Models of public-private partnerships in megaprojects: the Spanish case

This article provides a literature review of PPP Models, where the clarification of this current confusion and ambiguity constitute the fundamental issue addressed by our research. The systematization of the PPP models is performed by applying six classification criteria based on organizational and financial aspects and focused on the Spanish experience. Additionally, a comparative study of the various schemes applied in European countries is carried out, whereby the concession model implemented successfully in Spain is studied in greater detail. To this end, a megaproject, the first metro line of Seville (Spain) forms the basis of a case-study. When the megaproject is viable through user fees, the public sector can use PPPs to defer payments and as a way to control their deficits and debt without cutting investments in infrastructures and public services. Nevertheless, certain drawbacks should be borne in mind, such as the expenditure commitments of future budgets, the higher cost of private funding, and the necessity for transparency and accountability of PPP contractual arrangements to be improved. Therefore, the aim of this article is to analyze the various forms of PPPs in megaprojects in order to determine the potential efficiency gains that can be achieved in the implementation of these models

Kernel alternatives to aproximate operational severity distribution: an empirical application

The estimation of severity loss distribution is one the main topic in operational risk estimation. Numerous parametric estimations have been suggested although very few work for both high frequency small losses and low frequency big losses. In this paper several estimation are explored. The good performance of the double transformation kernel estimation in the context of operational risk severity is worthy of a special mention. This method is based on the work of Bolancé and Guillén (2009), it was initially proposed in the context of the cost of claims insurance, and it means an advance in operational risk research

Porous Soil Structure as Heterogeneous Complex Networks

In this paper we present a complex network model based on a heterogeneous preferential attachment scheme as a new way to quantify the porous structure of soils and to relate them with soil texture. We consider the pores as nodes, the properties of which, such as position and size, are described by fixed states in a metric space. An affinity function is introduced to bias the attachment probabilities of links according to these properties. We perform an analytical study of the degree distributions in the model and develop a numerical analysis of the degree distributions in the model for a combination of parameters corresponding to eleven empirical soil samples with different physical properties and five different textures

The financial performance of an innovative megaproject

The financial structure of megaprojects, known in the literature as project finance, is characterized by the creation of a legally independent project company financed with a concentrated equity ownership and a high level of non-recourse debt. Research in this field may yield new ideas and theories about the existing theoretical framework on capital structure, stakeholder management and risk management. A case-study is analyzed in this paper: the financial performance of the first metro line in Seville (Spain). In spite of previous cost overruns in the construction stage, the present operation stage is considered successful from the point of view of social and financial profitability, whereby the risks have been theoretically transferred to stakeholders, as defined by Value for Money considerations. The objective of this study involves: first to determine whether this megaproject meets the expectations for which it was created in terms of hope of return of the shareholders, and the expectations of the economic and financial feasibility under a change of subsidy policies; and secondly to determine whether the conditions remain for not including the investment as public debt. This issue is crucial in a budgetary constraint context for the planning of future metro lines. By taking this first experience into account, this article also provides information for potential participants in the projects of the new metro lines, which are currently in the planning stage

Improving bankruptcy prediction in micro-entities by using nonlinear effects and non-financial variables

The use of non-parametric methodologies, the introduction of non-financial variables, and the development of models geared towards the homogeneous characteristics of corporate sub-populations have recently experienced a surge of interest in the bankruptcy literature. However, no research on default prediction has yet focused on micro-entities (MEs), despite such firms’ importance in the global economy. This paper builds the first bankruptcy model especially designed for MEs by using a wide set of accounts from 1999 to 2008 and applying artificial neural networks (ANNs). Our findings show that ANNs outperform the traditional logistic regression (LR) models. In addition, we also report that, thanks to the introduction of non-financial predictors related to age, the delay in filing accounts, legal action by creditors to recover unpaid debts, and the ownership features of the company, the improvement with respect to the use of solely financial information is 3.6%, which is even higher than the improvement that involves the use of the best ANN (2.6%)

Cerámicas emirales y califales en la excavación arqueológica del Antiguo Conservatorio (Onda, Castelló)

