Resumen: En este estudio se muestra que es posible para un productor de ganado de carne en EE.UU obtener utilidades adicionales cuando estrategias de operación en el mercado financiero de futuros de Chicago son utilizadas (i.e. la estrategia “cattle crush”). No obstante, los costos de transacción presentes reduce la probabilidad de obtener utilidades mediante la estrategia de análisis técnico. También se muestra que el nivel de ganancia derivado del uso del “cattle crush” está relacionado con el ciclo ganadero en el cual se realice la operación. Cuando el “cattle crush” se utiliza como alternativa para cubrir riesgo, se reduce considerablemente la volatilidad de los retornos de la operación. Este trabajo utiliza precios diarios desde 1995 a 2006 de los contratos a futuro de maíz, ganado flaco y ganado gordo con el fin de tener una muestra suficientemente robusta que permita elaborar conclusiones significativas. El “cattle crush” se construyó utilizado dos diferentes combinaciones de ciclo productivo de ganado (ambos de 170 días), pero que comienzan en fechas distintas: abril y octubre. Adicionalmente, dos escenarios fueron analizados usando el “cattle crush” diferencial: uno en el cual esta estrategia fue usada como estrategia de cobertura antes del inicio de las operaciones (estrategia especulativa) y, el otro, en el cual la estrategia de cobertura se llevó a cabo una vez se inició la actividad productiva. Abstract: This research shows that it is possible for U.S. cattle feeders to obtain additional profits if a consistent technical strategy for trading is applied to the cattle crush spread. However, when trading costs are introduced, the likelihood of obtaining profit from trading the crush reduces considerably. It also shows that the level of gains from the cattle crush is related to the month the cattle are marketed. When the crush is used as a hedging strategy it decreases the profit from the feeding operation and reduces the volatility of those returns, helping producers to transfer part of the price risk associated with their production. To provide evidence of these findings, this study utilizes daily prices for 1995 to 2006 of the futures contracts of corn, feeder and live cattle to construct the daily cattle crush spread for two different combinations of futures contracts traded in the Chicago Board of Trade and Chicago Mercantile Exchange. These contract combinations suppose that cattle are fed in feedlots for 170 days before being marketed in April and in October. Two different scenarios are also evaluated using the cattle crush spread: one in which the crush is employed as a pre-placement hedging tool and another in which the crush is used as a post-placement hedging method.

