Determinants of profitability in Spanish financial institutions. Comparing aided and non-aided entities

The last financial crisis has led to the greatest contribution of public funds ever made to Spanish banks. This paper studies why the need for support has been asymmetric, with not all of the institutions requiring aid. Based on profitability of assets (ROA), we determine using panel data econometric and logit response models the components of profit and loss accounts that generated profitability as well as the factors leading to some entities to ask for aid. The analyses show that before the beginning of the crisis there were significant differences between entities that needed aid and those that did not. The most profitable banks grounded their success in the traditional revenue components of financial institutions (such as margin on interest rates and commissions), as well as in revenues obtained from participated companies and extraordinary results. The model offers a tool to detect entities in difficulties in advance, reducing the financial and social costs of public interventions. The factors more impacting on profitability of Spanish institutions are also identifie

Fluctuating hydrodynamic modelling of fluids at the nanoscale

A good representation of mesoscopic fluids is required to combine with molecular simulations at larger length and time scales (De Fabritiis {\it et. al}, Phys. Rev. Lett. 97, 134501 (2006)). However, accurate computational models of the hydrodynamics of nanoscale molecular assemblies are lacking, at least in part because of the stochastic character of the underlying fluctuating hydrodynamic equations. Here we derive a finite volume discretization of the compressible isothermal fluctuating hydrodynamic equations over a regular grid in the Eulerian reference system. We apply it to fluids such as argon at arbitrary densities and water under ambient conditions. To that end, molecular dynamics simulations are used to derive the required fluid properties. The equilibrium state of the model is shown to be thermodynamically consistent and correctly reproduces linear hydrodynamics including relaxation of sound and shear modes. We also consider non-equilibrium states involving diffusion and convection in cavities with no-slip boundary conditions

Decoherence in an accelerated universe

In this paper we study the decoherence processes of the semiclassical branches of an accelerated universe due to their interaction with a scalar field with given mass. We use a third quantization formalism to analyze the decoherence between two branches of a parent universe caused by their interaction with the vaccum fluctuations of the space-time, and with other parent unverses in a multiverse scenario.Comment: 11 pages, 2 figure

Oxidative stress in E. coli cells upon exposure to heat treatments

Heat treatments are widely used by the food industry to inactivate microorganisms, however their mode of action on microbial cells is not fully known. In the last years, it has been proposed that the generation of oxidative species could be an important factor contributing to cell death by heat and by other stresses; however, investigations in this field are scarce. The present work studies the generation of reactive oxygen species (ROS) upon heat treatment in E. coli, through the use of cell staining with specific fluorochromes. Results obtained demonstrate that ROS are detected in E. coli cells when they are subjected to heat exposure, and the amount of fluorescence increases with temperature and time, as does the cellular inactivation. The addition of glutathione or tiron, a potent antioxidant and a superoxide quencher, respectively, to the heating medium protected E. coli against heat inactivation and concurrently reduced the detection of ROS, especially in the case of glutathione. Finally, recovery of heated cells under conditions that relief oxidative stress produced an increase in cell survival. Data presented in this work support the view that ROS generation and subsequent control in bacterial cells could be an essential factor determining inactivation and survival upon exposure to heat, and it could be a potential target to increase the efficacy of current treatments

Electron-phonon renormalization of the absorption edge of the cuprous halides

Compared to most tetrahedral semiconductors, the temperature dependence of the absorption edges of the cuprous halides (CuCl, CuBr, CuI) is very small. CuCl and CuBr show a small increase of the gap $E_0$ with increasing temperature, with a change in the slope of $E_0$ vs. $T$ at around 150 K: above this temperature, the variation of $E_0$ with $T$ becomes even smaller. This unusual behavior has been clarified for CuCl by measurements of the low temperature gap vs. the isotopic masses of both constituents, yielding an anomalous negative shift with increasing copper mass. Here we report the isotope effects of Cu and Br on the gap of CuBr, and that of Cu on the gap of CuI. The measured isotope effects allow us to understand the corresponding temperature dependences, which we also report, to our knowledge for the first time, in the case of CuI. These results enable us to develop a more quantitative understanding of the phenomena mentioned for the three halides, and to interpret other anomalies reported for the temperature dependence of the absorption gap in copper and silver chalcogenides; similarities to the behavior observed for the copper chalcopyrites are also pointed out.Comment: 14 pages, 5 figures, submitted to Phys. Rev.

Employment Expectations and Gross Flows by Type of Work Contract

There is growing interest in understanding firms’ temporary and permanent employment practices and how institutional changes shape them. Using data on Spanish establishments, we examine: (a) how employers adjust temporary and permanent job and worker flows to prior employment expectations, and (b) how the 1994 and 1997 labour reforms promoting permanent employment affected establishments’ employment practices. Generally, establishments’ prior employment expectations are realized through changes in all job and worker flows. However, establishments uniquely rely on temporary hires as a buffer to confront diminishing long-run employment expectations. None of the reforms significantly affected establishments’ net temporary or permanent employment flows.http://deepblue.lib.umich.edu/bitstream/2027.42/40032/3/wp646.pd

The Internationalisation of the Spanish food industry: The home market effect and European market integration

The objective of this study was to analyse, from a long-term perspective, the factors determining the process of the internationalisation of the Spanish agrifood industry. The paper concentrates on the empirical verification of the existence of a home market effect in the food and drink industries in Spain and on the effects on trade flows of integration into the European Union. With this aim in mind, we took into account the latest contributions to the estimation of the gravity equation for a sample of export flows from 13 agrifood subsectors between 1970 and 2012, with a destination of 175 markets. From the results of the study the existence of the “home market effect” stands out as the determining factor of the increasing process of internationalisation in the majority of the subsectors of the food industry. On this point, the presence of this effect is remarkable in the most dynamic industries, where the process of restructuring caused by the development of the internal market was more intense. Furthermore, the influence of the process of European integration has been shown by the literature to be a very important factor. Our results qualify in part the results of previous studies, since the positive effect appeared later than expected. The positive effects did not appear until the completion of the process of transition by the dismantling of the barriers established in the treaty of accession to the European Union

Inferring Energy Bounds via Static Program Analysis and Evolutionary Modeling of Basic Blocks

The ever increasing number and complexity of energy-bound devices (such as the ones used in Internet of Things applications, smart phones, and mission critical systems) pose an important challenge on techniques to optimize their energy consumption and to verify that they will perform their function within the available energy budget. In this work we address this challenge from the software point of view and propose a novel parametric approach to estimating tight bounds on the energy consumed by program executions that are practical for their application to energy verification and optimization. Our approach divides a program into basic (branchless) blocks and estimates the maximal and minimal energy consumption for each block using an evolutionary algorithm. Then it combines the obtained values according to the program control flow, using static analysis, to infer functions that give both upper and lower bounds on the energy consumption of the whole program and its procedures as functions on input data sizes. We have tested our approach on (C-like) embedded programs running on the XMOS hardware platform. However, our method is general enough to be applied to other microprocessor architectures and programming languages. The bounds obtained by our prototype implementation can be tight while remaining on the safe side of budgets in practice, as shown by our experimental evaluation.Comment: Pre-proceedings paper presented at the 27th International Symposium on Logic-Based Program Synthesis and Transformation (LOPSTR 2017), Namur, Belgium, 10-12 October 2017 (arXiv:1708.07854). Improved version of the one presented at the HIP3ES 2016 workshop (v1): more experimental results (added benchmark to Table 1, added figure for new benchmark, added Table 3), improved Fig. 1, added Fig.