Modelo integrado de dimensionamiento y evaluación de la sostenibilidad de una viga isostática de hormigón armado

Traballo fin de grao (UDC.EPS). Enxeñaría mecánic

The october 2017 Bank Lending Survey in Spain

Artículo de revistaThe results of the Bank Lending Survey show that during the third quarter of 2017 credit standards in the households segment eased somewhat in both Spain and the euro area, while they tightened slightly for enterprises in Spain and remained virtually unchanged for enterprises in the euro area. Demand for loans to enterprises remained stable in Spain, whereas it increased across the euro area as a whole, and household demand grew in both areas. Spanish and euro area banks alike generally perceived unchanged or improved wholesale market access conditions, while in the case of retail markets, a slight deterioration in access conditions was perceived in Spain, which was not observed across the euro area as a whole. Meanwhile, the banks in the survey replied that the ECB’s expanded asset purchase programme has generally helped improve the financial situation over the last six months, except in the case of profitability in the euro area, which has been adversely affected. They also reported that the programme is continuing to encourage an easing of lending conditions for the private non-financial sector. Spanish and euro area banks alike reported that the ECB’s negative deposit facility rate caused a reduction in net interest income in the last six months, having a moderately negative impact on interest rates and the mark-ups on loans to households and businesses, and a positive (albeit small) effect on lending volume

Development of a protocol for in vitro fertilization of gametes of limpet "Patella depressa"

[Resumen] El uso de Patella depressa como organismo test en un bioensayo embrio-larvario para ser utilizado en estudios de calidad ambiental del medio costero, hace necesario la puesta a punto de un protocolo de fecundación in vitro y desarrollo embrionario para esta especie. Para ello, es necesario estandarizar un protocolo, realizando varias pruebas para optimizar parámetros determinantes en la fecundación y el desarrollo embrionario. En este trabajo hemos determinado, el pH y el tiempo óptimo de alcalinización que necesitan los ovocitos para finalizar la maduración previamente a la fecundación in vitro. También hemos estandarizado la concentración de esperma óptima para una fecundación exitosa, ya que una elevada concentración produce poliespermia, dando lugar a larvas anormales. Del mismo modo, hemos determinado la concentración óptima de ovocitos, ya que demasiado elevada agotaría el oxígeno disponible, provocando la mortalidad de los embriones y larvas. Una vez establecidos estos parámetros, hemos utilizado el bioensayo estandarizado para estudiar la toxicidad de los metales pesados, cobre y cadmio, sobre el desarrollo embrionario de Patella depressa, exponiendo los embriones a diferentes concentraciones de estos metales. Hemos concluido que la alcalinización de los ovocitos debe hacerse a pH 9.0 durante 10 minutos. La mejor combinación de concentración esperma/ovocitos para una fecundación exitosa es añadir esperma “sin diluir” a 194.45 ovocitos/mL. Finalmente hemos determinado que el Cu y el Cd reducen un 50% el éxito en el desarrollo embrionario, a partir de 64μg/L y 150μg/L, respectivamente.[Abstract] The use of Patella depressa as a test organism in an embryo-larval bioassay to be used in studies of environmental quality of the coastal environment, makes necessary to develop a protocol for in vitro fertilization and embryo development for this species. For this, it is necessary to standardize a protocol, by conducting several tests to optimize key parameters in fertilization and embryo development. In this work we determined the optimum pH and time of alkalization to finalize oocyte maturation prior to in vitro fertilization. We have also determined the optimal sperm concentration for successful fertilization, since high concentration produces polyspermy, resulting in abnormal larvae. Likewise, we have determined the optimal concentration of oocytes, since too high concentration decreases the available oxygen, causing the mortality of embryos and larvae. Once these parameters have been determined, we used the standardized protocol to study the toxicity of heavy metals, copper and cadmium, on embryonic development of Patella depressa, by exposing the embryos to different concentrations of these metals. We have concluded that alkalinization of oocytes should be at pH 9.0 for 10minutes. The best combination of concentration sperm/oocytes for successful fertilization is adding sperm undiluted to 194.45oocytes/mL. Finally, we have determined that Cu and Cd reduced 50% of success in embryonic development from concentrations of 64μg/L and 150μg/L, respectively.Traballo fin de grao (UDC.CIE). Bioloxía. Curso 2014/201

