Academic literature on the topic 'Spanish Investments'
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Journal articles on the topic "Spanish Investments"
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Nikulin, Kirill. "SPANISH CAPITAL IN LATIN AMERICA IN CRISIS CONDITIONS. INVESTMENT SPECT." Urgent Problems of Europe, no. 3 (2022): 184–202. http://dx.doi.org/10.31249/ape/2022.03.08.
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The article analyzes the current state of Spanish-Latin American investment ties and assesses the prospects for their development. The research task of the article is to analyse the functioning of Spanish capital in the key Latin American region under the crisis conditions of the last five years. A distinctive feature of Spain among other EU members in the Latin American region is the institutional aspect, which has become one of the drivers of sustainable Spanish-Latin American investment cooperation, in which Iberoamerican multinational enterprises (MNEs) play a key role. To create an up-to-date panorama of investment interaction, the dynamics of Spanish foreign direct investment (FDI) flows the author does assesse their key corporate participants Spanish investments are characterized in comparison with global FDI flows to the region. The financial performance of the leading MNEs participating in the investment process is analysed this factor serves as an indicator to reflect current trends in Spanish-Latin American investment cooperation. The impact of the global financial crisis, the COVID-19 pandemic, the current tense geopolitical and geoeconomic situation is taken into account, the evolution of the dynamics of Spanish FDI in Latin America’ and the Caribbean region (LAC) over the past five years is given, the reasons for the main changes and the prospects for their development are indicated. Examples of the processes of internationalization of individual Spanish companies are given. The conclusion is made about the continued dominance of investment as opposed to trade in the vector of Spanish interaction with the LAC countries, with a general decline in Spanish FDI flows, their reorganization, reorientation to Western countries and the existence of new global challenges to the sustainable growth of investment, the prospects for attracting FDI to the region are assessed. In this regard, challenges and associated opportunities are identified.
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Bertoni, Fabio, María Alejandra Ferrer, and José Martí Pellón. "Financial market imperfections, control aversion and venture capital in Spanish SMEs." Corporate Ownership and Control 7, no. 4 (2010): 252–65. http://dx.doi.org/10.22495/cocv7i4c2p2.
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Information asymmetries and control aversion limit the capacity of Small and Medium Enterprises (SMEs) to take advantage of growth opportunities. In this work we analyse to what extent Venture Capital (VC) can play a positive role by allowing a temporary shareholder to reduce the investment dependency on internally generated funds. We study a sample of 322 Spanish VC-backed SMEs at the expansion stage, and a one-by-one matched sample of non-VC-backed firms. We find that both groups of firms exhibit a significant sensitivity of investments to cash flows before the initial VC investment. VC, however, is effective in reducing investment cash flow sensitivity in the post-investment period in the group of VC-backed companies.
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TORAL, PABLO. "The Foreign Direct Investments of Spanish Multinational Enterprises in Latin America, 1989–2005." Journal of Latin American Studies 40, no. 3 (2008): 513–44. http://dx.doi.org/10.1017/s0022216x08004410.
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AbstractThe inflow of Spanish investment in Latin America after 1989 was the result of a strategy by the managers of seven leading firms to gain access to new markets and to become world leaders in their industry, by applying the know-how that they had developed in Spain during the period of rapid economic modernisation in the 1980s. This article examines the context for these investments in Spain and in Latin America and provides a constructivist theoretical framework to explain them. It analyses seven firms in four industries (BBVA and SCH in banking, Repsol-YPF in oil and natural gas, Endesa, Iberdrola and Unión Fenosa in public utilities, and Telefónica in telecommunications). The knowledge and techniques that developed in Spain in the 1980s, it is argued, gave them significant advantages in Latin American markets during the period of liberalisation and privatisation in the 1990s. The Spanish government played a significant role in this process, by promoting the growth of large firms in the service industries through mergers and acquisition, protecting their domestic market, and encouraging their investments overseas.
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López-Bazo, Enrique, and Rosina Moreno. "Profitability of Investments in Education: Evidence from Spanish Regions." Regional Studies 46, no. 10 (2012): 1333–46. http://dx.doi.org/10.1080/00343404.2010.543893.
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Diéguez-Soto, Julio, and María J. Martínez-Romero. "Family Involvement in Management and Product Innovation: The Mediating Role of R&D Strategies." Sustainability 11, no. 7 (2019): 2162. http://dx.doi.org/10.3390/su11072162.
