Financial Stability Governance and Communication

Resumen de la comunicación[EN] We investigate how differences in governance frameworks across central banks explain their financial stability communication strategies and the effect of these strategies on the evolution of each country’s financial cycle. To do so, we propose a simple conceptual framework that explains how central banks conduct their communication strategy, which eventually affects the evolution of financial conditions. To empirically validate our framework, we use a database with the financial stability governance characteristics of 24 central banks and the sentiment conveyed in the financial stability reports published by these central banks. We find that, after observing a deterioration of financial conditions, central banks participating in interagency financial stability committees or with an oversight role transmit a calmer message than banks without these characteristics. We also find that the effect of communication on the evolution of the financial cycle depends on each central bank's governance framework. In particular, communication by central banks participating in an interagency financial stability committee or with a financial supervisory role has an alleviating effect on the deterioration of financial conditions.Londono, JM.; Claessens, S.; Correa, R.; Mislang, N. (2018). Financial Stability Governance and Communication. En 2nd International Conference on Advanced Reserach Methods and Analytics (CARMA 2018). Editorial Universitat Politècnica de València. 262-262. https://doi.org/10.4995/CARMA2018.2018.8577OCS26226

Remuneration Sensitivity Analysis in Prosumer and Aggregator Strategies by Controlling Electric Vehicle Chargers

The efficient use of energy resources is profoundly changing power grid regulation and policy. New forms of power generation coupled with storage and the presence of new, increasingly flexible loads such as electric vehicles enable the development of multi-agent planning systems based on new forms of interaction. For instance, consumers can take advantage of flexibility by interacting directly with the grid or through aggregators that bridge the gap between these end-users and traditional centralised markets. This paper aims to provide insight into the benefits for aggregators and end-users from a financial perspective by proposing a methodology that can be applied to different scenarios. End-users may provide flexibility services related to private vehicle charging stations or battery storage systems. The paper will analyse different remuneration levels for end-users by highlighting the most beneficial scenarios for aggregators and end-users and providing evidence on potential conflict of interests. The numerical results show that some consumers may benefit more from aggregation. This is because if taken individually, consumption habits do not allow the same flexibility when considering clusters of consumers with different behaviour. It is also shown that there are cases in which consumers do not seem to benefit from the presence of intermediate parties. We provide extensive numerical results to gain insight for better decision making

Coordination of specialised energy aggregators for balancing service provision

In the present context of evolution of the power and energy systems, more flexibility is required on the generation and demand side, to cope with the increasing uncertainty mostly introduced by variable renewable energy resources. This paper presents a conceptual framework that encompasses different types of aggregators, including local network aggregators, demand-side general aggregators, specialised energy aggregators (SEAs), and energy community aggregators. In this framework, this paper focuses on the coordination of SEAs to provide balancing services to the system operator. Each SEA manages a specific type of load, so that these loads can be managed by exploiting their control capabilities in a detailed way considering response time, dynamics and available flexibility. Moreover, the presence of the SEAs increases the privacy protection of the users, as only the information on a specific type of user's load is sent to the SEA. The SEA Coordinator interacts with the Balancing Service Provider aimed at procuring frequency containment, frequency restoration and replacement reserve services. This paper contains the SEA Coordinator formulation, information exchange and control operation strategies. Case study applications are presented by using SEAs for three specific types of loads (thermoelectric refrigerator, water booster pressure systems and electric vehicle charging stations). The results show how the control algorithm of the SEA Coordinator is effective in providing balancing services at different timings with the different types of loads. Various scenarios are considered, comparing an ideal situation without command propagation delays with realistic situations that take into account the command propagation delays

Guidelines for evaluating the comparability of down-sampled GWAS summary statistics

Hervorming Sociale Regelgevin

Omecamtiv mecarbil in chronic heart failure with reduced ejection fraction, GALACTIC‐HF: baseline characteristics and comparison with contemporary clinical trials

Aims: The safety and efficacy of the novel selective cardiac myosin activator, omecamtiv mecarbil, in patients with heart failure with reduced ejection fraction (HFrEF) is tested in the Global Approach to Lowering Adverse Cardiac outcomes Through Improving Contractility in Heart Failure (GALACTIC‐HF) trial. Here we describe the baseline characteristics of participants in GALACTIC‐HF and how these compare with other contemporary trials. Methods and Results: Adults with established HFrEF, New York Heart Association functional class (NYHA) ≥ II, EF ≤35%, elevated natriuretic peptides and either current hospitalization for HF or history of hospitalization/ emergency department visit for HF within a year were randomized to either placebo or omecamtiv mecarbil (pharmacokinetic‐guided dosing: 25, 37.5 or 50 mg bid). 8256 patients [male (79%), non‐white (22%), mean age 65 years] were enrolled with a mean EF 27%, ischemic etiology in 54%, NYHA II 53% and III/IV 47%, and median NT‐proBNP 1971 pg/mL. HF therapies at baseline were among the most effectively employed in contemporary HF trials. GALACTIC‐HF randomized patients representative of recent HF registries and trials with substantial numbers of patients also having characteristics understudied in previous trials including more from North America (n = 1386), enrolled as inpatients (n = 2084), systolic blood pressure < 100 mmHg (n = 1127), estimated glomerular filtration rate < 30 mL/min/1.73 m2 (n = 528), and treated with sacubitril‐valsartan at baseline (n = 1594). Conclusions: GALACTIC‐HF enrolled a well‐treated, high‐risk population from both inpatient and outpatient settings, which will provide a definitive evaluation of the efficacy and safety of this novel therapy, as well as informing its potential future implementation

