The Cost of Capital in Regulated Firms: The Argentine Experience

The sustainability of service is one of the fundamental aims of any regulatory system, and this tends to be reflected in the general principles within the legal framework of each public service. The necessity to cover economic costs of service then follows, in order to cover costs in such a way as to guarantee the maintaining and continuity of the system as well as its expansion. These economic costs should necessarily include sufficient retribution for the capital used by investors: the cost of capital. In the case of Argentine regulation, it is usual practice to use an adapted form of the CAPM (Capital Asset Pricing Model) to calculate the opportunity cost of equity, in such a way as to take the country risk into account. In this work we will analyse the components of the adapted formula for the cost of capital, discussing incentives which generate each of the possible outcomes for the regulated firms. Finally, we will present a model of dynamic optimisation for a regulated firm in a country such as Argentina.regulatory system; public service; CAPM; country risk

“On the Marginal Cost of Public Funds for Argentina: CGE Evaluation and Sensitivity to Regulatory Regimes”

We estimate the Marginal Cost of Public Funds for Argentina using a computable general equilibrium (CGE) model, assessing the sensitivity of the results to the existence of alternative regulatory regimes (Price-Cap and Cost-Plus) for public utilities subject to regulation. Although the estimates are in the range of international studies, we find that the results are sensitive to the regulatory regime, to the presence of exempted goods, the existence of unemployment, the value of the elasticity of labor supply, as well as to the degree of capital mobility, between sectors and internationally.computable general equilibrium; Public Funds; Marginal Cost

X-ray spectral variability of seven LINER nuclei with XMM-Newton and Chandra data

One of the most important features in active galactic nuclei (AGN) is the variability of their emission. Variability has been discovered at X-ray, UV, and radio frequencies on time scales from hours to years. Among the AGN family and according to theoretical studies, Low-Ionization Nuclear Emission Line Region (LINER) nuclei would be variable objects on long time scales. Our purpose is to investigate spectral X-ray variability in LINERs and to understand the nature of these kinds of objects, as well as their accretion mechanism. Chandra and XMM-Newton public archives were used to compile X-ray spectra of seven LINER nuclei at different epochs with time scales of years. To search for variability we fit all the spectra from the same object with a set of models, in order to identify the parameters responsible for the variability pattern. We also analyzed the light curves in order to search for short time scale (from hours to days) variability. Whenever possible, UV variability was also studied. We found spectral variability in four objects, with variations mostly related to hard energies (2-10 keV). These variations are due to changes in the soft excess, and/or changes in the absorber, and/or intrinsic variations of the source. Another two galaxies seem not to vary. Short time scale variations during individual observations were not found. Our analysis confirms the previously reported anticorrelation between the X-ray spectral index and the Eddington ratio, and also the correlation between the X-ray to UV flux ratio and the Eddington ratio. These results support an Advection Dominated Accretion Flow (ADAF) as the accretion mechanism in LINERs.Comment: 35 pages, 53 figures, recently accepted pape

X-ray spectral variability of Seyfert 2 galaxies

Variability across the electromagnetic spectrum is a property of AGN that can help constraining the physical properties of these galaxies. This is the third of a serie of papers with the aim of studying the X-ray variability of different families of AGN. The main purpose of this work is to investigate the variability pattern in a sample of optically selected type 2 Seyfert galaxies. We use the 26 Seyferts in the Veron-Cetty and Veron catalogue with data available from Chandra and/or XMM-Newton public archives at different epochs, with timescales ranging from a few hours to years. All the spectra of the same source are simultaneously fitted and we let different parameters to vary in the model. Whenever possible, short-term variations and/or long-term UV flux variations are studied. We divide the sample in Compton-thick, Compton-thin, and changing-look candidates. Short-term variability at X-rays is not found. From the 25 analyzed sources, 11 show long-term variations; eight (out of 11) are Compton-thin, one (out of 12) is Compton-thick, and the two changing-look candidates are also variable. The main driver for the X-ray changes is related to the nuclear power (nine cases), while variations at soft energies or related with absorbers at hard X-rays are less common, and in many cases these variations are accompained with variations of the nuclear continuum. At UV frequencies nuclear variations are nor found. We report for the first time two changing-look candidates, MARK273 and NGC7319. A constant reflection component located far away from the nucleus plus a variable nuclear continuum are able to explain most of our results; the Compton-thick candidates are dominated by reflection, which supresses their continuum making them seem fainter, and not showing variations, while the Compton-thin and changing-look candidates show variations.Comment: Accepted for publication in A&