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Following calls to capture family firms’ innovative behavior and to specifically clarify how family firms manage product innovations to achieve sustainable economic development, this study empirically investigates the mediating role of Research & Development (R&D) strategies (i.e., intramural R&D investments, extramural R&D investments, and the combination of both intramural and extramural R&D investments) in the relationship between family involvement in the management and likelihood of obtaining product innovations. Carrying out a panel data analysis that is based on 7264 observations of Spanish manufacturing firms throughout the 2000–2015 period, our results suggest a negative effect of the level of family management on the likelihood of introducing product innovations. Moreover, we found that intramural R&D investments and the investment strategy consisting of both intramural and extramural R&D mediated the family involvement in management-likelihood of obtaining product innovations relationship. Our findings contribute important insights to the comprehension of which determinants instigate product innovation in family managed firms.
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Juárez, María Isabel, and Jordi Bacaria. "Spanish Investments in Morocco and the Process of Regional Integration." European Journal of Development Research 15, no. 2 (2003): 1–15. http://dx.doi.org/10.1080/09578810312331287455.
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Krämer, Ludwig. "Spain and Coal, the Environment and eu Law." Journal for European Environmental & Planning Law 14, no. 1 (2017): 98–112. http://dx.doi.org/10.1163/18760104-01401006.
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Mining of indigenous Spanish coal has been heavily subsidized ever since 1986, and recently, the European Commission authorized a further amount of State aid of 2.3 billion in order to facilitate the closure of uncompetitive coal mines in Spain by 2018. These subsidies are paid regardless of the facts that: the indigenous coal is of minor quality and not needed to ensure safe energy supply in Spain; the combustion of coal is causing excessive greenhouse gas emissions and most coal-fired Spanish power plants are widely exceeding regular eu emission limit values; considerable investments will have to be made, in order to eventually comply with the requirements of eu law. However, supposed that these investments are made, there is no reason for the plant owners to participate in a coal phase-out. The present article provides a detailed analysis of these critical aspects of Spanish and European coal policy.
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Cosculluela-Martínez, Carolina. "Sustainable Knowledge Investment Increases Employment and GDP in the Spanish Agricultural Sector More Than Other Investments." Sustainability 12, no. 8 (2020): 3127. http://dx.doi.org/10.3390/su12083127.
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Investment in every type of asset increases GDP and net employment differently. This paper compares the effect produced by a permanent unitary shock in Sustainable Knowledge for the Primary Sector (SKPS) on the Spanish employment and GDP growth with the effect produced by the other fourteen capital stock types. The methodology used is a Vector Error Correction Model (VECM), where the complementary capital can affect SKPS instantaneously. The results suggest that SKPS produces the second-highest, short and long-term effects on both labor and production, per Euro invested; moreover, the investment of 4.3 thousand euros is retrieved in the first year and increases net employment in one person after four years. Accordingly, the 5 million Euro Budget to invest in sustainable machinery and processing techniques increases net employment by 827 employees.
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Keefer, Philip. "Protection Against a Capricious State: French Investment and Spanish Railroads, 1845–1875." Journal of Economic History 56, no. 1 (1996): 170–92. http://dx.doi.org/10.1017/s0022050700016065.
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Infrastructure construction is often associated with excessive, even corrupt, profits. This article argues that construction profits earned in Spanish railroads in the mid-nineteenth century were a response to the lack of credibility of the Spanish state. It also makes the first attempt to document excess construction profits in Spanish railroads by demonstrating, for example, financial links between railroad stockholders and the providers of construction goods and services and by directly estimating construction profits. The estimated excess construction profits only provided railroad entrepreneurs with a normal rate of return to their entire railroad-related investments.
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Camisón-Haba, Sergio, Tomás Gonzáles-Cruz, and José Antonio Clemente-Almendros. "Information Disclosure and Sustainable Competitive Advantage: Evidence from the Spanish Tourism Industry." Sustainability 14, no. 12 (2022): 6977. http://dx.doi.org/10.3390/su14126977.
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Of all the resources and capabilities that have a well-established impact on decision-making, information stands out. With the advent of the digital economy, organizations have been making significant information and communication technology (ICT) investments, but the empirical evidence of the impact of these investments on business outcomes has been inconsistent. This article studies the conditions that disclosed information resources and ICT must fulfil in order to become a source of sustainable competitive advantage in tourism organizations. The results point to the need to identify distinct financial and non-financial information dimensions, distinguished according to their direct potential for creating and maintaining competitive advantages through the improvement in relations with various stakeholders.
Dissertations / Theses on the topic "Spanish Investments"
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Sala, Peñalver Saul. "Alternative investments for the retail investor in Spanish equities mutual funds." Doctoral thesis, Universitat Jaume I, 2017. http://hdl.handle.net/10803/405340.
