Evolución del mercado inmobiliario en centros urbanos. Efectos de la política de intervención pública

Las políticas urbanísticas de los gobiernos locales se han centrado en los últimos años en la regeneración urbana y rehabilitación de los edificios existentes en zonas urbanas degradadas especialmente las próximas a los distritos comerciales y de negocios. No sólo con el objeto de mejorar el entorno urbano, sino también de satisfacer la demanda de viviendas en las ciudades que se encuentran en crecimiento. En esta investigación hemos examinado el efecto que el desarrollo de un proyecto de regeneración urbana tiene en el mercado de la vivienda de las zonas de intervención. Hemos establecido índices de impacto de la inversión a partir de diversos supuestos sobre la naturaleza de los bienes públicos generados en los procesos de intervención, con estos índices y mediante la metodología de los precios hedónicos hemos aislado y cuantificado los efectos de la intervención pública en el barrio de Velluters de la ciudad de Valencia. Adicionalmente nos hemos planteado el análisis de la eficiencia del proceso de regeneración urbana llevado a cabo por el sector público en acción conjunta con el sector privado. Este análisis de la eficiencia puede servir de guía para la evaluación de las políticas públicas. Partiendo de la distribución espacial de los índices de impacto que genera la intervención planificada a partir de una distribución dada de las inversiones previstas, y fijándonos unos objetivos concretos del centro decisor sobre la homogeneidad de esta distribución, hemos planteado un modelo que nos permite conocer la distribución de las inversiones realizadas de forma óptima entre los distintos emplazamientos fijados a priori; la comparación entre la distribución espacial de índices de impacto obtenida en ambos casos nos dará una medida de la eficiencia del proceso de intervención. Este mismo modelo podría generalizarse para incluir la localización de la inversión de forma endógena, facilitando el proceso de toma de decisiones derivadas de la implantación de políticas deCervelló Royo, RE. (2008). Evolución del mercado inmobiliario en centros urbanos. Efectos de la política de intervención pública [Tesis doctoral no publicada]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/3342Palanci

Netnography in the banking sector

[ES] Este capítulo ofrece un ejemplo deductivo y cuantitativo del uso de datos y análisis de redes sociales para aportar información sobre los consumidores a una operación empresarial concreta: las operaciones de préstamo de la banca minorista. Comienza con una descripción de la pertinencia de un enfoque cualitativo de la investigación en redes sociales para el sector bancario. Repasamos las formas en que ya se ha utilizado la netnografía para estudiar a los clientes del sector y, a continuación, describimos una aplicación utilizando el contexto del mercado bancario minorista español. Nuestro uso de la netnografía consiste en utilizar los datos de las redes sociales para identificar similitudes en las narrativas de los consumidores sobre las operaciones de préstamo más comunes de los bancos españoles: los préstamos hipotecarios. Analizamos cuantitativamente y modelamos visualmente los datos para tratar de discernir significados más profundos de las conversaciones en las redes sociales que sean relevantes para el propósito de nuestra investigación. Por último, el capítulo destaca la posible importancia futura de la netnografía en el estudio de otros clientes del sector financiero y bancario.[EN] This chapter provides a deductive and quantitative example of the use of social media data and analysis for adding consumer insight to a particular business operation, retail banking loan operations. It begins with a description of the relevance of a qualitative social media research approach to the banking sector. We review the ways netnography has already been used to study the sector's customers, and then describe an application using the Spanish retail banking market context. Our use of netnography involves using social media data to identify similarities in consumer narratives about Spanish banks’ most common lending operations: mortgage loans. We quantitatively analyze and visually model the data to try to discern deeper meanings from the social media conversations that are relevant to our research purpose. Finally, the chapter highlights netnography’s potential future importance in the study of other financial and banking sector customers.Clemente-Ricolfe, J.; Cervelló Royo, RE. (2020). Netnography in the banking sector. En Netnography unlimited: Understanding Technoculture Using Qualitative Social Media Research. Taylor & Francis (Routledge). 172-180. http://hdl.handle.net/10251/20082217218

El uso del software estadístico R en la asignatura de finanzas cuantitativas: desarrollo de habilidades y competencias

