A review of the rationales for corporate risk management: fashion or the need?

This paper presents the extensive literature survey based both on theoretical rationales for hedging as well as the empirical evidence that support the implications of the theory regarding the arguments for the corporate risk management relevance and its influence on the company’s value. The survey of literature presented in this paper has revealed that there are two chief classes of rationales for corporate decision to hedge - maximisation of shareholder value or maximisation of managers’ private utility. The paper concludes that, the total benefit of hedging is the combination of all these motives and, if the costs of using corporate risk management instruments are less than the benefits provided via the avenues mentioned in this paper, or any other benefit perceived by the market, then risk management is a shareholder-value enhancing activity.

Exploring the Red Sea seasonal ecosystem functioning using a three-dimensional biophysical model

The Red Sea exhibits complex hydrodynamic and biogeochemical dynamics, which vary both in time and space. These dynamics have been explored through the development and application of a 3-D ecosystem model. The simulation system comprises two off-line coupled submodels: the MIT General Circulation Model (MITgcm) and the European Regional Seas Ecosystem Model (ERSEM), both adapted for the Red Sea. The results from an annual simulation under climatological forcing are presented. Simulation results are in good agreement with satellite and in situ data illustrating the role of the physical processes in determining the evolution and variability of the Red Sea ecosystem. The model was able to reproduce the main features of the Red Sea ecosystem functioning, including the exchange with the Gulf of Aden, which is a major driving mechanism for the whole Red Sea ecosystem and the winter overturning taking place in the north. Some model limitations, mainly related to the dynamics of the extended reef system located in the southern part of the Red Sea, which is not currently represented in the model, still need to be addressed.

The Afroporteña press and Afro-Argentine’s thought in the late nineteenth century

The journalistic boom that occurred in Argentina from the second half of the nineteenth century saw the emergence of an active afroporteña press that defend the interests of the black community. This paper, in addition to reviewing the history of the Afro-Argentines newspapers, emphasizes the role played by the elite of African descent in the promotion of modernity among his brothers, while exploring the possible bases for an identity in the ideas spread.

Speed tuning of direction repulsion describes an inverted U-function

Direction repulsion describes the phenomenon in which observers typically overestimate the direction difference between two superimposed motions moving in different directions (Marshak & Sekuler, Science 205(1979) 1399). Previous research has found that, when a relatively narrow range of distractor speeds is considered, direction repulsion of a target motion increases monotonically with increasing speed of the distractor motion. We sought to obtain a more complete measurement of this speed-tuning function by considering a wider range of distractor speeds than has previously been used. Our results show that, contrary to previous reports, direction repulsion as a function of distractor speed describes an inverted U-function. For a target of 2.5deg/s, we demonstrate that the attenuation of repulsion magnitude with high-speed disractors can be largely explained in terms of the reduced apparent contrast of the distractor. However, when we reduce target motion speed, this no longer holds. When considered from the perspective of Edwards et al.s (Edwards, Badcock, & Smith, Vision Research 38 (1998) 1573) two global-motion channels, our results suggest that direction repulsion is speed dependent when the distractor and target motions are processed by different globalmotion channels, but is not speed dependent when both motions are processed by the same, high-speed channel. The implications of these results for models of direction repulsion are discussed.

A method for carbon stable isotope analysis of methyl halides and chlorofluorocarbons at pptv concentrations

A pre-concentration system has been validated for use with a gas chromatography/mass spectrometry/isotope ratio mass spectrometer (GC/MS/IRMS) to determine ambient air 13C/12C ratios for methyl halides (MeCl and MeBr) and chlorofluorocarbons (CFCs). The isotopic composition of specific compounds can provide useful information on their atmospheric budgets and biogeochemistry that cannot be ascertained from abundance measurements alone. Although pre-concentration systems have been previously used with a GC/MS/IRMS for atmospheric trace gas analysis, this is the first study also to report system validation tests. Validation results indicate that the pre-concentration system and subsequent separation technologies do not significantly alter the stable isotopic ratios of the target methyl halides, CFC-12 (CCl2F2) and CFC-113 (C2Cl3F3). Significant, but consistent, isotopic shifts of -27.5 to -25.6 do occur within the system for CFC-11 (CCl3F), although the shift is correctible. The method presented has the capacity to separate these target halocarbons from more than 50 other compounds in ambient air samples. Separation allows for the determination of stable carbon isotope ratios of five of these six target trace atmospheric constituents within ambient air for large volume samples (10 L). Representative urban air analyses from Belfast City are also presented which give carbon isotope results similar to published values for 13C/12C analysis of MeCl (-39.1) and CFC-113 (-28.1). However, this is the first paper reporting stable carbon isotope signatures for CFC-11 (-29.4) and CFC-12 (-37.0).

