Políticas de crecimiento de IKEA

[Resumen] Una empresa con una visión a largo plazo ha de buscar un crecimiento equilibrado y continuado en el tiempo que le permita seguir con su actividad. El crecimiento financieramente sostenible garante esta estabilidad y, por lo tanto, la supervivencia del negocio. Este trabajo analiza el crecimiento de IKEA, actualmente una de las grandes firmas de venta minorista a nivel mundial. Con una estrategia enfocada al ahorro en costes y al control de su actividad la empresa tiene el objetivo de llegar a los hogares de la mayoría de las personas. Financieramente, contempla el crecimiento sostenible y aboga por la independencia financiera para garantir su estabilidad.[Abstrac] A company with a long-term view should search well-balanced and continuous growth to carry on its activity. The financial sustainable increase ensures this stability and, therefore the survival of business. This research analyse the IKEA growth, one of the biggest retailers around the world. With a cost savings strategy and the control of its activity, the company wants to reach most of people households. It considers the financial sustainable growth and defends the financial independence to ensure a steady growth.Traballo fin de grao (UDC.ECO). ADE. Curso 2012/201

Equipament cultural i hotel a Cuenca

El projecte es basa en un equipament amb una barreja d’usos, on la flexibilitats dels espais hi ha de ser present. Es tracta d’un Centre Polivalent situat a la part alta del nucli històric de Cuenca on actualment hi trobem un espai destinat a zona d’aparcament. Es vol crear un punt de trobada per a les persones de la tercera edat en el qual hi puguin desenvolupar activitats, s’hi puguin portar a terme actes culturals de la mateixa ciutat, alhora que sigui un punt d’informació turística, una zona d’oci amb restaurant i una zona d’allotjament per a turistes on el paratge natural hi juga el paper principal

Asset pricing and systematic liquidity risk: An empirical investigation of the Spanish stock market.

Systematic liquidity shocks should affect the optimal behavior of agents in financial markets. Indeed, fluctuations in various measures of liquidity are significantly correlated across common stocks. Accordingly, this paper empirically analyzes whether Spanish average returns vary cross sectionally with betas estimated relative to three competing liquidity risk factors. The first one, proposed by Pastor and Stambaugh (2003), is associated with the temporary price fluctuation reversals induced by the order flow. Our market-wide liquidity factor is defined as the difference between returns highly sensitive to changes in the relative bid–ask spread and returns with low sensitivities to those changes. Finally, the aggregate ratio of absolute stock returns to euro volume, as suggested by Amihud [J. Financ. Mark. 5 (2002) 31], is also employed. Our empirical results show that systematic liquidity risk is significantly priced in the Spanish stock market exclusively when betas are measured relative to the illiquidity risk factor based on the price response to one euro of trading volume on either unconditional or conditional versions of liquidity-based asset pricing models.Systematic liquidity risk; Expected returns; Bid–ask spread; Order flow; Trading volume;

ASSET PRICING AND SYSTEMATIC LIQUIDITY RISK: AN EMPIRICAL INVESTIGATION OF THE SPANISH STOCK MARKET

It seems reasonable to expect systematic liquidity shocks to affect the optimal behavior of agents in financial markets. Indeed, fluctuations in various measures of liquidity are significantly correlated across common stocks(Chordia, Roll and Subrahmanyam (2000)). Thus, this paper empirically analyzes whether Spanish expected returns during the nineties are associated cross-sectionally to betas estimated relative to two competing liquidity risk factors. On one hand, we propose a new market-wide liquidity factor which is defined as the difference between returns of stocks highly sensitive to changes in the relative bid-ask spread less returns from stocks with low sensitivities to those changes. We argue that stocks with positive covariability between returns and this factor are assets whose returns tend to go down when aggregate liquidity is low, and hence do not hedge a potential liquidity crisis. Consequently, investors will require a premium to hold these assets. Similarly, note that in the case of assets that covary negatively with the liquidity factor, investors may be willing to pay a premium rather than to require an additional compensation. On the other hand, Pastor and Stambaugh (2002) suggest that a reasonable liquidity risk factor should be associated with the strength of volume-related return reversals since order flow induces greater return reversals when liquidity is lower. Our empirical results show that neither of these proxies for systematic liquidity risk carries a premium in the Spanish stock market.