[ES] Los cambios en la orientación de la docencia como consecuencia de la necesaria adaptación al Espacio Europeo de Educación Superior incluyen la adopción de un nuevo paradigma, modificando la orientación docente. Así, se ha pasado de una enseñanza por contenidos a otra orientada a los resultados de aprendizaje y el desarrollo de competencias. La introducción del software estadístico R en las clases de laboratorio de la asignatura de Finanzas Cuantitativas supone un cambio en ese sentido. Entre otras ventajas, refuerza las competencias relacionadas con el aprendizaje de los contenidos del curso. Además, esta asignatura sirve ahora de punto de control de dos competencias transversales: uso crítico de la información y empleo de instrumentos específicos. En las clase prácticas de laboratorio, se emplea el software R para resolver problemas reales, evitando plantear simples problemas teóricos.[EN] The change in the teaching orientation due to the adaptation to the new European Higher Education Area (EHEA), involved a remarking new education paradigm, moving from a learning content to an orientation based on learning results and development of competences. The introduction of the R statistical software in the Quantitative Finance subject lab-sessions implied a change in this vein. Among others, it strengthened the competences related with the learning of the contents of the subject. Moreover, among the different transversal competences (TC) and skills (a total of nine TCs), the following competences were chosen as checkpoints: Critical synthesis of information and the use of specific tools. Under the methodological vision of action- research and the critical observation of teaching in the subject we use the lab-cases and sessions in order to propose actual cases, therefore, we avoid the use of simple practical exercises. By means of the R statistical software the main goal was to reach the objectives of the proposed three lab-sessions.Cervelló Royo, RE.; Guijarro, F.; Oliver-Muncharaz, J. (2017). The use of the R statistical software in the quantitative finance subject: development of skills and competences. Finance, Markets and Valuation. 3(2):109-116. http://hdl.handle.net/10251/102303S1091163

Efecto de las intervenciones públicas en regeneración urbana: un modelo para evaluar su eficiencia

[ES] En el presente artículo se analizan los efectos que los programas de regeneración urbana, principalmente financiados con fondos públicos, tienen sobre el mercado inmobiliario en la zona de intervención. Estudiamos la evolución temporal de los precios y proponemos un modelo de precios hedónicos que relaciona las inversiones en las distintas intervenciones y los valores de mercado observados. Los resultados indican que los valores obtenidos por el método de los precios hedónicos son bastante representativos de los valores observados en el mercado de los bienes inmuebles. Al aislar el impacto de estas intervenciones en el valor de los bienes inmuebles de la zona de influencia, tenemos una estimación del beneficio social derivado de la intervención, que puede ser empleado como medida de la eficiencia de la rehabilitación pública llevada a cabo en los centros históricos.Cervelló Royo, RE.; Segura García Del Río, B. (2011). Efecto de las intervenciones públicas en regeneración urbana: un modelo para evaluar su eficiencia. CIRIEC-España. Revista de Economía Pública, Social y Cooperativa. Abril(70):33-54. http://hdl.handle.net/10251/308803354Abril7

Can a country's environmental sustainability exert influence on its economic and financial situation? The relationship between environmental performance indicators and country risk

[EN] Due to international events such as the declaration of Sustainable Development Goals, countries have started to develop their national strategies for effective implementation of the 2030 Agenda based on those targets. This study aimed to analyse the existing relationship between the environmental proactiveness and sustainability of countries and their associated Country Risk Scores. For this purpose, two main indicators were considered: (a) the Environmental Performance Index, as a measure of a country's environmental sustainability pro-activeness, and (b) the Country Risk Score, which represents a country's economic, political, and financial situation. Data for 163 countries were used to test whether the Environmental Performance Index is related to the Country Risk Score while controlling for country groupings (memberships and/or alliances). This analysis was complemented by a regression approach using fuzzy-set qualitative comparative analysis to identify the combination of con-ditions leading to a high or low Country Risk Score. The results showed that the Environmental Performance Index is a good predictor of the Country Risk Score. In particular, the Environmental Health component of the Environmental Performance Index emerged as a better fit. However, the complementary analysis uncovered the important role of Ecosystem Vitality. Furthermore, the analysis confirmed the moderating effect of the country groupings. Overall, the Environmental Performance Index scores correlate with Country Risk Scores. The Environmental Performance Index reflects good governance practices, which are related to those evaluated by the Country Risk Score.This publication is part of the Program for Assessing and Resources sets R+D+i VLC/CAMPUS and has been funded by the Ministry of Education, Culture and Sports as part of the Campus of International Excellence Program. The authors would like to thank the Universitat Politecnica de Valencia (UPV) for the support through the grant number: PAID-06-14 to the project SP20140647 'Identification of moderating factors in the eco-innovative orientation of society. A social innovation approach'.Peiró Signes, A.; Cervelló Royo, RE.; Segarra-Oña, M. (2022). Can a country's environmental sustainability exert influence on its economic and financial situation? The relationship between environmental performance indicators and country risk. Journal of Cleaner Production. 375:1-10. https://doi.org/10.1016/j.jclepro.2022.13412111037

