Análisis de la relación entre el patrimonio de los fondos de inversión y los depósitos en entidades financieras

Los fondos de inversión se han constituido en los últimos años como uno de los principales productos financieros en nuestro país (Tabla 1: series utilizadas) y en la Unión Europea. (Tabla 2: Datos internacionales de Fondos de inversión). Tradicionalmente, se han apuntado desde diversos sectores que los fondos de inversión habían ido incrementando sus patrimonios en detrimento de otros instrumentos, tales como los depósitos. Parece evidente y adecuado analizar y cuantificar el posible impacto real de la competencia entre ambos productos. Por todo ello, hemos abordado la tarea de acometer el presente trabajo como una investigación que debe centrarse en el estudio estadístico y financiero de la relación que puede existir entre los fondos de inversión y los depósitos de entidades financieras. El objetivo de la realización de este estudio ha sido tratar de verificar de qué forma la evolución de los fondos ha condicionado el desarrollo y volumen de los depósitos. A medida que hemos avanzado en nuestro estudio, la relación entre ambos instrumentos, se ha ido poniendo de manifiesto las distintas influencias que sobre las diferentes clases de depósitos ha tenido el crecimiento exponencial del volumen patrimonial de fondos. En este estudio, se ha abordado, desde una perspectiva empírica, no suficientemente investigada, una relación que ha marcado y marca una de las claves para el conocimiento de los flujos que afectan a nuestro sistema financiero y a las instituciones de inversión colectiva. Por todo ello, creemos haber aportado unos elementos de reflexión sobre uno de los aspectos menos estudiados en materia de instituciones de inversión colectiva (la relación entre estas instituciones de inversión colectiva y las entidades de crédito y depósito en su captación de fondos), abriendo nuevos cauces de desarrollo en el entorno de la financiación y de nuestro sistema financiero.

Acute Effects of Global Postural Re-Education on Non-Specific Low Back Pain. Does Time-of-Day Play a Role?.

Low back pain is one the most common forms of musculoskeletal disorders. Thus, several physiotherapeutic strategies (e.g., global postural re-education therapy) have been used for reducing low back pain. The aim of this study was to determinate if acute application of global postural re-education session associated effects are influenced by the time-of-day when this physical therapy is applied. Eight participants in a randomized, counterbalanced order were acutely tested both before and 24 h after a global postural re-education therapy session (10 min session) in three different time-of-day points; morning (i.e., AM; 7:00–9:00 h), midday (i.e., AM; 12:00–14:00 h) and afternoon (i.e., PM; 18:00–20:00 h). In each session, low back pain Visual Analogue Pain Scale [VAS]), flexibility, function capacity (Roland Morris Questionnaire [RMQ], and physical functioning Oswestry Disability Index [ODI]) were recorded. Results showed a pain reduction (VAS Scale) 24 h post Global postural re-education [GPR] session (p = 0.001) and increasing of flexibility pre-post GPR session in all the time-of-day points (morning, midday, and afternoon) (p = 0.001) while no differences were reported in RMQ (p = 0.969) and ODI (p = 0.767). Thus, acute GPR session produces the same effects on flexibility, low back pain, function capacity, and physical functioning values independently of time-of-day when it is applied.post-print974 K

Determinants of Repayment among Male and Female Microcredit Clients in the USA. An Approach Based on Managers’ Perceptions

Research on microfinance institutions (MFIs) has normally been focused on developing and emerging markets. However, an analysis of developed countries is also important for foreign MFIs wishing to take advantage of the growth potential of those markets. Therefore, the aim of this article is to determine whether MFIs working in the USA’s market should change or adapt their microcredit policies with respect to women. In effect, there are no studies in the USA supporting the argument that women are a better risk of microcredit than men, or that there are differences in microcredit repayment behavior between women and men. Additionally, it was investigated if the payment behavior of women and men is related to variables such as their age, ethnicity, academic level, marital status, or the characteristics of the microcredits, like purposes, amounts, and payment terms. In the USA, there are not—as in other countries—strong incentives, motivations, or external pressures, other than those that men also have, which influence women to pay their microloans better than men. Then, domestic and international MFIs attracted to enter the USA’s market should review their microcredit policies in relation to women. More research is needed about the microfinance market in the USA

¿La sostenibilidad genera valor? Un análisis de los bancos europeos cotizados en el Dow Jones Sustainability Index en el periodo 2003-2013

