La conceptualización de las criptomonedas como un asset class: consideraciones económicas y jurídicas

La tesis pretende generar valor en el conocimiento científico de los criptoactivos. Parte de una conceptualización y definición de los criptoactivos, y de la tecnología subyacente Blockchain, así como un análisis descriptivo de las implicaciones jurídicas, sociales y económicas del fenómeno Fintech en general y los criptoactivos en particular. Se analizan los diversos enfoques de las principales jurisdicciones para la regulación de los criptoactivos y un marco teórico para la valoración de los mismos como base de análisis, que suponen una oportunidad y un reto para el sistema monetario, financiero y la estabilidad fiscal. Centrados en las criptomonedas y el Bitcoin, se incorpora un estudio empírico financiero profundo para la valoración del binomio rentabilidad-riesgo de las criptomonedas con otras alternativas de inversión y una optimización de cartera para mejorar el conocimiento en la gestión de inversiones. De esta forma, las criptomonedas son consideradas en la asignación de activos. Centrados en el Bitcoin, la tesis incorpora diversas metodologías estadísticas y econométricas de series temporales (autorregresivo, redes neuronales) para la modelización del precio del Bitcoin, y se completa el análisis con consideraciones de las criptomonedas como activo ESG, su papel en la RSC (responsabilidad social corporativa) y el actual fenómeno de la transición digital. La tesis obtiene conclusiones relevantes en cuanto a la elevada volatilidad de las criptomonedas y el carácter leptocúrtico de su distribución para la gestión de riesgos, las cuales tienen implicaciones para la creación de valor en términos relativos a su rentabilidad en el horizonte temporal considerado y la reducida correlación con otras alternativas de inversión, por lo que se califica como un activo financiero apto. En cuanto al análisis de la serie temporal, no se encontró una relación dinámica, ni con técnicas lineales ni con modelos de redes neuronales, por lo que se concluye que el Bitcoin sigue un camino aleatorio

Trends in eBusiness and eGovernment

Technology affects all areas. Business and government processes are changing with the use of the internet, mobile devices, internet of things, blockchain, machine learning, artificial intelligence and many other new technologies. In this book, it is aimed to focus the use of technology, new trends in business life and government covering the studies in all sub-areas of Information Systems, Knowledge Management, eBusiness, eCommerce, eMarketing, mCommerce, eGovernment, ePublic Services, eGovernance etc. The book consists of 7 chapters. Book chapter authors are reputable scientists from different countries of the world. The first chapter is a critical review and a case study in e-Business, with special attention to the digital currencies resource and its possibilities. The second chapter attempts to incorporate the Unified Theory of Acceptance and Use of Technology (UTAUT) model with perceived risk theory (security risk and privacy risk) to explore its impact towards the intention to use m-government services. The third chapter aims to assess the level of gender inclusivity in the municipal e-procurement processes in the City of Johannesburg as a case study. The fourth chapter examines the impediments that derail the intensive uptake of eLearning programmes in a particular higher education institution. The fifth chapter investigated the role of Knowledge Management Systems (KMS) in enhancing the export performance of firms operating within the manufacturing sector in Zimbabwe. In the sixth chapter, a survey was undertaken on 131 small and medium-sized enterprises (SMEs) from Pelagonija region in order to determine the current level of SME digitalization within the region. It is aimed to compare with European Union (EU) average and to make conclusions on the impact of the SME digitalization to region gross domestic product (GDP) growth as well as revenues collection. The last chapter's purpose was to develop a measuring and modelling framework/instrument of Internet banking service quality (IBSQ) for the South African banking sector

Erratum: Global, regional, and national comparative risk assessment of 84 behavioural, environmental and occupational, and metabolic risks or clusters of risks for 195 countries and territories, 1990–2017: a systematic analysis for the Global Burden of Disease Study 2017

Interpretation: By quantifying levels and trends in exposures to risk factors and the resulting disease burden, this assessment offers insight into where past policy and programme efforts might have been successful and highlights current priorities for public health action. Decreases in behavioural, environmental, and occupational risks have largely offset the effects of population growth and ageing, in relation to trends in absolute burden. Conversely, the combination of increasing metabolic risks and population ageing will probably continue to drive the increasing trends in non-communicable diseases at the global level, which presents both a public health challenge and opportunity. We see considerable spatiotemporal heterogeneity in levels of risk exposure and risk-attributable burden. Although levels of development underlie some of this heterogeneity, O/E ratios show risks for which countries are overperforming or underperforming relative to their level of development. As such, these ratios provide a benchmarking tool to help to focus local decision making. Our findings reinforce the importance of both risk exposure monitoring and epidemiological research to assess causal connections between risks and health outcomes, and they highlight the usefulness of the GBD study in synthesising data to draw comprehensive and robust conclusions that help to inform good policy and strategic health planning

Multiple Scenario Generation of Subsurface Models:Consistent Integration of Information from Geophysical and Geological Data throuh Combination of Probabilistic Inverse Problem Theory and Geostatistics

