Risk Premium: Insights Over The Threshold

The aim of this paper is twofold: First to test the adequacy of Pareto distributions to describe the tail of financial returns in emerging and developed markets, and second to study the possible correlation between stock market indices observed returns and return’s extreme distributional characteristics measured by Value at Risk and Expected Shortfall. We test the empirical model using daily data from 41 countries, in the period from 1995 to 2005. The findings support the adequacy of Pareto distributions and the use of a log linear regression estimation of their parameters, as an alternative for the usually employed Hill’s estimator. We also report a significant relationship between extreme distributional characteristics and observed returns, especially for developed countries.

Delegated Portfolio Management and Risk Taking Behavior

Standard models of moral hazard predict a negative relationship between risk and incentives; however empirical studies on mutual funds present mixed results. In this paper, we propose a behavioral principal-agent model in the context of professional managers, focusing on active and passive investment strategies. Using this general framework, we evaluate how incentives affect the risk taking behavior of managers, using the standard moral hazard model as a special case; and solve the previous contradiction. Empirical evidence, based on a comprehensive world sample of 4584 mutual funds, gives support to our theoretical model.

Myopic Loss Aversion and House-Money Effect Overseas: an experimental approach

Recent literature has found two behavioral effects - house-money and myopic loss aversion (MLA) - in several experimental designs. We show that although we can find a house-money effect using survey methods this evidence disappears when we study investment decision within a multi-period investment experiment. Loss aversion is found to govern the risk-taking behavior of subjects in dynamic settings, overcoming the house-money effect. These results are robust to experiments conducted in two different countries, Spain and Brazil.

Estrategia y actividades de aprendizaje en la enseñanza práctica de Histología Médica en la UCO

La organización y estrategia docente que seguimos, desde el comienzo del nuevo plan de estudios del grado de Medicina en la Universidad de Córdoba, en la enseñanza práctica de la Histología Médica ha ido modificándose desde la realización de experiencias piloto iniciadas en el curso 2005-06 hasta el momento actual. Se presentan y se justifican las diferentes actividades prácticas que actualmente venimos desarrollando (práctica de laboratorio, introducción al diagnóstico histológico, sesiones de microscopía y prácticas de diagnóstico diferencial), la estrategia y metodología docente que se lleva a cabo para conseguir el máximo de eficacia en el aprendizaje y los sistemas de evaluación aplicados para cada una de las actividades. Presentamos los resultados obtenidos en la valoración –grado de satisfacción–realizada por parte de los alumnos en los dos últimos cursos académicos y para las dos asignaturas de Histología Médica (I y II) que configuran esta disciplina en nuestro plan de estudios

Ceramics with eutectic microstructure in the ZrO2–PrOx system

Praseodymium oxides present redox properties analogous to those of Ce‐based systems and have been proposed for catalytic applications in combination with CeO2, ZrO2, or both. However, uncertainties remain concerning the nature and redox behavior of Pr‐rich mixtures, especially with ZrO2. Here we study the eutectic composites of the ZrO2–PrOx system, focusing on the sensitivity of their microstructure, phase symmetry, and composition to variations of the processing atmosphere from oxidizing to reducing. Mixed oxides have been produced by a laser‐assisted directional solidification technique in O2, air, N2, or 5%H2(Ar) environment, and the resulting materials have been analyzed by scanning electron microscopy/energy‐dispersive X‐ray spectroscopy, X‐ray diffraction, Raman spectroscopy, and magnetic susceptibility. In air, N2, or 5%H2(Ar) atmosphere, a lamellar, eutectic‐like microstructure forms, the major phase being the one with less Pr content. Both the Pr concentration in each phase as the PrOx molar percentage of the eutectic composites decrease as the atmosphere becomes more reducing. Both eutectic phases are fluorite‐like when processing in air, whereas in N2 or 5%H2(Ar), the phase with high Pr content is of the A‐R2O3 type, and the phase with low Pr content can be described as a fluorite phase containing C‐R2O3‐like short‐range‐ordered regions. The results obtained for samples processed in O2 suggest that for high enough pO2 no eutectic forms, in analogy with the ZrO2–CeO2 system. The evolution of the phase composition and symmetry is discussed in terms of the limited stability of the phases found in the ZrO2–Pr2O3 system, namely, A‐ or C‐R2O3‐like, beyond a certain Pr oxidation degree and oxygen content

