since the 2008 crisis, real estate assets have behaved much like other assets in terms of rising and falling prices. In the present economic context, speculation is indivisible from real estate assets. - Theoretically speaking, a derivatives market with real estate holdings as the underlying assets lies within the realm of possibility. - In the absence of economic activity, urban development and architecture are senseless pursuits and tend to disappear. Technological innovation in products and processes are the main drivers of economic activity. - Despite the opinion expressed in international papers on the subject, the transformation of urban development and architecture depend primarily on economic activity and technology. In a second dimension, investment and financing condition and define urban development and architecture, even at the design level for projects aspiring to actual construction. Pursuant to the foregoing, the primary aim of this dissertation is to show that financial and investment decisions are of cardinal importance and determine the structure of real estate assets, urban development and architecture. They must consequently be borne in mind not only in connection with implementation, but also with conceptual design and the creative process itself. I
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El convento de la Tourette se concibe en un marco temporal concreto. Sin embargo sería erróneo limitarse a él a la hora de intentar desentrañar las claves del proyecto y llegar a un entendimiento completo del mismo. Es necesario analizarlo atendiendo al conjunto global de la producción del arquitecto, la cual ha ido forjando una forma propia de hacer que condicionará en gran medida las decisiones tomadas en cada momento. Esta tesis realiza una investigación de doble sentido (recogida en los dos volúmenes que la componen). Por un lado analiza el proceso evolutivo en el que se enhebra la obra intentando desentrañar la influencia de aquel en ésta, pero por otro, invirtiendo el sentido, también desvela ciertas claves de la arquitectura de Le Corbusier a través del preciso análisis de proyecto de la Tourette. Pero aún más, la pertenencia del convento de la Tourette al “tipo monacal” introduce la presencia de un tiempo histórico “ab origine, in hillo tempore” del que la investigación se hace eco. Un tiempo al que Le Corbusier siempre volverá la mirada, y que en este caso se encuentra muy presente, determinando el devenir del proyecto de una forma particular y definitiva. Por tanto este trabajo pretende convocar los dos tiempos que conviven en el proyecto del convento de la Tourette, el corto, concreto y cerrado de su génesis y desarrollo, que se circunscribe al periodo de proyecto comprendido entre los años 1953 y 1956, y el más dilatado, abstracto y abierto, que enlaza el proyecto con la producción de Le Corbusier, y aún más atrás, con el tiempo histórico. En la primera parte del trabajo (A. “PROYECTO”) se realiza un análisis cronológico de la documentación gráfica ‐incluyendo su re‐dibujo‐ y escrita del proyecto, desde los croquis que el arquitecto esboza en su primera visita al valle del Turdine hasta el documento final del project d’exécution, a partir del cual se materializará la obra. El objetivo de la investigación no es describir la realidad construida, sino participar del secreto de su génesis analizando y intentando comprender los dibujos o el pensamiento de sus creadores. Frente a la multitud de escritos sobre la obra del convento de la Tourette el foco de atención de la tesis se centra en el proyecto. Es en esta fase de elaboración y desarrollo de las ideas, previa a la acción de construir, donde pensamos que La deriva de la propia actividad del arquitecto avala esta decisión. A lo largo de su carrera Le Corbusier va reduciendo progresivamente su presencia en la obra centrándose cada vez más en las fases de la concepción y proyecto arquitectónico. Considera que en ellas se produce lo “esencial” mientras que deja las decisiones de obra en manos de sus colaboradores y de los diversos “operadores”, participando tan solo en el visto bueno final de las mismas (esta posición contrasta con la entrega de los constructores para quienes el arquitecto encarna la innovación tecnológica). En la Tourette realiza exclusivamente tres visitas de obra en las que actúa como un mero escenógrafo, ajustando aquí y allá pequeñas decisiones de la construcción. Esta distancia refuerza su posición en el proceso y subraya su búsqueda de un ideal teórico desarrollado sobre todo en la fase de proyecto frente a lo subsidiario de la realidad práctica. En la segunda parte de la tesis, denominada “RE‐VISIONES”, se abre el campo de acción a otras facetas de la ingente actividad de Le Corbusier como la pintura, la escritura o incluso la escultura; una nueva MIRADA bajo el prisma de una serie de conceptos‐llave recurrentes en su Petit vocabulaire (l’homme, la céllule, la bôite, l’organisme). Se