Mejora del sistema de evaluación de las prácticas con ordenador en la asignatura de Matemáticas Financieras I en el Grado de ADE incorporando las competencias transversales CT-3, CT-6, CT-12 y CT-13

[EN] The European Higher Education Area has introduced a change in the teaching orientation, remarking a new education paradigm in the higher education, moving from a learning content to an orientation based on learning results and development of competences. The subject of Financial Mathematics includes, among others, the competences related with the learning of the contents of the subject: i) Critical synthesis of information which comes from different sources, ii) Efficient planning of work and iii) Introduction of creative solutions when solving problems. Moreover, among the different transversal competences (TC) and skills (a total of nine TCs), the following competences were choses as checkpoints: TC-12 Time planning and management and TC-13 specific tools. Under the methodological vision of action-research and the critical observation of teaching in the Financial Mathematics subject we use the lab-cases and sessions in order to propose actual cases and real-life problems; therefore, we avoid the use of simple practical exercises. By means of the IT resources and considering the need of a proper time management in the sessions, the main goal was to reach the objectives of the proposed learning. Thus, we were able to check how the solving of those practical examples in the lab-sessions, developed and reinforced several transversal competences and, in a special way, the ones taken as checkpoint[ES] El Espacio Europeo de Educación Superior ha traído consigo un cambio en la orientación de la enseñanza, marcando un nuevo paradigma de aprendizaje en la educación superior; en el que se ha pasado de un aprendizaje basado en contenidos, a una orientación basada en resultados de aprendizaje y desarrollo de competencias. La asignatura de Matemáticas financieras incluye, entre otras, las competencias relativas al aprendizaje de los contenidos de la asignatura: i) Sintetizar de forma crítica información proveniente de fuentes diversas, ii) Planificar eficientemente el trabajo, iii) Aportar soluciones creativas en la resolución de problemas. Además entre las muchas competencias transversales (CT) (un total de nueve CTs), se trabajaron como puntos de control las competencias CT-12_ Planificación y gestión del tiempo y la CT-13 Instrumental específica. Bajo la visión metodológica de action research (investigación-acción), y ante la observación crítica de la situación de la docencia de Matemáticas Financieras se utilizaron las prácticas en laboratorio para plantear casos y problemas reales, evitando de esta manera, la mera resolución de simples ejercicios prácticos, mediante el uso y los recursos informáticos del laboratorio de prácticas, y con la necesidad de gestionar adecudamente el tiempo de las sesiones, con el fin de alcanzar los objetivos de aprendizaje propuestos. De esta manera, se pudo comprobar como con la resolución de dichos suspuestos prácticos en el aula informática, se conseguían reforzar diversas competencias transversales y, de manera especial, las tomadas como punto de control. Palabras clave: action-research (investigación-acción), competencias, recursos informáticos, , matemáticas financieras, planificación y gestión del tiempo, instrumental informático.Cervelló Royo, RE.; Marqués Pérez, I. (2016). Mejora del sistema de evaluación de las prácticas con ordenador en la asignatura de Matemáticas Financieras I en el Grado de ADE incorporando las competencias transversales CT-3, CT-6, CT-12 y CT-13. En In-Red 2016. II Congreso nacional de innovación educativa y docencia en red. Editorial Universitat Politècnica de València. https://doi.org/10.4995/INRED2016.2016.4419OC