Los materiales estudiados proceden de la excavación realizada en el solar del Antiguo Conservatorio, en la Plaza de San Cristóbal nº 21 de Onda, donde se documentaron los restos de dos viviendas andalusíes datadas entre mediados del siglo X – primer tercio del siglo XIII. Los materiales cerámicos hallados en los rellenos de nivelación, donde aparecen cimentados los muros de la primera fase constructiva documentada, constituyen un conjunto muy homogéneo en el que encontramos cerámicas comunes modeladas a mano y a torno. Muchas de estas piezas comparten características comunes con las documentadas en otros yacimientos emirales y califales de la zona del Sharq Al-andalus y de la Meseta, mientras que en otras encontramos elementos que remiten a una producción local, con abundantes paralelos con las cerámicas del Mas de Pere, yacimiento cercano a Onda, donde se documentó una alfarería datada entre la segunda mitad del siglo IX y el siglo X.The materials studied come from the excavation carried out on the site of the Old Conservatory, in Plaza de San Cristobal nº 21 in Onda, where the remains of two Andalusian houses dating to the end of the 10th-13th century were documented. The ceramic materials found in the leveling fills, where the walls of the first documented constructive phase appear cemented, constitute a very homogeneous set in which we find a wide set of common ceramics, modeled by hand and to the lathe. Many of these pieces share common characteristics with those documented in other emirates and caliphs of the Sharq Al-Andalus and Meseta area, while in others we find elements that refer to local production, with abundant parallels with the ceramics of the Mas of Pere, just 3 km from the town of Onda, where Montmessin located a test that ranks between the second half of the 9th century and the 10th century

Integration of Computers in the Classroom. The Use of the UNIX Operating System as a Tool

In this paper we present our ESP teaching experience to computer science students at the Escuela Universitaria de Informática at the UAB using the UNIX operating system as a leaming tool. Concretely we detall the new approach adopted for our practice classes

Hybrid model using logit and nonparametric methods for predicting micro-entity failure

Following the calls from literature on bankruptcy, a parsimonious hybrid bankruptcy model is developed in this paper by combining parametric and non-parametric approaches.To this end, the variables with the highest predictive power to detect bankruptcy are selected using logistic regression (LR). Subsequently, alternative non-parametric methods (Multilayer Perceptron, Rough Set, and Classification-Regression Trees) are applied, in turn, to firms classified as either “bankrupt” or “not bankrupt”. Our findings show that hybrid models, particularly those combining LR and Multilayer Perceptron, offer better accuracy performance and interpretability and converge faster than each method implemented in isolation. Moreover, the authors demonstrate that the introduction of non-financial and macroeconomic variables complement financial ratios for bankruptcy prediction

Integration of Computers in the Classroom. The Use of the UNIX Operating System as a Tool

In this paper we present our ESP teaching experience to computer science students at the Escuela Universitaria de Informática at the UAB using the UNIX operating system as a leaming tool. Concretely we detall the new approach adopted for our practice classes

Current state of the Prunetalia spinosae communities in the centre and south of the Iberian Peninsula (Spain, Portugal)

This paper re-examines the Rhamno-Prunetea class in the centre and south of the Iberian Peninsula, especially in Andalusia. The paper also deals with the alliances Pruno-Rubion ulmifolii Lonicero-Berberidion hispanicae in the south of the Iberian Peninsula, and Berberidion vulgaris (Berberidenion seroi) in the area of Cuenca. Our analysis of 225 relevés arranged in 22 phytosociological tables helped us to re-organize the available information and subsequently propose three associations and two subassociations: Clematido vitalbae-Rosetum micranthae nova; Berberido hispanicae- Buxetum sempervirentis nova; Roso siculae-Berberidetum hispanicae Mota nova subas. prunetosum ramburii Mota nova; Lonicero arboreae-Rhamnetum cathartici Martínez-Parras and Molero 1983 subas. prunetosum ranburii nova. As a result of the study, a total of 18 syntaxa with the rank of association and four with the rank of subassociation are proposed for the south of the Iberian Peninsula