MONEY AND BANKING

Author: FORT MARTÍNEZ JUAN MANUEL.
Year: 2003.
University: BARCELONA [www.ub.es].
Place of defense: CIENCIAS ECONOMICAS Y EMPRESARIALES.
Place of preparation: FACULTAT DE CIÈNCIES ECONOMIQUES I EMPRESARIALS.

Summary: The first chapter is the report, which specifies the objects, the scientific content, and methodology. We can summarize the substance of the argument into two parts, corresponding to the first chapters 2 and 3 in which we develop methods of discrete dynamic analysis, the second part corresponds to chapters 4 and 5 in which we conducted the palicaciones financial. Finally. Chapters 6 and 7 in those mentioned areas that remain to be fully explored and literature respectively. In Chapter 2, is developing two new methods rasolver equations in differential lineals of 1 order, which we call "Method factor anti-diferancia Product" and "Method factor anti-difernecia Ratio," also developed a method for solving the equations in diferncias where h is variable and not take the value 1 is normal, this method is to conduct a "change of variable", which transforms us this equation into another kind of standard. In chapter 3, are obtained to implement the results of previous chapter, once basic sums, which have on average 10 cases each (see Appendix, Chapter 3) giving a total of over 100 sums. In chapter 4, applies the first summation of the previous chapter, the calculation of income due to impositions constant in arithmetic progression, and progresón geometry, which tells us that a general formula is used for all previous cases, and allows us to conduct a detailed study of each puediendo considararse cases amounts polynomial concave or convex and its potential simplificacines or cases paticulares. As you chapter 5, the first sum is applied to the calculation of palnes savings can assess savings plans with shortages, reinstatement, with single premium, with n and m taxation rebates, and by analyzing the obtained sum savings plans not exponential.

Author: FORT MARTÍNEZ JUAN MANUEL.
Year: 2003.
University: BARCELONA [www.ub.es].
Place of defense: FACULTAT DE CIÈNCIES ECONÓMIQUES I EMPRESARIALS.
Place of preparation: FACULTAT DE CIÈNCIES ECONOMIQUES I EMPRESARIALS.

Summary: The first chapter is the report, which specifies the objectives, scientific content, and methodology. We can summarize the substance of the argument in two parts, the first corresponds to the chapters 2 and 3 in which we develop methods of discrete dynamic analysis, the second part corresponds to chapters 4 and 5 in which we perform financial applications. Finally, chapters 6 and 7 in those mentioned areas that remain unexplored and literature respectively. In chapter 2, developed two new methods to resolve differences in linear equations of the first order, which we call "Method factor anti-diferencia Product" and "Method factor anti-diferencia Ratio," also sets out a method for solving the equations in differential when h is variable, and does not take the value 1 which is the usual method is to make such a "change of variable", which transforms us this equation into another kind of standard. In chapter 3, are obtained to implement the results of previous chapter, once basic sums, which have on average 10 cases each (see Appendix, Chapter 3) giving a total of over 100 sums. In chapter 4, applies the first summation of the previous chapter, the calculation of income due to impositions constant, arithmetic progression, and in geometric progression, which tells us that a general formula is used for all previous cases, and allows us to conduct a detailed study of each of them may seen cases of amounts polynomial concave or convex, and its possible simplifications or individual cases. In chapter 5, the first sum is applied to the calculation of plants savings can assess savings plans with shortages, reinstatement, with single premium, with n and m taxation rebates, and by analyzing the obtained sum savings plans not exponential.

Author: SAMANIEGO MEDINA REYES.
Year: 2004.
University: SEVILLA [www.us.es].
Place of defense: FACULTAD CC. EMPRESARIALES , UNIVERSIDAD SEVILLA.
Place of preparation: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.

Summary: In this Doctoral Thesis explores thoroughly the Basel Accord was approved in June 2004 with regard to the risk of crédito.Se an analysis on the situation in which the Spanish bank to take up the challenge that the new accord implies , and proposes possible models for measuring credit risk.

Author: LOZANO COLOMER CRISTINA.
Year: 2004.
University: COMPLUTENSE DE MADRID [www.ucm.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE ECONÓMICAS Y EMPRESARIALES.