The Global Viralization of Policies to Contain the Spreading of the COVID-19 Pandemic: Analyses of School Closures and First Reported Cases

Background On January 30(th) 2020, the World Health Organization (WHO) declared a international health emergency due to the unprecedented phenomenon of COVID-19. After this declaration countries swiftly implemented a variety of health policies. In this work we examine how rapid countries responded to this pandemic using two events: the day in which the first case of COVID-19 was reported, and first day in which countries used school closure as one of the measures to avoid outbreaks. We also assessed how countries\u27 health systems, globalization, economic development, political systems, and economic integration to China, Republic of Korea and Italy increased the speed of adoption. Methods We compiled information from multiple sources, from December 31(st) 2019 to June 1(st) 2020, to trace when 172 countries reported their first COVID-19 case and implemented school closure to contain outbreaks. We applied cross-national Weibull survival analysis to evaluate the global speed of detection of first COVID-19 reported cases and school closure. Results Ten days after WHO declared COVID-19 to be an international emergency, relative to seven days from this declaration, countries were 28 (95% CI: 12-77) times more likely to report first COVID-19 cases and 42 (95% CI: 22-90) times more likely to close schools. One standard deviation increase in the epidemic security index rises the rate of report first cases by 37% (Hazard Ratio (HR) 1.37 (95% CI: 1.09-1.72) and delays the adoption for school closures by 36% (HR 0.64 (95% CI:0.50-0.82). One standard deviation increase in the globalization index augments the adoption for school closures by 74% (HR 1.74 (95% CI:1.34-2.24). Conclusion After the WHO declared a global emergency, countries were unprecedently acting very rapidly. While countries more globally integrated were swifter in closing schools, countries with better designed health systems to tackle epidemics were slower in adopting it. More studies are needed to assess how the speed of school closures and other policies will affect the development of the pandemic

Las plantillas de la inspección de educación por CC.AA. en el periodo 2007-2013

One of the main contributions to get to know the state of Education Inspectorates in the different Autonomous Regions of Spain is the one that is being carried out by ADIDE-Federation Board. This research work on several aspects related to the profession such as the number of members of the Inspectorate, income or work conditions takes place from time to time. These studies allow us to see up close the outstanding features and differences among the previously mentioned regional education inspectorates. The research dealt with in this article is about the state of the staff of the different Spanish regional education inspectorates. The aim is to get to know, on one hand the percentage of education inspectors without permanent civil servant status and on the other the degree of the observance of the objectives of the 2007 gender equality Law as far as the female education inspectors is concerned regarding the whole staff. It is equally interesting to find out the effect of the adjustment and cutback policies carried out by the whole regional education public administrations to a greater or lesser extent, regarding the education inspectorate staff. The survey tries to compare the number of education inspectors in 2007, the year before of the beginning of the economic crisis, and the present year 2013 that is about to conclude.Una de las aportaciones de mayor interés para el conocimiento de la situación de las Inspecciones educativas en las diferentes Comunidades Autónomas integrantes del Estado español es la que viene llevando a cabo, desde hace ya un buen número de años, la Junta Directiva de ADIDE-Federación al  elaborar estudios, de forma periódica, sobre diferentes variables como son el número de efectivos que las componen, las retribuciones o las condiciones de trabajo. Esos estudios nos permiten disponer de una radiografía bastante precisa de las características más destacadas y las diferencias más llamativas entre las citadas Inspecciones educativas. El estudio que se pretende abordar en este artículo es el referido a la situación de las plantillas de Inspección en las diferentes CC.AA. Se pretende analizar el grado de provisionalidad de los inspectores sobre el total de efectivos, así como el grado de cumplimiento de objetivos fijados en la Ley de Igualdad de género de 2007 en cuanto al porcentaje de inspectoras en activo respecto a las plantillas totales. Igualmente interesante es conocer el efecto que las políticas de ajuste y recorte presupuestario aplicadas, en mayor o menor medida, por todas las Administraciones educativas autonómicas ha tenido en las plantillas de Inspección al comparar los efectivos del año 2007 (año previo al comienzo de la crisis económica en 2008) y el año 2013 que estamos a punto de concluir

