CSPP : the impact on firms' capital structure

In 2016, the ECB launched the Corporate Sector Purchase Program with the aim of providing liquidity to firms. This new unconventional monetary policy was implemented from 2016 to 2018. In this thesis we study the effects of this program on firms´ capital structure. By taking a methodological approach similar to Grosse Rueschkamp (2019), we observe that public companies increased their level of Long Term Debt-to-Total Assets. Additionally, public companies decreased their level of Short-Term Debt-to-Total Assets. In consideration with private companies, they increased their level of Short-Term Debt-to-Total Assets.Em 2016, o BCE lançou o Corporate Sector Purchase Program com o objetivo de fornecer liquidez às empresas. Esta nova política monetária não convencional foi implementada de 2016 a 2018. Nesta tese estudamos os efeitos deste programa na estrutura de capital das empresas. Ao adotar uma abordagem metodológica semelhante a Grosse-Rueschkamp (2019), observamos que as empresas públicas aumentaram seu nível de Dívida de Longo Prazo sobre o Ativo Total. Adicionalmente, as companhias abertas diminuíram seu nível de Dívida de Curto Prazo sobre Ativos Totais. Em contrapartida com empresas privadas, elas aumentaram seu nível de Dívida de Curto Prazo sobre Ativos Totais

3D numerical study of the transient behaviour on plasticity induced crack closure

Daniel Camas, Fernando Antunes, Pablo Lopez-Crespo, Antonio Gonzalez-Herrera, 3D Numerical Study of the Transient Behaviour on Plasticity Induced Crack Closure, Abstract Booklet of the MSMF9, Edited by Pavel Sandera, Brno University of Technology, 2019, pp. 136.The numerical analysis of the plasticity induced crack closure requires the development of the plastic wake. Transient behaviour is observed when the crack starts to grow. The plastic wake length has an influence on the crack closure results and a great impact on the computational cost. Previous works have analysed the influence of this parameter considering bi-dimensional specimens in either plane strain or plane stress conditions. Lately, some three-dimensional models have appeared in order to analyse the crack closure phenomenon. The main scope of this study is to quantify and comprehend the minimum length required to stabilise the crack opening and closure values considering a three-dimensional model. On this purpose, a CT aluminium specimen has been modelled three-dimensionally and several calculations have been made in order to evaluate the influence of the simulated plastic wake. The numerical analysis is made in terms of crack closure and opening values.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tec

A numerical analysis of the plastic wake influence on plasticity induced crack closure

Fatigue crack closure has been studied by means of finite element method since long time ago. Most work has been performed considering bi-dimensional models. Lately, the use of threedimensional models has been extended. Nevertheless, the methodology employed has been taken from that developed for bi-dimensional cases. There are a great number of previous bi-dimensional studies which analyse different numerical parameters and optimise them. The current computational capabilities allow a comprehensive study of the influence of the different modelling parameters in a similar way to those studies carried out with bidimensional models, with the advantage, that the evolution along the thickness of the analysed parameters can be taken into consideration. In particular, one of the key issues is related to the plastic wake length which is developed during the previous loading cycles. This residual stresses have a great influence on the crack opening and closure values. As the numerical analysis are complex and computationally expensive, the length of the simulated wake is a critical parameter. In this work, a comprehensive study of the effect of the plastic wake in fatigue crack closure is made. On this purpose, a CT aluminium specimen has been modelled three-dimensionally and several calculations have been made in order to evaluate the influence of the simulated plastic wake length. The numerical analysis is made in terms of crack closure and opening values as in terms of the stress and strain fields near the crack front.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

Indagaciones sobre el proceso de innovación social desde el proyecto siembra viva en territorio colombiano.

No aplicaEs necesario realizar indagaciones que resulten importantes para aclarar cual es el funcionamiento que tienen las diversas empresas en el mundo de la monetización y el cuidado de recursos naturales; durante el recorrido en el presente documento se encontraran un conjunto de definiciones y atributos que permiten vislumbrar como es el tránsito de una empresa tradicional con relación a las catalogadas como tipo B, que condiciones debe cumplir y que entidad regula este tipo de organizaciones, acompañado de unas enunciaciones que ayudan a entender como hizo Siembraviva para tener un horizonte de producción basando sus procedimientos en los conceptos de sostenibilidad, educación, uso de tecnologías de la información y aprender de la problemática social para reconocer actuaciones que determinen la importancia de establecer el concepto de comercialización de productos sustraídos del campo, con estándares donde se rentabilice y dignifique el trabajo de los campesinos, se reconecten con sus técnicas ancestrales, alineado a dinámicas modernas y estándares de cuidado del medio ambiente.No aplic

Consolidation of an EV Project Based Learning program integrated within a complete Bachelor Engineering Degree

Proyecto docente para el aprendizaje de competencias fundamentales de la ingeniería a través del aprendizaje basado en un proyecto multianual y multidisciplinar coordinado sobre las asignaturas troncales de este tipo de grados. Los resultados obtenidos son del tipo docente, funcionales y científicos que han permitido fabricar varios modelos de vehículos eléctricos ligeros con los que se ha acudido a competiciones internacionales.Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech

