Price discovery in the pre-opening period. theory and evidence from the madrid stock exchange

Some stock exchanges, such as the Spanish Stock Exchange and Euronext (Paris), allow traders to place orders in a 'pre-opening' period. Orders placed in this period are used to determine the opening price, and can be cancelled at any moment and at no cost by the traders. We consider a model in which noise traders can appear in the market before or after the opening, and a strategic informed trader decides her order strategy at the pre-opening and at the opening period. We characterize the equilibrium of such a model, showing that at the pre-opening there is a non-monotonic relation between the aggregate quantity ordered and prices. Thus, the equilibrium at the pre-opening stage is determined in a way which is fundamentally different from the equilibrium in the open market. We proceed to study the implications of the existence of a pre-opening period on information revelation and on the determination of the opening price. We present evidence from the Spanish Stock Exchange that seem to support the theoretical predictions, showing a clear different in behaviour between the market behaviour before and after the opening of the market

Post-embryonic organogenesis and plant regeneration from tissues: two sides of the same coin?

Plants have extraordinary developmental plasticity as they continuously form organs during post-embryonic development. In addition they may regenerate organs upon in vitro hormonal induction. Advances in the field of plant regeneration show that the first steps of de novo organogenesis through in vitro culture in hormone containing media (via formation of a proliferating mass of cells or callus) require root post-embryonic developmental programs as well as regulators of auxin and cytokinin signaling pathways. We review how hormonal regulation is delivered during lateral root initiation and callus formation. Implications in reprograming, cell fate and pluripotency acquisition are discussed. Finally, we analyze the function of cell cycle regulators and connections with epigenetic regulation. Future work dissecting plant organogenesis driven by both endogenous and exogenous cues (upon hormonal induction) may reveal new paradigms of common regulation

Conocimientos, actitudes y prácticas en la implementación de la farmacovigilancia por el personal de salud del Hospital San Pedro de Usulután, enero y febrero 2020

Objetivo: Determinar los conocimientos, actitudes y prácticas en la implementación de la Farmacovigilancia por el personal de médicos residentes, enfermería y de Farmacia del Hospital San Pedro de Usulután, en los meses de Enero y Febrero 2020. Diseño: Estudio descriptivo que previa aceptación y consentimiento informado, se encuestan 84 médicos residentes, enfermeras y personal de farmacia, relacionados con la prescripción, despacho o aplicación de Medicamentos; utilizando instrumento con variables como Características socio laborales, conocimientos, actitudes y prácticas relacionados con FV, actividades de identificación y notificación, recolección de datos se realizó en enero y febrero 2020, tabulación y análisis fueron realizados por el investigador durante Marzo a Mayo 2020. Resultados: Personal encuestado 51(61%) enfermeras, 22(56%) médicos, 11(13%) Farmacia, experiencia de más de 4 años 53(63%), porcentaje global de conocimientos que corresponde para Adecuado 9%, Parcialmente Adecuado 30%, Inadecuado 61%, 85% respondió que considera muy importante la FV, el 10% la considera Poco importante y solo el 5% la considera nada importante, el 50% respondió nunca practica la FV, el 40% casi siempre y solo el 10% siempre la practica. Conclusiones: conocimientos aceptables de FV, no referente a aplicación, evento adverso, RAM, métodos de notificación y evaluación de causalidad, desconocimiento de fuentes fiables de consulta, se considera FV de mucha importancia pero existe muy poca aplicación, se evidencia con escasa cantidad de notificacione

Conocimientos, actitudes y prácticas en la implementación de la farmacovigilancia por el personal de salud del Hospital San Pedro de Usulután, enero y febrero 2020

Objetivo: Determinar los conocimientos, actitudes y prácticas en la implementación de la Farmacovigilancia por el personal de médicos residentes, enfermería y de Farmacia del Hospital San Pedro de Usulután, en los meses de Enero y Febrero 2020. Diseño: Estudio descriptivo que previa aceptación y consentimiento informado, se encuestan 84 médicos residentes, enfermeras y personal de farmacia, relacionados con la prescripción, despacho o aplicación de Medicamentos; utilizando instrumento con variables como Características socio laborales, conocimientos, actitudes y prácticas relacionados con FV, actividades de identificación y notificación, recolección de datos se realizó en enero y febrero 2020, tabulación y análisis fueron realizados por el investigador durante Marzo a Mayo 2020. Resultados: Personal encuestado 51(61%) enfermeras, 22(56%) médicos, 11(13%) Farmacia, experiencia de más de 4 años 53(63%), porcentaje global de conocimientos que corresponde para Adecuado 9%, Parcialmente Adecuado 30%, Inadecuado 61%, 85% respondió que considera muy importante la FV, el 10% la considera Poco importante y solo el 5% la considera nada importante, el 50% respondió nunca practica la FV, el 40% casi siempre y solo el 10% siempre la practica. Conclusiones: conocimientos aceptables de FV, no referente a aplicación, evento adverso, RAM, métodos de notificación y evaluación de causalidad, desconocimiento de fuentes fiables de consulta, se considera FV de mucha importancia pero existe muy poca aplicación, se evidencia con escasa cantidad de notificacione