Summary: There is a model of creabilidad based on the Bayesian estimation model combined with a new, family inverse Gaussiana widespread. It applies to a reinsurance Excess of Loss on the stretch of major accidents in the area of automobile liability.

Author: Peres Jorge José Manuel.
Year: 2004.
University: POMPEU FABRA [www.upf.edu].
Place of defense: Departamento de Economía y Empresa.
Place of preparation: Departamento de Economía y Empresa.

Summary: In this thesis I use recent advances in micro-banking to justify the importance of banks in the macroeconomy. In particular study three subjects: 1. I think an economy in which banks are using their capital gains made in the past and where there is regulatory capital ratios for the banking and lending bank. In this economy, monetary policy has an influence on the banks' capital, which in turn influences the total amount of bank loans and the level of economic activity. 2. Using the results of game theory to justify that global banks have a coordinating role of investors. So an economy with a financial system in which banks have a high weight, it is more efficient and stable. 3. Build a model of interbank market where there is credit rationing. This implies that, in the market for bank loans, banks ration credit to their customers. This way I can explain why monetary policy has great effects on investment and economic activity.

Author: BELMONTE UREÑA LUIS JESUS.
Year: 2004.
University: ALMERÍA [www.ual.es].
Place of defense: FACULTAD DE CIENCIAS ECONOMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE CIENCIAS ECONOMICAS Y EMPRESARIALES.

Summary: The objective of this thesis is to analyze the changes that have been taking place in the national financial environment, affecting equally to the three types of intermediaries. Specifically, this study which is the strategic response of the entities of deposit with a new financial scenario marked by increasing globlización of savings, increased competition, the succession of concentration processes, the standardization of products and services bank and the increase in financial exclusion. Similarly, it was interesting to consider what action is being undertaken by the cooperative sector credit Spanish, in other words, we wanted to verify if they remained faithful to its principles fundacinales, or whether on the contrary, these changes were a source of exogenous increased heterogeneity sector favoracería the internal division of the group. Thus, after describing the national banking system, the cooperative sector credit Spanish, autonomous regions and major xponentes of banking and mutual cooperative in the rest of the world is to undertake a study of the efficiency of the sector. The study of eficeincia has done meidante the implementation of Surround Data Analysis (DEA), after choosing a suitable set of inpuit and outpuis bank. In a second phase, these inpuis and ouipuis bank have been complemented by others related to the activity carried out by credit unions, namely those reflecting the increased targeting of bankers to stakeholders. Finally, the construction and analysis of a paper data shows that the efficiency index of the sector entities does not depend on the size of the entities. Instead, they are evidence of the positive contribution that the recent merger of cooperative entities have had on the efficiency gains.

Author: ESTEVE LÓPEZ ELENA Ma..
Year: 2004.
University: SEVILLA [www.us.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES UNIVERSIDAD DE SEVILLA.

Summary: We have developed a credit scoring with statistical techniques and neural networks, while satisfying the conditions of the New Basel Accord, finding the values of the components of risk posed by the same, as are the probability of default and loss given default .

Author: MARTIN DE VIDALES CARRASCO IRENE.
Year: 2005.
University: CASTILLA-LA MANCHA [www.uclm.es].
Place of defense: FAC. CIEN. JURI. Y SOCI. TOLEDO.
Place of preparation: FAC. CIEN. JURI. Y SOCI. TOLEDO.

Summary: At present, the new Information Technology and Communications are undoubtedly one of the main instruments of economic and social development, and may even say that these technologies are protagonizando a technological revolution that significantly modifies the relationship between the economic and social actors allowing addition, the proliferation of new activities, which include, in particular, Internet banking and electronic commerce, in an increasingly fast and efficient, as well as access to large volumes of information in times lower. Therefore, in the financial area in particular, the Information Technology and Communications have become, in recent years, a vital component in the development of the banking business of most advanced countries. It recognizes that investment in this field and the proper management of these technologies affect, directly and indirectly, the ability of any financial institution to compete successfully in today's environment, characterized by the globalization of markets and the growing internationalization of economies because it tends to confirm the existence of a positive impact of spending on technological productivity and efficiency of such institutions, and not on their average costs of operation. The study of this new reality is the starting point of this Labor Research, which aims to focus on providing a comprehensive analysis of the impact of the introduction of new technologies on all areas of activity in the banking industry of the main European countries and the United States, both on the marketing and distribution of financial products and services, including those that refer to management payments or with the storage and processing of information.

