Bias or rationality? The case of UK commercial real estate investment

Purpose – The purpose of this paper is to test the hypothesis that investment decision making in the UK direct property market does not conform to the assumption of economic rationality underpinning portfolio theory. Design/methodology/approach – The developing behavioural real estate paradigm is used to challenge the idea that investor “man” is able to perform with economic rationality, specifically with reference to the analysis of the spatial dispersion of the entire UK “investible stock” and “investible locations” against observed spatial patterns of institutional investment. Location quotients are derived, combining different data sets. Findings – Considerably greater variation in institutional property holdings is found across the UK than would be expected given the economic and stock characteristics of local areas. This appears to provide evidence of irrationality (in the strict traditional economic sense) in the behaviour of institutional investors, with possible herding underpinning levels of investment that cannot be explained otherwise. Research limitations/implications – Over time a lack of distinction has developed between the cause and effect of comparatively low levels of development and institutional property investment across the regions. A critical examination of decision making and behaviour in practice could break this cycle, and could in turn promote regional economic growth. Originality/value – The entire “population” of observations is used to demonstrate the relationships between economic theory and investor performance exploring, for the first time, stock and local area characteristics.

Responsabilidade social das empresas e valores humanos: um estudo sobre a atitude dos gestores brasileiros

In the last decades of the 21st century, Corporate Social Responsibility (CSR) has become one of the most widely debated issues in business management, concerning researchers, politicians, managers and society at large. With multilateral implications in economic and social life, CSR refers, essentially, to the discussion about the boundaries of business intervention in society and the ethical limits that should regulate that intervention. It questions the impact of business practices in social well-being, the role left for corporations and for the State in attending to community needs, and which are, at last, the responsibilities that tie enterprises to society. In this research, CSR is approached from the perspective of its ethical foundations, based on the moral reasoning of the business manager, as a key organizational leader with relevant decision power. Specifically, the research aims to understand how the personal human value system and the ethical orientation of managers influence their attitude towards CSR, considering this attitude as an indicator of managerial behavior that translates into corporate performance. Theoretically, CSR concept is discussed and presented as a set of social commitments, based on a strict interpretation of its meaning. As to human values, its philosophical roots are briefly analyzed and Schwartz modern motivational theory is addressed as main reference for studying the personal value system of managers in this research. Concerning ethics, based on classical theory from moral philosophy, references are seek in John Stuart Mill¿s utilitarianism, Immanuel Kant¿s deontological absolutism, John Rawls¿s theory of justice and the ethics of virtue inspired by Aristotle¿s moral thoughts. Based on an extended literature review, research hypothesis are proposed as part of a theoretical model of analysis named Individual Attitude Towards Social Responsibility Model. In order to test the theory¿s empirical validity, it was conducted a field study with 252 Brazilian managers, mainly from the metropolitan areas of São Paulo and Rio de Janeiro. Results show that managerial attitude aligned with CSR principles is favored by conservative personal values, protectors of stability and centered on collective will, and by an ethical orientation based on egalitarianism as postulated by distributive justice principles. However, results also show that the influence of values and personal ethics on managerial attitude towards CSR only occur in managers younger than 30 years old. Findings and their meanings are discussed, as well as summarized in the Axiological and Ethical Determinants of Managers¿ Social Commitment Model. Finally, methodological limitations are evaluated and clues for further research are suggested.

A Common-feature approach for testing present-value restrictions with financial data

It is well known that cointegration between the level of two variables (labeled Yt and yt in this paper) is a necessary condition to assess the empirical validity of a present-value model (PV and PVM, respectively, hereafter) linking them. The work on cointegration has been so prevalent that it is often overlooked that another necessary condition for the PVM to hold is that the forecast error entailed by the model is orthogonal to the past. The basis of this result is the use of rational expectations in forecasting future values of variables in the PVM. If this condition fails, the present-value equation will not be valid, since it will contain an additional term capturing the (non-zero) conditional expected value of future error terms. Our article has a few novel contributions, but two stand out. First, in testing for PVMs, we advise to split the restrictions implied by PV relationships into orthogonality conditions (or reduced rank restrictions) before additional tests on the value of parameters. We show that PV relationships entail a weak-form common feature relationship as in Hecq, Palm, and Urbain (2006) and in Athanasopoulos, Guillén, Issler and Vahid (2011) and also a polynomial serial-correlation common feature relationship as in Cubadda and Hecq (2001), which represent restrictions on dynamic models which allow several tests for the existence of PV relationships to be used. Because these relationships occur mostly with nancial data, we propose tests based on generalized method of moment (GMM) estimates, where it is straightforward to propose robust tests in the presence of heteroskedasticity. We also propose a robust Wald test developed to investigate the presence of reduced rank models. Their performance is evaluated in a Monte-Carlo exercise. Second, in the context of asset pricing, we propose applying a permanent-transitory (PT) decomposition based on Beveridge and Nelson (1981), which focus on extracting the long-run component of asset prices, a key concept in modern nancial theory as discussed in Alvarez and Jermann (2005), Hansen and Scheinkman (2009), and Nieuwerburgh, Lustig, Verdelhan (2010). Here again we can exploit the results developed in the common cycle literature to easily extract permament and transitory components under both long and also short-run restrictions. The techniques discussed herein are applied to long span annual data on long- and short-term interest rates and on price and dividend for the U.S. economy. In both applications we do not reject the existence of a common cyclical feature vector linking these two series. Extracting the long-run component shows the usefulness of our approach and highlights the presence of asset-pricing bubbles.

