Aplicación de la teoría de carteras con activos numismáticos y metales preciosos

[ES] El objetivo del trabajo es la construcción de diferentes carteras compuestas por activos numismáticos de oro y metales nobles (oro, plata, platino, paladio y rodio); con el fin de construir aquella cartera que mejor se adapte al inversor, acorde a su perfil y conocer cuál es la Cartera del Mercado. Para ello, mediante la Teoría de Carteras (Markowitz, 1952; 1959), construiremos la Frontera Eficiente y trazaremos la Línea del Mercado de Capitales o CML.

La gestión de Fondos de Inversión en Activos de Renta Fija

[ES]En el presente trabajo analizamos la evolución de la inversión colectiva en Estados Unidos y Gran Bretaña, países que son el inicio de la misma, y su posterior nacimiento y desarrollo en España, para centrarnos exclusivamente en los Fondos de Inversión de Renta Fija. En la segunda parte, estudiamos la gestión de carteras de renta fija y su posible aplicación a la gestión de carteras de Fondos de Inversión, incorporando las posibilidades que ofrecen los productos financieros derivados. Finalizamos el trabajo con un análisis empírico sobre el comportamiento de los FIM de Renta Fija en España, con el objeto de contrastar cómo es realmente la gestión de Fondos en nuestro país.

Management of northern fur seals on the Pribilof Islands, Alaska, 1786-1981

This paper includes information about the Pribilof Islands since their discovery by Russia in 1786 and the population of northern fur seals, Cailorhinus ursinus, that return there each summer to bear young and to breed. Russia exterminated the native population of sea Oilers, Enhydra lulris, here and nearly subjected the northern fur seal to the same fate before providing proper protection. The northern fur seal was twice more exposed to extinction following the purchase of Alaska and the Pribilof Islands by the United States in 1867. Excessive harvesting was stopped as a result of strict management by the United States of the animals while on land and a treaty between Japan, Russia, Great Britain (for Canada), and the United States that provided needed protection at sea. In 1941, Japan abrogated this treaty which was replaced by a provisional agreement between Canada and the United States that protected the fur seals in the eastern North Pacific Ocean. Japan, the U.S.S.R., Canada, and the United States again insured the survival of these animals with ratification in 1957 of the "Interim Convention on the Conservation of North Pacific Fur Seals," which is still in force. Under the auspices of this Convention, the United States launched an unprecedented manipulation of the resource through controlled removal during 1956-68 of over 300,000 females considered surplus. The biological rationale for the reduction was that production of fewer pups would result in a higher pregnancy rate and increased survival, which would, in turn, produce a sustained annual harvest of 55,000-60,000 males and 10,000-30,000 females. Predicted results did not occur. The herd reduction program instead coincided with the beginning of a decline in the number of males available for harvest. Suspected but unproven causes were changes in the toll normally accounted for by predation, disease, adverse weather, and hookworms. Depletion of the animals' food supply by foreign fishing Heets and the entanglement of fur seals in trawl webbing and other debris discarded at sea became a prime suspect in altering the average annual harvest of males on the Pribilof Islands from 71,500 (1940-56) to 40,000 (1957-59) to 36,000 (1960) to 82,000 (1961) and to 27,347 (1972-81). Thus was born the concept of a research control area for fur seals, which was agreed upon by members of the Convention in 1973 and instituted by the United States on St. George Island beginning in 1974. All commercial harvesting of fur seals was stopped on St. George Island and intensive behavioral studies were begun on the now unharvested population as it responds to the moratorium and attempts to reach its natural ceiling. The results of these and other studies here and on St. Paul Island are expected to eventually permit a comparison between the dynamics of unharvested and harvested populations, which should in turn permit more precise management of fur seals as nations continue to exploit the marine resources of the North Pacific Ocean and Bering Sea. (PDF file contains 32 pages.)

Die europäischen Krabbenanlandungen der letzten Jahre: Deutschland Nr. 1

Fishery on brown shrimp has developed towards one of the most important fisheries in the North Sea area in economic terms. Statistical data on European wide landings have been gathered by a working group of the International Council for the Exploration of the Sea. They show relatively stable shares of approximately 50% for Germany, 38% for the Netherlands and 8% for Denmark. Further production originates from Great Britain, France and Belgium. The new log-book regulation of the EU will give similar data improved by better information on fishing areas and fishing effort.

Radioaktives Cäsium im Fisch der Barentssee weiterhin abnehmend

A decrease of 137Cs concentration in cod flesh from Barents Sea is shown by six years random sampling. This reduction runs parallel to reduced emissions from the nuclear fuel reprocessing plant Sellafield (Great Britain). It must be emphasized that even the highest values from 1992 are lower than comparable ones from the North Sea and from the Baltic. Although there is no increase of the radiation dose on people by consuming these fishes further monitoring should not be stopped. Potential risk arises from radioactive wastes of the russian nuclear navy in their coastal area. Obviously a safe storage seams almost too expensive.