Asset pricing and systematic liquidity risk: an empirical investigation of the Spanish stock market

Systematic liquidity shocks should affect the optimal behavior of agents in financial markets. Indeed, fluctuations in various measures of liquidity are significantly correlated across common stocks. Accordingly, this paper empirically analyzes whether Spanish average returns vary cross-sectionally with betas estimated relative to two competing liquidity risk factors. The first one, proposed by Pastor and Stambaugh (2002), is associated with the strength of volume-related return reversals. Our marketwide liquidity factor is defined as the difference between returns highly sensitive to changes in the relative bid-ask spread and returns with low sensitivities to those changes. Our empirical results show that neither of these proxies for systematic liquidity risk seems to be priced in the Spanish stock market. Further international evidence is deserved.expected returns, systematic liquidity risk, order flow, bid ask spread

Changes in pain-related beliefs, coping, and catastrophizing predict changes in pain intensity, pain interference, and psychological functioning in individuals with myotonic muscular dystrophy and facioscapulohumeral dystrophy

The primary aim of this study was to test hypothesized associations between changes in psychological variables (i.e., pain beliefs, catastrophizing and coping strategies) and changes in pain intensity and related adjustment (i.e., pain interference and psychological functioning) in individuals with Myotonic Muscular Dystrophy (MMD) and Facioscapulohumeral Muscular Dystrophy (FSHD). Methods: A sample of 107 adults with a diagnosis of MMD or FSHD, reporting pain in the past three months, completed assessments at two time-points, separated by about 24 months. Results showed that changes in pain-related psychological variables were significantly associated with changes in psychological functioning, pain intensity and pain interference. Specifically, increases in the belief that emotion influences pain, and catastrophizing were associated with decreases in psychological functioning. Increases in the coping strategies of asking for assistance and resting, and the increases of catastrophizing were associated with increases in pain intensity. Finally, increases in pain intensity and asking for assistance were associated with increases in pain interference. Discussion: The results support the utility of the biopsychosocial model of pain for understanding pain and its impact in individuals with MMD or FSHD. These findings may inform the design and implementation of psychosocial pain treatments for people with muscular dystrophy and chronic pain

Aixecament arquitectònic i estudi constructiu de la masia l'Om de Pruit

El següent Projecte Final de Carrera s’ha dut a terme amb l’objectiu de complementar i ampliar la documentació vers les Masies de Catalunya que ja disposa el Taller de Patrimoni Arquitectònic de l’Escola Politècnica Superior d’Edificació de Barcelona. Concretament en aquest PFC s’ha realitzat un aixecament arquitectònic i estudi constructiu de la Masia l’Om de Pruit, situada a la subcomarca del Collsacabra (Osona). A més, alhora de realitzar aquest estudi també s’ha considerat convenientcontextualitzar el món de les masies en general i la realitat de la zona. A l’actualitat, està deshabitada i presenta un avançat estat de degradació. Així doncs, la Masia l’Om de Pruit es un clar exemple del procés de desaparició que està patint la masoveria catalana. A continuació, iniciarem l’estudi fent esment de les masies en general i el seu marc històric, per arribar posteriorment a ubicar la masia a la subcomarca de Collsacabra i realitzar l’aixecament constructiu. Una vegada realitzat l’estudi de la masia podem concloure que l’Om de Pruït és una d’aquestes masies orientades a l’antic ús agrícola i ramader i que donat els canvis sòcio-econòmics d’aquests últims anys que cada vegada estan més marcada per la pèrdua de l’activitat rural, ha fet que els propietaris no puguin afrontar el cost de la rehabilitació i això fa que l’estat de degradació de la masia vagi en augment. Gràcies a la realització d’aquest projecte de Final de Carrera, ens hem endinsat més en el mon rural i en la seva història, i això ha fet possible ampliar els nostres coneixements tant, històrics i constructius envers d’aquest món. També hem realitzat un aprenentatge bàsicament pràctic dels treballs de camp de topografia, que hem pogut dur a terme gràcies als coneixements bàsics adquirits durant la carrera