O conceito de mora na teoria contratual moderna

Este trabalho trata do conceito de mora no direito brasileiro. Parte-se da nova concepção da relação jurídica obrigacional, inspirada pelo princípio da boa-fé objetiva e da nova redação dada ao artigo definidor da mora no direito brasileiro, pelo Código Civil de 2002. Analisam-se os elementos essenciais do estado de mora, faz-se uma abordagem acerca das espécies de mora ocorrentes na prática, traçando seus pressupostos, conseqüências e características. Na segunda parte é analisada a conveniência da adoção, no direito brasileiro, do conceito de violação positiva do contrato. Este conceito, por sua proximidade e similitude com o conceito de mora, tem sido defendido como adotável e útil ao sistema jurídico brasileiro de direito privado. Em conclusão, defende-se que o conceito de mora no direito brasileiro abarca todas as hipóteses de violação positiva do contrato e se fixa o que se defende como um conceito atual de mora, no sistema de direito privado brasileiro, à luz da teoria contratual moderna.

Modelo de covariância bayesiana para seleção de protfólios de investimentos

The portfolio theory is a field of study devoted to investigate the decision-making by investors of resources. The purpose of this process is to reduce risk through diversification and thus guarantee a return. Nevertheless, the classical Mean-Variance has been criticized regarding its parameters and it is observed that the use of variance and covariance has sensitivity to the market and parameter estimation. In order to reduce the estimation errors, the Bayesian models have more flexibility in modeling, capable of insert quantitative and qualitative parameters about the behavior of the market as a way of reducing errors. Observing this, the present study aimed to formulate a new matrix model using Bayesian inference as a way to replace the covariance in the MV model, called MCB - Covariance Bayesian model. To evaluate the model, some hypotheses were analyzed using the method ex post facto and sensitivity analysis. The benchmarks used as reference were: (1) the classical Mean Variance, (2) the Bovespa index's market, and (3) in addition 94 investment funds. The returns earned during the period May 2002 to December 2009 demonstrated the superiority of MCB in relation to the classical model MV and the Bovespa Index, but taking a little more diversifiable risk that the MV. The robust analysis of the model, considering the time horizon, found returns near the Bovespa index, taking less risk than the market. Finally, in relation to the index of Mao, the model showed satisfactory, return and risk, especially in longer maturities. Some considerations were made, as well as suggestions for further work

Tsallis statistics and gradually truncated Levy flight - distribution of an economical index

Tsallis postulated a generalized form for entropy and give rise to a new statistics now known as Tsallis statistics. In the present work, we compare the Tsallis statistics with the gradually truncated Levy flight, and discuss the distribution of an economical index-the Standard and Poor's 500-using the values of standard deviation as calculated by our model. We find that both statistics give almost the same distribution. Thus we feel that gradual truncation of Levy distribution, after certain critical step size for describing complex systems, is a requirement of generalized thermodynamics or similar. The gradually truncated Levy flight is based on physical considerations and bring a better physical picture of the dynamics of the whole system. Tsallis statistics gives a theoretical support. Both statistics together can be utilized for the development of a more exact portfolio theory or to understand better the complexities in human and financial behaviors. A comparison of both statistics is made. (C) 2002 Published by Elsevier B.V. B.V.

Structural change and domestic technological capabilities

Includes bibliography

O cinema de Manoel de Oliveira: um caso singular

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

A New Control Architecture for Robust Controllers in Rear Electric Traction Passenger HEVs

It is well known that control systems are the core of electronic differential systems (EDSs) in electric vehicles (EVs)/hybrid HEVs (HEVs). However, conventional closed-loop control architectures do not completely match the needed ability to reject noises/disturbances, especially regarding the input acceleration signal incoming from the driver's commands, which makes the EDS (in this case) ineffective. Due to this, in this paper, a novel EDS control architecture is proposed to offer a new approach for the traction system that can be used with a great variety of controllers (e. g., classic, artificial intelligence (AI)-based, and modern/robust theory). In addition to this, a modified proportional-integral derivative (PID) controller, an AI-based neuro-fuzzy controller, and a robust optimal H-infinity controller were designed and evaluated to observe and evaluate the versatility of the novel architecture. Kinematic and dynamic models of the vehicle are briefly introduced. Then, simulated and experimental results were presented and discussed. A Hybrid Electric Vehicle in Low Scale (HELVIS)-Sim simulation environment was employed to the preliminary analysis of the proposed EDS architecture. Later, the EDS itself was embedded in a dSpace 1103 high-performance interface board so that real-time control of the rear wheels of the HELVIS platform was successfully achieved.

