Currency Hedging Strategies Using Dynamic Multivariate GARCH

This paper examines the effect on the effectiveness of using futures contracts as hedging instruments of: 1) the model of volatility used to estimate conditional variances and covariances, 2) the analyzed currency, and 3) the maturity of the futures contract being used. For this purpose, daily data of futures and spot exchange rates of three currencies, Euro, British pound and Japanese yen, against the American dollar are used to analyze hedge ratios and hedging effectiveness resulting from using two different maturity currency contracts, near-month and next-to-near-month contract. We estimate four multivariate volatility models (CCC, VARMA-AGARCH, DCC and BEKK) and calculate optimal portfolio weights and optimal hedge ratios to identify appropriate currency hedging strategies. Hedging effectiveness index suggests that the best results in terms of reducing the variance of the portfolio are for the USD/GBP exchange rate. The results show that futures hedging strategies are slightly more effective when the near-month future contract is used for the USD/GBP and USD/JPY currencies. Moreover, CCC and AGARCH models provide similar hedging effectiveness although some differences appear when the DCC and BEKK models are used.Multivariate GARCH, conditional correlations, exchange rates, optimal hedge ratio, optimal portfolio weights, hedging strategies.

Use of reflectance indices to assess vinewater status under mild to moderate water deficits

The monitoring of vine water status is of interest for irrigation management in order toimprove water use while optimizing both berry yield and quality. Remote-sensing techniques mightprovide accurate, rapid, and non-destructive estimates of vine water statusPeer ReviewedPostprint (published version

Currency hedging strategies, strategic benchmarks and the Global and Euro Sovereign financial crises

This paper investigates dynamic currency hedging benefits, with a further focus on the impact of currency hedging before and during the recent financial crises originated from the subprime and the Euro sovereign bonds. We take the point of view of a Euro-based institutional investor who considers passive investment strategies in portfolios holding European, British and US assets. We analyze the impact of the model specification to improve the risk-return tradeoff when currency risk is hedged. Hedging strategies of currency risk, using exchange rates futures and driven by several multivariate GARCH models, depend on the portfolio composition and period analyzed. Dynamic covariance models provide limited evidences of a decrease in hedging rations compared to naïve hedging strategies based on linear regressions or variance smoothing. Nevertheless, those results are coupled with better performances of dynamic covariance models in terms of hedging effectiveness an improved Sharpe ratios. The empirical evidences are observed both in-sample as well as in an out-of-sample exercise

Market Places working or collaborative Tourism Platform

Dada la importancia que han cobrado las plataformas peer to peer de turismo colaborativo, este trabajo tratará de identificar los modelos de negocio existentes, así como el funcionamiento y perspectivas de futuro de las plataformas pertenecientes a los principales ámbitos en los que destaca la economía colaborativa en el sector turístico (alojamiento, transporte y restauración), a través de un análisis cualitativo basado en entrevistas en profundidad. Los resultados permiten concluir que existe una transición de modelos no lucrativos en los comienzos, a lucrativos a medida que va incrementándose la demanda y la tendencia que apuntan es a que todas las plataformas, en el futuro, serán de pago. las diferencias encontradas en cada una de ellas con respecto a su funcionamiento y fin social ponen de manifiesto la necesidad de realizar una clasificación teniendo en cuenta estas diferencias y ajustar el marco legal según la tipología de cada una de ellas para que pueda existir una convivencia justa y pacífica con las empresas turísticas tradicionalesGiven the importance of collaborative tourism, this work will try to identify the existing business models, as well as the operation and future perspectives of the platforms belonging to the main areas in which the collaborative economy in the tourism sector stands out (accommodation, transport and restaurant service). a qualitative analysis based on in-depth interviews is developed. The results allow to conclude that there is a transition from nonprofit models in the beginning to lucrative as demand increases. The trend is that all platforms will be of payment in the future. The differences found with respect to its functioning and social purpose highlight the need to make a classification and adjust the legal framework according to their type so that there can be a fair and peaceful coexistence with traditional tourism companie

Building a network of TP53 and IGHV testing reference centers across Spain: the Red53 initiative

© The Author(s) 2021.Among the different biomarkers predicting response in chronic lymphocytic leukemia (CLL), the most influential parameters are the mutational status of the IGHV genes and the presence of TP53 gene disruptions. Nevertheless, these important assessments are not readily available in most centers dealing with CLL patients. To provide this molecular testing across the country, the Spanish Cooperative Group on CLL (GELLC) established a network of four analytical reference centers. A total of 2153 samples from 256 centers were analyzed over a period of 30 months. In 9% of the patients, we found pathological mutations in the TP53 gene, whereas 48.96% were classified as IGHV unmutated. Results of the satisfaction survey of the program showed a Net Promoter Score of 85.15. Building a national network for molecular testing in CLL allowed the CLL population a broad access to complex biomarkers analysis that should translate into a more accurate and informed therapeutic decision-making.This work was supported in part by Janssen Pharmaceutical Companies of Johnson & Johnson. MC holds a contract from Ministerio de Ciencia, Innovación y Universidades (RYC-2012-12018)

Point-of-care manufacturing: a single university hospital's initial experience

The integration of 3D printing technology in hospitals is evolving toward production models such as point-of-care manufacturing. This study aims to present the results of the integration of 3D printing technology in a manufacturing university hospital.Analysis and interpretation of the data supported by Project PI18/01625 (Ministerio de Ciencia, Innovación y Universidades, Instituto de Salud Carlos III) and European Regional Development Fund (“Una manera de hacer Europa”)

Regulation of cell death receptor S-nitrosylation and apoptotic signaling by Sorafenib in hepatoblastoma cells

Nitric oxide (NO) plays a relevant role during cell death regulation in tumor cells. The overexpression of nitric oxide synthase type III (NOS-3) induces oxidative and nitrosative stress, p53 and cell death receptor expression and apoptosis in hepatoblastoma cells. S-nitrosylation of cell death receptor modulates apoptosis. Sorafenib is the unique recommended molecular-targeted drug for the treatment of patients with advanced hepatocellular carcinoma. The present study was addressed to elucidate the potential role of NO during Sorafenib-induced cell death in HepG2 cells. We determined the intra- and extracellular NO concentration, cell death receptor expression and their S-nitrosylation modifications, and apoptotic signaling in Sorafenib-treated HepG2 cells. The effect of NO donors on above parameters has also been determined. Sorafenib induced apoptosis in HepG2 cells. However, low concentration of the drug (10nM) increased cell death receptor expression, as well as caspase-8 and -9 activation, but without activation of downstream apoptotic markers. In contrast, Sorafenib (10 µM) reduced upstream apoptotic parameters but increased caspase-3 activation and DNA fragmentation in HepG2 cells. The shift of cell death signaling pathway was associated with a reduction of S-nitrosylation of cell death receptors in Sorafenib-treated cells. The administration of NO donors increased S-nitrosylation of cell death receptors and overall induction of cell death markers in control and Sorafenib-treated cells. In conclusion, Sorafenib induced alteration of cell death receptor S-nitrosylation status which may have a relevant repercussion on cell death signaling in hepatoblastoma cells.Instituto de Salud Carlos III PI13/00021Ministerio de Economía y Competitividad BFU2012-32056Consejería de Economía, Innovación, Ciencia y Empleo, Junta de Andalucía BIO-0216Consejería de Economía, Innovación, Ciencia y Empleo, Junta de Andalucía CTS-6264Consejería de Salud, Junta de Andalucía PI13/ 0002