Hot working behaviour and processing maps of duplex cast steel

In this paper the hot working behaviour of medium carbon duplex cast steel is studied using uniaxial hot compression tests over a temperature range varying from 700 °C to 1 000 °C and at different strain rates ranging from 10–4 to 10–1 s–1. A model based on a variant of a dynamic materials model was employed to construct processing maps. These maps delineate the safe and unsafe domains. The safe domains, associated with dynamic recrystallization and dynamic recovery, can be chosen to optimize the hot workability of the studied material. Whereas, the unsafe domain is to be avoided because it is associated with plastic deformation instabilities. The domain associated with dynamic recrystallization is centred at 1000 °C and 10–4 s–1 with a peak energy dissipation efficiency of about 40%, while the domain associated with dynamic recovery is centred at 700 °C and 10–4 s–1 with a peak energy dissipation efficiency of about 27%. The unsafe hot working domain, spread over the entire temperature range and moderate to high strain rates, predicts the appearance of flow instabilities, in the form of shear bands and intergranular cracks. To validate the obtained results, microstructural observations corresponding to different processing conditions are presented.The authors are grateful for the financial support received from the CICYT (Spain) through the research project DPI2016-80077-R.Peer ReviewedPostprint (published version

Laser marking of polymers. Work methodology

Laser marking of polymers. Work Methodology. Context The aim of this work is to obtain a work protocol for laser marking of polymers (figure 1). An in depth study regarding the ‘state of the art’ (articles, patents, books, dissertations) about the laser-polymer interaction, laser parameters, photo chemical/thermical processes, mechanical properties of polymers and optical characterization will be carried out. During laser marking, different phenomena can be observed from the most common photothermical processes to photochemical reactions. Those phenomena are not only due to the raw material, but also to different additives, wavelengths and laser parameters. This work will be developed with the resources available at the company B.S.H. (Balay) and the University of Zaragoza, mainly with the laser processing of materials group and the liquid crystals and polymers group. Initial proposal As starting materials for the study of laser marking, the following commercial polymers are proposed: ABS, SAN, PBT, PMMA and mainly PP. Regarding the irradiation following wavelengths are proposed: 1064, 532 and 355 nm covering IR, visible and UV spectra. Special interest will be paid to 355nm (UV) because in this range the possibilities of photochemical processes increases. Control of raw material There is a strong interest in controlling the raw material and additives, so alternatives for the production of different polymer plates will be studied; partially to identify the relationships between different phenomenology and additives. To control the raw material a profound knowledge of the quantitative and qualitative composition of the material is necessary. For the analysis various tools can be enhanced (XPS, ATR, EDX). Experiments According to the ‘state of the art’ different experiments are proposed, carrying them out on both, the raw material and the marks. The experiments fall into various investigation backgrounds, the different fields are shown below. . Design of experiments (DoE): parameter selection, factorial design. • Mathematical models: photo chemical/thermical rate, thermal models. • Mechanical properties: hardness and scratch resistance of the marks. • Temperature: measurement different tools • Morphology: roughness, appearance and depth of marks. • Optical characterization: Contrast and color distance (CIELab), absorption spectra. • Detection of photochemical/photothermical phenomena: carbonization, foaming, photo reduction, bond breaking, ablation, incubation, blocking. Importance of experimental results The experimental results must be discussed leading to conclusions. According to the conclusions the experiments can be accepted, discarded or adapted defining a solid work methodology suitable for a wide group of polymers

Estudio del nivel de seguridad y "documento de protección contra explosiones" de una planta de química fina

El objetivo del proyecto es la realización del Documento de Protección Contra Explosiones de una planta de química fina, como aplicación del Real Decreto 681/2003, de 12 de junio, sobre la protección de la salud y seguridad de los trabajadores expuestos a los riesgos derivados de atmósferas explosivas en el lugar de trabajo, evaluando el nivel de seguridad de la planta en esta materia