Finanza Imprenditoriale: Teoria del Portafoglio e Costo del Capitale

This thesis focuses on the limits that may prevent an entrepreneur from maximizing her value, and the benefits of diversification in reducing her cost of capital. After reviewing all relevant literature dealing with the differences between traditional corporate finance and entrepreneurial finance, we focus on the biases occurring when traditional finance techniques are applied to the entrepreneurial context. In particular, using the portfolio theory framework, we determine the degree of under-diversification of entrepreneurs. Borrowing the methodology developed by Kerins et al. (2004), we test a model for the cost of capital according to the firms' industry and the entrepreneur's wealth commitment to the firm. This model takes three market inputs (standard deviation of market returns, expected return of the market, and risk-free rate), and two firm-specific inputs (standard deviation of the firm returns and correlation between firm and market returns) as parameters, and returns an appropriate cost of capital as an output. We determine the expected market return and the risk-free rate according to the huge literature on the market risk premium. As for the market return volatility, it is estimated considering a GARCH specification for the market index returns. Furthermore, we assume that the firm-specific inputs can be obtained considering new-listed firms similar in risk to the firm we are evaluating. After we form a database including all the data needed for our analysis, we perform an empirical investigation to understand how much of the firm's total risk depends on market risk, and which explanatory variables can explain it. Our results show that cost of capital declines as the level of entrepreneur's commitment decreases. Therefore, maximizing the value for the entrepreneur depends on the fraction of entrepreneur's wealth invested in the firm and the fraction she sells to outside investors. These results are interesting both for entrepreneurs and policy makers: the former can benefit from an unbiased model for their valuation; the latter can obtain some guidelines to overcome the recent financial market crisis.

Crítica y poesía. Elementos para una tradición

Este ensayo estudia las operaciones epistemológicas actuantes en la crítica argentina contemporánea de poesía, tomando en cuenta el estatuto teórico-filosófico de su discurso. Para ello, postula una tradición emergente en las últimas décadas del siglo XX, desde la constitución de un texto fundacional: el ensayo de Noé Jitrik titulado "Alturas de Machu Picchu. Una marcha piramidal a través de un discurso poético incesante". Posteriormente, se muestra en dos críticos destacados de una promoción posterior -Cristina Piña y Daniel Freidemberg- la coexistencia de tendencias opuestas en las elecciones estéticas, propias de las poéticas de los años sesenta y prolongadas hasta los ochenta, pero con la común característica del productivo procesamiento de la moderna teoría literaria.

Crítica y poesía. Elementos para una tradición

Este ensayo estudia las operaciones epistemológicas actuantes en la crítica argentina contemporánea de poesía, tomando en cuenta el estatuto teórico-filosófico de su discurso. Para ello, postula una tradición emergente en las últimas décadas del siglo XX, desde la constitución de un texto fundacional: el ensayo de Noé Jitrik titulado "Alturas de Machu Picchu. Una marcha piramidal a través de un discurso poético incesante". Posteriormente, se muestra en dos críticos destacados de una promoción posterior -Cristina Piña y Daniel Freidemberg- la coexistencia de tendencias opuestas en las elecciones estéticas, propias de las poéticas de los años sesenta y prolongadas hasta los ochenta, pero con la común característica del productivo procesamiento de la moderna teoría literaria.

Crítica y poesía. Elementos para una tradición

Este ensayo estudia las operaciones epistemológicas actuantes en la crítica argentina contemporánea de poesía, tomando en cuenta el estatuto teórico-filosófico de su discurso. Para ello, postula una tradición emergente en las últimas décadas del siglo XX, desde la constitución de un texto fundacional: el ensayo de Noé Jitrik titulado "Alturas de Machu Picchu. Una marcha piramidal a través de un discurso poético incesante". Posteriormente, se muestra en dos críticos destacados de una promoción posterior -Cristina Piña y Daniel Freidemberg- la coexistencia de tendencias opuestas en las elecciones estéticas, propias de las poéticas de los años sesenta y prolongadas hasta los ochenta, pero con la común característica del productivo procesamiento de la moderna teoría literaria.

