Valoración de la empresa AGAVAL S.A para llevar a cabo el proceso de compra

En el siguiente trabajo determinamos el valor de la compañía AGAVAL S.A. con el objetivo de identificar el valor óptimo por el cual se pueda negociar su adquisición a partir de los estados financieros de los periodos 2009 – 2012 obtenidos de la página web de la Superintendencia de Sociedades. Para realizar la valoración se utilizó la metodología de Flujos de Caja Descontados. Basados en esta información y teniendo en cuenta variables económicas como la inflación y el PIB (Producto Interno Bruto), se proyectaron los estados financieros para los siguientes 9 años (2013 -2019) y se calcularon los Flujos de Caja esperados para este periodo. Finalmente, a los resultados obtenidos se les realizo un análisis de sensibilidad con la herramienta Crystal Ball con el fin de tener diferentes escenarios de valoración, esto nos ayudará a determinar un precio de compra justo a ofrecer por esta compañía.In this paper we determinate the value of the company AGAVAL S.A. in order to identify the optimal value to negotiate its acquisition using the financial statements of the years 2009 - 2012 obtained from the website of the Superintendency of Companies. To make the valuation we used the Discounted Cash Flow methodology. Based on this information and economic variables such as inflation and GDP (Gross Domestic Product), we make the projection of the financial statements for the next 9 years (2013 -2019 ) and cash flows expected for this period were calculated. Finally, we perform a sensitivity analysis to the results with Crystal Ball tool in order to have different valuation scenarios, this will help us determine a purchase price for this company

Assessment of 3D viewers for the display of interactive documents in the learning of graphic engineering

The purpose of this study is to determine which 3D viewers should be used for the display of interactive graphic engineering documents, so that the visualization and manipulation of 3D models provide useful support to students of industrial engineering (mechanical, organizational, electronic engineering, etc). The technical features of 26 3D visualization software programmes (viewers, publishers, 3D output formats) are examined, to select the three visualization configurations that best meet our needs at the Graphic Expression Department of the University of Burgos (Solidworks plus Solidworks eDrawings; Catia plus Catia eDrawings and 3DXML; several Computer-Aided Design software programmes plus Adobe Acrobat Pro Extended). These are compared using the Quality Function Deployment tool known as House of Quality. The House of Quality has enabled us to identify and quantify the importance attached by engineering teachers to each of their requirements for 3D viewers, and to identify and quantify the technical importance of each of the measurable features of these viewers

Opening the interregional trade "Black Box": The c-intereg database for the Spanish economy (1995-2005)

Recent literature on border effect has demonstrated that national trade (intra- as well as interregional trade) tends to be more intense than international trade. Unfortunately, owing to the dearth of information on interregional economic relations, this important aspect of the economy has remained relatively ignored. In this article, the authors have described the methodology and main results of the largest estimation of Spanish interregional trade (1995–2005) carried out as a part of the C-Intereg project. The results obtained highlight the importance of the internal trade and the validity of the gravity model. Although the estimation focuses on the Spanish economy, the methodology can easily be applied to other European Union (EU) countries. In the upcoming years, this innovative database will be further developed in all its dimensions (space, time, and sectors) to serve as a promising framework for the application of different techniques such as spatial interaction models or interregional input–output approaches

Generative adversarial networks for data-scarce spectral applications

Generative adversarial networks (GANs) are one of the most robust and versatile techniques in the field of generative artificial intelligence. In this work, we report on an application of GANs in the domain of synthetic spectral data generation, offering a solution to the scarcity of data found in various scientific contexts. We demonstrate the proposed approach by applying it to an illustrative problem within the realm of near-field radiative heat transfer involving a multilayered hyperbolic metamaterial. We find that a successful generation of spectral data requires two modifications to conventional GANs: (i) the introduction of Wasserstein GANs (WGANs) to avoid mode collapse, and, (ii) the conditioning of WGANs to obtain accurate labels for the generated data. We show that a simple feed-forward neural network (FFNN), when augmented with data generated by a CWGAN, enhances significantly its performance under conditions of limited data availability, demonstrating the intrinsic value of CWGAN data augmentation beyond simply providing larger datasets. In addition, we show that CWGANs can act as a surrogate model with improved performance in the low-data regime with respect to simple FFNNs. Overall, this work highlights the potential of generative machine learning algorithms in scientific applications beyond image generation and optimization

Unconventional Monetary Policy and Inflation in the U.S.: How Much Inflation was Missing?