Author: LORCA SUSINO FRANCISCO JOSÉ.
Year: 2005.
University: SEVILLA [www.us.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.

Summary: The evidence of patterns in numerous and often disparate time series can be illustrated by taking various approaches. From traditional techniques based on what is popularly called "technical analysis stock" until more advanced and as we will see in this study provide a higher degree of reliability by combining a complex processing and analysis of time series, coupled with the possibility of strengthening the forecast through the application of a generic algorithm to the study. The book is arranged in seven chapters followed by a chapter conclusions. In the first chapter we approach the possibility or not of the economic forecast with an overview on the two apparently irreconcilable theories born at the beginning of the last century with the birth of the first time series and claim their prediction. The second chapter approached the study of the fundamentals of technical analysis, particularly the part that deals with patterns classic "chartistas." The third chapter will take the case opposed to just outlined, namely, we will present cases in which technical analysis classic loses its reliability in forecasting the patterns described above. The fourth chapter serves as a transition between operating in the markets in the long term and those employed in the short and medium term. Following the conclusions drawn from these four chapters, we feel the need to introduce a synthetic model, and aimed aims to explain the nature of the markets both in the short, middle and long term. It is therefore in this fifth chapter do a compilation of various methodological principles that have served as inspiration in designing the model set forth in the following chapters. In the sixth chapter we move to a detailed elaboration of the model using generic software that forms the basis of this thesis. Since this chapter mostly uses a computer language, and is therefore final chapter, through graphics, which will serve as a confirmation to the model developed in this chapter. Among some of the conclusions we draw to or during the long development and that we will see this reflected in the seventh chapter, is the real possibility of replacing the graphics support so common in the world "charting" with a comprehensive system, which through a spreadsheet and nonlinear dynamics, employ the same system of warnings, conditional orders, ect., exposed, thus removing any graphics support. Finally, this thesis concludes with a chapter conclusions.

Author: REYES REVUELTA ALICIA.
Year: 2005.
University: PONTIFICIA COMILLAS [www.upcomillas.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.

Summary: The market for structured credit comprises all operations that transfer credit risk without recourse to the seller, and the operations in which (no actual transfer of assets) titles are referenced to the risk of one or more claims. In both cases for determining whether a transaction is structured (and thus be able to differentiate it from a credit transaction simple) securities to be issued by a company created with a specific purpose. The fundamental difference between a credit transaction simple and a credit transaction is structured in the first, the title is issued is directly linked to the stock of the issuing entity, and this in turn can have other obligations other than to a greater or less reliance on its assets: while in structured credit transactions is a total separation between the balances dela originating entity and the issuer of structured credit assets. The main reason for this separation s getting determine a priority clear and unchanging for assets cast. A PDC (Collateralized Debt Obligation) is a credit transaction structured in a specific purpose company acquired a portfolio of marketable securities in the financial market. The CDO finances the purchase of the portfolio through a bond issue with a priority ranking sorted and exclusive remedy to the portfolio of assets. Thus, a CDO is both an investor and issuer. To the extent that you have to buy a portfolio of securities, the CDO is a new type of investor that has arisen with the emergence of this market and has injected new liquidity in the markets of different types of assets that can compose their portfolios . The CDOs as issuers also have a number of unique features, because at the time of its constitution issue debt in the long term and do not survive to the same but was extinguished with the maturity of the obligations. The CDOs are classified depending on the type of assets that make up the portfolio and depending how the transfer market risks assumed. The most important distinction between the types of CDOs corresponds to using or not using derivatives in their structures, and are known as synthetic or cash depending on employing credit derivatives (either as an asset or liability) or not. One simple way to analyze the CDOs is by analogy with the operation of a business; like this, the CDO has an asset (consisting of a portfolio of securities) and liabilities consisting of debt securities issued. Income from CDO is the interest received from the obligations that make up the portfolio and its costs are interest payments on debt issued. The risk of early losses and benefits to be obtained after paying obligations will be the owner of the equity tranche, in a way equivalent to a company's own resources. The CDOs come from the combination of two financial tools: the use of assets and credit derivatives and its consolidation has been so rapid that are already considered the second generation of both types of operations. Their financial value is already generally accepted in the markets but there are many possibilities still being developed but the biggest challenge is the development of a pricing model and consensual validated by the capital markets.