Resonancias de los paradigmas científicos en las arquitecturas de la Escuela de Madrid

Los años cincuenta y sesenta son los años de la incorporación definitiva de la arquitectura española al panorama internacional. Entre los arquitectos que protagonizan ese salto sin retorno, se encuentra el grupo de aquellos que unos años más tarde serán denominados por Juan Daniel Fullaondo como Escuela de Madrid. Carlos Flores, en su libro Arquitectura Española Contemporánea 1880-1950, se refiere a esos arquitectos como aquellos que se aplicaban a la difícil tarea de restablecer en España un tipo de arquitectura que conectaba con las teorías, soluciones y lenguajes establecidos por Europa durante las primeras décadas del siglo XX. Sigfried Giedion plantea en Espacio, Tiempo y Arquitectura el origen de una nueva tradición, surgida a partir de la revolución óptica de principios de siglo. Con tradición se refiere a una nueva cultura, que abarca la interrelación de las diferentes actividades del hombre: la similitud de los métodos que se usan en la arquitectura, la construcción, la pintura, el urbanismo o la ciencia. Esa novedad, fundamentada en su independencia y desvinculación con el periodo anterior, se inscribe dentro del esquema evolutivo que Thomas Kuhn plantea en su texto La Estructura de la Revoluciones Científicas, conforme a periodos no acumulativos. Kuhn habla del surgimiento de anomalías en cada periodo, origen de las crisis de pensamiento cuya explicación precisará un necesario cambio paradigmático. En la ciencia, en el campo de la óptica Thomas Young demuestra a principios del siglo XIX la naturaleza ondulatoria de la luz con su experimento de doble rendija; en el electromagnetismo se produce el salto conceptual que supone la postulación de la existencia del campo eléctrico por parte de Michael Faraday, y en termodinámica la consideración apuntada por Planck de que la radiación de la energía de produce de forma discreta, a través de cuantos. En las artes plásticas, paralelamente, Gleizes y Metzinger, en su recopilación de logros cubistas recogida en Sobre el Cubismo, hablan de la evolución sufrida durante el siglo XIX por la pintura: desde el idealismo de principios de siglo, para pasando por el realismo y la representación impresionista de la realidad, concluir prescindiendo de la perspectiva clásica. También la matemática, una vez desarrolladas por Gauss o Lobachevsky y Bolyai geometrías coherentes que incumplen el quinto postulado de Euclides, terminará dando validez a través de Riemann a los espacios ambiente en los que habitan dichas geometrías, desvinculando la relación directa entre espacio geométrico –el espacio ambiente al que da lugar un tipo de geometría- y el espacio físico. Capi Corrales refleja en su libro Contando el Espacio, cómo hasta la teoría de la relatividad y el cubismo, las geometrías no euclídeas no se hicieron notorias también fuera del campo de las matemáticas. El origen de la nueva tradición con la que Giedion se refiere a la nueva cultura de la modernidad coincide con los saltos paradigmáticos que suponen la teoría de la relatividad en las ciencias y el cubismo en las artes plásticas. Ambas se prolongan durante las primeras décadas hasta la teoría cuántica y la abstracción absoluta, barreras que los dos principales precursores de la relatividad y el cubismo, Einstein y Picasso, nunca llegan a franquear. En ese sentido Giedion habla también, además del origen, de su desarrollo, e incorpora las aportaciones periféricas en la arquitectura de Brasil, Japón o Finlandia, incluyendo por tanto la revisión orgánica propugnada por Zevi como parte de esa nueva tradición, quedando abierta a la incorporación tardía de nuevas aportaciones al desarrollo de esa cultura de la modernidad. Eliminado el concepto de la estética trascendental de Kant del tiempo como una referencia absoluta, y asumido el valor constante de la velocidad de la luz, para la teoría de la relatividad no existe una simultaneidad auténtica. Queda así fijada la velocidad de la luz como uno de los límites del universo, y la equivalencia entre masa y energía. En el cubismo la simultaneidad espacial viene motivada por la eliminación del punto de vista preferente, cuyo resultado es la multiplicidad descriptiva de la realidad, que se visualiza en la descomposición en planos, tanto del objeto como del espacio, y la consecuente continuidad entre fondo y figura que en arquitectura se refleja en la continuidad entre edificio y territorio. Sin la consideración de un punto de vista absoluto, no existe una forma auténtica. El cubismo, y su posterior desarrollo por las vanguardias plásticas, hacen uso de la geometría como mecanismo de recomposición de la figura y el espacio, adoptando mecanismos de penetración, superposición y transparencia. Gyorgy Kepes indica en El Lenguaje de la Visión que la descomposición cubista del objeto implica la sucesiva autonomía de los planos, hasta convertirse en elementos constituyentes. Algo que refleja las axonometrías arquitectónicas de Van Doesburg y que culmina con los espacios propuestos por Mies van der Rohe en sus primeros proyectos europeos. Estos mecanismos, encuentran eco en los primeros planteamientos de Javier Carvajal: en la ampliación del Panteón de españoles del cementerio de Campo Verano, un recinto virtual reconstruido mentalmente a partir del uso de tres únicos planos; o en el Pabellón de Nueva York, que organiza su planta baja desde el recorrido, introduciendo el parámetro temporal como una dimensión más. Al uso diferenciado del plano como elemento