Determinants of profitability in Spanish financial institutions. Comparing aided and non-aided entities

The last financial crisis has led to the greatest contribution of public funds ever made to Spanish banks. This paper studies why the need for support has been asymmetric, with not all of the institutions requiring aid. Based on profitability of assets (ROA), we determine using panel data econometric and logit response models the components of profit and loss accounts that generated profitability as well as the factors leading to some entities to ask for aid. The analyses show that before the beginning of the crisis there were significant differences between entities that needed aid and those that did not. The most profitable banks grounded their success in the traditional revenue components of financial institutions (such as margin on interest rates and commissions), as well as in revenues obtained from participated companies and extraordinary results. The model offers a tool to detect entities in difficulties in advance, reducing the financial and social costs of public interventions. The factors more impacting on profitability of Spanish institutions are also identifie

Child Mortality, Income and Adult Height

We investigate the childhood determinants of adult height in populations, focusing on the respective roles of income and of disease. We develop a model of selection and scarring, in which the early life burden of nutrition and disease is not only responsible for mortality in childhood but also leaves a residue of long-term health risks for survivors, risks that express themselves in adult height, as well as in late-life disease. Across a range of European countries and the United States, we find a strong inverse relationship between postneonatal (one month to one year) mortality, interpreted as a measure of the disease and nutritional burden in childhood, and the mean height of those children as adults. In pooled birth-cohort data over 30 years for the United States and eleven European countries, postneonatal mortality in the year of birth accounts for more than 60 percent of the combined cross-country and cross-cohort variation in adult heights. The estimated effects are smaller but remain significant once we allow for country and birth-cohort effects. In the poorest and highest mortality countries of the world, there is evidence that child mortality is positively associated with adult height. That selection should dominate scarring at high mortality levels, and scarring dominate selection at low mortality levels, is consistent with the model for reasonable values of its parameters.

The colour and golden shine of early silver Islamic lustre

A selection of lustres including 9th century AD polychrome and 10th century AD monochrome Abbasid lustres from Iraq, and 10th to 12th centuries AD Fatimid lustres from Egypt and Syria is studied in the present paper. The selection is based on previous studies that demonstrated that all of them contain metal silver nanoparticles and copper, which, when present, appears either as Cuþ or Cu2þ dissolved in the glaze. They show different colours, green, yellow, amber, and brown, and may also show or lack a golden-like reflectivity, which results mainly from average size and concentration in the layer of the silver nanoparticles. In this paper, a depth profile composition of the lustre layers is determined using Rutheford Backscattering Spectroscopy, allowing the determination of the total silver content, concentration of silver, copper to silver ratio, and thickness of the lustre layers. We show that the enhanced golden-like reflectivity occurs only for layers with a high concentration of silver, and that the addition of PbO to the alkaline glaze helps the formation of more concentrated layers. The results obtained provide new hints concerning the lead enrichment of the glazes during this period.Peer ReviewedPostprint (published version

El conocimiento del horizonte matemático: más allá de conectar el presente con el pasado y el futuro

Este trabajo se inscribe en el contexto de un estudio longitudinal dirigido a investigar factores relacionados con el conocimiento del profesor que intervienen en la adquisición de la competencia matemática desde la educación primaria a la secundaria. Partimos de la conceptualización del Conocimiento Matemático para la Enseñanza (MKT) y concretamente el Conocimiento del Horizonte Matemático (HCK), cuya caracterización en términos de conexiones es una de las aportaciones teóricas de nuestro trabajo. Las Trayectorias Hipotéticas en el Horizonte Matemático que hemos construido a partir del análisis de la práctica del aula han resultado ser una herramienta metodológica adecuada para conceptualizar teóricamente el Conocimiento del Horizonte Matemático

Helical magnetism and structural anomalies in triangular lattice {\alpha}-SrCr2O4

{\alpha}-SrCr2O4 has a triangular planar lattice of d3 Cr3+ made from edge sharing CrO6 octahedra; the plane shows a very small orthorhombic distortion from hexagonal symmetry. With a Weiss temperature of -596 K and a three-dimensional magnetic ordering temperature of 43 K, the magnetic system is quasi two-dimensional and frustrated. Neutron powder diffraction shows that the ordered state is an incommensurate helical magnet, with an in-plane propagation vector of k = (0,0.3217(8),0). Temperature dependent synchrotron powder diffraction characterization of the structure shows an increase in the inter-plane spacing on cooling below 100 K and an inflection in the cell parameters at the magnetic ordering temperature. These anomalies indicate the presence of a moderate degree of magneto-structural coupling.Comment: 19 pages, 6 figure

Modeling hydrodynamics and biochemical reactions in a Flat Plate Bioreactor

Modeling the complex interactions between biochemical reactions and hydrodynamics is the key to optimize biofiltration systems performance. In this work, biological kinetics expressions were implemented into Computational Fluid Dynamics (CFD) model as transport equations, including convective and diffusive terms. Previously, activity within the biofilm of a flat plate bioreactor (FPB) was experimentally investigated measuring dissolved oxygen (DO) profiles by means of microsensors and under common operating conditions. Moreover, a mathematical model to describe mass transport and metabolic activity in the FPB was developed and their parameters were fitted from experimental results. Then, a CFD model, combining hydrodynamics and biochemical reactions, was developed and solved to simulate local transient flow and dynamic behaviors of biofilm growth and substrate (glucose) biodregradation in the FPB. The CFD simulation results were evaluated by studying hydrodynamics characterization in the FPB and comparing simulated DO profiles with experimental DO profiles within the biofilm section. The hydraulic behaviour corresponds to a laminar flow and simulated DO profiles illustrate a satisfactory agreement with experimental data for different biofilm densities. Glucose and oxygen biodegradation and biomass growth along the bioreactor were described using the CFD model.Peer ReviewedPostprint (published version

Randomized phase III KEYNOTE-045 trial of pembrolizumab versus paclitaxel, docetaxel, or vinflunine in recurrent advanced urothelial cancer: results of >2 years of follow-up.