This article examines if Corporate Social Responsibility (CSR hereafter) leads to improved performance in the European banking sector. Additionally, it seeks to answer whether this relationship is stable over economic cycles. This paper provides evidence on the link between CSR and performance in the banking sector, including data from 2003 to 2013. Corporate Sustainability or CSR is measured by the membership of the Dow Jones Sustainability Index Europe (DJSI). In addition, it focuses on the effect of CSR over economic returns in comparison to other studies that estimate the impact of CSR on stock prices. Even though there is a vast amount of literature linking CSR and CFP, this is not the case for the banking sector. Most studies have been done over multiple industries, and very few are specifically set on the banking sector. This industry is increasingly focusing on boosting its public image and client perception, especially after the recent economic crisis and management scandals. A shift in reputation is needed and CSR may be an interesting tool to recover public confidence in the short term. In the medium term, CSR is an essential key strategy to survive and a source of competitive advantage, leading to improved returns as suggested by our results. Our findings suggest that CSR policies do have a positive contribution to banks’ returns. In other words, the adoption of policies that focus on social responsibility directly improves European banks performance. We also take into consideration the effects of the financial crisis on the relationship. Our results have implications in terms of banks’ management and stakeholder approach to these institutions.Este artículo examina si la Responsabilidad Social Corporativa (RSC en lo sucesivo) conduce hacia una mejora del rendimiento en el sector bancario europeo, pretendiendo además determinar si esta relación es estable durante los distintos ciclos económicos. Este documento proporciona evidencia sobre la relación entre la RSC y el rendimiento en el sector bancario, incluyendo datos desde el 2003 hasta el 2013. La sostenibilidad corporativa o RSC se mide por la pertenencia al Dow Jones Sustainability Index Europe (DJSI). El artículo se centra, además, en el efecto de la RSC sobre la rentabilidad económica en comparación con otros estudios que estiman el impacto de la RSC en el precio de las acciones. Aunque existe una gran cantidad de literatura que vincula la RSC y el ROAA, este no es el caso para el sector bancario. La mayoría de los estudios se han realizado sobre múltiples industrias, pero muy pocos se han dedicado específicamente al sector bancario. Esta industria está inmersa en una campaña destinada a mejorar su imagen y la percepción de sus clientes, en especial después de la crisis financiera y los escándalos relacionados con la gestión de ciertas entidades. Es necesaria una mejora de la reputación de la industria, y la RSC puede constituir una vía interesante para recuperar la confianza del público en el corto plazo. En el medio plazo, la RSC es una estrategia esencial para la supervivencia de cualquier negocio, una fuente de ventaja competitiva, además de un detonante de mejoras en los resultados económicos, tal y como indican nuestras conclusiones. Las conclusiones de nuestro análisis sugieren que las políticas de RSC tienen un impacto positivo en los retornos de los bancos. En otras palabras, la adopción de políticas que se centran en responsabilidad social mejoran directamente el desempeño de los bancos europeos. También tomamos en consideración los efectos de la crisis financiera en dicha relación. Nuestros resultados presentan implicaciones interesantes a tener en cuenta tanto por los equipos gestores de estas compañías como por el resto de partes interesadas, o stakeholders

The Enhanced-Earned Value Management (E-EVM) Model: A Proposal for the Aerospace Industry

The framework of this paper is the aerospace industry, which is one of the world’s leading sectors, thus playing a noteworthy role in current society. This makes it especially important to try to optimize the management of the aerospace sector. Therefore, the main objective of this paper is to propose the so-called Enhanced-Earned Value Management (hereinafter, E-EVM) model, able to explore the simultaneous evaluation of many projects, from which the management of the project can take advantage. Additionally, this model considers the possibility of forecasting pending tasks, measurable in time units or cost units, until the end of the project. The main contribution of E-EVM methodology is its capacity to detect both delayed and advanced projects by converting times (hours) into monetary units (EUR). Empirically, this enhanced model has been applied to a real case study in the aerospace industry composed of thousands of subprojects and the results provide the project manager with valuable information to make decisions in a short term. Through computer graphic representation techniques, the visualization of project deployment can be improved. Finally, the E-EVM model can be used even in big projects where a very large volume of information must be simultaneously treated and also, it will be suitable to apply pattern recognition concerning the project performance

Sustainability in the Aerospace Sector, a Transition to Clean Energy: The E2-EVM Valuation Model

Civil aviation is one of biggest industrial contributors to CO2 emissions worldwide. One of the most urgent problems of this sector is providing new technologies to continue operating in a more sustainable environment through a transition to clean energy. The Earned Value Management (EVM) model, as a traditional project management tool, is continuously being revised with new releases and extensions (e.g., ESM, EDM, QEVM, E-EVM, and ZEVM), but to date none of them has applied an expert judgment criterion to be able to modify and anticipate the final result of the project. In such a way, this paper introduces a novel approach to the topic with the so-called Enhanced and Efficient Earned Value Management (denoted E2-EVM) model by including this new capability through the real options methodology, thus helping to support the sustainability of the aerospace sector. This research focuses on three main goals: the description of recent green initiatives in the aerospace sector by checking its contribution to reaching the well-known Sustainable Development Goals (SDGs), the development of a new version of the EVM model by applying the real options methodology, and, finally, the financial contribution to the aerospace industry by applying these initiatives and methodologies

Should gender be a determinant factor for granting crowdfunded microloans?

