La regulación del mercado filatélico

El objetivo de este trabajo es abordar la regulación del mercado filatélico en dos aspectos. En primer lugar, la regulación de sus intermediarios, con el claro objetivo de añadir estabilidad al mercado. Tras analizar los agentes del mercado filatélico, así como el funcionamiento del mercado primario y secundario, se aborda la necesidad de regular a determinados intermediarios filatélicos, concretamente a las Sociedades de Inversión Filatélica. Debido a su análoga función en el mercado financiero, se analiza el concepto, la tipología, los servicios realizados, así como los instrumentos usados por las Empresas de Servicio de Inversión, para finalmente realizar una propuesta de regulación de las Sociedades de Inversión Filatélica y su posible inclusión dentro de las Empresas de Servicio de Inversión. En segundo lugar, analizaremos la regulación del precio filatélico. Si bien los precios en el sector filatélico se forman a través de la libre concurrencia de la oferta y la demanda, es necesario abordar la regulación de los mismos a efectos fiscales. Otros activos (tales como los negociados en los mercados organizados, los bienes inmuebles y los vehículos usados) poseen reglas específicas de valoración para determinar la base imponible del Impuesto sobre el Patrimonio. Tras el análisis de dichas reglas de valoración y las características propias del mercado filatélico (en especial las relativas a los catálogos de sellos), se propone una regulación en los precios para dicho mercado. EI uso de esta regulación no sólo se limitaría a efectos fiscales, sino que también sería apta para las valoraciones actuariales, así como para valorar las colecciones filatélicas en los supuestos de embargo.The main objective of this essay is to approach the regulation of philatelic market in two ways. First of all, the regulation of its intermediaries in order to add stability to this market. After analyzing both philatelic market agents and primary and secondary market working, it is considered the need of regulate some philatelic intermediaries, concretely Philatelic Investment Societies. Because of its similar function in financial market, it is analyzed the concept, typology, services and instruments used by Investment Firms, to finally carry out the regulation of Philatelic Investment Societies and if they can be considered as Investment Firms. Secondly, philatelic price regulation is going to be analyzed. Prices in philatelic market are freely formed by means of supply and demand concurrence. But their regulation must be considered for tax purposes. Some assets (such as chose negotiated in organized markets, real estates and used cars) have their own valuation rule in order to determine the gross tax base in capital tax. After analysing such valuation rules, as well as the philatelic market features (specially those concerning stamps catalogues), a regulation on prices IS proposed for this market. This regulation would not only be used for tax purposes but its application could be suitable for both actuarial valuation and philatelic collection valuation in cases of embargo

Análisis del mercado financiero de bienes tangibles : el caso particular de la filatelia financiera

El objetivo básico de esta tesis ha sido elevar al rango de inversión financiera la filatelia, y, poder demostrar que se dan los elementos objetivos para el establecimiento y desarrollo de un mercado filatélico que tiene aspectos comunes con el mercado financiero. En éste sentido, consideramos, incluso, que cabe la posibilidad de desarrollar productos financieros de enorme incidencia para el inversor particular, por ejemplo, los fondos de inversión combinados o centrados en productos filatélico

Bootstrap method for calculating technical provisions for claims

[ES] La adecuada gestión del riesgo es uno de los objetivos fundamentales en las compañías aseguradoras, la buena valoración de la incertidumbre es una de las claves de éxito en este sector empresarial, por ello, abarca el objeto de nuestro estudio. La clave para gestionar la incertidumbre es poder prever los posibles siniestros y así estimar las provisiones técnicas a constituir por la empresa para el pago de estos. La Directiva Europea Solvencia II, que entra en vigor en 2016, modificó sustancialmente la metodología a emplear para la estimación de las provisiones técnicas utilizada con anterioridad. Esta normativa establece una mejor valoración del riesgo para poder afrontar los pagos por siniestros sin tener problemas de insolvencia o escasa liquidez. Adaptándonos a dicha normativa, procedemos a estimar las provisiones técnicas mediante el método Chain Ladder aplicado mediante el formato triangulo, el cual se adapta a la directiva y tiene en cuenta el comportamiento de los pagos por siniestros en diferentes años. Para reducir la incertidumbre en nuestras estimaciones, utilizamos el método Bootstrap con el que determinaremos la fiabilidad de los datos estimando el error. Mediante los datos obtenidos de una compañía aseguradora en su ramo de autos, realizamos hipótesis para determinar la fiabilidad del método de estimación Chain Ladder con Bootstrap, obteniendo que dicha metodología se adecua a la nueva normativa además de demostrar su eficiencia en la estimación de las provisiones técnicas, siendo el percentil 50 el estadístico más adecuado para dicha estimación.[EN] Proper risk management is one of the main objectives in the insurance companies, the good assessment of uncertainty is one of the keys to success in this business sector, therefore, covers the object of our study. The key to managing uncertainty is to foresee the possible claims and thus estimate the technical provisions to set up by the company for the payment of these. The European directive Solvency II, which came into force in 2016, substantially modified the methodology to be used for the estimation of technical provisions used previously. This regulation establishes a better assessment of the risk to meet payments for claims without having problems of low liquidity or insolvency. Adapting ourselves to this norm, we proceed to estimate technical provisions through the Chain Ladder method implemented by the triangle format, which adapts to the directive and takes into account the behaviour of the payments for claims in different years. To reduce uncertainty in our estimates, we use the Bootstrap method which we will determine the reliability of the data estimating the error. Using the data obtained from an insurance company in its area of cars, we carry out hypothesis to determine the reliability of the Chain Ladder with Bootstrap estimation method

