Evolución histórica reciente y situación actual del sector eléctrico español

En este artículo se analizan los efectos que tuvo sobre el Sector Eléctrico español el sistema regulador vigente en España, el denominado Marco Legal Estable, desde su implantación a comienzos de 1988 hasta que se inició el proceso de liberalización a mediados de la década de los 90, y como este sector, que pudo sanearse financieramente durante este período, todavía se enfrenta a retos importantes en un contexto económico de internacionalización y desregulación progresivas

Distributed power generation in the United States

With electricity consumption increasing within the UnitedStates, new paradigms of delivering electricity are required in order to meet demand. One promising option is the increased use of distributedpowergeneration. Already a growing percentage of electricity generation, distributedgeneration locates the power plant physically close to the consumer, avoiding transmission and distribution losses as well as providing the possibility of combined heat and power. Despite the efficiency gains possible, regulators and utilities have been reluctant to implement distributedgeneration, creating numerous technical, regulatory, and business barriers. Certain governments, most notable California, are making concerted efforts to overcome these barriers in order to ensure distributedgeneration plays a part as the country meets demand while shifting to cleaner sources of energy

Strengthening financial innovations in energy supply projects for rural exploitations in developing countries

Sustainable energy supply models are needed to achieve the Millennium Development Goals established by the United Nations for 2015. On the other hand, sustainability of agricultural exploitations in rural areas is a pre-requisite to achieve the objective of halving the proportion of people that lives in poverty, and productivity of such exploitations is closely related to energy supply. This article analyses the results of a survey of experts, suggesting that there may be good chances to innovate in the financing of agricultural electrification projects in developing countries. The experts’ opinion suggests that new sources of financing could be mobilised and oriented towards the promotion of sustainable initiatives in developing countries. Financial mechanisms should be adapted to the characteristics of decentralised systems of energy production with renewable sources or with mixed technologies, in order to overcome the barriers derived from the high initial price of the applications, and to the specific conditions of the agricultural sector. The participation of funds from the beneficiaries and the incorporation of the beneficiaries in the initial phases of project organisation would allow for the development of productive solutions with a higher potential to generate resources and to articulate sustainable proposals. r 2007 Elsevier Ltd. All rights reserved

System Dynamics Simulation to Test Operational Policies in the Milk-Cheese Supply Chain Case study: Piar Municipality, Bolivar State, Venezuela.

With the purpose of detecting the impact that variations of demand cause in the milk-cheese supply chain, and determining how the operational policies of capacity, inventories or labor force can mitigate this impact, a system dynamics simulation model has been designed based on a survey conducted on a sample of cheese manufacturers and their links with milk farms, transportation companies and cheese distributors. This supply chain will be consolidated when a milk center that will collect the raw milk is completed. From this center, and after adequate treatment, milk will be distributed to the different cheese manufacturers in the supply chain. Managing adequately the milk-cheese supply chain represents an important challenge due to the short life of these products. Although this study was done in a region in Latin America, its results can be applicable to food supply chains by introducing some modifications. The milk-cheese supply chain in this case study contemplates three milk producers, one milk center, five cheese producers and several distributing agents. These companies operate individually under normal conditions, but they have understood that their integration in a supply chain improves the competitiveness of all its members. That is to say, the sum is greater than the parts. For its initial design a simulation software model is used in which the resources of the supply chain are optimized. Later the product of this optimization facilitates some initial values to be used in the system dynamics model in which causeeffect or influence relationships have been previously established considering the most representative variables. Finally, changes in operational policies that can reduce the level of pending orders in the supply chain are tested using other simulation software. The main contribution of this research is that it can serve as support or contribute to reduce the uncertainty in the decision making process of the supply chain management due to the speed with which individual or combined policies can be analyzed. In response to a variation of demand the most adequate policy may be selected and that can be done before the policy is implemented

Adaptation of coordination mechanisms to network structures

The coordination efficiency of Supply Chain Management is determined by two opposite poles: benefit from improved planning results and associated coordination cost. The centralization grade, applied coordination mechanisms and IT support have influence on both categories. Therefore three reference types are developed and subsequently detailed in business process models for different network structures. In a simulation study the performance of these organization forms are compared in a process plant network. Coordination benefit is observed if the planning mode is altered by means of a demand planning IT tool. Coordination cost is divided into structural and activity-dependent cost. The activity level rises when reactive planning iterations become necessary as a consequence of inconsistencies among planning levels. Some characteristic influence factors are considered to be a reason for uninfeasible planning. In this study the effect of capacity availability and stochastic machine downtimes is investigated in an uncertain demand situation. Results that if the network runs with high overcapacity, central planning is less likely to increase benefit enough to outweigh associated cost. Otherwise, if capacity constraints are crucial, a central planning mode is recommendable. When also unforeseen machine downtimes are low, the use of sophisticated IT tools is most profitablePeer Reviewe

Los instrumentos convertibles en acciones para la financiación empresarial en un entorno económico de restricción del crédito bancario