The financial industry operates in a rapidly changing environment, where participants need to adapt to the preferences and requirements of customers, the entrance of new competitors and regulation. Along history, Investment Banks have played an important role in the financial industry providing products and services that promote economic growth and providing structure to the market. They are sophisticated and powerful organizations, that before 2007 were believe to be too big to fail. However, the financial crisis exposed their failures and how vulnerable their interconnected structure is, making evident the latent risk that they represent for the economy. Since the crisis regulation become strict and regulators strengthen the vigilance over the activities Investment Banks undertake, undoubtedly creating a new scenario. Simultaneously in the UK a credit crunch occurs, and the access to funds sources for SMEs and individuals suffer a drastic contraction. In that complex environment the Alternative Finance Market emerged, proposing a solution for that segment of the market that was claiming for an efficient, flexible and easy source of fundraising. P2P Lending and Crowdfunding are the most known and relevant models from the Alternative Finance sector, and they had played a significant role, exhibiting a rapid growth, since they began to operate in 2005. After analysing both, the Investment Banking and the Alternative Finance Industry, and performing some empirical analysis, some conclusions were reached. First of all, from the Investment Banking side, they must recognize that more than a threat the Alternative Lending model represent a new source of opportunities. However, Investment Banks will face some challenges in the next years, and they need to work to defend their position in the industry. The research identified four main areas in which Investment Banks should work in the short term. Firstly, they should focus on restoring investors’ and clients’ confidence, which was weakened after the financial crisis. As it was mentioned in the paper, reputation plays a significant role in the financial industry and profits are highly related with it. If Investment Banks do not recover their status and reputation they might lose market-share. On the second place, they must overcome the phase of adjusting to the new regulatory requirements. After meeting the requirements, they can focus their strategy to compete in the current environment and face the challenges that P2P Lending and Crowdfunding are proposing. Thirdly, for defending their position IBs can work to reinforce and innovate in other of their business, taking advantage of their diversified structure. Finally, regarding the Alternative Finance Market, Investment Banks can support the platforms with the complex infrastructure that they already have. Also, they can work towards financial integration and exploit the expertise and reputation they possess. In respect to the Alternative Finance Market, this paper guided us towards some conclusions about some aspects regarding the current situation and the short-term perspectives for the industry. First of all, it was observed that P2P Lending and Crowdfunding have experienced exponential growth that began from the year the first platforms started to operate. Data from the Liberum AltFi Volume Index UK and the volume of origination showed in Zopa´s and RateSetter´s loan books confirmed the trend. The fact that the industry was created to fulfil the demand and abolish the limitations to which SMEs, start-ups and individuals were subject, gave them an advantage from the beginning in the lending business sphere. In addition, they brought to the market a new investment opportunity and opened the access to small investors, who were seeking attractive investment opportunities. Furthermore, the Alternative Finance sector incorporates some elements that make of it an attractive and innovative lending model. Important factors such as transparency, differential pricing, disintermediation, flexibility and that it is built on the online concept give it competitive advantages over the traditional fundraising sources. In the second place, it can be concluded that this alternative lending model may be possibly entering a phase of stabilization. The monthly volume of origination seems to be slowing its growing pace, even though it continues growing, as the Liberum AltFi Volume Index UK indicates. By stabilization, it means grow at a rate of no more than two digits. The next conclusion at which this projects led us is that it seems that everyone has a positive and optimistic perspective about the future of this emerging industry. From academics to practitioners, they are expecting that in the short-term the knowledge and the awareness of the industry increase, causing that more borrowers and investors approach to the business. Moreover, the interest of the government and regulatory entities in the market will improve the existing regulation, creating high standards, what will be perceived by borrowers and lender as a safety signal, inviting them to select these alternatives over the traditional ones. Other factors that are consider as a potential sources of growing are the partnerships that P2P and Crowdfunding platforms are establishing, the new products derived from P2P loans, the creation of a secondary market, the process of securitization and the big flows coming from institutional investors. There is much work that P2P Lending and Crowdfunding platforms need to do in the next years. It is vital that they work to meet the requirements that regulation imposes and achieve the challenges that borrowers, investors and competitors propose. If so, they can secure their position in the financial market. The next years are crucial, they will define the way in which lending model will be structured from now on. The Alternative Finance Market represents a significant opportunity for borrowers, investors, as well for Investment Banks.They need to find a way that ensures that they are going to be active players of this emerging concept and defend their position. Finally, P2P Lending and Crowdfunding must continue working on developing the business model, walking towards establishing their reputation, imposing high standards and offering a differentiated service.

Reseña del libro “Periodismo y Nuevos Medios. Perspectivas y retos”, coordinado conjuntamente por Joaquín Sotelo González y Santiago Martínez Arias, docentes e investigadores de la Universidad Complutense de Madrid. 

‘Ocaso’ which is a traditional Peruvian song not very well known is the fifth song and I chose it for all the alternatives it brings to be adapted to rock. Duración: (2:13)

