RESEARCH AND DEVELOPMENT

Author: ALMARCHA ARIAS GREGORIO CARLOS.
Year: 2005.
University: POLITÉCNICA DE MADRID [www.upm.es].
Place of defense: E.T.S. ING. INDUSTRIALES.
Place of preparation: E.T.S.ING. INDUSTRIALES.

Summary: The basis for the valuation of real options is taken based on the model of Black and Scholes (1973) for financial derivatives, and modified Merton (1977), and contributions from Cox, Ross and Rubinstein (1979). Later, Myers (1977, 1987) and Kester (1984) were the pioneers in proposing the theory of options for the valuation of certain types of projects. The valuation of real choices can be understood as a proxy for help in making decisions, and how a tool for calculating the value of the project or company. This theory uses concepts of finance, economic analysis, management techniques, tools to aid decision-making, statistics, and simulation. The real choices are more important in dynamic environments and uncertainties, and where there are flexibilities for its asymmetric nature, the real choices tend to bring added value with respect to the valuation of projects through the traditional method of discounted cash flows. For the valuation of real options, there are different techniques. Once analyzed the major quantitative methods in research work "quantitative techniques for valuing real options," Charles Almarcha (2003), concludes that the method of Monte Carlo simulation could be considered the most appropriate in the most cases. The greatest disadvantage that the method presented has historically is the capacity requirements of the process and timing simulation. However, the sharp increase in computing power of computers has made timing simulation have been progressively reduced to the point that it would no longer be an obstacle at present. In the world of computing Moore's law shows that the power of processors doubles every 18 months. Under this law, and as baseline data from the year 1990 to the present (2005), the average power of processors has increased by a factor of 2 10 = 1,024 times. For this reason, we can say that the criticism towards the Monte Carlo method discharged in a few research papers published several years ago could now be misplaced. The real options theory is relatively new, and even more so in its application to the telecommunications market, as James Alleman says in his book "The New Investment Theory of Real Options and Its Implication for Telecommunications" (1999). Among the factors inhibitors to the use of real options are the limited knowledge on this methodology have most of the financial officers of companies and projects that address the complexity of mathematical traditional models for calculating real options, based on the differential calculus. Throughout this thesis, I have developed a comprehensive methodology and understandable so that, put in the hands of telecommunications operators, to implement the theory of options to avoid underestimating their projects. An example of these projects would be the deployment of a broadband network and subsequent extensions to deliver new value-added services on the same. For the simulation by the Monte Carlo method has been carried out to simulate a program that allows up to twenty-five state variables in a spreadsheet containing the results of the project without flexibilities, including possible correlations between variables that affect the value of the project, as the price and quantity. This simulation will allow calculating the volatility of the project and then build the binomial tree and determine the value of options. All data used to calculate the van of the proposed deployment of a broadband network and suss options are estimates and do not constitute the desvelo information co 8 nfidenci 29th to any real operator.

Author: RUIZ GALACHO CRISTÓBAL.
Year: 2005.
University: MÁLAGA [www.uma.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS DE LA UNIVERSIDAD DE MÁLAGA.
Place of preparation: FACULTAD CIENCIAS ECONÓMICAS Y EMPRESARIALES UNIVERSIDAD DE MÁLAGA.

Summary: From model RAC DEA targeted Output is measured technical efficiency of 24 research groups in the area of Economics at the University of Malaga until the year 2001. It takes as input the categories of genetic researchers: DOCTORES AND LICENSORS and outpus the number of books published, the number of THESIS run by the group members and the number of projects that each group has produced. The study shows how the DEA can be used to determine the marginal rate of substitution between efficiency is complemented by the calculation of the marginal rates of substitution between inputs, the potential economies of scope in production output, the management of groups efficient research and the inclusion of valuations in the inputs and outputs.

Author: MUNAR CHACARTEGUI ANA MARIA.
Year: 2005.
University: ISLAS BALEARES [www.uib.es].
Place of defense: FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE CIENCIAS ECONOMICAS Y EMPRESARIALES.