amplía, por tanto, el marco temporal, repasando de modo genérico y transversal la evolución de los mismos en la trayectoria del arquitecto, comprobándose como el convento de la Tourette es un eslabón característico y clave en todos ellos. ABSTRACT The Convent of La Tourette is conceived in a specific time frame. However, it would be erroneous to limit oneself simply to this when trying to unravel the keys to the project and to fully understand it. It is necessary to analyse the project attending to the entire production of the architect, who progressively shaped his own way of doing things which would condition to a large extent the decisions taken at each point in time. This thesis carries out its research in a dual sense (brought together in both its volumes). On the one hand, it analyses the development process threading the work attempting to fathom the influence of the former on the latter but, on the other hand, inverting the sense which also reveals certain keys to the architecture of Le Corbusier by means of a detailed analysis of the project for La Tourette. Even more so, the Convent of La Tourette belonging to the “monastic type” introduces the presence of a historical period “ab origine, in hillo tempore" reflected in the research. A period to which Le Corbusier would always look back on and which is extremely present in this case, determining the evolution of the project in a particular and definitive manner. Therefore, this piece of work attempts to bring together both time periods co‐existing in the project for the Convent of La Tourette, the short, specific and closed one regarding its genesis development, encompassing the project period going from 1953 to 1956, and the broader, more abstract and open one linking the project with the production by Le Corbusier, and even further back, with the historical period. The first part of this work (A. “PROJECT") performs a chronological analysis of the graphic – including its re‐drawing –and written documentation of the project, from the outlines the architect sketched in his first visit to the Turdine valley up to the final document of the project d’exécution from which the works would materialise. The main object of the investigation is not intend to describe the reality constructed, but to participate in the secret of its genesis, analysing and trying to understand the drawings or the thoughts of its creators. As opposed to the many writings on the work of the Convent of La Tourette, the attention of this thesis focusses on the project. It is in this preparation and development stage, previous to the construction action, where it is believed the real keys to understand and explain it lie. The enormous work collecting, ordering and analysing the abundant graphic and written information reveals “a multidirectional process, full of regrets and securities, errors and certainties, leaps backwards and tremendous foresight in the process” directed not only by the conditions of the assignment, but also by the way of doing things of Le Corbusier and his collaborator I. Xenakis. A web of hidden relationships is weaved in this open space of the process, often distant in time, allowing us to draw a new route, not only towards the constructed works of the Convent of La Tourette, but towards understanding his entire production. It is in the creation of this new path of knowledge, and not only in its conclusion, where the “thesis” acquires its true meaning. In second place, the drift in the actual activity of the architect backs this decision. Throughout his career, Le Corbusier progressively reduced his presence on site, focussing more and more on the conception and architectural project stages. He considered that which was “essential” took place in these, while leaving the on‐site decisions to his collaborators and the different “operators”, only participating in their final approval (this position is in contrast with the delivery by the constructors for whom the architect embodies the technological innovation). In La Tourette he exclusively made three on‐site visits, in which acted as a pure stage designer, adjusting small construction decisions here and there. This distance reinforces his position in the process and underlines his search for a theoretical ideal developed primarily in the project stage as opposed to that which is secondary of the practical reality. The second part of the thesis, called “RE‐VISIONS”, widens the scope of action to other aspects of the huge activity by Le Corbusier, encompassing painting, writing or even sculpture; a new VIEW under the prism of a series of recurrent key concepts in his Petit vocabulaire (l’homme, la céllule, la bôite, l’organisme). The time frame is therefore extended, revising in a generic and transversal manner the development of these concepts throughout the career of Le Corbusier, confirming how the Convent of La Tourette is a characteristic and key link to each of them.