constituyente, Carvajal incorpora su plegado y su disposición conformando envolventes como mecanismo de cualificación espacial y formal, potenciando la prolongación entre arquitectura y territorio. Una continuidad que quedará culminada en las dos viviendas unifamiliares construidas en Somosaguas. La descomposición volumétrica conduce a unos niveles de abstracción que hace precisa la incorporación de elementos de la memoria -fuentes, patios, celosías…- a modo de red de señales, como las que Picasso y Braque introducen en sus cuadros para permitir su interpretación. Braque insiste en el interés por el espacio que rodea a los objetos. Una búsqueda de la tactilidad del espacio contraria a la perspectiva que aleja el objeto del observador, y que en los jardines de las viviendas de Somosaguas parece emanar de su propia materialidad. Un espacio táctil alejado del espacio geométrico y que Braque identifica con el espacio representativo en el que Poincaré, en La Ciencia y la Hipótesis, ubica nuestras sensaciones. Desdibujar los límites del objeto prolonga el espacio indefinidamente. Con el paso en el arte griego del mito al logos, se abre paso a la matemática como herramienta de comprensión de la naturaleza hasta el siglo XIX. Leon Lederman, en Simetría y la Belleza del Universo, apunta a que una de las mayores contribuciones de la teoría de Einstein es hacer cambiar el modo de pensar la naturaleza, orientándolo hacia la búsqueda de los principios de simetría que subyacen bajo las leyes físicas. Considerando que la simetría es la invariancia de un objeto o un sistema frente a una transformación y que las leyes físicas son las mismas en cualquier punto del espacio, el espacio de nuestro universo posee una simetría traslacional continua. En la ocupación del espacio de las primeras propuestas de Corrales y Molezún aparecen estructuras subyacentes que responden a enlosetados: paralelogramos sometidos a transformaciones continuas, que la naturaleza identifica tridimensionalmente con los grupos cristalográficos. Las plantas del museo de Arte Contemporáneo de la Castellana, la residencia de Miraflores, el pabellón de Bruselas o la torre Peugeot pertenecen a este grupo. La arquitectura como proceso de ocupación continua del territorio y de su trasposición al plano de cubierta, se materializa en líneas estructurales coincidentes con la estructura matemática de sus simetrías de traslación cuya posibilidad de prolongación infinita queda potenciada por el uso de la envolvente transparente. Junto a esta transparencia literal, inherente al material, Colin Rowe y Robert Slutzky nos alertan sobre otra transparencia inherente a la estructura: la transparencia fenomenal, ilustrada por los cuadros de Juan Gris, y cuya intuición aparece reflejada en la casa Huarte en Puerta de Hierro de Madrid. Corrales y Molezún insisten en una lectura de su volumetría alejada de la frontalidad, en la que los contornos de sus cubiertas inclinadas y las visuales tangenciales sugeridas por la organización de sus recorridos introducen una estructura diagonal que se superpone al entendimiento ortogonal de su planta, dibujando una intrincada red de líneas quebradas que permiten al espacio fluctuar entre las secuencia volumétrica propuesta. Los datos relativos al contenido energético de la luz y el concepto de átomo parten de la consideración de la emisión de energía en cuantos realizada por Planck, y concluyen con una circunstancia paradójica: la doble naturaleza de la luz -demostrada por la explicación de Einstein del efecto fotoeléctrico- y la doble naturaleza de la materia -asumida por Bohr y demostrada por el efecto Compton-. Schrödinger y Heisenberg formularán finalmente la ecuación universal del movimiento que rige en las ondas de materia, y cuya representación matemática es lo que se conoce como función de onda. El objeto es así identificado con su función de onda. Su ondulatoriedad expresará la probabilidad de encontrarse en un lugar determinado. Gyorgy Kepes subraya la necesidad de simplificar el lenguaje para pasar de la objetividad que aún permanece en la pintura cubista a la abstracción total del espacio. Y es así como los artistas plásticos reducen los objetos a simples formas geométricas, haciendo aflorar a la vez, las fuerzas plásticas que los tensionan o equilibran, en un proceso que acaba por eliminar cualquier atisbo de materia. Robert Rosenblum en La Pintura Moderna y la Tradición del Romanticismo Nórdico habla de cómo ese rechazo de la materia en favor de un vacío casi impalpable, campos luminosos de color denso que difunden un sereno resplandor y parecen engendrar las energías elementales de la luz natural, está directamente vinculado a la relación con la naturaleza que establece el romanticismo nórdico. La expresión de la energía de la naturaleza concentrada en un vacío que ya había sido motivo de reflexión para Michael Faraday en su postulación del concepto de campo eléctrico. Sáenz de Oíza incide en la expresión de la condición material de la energía en su propuesta junto a José Luis Romany para la capilla en el Camino de Santiago. La evocación de diferentes fuerzas electromagnéticas, las únicas junto a las gravitatorias susceptibles de ser experimentadas por el hombre, aparecerán visualizadas también en el carácter emergente de algunas de sus obras: el Santuario de Aránzazu o Torres Blancas; pero también en la naturaleza fluyente de sus contornos, la dispersión perimetral de los espacios -el umbral como centro del universoo la configuración del límite como respuesta a las tensiones germinales de la