La relevancia de la nueva información transmitida por los dividendos en el mercado de capitales español

En este trabajo pretendemos contrastar el efecto del contenido informativo de los dividendos en el mercado de capitales español. La decisión de reparto de dividendos constituye uno de los temas más controvertidos dentro de las finanzas empresariales presentándose, en palabras de Black, como un rompecabezas cuyas piezas no acaban de encajar entre sí. En un mercado de capitales perfectos esta decisión se convierte en una decisión irrrelevante para las políticas de inversión de las empresas, tal como demostraron Miller y Modigliani. Sin embargo, el escaso poder predictivo de este modelo, bajo el supuesto simplista de ausencia de imperfecciones hace necesario la búsqueda de nuevas respuestas que permitan acercar los pronósticos de la teoría al comportamiento adoptado por las empresas en materia de reparto. Uno de los argumentos que ofrece respuesta a la decisión de dividendos es el que atañe al carácter señalizador de los dividendos. En este sentido, al hilo de las proposiciones que nos sugiere la teoría de la agencia, la política de reparto puede usarse como un vehículo en manos de la gerencia para transmitir información al mercado, en un mundo de asimetrías informativas y donde los internos a la empresa disponen de información privada sobre la marcha de la empresa. La relevancia de la nueva información transmitida por la señal de los dividendos modificará las expectativas que sobre el valor de las acciones tienen los inversores externos, en el caso de que esta información sea significativa y no haya sido descontada con anterioridad. Una vez que hemos expuesto el estado de la cuestión, contrastamos empíricamente si los dividendos transmiten nueva información relevante. Para ello, el estudio se centra en el análisis de las reacciones de los precios de las acciones de la Bolsa de Madrid durante el período 1996-1997 ante anuncios de reparto de dividendos publicados por el Boletín de Cotización de la Bolsa de Madrid. Aplicamos la técnica del suceso para comprobar si existen rentabilidades anormales significativa en tomo a la fecha exdividendo y los períodos anterior y posterior al anuncio. Las peculiaridades informativas que presentan las empresas del sector bancario nos obliga a realizar el estudio por separado del resto de empresas. Los resultados obtenidos nos permiten confirmar las tesis de relevancia de la decisión de dividendos ya que se observa la existencia de rentabilidades anormales significativas en el período de publicación de los dividendos a cuenta, tanto en el sector bancario como en el resto de las empresas. Y con ello, podemos admitir la hipótesis del contenido informativo de los dividendos planteada por la teoría de la agencia y su carácter señalizador para los accionistas extemos sobre la situación de la empresa y su capacidad para generar nuevos fondos en el futuro.This research attempts to check the effect of dividend informative content in the Spanish Capital Market. The decisión of dividend delivery is one of the most controversial issue that becomes a big puzzle which pieces do not match with each other, as Black say

Why offshore wind energy?

At the beginning of 2010, only 2000 wind megawatts had been installed offshore. Although the first offshore wind farm experiment took place in 1990, most of the facilities built up to now have been pilot projects. Then, offshore wind power can be considered as an incipient market. However, just at this moment, the growth of this technology finally seems to be happening, being several countries at the top of its development (the United Kingdom, Denmark, Holland, Sweden and Germany). This current situation, the raw materials problems and the general commitments to reduce the emissions of greenhouse gases are leading to predict a promising future for this technology. This paper deals with a brief revision of the state of the art of offshore wind power, followed by a critical discussion about the causes of the recently growth that is currently happening. The discussion is based on the comparison of offshore wind energy with other renewable energies (like onshore wind, marine hydrodynamics, hydraulic, solar, etc.) and even with conventional powe

Natural versus anthropogenic factors in Cancun barrier erosion

During the first half of 2006 important sand nourishment was done along the barrier shore face of Cancun Nizuc (Quintana Roo, Mexico). It was quickly decided and constructed after that the hurricane Wilma swept the barrier and under the recent general impression of the devastating Katrina effects on New Orleans region. That decision interrupted a long time of discussions about the better Project to recover the great erosion of the barrier beach. This paper discuss the role of the different natural agents on the coastal erosion in this Cancun barrier under strictly natural conditions, trying to discern the relative importance of the common maritime weather versus the hurricanes; and the role of the different anthropogenic agents of development in both the generation of new erosive coastal processes (strictly anthropogenics) and the strengthening of the previous and natural processes (partially anthropogenics). The later being more significant, the paper looks at the different importance of their synergies with the, respectively, common weather versus hurricanes effects on the barrier erosion

Integral management applied to offshore wind farms

Metodología para el diseño de parques eólicos marinos teniendo presente las variables físicas, climñaticas, ambientales, geológicas, geotécnicas, de explotación, tipológicas, estructurales, económicas y de rendimiento energétic