Significado psicológico de respeto entre adolescentes

El objetivo de este trabajo fue conocer el significado psicológico de "respeto" entre adolescentes, y a quién se le debe tener respeto y por qué. Se trabajó con 100 estudiantes de Preparatoria, distribuidos equitativamente por género, mediante la utilización de la técnica de redes semánticas naturales. Los resultados muestran que ambos géneros definieron respeto como un valor, honestidad, igualdad, confianza, educación, lealtad, tolerancia y humildad. Las diferencias muestran que para el género masculino, el respeto es amabilidad, moral, solidaridad, personalidad, trabajo, personas y libertad, en comparación con el género femenino, que lo define como amor, valorar, sinceridad, amistad, facultad, apreciar y virtud. Respecto de a quién se le debe tener respeto, ambos géneros coincidieron al decir que se debe respetar a los padres, a uno mismo, a la religión, a los viejos, los amigos, la familia, los semejantes, los maestros, la pareja, la naturaleza y la sociedad. En el caso del género masculino, éste tiende a respetar también a los niños, los animales y las opiniones, en contraste con el femenino, que respeta la vida, los hijos y las cosas. Tales resultados dejan ver que, en México, entre los hombres prevalece la instrumentalidad, al considerar, entre otras cosas, que el respeto está ligado a la libertad y al trabajo, en comparación con las mujeres, que tienden a ser más expresivas, ya que relacionan el respeto con el amor y la amistad

IDEALIST control and service management solutions for dynamic and adaptive flexi-grid DWDM networks

Wavelength Switched Optical Networks (WSON) were designed with the premise that all channels in a network have the same spectrum needs, based on the ITU-T DWDM grid. However, this rigid grid-based approach is not adapted to the spectrum requirements of the signals that are best candidates for long-reach transmission and high-speed data rates of 400Gbps and beyond. An innovative approach is to evolve the fixed DWDM grid to a flexible grid, in which the optical spectrum is partitioned into fixed-sized spectrum slices. This allows facilitating the required amount of optical bandwidth and spectrum for an elastic optical connection to be dynamically and adaptively allocated by assigning the necessary number of slices of spectrum. The ICT IDEALIST project will provide the architectural design, protocol specification, implementation, evaluation and standardization of a control plane and a network and service management system. This architecture and tools are necessary to introduce dynamicity, elasticity and adaptation in flexi-grid DWDM networks. This paper provides an overview of the objectives, framework, functional requirements and use cases of the elastic control plane and the adaptive network and service management system targeted in the ICT IDEALIST project

Spectrophotometric determination of the formation constants of calcium(II) complexes with 2,2'-bipyridyl and 1,10-phenanthroline in acetonitrile

The oxygen-evolving complex (OEC), which consists of a calcium-manganese cluster, is the reaction center of the Photosystem II. At this catalytic site, the water-splitting reaction in dioxygen and hydronium ions occurs. In order to partially reproduce the water splitting process, several studies have reported the synthesis of functional model complexes. Nevertheless, there is a small amount of reports, concerning the spectral behavior of calcium complexes or the calcium role in the cluster. In this work, in order to explore the absorption spectrum of calcium species in acetonitrile, an equilibrium study of the calcium complexes with 2,2'-bipyridyl or 1,10-phenanthroline, was carried out. The formation constants and the calculated electronic spectrum of each complex was obtained by a modified method of continuous variations consisting in a correlation of the experimental spectrophotometric data with the HypSpec software. The values of the formation constants for the calcium(II) complexes with 2,2'-bipyridyl and 1,10-phenanthroline, are Log β110 = 4.39 ± 0.02 and Log β110 = 5.94 ± 0.05, respectively

Regulatory polymorphisms in extracellular matrix protease genes and susceptibility to rheumatoid arthritis: a case-control study

Many extracellular matrix (ECM) proteases seem to be important in rheumatoid arthritis (RA) and regulation of their transcription levels is a critical mechanism for controlling their activity. We have investigated, therefore, whether the best-characterized single nucleotide polymorphisms (SNPs) affecting transcription of the ECM proteases that have been related with joint pathology are associated with RA susceptibility. Nine SNPs in eight genes were selected by bibliographic search, including SNPs in the genes encoding matrix metalloproteinase (MMP)1, MMP2, MMP3, MMP7, MMP9, MMP13, plasminogen activator, tissue type (PLAT) and PAI-1. They were studied in a case-control setting that included 550 RA patients and 652 controls of Spanish ancestry from a single center. Genotyping was performed by single-base extension. Only two of the nine SNPs showed significant association with RA susceptibility. RA patients showed increased frequencies of the -7351 T allele of the gene encoding PLAT (36.4% versus 32.1% in controls, p = 0.026) and the -1306 T allele of the gene encoding MMP2 (24.5% versus 20.3% in controls, p = 0.013). These two alleles seemed to cooperate according to an additive model with respect to increased RA susceptibility (p = 0.004), and they were the low-expression alleles of the respective SNPs in a PLAT enhancer and the MMP2 promoter. These findings are in agreement with previous data suggesting that these two ECM proteases have a protective role in RA pathology. Confirmation of these associations will be needed to support these hypotheses. The remaining SNPs did not show association, either individually or collectively. Therefore, although regulatory SNPs in ECM proteases did not show any major effect on RA susceptibility, it was possible to find modest associations that, if replicated, will have interesting implications in the understanding of RA pathology