Exploration, exploitation, and firm age in alliance portfolios

We analyzed the relationship between exploration-oriented and exploration-oriented alliances. Through the complementarity approach, three possible relationships were analyzed: complementarity, substitutability, and no relationship. We use Technological Innovation Panel data for Spanish manufacturing firms for 2005–2013. The econometric technique that we used to estimate the coefficients was population-averaged OLS. Our findings suggest that alliance portfolios formed by exploration-oriented and exploration-oriented alliances achieve worse innovation performance than specialized exploration or exploitation portfolios. In addition, we found that a single class of alliance has different impacts on innovation performance depending on whether it is implemented by a young company or a mature company

Relations between technological and non-technological innovations in the service sector

In the economic literature, there is a debate on whether technological and non-technological innovations share the same determinants. As a result of this debate, two opposing views have emerged: the distinctive view argues that the determinants of both technologies are different; on the contrary, the integrative view considers that both types of technologies share determinants. The main objective that we pursue in this study is to test which of the two views is prevalent in the service sector of the Spanish economy. Analyses were performed using data from Spanish Technological Innovation Panel for the period 2008–2012. To perform hypothesis tests, the approach of complementarity was used. Our findings indicate that neither of the two approaches has been fully accredited, although the distinctive view is more prevalent. However, this radiography of relations tells us that companies can achieve further increases in productivity if technological innovation and non-technological innovation are implemented simultaneously

The contribution of technological and non-technological innovation to environmental performance. An analysis with a complementary approach

In this study, we pursue two objectives. First, we analyse the influence of product, process, and non-technological innovation on environmental performance. Second, we explore the existence of complementarities or substitutabilities between the different combinations of these three types of innovations to learn which combinations improve or worsen environmental performance. The analyses were performed using data from the 2013 Technological Innovation Panel (PITEC) for Spanish manufacturing companies. We use the two-stage least-squares method as an instrumental variable estimator, which allows us to control the endogeneity and obtain consistent estimators. Our findings indicate that product innovation and process innovation have a negative influence on environmental performance. Likewise, we have also found that the simultaneous implementation of product innovation and process innovation is unconditionally substitutive and that the joint implementation of process innovation and non-technological innovation is conditionally substitutive. This result reinforces the position of those researchers who have pointed out that the association between a greater technology orientation and a better firm environmental performance is probably too simplistic. Finally, it should be emphasized that only non-technological innovation contributes to achieving better environmental performance and that the joint implementation of product innovation and non-technology innovation is conditionally complementary.Junta de Extremadura | Ref. GR1809

Teoría carteras: aplicación con el oro y los activos numismáticos de oro

Los activos tangibles de colección, son aquellos activos que no están directamente relacionados con la evolución de los mercados financieros. Los activos numismáticos, son activos que pertenecen a los activos tangibles de colección. Estos se llevan estudiando en EEUU, de manera especial, desde la década de los ochenta (Salomon Jr. y Lennox, 1984; Berman y Schulman, 1986; Dickie, Delorme y Humphreys, 1994; Lombra, 2003; Brown 2005), aunque Sharpe ya hablaba de sus bondades en 1963. En España en la década de los noventa se realizaron importantes investigaciones (Coca, 1998; 2001). En este trabajo se realiza un trabajo de Teoría de Carteras con activos numismáticos de oro. El objetivo del trabajo es la construcción de diferentes carteras compuestas por activos numismáticos de oro y el propio metal precioso; con el fin de construir aquella cartera que mejor se adapte al inversor acorde a su perfil inversor y conocer cuál es la Cartera del Mercado. La muestra utilizada son los activos numismáticos de oro emitidos por España, EEUU, Gran Bretaña y Francia desde 1900 a 2008. El periodo de estudio es del 2003 al 2008. La metodología empleada es la Teoría de Carteras (Markowitz, 1952; 1959). Para ello construiremos la Frontera Eficiente y trazaremos la Línea del Mercado de Capitales o CML.Collectible Tangible Assets are those that directly they are not related to the evolution of the Financial Market. Numismatic Assets belongs to Collectible Tangible Assets. These assets have been studying in USA since the eighties (Salomon Jr. y Lennox, 1984; Berman y Schulman, 1986; Dickie, Delorme y Humphreys, 1994; Lombra, 2003; Brown 2005), although Sharpe had talked about his virtues in 1963. Important researches were made in Spain in the nineties (Coca 1998; 2001). In this paper we do a study of Portfolio Theory with Gold Numismatic Assets. Our objective is to build different Gold and Gold Numismatic Asset Portfolios. The purpose is being able to build the best portfolio for the different investors and to know The Market Portfolio. Research sample is composed by gold numismatic assets and the gold. Those assets have been issued by Spain, USA, Great Britain and France from 1900 to 2008. The research period is to 2003‐2008. We use Portfolio Theory methodology (Markowitz, 1952; 1959). For that we build the efficient frontier and we will trace the Capital Market Line, CML