(SPA) Los bonos convertibles en acciones son instrumentos de financiación corporativa que en general comparten varias de las características de las emisiones de deuda senior corporativa, como el pago regular y fijado de cupones, vencimiento definido, momento en el que se repaga la totalidad del principal, y prelación en caso de default con respecto a otras obligaciones crediticias. En cambio, el repago del principal se ofrecerá bajo determinadas circunstancias en acciones de la compañía emisora en una proporción acordada previamente. Pero los instrumentos convertibles son instrumentos heterogéneos que suelen incorporar otras características particulares a cada caso, como son repagos anticipados bajo determinadas condiciones, reducción del ratio de conversión a determinados precios de la acción, pagos compensatorios o "make-whole" y otros. Los instrumentos convertibles son ejemplos de activos híbridos que comparten características de deuda y de capital y por tanto tienen impacto específico en la contabilidad de las empresas y en la posible dilución de sus accionistas. En España y otros países de la periferia de Europa, la emisión de bonos convertibles ha aumentado considerablemente desde el inicio de la crisis financiera, fundamentalmente debido a la restricción de otras formas de crédito empresarial, principalmente los créditos bancarios. En el presente artículo se explican algunas de las características comunes a los bonos convertibles emitidos recientemente por empresas españolas, se analizan las ventajas, y las razones para la emisión de estos activos, y se indican sus implicaciones contables. Los instrumentos convertibles pueden ser una alternativa estable a la deuda bancaria y a la renta fija tradicional en los mercados de capitales para la financiación de las compañías medianas, que tienen menos acceso a fuentes de financiación en situaciones de aversión riesgo por parte de los inversores y entidades financieras. (ENG)Convertible bonds share several characteristics with secure corporate debt, such as the regular coupon payments, fixed maturity and similar seniority in case of default. Nevertheless the investor of the convertible bond has the option of receiving the principal amount repayment at maturity in cash or receiving a previously agreed number of shares. But convertible securities can be complex financial instruments that possess exotic or specific features, such as soft calls, put options, cash options, cash top up features, or make whole amounts. Convertible securities are hybrid instruments that share characteristics of both debt and equity, and therefore suffer an specific accounting treatment under International Financial Reporting Standards, where the issuing company must separately identify the debt and equity components in its financial statements In peripheral European countries and in Spain in particular, convertible issuance has significantly increased since the start of the Global Financial Crisis, an increase mainly driven by the restriction of other forms of credit, namely banking loans. This article summarizes some of the common characteristics of convertible securities, analyzes its advantages for both issuers and investors, and introduces the accounting of convertible bonds. Convertible Bonds can become a viable and stable alternative to bank loans and to high yield or investment grade bonds for the funding of mid-sized corporates which normally have a more difficult access to credit in regional banking crisis or credit restrictive environments

Proposal for redesigning the financial system: lessons learned from the crisis

this paper analyzes the singularities inherent to the financial industry, in relation to other businesses, and its implications to financial crises throughout history. The efficient markets hypothesis is questioned, and its impact on the deregulation of the financial system is analyzed. Finally, the causes of the current crisis are investigated, and the general lines to be addressed for the redesign of a financial system to achieve an efficient and equitable capitalism are suggested

Mandatory Convertible Bonds as an Efficient Method of Issuing Capital

Mandatory Convertibles Notes (MCNs) mean only a small fraction of all the securities issued by corporate or financial institutions, however, they represent nearly a 30% in volume of the convertible securities issued every year. MCNs share characteristics of equity and debt securities but rating agencies assign them a high equity component and are commonly treated as equity by accounting standards. Despite the high facial coupon that MCNs seem to pay, a deeper analysis shows that the cost of MCN can be lower than the cost of issuing hybrid or subordinated debt and in some cases similar to the cost of issuing senior debt. Mandatory convertibles were profusely issued by financial institutions amid the global crisis as a means to increase capital and could be considered as a predecesor of some types of AT1 and Contingent Convertible. The academic literature about Mandatory Convertibles is scarce and we consider necessary to shed some light on a type of security that can be very useful for the real economy Keywords

El turismo electrónico como impulsor de la competitividad y desarrollo económico en los países latinoamericanos: caso Guatemala

En el presente trabajo se describen los resultados de un estudio efectuado al sector turístico de Guatemala en el primer semestre del año 2015, en el cual se pudo determinar el grado de utilización de las tecnologías de información (TIC) de las principales empresas del país, las cuales en su mayoría son pequeñas y medianas empresas (PyMEs). Posteriormente, se evalúa la competitividad de las empresas turísticas, al comprobar el impacto de la utilización o no de las TIC en su gestión de negocio. This paper describes the results of a study conducted to the tourism sector of Guatemala during the first half of the year 2015, in which it was determined the extent of use of information technology (ICT) in the main companies in the country, which are mostly small and medium-sized enterprises (SMEs). Subsequently, this work evaluates the competitiveness of the tourist industry, to verify the impact of the use or lack of IT in their business management

Mandatory Convertibles: An Efficient Form of Capital Issuance

Mandatory Convertibles represent only a small fraction of all the securities issued by corporate or financial institutions, however, they reach nearly a 30% in volume of all the convertible securities issued every year and its popularity increases steadily over time. Mandatory convertibles can reduce the shareholder dilution compared to a straight capital increase. Mandatory convertibles were commonly issued by financial institutions amid the global crisis as a means to increase capital and could be considered as an antecessor of some types of AT1 (Additional Tier One Capital Instruments) and Contingent Convertible Bonds. This research examines the scarce academic literature that studies this very particular security