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This paper tries to overcome the limitations that retail investor seek when using traditional approaches to asset allocation, particularly in Spanish equities mutual funds. To do so, we structure this paper into three chapters: in the first one we compare mutual funds' returns against investor's returns and we discuss different possible explanations for the different behaviour we got from Spanish investors, in the second chapter we compare some risk-based indexation methodologies, where risk parity takes an important role, and illustrates these issues as it applies to the Ibex 35 universe showing how risk parity portfolios outperform all the underlying portfolios on an absolute and risk adjusted basis, and in the last chapter we introduce the Portable Alpha strategy and apply it to the Spanish mutual funds portfolio showing how the retail investor can outperform their benchmark both in return and risk related measures such as Sharpe Ratio or Sortino Ratio.<br>El presente trabajo pretende servir como prueba científica y práctica de las diferentes posibilidades que tiene el inversor minorista a la hora de gestionar su cartera de inversión destinada a la renta variable española. Para ello estructuramos la tesis en tres capítulos: en el primero analizamos la rentabilidad que el inversor minorista consigue a la hora de invertir en fondos de inversión de renta variable española y si lo hace mejor o peor que dichos fondos, en el segundo damos la alternativa de una ponderación de activos de renta variable en función del riesgo en lugar de la tradicional ponderación por capitalización de mercado, y en el último capítulo estudiamos la aplicación de la denominada Estrategia Alfa en la gestión de carteras de fondos de inversión de renta variable la cual permite obtener ratios de rentabilidad-riesgo más eficientes que su índice de referencia.
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Oh, Soojin S. "A Contributing Role of Parental Investments in Early Learning to Head Start Impacts on Children’s Language and Literacy: Examining How Mechanisms of Program Impact Differ for Spanish-Speaking Dual Language Learners (DLL) and Non-DLL." Thesis, Harvard University, 2015. http://nrs.harvard.edu/urn-3:HUL.InstRepos:16461040.
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Head Start is the largest and longest-standing publicly-funded preschool program, serving close to 1 million low-income children and their families, with an annual budget of over $10 billion. While early childhood programs such as Head Start have the potential to address the racial disparities and the income-based opportunity gap, the field still lacks sophisticated understanding of what works for whom and why. Most research on early childhood education has focused greater attention on evaluating programs than on identifying the particular ingredients in these programs that produce significant improvements in children’s learning. While it is important to find out whether the program worked, I am more interested in why Head Start worked.
In 2002, the Congress mandated the national Head Start Impact Study (HSIS)—an experimental study of a nationally representative sample of 4,440 preschoolers, with participating children being randomized to an offer of attendance in Head Start versus assignment to a control condition, under which no offer was made. The HSIS found that an offer had small impacts on children’s language and literacy. While Head Start’s two-generation approach has emphasized engaging parents in their children’s early learning from its inception in 1965, we do not know to date whether an offer of Head Start improves parental investments, and whether this, in turn, augments the positive effects of the offer on children’s outcomes. Additionally, the HSIS reported that an offer of program attendance produced larger impacts among Spanish-speaking Dual Language Learners (DLL), but the question remains why these particular children benefitted from the program more than did their English-speaking peers.
To unpack the mechanisms that mediated these detected effects—through parenting practices—I employed two complementary analytic strategies: [1] multilevel structural-equation modeling and [2] average causal mediation effect estimation, by reanalyzing the original study data. A central aim of my research was to: (a) investigate whether ITT effects on early child language and literacy were mediated through parenting practices, and (b) conducting multi-group comparisons to test whether the impact of these mediational pathways differed by the child’s language status. I found that, on average, assignment increased children’s vocabulary and reading scores (e.s. =+.13; e.s.=+.17, respectively). The randomized offer also increased the frequency of parent-child language-and-literacy activities (e.s.= +.25). In addition to the causal impacts of the program, I observed causal mediation effects, and these mediational effects of program impact on both vocabulary and reading scores differed by DLL status.<br>Human Development and Education
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Enström, Alice, and Lina Eklöv. "Faktorer som påverkar en fastighetsinvestering i Sverige och i Spanien." Thesis, KTH, Fastigheter och byggande, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-231801.