Los factores de producción en los mercados globales, más que los factores tangibles que existían en la revolución industrial como capital, trabajo y materias primas, han empezado a volverse intangibles como el conocimiento, la información y la cultura. El nuevo papel jugado por el conocimiento está generando una transformación en la escala y en el proceso productivo nacional, de forma que las utilidades dependen cada vez en más de la producción, distribución y uso del conocimiento y la información. Uno de los sectores que ha jugado un papel preponderante en este nuevo escenario mundial ha sido la biotecnología. Debido a la importancia y de los avances que ha tenido la biotecnología en áreas como el mercado farmacéutico, el agroquímico, el energético y el medioambiental cuyo financiamiento depende, en su mayoría, de empresas privadas que han tenido que enfrentar un alto nivel de incertidumbre a lo largo de años de inversión, es necesario desarrollar y mejorar métodos de evaluación de proyectos que permitan tomar decisiones eficientes para invertir o seguir invirtiendo. En el presente trabajo de tesis se desarrolla y se explica un modelo de evaluación de proyectos que usa el método de opciones reales. Al principio el modelo expone de manera genérica, para después continuar con el desarrollo de un modelo más específico a las necesidades de los proyectos biotecnológicos. Esto es, un modelo que considere la existencia de una patente que proteja por un tiempo límite los rendimientos que se esperarían ganar con el desarrollo, la existencia de un elevado nivel de incertidumbre en los costos y los ingresos totales del proyecto y, una alta probabilidad e fracaso debido a eventos catastróficos. Posteriormente, se calibran las variables del modelo propuesto tomando como referencia el caso real de un proyecto biotecnológico. Para este trabajo de tesis, el caso propuesto es el desarrollo de una plataforma de visualización óptica desarrollada en la ciudad de Bogotá. Por último, el trabajo se completa con una serie de reflexiones acerca de las posibilidades (y limitaciones) que existentes para hacer este tipo de calibraciones.

Nowadays, the development of global competition has been one of the main factors that have driven the efforts toward the optimisation development. Therefore, oil refineries have been encouraged to be restructured for competing successfully in this new scenario with low profit margin, tighter environmental regulations and more efficient plant operation. However, many years and a lot of human and computational efforts have been dedicated to improve the techniques applied for the overall refinery optimisation. Good developments have come successfully operating at the planning level; but developing and solving rigorous overall plant optimisation models at the production scheduling level still are at research stage and much more work must be done to continue improving in this field through the involvement of difficult tasks due to the mathematical complexity of the models which have the compulsory use of a large quantity of equations and variables that hugely increase the size of the problem. This Thesis presents a new generic mixed integer linear programming model for optimising the scheduling of crude oil unloading, inventories, blending and feed to oil refineries that usually unload several kinds of crude oils with different compositions. The objective function of the model consists on minimising the operational cost generated during the mentioned operation. Case studies are presented and compared each other illustrating the capabilities of the model to solve operation scheduling problems in this area and to support future expansion projects for the system as they happen in real situations. The solution involves optimal operation of crude oil unloading, optimal transfer rates among equipments in accordance with the pumping capacities and tank volume limitations, optimal oscillation of crude oil blended compositions and fulfilment of the oil charging demand per process unit. border’s fringe. 

La Colombie, est un pays qui a mauvaise réputation dans le monde entier pour la violence liée aux problèmes comme le trafique de narcotiques, la séquestration d’otages et la corruption. Néanmoins, aujourd’hui le pays a commencé une transformation sociale et économique qui a permis d’augmenter l’investissement étranger, le nombre de touristes et de diminuer le taux de pauvreté, de chômage et d’inégalité. Cette renaissance économique a permis que le pays soit considéré comme un pôle de développement dans l’Amérique Latine et qu’il soit classé comme étant la troisième économie de la région après le Brésil et le Mexique. C’est pour cette raison que ces dernières années le gouvernement colombien a travaillé pour la création d’une nouvelle marque nationale comme stratégie de communication afin de présenter la situation actuelle du pays. Une marque nationale cherche à communiquer, sur divers secteurs, aux citoyens et aux personnes des autres pays : comme le secteur de la culture, de l’économie, du tourisme, de l’environnement, de l’investissement, etc. En utilisant des stratégies de communication et de publicité qui montrent l’identité et le potentiel d’une région. Le projet de mémoire que je voudrais travailler dans ce master consiste à connaître comment est reçue et approprié, par les colombiens utilisateurs du réseau social Twitter, la nouvelle Marque de la Colombie, nommée: « La réponse c’est la Colombie », lancée le 7 septembre 2012. « La réponse c’est la Colombie ». Est-ce que ce slogan qui fait parti de la nouvelle marque pays de la Colombie et qui est utilisé comme instrument d’une campagne de communication gouvernementale international, désignée et promue par le gouvernement colombien : est effective, bien reçue et appropriée par les colombiens qui utilisent le réseau social Twitter. En sachant que pendant le début en septembre 2012 le lancement de la nouvelle marque du pays a crée des innombrables réactions sur Twitter sous le hashtag #LaRespuestaesColombia, ce qui en fait une tendance sur le réseau virtuel le 7 septembre 2012, en permettant l’échange critique et positif entre les personnes sur la toile. Étant donné que la communication numérique est devenue de plus en plus importante dans la vie des sociétés d’aujourd’hui, il est important de connaître les opinions favorables ou défavorables qu’ont les colombiens utilisateurs du réseau social Twitter pour savoir si la conception communicative et la stratégie de communication publique mise en place est effective et bien conçue.

