Análisis de una estrategia con opciones. Short Strip Strangle sobre Gas Natural

[Resumen]: Este trabajo pretende ampliar los conocimientos básicos sobre opciones financieras, centrándose en una estrategia, la Short Strip Strangle, analizándola de manera teórica y práctica sobre las acciones de Gas Natural. Se estudian en profundidad las diferentes clases de opciones financieras, sus características, posiciones y, concretamente, el cálculo de la prima (precio de la opción) y su sensibilidad respecto a las variables que la componen. El Short Strip Strangle combina tres opciones, dos de ellas de venta y una de compra, y todas con idéntica posición, situación y fecha de vencimiento, siendo adecuada para activos que no sufran elevadas variaciones en su precio. En cuanto a la parte práctica, se ha realizado una simulación en hoja de cálculo para obtener los resultados y medidas estadísticas de la estrategia a lo largo de un horizonte temporal. Se han analizado las sensibilidades de las variables que afectan al precio de la estrategia con el fin de elaborar un contraste de hipótesis. Además, se ha realizado también en la hoja de cálculo un modelo de valoración que tiene como objetivo realizar un análisis de los datos obtenidos. Cabe destacar que habría sido viable la implantación de dicha estrategia para Gas Natural, ya que se lograría la máxima ganancia en la mayor parte del horizonte temporal. Esto se ha debido a la escasa fluctuación que ha sufrido el precio del activo. Para finalizar, se puede concluir diciendo que la realización del trabajo ha facilitado el manejo de la hoja de cálculo, ha servido también para adquirir conocimientos financieros específicos, mejorar la expresión escrita, aprender el manejo de bibliografía especializada, adquirir un vocabulario específico de inglés financiero y para relacionar cuestiones teóricas con un entorno práctico y real, interpretando datos relevantes y desarrollando la capacidad de emitir juicios de valor y conclusiones con fundamentos.[Abstract]: This paper aims to expand basic knowledge about financial options by focusing on a strategy, the Short Strip Strangle, applying it to the stocks of Gas Natural in a theoretical and practical way. The different types of financial options, their characteristics, positions, and the calculation of the premium (price of the option) and its sensitivity to the variables that compose it, are studied. The Short Strip Strangle combines three options (two put and one call), all with identical position, situation and expiration date, being suitable for assets that do not undergo high variations in their price. As for the practical part, a simulation has been carried out in a spreadsheet to obtain the results and statistical measures of the strategy throughout the time horizon. The sensitivities of the variables that alter the price of the strategy have been analysed to elaborate a hypothesis test. In addition, it has also been made in the spreadsheet a valuation model that helps in performing an analysis of the obtained data. It should be noted that it would have been viable the implementation of this strategy for Gas Natural since the maximum profit would be achieved in most part of the time horizon. This has been due to the limited fluctuation that the price of the asset has experienced. To conclude, we can say that the execution of the paper has facilitated the use of the spreadsheet, it has also been useful for acquiring specific financial knowledge, improving written expression, learning the utilization of specialised bibliography, acquiring a specific vocabulary of financial English and connecting theoretical issues with a practical and real environment, interpreting relevant data and developing the ability to make value judgments and reasoned conclusions.Traballo fin de grao (UDC.ECO). ADE. Curso 2016/201