Summary: The thesis proposes a new conceptual framework comprehensive, systemic and complex to understand globalization, tourism and education in tourism. The framework developed and explained in the first part is subsequently used as a tool to examine the construction of the European Higher Education Area EEES, also known as the Bologna process, and the impacts of this in education in tourism. The structure of the thesis is divided into three parts: The first discusses the various definitions that exist on globalization and tourism referring to a series of studies on the subject and introduces a prpuesta innovative about how globalization can be conceptualized in relation to the study tourism. The second part uses the theoretical framework developed in the first to study the case of EEES and its development as a process of the globalization of higher education. The third and last of the parties is about education in tourism and explores the impact that it has on the Bologna process. The analysis in the early chapters shows that the method of the three approaches (Held, McGrew, Goldblatt and Perraton 1999) orders and identifies aspects of controversy in the academic debate on globalization. This study restructures diversity conceptual comprehensive model sobrela globalization on tourism. The model is a proposal for establishing a theoretical basis map understood as globalization forces operating in a global system and tourism falls within that system. The second part presents the hypothesis of the existence of globalization processes in the construction of EEES. The main conclusion reached this part of the thesis is that lso analysis presented do not reject the hypothesis. The study shows that there are profound and radical transformation of higher education systems in Europe and that such changes are made through the process of globalization. The third part shows the historical development of tourism which confirms an increasing globalization in intensity and length. Education tourism is defined in the study as a subsystem consisting of the entire study, education and other human interactions that are designed to maintain, develop, enhance and transfer knowledge in tourism to society. The interactions of this system form a complex landscape, some of them are at the local level and a large number of them can be characterized as glocal. The evolution of the academic world in tourism is discussed from the point of view of the problem dela fragmentation (Jafari 1990) that the situation involves a typology of double degrees and split in tourism. The study notes that the EEES produces impacts on the policies of recognition, mobility and quality. The thesis points out that Bologna can play a crucial role in resolving the confusion that currently exists around qualifications in tourism and should be understood as a historic opportunity to give tourism studies in internal coherence and greater appreciation for part of world scientific and educational impact on better opportunities for graduates in these educational programs.

Author: GINER PÉREZ JOSÉ MIGUEL.
Year: 2006.
University: ALICANTE [www.ua.es].
Place of defense: FACULTAD DE ECONÓMICAS Y EMPRESARIALES.
Place of preparation: FACULTAD DE ECONÓMICAS Y EMPRESARIALES.

Summary: The overall objective of this research is to analyze the location and spatial dynamics of the high-tech industries in Spain, searching develop an interpretative framework of the factors of location for such industries. One obvious question is its spatial agglomeration; it can be seen how they have been coming in certain places which have focused spatially this type of industry. At the same time, we can highlight how this type of industry, with lower space requirements-type material has allowed new space altering diffusion processes on the basis of their technological intensity, stressing as primary object of the study areas of high technological intensity: Pharmaceuticals, computer, electronic and aviation. The spatial framework of the analysis extends to the entire territory Spanish. First, it addresses an approximation of macro analysis of industrial location for the purpose of analyzing the spatial distribution of a certain variables in a series of spatial units which divides the territory (territorial two levels: one reginal (CAAC) and another local (municipalities). At this point of the analysis is applied the technique of spatial concentration indexes, along with various techniques mutlivariantes to identify the factors explaining the location. approximation Following the script, introducing a methodological approach from Micro information direct behaviors of the subjects involved in the decision-making process of localization. This information is obtained through a survey of a representative sample (at the sectoral level and territorial) of high-tech establishments in Spain. Both approaches methodological contribute two visions or differing interpretations and up to the same phenomenon. methodological One challenge is to integrate these two approaches. This will be achieved based on the identification and analysis of the productive areas of specialization, contrasting quantitatively and qualitatively possible exisencia Cluster or Districts high-tech industry in Spain.