This Masters thesis explores burnout syndrome in nonviolent activists, focusing mainly in its psychosocial dynamic. It does so by correlating the theories of strategic nonviolent action and diverse psychological paradigms. A gender sensitive perspective is maintained throughout the research, providing necessary criticism to a subject matter that is yet not entirely understood. Usually, burnout research studies the ?who” of the syndrome. That is, the intrinsic characteristic of the individual that is affected. In the context of nonviolent resistance, asking for the ?what” makes more sense. Congruently, this research covers the elements that are causing burnout at the individual, interpersonal, and institutional levels: common stressors, risky environments, idealism, strategic planning, sanctions, and trauma. Although it is not possible to reach absolute conclusions regarding the consequences that burnout might generate in nonviolent movements, it is possible to infer that the effectiveness of a movement is in part due to the psychological wellbeing of the men and women that work for it. Therefore, the value of psychosocial support groups is a relevant part of any movement’s organizational framework. After providing an analysis of the current theoretical understanding of nonviolence and other disciplines, a burnout measurement instrument was designed for both institutional predisposing factors and activist burnout. These instruments intend to measure the impact of burnout in nonviolent action settings, taking into account that traditional burnout scales are designed for people-work professions. Subsequently, a group of nonviolent activists was evaluated on their subjective burnout experience, that was later contrasted with the characteristics of the organization they work for. This research arrives to the conclusion that there are sufficient reasons to believe that burnout might be causing or aggravating factors that nonviolent action literature considers negative for the adequate functioning of any nonviolent struggle. Further research is considered necessary to analyze this phenomenon in a wider sample, as well as in a case to case basis.

El trabajo de fabricación de azul llevado a cabo permitió vislumbrar una serie de diferencias, principalmente de coloración (azules de aspecto verdoso y rojizo), las cuales podrían tener alguna relación con la estructura cristalina del pigmento. Teniendo en cuenta este aspecto se emprendió la realización de un estudio que permitiera aclarar algunos de los interrogantes planteados; para ello se recurrió a la técnica de microscopía electrónica de trasmisión (TEM). Con este equipo, a partir de la toma de imágenes tanto de la estructura interna de las partículas (difracción electrónica) como de la superficie de las mismas, se pretendía alcanzar un mejor conocimiento de las relaciones arriba anotadas. Uno de los procedimientos fundamentales para conseguir un buen azul consiste en partir de un caolín que previamente ha sido calcinado, es decir activado térmicamente; por medio de una adecuada activación mecánica del caolín podían conseguirse efectos similares a los que se obtienen por la vía de la calcinación, es decir, liberación del agua de composición interna y la destrucción, de manera parcial, de la estructura cristalina del producto. Partiendo de la premisa anterior se procedió a estudiar el proceso de activación mecánica del caolín como vía alternativa para la fabricación del azul ultramar sin recurrir a la calcinación del mismo. Los resultados preliminares llevados a cabo mostraron la factibilidad del proceso, lo cual se constituye en un aporte fundamental al conocimiento de la fabricación del pigmento conseguido durante la realización de la presente investigación.

An introduction of the concepts of fuzzy logic in the area of Human Computer Interaction. The use of current approaches to model the research, and analysis of data are reviewed and a less traditional method based on measurement of degree of participation with scales is introduced and applied to collect the data using surveys. This document assesses this design and examines the analysis and inferences that could be made by using this approach and by applying new fuzzy concepts.The exposed approaches show a deeper understanding of linguistic terms that could lead to richer inferences from data.