Análisis de una estrategia con opciones. Short Strip Strangle sobre Gas Natural

[Resumen]: Este trabajo pretende ampliar los conocimientos básicos sobre opciones financieras, centrándose en una estrategia, la Short Strip Strangle, analizándola de manera teórica y práctica sobre las acciones de Gas Natural. Se estudian en profundidad las diferentes clases de opciones financieras, sus características, posiciones y, concretamente, el cálculo de la prima (precio de la opción) y su sensibilidad respecto a las variables que la componen. El Short Strip Strangle combina tres opciones, dos de ellas de venta y una de compra, y todas con idéntica posición, situación y fecha de vencimiento, siendo adecuada para activos que no sufran elevadas variaciones en su precio. En cuanto a la parte práctica, se ha realizado una simulación en hoja de cálculo para obtener los resultados y medidas estadísticas de la estrategia a lo largo de un horizonte temporal. Se han analizado las sensibilidades de las variables que afectan al precio de la estrategia con el fin de elaborar un contraste de hipótesis. Además, se ha realizado también en la hoja de cálculo un modelo de valoración que tiene como objetivo realizar un análisis de los datos obtenidos. Cabe destacar que habría sido viable la implantación de dicha estrategia para Gas Natural, ya que se lograría la máxima ganancia en la mayor parte del horizonte temporal. Esto se ha debido a la escasa fluctuación que ha sufrido el precio del activo. Para finalizar, se puede concluir diciendo que la realización del trabajo ha facilitado el manejo de la hoja de cálculo, ha servido también para adquirir conocimientos financieros específicos, mejorar la expresión escrita, aprender el manejo de bibliografía especializada, adquirir un vocabulario específico de inglés financiero y para relacionar cuestiones teóricas con un entorno práctico y real, interpretando datos relevantes y desarrollando la capacidad de emitir juicios de valor y conclusiones con fundamentos.[Abstract]: This paper aims to expand basic knowledge about financial options by focusing on a strategy, the Short Strip Strangle, applying it to the stocks of Gas Natural in a theoretical and practical way. The different types of financial options, their characteristics, positions, and the calculation of the premium (price of the option) and its sensitivity to the variables that compose it, are studied. The Short Strip Strangle combines three options (two put and one call), all with identical position, situation and expiration date, being suitable for assets that do not undergo high variations in their price. As for the practical part, a simulation has been carried out in a spreadsheet to obtain the results and statistical measures of the strategy throughout the time horizon. The sensitivities of the variables that alter the price of the strategy have been analysed to elaborate a hypothesis test. In addition, it has also been made in the spreadsheet a valuation model that helps in performing an analysis of the obtained data. It should be noted that it would have been viable the implementation of this strategy for Gas Natural since the maximum profit would be achieved in most part of the time horizon. This has been due to the limited fluctuation that the price of the asset has experienced. To conclude, we can say that the execution of the paper has facilitated the use of the spreadsheet, it has also been useful for acquiring specific financial knowledge, improving written expression, learning the utilization of specialised bibliography, acquiring a specific vocabulary of financial English and connecting theoretical issues with a practical and real environment, interpreting relevant data and developing the ability to make value judgments and reasoned conclusions.Traballo fin de grao (UDC.ECO). ADE. Curso 2016/201

Study of Temporal Variations of Equivalent Black Carbon in a Coastal City in Northwest Spain Using an Atmospheric Aerosol Data Management Software

[Abstract] Light-absorbing carbonaceous aerosols (including black carbon (BC)) pose serious health issues and play significant roles in atmospheric radiative properties. Two-year measurements (2015–2016) of aerosol light absorption, combined with measurements of sub-micrometric particles, were continuously conducted in A Coruña (northwest (NW) Spain) to determine their light absorption properties: absorption coefficients (σabs) and the absorption Ångström exponent (AAE). The mean and standard deviation of equivalent black carbon (eBC) during the period of study were 0.85 ± 0.83 µg m−3, which are lower than other values measured in urban areas of Spain and Europe. High eBC concentrations found in winter are associated with an increase in emissions from anthropogenic sources in combination with lower mixing layer heights and frequent stagnant conditions. The pronounced diurnal variability suggests a strong influence from local sources. AAE had an average value of 1.26 ± 0.22 which implies that both fossil fuel combustion and biomass burning influenced optical aerosol properties. This also highlights biomass combustion in suburban areas, where the use of wood for domestic heating is encouraged, as an important source of eBC. All data treatment was gathered using SCALA© as atmospheric aerosol data management support software program.This research was funded by the Spanish R&D Plan (PROACLIM project: CGL2014-52877-R and CRISOL project: CGL2017-85344-R) and by the Xunta de Galicia (GRC2013-047 and ED431C 2017/28).Xunta de Galicia; GRC2013-047Xunta de Galicia; ED431C 2017/2

Web Application for Atmospheric Aerosol Data Management: Software and Case Study in the Spanish Network on Environmental Differential Mobility Analysers