Neutrinos with energies above 1017 eV are detectable with the Surface Detector Array of the Pierre Auger Observatory. The identification is efficiently performed for neutrinos of all flavors interacting in the atmosphere at large zenith angles, as well as for Earth-skimming \u3c4 neutrinos with nearly tangential trajectories relative to the Earth. No neutrino candidates were found in 3c 14.7 years of data taken up to 31 August 2018. This leads to restrictive upper bounds on their flux. The 90% C.L. single-flavor limit to the diffuse flux of ultra-high-energy neutrinos with an E\u3bd-2 spectrum in the energy range 1.0 7 1017 eV -2.5 7 1019 eV is E2 dN\u3bd/dE\u3bd < 4.4 7 10-9 GeV cm-2 s-1 sr-1, placing strong constraints on several models of neutrino production at EeV energies and on the properties of the sources of ultra-high-energy cosmic rays

Global, regional, and national age-sex-specific mortality and life expectancy, 1950–2017: a systematic analysis for the Global Burden of Disease Study 2017

© 2018 The Author(s). Background: Assessments of age-specifc mortality and life expectancy have been done by the UN Population Division, Department of Economics and Social Afairs (UNPOP), the United States Census Bureau, WHO, and as part of previous iterations of the Global Burden of Diseases, Injuries, and Risk Factors Study (GBD). Previous iterations of the GBD used population estimates from UNPOP, which were not derived in a way that was internally consistent with the estimates of the numbers of deaths in the GBD. The present iteration of the GBD, GBD 2017, improves on previous assessments and provides timely estimates of the mortality experience of populations globally. Methods: The GBD uses all available data to produce estimates of mortality rates between 1950 and 2017 for 23 age groups, both sexes, and 918 locations, including 195 countries and territories and subnational locations for 16 countries. Data used include vital registration systems, sample registration systems, household surveys (complete birth histories, summary birth histories, sibling histories), censuses (summary birth histories, household deaths), and Demographic Surveillance Sites. In total, this analysis used 8259 data sources. Estimates of the probability of death between birth and the age of 5 years and between ages 15 and 60 years are generated and then input into a model life table system to produce complete life tables for all locations and years. Fatal discontinuities and mortality due to HIV/AIDS are analysed separately and then incorporated into the estimation. We analyse the relationship between age-specifc mortality and development status using the Socio-demographic Index, a composite measure based on fertility under the age of 25 years, education, and income. There are four main methodological improvements in GBD 2017 compared with GBD 2016: 622 additional data sources have been incorporated; new estimates of population, generated by the GBD study, are used; statistical methods used in diferent components of the analysis have been further standardised and improved; and the analysis has been extended backwards in time by two decades to start in 1950. Findings: Globally, 18·7% (95% uncertainty interval 18·4-19·0) of deaths were registered in 1950 and that proportion has been steadily increasing since, with 58·8% (58·2-59·3) of all deaths being registered in 2015. At the global level, between 1950 and 2017, life expectancy increased from 48·1 years (46·5-49·6) to 70·5 years (70·1-70·8) for men and from 52·9 years (51·7-54·0) to 75·6 years (75·3-75·9) for women. Despite this overall progress, there remains substantial variation in life expectancy at birth in 2017, which ranges from 49·1 years (46·5-51·7) for men in the Central African Republic to 87·6 years (86·9-88·1) among women in Singapore. The greatest progress across age groups was for children younger than 5 years; under-5 mortality dropped from 216·0 deaths (196·3-238·1) per 1000 livebirths in 1950 to 38·9 deaths (35·6-42·83) per 1000 livebirths in 2017, with huge reductions across countries. Nevertheless, there were still 5·4 million (5·2-5·6) deaths among children younger than 5 years in the world in 2017. Progress has been less pronounced and more variable for adults, especially for adult males, who had stagnant or increasing mortality rates in several countries. The gap between male and female life expectancy between 1950 and 2017, while relatively stable at the global level, shows distinctive patterns across super-regions and has consistently been the largest in central Europe, eastern Europe, and central Asia, and smallest in south Asia. Performance was also variable across countries and time in observed mortality rates compared with those expected on the basis of development. Interpretation: This analysis of age-sex-specifc mortality shows that there are remarkably complex patterns in population mortality across countries. The fndings of this study highlight global successes, such as the large decline in under-5 mortality, which refects signifcant local, national, and global commitment and investment over several decades. However, they also bring attention to mortality patterns that are a cause for concern, particularly among adult men and, to a lesser extent, women, whose mortality rates have stagnated in many countries over the time period of this study, and in some cases are increasing