El Mágreb en el Muʿǧam al-buldān de Yāqūt al-Rūmī (m. 626/1229): Análisis del contenido y fuentes

The well-known work Muʿǧam al-buldān (Dictionary of the countries), which was completed by the geographer and scholar Yāqūt al-Rūmī al-Ḥamawī (d. 626/1229) a year before his death, provides valuable information on the many place-names collected by this author. Such information is not limited only to geographical aspects, but also involves literary and biographical ones, and has been addressed in works related to al-Andalus. My purpose in the present article is to make a first approach to the image that Yāqūt projects of the Maghreb through some specific examples, making a brief tour of the sources he used, and especially the Andalusī geographer Abū ʿUbayd al-Bakrī (d. 487/1094), whom Yāqūt extensively quoted throughout his work.La conocida obra Muʿǧam al-buldān (Diccionario de los países), terminada por el geógrafo y erudito Yāqūt al-Rūmī al-Ḥamawī (m. 626/1229) un año antes de su muerte, ofrece una valiosa información sobre los múltiples topónimos recogidos por este autor. Dicha información no se limita solo a los aspectos geográficos, sino también a los literarios y biográficos, y ha sido abordada en trabajos relacionados con al-Andalus. Mi propósito en el presente artículo es realizar una primera aproximación a la imagen que Yāqūt proyecta del Mágreb a través de algunos ejemplos concretos, realizando un breve recorrido de las fuentes que empleó, entre las cuales destacó especialmente el geógrafo andalusí Abū ʿUbayd al-Bakrī (m. 487/1094), muy citado en toda la obra

Peanut Shell for Energy: Properties and Its Potential to Respect the Environment

The peanut (Arachys hypogaea) is a plant of the Fabaceae family (legumes), as are chickpeas, lentils, beans, and peas. It is originally from South America and is used mainly for culinary purposes, in confectionery products, or as a nut as well as for the production of biscuits, breads, sweets, cereals, and salads. Also, due to its high percentage of fat, peanuts are used for industrialized products such as oils, flours, inks, creams, lipsticks, etc. According to the Food and Agriculture Organization (FAO) statistical yearbook in 2016, the production of peanuts was 43,982,066 t, produced in 27,660,802 hectares. Peanuts are grown mainly in Asia, with a global production rate of 65.3%, followed by Africa with 26.2%, the Americas with 8.4%, and Oceania with 0.1%. The peanut industry is one of the main generators of agroindustrial waste (shells). This residual biomass (25–30% of the total weight) has a high energy content that is worth exploring. The main objectives of this study are, firstly, to evaluate the energy parameters of peanut shells as a possible solid biofuel applied as an energy source in residential and industrial heating installations. Secondly, different models are analysed to estimate the higher heating value (HHV) for biomass proposed by different scientists and to determine which most accurately fits the determination of this value for peanut shells. Thirdly, we evaluate the reduction in global CO2 emissions that would result from the use of peanut shells as biofuel. The obtained HHV of peanut shells (18.547 MJ/kg) is higher than other biomass sources evaluated, such as olive stones (17.884 MJ/kg) or almond shells (18.200 MJ/kg), and similar to other sources of biomass used at present for home and industrial heating applications. Different prediction models of the HHV value proposed by scientists for different types of biomass have been analysed and the one that best fits the calculation for the peanut shell has been determined. The CO2 reduction that would result from the use of peanut shells as an energy source has been evaluated in all production countries, obtaining values above 0.5 ‰ of their total emissions

Sustainable Energy Based on Sunflower Seed Husk Boiler for Residential Buildings

Buildings account for one third of the world’s energy consumption, 70% of which is devoted to heating and cooling. To increase the share of renewables in the energy consumption of buildings, it is necessary to research and promote new sources of green energy. World production of sunflower (Helianthus annuus) was 47.34 million tons in 2016, with a harvested area of 26.20 million hectares, and the main producing countries being Ukraine, the Russian Federation, and Argentina, which produce about half of world production of sunflower seed. The sunflower husk, which represents a percentage by weight of 45%–60% of the seed depending on the sunflower variety, is widely used for the production of feed; however, its energy use is very scarce. The objectives of this study were to analyse the energy properties of sunflower husk as a solid biofuel and to carry out an energy, environmental, economic and operational analysis of a thermal installation fed with this by-product of the sunflower oil industry. The results show that this agro-industrial waste has a Higher Heating Value (HHV) of 17.844 MJ/kg, similar to that of other solid biofuels currently used. In addition, replacing a 430 kW fuel oil boiler with a biomass boiler of the same capacity fed by this biofuel can avoid the emission of 254.09 tons of CO2 per year, as well as obtain an annual energy saving of 75.47%. If we consider the production of sunflower seeds in each country and the sunflower husk were used as biofuel, this would result in a CO2 saving of more than 10 per thousand of the total emissions emitted. The results of this work contribute to the standardization of this by-product as a solid biofuel for thermal energy generation due to its potential to reduce CO2 emissions and increase energy efficiency