Author: LIEDO ROJO JUAN ANTONIO.
Year: 2005.
University: DEUSTO [www.deusto.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE CIENCIAS ECÓNOMICAS Y EMPRESARIALES.

Summary: The social welfare is an emotive issue that can be studied from different scientific approaches: historical, legal legal, labor, economic, social, financial, etc.. The study analyzed from the financial point of view if compliance with the standard prudent man rule (PMR) affects the performance and efficiency of the portfolios of pension funds at the international level. It devotes chapter 5, plans and pension funds and provident social.Perspectiva international, taxonomy of different social systems (defined benefit sharing, defined contribution capitalization, etc.). Crisis and security social fields. It uses a social economic approach. In chapter 6, Performance of pension funds according to the regulatory philosophies: an international analysis, we studied the relationship between the actual performance of pension funds and compliance with the standard prudent man rule (which affects the distribution the portfolios) in the period 1991-2001. Used primarily a financial approach. The limitations that we have found in this section came mainly from the disposal of short historical series aggregate yield of pension funds at the international level and the reliability of the same for comparison, since the valuation techniques are not uniform between countries. In addition, some countries have largely defined benefit funds. We have used sources of UBS and its subsidiary Philips & Drew. We econometrics basic techniques used to measure the relationship between the variables real return (historical series annually) and compliance with the standard (nominal dichotomous variable). We also believe that there may be other factors in addition to compliance with the standard prudent man rule affecting the performance of the portfolios. However, we have set ourselves exclusively in that variable. Analyzing other variables, such as the historical tradition in social welfare, equity culture, the historical trend defined benefit, size distribution model, and so on. Belongs to a possible evolution of this study. In Chapter 7, Implementation of the models Leibowitz Kogelman and Markowitz in funds prudent man rule versus funds with quantitative restrictions explores the relationship between the efficiency of pension funds at the aggregate level and international compliance with the standard prudent man rule in the period 1991-2001. It is a very technical section and exclusively financial. We have also employed econometrics basic techniques for measuring the relationship between efficiency and compliance with the standard. You can apply the same limitations as in the previous paragraph. The techniques used for measuring efficiency are not unique. The main objective of the study is to analyze whether compliance with the standard PMR affects the performance and efficiency of pension funds at the international level. They must take into account the limitations described above. A final chapter is devoted to the conclusions, while each section describes themselves and the aims.

Author: GIRÁLDEZ PUIG M. DEL PILAR.
Year: 2006.
University: SEVILLA [www.us.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.

Summary: This work contains three kinds of inputs. On one side a description of the hotel industry in Andalusia, mainly from the supply side, relating in detail all the chains that operate within this Commonwealth and distinguishing specifically those whose headquarters are located within the same, whose operating companies comprise the population study subjects. In particular it is 25 channels, including 62 companies based in Andalusia, with 48 of them to exploitation hotel. The study, cross-sectional, using data for 2003. Secondly there is a description of three internal control mechanisms (from the perspective of Agency); structure of ownership, debt and Administration, in the study population. To characterize these control mechanisms are taken various measures: concentration shareholder, the type of control, the origin of capital and the nature of the shareholder within the ownership structure, timing and type of debt to debt, and council size and composition, as well as the shareholding of advisers in the area of administration. Finally, using the value added per employee as an approximation to the generation of value by these companies, an analysis correlational, noting the influence of these three mechanisms to control variable. To this end, multiple regression is used by ordinary least squares for the realization of different univariate and multivariate analysis, and finally perform sensitivity analysis in the case of meaningful relationships.

Author: ORTIZ LAZARO CRISTINA.
Year: 2006.
University: ZARAGOZA [www.unizar.es].
Place of defense: FACULTAD DE CIENCIAS ECONO. Y EMPRESA..
Place of preparation: FACULTAD DE CIENCIAS.