Crowdfunded microloans are a suitable tool for financing basic economic activities in developing as well as developed countries, favouring female empowerment. Despite the loans being relatively small, the widespread use of this instrument merits analyzing the factors affecting the microloan. One of these factors is gender because microloans are an important tool to finance projects promoted by women in many developing countries where microfinance is widely diffused. This research aims to determine if the gender of crowdfunded micro-borrowers is related to the main features which define the conditions of a microloan: amount, term, number of lenders, length of time to contact with borrowers and repayment system. The methodology used is the multinomial logit regression. The sample used in this study has been obtained by applying sampling techniques to a extensive public database from Kiva. This provided information on microloans from 56 countries around the world. The results based on amount, term, repayment method and recruitment period indicate that women are the best borrowers. All these variables, except the term, are significant at a 5% level. These findings may be useful to improve financial inclusion and outreach, consistently with the Sustainable Development Goals. Future research is needed to assess how “green and pink” microfinance (with environmental strategies particularly favored by women) can attract more ESG-compliant crowdfunding resources

Low prevalence of blood parasites in a long-distance migratory raptor: the importance of the host habitat

Background The low prevalence of blood parasites in some bird species may be related to the habitats they frequent, the inexistence of the right host-parasite assemblage or the immunological capacity of the host. Here, we assess the parasite load of breeding populations of Eleonora's falcon (Falco eleonorae), a medium-sized long-distance migratory raptor that breeds on small isolated islets throughout the Mediterranean basin and overwinters in inland Madagascar. Methods We examined the prevalence and genetic diversity of the blood parasites belonging to the genera Plasmodium, Haemoproteus and Leucocytozoon in Eleonora's falcon nestlings from five colonies and in adults from two colonies from nesting sites distributed throughout most of the species' breeding range. Results None of the 282 nestlings analysed were infected by blood parasites; on the other hand, the lineages of Plasmodium, Haemoproteus and Leucocytozoon were all found to infect adults. Our results support the idea of no local transmission of vector-borne parasites in marine habitats. Adult Eleonora's falcons thus may be infected by parasites when on migration or in their wintering areas. Conclusion The characteristics of marine environments with a lack of appropriate vectors may thus be the key factor determining the absence of local transmission of blood parasites. By comparing the parasite lineages isolated in this species with those previously found in other birds we were able to infer the most likely areas for the transmission of the various parasite lineages

Low prevalence of blood parasites in a long-distance migratory raptor: the importance of host habitat

Background: The low prevalence of blood parasites in some bird species may be related to the habitats they frequent, the inexistence of the right host-parasite assemblage or the immunological capacity of the host. Here, we assess the parasite load of breeding populations of Eleonora’s falcon (Falco eleonorae), a medium-sized long-distance migratory raptor that breeds on small isolated islets throughout the Mediterranean basin and overwinters in inland Madagascar. Methods: We examined the prevalence and genetic diversity of the blood parasites belonging to the genera Plasmodium, Haemoproteus and Leucocytozoon in Eleonora’s falcon nestlings from five colonies and in adults from two colonies from nesting sites distributed throughout most of the species’ breeding range. Results: None of the 282 nestlings analysed were infected by blood parasites; on the other hand, the lineages of Plasmodium, Haemoproteus and Leucocytozoon were all found to infect adults. Our results support the idea of no local transmission of vector-borne parasites in marine habitats. Adult Eleonora’s falcons thus may be infected by parasites when on migration or in their wintering areas. Conclusion: The characteristics of marine environments with a lack of appropriate vectors may thus be the key factor determining the absence of local transmission of blood parasites. By comparing the parasite lineages isolated in this species with those previously found in other birds we were able to infer the most likely areas for the transmission of the various parasite lineages.This study was partially supported by the Cabildo de Lanzarote, the project CGL2012-30759 from the Spanish Ministry of Economy and Competitiveness and through the Severo Ochoa Programme for Centres of Excellence in R&D&I (SEV-2012-0262). RGL was supported by a FPI grant, JMP and PLL by the Juan de la Cierva program, and LG by a contract from the Excellence Projects from the Junta de Andalucía (RNM-6400). JM was supported by an International Outgoing Fellowship (FP7-PEOPLE-2010). BS was supported by the Algerian Ministère de l’Enseignement Supérieur et de la Recherche Scientifique (DGRSDT/M.E.S.R.S.) and a Distinguished Scientist Fellowship Program from King Saud University, Saudi Arabia. The Hellenic Ornithological Society and A.G. Leventis Foundation financed the fieldwork in Greece