Social Performance considered within the global performance of Microfinance Institutions: a new approach

[EN] In last years, microfinance has been seen as an effective measure for empowering whole nations or marginalized groups. However, some negative issues especially with respect to over-indebtedness and high interest rates have been discussed as well. In fact, the performance of Microfinance Institutions (MFIs) has traditionally been measured by ratios. Thus, it should be remembered that MFIs are special socially-oriented financial organizations, mainly interested in the economic development of both rural and urban areas, in creating jobs, incorporating women into the labour market and addressing environmental concerns. The activity and performance ratios of these organizations are usually based on a single criterion, generally related to financial aspects or the extent of their outreach, in such a way that the performance measurement can vary according to the criterion selected. This paper proposes a new approach, a multicriteria method based on goal programming that considers not only financial aspects and outreach, but also the social Performance related to the activities of a group of MFIs in Ecuador. Our study shows the weight of the Social Performance dimension on the rankings compared with other dimensions. The practical significance of these results lies in that now it is possible to present a more comprehensive picture of the performance of MFIs. Besides, the methodology chosen can shed some light on the mission drift debate.Cervelló Royo, RE.; Guijarro, F.; Martinez Gomez, VD. (2019). Social Performance considered within the global performance of Microfinance Institutions: a new approach. Operational Research (Online). 19(3):737-755. https://doi.org/10.1007/s12351-017-0360-3S737755193Ahlin C, Lin J, Maio M (2011) Where does Microfinance flourish? Microfinance institution performance in Macroeconomic context. J Dev Econ 95(2):105–120Akpalu W, Alnaa SE, Aglobitse PB (2012) Access to microfinance and intra household business decision making: implication for efficiency of female owned enterprises in Ghana. J Soc Econ 41(5):513–518Ashta A (2009) Microcredit capital flows and interest rates: an alternative explanation. J Econ Issues 43(3):661–683Ballestero E, Garcia-Bernabeu A (2012) Portfolio selection with multiple time horizons: a mean variance—stochastic goal programming approach. INFOR 50(3):106–116Ballestero E, Pérez-Gladish B, Garcia-Bernabeu A (2015) Socially responsible investment a multi-criteria decisión making approach. Springer International Series in Operations Research and Management Series, Vol. 219Barinaga E (2014) Microfinance in a developed welfare state: a hybrid technology for the government of the outcast. Geoforum 51:27–36Barnett B, Mahul O (2007) Weather index insurance for agriculture and rural areas in lower-income countries. 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Manage Sci 1:138–150Charnes A, Cooper WW, Rhodes E (1978) Measuring the efficiency of decision making units. Eur J Oper Res 2:429–444Christen R, Rosenberg P (2006) The rush to regulate: legal frameworks for microfinance. CGAP Occasional Paper No 4Copestake J (2007) Mainstreaming microfinance: social performance management or mission drift? World Dev 35(10):1721–1738Da Silva A (2007) Social banking: the need of the hour. In: da Silva AFC (ed) Social banking—perspectives and experiences. The Icfai University Press, Hyderabad, pp 3–9Dalberg (2012) Catalyzing smallholder agricultural finance. Dalberg Global Development Advisors, New YorkDeng H, Yeng H, Willis RJ (2000) Inter-company comparison using modified TOPSIS with objective weights. Comput Oper Res 27(10):963–973Derflinger K, Ivaniychuk O, Grossmann H (2006) Myth and reality of agricultural micro-lending – experiences from a Commercial Bank in Georgia. 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The dynamics of cluster entrepreneurship: Knowledge legacy from parents or agglomeration effects? The case of the Castellon ceramic tile district