X-ray spectral variability of LINERs selected from the Palomar sample

Variability is a general property of active galactic nuclei (AGN). At X-rays, the way in which these changes occur is not yet clear. In the particular case of low ionisation nuclear emission line region (LINER) nuclei, variations on months/years timescales have been found for some objects, but the main driver of these changes is still an open question. The main purpose of this work is to investigate the X-ray variability in LINERs, including the main driver of such variations, and to search for eventual differences between type 1 and 2 objects. We use the 18 LINERs in the Palomar sample with data retrieved from Chandra and/or XMM-Newton archives corresponding to observations gathered at different epochs. All the spectra for the same object are simultaneously fitted in order to study long term variations. The nature of the variability patterns are studied allowing different parameters to vary during the spectral fit. Whenever possible, short term variations from the analysis of the light curves and UV variability are studied.Comment: 49 pages, accepted. arXiv admin note: text overlap with arXiv:1305.222

Hokupa'a-Gemini Discovery of Two Ultracool Companions to the Young Star HD 130948

We report the discovery of two faint ultracool companions to the nearby (d~17.9 pc) young G2V star HD 130948 (HR 5534, HIP 72567) using the Hokupa'a adaptive optics instrument mounted on the Gemini North 8-meter telescope. Both objects have the same common proper motion as the primary star as seen over a 7 month baseline and have near-IR photometric colors that are consistent with an early-L classification. Near-IR spectra taken with the NIRSPEC AO instrument on the Keck II telescope reveal K I lines, FeH, and water bandheads. Based on these spectra, we determine that both objects have spectral type dL2 with an uncertainty of 2 spectral subclasses. The position of the new companions on the H-R diagram in comparison with theoretical models is consistent with the young age of the primary star (<0.8 Gyr) estimated on the basis of X-ray activity, lithium abundance and fast rotation. HD 130948 B and C likely constitute a pair of young contracting brown dwarfs with an orbital period of about 10 years, and will yield dynamical masses for L dwarfs in the near future.Comment: 10 pages, 3 figures, (13 total pages

Los jornaleros y la gran propiedad agraria en el Sur de España

The following lines form a part of a project of research that tries to answer to the question of the title of this article: does it continue hanging the agrarian question in the South of Spain? We do a synthetic tour - across slant of the works of different social sciences, fieldwork and interviews labourers - of the recent history of Andalusia and Extremadura. The objective, first, is to propose an alternative interpretation to the officially admitted: the victory of the agrarian capitalism in the field of these regions. The above mentioned proposed reintepretation there bases on the permanency or stability of the reasons of the secular underdevelopment of the field Extremaduran - Andalusian (permanency of the great property and of the social group of the labourers). Secondly, we raise that the overcoming of the underdevelopment of the South of Spain, in the light of the interpretation suggested in this text, should take the democratization of the land as a solution, the distribution and the agrarian reform in the regions of Andalusia and Extremadura.Les lignes suivantes font partie d'un projet d'investigation plus ample qu'il essaie de répondre à la question: suit-elle pendant la question de la terre au Sud de l'Espagne ? Pour cet article en somme, un parcours synthétique est fait, à travers des travaux de différents scientifiques sociaux, le travail de champ et les entrevues aux journaliers, par les deux derniers siècles de l'histoire agraire récente de l'Andalousie et de l'Estrémadure, avec, en premier lieu, le but de proposer une interprétation alternative à officiellement admise qu'elle projète le triomphe du capitalisme agraire dans le domaine de ces régions. La dite interprétation proposée se base sur la permanence ou la stabilité des causes du "retard" ou le sous-développement séculier du champ d'Estrémadure - Andalou (permanence de la grande propriété et du groupe social des journaliers), et a pour un fil conducteur le concept de semifeudalidad. En deuxième lieu, nous projetons que, à la lumière de l'interprétation suggérée dans ce texte, le dépassement du "retard" du Sud de l'Espagne devrait avoir pour solution la démocratisation de la terre, de la distribution et de la réforme agraire dans les régions de l'Andalousie et de l'Estrémadure.Las siguientes líneas forman parte de un proyecto de investigación más amplio que trata de responder a la pregunta: ¿sigue pendiente la cuestión de la tierra en el Sur de España? Para este artículo en concreto, se hace una recorrido sintético, a través de los trabajos de diferentes científicos sociales, trabajo de campo y entrevistas a jornaleros, por los últimos dos siglos de la historia agraria reciente de Andalucía y Extremadura, con el objetivo, en primer lugar, de proponer una interpretación alternativa a la oficialmente admitida que plantea el triunfo del capitalismo agrario en el campo de estas regiones. Dicha interpretación propuesta se basa en la permanencia o estabilidad de las causas del denominado “atraso” o subdesarrollo secular del campo extremeño-andaluz (permanencia de la gran propiedad y del grupo social de los jornaleros), y tiene como hilo conductor el concepto de semifeudalidad. En segundo lugar, planteamos que la superación del "atraso" del Sur de España, a la luz de la interpretación sugerida en este texto, debería tener como solución la democratización de la tierra, el reparto y la reforma agraria en las regiones de Andalucía y Extremadura