Identifying genetic signatures of recent local adaptations in people from Ibiza

Islands have been considered natural laboratories to study evolutionary processes. Ibiza is a  small island in Spain whose population stands out from other Spanish populations due to its  particular demographic and historical processes. War, famine, and several epidemics have af fected Ibizans, and these phenomena could have left signatures of positive selection in their  genomes. Here, we used three different methodologies to detect positive selection: The Popu lation Branch Statistic (PBS), the Integrated Haplotype Score (iHS), and the Cross-Population  Extended Haplotype Homozygosity (XP-EHH). We used a sliding windows approach to control  for spurious results. The candidate windows for selection were chosen using three different  criteria for each test: maximum and mean score within each window, and proportion of high  scores in each window. Only the windows being simultaneously on the top of each of the three  criteria were selected for annotation and enrichment analyses. The most common traits asso ciated with the SNPs present in the candidate windows were blood function, cardiovascular  diseases, body mass measures, lipid metabolism, renal function, and skin diseases. We sug gest some hypotheses to explain the selection signatures related to some of these traits and  some recommendations for further studies to overcome the present research's limitations

FORMAL RULES OF THE GAME AND STAGES IN CORPORATE POLITICAL ACTION: A CASE STUDY OF ARGOS IN COLOMBIA 1960-2007

This article presents the results of a study on the types of formal institutions that require corporate political action. The study was conducted in the framework of the tendencies that stand out in the field of strategy in the XXI century, commitment to administrative practice, and the value of contextualized knowledge. This is a case study with a configurational, longitudinal, retrospective design on the political actions of Argos in Colombia between 1960 and 2007. Through this study, it became evident that companies in contexts similar to that of Colombia are in charge of two types of regulations: those that define property rights and those that regulate business. In addition, they are involved in two stages: (1) regulation development and (2) regulation enforcement. The conclusions of the study are in agreement with the knowledge of corporate political action (CPA) - a sub-field of strategy

Identifying genetic signatures of recent local adaptations in people from Ibiza

Islands have been considered natural laboratories to study evolutionary processes. Ibiza is a  small island in Spain whose population stands out from other Spanish populations due to its  particular demographic and historical processes. War, famine, and several epidemics have af fected Ibizans, and these phenomena could have left signatures of positive selection in their  genomes. Here, we used three different methodologies to detect positive selection: The Popu lation Branch Statistic (PBS), the Integrated Haplotype Score (iHS), and the Cross-Population  Extended Haplotype Homozygosity (XP-EHH). We used a sliding windows approach to control  for spurious results. The candidate windows for selection were chosen using three different  criteria for each test: maximum and mean score within each window, and proportion of high  scores in each window. Only the windows being simultaneously on the top of each of the three  criteria were selected for annotation and enrichment analyses. The most common traits asso ciated with the SNPs present in the candidate windows were blood function, cardiovascular  diseases, body mass measures, lipid metabolism, renal function, and skin diseases. We sug gest some hypotheses to explain the selection signatures related to some of these traits and  some recommendations for further studies to overcome the present research's limitations

Atividade Política Corporativa: balanço e tópicos de pesquisa nos contextos latino-americanos

This paper reviews corporate political activity (CPA) research articles published between 2004 and 2015 in different journals. A surprising finding is that a low number of articles have dealt with CPA in Latin American cases. To promote research on CPA in these contexts, a research program is presented with the following three-phase structure: basic questions, combination of topics and other subjects of interest. This agenda can outline a path for CPA research that not only supports practices with a contextualized administrative knowledge but also evidences the political actions of enterprises that can promote the control of wrongful corporate behaviors.Este artículo revisa investigaciones de la actividad política corporativa (CPA), publicadas entre 2004 y 2015 en diferentes journals. Un hallazgo sorprendente son las pocas investigaciones que se ocupan de la CPA en casos latinoamericanos. Para promover la investigación sobre la CPA en estos contextos se presenta un programa de investigación de tres fases: preguntas básicas, combinación de tópicos y otras temáticas de interés. Esta agenda puede trazar un camino para la investigación de la CPA que no solo apoye la práctica con conocimiento administrativo contextualizado sino que visibilice las acciones políticas de las empresas y desde ahí se propicie el control de comportamientos indebidos.Este artigo revisa pesquisas sobre a atividade política corporativa (APC) publicadas entre 2004 e 2015 em diferentes periódicos. Um achado surpreendente são as poucas pesquisas que tratam da APC nos contextos latino-americanos. Para promover a pesquisa sobre a APC nesses casos, apresenta-se um programa de pesquisa de três fases: perguntas básicas, combinação de tópicos e outras temáticas de interesse, o que pode estabelecer um caminho para a pesquisa da APC que não somente apoie a prática com conhecimento administrativo contextualizado, mas também que visibilize as ações políticas das empresas e, a partir disso, propicie o controle de comportamentos indevidos