Assessing the relationship between R&D subsidy, R&D cooperation and absorptive capacity: an investigation on the manufacturing Spanish case

Private companies want to eliminate outgoing spillovers while policymakers seek to maximize them. With subsidized R&D cooperation agreements both agents partially achieve their objectives. For this reason, in Europe, policymakers grant subsidies for R&D activities with the condition of establishing R&D cooperation agreements. This study explores the relationship of complementarity between R&D subsidy, R&D cooperation and absorptive capacity in the context of its contribution to labor productivity of enterprises. The data used comes from the Technological Innovation Panel (PITEC), managed by the Spanish National Statistics Institute. We selected manufacturing companies in the period 2008–2013. We evaluate the existence of complementarity through the systems approach and the interaction approach. The econometric technique that we used to estimate the coefficients of our empirical model was maximum-likelihood random effects. As a consequence of the low absorptive capacity of Spanish manufacturing firms we find that R&D subsidies and R&D cooperation agreements are not complementary variables, i.e., receiving public subsidies as a result of establishing R&D cooperation agreements has a lower impact on productivity than the sum of the individual impacts of R&D cooperation and R&D subsidies. In consequence, this result calls into question the convenience of using subsidized R&D cooperation agreements as a tool for promoting innovation in EU countries as there are notable differences between the companies in these countries in terms of absorption capacity

El análisis del riesgo como medida del capital económico

La gestión de riesgos y de capitales es un marco unificado que combina estos aspectos a través del uso del capital económico como una forma común para medir el riesgo. El capital económico es el límite de capital necesario para hacer frente a potenciales pérdidas inherentes a las actividades comerciales. El objetivo de este trabajo teórico es identificar la tipología de riesgos y cuantificarlos, mediante el Best Estimate y el Risk Margin.The risk management and of capitals he is a frame united that he combines these aspects through the use of economic capital like a common form to measure risk. The economic capital is the limit of necessary capital to face up to potentials inherent losses to the commercial activities. In this research our objective is to determine the different risk types and quantify it, by the Best Estimate and the Risk Margin

Análisis comparativo de metodologías para la cuantificación de provisiones técnicas en entidades aseguradoras. Adaptación a Solvencia II

(Comparative analysis of methodologies for the quantification of technical provisions in insurance entities. Adaptation to Solvency II. )The entry into force of Solvency II has involved a great process of adaptation for insurance companies. One of the aspects affected by Solvency II is in the quantification of risks, and within this in the estimation of the technical provisions to be constituted. The objective of this work is to study the estimation of technical provisions in non-life insurance through stochastic methodology. We compare three of the most popular methods for estimating payments for claims that occurred but not reported, these being the Free Distribution-free of Mack, the Generalized Linear Model assuming a Poisson distribution with Overdispersion along with the logarithmic link function, and the Bootstrap method with simulation. The results show that the Boostrap method with Simulation is the most appropriate method, with the 50th percentile being the most appropriate measure in the presence of negative or excessively high values, which is common in this context.La entrada en vigor de Solvencia II ha supuesto un gran proceso de adaptación para las compañías aseguradoras. Uno de los aspectos en los que incide Solvencia II es en la cuantificación de riesgos, y dentro de esta en la estimación de las provisiones técnicas a constituir. El objetivo de este trabajo es estudiar la estimación de las provisiones técnicas en seguros no vida a través de metodología estocástica. Comparamos tres de los métodos más populares para la estimación de los pagos por siniestros ocurridos pero no notificados, siendo estos la Distribución Libre de Mack, el Modelo Lineal Generalizado asumiendo una distribución Poisson con Sobredispersión junto con la función de enlace logarítmica, y el método Bootstrap con Simulación. Los resultados muestran que el método Boostrap con Simulación es el método más apropiado, siendo el percentil 50 la medida más adecuada ante la existencia de valores negativos o excesivamente elevados, hecho habitual en este contexto