The U.S. inflation rate for the period 2008-2016 was abnormally low despite the execution of a high expansive monetary policy, which has been called “the missing inflation paradox”. In this paper we estimate the missing inflation as the difference between the inflation predicted, and the observed rate using two monetarist models. The results support the adequacy of this approach to explain the inflation during 1970-2005. However, after that, the estimated missing inflation was around 3.5%-3.9% annually on average. Interestingly, this phenomenon apparently starts in 2006, previous to the beginning of the Great Recession. Although we do not present a formal explanation, the models used allow us to suspect the existence of an unusually high (and transitory) increase in the demand for real money balances

¿La inestabilidad frena el crecimiento económico?

Este artículo presenta una revisión de trabajos recientes sobre el impacto de la inestabilidad macroeconómica en la tasa de crecimiento del producto y resume nuestros ejercicios econométricos que buscan capturar dicho impacto, teniendo en cuenta la posibilidad de que éste sea diferente en países de alto y bajo ingreso per cápita. La conclusión principal es que no se puede encontrar una relación confiable entre estas dos variables.inestabilidad, crecimiento económico, inversión, análisis de datos en panel Classification JEL: E32; N10; O11; O41;

Safety and effectiveness of propranolol in severely burned patients: systematic review and meta-analysis

Background The objective of this systematic review was to determine the effectiveness and safety of propranolol compared to placebo or usual care for improving clinical relevant outcomes in severely burned patients (TBSA \u3e20%). Methods Relevant articles from randomized controlled trials were identified by a literature search in MEDLINE, EMBASE, and CENTRAL. We included trials involving patients with a severe burn (\u3e20% of total body surface area affected). Trials were eligible if they evaluated propranolol and compared to usual care or placebo. Two investigators independently assessed articles for inclusion and exclusion criteria and selected studies for the final analysis. We conducted a meta-analysis using a random-effects model. Results We included ten studies in our systematic review. These studies randomized a total of 1236 participants. There were no significant differences between propranolol and placebo with respect to mortality (RD −0.02 [95% CI −0.06 to 0.02]), sepsis (RD −0.03 [95% CI −0.09 to 0.04]), and the overall hospital stay (MD −0.37 [−4.52 to 3.78]). Propranolol-treated adults had a decrease in requirements of blood transfusions (MD −185.64 [95% CI −331.06 to −40.43]) and a decreased heart rate (MD −26.85 [95% CI −39.95 to −13.75]). Conclusions Our analysis indicates that there were no differences in mortality or sepsis in severely burned patients treated with propranolol compared with those who had usual care or placebo. However, the use of propranolol in these patients resulted in lower requirements of blood transfusion and lower values of heart rate. The evidence synthesized in this systematic review is limited to conclude that propranolol reduces the length of hospital stay among severely burned patients. Future trials should assess the impact of propranolol on clinically relevant outcomes such as mortality and adverse events

Tunable Thermal Emission of Subwavelength Silica Ribbons

The thermal properties of individual subwavelength objects, which defy Planck’s law, are attracting significant fundamental and applied interest in different research areas. Special attention has been devoted to anisotropic structures made of polar dielectrics featuring thicknesses smaller than both the thermal wavelength and the skin depth. Recently, a novel experimental technique has enabled the measurement of the thermal emissivity of anisotropic SiO2 nanoribbons (with thicknesses on the order of 100 nm), demonstrating that their emission properties can be largely tuned by adjusting their dimensions. However, despite the great interest aroused by these results, their rigorous theoretical analysis has remained elusive due to the computational challenges arising from the vast difference in the length scales involved in the problem. In this work, we present a systematic theoretical analysis of the thermal emission properties of these dielectric nanoribbons based on simulations within the framework of fluctuational electrodynamics carried out with the boundary element method implemented in the SCUFF-EM code. In agreement with the experiments, we show that the emissivity of these subwavelength structures can be largely tuned and enhanced over the thin-film limit. We elucidate that the peculiar emissivity of these nanoribbons is due to the very anisotropic thermal emission that originates from the phonon polaritons of this material and the properties of the waveguide modes sustained by these dielectric structures. Our work illustrates the rich thermal properties of subwavelength objects, as well as the need for rigorous theoretical methods that are able to unveil the complex thermal emission phenomena emerging in this class of systemsJ.J.G.E. was supported by the Spanish Ministry of Science and Innovation through an FPU grant (FPU19/05281). J.B.A. acknowledges financial support from the Ministerio de Ciencia, Innovacioń y Universidades (RTI2018-098452-B-I00). J.C.C. acknowledges funding from the Spanish Ministry of Science and Innovation (PID2020-114880GB-I00