Historical financial analogies of the current crisis

This paper tries to shed light on the historical analogies of the current crisis. To that end we compare the current sample distribution of Dow Jones Industrial Average Index returns for a 769-day period (from 15 September 2008, the Lehman Brothers bankruptcy, to September 2011), with all historical sample distributions of returns computed with a moving window of 769 days in the 2 January 1900 to 12 September 2008 period. Using a Kolmogorov-Smirnov and a x2 homogeneity tests which have the null hypothesis of equal distribution we find that the stock market returns distribution during the current crisis would be similar to several past periods of severe financial crises that evolved into intense recessions, being the sub-sample from 28 May 1935 to 17 Jun 1938 the most analogous episode to the current situation. Furthermore, when applying the procedure proposed by Diebold, Gunther and Tay (1998) for comparing densities of sub-samples, we obtain additional support for our findings and discover a period from 10 September 1930 to 13 October 1933 where the severity of the crisis overcomes the current situation having sharper tail events. Finally, when comparing historical market risk with the current risk, we observe that the current market risk has only been exceeded at the beginning of the Great Depression.Financial crisis, Great Recession, Great Depression

Global design of analog cells using statistical optimization techniques

We present a methodology for automated sizing of analog cells using statistical optimization in a simulation based approach. This methodology enables us to design complex analog cells from scratch within reasonable CPU time. Three different specification types are covered: strong constraints on the electrical performance of the cells, weak constraints on this performance, and design objectives. A mathematical cost function is proposed and a bunch of heuristics is given to increase accuracy and reduce CPU time to minimize the cost function. A technique is also presented to yield designs with reduced variability in the performance parameters, under random variations of the transistor technological parameters. Several CMOS analog cells with complexity levels up to 48 transistors are designed for illustration. Measurements from fabricated prototypes demonstrate the suitability of the proposed methodology

Spatial, contextual and functional analysis of a set of domestic structures of IIIth Millennium bC of “La Orden-Seminario” site (Huelva)

Presentamos un avance al análisis estratigráfico y contextual de quince estructuras negativas espacialmente relacionadas y asociables en tres grupos, datables en el III milenio cal. a.C.. Ello nos ha permitido establecer una diversificación funcional de los contextos desde estructuras de habitación y de almacenamiento hasta usos funerarios, simbólicos, de producción, consumo y desecho en el interior del poblado.Hereby, we present a preview about the stratigraphic and contextual analysis of fifteen negative structures, which are linked according to the space they share. They can be likewise linked in three different groups, datable in the 3rd millennium cal. BC. Due to that, we have been able to establish a functional classification of the contexts. This classification includes habitat structures and storage pits, as well as symbolic, funerary, production, consumption and rubbish uses inside the village

Volatility transmission between stock and exchange-rate markets: A connectedness analysis

This paper empirically investigates volatility transmission among stock and foreign exchange markets in seven major world economies during the period July 1988 to January 2015. To this end, we first perform a static and dynamic analysis to measure the total volatility connectedness in the entire period (the system-wide approach) using a framework recently proposed by Diebold and Yilmaz (2014). Second, we make use of a dynamic analysis to evaluate the net directional connectedness for each market. To gain further insights, we examine the time-varying behaviour of net pair-wise directional connectedness during the financial turmoil periods experienced in the sample period Our results suggest that slightly more than half of the total variance of the forecast errors is explained by shocks across markets rather than by idiosyncratic shocks. Furthermore, we find that volatility connectedness varies over time, with a surge during periods of increasing economic and financial instability

The term structure of interest rates: Negotiation strategies on fixed income

En este trabajo ofrecemos una visión general y actualizada sobre diferentes estrategias de negociación en activos de renta fija que hacen uso de la estructura temporal de tipos de interés (ETTI) en su implementación. Con dicho propósito, hemos comenzado analizando el riesgo de tipos de interés, para posteriormente resumir un conjunto de estrategias de gestión pasiva y activa sobre carteras de renta fijaThe paper reviews the literature on how the term structure of interest rates (TSIR) can be used to implement passive and active fixed income portfolio strategies. This is done by defining the concept, explaining the risk of interest rates, and detailing several fixed income portfolio strategiesEsta investigación ha recibido ayuda financiera del Ministerio de Ciencia y Educación de España a través del proyecto de investigación ECO2010-2131

IOBSERVER: species recognition via computer vision

This paper is about the design of an automated computer vision system that is able to recognize the species of fish individuals that are classified into a fishing vessel and produces a report file with that information. This system is called iObserver and it is a part of project Life-iSEAS (Life program).A very first version of the system has been tested at the oceanographic vessel “Miguel Oliver”. At the time of writing a more advanced prototype is being tested onboard other oceanographic vessel: “Vizconde de Eza”. We will describe the hardware design and the algorithms used by the computer vision software.Peer Reviewe

