Can output explain the predictability and volatility of stock returns?.

This paper examines whether a general equilibrium asset pricing model can explain two important empirical regularities of asset returns, extensively documented in the literature: (i) returns can be predicted by a set of macro variables, and (ii) returns are very volatile. We derive a closed-form solution for the equilibrium asset pricing model that relates asset returns to output by using an approximate method proposed by Campbell (Am. Econ. Rev. 83 (1993) 487) and Restoy and Weil (W.P. NBER, No. 6611 (1998)). We obtain evidence on eight OECD economies using both quarterly and annual observations. Equilibrium models seem to fin fewer difficultie in explaining the volatility of returns than their predictability for general output processes. In the case of the US, the observed predictability and volatility of asset returns, for annual frequencies, are broadly compatible with the predictions of equilibrium models for a reasonableGeneralized isoelastic preferences; Asset returns; Real activity; Volatility;

Responsabilidad civil por daños derivados del contagio del COVID-19 en establecimiento comercial abierto al público.

This paper analyses the major legal problems posed by an eventual lawsuit claiming damages for contagion of COVID-19 within the retail store or commercial establishment of an entrepreneur. The author deals with the following questions: the tort law rules applicable to such a case, the problems surrounding the proof of causation, as well as the content and role of the entrepreneur?s duty of car

Principales aspectos de la nueva regulación de los daños derivados de los accidentes de circulación en España: régimen de responsabilidad civil y valoración del daño personal derivado de la misma

This paper describes the main features and the general outlines of the last important reform of the Spanish legislation on liability derived from road traffic accidents. This reform modified the tort law rules applicable to car accidents, but its most remarkable consequence is the introduction of a new legal method for assessing personal damages produced by this kind of accidents

Diffuse urban sprawl in intermediate cities. Simulation of the expansión process in the city of Temuco, Chile

Urbanization advances vertiginously and its impacts are visible beyond metropolitan spaces. In this context, urban sprawl simulation methodologies become relevant to understand and add to future urban growth scenarios. In this work, the case of the city of Temuco in the La Araucanía Region is analyzed, using the following tools: Markov chains; Cellular Automaton; Multicriteria-Multi-objective Assessment; and the determination of land usage/cover using Geographic Information Systems (GIS). Based on the above, the urban scenario was determined for 2049 from the spatial patterns of the area under study, since 1985. The model shows a trend to a peripheral and diffuse sprawl towards the north of the city and a strong development towards the western sector in the Labranza neighborhood. That is to say, the first sector is projected as a possible node of expansion, and the second, as one of consolidation. It is concluded that both zones require pertinent updated urban planning instruments, which the city has not had until now.La urbanización avanza de manera vertiginosa y sus impactos son visibles más allá de los espacios metropolitanos. En ese contexto, las metodologías de simulación del crecimiento urbano adquieren relevancia para comprender (y aportar a) futuros escenarios de crecimiento urbano. En concreto, aquí se analiza el caso de la ciudad de Temuco en la Región de La Araucanía empleando las siguientes herramientas: Cadenas de Markov, Autómata Celular, Evaluación Multicriterio-Multiobjetivo, como también de la determinación de usos/coberturas de suelo mediante Sistemas de Información Geográfica (SIG). Así, el trabajo determina el escenario urbano al año 2049 a partir de los patrones espaciales del área de estudio desde el año 1985. El modelo muestra la tendencia al crecimiento periférico y difuso hacia el norte de la ciudad y un fuerte desarrollo hacia el sector oeste en el barrio de Labranza, es decir, el primer sector se proyecta como un foco de posible expansión y el segundo, como uno de consolidación. Se concluye que ambas zonas requieren de instrumentos pertinentes y actualizados de planificación urbana, con los que la ciudad no ha contado hasta ahora

Procedimiento para la preparación de titanosilicatos mesoporosos tipo MCM-48, y su uso como catalizadores en reacciones de oxidación selectiva

Referencia OEPM: P9900214.-- Fecha de solicitud: 29/01/1999.-- Titulares: Universidad Politécnica de Valencia (UPV), Consejo Superior de Investigaciones Científicas (CSIC).Procedimiento para la preparación de titanosilicatos mesoporosos tipo MCM-48, que pueden presentar o no grupos orgánicos anclados en su superficie. La incorporación de titanio puede realizarse mediante síntesis directa, en la que un precursor de titanio es adicionado al gel de síntesis, o bien mediante anclaje de compuestos de titanio sobre una superficie de sílice. Estos compuestos son empleados como catalizadores en procesos de oxidación selectiva de compuestos orgánicos con peróxidos orgánicos o inorgánicos.Peer reviewe

Membrane Dissolution in Distributed Architectures of P-Systems

The goal of this paper is twofold. Firstly, to survey in a systematic and uniform way the main results regarding the way membranes can be placed on processors in order to get a software/hardware simulation of P-Systems in a distributed environment. Secondly, we improve some results about the membrane dissolution problem, prove that it is connected, and discuss the possibility of simulating this property in the distributed model. All this yields an improvement in the system parallelism implementation since it gets an increment of the parallelism of the external communication among processors. Also, the number of processors grows in such a way that is notorious the increment of the parallelism in the application of the evolution rules and the internal communica-tionsstudy because it gets an increment of the parallelism in the application of the evolution rules and the internal communications. Proposed ideas improve previous architectures to tackle the communication bottleneck problem, such as reduction of the total time of an evolution step, increase of the number of membranes that could run on a processor and reduction of the number of processor

A FPGA Spike-Based Robot Controlled with Neuro-inspired VITE

This paper presents a spike-based control system applied to a fixed robotic platform. Our aim is to take a step forward to a future complete spikes processing architecture, from vision to direct motor actuation. This paper covers the processing and actuation layer over an anthropomorphic robot. In this way, the processing layer uses the neuro-inspired VITE algorithm, for reaching a target, based on PFM taking advantage of spike system information: its frequency. Thus, all the blocks of the system are based on spikes. Each layer is implemented within a FPGA board and spikes communication is codified under the AER protocol. The results show an accurate behavior of the robotic platform with 6-bit resolution for a 130º range per joint, and an automatic speed control of the algorithm. Up to 96 motor controllers could be integrated in the same FPGA, allowing the positioning and object grasping by more complex anthropomorphic robots.Ministerio de Ciencia e Innovación TEC2009-10639-C04-02Ministerio de Economía y Competitividad TEC2012-37868-C04-0