[Abstract] SCALA© (Sampling Campaigns for Aerosols in the Low Atmosphere) is a web-based software system that was developed in a multidisciplinary manner to integrally support the documentation and the management and analysis of atmospheric aerosol data from sampling campaigns. The software development process applied considered the prototyping and the evolutionary approaches. The software product (SCALA©) allows for the comprehensive management of the sampling campaigns’ life cycle (management of the profiles and processes involved in the start-up, development and closure of a campaign) and provides support for both intra- and inter-campaigns data analysis. The pilot deployment of SCALA© considers the Spanish Network on Environmental Differential Mobility Analysers (DMAs) (REDMAAS) and the PROACLIM project. This research project involves, among other objectives, the study of temporal and spatial variations of the atmospheric aerosol through a set of microphysical properties (size distribution, optical properties, hygroscopicity, etc.) measured in several locations in Spain. The main conclusions regarding size distribution are presented in this work. These have been have been extracted through SCALA© from the data collected in the REDMAAS 2015 and 2019 intercomparison campaigns and two years (2015 and 2016) of measurements with two Scanning Mobility Particle Sizers (SMPS) at CIEMAT (Madrid, central Spain) and UDC (A Coruña, NW of Spain) sites.Ministerio de Economía y Competitividad; CGL2014-52877-RMinisterio de Economía y Competitividad; CGL2017-85344-RXunta de Galicia; GRC2013-047Xunta de Galicia; ED431C 2017/28Gobierno Regional de Madrid; Y2018/EMT-517

Development of an application for quick comparison of pigments from their colorimetric coordinates

Pigments production for use in different kinds of industries (paints, cement, fertilizer, glass, etc.) is a booming sector that invoice million worldwide. So, all those applications that increase efficiency and effectiveness in daily work within the industry agree to be undertaken. Within this line, in this research, the development of an application is presented for comparing a fast and simple way of pigments based on its colour information. This application was developed for the company PROMINDSA SA and allows the user to perform a visual comparison considering the three spatial dimensions, and perform further analysis in two dimensions and one dimension for each of the components of the CIELAB colour space

On the Influence of VOCs on New Particle Growth in a Continental-Mediterranean Region

[Abstract] A field campaign has been performed in the Madrid region to study the VOC influence in the growth of new particles in ambient air. A number of instruments have been deployed to characterize the main pollutant gases and particle properties and composition. The measurements were performed simultaneously at three sites (rural, urban background and urban traffic influenced) in the period 1–17 July 2019. The sites: Tres Cantos (rural), CIEMAT (urban background) and Leganés (urban traffic) were located within the Madrid airshed. Particle size distributions, mass concentrations at fractions PM10, PM2.5 and PM1, black carbon, VOCs species and gaseous pollutants (NOx and O3) were obtained in the sites. Some supplementary measurements were obtained in at least one of the sites: meteorological parameters, non-refractory submicron aerosol species and vertical profiles of aerosol optical properties. It has been observed that the new particle formation (NPF) events, nucleation and subsequent growth, happened at a regional scale, although differently among the sites. In the rural site, fewer events than expected were observed because of the high temperatures that affected the BVOC emissions. In the urban background site, the highest number of events was reached. In this station, it is common to receive air masses from the nearby forest and from the urban area, producing a mix of conditions with high BVOC and AVOC concentrations. In the urban traffic site, several NPF cases appeared, being a site dominated by AVOCs. Among the BVOCs measured in the three stations, the most common were α-Pinene and Limonene. Among the AVOCs measured, aromatics and linear hydrocarbon compounds for C10 and above were found. The linear group was found to be predominant during the NPF event days in the urban background site. This work provides new insights about the aerosol-forming precursors and growth of new particles in the Madrid region.This research has been partially funded by the CRISOL Project (CGL2017-85344-R MINECO/AEI/FEDER, UE), OASIS project (PID2021-127885OB-I00 fund by MCIN/ AEI/10.13039/501100011033 and by 'ERDF A way of making Europe') and by the TIGAS-CM project (Madrid Regional Government Y2018/EMT-5177)Comunidad de Madrid; Y2018/EMT-517

