Los productos financieros : de la teoría a la práctica

El objetivo de estas notas es el de mostrar, mediante un ejemplo concreto, cómo la matemática puede emplearse para la resolución de problemas de la vida cotidiana relacionados con las ofertas de las Entidades Bancarias

Path Planning Based on Parametric Curves

Parametric curves are extensively used in engineering. The most commonly used parametric curves are, Bézier, B-splines, (NURBSs), and rational Bézier. Each and every one of them has special features, being the main difference between them the complexity of their mathematical definition. While Bézier curves are the simplest ones, B-splines or NURBSs are more complex. In mobile robotics, two main problems have been addressed with parametric curves. The first one is the definition of an initial trajectory for a mobile robot from a start location to a goal. The path has to be a continuous curve, smooth and easy to manipulate, and the properties of the parametric curves meet these requirements. The second one is the modification of the initial trajectory in real time attending to the dynamic properties of the environment. Parametric curves are capable of enhancing the trajectories produced by path planning algorithms adapting them to the kinematic properties of the robot. In order to avoid obstacles, the shape modification of parametric curves is required. In this chapter, an algorithm is proposed for computing an initial Bézier trajectory of a mobile robot and subsequently modifies it in real time in order to avoid obstacles in a dynamic environment

Los productos financieros : de la teoría a la práctica

El objetivo de estas notas es el de mostrar, mediante un ejemplo concreto, cómo la matemática puede emplearse para la resolución de problemas de la vida cotidiana relacionados con las ofertas de las Entidades Bancarias

A simulation approach to the valuation of capital budgeting projects incorporating a defer option

Techniques applied to determine the value of derivatives have been recently exported in the field of investment valuation. This paper aims to provide some light to the use of a new technique in the investment valuation literature, aiming to take into account the value of flexibility. This technique, designed by Longstaff and Schwartz, combines Monte Carlo simulation and the Ordinary Least Squares in order to value American-style derivatives with different specifications. We show that this method can easily be incorporated to value capital budgeting projects in the framework of the real options theory and provides coherent results from an economic point of view. We do this by estimating the value of several cases of an investment project that incorporates an option to defer the initial investment or layout through time. We estimate these values by using the Ox programming language

Model reduction methods in option pricing

In this work we introduce the Proper Orthogonal Decomposition (POD)approach to the valuation of contingent claims for one?dimensional price models.First, we present the POD in the context of an abstract Hilbert space and we givean application for the numerical pricing of Double Barrier Options. In a finitedimension setting, we show the model reduction method for Finite Differenceschemes of implicit type. In particular, we construct the reduced version of theCrank?Nicolson scheme and some numerical examples are give

Where the dirty surplus accounting flows are?

Purpose – The purpose of this paper is to locate the specific items from the financial statements that are responsible for the dirty surplus accounting flows and how important they are in its explanation. Design/methodology/approach – It is generally accepted that some country accounting rules allow some operations that can generate dirty surplus in the annual statements. Working on this basis, it is necessary to consider information at the same time across firms and across time, using panel data econometric techniques. A static panel data estimated by generalized least squares can be used to correct correlations between firms and account numbers or a dynamic panel data estimated by GMM-SYS with instrumental variables to avoid endogeneity. Findings – Results show that in a static panel data model, the income statement items have a lower explicative power of balance sheet items variations, having higher explicative power a dynamic one (AR(1)). Results show that, specifically, financial assets, debts and book value capture the dirty accounting flows. Research limitations/ implications – Working in differences reduces the explicative power of the income statement and working in levels could be inconsistent if it is impossible to contrast, first, stationary in data due to their shortage. It is suggested that future works increase the frequency of the observed data, and contrast the cointegration as a way to check the accounting relationships. Practical implications – It is important to evaluate whether the income statement can (or cannot) explain the financial position of a firm. Also it is important to know where dirty surplus accounting flows are located can be useful for firms' valuation. Originality/value – The econometric technique proposed in the paper deals with the main limitation in accounting research: information is bigger in cross-section (number of firms) than in time series (economic periods).Accounting, Financial reporting, Income, Surpluses

La topología molecular en el descubrimiento de nuevas terapias

En este artículo pretendemos ofrecer una vista panorámica de la topología molecular, que es una aplicación de la teoría de grafos muy utilizada en la industria química y, sobre todo, en la farmacéutica. El objetivo de la topología molecular es la caracterización estructural de moléculas mediante unos invariantes sencillos, llamados índices topológicos. Estos índices, una vez procesados estadísticamente, tienen un papel fundamental en el descubrimiento de nuevas aplicaciones de moléculas conocidas y en el diseño de moléculas con propiedades químicas y farmacológicas específicas.Medicin

Antioxidant capacity of 5-Fluorouracile and new fluorinated uracil derivates

Oxidative stress is associated with multiple pathologies such as cancer and can exacerbate the development of them. In this work, we have studied the antioxidant capacity of 5-Fluorouracile (5-FU) which is an antineoplastic drug that is used in the treatment of colorectal cancer. 5-FU is a compound that has a chemical structure similar to uracil and is also fluorinated. New fluorinated derivates previously obtained in our laboratory were tested to study its antioxidant activity. All the compounds analyzed were able to inhibit lipid peroxidation when used in concentrations of 10 µM.El estrés oxidativo está asociado a múltiples patologías, como el cáncer, y puede agravar el desarrollo de estas. En este trabajo hemos estudiado la capacidad antioxidante del 5-fluorouracilo (5-FU), que es un fármaco antineoplásico que se utiliza en el tratamiento del cáncer colorrectal. El 5-FU es un compuesto que tiene una estructura química similar al uracilo y además está fluorado. Nuevos derivados uracilofluorados que se habían obtenido previamente en nuestro laboratorio fueron testados para estudiar su actividad antioxidante. Todos los compuestos analizados fueron capaces de inhibir la peroxidación lipídica cuando se utilizaron a concentraciones de 10 µM

Capacidad antioxidante del 5-fluorouracilo y nuevos derivados uracilofluorados

Oxidative stress is associated with multiple pathologies such as cancer and can exacerbate the development of them. In this work, we have studied the antioxidant capacity of 5-Fluorouracile (5-FU) which is an antineoplastic drug that is used in the treatment of colorectal cancer. 5-FU is a compound that has a chemical structure similar to uracil and is also fluorinated. New fluorinated derivates previously obtained in our laboratory were tested to study its antioxidant activity. All the compounds analyzed were able to inhibit lipid peroxidation when used in concentrations of 10 μM.El estrés oxidativo está asociado a múltiples patologías, como el cáncer, y puede agravar el desa-rrollo de estas. En este trabajo hemos estudiado la capacidad antioxidante del 5-fluorouracilo (5-FU), que es un fármaco antineoplásico que se utiliza en el tratamiento del cáncer colorrectal. El 5-FU es un compuesto que tiene una estructura química similar al uracilo y además está fluorado. Nuevos derivados uracilofluorados que se habían obtenido previamente en nuestro laboratorio fueron testados para estudiar su actividad antioxidante. Todos los compuestos analizados fueron capaces de inhibir la peroxidación lipídica cuando se utilizaron a concentraciones de 10 μM.Ciencias Experimentale