[EN] What are the main mechanisms driving the process of industry clustering? There is a tension between two different perspectives as regards explaining entrepreneurship and spatial concentration: the roles played by agglomeration economies and knowledge legacies passed on from parents to spawns or spinoffs. Using qualitative interviews and archival data analysis, this paper tracks the evolution and the organizational reproduction of the ceramic tile cluster of Castellon (Spain) since its inception in 1727. Results show the existence of agglomeration and socially-based co-operation forces. Beyond de novo spinoffs, abundant social capital in highly agglomerated regions facilitates co-operation and new firm formation, and even co-operation amongst competitors to create new firms. Socially-based networks, reinforced by agglomeration externalities, all act as learning mechanisms to build pre-entry capabilities in new ventures, complementing Klepper¿s inheritance perspective. Spatial concentration of an industry can be attributed to the benefits of agglomeration and socially-based co-operation, in combination with the influence of knowledge legacies in a complementary and synergistic process. Conclusions are framed within the knowledge spillover theory of entrepreneurship, shedding light on how entrepreneurship occurs in clusters.We thank Editor Martin Kenney, David Audretsch and Guido Buenstorf for their fantastic and constructive comments. Jose-Luis Hervas-Oliver also thanks Fiorenza Belussi, Andrea Furlani and Roberto Grandinetti for their comments at the presentation in the Padova PhD course. Carlos Camahort and the Porcelanosa co-owner Maria Jose Soriano were both very helpful with data and insights, as well as ASCER (Michel Toumi). We are thankful to financial support from the Spanish Ministry of Economics (MINECO) under research grant ECO2015:63645-R (MINECO/FEDER) Open Innovation in Clusters.Hervás Oliver, JL.; Lleo, M.; Cervelló Royo, RE. (2017). The dynamics of cluster entrepreneurship: Knowledge legacy from parents or agglomeration effects? The case of the Castellon ceramic tile district. Research Policy. 46(1):73-92. https://doi.org/10.1016/j.respol.2016.10.006S739246

An urban regeneration model in heritage areas in search of sustainable urban development and internal cohesion

Purpose ¿ The purpose of this paper is to provide an analysis and an optimization model of the spatial impact for the externalities derived from urban regeneration and rehabilitation of degraded and segregated historic heritage areas. Design/methodology/approach ¿ From the amount invested and state intervention locations, an impact index is put forward. The spatial distribution of these impact indexes in the interventions' area of influence will be the basis for the analysis. Hence, by setting some specific objectives of the decision agent about this distribution homogeneity, and with the aim of avoiding inner segregation and to facilitate the sustainable urban development and cohesion of the neighborhood as a whole, a model which will allow the allocation of the budget available among the different locations fixed a priori is proposed. Findings ¿ It is found that by comparing the spatial distributions of impact indexes obtained in both situations, a measure of the urban regeneration and rehabilitation process and its impact can be obtained. Originality/value ¿ In order to favour the neighborhoods' internal cohesion and to avoid inner segregation, the model enables one to better address priority areas of intervention inside a historic heritage urban area and to better achieve sustainable urbanization by providing a more equitable and efficient managing of resources.Cervelló Royo, RE.; Garrido-Yserte, R.; Segura García Del Río, B. (2012). An urban regeneration model in heritage areas in search of sustainable urban development and internal cohesion. Journal of Cultural Heritage Management and Sustainable Development. 2(1):44-61. doi:10.1108/20441261211223261S446121Berliant, M., Peng, S.-K., & Wang, P. (2006). Welfare analysis of the number and locations of local public facilities. 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Estrategia de inversión bursátil y reconocimiento gráfico de patrones: aplicación sobre datos intradía del índice Dow Jones

Este trabajo presenta una nueva aproximación al reconocimiento del patrón gráfico bandera. A partir de éste se desarrolla una regla de trading que obtiene resultados positivos ajustados al riesgo sobre datos intradía del índice Dow Jones. Para mitigar los efectos negativos provocados por el data snooping se tomó una muestra con más de 90.000 observaciones y se reportan resultados sobre 96 configuraciones distintas de los parámetros que definen la regla de trading. Considerando los resultados obtenidos para la totalidad del periodo, la regla de trading obtiene una rentabilidad positiva incluso después de considerar el riesgo, superando al benchmark desde la doble perspectiva de la media-varianza.Cervelló Royo, RE.; Guijarro Martínez, F.; Michniuk, K. (2014). Estrategia de inversión bursátil y reconocimiento gráfico de patrones: aplicación sobre datos intradía del índice Dow Jones. Cuadernos de Administración. 27(48):119-152. http://hdl.handle.net/10251/59742S119152274