Estudios de marcado y recaptura de especies marinas

Los resultados obtenidos del marcado y posterior recaptura de los ejemplares son una herramienta muy valiosa para contribuir a mejorar el conocimiento de la biología y ecología de una especie, examinando ciertos aspectos como son: el crecimiento, los movimientos o migraciones, la mortalidad o supervivencia, la abundancia y distribución de la especie, el hábitat y diferenciación de poblaciones o stocks. Actualmente la técnica de marcado se aplica a muchas especies, tanto terrestres como marinas, pertenecientes a diversos grupos zoológicos: peces, crustáceos, reptiles, moluscos y mamíferos. Este libro repasa algunos ejemplos de marcado de especies marinas de interés comercial. No todas las especies pueden ser marcadas, porque es necesario cumplir una serie de requisitos para poder llevar a cabo con éxito un experimento de marcado. En uno de los apartados de esta guía, se describen los distintos aspectos a tener en cuenta para obtener buenos resultados. Se describen los principales proyectos de marcado actualmente en ejecución o en marcha llevados a cabo por el Instituto Español de Oceanografía (IEO). En primer lugar, se describe brevemente la especie, su distribución, crecimiento, reproducción, alimentación, etc. A continuación, se presenta la información del marcado, es decir, campañas realizadas, número de ejemplares marcados y algunos de los resultados obtenidos hasta la fecha a partir de las recapturas disponibles. En algunas especies, los programas de marcado se llevan realizando desde hace más de 20 años, como es el caso del atún rojo, por lo que la información disponible es bastante amplia. En otros casos por el contrario como la merluza, los proyectos son relativamente recientes, no obstante los resultados son bastante interesantes y prometedores.Nowadays many different marine animals are being tagged. This book summarizes recent tagging programs carried out by the Spanish Institute of Oceanography (IEO). Although the objectives of these various studies mainly depend on the species and each project in particular, the general aim is to better understand the biology and ecology of these animals the structure and dynamics of their populations and their capacity to respond to human activities. This book provides an overview of different aspects of this technique such as a brief history of tagging, the types of tags currently used, including both conventional and electronic tags, where and how to put them on the marine animals, some recommendations regarding how to perform a tagging survey and where to go or what to do if anyone recovers a tagged fish or marine animal. The book then summarizes the main species tagged by the IEO, making a short description of their biology followed by some of the results obtained from tagging studies undertaken until now. Other applications are to know the spatial distribution (spawning or feeding areas), estimate growth parameters, mortality and survival rates, longevity, the size of the population or identifying stocks. Nowadays the advances in electronics have also open new fields such us the possibility of tracking an animal and knowing its habitat preferences and behaviour. Besides some of these tags have the capacity of recording this information during long periods and sending the data from long distances even without the need to recover the animal. Tagging activities constitute a very useful tool to improve the knowledge of many species and contribute to their management and conservation. For that reason this methodology is included in many IEO projects in which other activities like the monitoring of the fishery (landings, fishing effort, fleet characteristics, fishing areas, biological sampling, etc.) are carried out. Some projects are related with coastal pelagic fisheries including anchovy, sardine and mackerel or oceanic pelagic fisheries like tuna and billfish species and pelagic sharks. Others are focused on benthic and demersal species such as hake, black spot seabream, anglerfish, flatfish, etc. Nevertheless not all species can be tagged, as they have to survive being caught and handled before being release. For this reason, tagging techniques may not easily be applied to some species

Higher COVID-19 pneumonia risk associated with anti-IFN-α than with anti-IFN-ω auto-Abs in children

We found that 19 (10.4%) of 183 unvaccinated children hospitalized for COVID-19 pneumonia had autoantibodies (auto-Abs) neutralizing type I IFNs (IFN-alpha 2 in 10 patients: IFN-alpha 2 only in three, IFN-alpha 2 plus IFN-omega in five, and IFN-alpha 2, IFN-omega plus IFN-beta in two; IFN-omega only in nine patients). Seven children (3.8%) had Abs neutralizing at least 10 ng/ml of one IFN, whereas the other 12 (6.6%) had Abs neutralizing only 100 pg/ml. The auto-Abs neutralized both unglycosylated and glycosylated IFNs. We also detected auto-Abs neutralizing 100 pg/ml IFN-alpha 2 in 4 of 2,267 uninfected children (0.2%) and auto-Abs neutralizing IFN-omega in 45 children (2%). The odds ratios (ORs) for life-threatening COVID-19 pneumonia were, therefore, higher for auto-Abs neutralizing IFN-alpha 2 only (OR [95% CI] = 67.6 [5.7-9,196.6]) than for auto-Abs neutralizing IFN-. only (OR [95% CI] = 2.6 [1.2-5.3]). ORs were also higher for auto-Abs neutralizing high concentrations (OR [95% CI] = 12.9 [4.6-35.9]) than for those neutralizing low concentrations (OR [95% CI] = 5.5 [3.1-9.6]) of IFN-omega and/or IFN-alpha 2