COPD and lung cancer: underdiagnosis and clinical characterization

Both COPD and LC share their high mortality, tobacco history, genetic background, environmental exposure and other underlying mechanisms. The aim of this project is to establish COPD prevalence, as well as its underdiagnosis in LC patients, and to analyze their clinical profile, comparing it with a control group of patients with COPD only, evaluating different phenotypes and looking for biomarkers with potential at early diagnosis of LC or even with therapeutic and prognostic implications in this subset of patients. This work contains three different studies: a systematic review, a prospectiva cohort study basad on patients with LC with/without COPD, and two case-control study with subjects with COPD with/without LC

Application and refinement of territorial Life Cycle Assessment to the calculation of the carbon footprint and the normalization factors of Galicia

This thesis is based on the application of territorial Life Cycle Assessment to Galicia, with the objective of determining the impacts of all the consumption and production activities that take place in the region. To this end, several inventories of individual products consumed or produced in the area have been obtained, and then combined according to the territorial LCA methodology, thus obtaining global inventories of all Galician activities. The carbon footprint and the normalization factors of all the activities in the region have been calculated from those inventories, in the first application of the territorial LCA approach to calculate normalization references, and also the first calculation of those references at the subnational level

Debt overhang, credit demand and financial conditions

Tradicionalmente, la literatura empírica que ha estudiado el problema del exceso de deuda sobre la inversión empresarial ha estimado directamente la relación entre esta y el apalancamiento, sin diferenciar entre la decisión de una empresa altamente endeudada de no invertir y su capacidad para reunir los recursos necesarios para hacerlo. Usando datos de crédito concedido a sociedades no financieras españolas procedentes de la Central de Información de Riesgos del Banco de España y de las cuentas anuales de estas empresas obtenidas de la Central de Balances del Banco de España para el período 2004-2019, estudiamos en este trabajo el impacto que el nivel de endeudamiento de las empresas tiene sobre su demanda de crédito, como proxy de su demanda de inversión. Nuestros resultados confirman la existencia de una relación negativa, en consonancia con la hipótesis del debt overhang. Adicionalmente, analizamos si dicha relación se ve afectada por las condiciones financieras, y encontramos que una reducción de los tipos de interés a corto plazo mitiga el efecto negativo del apalancamiento de las empresas sobre su demanda de crédito.The empirical literature on the debt overhang hypothesis has estimated the relationship between investment and leverage at the firm level, which does not allow to disentangle between a firm’s decision not to invest as it is highly indebted and its ability to obtain the necessary resources. Using annual Spanish credit data from the Central Credit Register and non-financial corporations’ annual accounts from the lntegrated Central Balance Sheet Data Office Survey for the period 2004-2019, we study the impact of corporate debt on non-financial firms’ demand for bank loans, as a proxy for their willingness to invest. We find a negative relationship between firms’ leverage and demand for bank credit, thus supporting the debt overhang hypothesis. We then study whether such relationship is affected by financial conditions and find that a reduction in short-term interest rates mitigates the effect of firms’ leverage on demand for credit

The pass-through of market interest rates to bank interest rates

The pass-through of market interest rates to the financial conditions of households and firms is an essential element in the monetary policy transmission mechanism. In this paper, we analyse how this transmission is playing out in the current hiking cycle in the euro area and in Spain, as compared to previous cycles. We find that the pass-through to the interest rates on retail time deposits is slower than in previous hiking cycles in both jurisdictions. Moreover, a slower pass-through is also observed for mortgages in Spain. We then show there is significant heterogeneity in this pass-through across euro area countries, especially for mortgages and retail time deposits. This heterogeneity is driven by both bank and country characteristics. More specifically, in the case of deposits, we find that almost half of the difference between the remuneration of retail time deposits in Spain and the euro area is driven by differences across banking sectors in the need to raise funds through deposits to supply credit.La traslación de los tipos de interés de mercado al coste de las nuevas operaciones bancarias de los hogares y de las empresas representa un elemento esencial en el mecanismo de transmisión de la política monetaria. En este documento analizamos cómo se está desarrollando esta transmisión en el actual ciclo de subidas de tipos de interés en la zona del euro y en España en comparación con episodios anteriores. Encontramos que la traslación a los tipos de interés de los depósitos a plazo minoristas está siendo más lenta que en el pasado en ambas jurisdicciones. Además, observamos una transmisión también más lenta para el caso de las hipotecas en España. A continuación, ilustramos que esta traslación está siendo heterogénea entre los países de la zona del euro, especialmente para las hipotecas y los depósitos a plazo de los hogares. Esta heterogeneidad está impulsada por las características idiosincrásicas de los bancos y del sector bancario de los países. Más concretamente, para el caso de los depósitos a plazo de los hogares, encontramos que casi la mitad de la diferencia entre su remuneración en España y en la zona del euro vendría determinada por las distintas necesidades del sector bancario de captar fondos a través de depósitos para ofrecer crédito