Presencia de la depresión en pacientes con asma y su influencia en sus familias

In this article we examine and review investigations that study the possible presence of depression among patients suffering from bronchial asthma.Throughout the article we provide possible explanations about the relationship between bronchial asthma and depression found in psychological literature along with their possible repercussions in the evolution, morbidity control, and treatment of the illness. Likewise, studies that have investigated depression in families of teenagers and children with bronchial asthma are reviewed. In order to do that, the investigations have been extracted from some of the most widely used databases in Psychology concerning this topic (Web of Knowledge, EBSCO,Psycodoc, Cindoc, Psycarticles and Google Scholar). Finally we offer some reflections about the data analyzed, in the sense that there is enough empirical evidence to confirm that the rates of depression among asthmatic patients and their families are significantly larger than among their asthma-free peers.En el presente artículo se examinan y revisan las investigaciones que estudian la posible presencia de la depresión en los pacientes con asma bronquial. A lo largo del artículo se proporcionan las posibles vías de explicación de la relación entre asma bronquial y la depresión encontradas en la literatura, con sus posibles repercusiones en la evolución, morbilidad, control y tratamientode la enfermedad. De igual forma, se revisan los estudios que han investigado la depresión en las familias de los niños y adolescentes con asma bronquial. Para tal fin, las investigaciones han sido extraídas de algunas de las bases de datos más utilizadas en Psicología sobre dicha temática (Web of Knowledge, EBSCO, Psycodoc, Cindoc, Psycarticles and Google Scholar). Finalmente se ofrecen algunas reflexiones sobre los datos analizados, en el sentido de que existen pruebas empíricas suficientes para afirmar que los índices de depresión entre los enfermos asmáticos y sus familias es significativamente mayor que entre sus iguales libres de asma

Working memory load modulates oscillatory activity and the distribution of fast frequencies across frontal theta phase during working memory maintenance

Working memory (WM) is a keystone of our cognitive abilities. Increasing load has been shown to dampen its performance and affect oscillatory neural activity in different frequency bands. Nevertheless, mixed results regarding fast frequencies activity and a lack of research on WM load modulations of cross-frequency phase-amplitude coupling mechanisms preclude a better understanding of the impact of increased WM load levels on brain activity as well as inter-regional communication and coordination supporting WM processes. Hence, we analyzed the EEG activity of 25 participants while performing a delayed-matching-to-sample (DMS) WM task with three WM load levels. Current density power and distribution at the source level for theta, beta, and gamma frequencies during the task's delay period were compared for each pair of WM load conditions. Results showed maximal increases of theta activity in frontal areas and of fast frequencies' activity in posterior regions with WM load, showing the involvement of frontal theta activity in WM maintenance and the control of attentional resources and visual processing by beta and gamma activity. To study whether WM load modulates communication between cortical areas, posterior beta and gamma amplitudes distribution across frontal theta phase was also analysed for those areas showing the largest significant WM load modulations. Higher beta activity amplitude at bilateral cuneus and right middle occipital gyrus, and higher gamma activity amplitude at bilateral posterior cingulate were observed during frontal theta phase peak in low than high memory load conditions. Moreover, greater fast beta amplitude at the right postcentral gyrus was observed during theta phase trough at right middle frontal gyrus in high than low memory load conditions. These results show that WM load modulates whether interregional communication occurs during theoretically optimal or non-optimal time windows, depending on the demands of frontal control of posterior areas required to perform the task successfullyThis study was supported by grants from the Spanish Government, Ministerio de Economía y Competitividad (PSI2014-55316-C3-3-R; PSI2017-89389-C2-2-R), with FEDER Funds; the Galician Government, Consellería de Cultura, Educación e Ordenación Universitaria, Axudas para a Consolidación e Estruturación de Unidades de Investigación Competitivas do Sistema Universitario de Galicia: GRC (GI-1807-USC); Ref: ED431-2017/27, with FEDER funds. D. P. was also supported by the Portuguese Foundation for Science and Technology (FCT) through the fellowship SFRH/BPD/120111/2016S

New business models in the creative economy: emotions and social networks

Creatividad, habilidad y talento individual son el sustrato de la economía creativa, que muestra un alto potencial de desarrollo económico y social basado en la propiedad intelectual. En ella se registra una ruptura de la cadena de valor tradicional y la aparición de nuevos modelos de negocio. A partir de varios estudios de caso mostramos cómo dichos modelos precisan de mercados en red social, caracterizados por articular emociones y mercancías mediante unos relatos que cohesionan a diversas comunidades de usuarios.Individual creativity, skills, and talent shape the creative economy. Its social and economic development potential derives from intellectual property benefits. It reveals a break in the traditional value chain and the emergence of new business models. Several case studies show how social network markets are essential for those models. These markets articulate emotions and products throughout stories that draw together different user’s communities