RICORS2040 : The need for collaborative research in chronic kidney disease

Chronic kidney disease (CKD) is a silent and poorly known killer. The current concept of CKD is relatively young and uptake by the public, physicians and health authorities is not widespread. Physicians still confuse CKD with chronic kidney insufficiency or failure. For the wider public and health authorities, CKD evokes kidney replacement therapy (KRT). In Spain, the prevalence of KRT is 0.13%. Thus health authorities may consider CKD a non-issue: very few persons eventually need KRT and, for those in whom kidneys fail, the problem is 'solved' by dialysis or kidney transplantation. However, KRT is the tip of the iceberg in the burden of CKD. The main burden of CKD is accelerated ageing and premature death. The cut-off points for kidney function and kidney damage indexes that define CKD also mark an increased risk for all-cause premature death. CKD is the most prevalent risk factor for lethal coronavirus disease 2019 (COVID-19) and the factor that most increases the risk of death in COVID-19, after old age. Men and women undergoing KRT still have an annual mortality that is 10- to 100-fold higher than similar-age peers, and life expectancy is shortened by ~40 years for young persons on dialysis and by 15 years for young persons with a functioning kidney graft. CKD is expected to become the fifth greatest global cause of death by 2040 and the second greatest cause of death in Spain before the end of the century, a time when one in four Spaniards will have CKD. However, by 2022, CKD will become the only top-15 global predicted cause of death that is not supported by a dedicated well-funded Centres for Biomedical Research (CIBER) network structure in Spain. Realizing the underestimation of the CKD burden of disease by health authorities, the Decade of the Kidney initiative for 2020-2030 was launched by the American Association of Kidney Patients and the European Kidney Health Alliance. Leading Spanish kidney researchers grouped in the kidney collaborative research network Red de Investigación Renal have now applied for the Redes de Investigación Cooperativa Orientadas a Resultados en Salud (RICORS) call for collaborative research in Spain with the support of the Spanish Society of Nephrology, Federación Nacional de Asociaciones para la Lucha Contra las Enfermedades del Riñón and ONT: RICORS2040 aims to prevent the dire predictions for the global 2040 burden of CKD from becoming true

Informe final del escaneo de horizonte sobre futuras especies exóticas invasoras en España

73 p.La introducción de especies exóticas invasoras (EEI) es una de las principales causas de la pérdida de biodiversidad a nivel global, que provoca grandes costes socioeconómicos. Sin embargo, el número de nuevas introducciones continúa creciendo año tras año. Por lo tanto, urge identificar posibles futuras EEI con el objetivo de diseñar e implementar medidas que prevengan y mitiguen los efectos negativos de su introducción. Así, el objetivo de este estudio es prospectar qué especies exóticas no establecidas en España podrían llegar fácilmente en los próximos 10 años, establecerse y causar importantes impactos ecológicos. Para ello, se ha realizado un escaneo de horizonte, siguiendo la metodología establecida en trabajos previos, siendo el primero para el conjunto de las especies exóticas invasoras en España. Se añadieron en el análisis especies que no son autóctonas de España, incluyendo los archipiélagos de Canarias y Baleares, y que no están establecidas en España. Un total de 39 científicos, expertos en distintos grupos taxonómicos y ecosistemas, ha evaluado 933 especies. Con el objetivo de analizar el acuerdo entre las evaluaciones individuales de los expertos y su consistencia, se llevaron a cabo dos análisis de fiabilidad complementarios, cuyos resultados se discuten en este informe. Como resultado del escaneo, se obtuvo una lista priorizada de 105 especies (46 con riesgo muy alto y 59 con riesgo alto). La mayoría de estas especies (84,8%), sin embargo, no están incluidas actualmente en el Catálogo Español de Especies Exóticas Invasoras. Por lo tanto, se recomienda la realización de un análisis de riesgo más detallado de estas especies y, si se confirma el riesgo alto, la solicitud de su incorporación en dicho catálogo o en el Listado de especies alóctonas susceptibles de competir con las especies silvestres autóctonas, alterar su pureza genética o los equilibrios ecológicos. Del mismo modo, se propone la realización de escaneos de horizonte específicos para los archipiélagos de Canarias y Baleares, ya que muchas de las especies autóctonas de la Península no lo son de las islas y podrían tener un gran impacto si allí se introdujeran. Este informe también analiza la afinidad taxonómica (i.e. filo) y funcional (i.e. productor primario, depredador, omnívoro, herbívoro o filtrador) de las especies de la lista priorizada, su origen geográfico y las principales vías de introducción. Por último, discute los mecanismos de impacto de dichas especies.Ministerio de Ciencia e Innovació