naturaleza. Miguel Fisac, a la vuelta de su viaje a los países nórdicos, aborda una simplificación lingüística orientada hacia la adecuación funcional de los espacios. En el Instituto de Daimiel, el Instituto de formación del profesorado o los complejos para los Padres Dominicos en Valladolid o Alcobendas, organiza progresivamente la arquitectura en diferentes volúmenes funcionales, incidiendo de un modo paralelo en la manifestación de los vínculos que se establecen entre dichos volúmenes como una visualización de las fuerzas que los tensionan y equilibran. En ellos la prolongación de la realidad física más allá de los límites de la envolvente ya es algo más que una simple intuición. Un proceso en el que el tratamiento de la luz como un material de construcción más, tendrá un especial protagonismo. En la iglesia de la Coronación, la iluminación del muro curvo escenifica la condición ondulatoria de la luz, manifestándose como si de un patrón de interferencia se tratara. Frente a la disolución de lo material, el espacio se manifiesta aquí como un medio denso, alejado de la tradicional noción de vacío. Una doble naturaleza, onda y partícula, que será intuido también por Fisac en la materia a través de su uso comprometido del hormigón como único material de construcción. Richard Feynmann nos alerta de la ocupación del espacio por multitud de fuerzas electromagnéticas que, al igual que la luz, precisan de receptores específicos para captar su presencia. Sus célebres diagramas suponen además la visualización definitiva de los procesos subatómicos. Al igual que la abstracción absoluta en las artes plásticas, esas representaciones diagramáticas no son asimilables a imágenes obtenidas de nuestra experiencia. Una intuición plasmada en el uso del diagrama, que irán adquiriendo progresivamente los dibujos de Alejandro de la Sota. La sección del gimnasio Maravillas recoge los trazos de sus principales elementos constructivos: estructura, cerramientos, compartimentaciones…, pero también, y con la misma intensidad, los de las fuerzas que generan su espacio, considerando así su condición de elementos constituyentes. El vacío, nos deja claro Sota, es el lugar donde habitan dichas tensiones. La posterior simplificación de las formas acompañadas de la obsesión por su aligeramiento, la casi desaparición de la envolvente, incide en aquella idea con la que Paul Klee define la actividad del artista en su Teoría del Arte Moderno, y en la que se transmite el distanciamiento hacia lo aparente: No se trata de reproducir lo visible, se trata de volver visible. Así, en Bankunión y Aviaco, como en tantos otros proyectos, frente al objetivo de la forma, Sota plantea el límite como la acotación de un ámbito de actuación. Su propia representación aséptica y diagramática transmite la renuncia a una especificidad espacial. Gilles Deleuze expresa ese posicionamiento en Pintura, el Concepto de Diagrama: el diagrama como la posibilidad de cuadros infinitos, o la posibilidad infinita de cuadros. Aparece así una concepción probabilística del espacio en la que frente a la renuncia por la forma, la tendencia al aligeramiento, y lo difuso de su definición – ideas claras, definición borrosa, en palabras de Llinás referidas al modo de operar de Sota-, la insistente atención a algunos elementos como escaleras, protecciones o miradores parece trasmitir la idea de que la arquitectura queda condensada en aquellos acontecimientos que delatan su condición dinámica, transitoria. Primando la relación frente al objeto, el vínculo frente a lo tangible. English summary. The fifties and sixties were the years of the final incorporation of Spanish architecture to the international scene. Among the architects who star that no return leap, is the group of those who a few years later will be named by Juan Daniel Fullaondo as Escuela de Madrid. Carlos Flores, in his book Arquitectura Española Contemporánea 1880-1950, refers to those architects as those that applied to the difficult task of restoring in Spain an architecture that connected with theories, solutions and established languages in Europe during the first decades of the twentieth century. Sigfried Giedion proposes in Space, Time and Architecture, the origin of a new tradition, arising from the optical revolution at the beginning of the century. With tradition he refers to a new culture, covering the interplay of different human activities: the similarity of the methods used in architecture, building, painting, urban planning or science. This new feature, based on its independence and detachment from the previous period, is part of the evolutionary scheme that Thomas Kuhn proposes in his text The Structure of Scientific Revolutions, according to non-accumulative periods. Kuhn talks about the emergence of anomalies in each period, origin of thought crisis whose explanation will require a paradigm shift needed. In science, in the field of optical Thomas Young demonstrates at the early nineteenth century the wave nature of light with its double-slit experiment , in electromagnetism the postulation of the existence of the electric field by Michael Faraday involves a conceptual leap, and in thermodynamic, the consideration pointed by Planck about quantum energy radiation. In the arts, in a parallel process, Gleizes and Metzinger , in his collection of cubism achievements on their book Du Cubisme, speak of evolution occurring during the nineteenth century by the painting: from the idealism of beginning of the century, going for realism and impressionist representation of reality, and