The profitability of value-added products in dairy farm diversification initiatives

A more open and competitive dairy market has encouraged certain dairy farms to adopt value-adding strategies in order to achieve a higher profitability, which may be important for farms’ survival. This paper investigated the role of some product characteristics in the profitability of value-added products in these farms. For this purpose, we used a unique database of 265 different products commercialized by 49 Spanish dairy farms that offers information on nine attributes of each product. Using hedonic models as a baseline, we examined the influence of these attributes on the margin per liter (ML) of the products. The results of the regression indicated that cheese and yogurt generated 0.688 and 1.518 € more of margin per liter than liquid milk. Similarly, we found a set of attributes that have a positive influence on ML, including possession of a certificate of protected designation of origin (PDO), the milk-type composition (proportion of sheep milk), a longer expiration period, and involvement in direct marketing strategies (DMS). However, other recognized attributes such as organic labeling, maturation period, size of the sales unit and returnable packaging did not have a significant influence on ML. Our findings also showed that firms producing more elaborated products as cheese and yogurt need a lower percentage of their production to cover the fixed costs associated to transformation and commercialization. Overall, our results revealed that the elaboration of value-added dairy products improves the profitability of dairy farms

Recent developments in nonbank financing of Spanish firms

Artículo de revistaThe banking sector has traditionally played a key role in the financing of Spanish nonfinancial corporations (NFCs), much more substantial than other alternative sources, such as securities markets or venture capital. The past crisis evidenced that a high degree of dependence on a single source of funding may constitute an element of vulnerability for firms. Against this backdrop, in recent years there has been a process of financial disintermediation, with firms replacing part of their bank loan financing with the issuance of securities (bonds or equity) in official or alternative markets and with equity financing through venture capital entities. Specifically, in the period 2009-2017 NFCs raised funds for an average annual amount of €50 billion through securities markets, compared with an average annual decline of €34 billion through loans. Also, the recently created crowdfunding platforms have become a new alternative channel and although their volumes are marginal for the time being, they could experience stronger growth in the next few years, as has occurred in other European countrie

Encuesta sobre Préstamos Bancarios en España : octubre de 2017

Artículo de revistaLos resultados de la Encuesta sobre Préstamos Bancarios muestran que durante el tercer trimestre de 2017 los criterios de aprobación de préstamos se relajaron en cierta medida en el segmento de hogares, tanto en España como en la UEM, mientras que en el de empresas se endurecieron algo en nuestro país, manteniéndose prácticamente sin variaciones en la zona del euro. La demanda de crédito de las empresas habría permanecido estable en España y habría aumentado en el conjunto de la UEM, en tanto que la procedente de los hogares habría crecido en ambas áreas. Tanto las entidades españolas como las del área del euro percibieron, en general, una estabilidad o mejoría de las condiciones de acceso a los mercados mayoristas, mientras que en los minoristas las de nuestro país señalaron un ligero empeoramiento, que no se observó para el conjunto de la UEM. Por otro lado, las instituciones encuestadas contestaron que, en general, el programa ampliado de compra de activos del BCE habría contribuido a mejorar su situación financiera durante los últimos seis meses, salvo en el caso de la rentabilidad en el conjunto de la UEM, que se habría visto negativamente afectada. Asimismo, señalaron que el programa siguió favoreciendo la relajación de las condiciones de los préstamos al sector privado no financiero. Tanto las entidades españolas como las de la UEM indicaron que el tipo de interés negativo de la facilidad de depósito del BCE propició una reducción de los ingresos netos por intereses durante los últimos seis meses, teniendo un impacto negativo moderado sobre los tipos de interés y los márgenes aplicados a los préstamos a hogares y empresas, y positivo -aunque pequeño- sobre los volúmenes de crédit