Aplicabilidad de las zeolitas como regulador de fraguado

El presente trabajo propone sustituir la proporción que corresponde al yeso en un cemento pórtland por zeolita natural, a fin de regular el fraguado de la pasta en condiciones más o menos similares a las ordinarias, y obtener igualmente resistencias mecánicas aceptables. Los criterios seguidos en esta investigación tienen su base en la propiedad de las zeolitas como intercambiadores iónicos, mediante la cual pueden saturarse de agua rápidamente, controlando la humedad de la pasta, y neutralizando así la reacción del C3A con el Ca(OH)2; de este modo, “ralentizan” el fraguado durante un período de tiempo lo suficientemente adecuado como para facilitar la hidratación óptima de los silicatos, principalmente los bicálcicos, con la formación de variedades secundarias más estables, como la tobermorita. Las resistencias mecánicas obtenidas en esta investigación alcanzaron los 59,3 Mpa a los 28 días. Asimismo, los ensayos para la determinación de los tiempos de inicio y final de fraguado arrojaron resultados de 95 y 135 minutos, respectivamente, mientras que la expansión resultó igual a cero en todos los casos. Palabras claves: zeolitas, yeso, fraguado, cemento, resistencia ABSTRACT This work proposes to substitute the proportion of gypsum on cement by natural zeolite, in order to regulate the forged of the mortar under conditions more or less similar to the ordinary ones, and to obtain high mechanical strength. The approaches used in this investigation have been focused on the zeolites property as ion-exchanger, by means of which it can be quickly saturated itself with water, controlling the humidity inside mortar, and neutralizing the reaction of both, the C3A and Ca(OH)2; this way, zeolites diminishes the forged speed during an appropriate time in which it allows the complete hydrate of the silicates, mainly the belite, with the formation of secondary more stable varieties, as tobermorite. The mechanical strength obtained in this investigation reached 59,3 Mpa at 28 days. Also, the tests for the determination of the times of starting-final forged have reported results of 95 and 135 minutes, while the volume stability was similar to zero in all the cases. Key words: zeolites, gypsum, forged, cement, strengt

Urban Coastal Flooding and Climate Change

Dentro del marco del Proyecto Europeo Smartest se presenta la publicación de las inundaciones en ciudades próximas a la costa y la influencia del cambio climático en la interface fluvio - marina con las condiciones ambientales que afectan al comportamiento evolutivo de la ciuda

Proposal of a methodology for the design of offshore wind farms

In fact, the wind power installed in the sea is still very scarce, with only 1,500 megawatts in operation in the middle of 2009. Although the first offshore wind farm experiment took place in 1990, the facilities built up to now have been mainly pilot projects. These previous statements confirm the incipient state of offshore wind power, Anyway, in this moment this technology is being strongly pushed, especially by the governments of some countries - like the United Kingdom, Germany, etc. – which is due above all to the general commitments made to reduce the emission of greenhouses gases. All of these factors lead to predict a promising future for offshore wind power

Predicting Clinical Outcome with Phenotypic Clusters in COVID-19 Pneumonia: An Analysis of 12,066 Hospitalized Patients from the Spanish Registry SEMI-COVID-19

(1) Background: Different clinical presentations in COVID-19 are described to date, from mild to severe cases. This study aims to identify different clinical phenotypes in COVID-19 pneumonia using cluster analysis and to assess the prognostic impact among identified clusters in such patients. (2) Methods: Cluster analysis including 11 phenotypic variables was performed in a large cohort of 12,066 COVID-19 patients, collected and followed-up from 1 March to 31 July 2020, from the nationwide Spanish Society of Internal Medicine (SEMI)-COVID-19 Registry. (3) Results: Of the total of 12,066 patients included in the study, most were males (7052, 58.5%) and Caucasian (10,635, 89.5%), with a mean age at diagnosis of 67 years (standard deviation (SD) 16). The main pre-admission comorbidities were arterial hypertension (6030, 50%), hyperlipidemia (4741, 39.4%) and diabetes mellitus (2309, 19.2%). The average number of days from COVID-19 symptom onset to hospital admission was 6.7 (SD 7). The triad of fever, cough, and dyspnea was present almost uniformly in all 4 clinical phenotypes identified by clustering. Cluster C1 (8737 patients, 72.4%) was the largest, and comprised patients with the triad alone. Cluster C2 (1196 patients, 9.9%) also presented with ageusia and anosmia; cluster C3 (880 patients, 7.3%) also had arthromyalgia, headache, and sore throat; and cluster C4 (1253 patients, 10.4%) also manifested with diarrhea, vomiting, and abdominal pain. Compared to each other, cluster C1 presented the highest in-hospital mortality (24.1% vs. 4.3% vs. 14.7% vs. 18.6%; p 20 bpm, lower PaO2/FiO2 at admission, higher levels of C-reactive protein (CRP) and lactate dehydrogenase (LDH), and the phenotypic cluster as independent factors for in-hospital death. (4) Conclusions: The present study identified 4 phenotypic clusters in patients with COVID-19 pneumonia, which predicted the in-hospital prognosis of clinical outcomes