finishing regardless of the classical perspective . Mathematics also, once developed by Gauss and Lobachevsky and Bolyai consistent geometries that violate Euclid's fifth postulate , will end validating Riemann’s ambient spaces in which these geometries inhabit, decoupling the direct relationship between geometric space -the space environment that results in a type of geometry- , and physical space. Capi Corrales reflectes in his book Contando el Espacio, that non-Euclidean geometries were not noticeable outside the field of mathematics until the theory of relativity and cubism. The origin of the new tradition that Giedion relates to the new culture of modernity coincides with paradigmatic leaps pointed by the theory of relativity in science and Cubism in the visual arts. Both are extended during the first decades until quantum theory and absolute abstraction, barriers that the two main precursors of relativity and cubism, Einstein and Picasso never overcome. In that sense Giedion speaks about the origin, but also the development, and incorporates peripheral inputs from Brazil, Japan and Finland architecture, thus including organic revision advocated by Zevi as part of this new tradition, being open to the late addition of new contributions to the development of that culture of modernity. Removed the concept of Kant's transcendental aesthetics, of time as an absolute reference, and assumed the constant value of the speed of light, theory of relativity says there is no authentic concurrency. It is thus fixed the speed of light as one of the limits of the universe, and the equivalence of mass and energy. In cubism, spatial simultaneity results from the elimination of preferential points of view, resulting in the multiplicity descriptive of reality, which is displayed in decomposition levels, both the object and the space, and the resulting continuity between figure and background that architecture is reflected in the continuity between building and land. Without the consideration of an absolute point of view, there isn’t an authentic shape. Cubism, and its subsequent development by the vanguard arts, make use of geometry as a means of rebuilding the figure and space, taking penetration mechanisms, overlapping and transparency. Gyorgy Kepes suggest in Languaje of Vision, that cubist decomposition of the object involves successive planes autonomy, to become constituent elements. Something that reflects the Van Doesburg’s architectural axonometrics and culminates with the spaces proposed by Mies van der Rohe in his first European projects. These mechanisms are reflected in the first approaches by Javier Carvajal: the extension of Spanish Pantheon in Campo Verano Cemetery, virtual enclosure mentally reconstructed from 24 the use of only three planes, or in the Spanish Pavilion of New York, which organizes its ground floor from the tour, introducing the time parameter as an additional dimension. Carvajal adds to the differential use of the plane as a constituent, Carvajal incorporates its folding and forming enclosures available as a mechanism for spatial and formal qualification, promoting the extension between architecture and territory. A continuity that will be completed in the two houses built in Somosaguas. Volumetric decomposition, as the fragmentation achieved in the last cubist experiences, needs the incorporation of elements of memory - fountains, patios, shutters...- as a network of signals, such as those introduced by Picasso and Braque in their paintings to allow their interpretation. Braque insists in his interest in the space surrounding the objects. A search of the tactility of space contrary to the perspective, which moves the observer away from the object, and that in the gardens of Somosaguas seems to emanate from its own materiality. A tactile space away from the geometric space and Braque identified with the representative space in which Poincaré in La Science et l´hypothèse, located our feelings. To blur those boundaries of the object extends the space indefinitely. With the passage in Greek art from myth to logos, it opens up to mathematics as a tool for understanding the nature until the nineteenth century. Leon Lederman, in Symmetry and beautiful Universe, suggests that one of the greatest contributions of Einstein's theory is to change the mindset of nature, namely the search for symmetry principles that underlie physical laws. Considering that symmetry is the invariance of an object or system from a transformation and that physical laws are the same at any point in space, the space of our universe has a continuous translational symmetry. In the space occupation of the first proposals by Corrales and Molezún underlying structures appear that match enlosetados: parallelograms under continuous transformations, which nature identifies tridimensionally with the crystallographic groups. Plants in the Contemporary Art Museum in La Castellana, the residence in Miraflores, the Brussels pavilion or the Peugeot tower belong to this group. The architecture as a process of continuous occupation of the territory and of its transposition to the deck, embodied in structural lines coincide with the mathematical structure of the translational symmetry and infinite extension whose possibility is enhanced by the use of the transparent cover. Alongside this literal transparency inherent to the material, Colin Rowe and Robert Slutzky alert us another transparency inherent in the structure: phenomenal transparency, illustrated by the Juan Gris’ works, and whose intuition is