BackgroundNovel second-line treatments are needed for patients with advanced urothelial cancer (UC). Interim analysis of the phase III KEYNOTE-045 study showed a superior overall survival (OS) benefit of pembrolizumab, a programmed death 1 inhibitor, versus chemotherapy in patients with advanced UC that progressed on platinum-based chemotherapy. Here we report the long-term safety and efficacy outcomes of KEYNOTE-045.Patients and methodsAdult patients with histologically/cytologically confirmed UC whose disease progressed after first-line, platinum-containing chemotherapy were enrolled. Patients were randomly assigned 1 : 1 to receive pembrolizumab [200 mg every 3 weeks (Q3W)] or investigator's choice of paclitaxel (175 mg/m2 Q3W), docetaxel (75 mg/m2 Q3W), or vinflunine (320 mg/m2 Q3W). Primary end points were OS and progression-free survival (PFS) per Response Evaluation Criteria in Solid Tumors, version 1.1 (RECIST v1.1) by blinded independent central radiology review (BICR). A key secondary end point was objective response rate per RECIST v1.1 by BICR.ResultsA total of 542 patients were enrolled (pembrolizumab, n = 270; chemotherapy, n = 272). Median follow-up as of 26 October 2017 was 27.7 months. Median 1- and 2-year OS rates were higher with pembrolizumab (44.2% and 26.9%, respectively) than chemotherapy (29.8% and 14.3%, respectively). PFS rates did not differ between treatment arms; however, 1- and 2-year PFS rates were higher with pembrolizumab. The objective response rate was also higher with pembrolizumab (21.1% versus 11.0%). Median duration of response to pembrolizumab was not reached (range 1.6+ to 30.0+ months) versus chemotherapy (4.4 months; range 1.4+ to 29.9+ months). Pembrolizumab had lower rates of any grade (62.0% versus 90.6%) and grade ≥3 (16.5% versus 50.2%) treatment-related adverse events than chemotherapy.ConclusionsLong-term results (>2 years' follow-up) were consistent with those of previously reported analyses, demonstrating continued clinical benefit of pembrolizumab over chemotherapy for efficacy and safety for treatment of locally advanced/metastatic, platinum-refractory UC.Trial registrationClinicalTrials.gov: NCT02256436

Genetic differentiation for size at first reproduction through male versus female functions in the widespread Mediterranean tree Pinus pinaster

Background and Aims The study of local adaptation in plant reproductive traits has received substantial attention in short-lived species, but studies conducted on forest trees are scarce. This lack of research on long-lived species represents an important gap in our knowledge, because inferences about selection on the reproduction and life history of short-lived species cannot necessarily be extrapolated to trees. This study considers whether the size for first reproduction is locally adapted across a broad geographical range of the Mediterranean conifer species Pinus pinaster. In particular, the study investigates whether this monoecious species varies genetically among populations in terms of whether individuals start to reproduce through their male function, their female function or both sexual functions simultaneously. Whether differences among populations could be attributed to local adaptation across a climatic gradient is then considered. Methods Male and female reproduction and growth were measured during early stages of sexual maturity of a P. pinaster common garden comprising 23 populations sampled across the species range. Generalized linear mixed models were used to assess genetic variability of early reproductive life-history traits. Environmental correlations with reproductive life-history traits were tested after controlling for neutral genetic structure provided by 12 nuclear simple sequence repeat markers. Key Results Trees tended to reproduce first through their male function, at a size (height) that varied little among source populations. The transition to female reproduction was slower, showed higher levels of variability and was negatively correlated with vegetative growth traits. Several female reproductive traits were correlated with a gradient of growth conditions, even after accounting for neutral genetic structure, with populations from more unfavourable sites tending to commence female reproduction at a lower individual size. Conclusions The study represents the first report of genetic variability among populations for differences in the threshold size for first reproduction between male and female sexual functions in a tree species. The relatively uniform size at which individuals begin reproducing through their male function probably represents the fact that pollen dispersal is also relatively invariant among sites. However, the genetic variability in the timing of female reproduction probably reflects environment-dependent costs of cone production. The results also suggest that early sex allocation in this species might evolve under constraints that do not apply to other conifer

Rheological properties of biofilms: steady and transient shear flow modeling

Premi al millor poster en la 7th Internacional Conference on Biotechniques for Air Pollution Control and BioenergyPeer ReviewedAward-winningPostprint (published version

Composition, nanostructure, and optical properties of silver and silver-copper lusters

Lusters are composite thin layers of coinage metal nanoparticles in glass displaying peculiar optical properties and obtained by a process involving ionic exchange, diffusion, and crystallization. In particular, the origin of the high reflectance (golden-shine) shown by those layers has been subject of some discussion. It has been attributed to either the presence of larger particles, thinner multiple layers or higher volume fraction of nanoparticles. The object of this paper is to clarify this for which a set of laboratory designed lusters are analysed by Rutherford backscattering spectroscopy, transmission electron microscopy, x-ray diffraction, and ultraviolet-visible spectroscopy. Model calculations and numerical simulations using the finite difference time domain method were also performed to evaluate the optical properties. Finally, the correlation between synthesis conditions, nanostructure, and optical properties is obtained for these materials