Elementos de historia de la ciencia

Astronomía y física en Platón / Pablo Melogno -- Ciencia y método en Aristóteles / Elena Diez de la Cortina Montemayor -- Los elementos de Euclides y el desarrollo de la matemática griega / Pablo Melogno -- La teoría planetaria de Claudio Ptolomeo / Christián C. Carmen -- Ciencia y filosofía en la Edad Media : la disputa entre razón y fe / Margarita Santana de la Cruz -- De la alquimia a la química / Soledad Esteban Santos -- Leonardo Da Vinci : un estudio de la unidad de su pensamiento y su lugar en la historia de la ciencia / Adriana Assandri -- Conceptos fundamentales de la teoría copernicana / Marina Camejo -- Galileo Galilei : evidencia experimental matemáticamente analizada en la filosofía natural de principios del siglo XVII / Godfrey Guillaumin -- J. Kepler (1571-1630) : la creatividad y el rigor en la búsqueda de la armonía del mundo / Inmaculada Perdomo Reyes -- Antonie-Laurent Lavoisier (1743?-1794) y la química del siglo XVIII / Inés Pellón González -- Darwin y el evolucionismo / José María Adrover -- El problema del V postulado y el surgimiento de las geometrías no euclidianas / Pablo Rodríguez -- Einstein y la reinvención de la física / Leonardo Moledo, Nicolás Olszevicki, Esteban Magnani -- Los inicios de la física cuántica y el problema de su interpretación / Pablo Rodríguez -- La teoría del big bang en la red del conocimiento / Hernán Miguel

HCV-coinfection is related to an increased HIV-1 reservoir size in cART-treated HIV patients: a cross-sectional study

In HIV-1/HCV-coinfected patients, chronic HCV infection leads to an increased T-lymphocyte immune activation compared to HIV-monoinfected patients, thereby likely contributing to increase HIV-1 reservoir that is the major barrier for its eradication. Our objective was to evaluate the influence of HCV coinfection in HIV-1 viral reservoir size in resting (r) CD4+ T-cells (CD25-CD69-HLADR-). Multicenter cross-sectional study of 97 cART-treated HIV-1 patients, including 36 patients with HIV and HCV-chronic co-infection without anti-HCV treatment, 32 HIV patients with HCV spontaneous clearance and 29 HIV-monoinfected patients. rCD4+ T-cells were isolated and total DNA was extracted. HIV viral reservoir was measured by Alu-LTR qPCR. Differences between groups were calculated with a generalized linear model. Overall, 63.9% were men, median age of 41 years and Caucasian. Median CD4+ and CD8+ T-lymphocytes were 725 and 858 cells/mm 3 , respectively. CD4+ T nadir cells was 305 cells/mm 3 . Proviral HIV-1 DNA size was significantly increased in chronic HIV/HCV-coinfected compared to HIV-monoinfected patients (206.21 ± 47.38 vs. 87.34 ± 22.46, respectively; P = 0.009), as well as in spontaneously clarified HCV co-infected patients when compared to HIV-monoinfected individuals (136.20 ± 33.20; P = 0.009). HIV-1/HCV co-infected patients showed a larger HIV-1 reservoir size in comparison to HIV-monoinfected individuals. This increase could lead to a greater complexity in the elimination of HIV-1 reservoir in HIV-1/HCV-coinfected individuals, which should be considered in the current strategies for the elimination of HIV-1 reservoir.Financial support was provided by the Instituto de Salud Carlos III to VB (PI15CIII/00031), by the Spanish Ministry of Economy and Competitiveness to MC (SAF2016–78480-R) and The SPANISH AIDS Research Network RD16CIII/0002/0001, RD16CIII/0002/0002 and RD16/0025/0013 - ISCIII – FEDER. MRLP is supported by ISCIII - Subdirección General de Evaluacion and European Funding for Regional Development (FEDER) (PIE 13/00040 and RD12/0017/0017 RETIC de SIDA). C.P. is supported by the Portuguese Fundação para a Ciência e Tecnologia (FCT) (grant number SFRH/ BPD/77448/2011 is part of the EDCTP2 programme supported by the European Union). V.B., A.F.R. and N.R. are supported by the Miguel Servet programme from Fondo de Investigación Sanitaria (ISCIII) (grant number CP13/00098, CP14/CIII/00010 and CP14/00198, respectively)