Explaining the Effects of Government Spending Shocks on Consumption and the Real Exchange Rate

Using panel structural VAR analysis and quarterly data from four industrialized countries, we document that an increase in government purchases leads to an expansion in output and private consumption, a deterioration in the trade balance, and a depreciation of the real exchange rate (i.e., a decrease in the domestic CPI relative to the exchange-rate adjusted foreign CPI). We propose an explanation for these observed effects based on the deep habit mechanism. We estimate the key parameters of the deep-habit model employing a limited information approach. The predictions of the estimated deep-habit model fit well the observed responses of output, consumption, the trade balance, and the real exchange rate to an unanticipated government spending shock. In addition, the deep-habit model predicts that in response to an anticipated increase in government spending consumption and wages fail to increase on impact, which is consistent with the empirical evidence stemming from the narrative identification approach. In this way, the deep-habit model reconciles the findings of the SVAR and narrative literatures on the effects of government spending shocks.

Estudio preliminar sobre el efecto del ultrasonido en las propiedades fisicoquímicas del vino tinto

Ultrasound is regarded as a potential alternative method for improving the quality of some wines. This study was initiated with the objective of evaluating the effects of ultrasound on some important physicochemical properties of red wine such as chromatic characteristics (CC), electrical conductivity (EC), pH, titratable acidity (TA), total phenolic compounds (TPCs) and DPPH (1,1-diphenyl-2-picryl-hydrazyl) free radical scavenging activity (DFRSA). The operational parameters assessed were ultrasound power, ultrasound frequency, exposure time and bath temperature. Results illustrated that there were significant changes in CC, EC and TPC while pH and TA hardly changed except for samples treated at high temperatures. DFRSA was correlated to TPC during ultrasonic treatment. Application of principal component analysis to the experimental data suggested that exposure time was the factor with the greatest ability to induce changes on wine. Results suggested that ultrasound may be applied to improve some physicochemical properties of red wine.El ultrasonido se considera uno de los métodos alternativos potenciales para mejorar la calidad de algunos vinos. Se comenzó este estudio con el objetivo de evaluar los efectos del ultrasonido en algunas de la propiedades fisicoquímicas importantes del vino tinto como son: las características cromáticas (CC), la conductividad eléctrica (EC), el pH, la acidez (TA), los compuestos fenólicos totales (TPC) y el DPPH (1,1-difenil-2-picrilhidrazil) de actividad de eliminación de radicales libres (DFRSA). Los parámetros operacionales examinados fueron: la potencia de ultrasonido, la frecuencia de ultrasonido, el tiempo de exposición y la temperatura de baño. Los resultados ilustraron la existencia de cambios significativos en CC, EC y TPC, mientras que el pH y TA prácticamente no cambiaron excepto en las muestras tratadas con altas temperaturas. DFRSA tuvo correlación con TPC durante el tratamiento con ultrasonido. La aplicación de análisis de componentes principales a los datos experimentales sugirió que el tiempo de exposición era el factor con mayor habilidad para inducir cambios en el vino. Los resultados sugirieron que el ultrasonido podría aplicarse para mejorar algunas de las propiedades fisicoquímicas del vino tinto.National Natural Science Foundation of China [No. 31101324]Natural Science Foundation of Shaanxi Province, China [No. 2015JM3097]Technology Transfer Promotion Project of Xi’an, Shaanxi Province, China [No.CXY1434(5)]Fundamental Research Funds for the Central Universities of China [Nos. GK201302039, GK201404006