Factores determinantes del uso de Internet en la comercialización del aceite de oliva. Análisis del sector en Cataluña

Las cooperativas son entidades con una gran presencia económica y social en España, y tienen una gran influencia en la economía rural de las zonas donde están ubicadas. El principal objetivo del presente trabajo es el análisis del uso de las nuevas tecnologías por parte de las cooperativas agroalimentarias, centrándose en las productoras de aceite de oliva para determinar los principales factores que condicionan su comportamiento en la Red. En el presente estudio se analizan sus sitios web y se determina qué tipo de información aporta, tanto datos generales como datos de comercialización. A partir de los resultados obtenidos, se busca la relación que pueda existir entre el tamaño de la cooperativa, su actividad exportadora o la actividad de comercio electrónico con la presencia online, mediante una regresión logística. De esta manera podremos conocer si realmente la implantación de nuevas tecnologías en las cooperativas permite desarrollar una óptima actividad económica.

Project evaluation SOU-estuTUtor: mentors’ perception

The introduction of new degrees in the Faculty of Education and the relevance of educational guidance comes to them, as a compulsory subject in all four grades started from 2009-2010, gives the opportunity to return and boost the University Guidance Service (UGS) as a means of consistency with the profile of their education and professional development of its students. The aim of the paper focuses on the evaluation of the results after the first year of implementing a peer mentoring project, SOU-estuTUtor Project, developed from UGS with all degree students of the Faculty of Education for Students new entrants. Program has been evaluated through the perception and satisfaction of the mentors on the organization, training, skills developed and adapted to the needs of students. After one academic year of implementation, the results show, on the one hand, the satisfaction and commitment of those involved and the partial response to the needs of the students served, as well as the optimization of the personal resources of the university but also some limitations that make it necessary to review the mentoring program in terms of control and duration of the process.

Exile or emigrant? Female ex-prisoners who left Ireland 1850-1921

In the popular mind, the concept of 'emigration' usually refers to people voluntarily leaving one country to go to another in search of a new and better life. It presupposes some degree of choice, although it is accepted that for many emigrants, such as those who left Ireland during the nineteenth century, there were few incentives to stay at home. Current scholarship on voluntary and forced movements of people demonstrates that the distinction between the categories of 'voluntary emigrant' and 'forced exile' is often blurred. Orm Overland's study of refugee communities in the United States highlights the fact that, although the differences between the 'emigrant' and the 'exile' may be clear in extreme cases, this is not always true, as there may be 'pressing political or economic reasons behind a decision to emigrate'. Migration scholars Jan Lucassen and Leo Lucassen also question the adequacy of conceptual models of migration based on what Lindsay Proudfoot and Dianne Hall refer to as the 'straightforward binarism between free and unfree emigration'. The questions raised by these scholars are very relevant to the study of Irish people who left their country during the second half of the nineteenth century immediately after they had been discharged from prison or from Dundrum. Their stories are discussed here against a background of substantial scholarship on emigration from Ireland and on the criminal justice system within Ireland. According to David Fitzpatrick, at least eight million men, women and children emigrated from Ireland between 1801 and 1921. This large-scale movement of people was generally characterised by the voluntary emigration of individuals who funded their own passages. However, it also included schemes of assisted emigration, funded variously by governments, landlords, the poor law authorities, earlier emigrants, and philanthropists. In addition, it included people who were transported from Ireland by means of the criminal justice system a practice that had originated in the seventeenth century. What is less well known is that after the end of transportation from Ireland to eastern Australia in 1853, to Bermuda in 1863 and to Western Australia in 1868, Irish convicts continued to be channelled towards emigration by being offered early release if they agreed to leave Ireland. These people, and especially the women among them, are the subject of this article.

El Ser como mediación. Ontología, estética y analogía en la interpretación del ‘esse’ tomasiano de H. U. von Balthasar

El presente artículo expone los fundamentos de la interpretación que del esse tomasiano lleva a cabo Hans Urs von Balthasar. En ella ofrece von Balthasar, a partir de una interpretación en la línea de Siewerth, y como tal novedosa para la historia de la crítica, las directrices fundamentales de su propio pensamiento filosóficoteológico, cuyo eje lo constituye la diferencia entre esse y Dios como modelo para una hermenéutica no monista de la realidad. Con todo, la propuesta no está exenta de algunas dificultades y arbitrariedades que, desde una perspectiva crítica y aconfesional (por la que aquí se opta), conviene ineludiblemente subrayar.