Summary: The main objective of this thesis is to study Doctoral patterns of behavior of the founders and managers of investment funds. This work is divided into three major blocs. First, an introduction that focuses on two aspects, the description of the literature in the field of behavioral finance, a discipline that, although still nascent, is generating a lot of controversy. Moreover, a detailed description of the evolution of the industry of investment funds in Spain since the nineties and a comparison with other countries. The two blocs following collect empirical analysis of the thesis. The second section focuses on the analysis of participant behavior of investment funds. Analyzes two different markets, domestic equity funds and funds from money market assets. This will analyze markets that are aimed at different types of investors. It also takes into account different periods sampling and analysis methodologies to verify that the results were not biased by these aspects. The third section deals with the behavior of the managers of investment funds, in particular, whether modify their risk positions on the basis of results over each year. To do so, are also used two methodologies basic parametric and non - parametric. Finally, it sets out in a systematic manner the main conclusions of the work of great social utility because of the importance they have reached mutual funds in the Spanish economy in general and in household savings, in particular

Author: POMBO GONZALEZ PABLO.
Year: 2006.
University: CÓRDOBA [www.uco.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.

Summary: In financial systems, the security is a good "little" (or a scarce resource), especially those guarantees better qualified and weighted, which causes severe difficulties in accessing funding for micro-and SME (MIPYME). International rules embodied in the Basel Accord greater harm to MIPYMES, since they often lack the guarantees better qualified and thoughtful. If financial institutions give credit to MIPYMES without guarantees of good quality, are required higher capital requirements and provisions that when these assurances are of good quality. In short, at this point we are faced with a situation undesirable: on the one hand, mipyme is an important generator of jobs and wealth, and another, the rules of the international financial system and the national discriminate competitively on other business structures and even territorial. A solution was found in the systems / assurance schemes. Based on this diagnosis, once adopted the option to establish and implement an apolitical public of a system / scheme security in a territory or modify an existing one, the basic decision to be taken, is what system model / diagram security is the most appropriate to implement and develop? Because systems / assurance schemes are not homogeneous, and therefore, do not have the same safety, quality, efficiency and relevance. A typology and international classification is absolutely necessary because it is usual to find reviews, analysis and ratings systems / schemes purely descriptive assurances, which have not been compared with other assessments systems / heterogeneous schemes as if they were homogeneous, only because they in common activity of the guarantee (the same as if it were a bank or a financial institution or a company leasing factoring, a lender or informally, for example). All of this compounded by the problem of generic use of certain names. To facilitate these processes this work goes into the development of concepts and features that contribute to a classification and terminology internaiconal of os systems / assurance schemes. The work presented is based on a survey of 50 systems / assurance schemes in Europe, which involves 1661 entities guarantee, virtually the entire population, which analyze various characteristics of the same is achieved by establishing a classification using the technique of cluster analysis of hierarchical clusters. The results reveal that the source of the funds, most public or private, is a key issue for such classification.

Author: ALEJANDRE SISCART M. MONTSERRAT.
Year: 2006.
University: PONTIFICIA COMILLAS [www.upcomillas.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.

Summary: Since the late 90's, and especially at the beginning of 2000, warrants European markets experienced a large development, materialized in increased volumes of negotiation. In much of them noted that the respective managers stock had proceeded with the introduction of an electronic trading platform, which increased transparency in the price formation and dissemination of information. The hypothesis that part of this thesis is, in fact, there was a direct relationship between the development of these platforms and the development of the respective markets. To check, have analyzed the characteristics of the most important European markets and see if there were significant variations in the negotiations before and after the introduction of the respective platforms. Markets are analyzed market German, Italian, English, Euronext (merges markets French, Belgian, Dutch and Portuguese, in addition to the London derivatives market LIFFE), and finally the Spanish market, which makes a deeper analysis. The period of analysis covers since 1998 in merados available data, until 2005. The methodology is the contrast ANOVA, which is a parametric contrast to analyze the impact of a particular event in the evolution of a variable. For those cases where it was impossible to apply this constaste, has resorted to a non - parametric contrast, in particular, the Kolmogorov-Smirnov. The variable to analyze volumes are negotiating registered the 30 months before and 30 after the introduction of the platform in each merado once reduced the effects peaks, and stationary noise. The sources that have been used are the monthly statistics dela Federation of European Securities Markets and the various supervisors and markets, and residually, news agencies as Bloomberg and Reuters. The study draws conclusions, not only curb the impact of trading platforms in each country, but about the influence on the evolution of these markets in a number of other variables, such as greater flexibility, the costs of issuance, taxation and the existence of administrative arbitration.