Impacto de los eventos extremos en la construcción de portafolios de inversión eficientes

El presente trabajo de investigación busca medir el impacto que tienen los eventos extremos, también llamados eventos de boom o eventos de crash, según la naturaleza y consecuencias de los mismos en la construcción de portafolios de inversión eficientes -- Se trabajará con los precios de acciones listadas en la bolsa de Nueva York, y con estas se construirán portafolios de inversión, siguiendo la metodología diseñada por Harry Markowitz en 1952 -- Se verificará la rentabilidad de los portafolios antes del evento extremo, y después de este, y se estudiarán las consecuencias de este sobre el portafolio -- El evento extremo que se introducirá en el estudio es la crisis económica y financiera del año 2008, que tiene sus orígenes en la crisis hipotecaria en Estados Unidos -- Con las variaciones en los precios de los activos en dicho periodo de tiempo, se espera estresar el modelo y revisar si lo propuesto por Markowitz sigue teniendo validez ante la aparición de dichos sucesos -- A partir de esto, se realizarán simulaciones con modelos en Excel y técnicas de Montecarlo, se plantearán posibles recomendaciones técnicas que debamos tener en cuenta al momento de construir nuestros portafolios, y se redactará un documento con recomendaciones para los inversionistas en general -- Como aporte adicional, se entregará el código en Visual Basic para automatizar la optimización de los portafolios

Bitcoin mining is about to become a lot less profitable.

Imagine being told that your wage was going to be cut in half. Well, that’s what’s soon going to happen to those who make money from Bitcoin mining, the process of earning the online currency Bitcoin. The current expected date for this change is 11 July 2016. Many see this as the day when Bitcoin prices will rocket and when Bitcoin owners could make a great deal of money. Others see it as the start of a Bitcoin crash. At present no one quite knows which way it will go. Bitcoin was created in 2009 by someone known as Satoshi Nakamoto, borrowing from a whole lot of research methods. It is a cryptocurrency, meaning it uses digital encryption techniques to create bitcoins and secure financial transactions. It doesn’t need a central government or organisation to regulate it, nor a broker to manage payments. Conventional currencies usually have a central bank that creates money and controls its supply. Bitcoin is instead created when individuals “mine” for it by using their computers to perform complex calculations through special software. The algorithm behind Bitcoin is designed to limit the number of bitcoins that can ever be created. All Bitcoin transactions are recorded on a public database known as a blockchain. Every time someone mines for Bitcoin, it is recorded with a new block that is transmitted to every Bitcoin app across the network, like a bank updating its online records.

Financial stocks and political bonds: stock market participation and political behavior in the United States and Britain

This dissertation investigates the effect of stock market participation on political behavior. Some observers claim that financial assets—stocks and mutual funds—have a causal effect on political behavior. The “investor class theory” asserts that as people invest in the stock market their partisan attachments shift rightward. The “asset effect theory” claims that financial investments increase political interest and participation. I examine these claims with longitudinal data from the United States and Great Britain covering a twenty-year period from the early 1980s through the mid-2000’s. I also examine the effect of financial asset ownership on political attitudes in the United States during the 2008 stock market crash. I find no evidence to support the argument that stock market participation has any causal effect on partisanship, participation, or political attitudes.

Fault tolerance logging-based model for deterministic systems

Fault tolerance allows a system to remain operational to some degree when some of its components fail. One of the most common fault tolerance mechanisms consists on logging the system state periodically, and recovering the system to a consistent state in the event of a failure. This paper describes a general fault tolerance logging-based mechanism, which can be layered over deterministic systems. Our proposal describes how a logging mechanism can recover the underlying system to a consistent state, even if an action or set of actions were interrupted mid-way, due to a server crash. We also propose different methods of storing the logging information, and describe how to deploy a fault tolerant master-slave cluster for information replication. We adapt our model to a previously proposed framework, which provided common relational features, like transactions with atomic, consistent, isolated and durable properties, to NoSQL database management systems.

Decrecimiento y renovadas estrategias para un territorio agotado. El caso de la provincia de Alicante

Las consecuencias del último boom inmobiliario han abierto el debate alrededor del crecimiento urbano en España, especialmente en áreas con una fuerte presión turística y residencial. En este trabajo se analizan algunas de las implicaciones de la crisis financiera mundial sobre la planificación urbanística municipal, centrando el estudio en la provincia de Alicante, uno de los ámbitos que mejor ilustran el éxito y la caída del modelo inmobiliario hispano. La unidad básica de análisis la componen las figuras de planeamiento municipal y estrategias territoriales vigentes, y su traducción en suelos urbanos inconclusos. Considerando que se trata de actuaciones durmientes a la espera de un contexto económico favorable, la situación hace pensar que la burbuja inmobiliaria no estaría estallada sino tan sólo desinflada. El objetivo es reflexionar, con carácter propositivo, sobre las estrategias de gestión del territorio que emergen durante los últimos años a raíz de la crisis financiera e inmobiliaria, tratando de relanzar algunas cuestiones que deberían preocupar en la planificación urbanística y territorial de la provincia de Alicante, y por extensión, de otros espacios afectados por el crash inmobiliario.

Cycling as a part of daily life: A review of health perspectives

Health aspects of day-to-day cycling have gained attention from the health sector aiming to increase levels of physical activity, and from the transport and planning sector, to justify investments in cycling. We review and discuss the main pathways between cycling and health under two perspectives — generalizable epidemiological evidence for health effects and specific impact modeling to quantify health impacts in concrete settings. Substantial benefits from physical activity dominate the public health impacts of cycling. Epidemiological evidence is strong and impact modeling is well advanced. Injuries amount to a smaller impact on the population level, but affect crash victims disproportionately and perceived risks deter potential cyclists. Basic data on crash risks are available, but evidence on determinants of risks is limited and impact models are highly dependent on local factors. Risks from air pollution can be assumed to be small, with limited evidence for cycling-specific mechanisms. Based on a large body of evidence, planners, health professionals, and decision-makers can rest assured that benefits from cycling-related physical activity are worth pursuing. Safety improvements should be part of the efforts to promote cycling, both to minimize negative impacts and to lower barriers to cycling for potential riders.

Impact abrasion resistance quantification of protective motorcycle gloves

The hands are often the first contact point with the road surface in a motorcycle crash. Wearing well designed protective gloves has been proven to significantly reduce the occurrence and severity of injuries to the hand. The European Standard for motorcycle protective gloves requires testing of component materials separately and does not consider the impact of abrasive surfaces on seems. This work aimed to develop a new method of testing of fully constructed gloves as worn by a rider in impact abrasion situations. It used previously published fall mechanics to understand the areas that may undergo impact abrasion. It defines the important zones for abrasion resistance and details ideal impact/measurement geometry for measurement on a Cambridge type abrasion tester. It proposes a method for the impact abrasion resistance of the palm, knuckles, wrist, outer side of the little finger and the tops of fingers. This information may be used for the quantification of fully manufactured gloves for standard certification or use in a rating system.