Cryptocurrencies regulation in the Islamic environment: OneGram case study

The legal and political concept of church-state separation is one of the measures established in secular states, including the economy. The separation does not exist in countries governed by Islamic law, called sharia. An aspect of current affairs is the appearance of cryptocurrencies and their questioning due to their speculative nature: halal or haram? It is an aspect of current affairs among regulators, central banks and authorities. One possible solution with compliance with muslim precepts is the OneGram (OGC), which was recognized as the best Islamic financial product of 2018 at the Global Islamic Finance Awards.El concepto legal y político de la separación iglesia-estado es una de las medidas que se establecen en los estados de carácter laico, incluyendo la economía. La separación no existe en los países que se rigen por la ley islámica, denominada sharía. Un aspecto de actualidad es la aparición de las criptomonedas y su cuestionamiento debido a su carácter especulativo: ¿halal o haram? Es un aspecto de actualidad entre reguladores, bancos centrales y autoridades. Una posible solución con el cumplimiento de los preceptos musulmanes es OneGram (OGC), la cual fue reconocida como el mejor producto financiero islámico del 2018 en los Global Islamic Finance Awards

Balance del régimen jurídico-económico de las ICOs en la financiación de las PYMES

La tecnología modifica en la actualidad las relaciones económicas y sociales y la denominada Fintech cambia el escenario de los activos y mercados financieros. La economía se está "tokenizando", lo que brinda a los mercados más liquidez (por ejemplo, existen plataformas de crowdfunding o crowdlending que dan liquidez a las inversiones en equities y deuda privadas) y permite la creación de nuevos activos financieros en una economía digital. Las criptomonedas permiten a las empresas crear su propio sistema monetario y varios autores las consideran una amenaza para el modelo de estado actual, perdiendo su poder fiduciario. Un ejemplo es la ICO (initial coin offering, que es la emisión de criptomonedas), con sus respectivas versiones IEO Initial Exchange Offering y STO security token offering donde el aspecto regulatorio emergente y su capacidad financiera para recaudar capital carece de suficiente estudio. En este artículo discutimos este análisis

Comprensión y Producción de Lenguaje I - HU543 - 202102

Descripción: Comprensión y Producción de Lenguaje 1 es un curso de primer ciclo, que busca desarrollar las habilidades vinculadas con la comprensión lectora y la redacción de textos escritos formales y adecuados a una situación comunicativa determinada. Por ello, durante el curso, las actividades posibilitarán que el estudiante reflexione sobre cómo el lenguaje es una herramienta que nos permite entender la realidad (comprensión) y comunicar adecuadamente nuestras ideas sobre ella (producción). Esta reflexión se realizará con énfasis en el uso del lenguaje en las redes sociales, espacio que se ha constituido como un nuevo lugar para la divulgación de asuntos diversos: desde temas de ocio o entretenimiento hasta temas académicos, científicos y políticos. En ese sentido, este curso propone que el alumno asuma el rol de un ciudadano crítico, es decir, aquella persona que no solo consume información, sino que produce contenido a partir de una investigación en fuentes confiables. Considerando lo explicado, nuestros alumnos no solo serán capaces de redactar un texto escrito formal de acuerdo con las necesidades comunicativas del ámbito universitario y de la sociedad actual, sino que podrán transformarlo en un texto multimodal (el cual involucra diferentes medios de comunicación: visual, auditivo, imagen, texto, entre otros) que tenga sentido en las redes sociales, lugar de interacción real con sus lectores. Estos productos comunicativos deberán presentar una organización conveniente, un desarrollo sólido y suficiente (lo que implica una lectura crítica de las fuentes de información), y una escritura acorde con la normativa vigente. Propósito: El curso desarrolla la competencia de comunicación escrita, en el nivel 1; es decir, el estudiante es capaz de construir mensajes coherentes y sólidos que se adecúan a la situación y propósito comunicativo. Este desarrollo le permite la generación y construcción de nuevas ideas, lo cual es relevante para su vida académica y profesional. La actual sociedad de la información y el conocimiento, caracterizada por la disrupción, la innovación y la complejidad en las formas de comunicación mediadas por la tecnología, enfrenta al estudiante y al profesional a nuevos retos en las maneras de comunicar aquello que conoce y que construye. En este escenario, la competencia comunicativa escrita adquiere protagonismo como herramienta para transmitir el conocimiento creado. El curso se alinea con esta exigencia, pues contribuye a que el estudiante responda exitosamente a las demandas comunicativas del contexto académico, y a que el egresado pueda desenvolverse idóneamente en el campo profesional y laboral

Observation of inclined EeV air showers with the radio detector of the Pierre Auger Observatory

International audienceWith the Auger Engineering Radio Array (AERA) of the Pierre Auger Observatory, we have observed the radio emission from 561 extensive air showers with zenith angles between 60o and 84o. In contrast to air showers with more vertical incidence, these inclined air showers illuminate large ground areas of several km2 with radio signals detectable in the 30 to 80 MHz band. A comparison of the measured radio-signal amplitudes with Monte Carlo simulations of a subset of 50 events for which we reconstruct the energy using the Auger surface detector shows agreement within the uncertainties of the current analysis. As expected for forward-beamed radio emission undergoing no significant absorption or scattering in the atmosphere, the area illuminated by radio signals grows with the zenith angle of the air shower. Inclined air showers with EeV energies are thus measurable with sparse radio-antenna arrays with grid sizes of a km or more. This is particularly attractive as radio detection provides direct access to the energy in the electromagnetic cascade of an air shower, which in case of inclined air showers is not accessible by arrays of particle detectors on the ground