reflected in the Huarte’s house in Puerta de Hierro in Madrid. Corrales and Molezún insist on a reading of its volume away from the frontal, in which the outline of their inclined roofs and tangential visual suggested by the organization of his circulations introduce a diagonal structure which overlaps the orthogonal understanding of its plant, drawing an intricate web of broken lines that allow the space fluctuate between the volumetric sequence proposal. Information concerning to the energy mean of light and the concept of atom start from the consideration by Plank about the energy emission, and conclude with a paradoxical situation: the dual nature of light - demonstrated by the explanation of Einstein's photoelectric effect-, and the dual nature of matter -assumed by Bohr and demonstrated by the Compton effect-. Finally, Schrödinger and Heisenberg will formulate the universal movement equation governing in undulatory matter, whose mathematical representation is what is known as a wave function. The object is thus identified with its wave function. Its undulatory expression speaks about the probability of being found in a certain place. Gyorgy Kepes emphasizess the need to simplify the language to move from the objectivity that still remains in the cubist painting to the total abstraction of the space. And this is how artists reduced the objects to simple geometric shapes, making emerge at a time, the plastic forces that tense or balance them, in a process that eventually eliminate any trace of matter. Robert Rosenblum in Modern Painting and the Northern Romantic Tradition. Friedrich to Rothko talks about how this rejection of matter in an almost impalpable vacuum: dense color light fields that broadcast a serene glow and seem to generate the elemental energies of natural light is directly linked to the relationship with nature that sets the northern romanticism. An expression of the power of nature concentrated in a vacuum which had been reason for thought by Michael Faraday in his application of the concept of electric field. Saenz de Oíza touches upon the material expression of the energy in its proposal with Jose Luis Romany to the chapel on the Camino de Santiago. The presence of electromagnetic forces, the only ones with the gravitational one capable of being experienced by the man will also visualize in the emerging nature of some of his works: the sanctuary of Aránzazu or Torres Blancas, but also in the flowing nature of its contours, and the inclusion of interest in the realization of space fluctuating boundary: the threshold as the center of the universe. Miguel Fisac, back from his trip to the Northern Countries, starts on a linguistic simplification oriented to the functional adequacy of spaces. In the Daimiel Institute, in the Institute to Teacher Formation or in the complex to the Dominican Fathers in Valladolid or Alcobendas, progressively organized into different functional volumes architecture, focusing in a parallel way in the manifestation of the links established between these volumes as a visualization of the forces that tense and balance them. The prolongation of the physical reality beyond the limits of the envelope is already something more than a simple intuition. A process in which the treatment of light as a construction material, have a special role. In the Coronation church, curved wall lighting dramatizes the undulatory condition of the light, manifesting as if an interference pattern is involved. Versus the dissolution of the material, the space is expressed here as a dense atmosphere, away from the traditional notion of the vacuum. A dual nature, wave and particle, which is also sensed by Fisac in his committed use of concrete as a unique construction material. Richard Feynman alerts us to the occupation of space by many electromagnetic forces, which like the light, require specific receptors to capture their presence. His famous diagrams also involve the final visualization of atomic processes. As absolute abstraction in the visual arts, these representations are not assimilated to images obtained from our experience. A diagrammatic nature, abstracted from figuration, which will obtein the pictures of Alejandro de la Sota. The section of Maravillas gym collects traces of its main building blocks: structure, enclosures... but also, and with the same intensity, of the forces that generate their space as constituent elements. Sota makes it clear: the vacuum is where inhabit these tensions. The subsequent simplification of forms, accompanied by the obsession with his lightening, the near disappearance of the envelope, touches upon that idea which Paul Klee defines the activity of the artist in his Modern Art Theory, the spacing out to the apparent: it is not to reproduce the visible, it is to turn visible. Thus, in Bankunión and Aviaco, as in many other projects, against the shape, raises the limit as the dimension of a scope. His own aseptic and diagrammatic representation transmits waiver to a spatial specificity that Gilles Deleuze clearly expressed in Painting. The Concept Diagram: The diagram as the possibility of infinite pictures, or infinite possibility of the picture. Thus appears the probabilistic concept of space in which, opposite to the diffuse of its definition -clear ideas, diffuse definition, as Llinas said- the insistent attention to some elements like stairs, guards or lookouts seems to concentrate the architecture in its dynamic condition, transitional. The relationship opposite the object, the link opposite the tangible.