Biomass as Renewable Energy: Worldwide Research Trends

The world’s population continues to grow at a high rate, such that today’s population is twice that of 1960, and is projected to increase further to 9 billion by 2050. This situation has brought about a situation in which the percentage of the global energy used in cities is increasing considerably. Biomass is a resource that is present in a variety of different materials: wood, sawdust, straw, seed waste, manure, paper waste, household waste, wastewater, etc. Biomass resources have traditionally been used, and their use is becoming increasingly important due to their economic potential, as there are significant annual volumes of agricultural production, whose by-products can be used as a source of energy and are even being promoted as so-called energy crops, specifically for this purpose. The main objective of this work was to analyze the state of research and trends in biomass for renewable energy from 1978 to 2018 to help the research community understand the current situation and future trends, as well as the situation of countries in the international context, all of which provides basic information to facilitate decision-making by those responsible for scientific policy. The main countries that are investigating the subject of biomass as a renewable energy, as measured by scientific production, are the United States, followed by China, India, Germany and Italy. The most productive institutions in this field are the Chinese Academy of Sciences, followed by the National Renewable Energy Laboratory, Danmarks Tekniske Universitet and the Ministry of Education in China. This study also identifies communities based on the keywords of the publications obtained from a bibliographic search. Six communities or clusters were found. The two most important are focused on obtaining liquid fuels from biomass. Finally, based on the collaboration between countries and biomass research, eight clusters were observed. All this is centered on three countries belonging to different clusters: USA, India and the UK

Evaluación de las capacidades Científicas y didácticas del radiotelescopio en banda KU del observatorio Astronómico UTP

Los estudios en radioastronomía con antenas compactas se han vuelto cada vez más frecuentes tras la llegada de las comunicaciones a través de las radio frecuencias. Particularmente, en la banda KU se han desarrollado gran cantidad de arreglos compactos para la observación solar y lunar presentando resultados positivos. Sin embargo, observaciones como la del tránsito del remanente de supernova Cassiopeia A con una antena de 2.3 m en el año 2014, en Senigallia, Italia, y la observación exitosa de Saturno y el brazo de la Vía Láctea en 2016, permiten vislumbrar las capacidades de este tipo de tecnología. Estas observaciones abren la posibilidad para el estudio de otras radio fuentes en este rango del espectro electromagnético. En consecuencia, en este proyecto se realizó un estudio de factibilidad que se desarrollará desde el Observatorio Astronómico de la UTP

Hydrogen-powered refrigeration system for environmentally friendly transport and delivery in the food supply chain

Urban population and the trend towards online commerce leads to an increase in delivery solution in cities. The growth of the transport sector is very harmful to the environment, being responsible for approximately 40% of greenhouse gas emissions in the European Union. The problem is aggravated when transporting perishable foodstuffs, as the vehicle propulsion engine (VPE) must power not only the vehicle but also the refrigeration unit. This means that the VPE must be running continuously, both on the road and stationary (during delivery), as the cold chain must be preserved. The result is costly (high fuel consumption) and harmful to the environment. At present, refrigerated transport does not support full-electric solutions, due to the high energy consumption required, which motivates the work presented in this article. It presents a turnkey solution of a hydrogenpowered refrigeration system (HPRS) to be integrated into standard light trucks and vans for short-distance food transport and delivery. The proposed solution combines an air-cooled polymer electrolyte membrane fuel cell (PEMFC), a lithium-ion battery and low-weight pressurised hydrogen cylinders to minimise cost and increase autonomy and energy density. In addition, for its implementation and integration, all the acquisition, power and control electronics necessary for its correct management have been developed. Similarly, an energy management system (EMS) has been developed to ensure continuity and safety in the operation of the electrical system during the working day, while maximizing both the available output power and lifetime of the PEMFC. Experimental results on a real refrigerated light truck provide more than 4 h of autonomy in intensive intercity driving profiles, which can be increased, if necessary, by simply increasing the pressure of the stored hydrogen from the current 200 bar to whatever is required. The correct operation of the entire HPRS has been experimentally validated in terms of functionality, autonomy and safety; with fuel savings of more than 10% and more than 3650 kg of CO2/ year avoided.This work is a contribution of the two following Projects: “H2Integration& Control. Integration and Control of a hydrogen-based pilot plant in residential applications for energy supply”, Ref. PID2020-116616RB-C31 supported by the Spanish State Program of R + D + I Oriented to the Challenges of Society; and “SALTES: Smartgrid with reconfigurable Architecture for testing controL Techniques and Energy Storage priority contaminant waste”, Ref. P20-00730 supported by Andalusian Regional Program of R + D + I. Funding for open access charge: Universidad de Huelva/CBUA