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Syftet med detta arbete är att undersöka vilka faktorer som påverkar ett investeringsbeslut på den svenska samt den spanska fastighetsmarknaden med hänsyn till ekonomi, juridik, fysiska egenskaper och läge samt finansiering. För att bedöma den ekonomiska lönsamheten kommer vi att göra en kassaflödesanalys för en utvald hyresfastighet på respektive marknad. Tillvägagångssättet för arbetet var att göra en undersökning där vi med bakgrund i den spanska och den svenska fastighetsmarknaden redogör för konsekvenserna av finanskrisen 2008, nuläget och framtiden. Fokus ligger på hyresmarknaden, men även ekonomin i stort behandlas. Fastighetsvärderingens grunder har redogjorts liksom resultatet från en enkätundersökning vilken behandlar privatpersoners fastighetsköp i Spanien, för att undersöka vilka faktorer som är betydande vid en fastighetsinvestering. En mäklare stationerad i Torrevieja från Fastighetsbyrån har bistått oss med information under arbetets gång. Ekonomiska faktorer är det som i störst grad påverkar en investering i Spanien enligt svar från enkäten. Andra värdepåverkande faktorer, såsom klimat, läge och skick har också stor betydelse för investeringen. Resultatet av kassaflödesanalysen visar att det är lönsamt att investera i en hyresfastighet i Spanien likväl som i Sverige, men att utfallet är känsligt för förändringar. Faktorer som bolåneränta, amorteringstid, avkastningskrav på eget kapital och vakansgrad är de som påverkar utfallet i störst grad.<br>The purpose of this work is to investigate the factors that influence an investment decision onthe Swedish and Spanish real estate market considering economic, legal, physical propertiesand location as well as financing. To assess the economic profitability, will we make aanalysis of the cash flow for a selected rental property on each market.The approach for the work has been to do a background survey of the Swedish and Spanishreal estate markets, where we have looked at the years during the financial crisis, the presentand the future. The basis of the property valuation will be described, as well as the resultfrom a survey that deals with private property purchases in Spain, to investigate what factorsaffect a real estate investment. A real estate agent from Fastighetsbyrån in Torrevieja hasbeen given us information continuously about the Spanish market throughout this work.According to the survey the factors that affected the investment the most were the economicalfactors. Other value affecting factors like climate, location, condition also have a significantmeaning on the investment decision.The result of the cash flow analysis shows that it is profitable to invest in both Spain andSweden, but that the outcome is delicate for changes. Factors like home mortgage,amortization time, rate of return och equity and vacancy are those that affect the outcome themost.
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Nilsen, Jilltoft William, and Emil Westman. "The Spanish property market, Investment opportunities in hostels & short term housing." Thesis, KTH, Fastigheter och byggande, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-146609.
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This thesis discusses the general development of the Spanish property market over the last decade and future perspectives. A particular focus is on the city of Barcelona and the city’s local property market. The Spanish property market has since the latter half of 2007, beginning of 2008, dropped closer to 50 percent. Starting in the early years of the 21: st century, up to 2007 the Spanish construction sector in many ways drove the Spanish economy upwards. When the financial crisis hit, the economy stagnated and Spain fell into a deep recession. This resulted in an unemployment rate that as of today is running at 25 percent, weak domestic purchase power, an all-time high supply of property and a constantly declining number of property transactions. In May 2014 the country is at a junction trying to determine which way the Spanish property market is heading. Within some segments of the property market and in several areas where tourism is high there are, although weak, signs of growth in the property market prices. However in smaller regions with less tourism the property prices are still declining by up to 12 percent annually. The strong foreign demand on Spanish property contributes to a well-needed injection of foreign currency but these investments alone will not be enough to boost the Spanish economy. What we conclude is needed in order for property prices to increase in the long run is a stronger domestic purchase power, something we probably won’t see in years. Considering Barcelona, the city had the fourth most visitors of all the cities in Europe. This along with the unique culture, sports, food, and the constant stream of tourists as well as the modest property prices makes Barcelona an interesting city for property investment. In the thesis we compare investments being made in a hostel and short term housing for tourists. The result leads us to the conclusion that any property investment in Barcelona should be regarded as a risk and that you would need a steady stream of cash flow in order to hedge a continuing decline in property prices. Of the two options, short term housing for tourists would be the better of the two investments.<br>Sedan slutet av 2007, början av 2008 har de spanska fastighetspriserna sjunkit med närmare 50 procent. Åren innan krisen hade den expansiva spanska byggsektorn i mångt och mycket drivit ekonomin framåt och när den globala finanskrisen slog till med full kraft stagnerade den spanska ekonomin och vände ned i en djup recession. Detta resulterade i en arbetslöshet som idag uppgår till närmare 25 procent, svag inhemsk köpkraft, ett rekordstort utbud av fastigheter samt ett alltjämt sjunkande antal årliga transaktioner på bostadsmarknaden. I maj 2014 står vi i ett läge där det är svårt att sia om i vilken riktning den spanska fastighetsmarknaden är på väg. Inom vissa fastighetssegment och i flera turisttäta områden i Spanien ser man tendenser på en återhämtning samtidigt som mindre regioner med färre turister, årligen ser dubbelsiffriga nedgångar på fastighetsvärden. Den starka utländska efterfrågan på semesterbostäder och investeringsobjekt bidrar till en välbehövd injektion av utländskt kapital, men att det kan bidra med något annat än möjligtvis lokala värdeökningar har vi svårt att se. Vad vi tror krävs för en generell värdeökning av det spanska fastighetsbeståndet är en starkare inhemsk efterfråga, något som ligger flera år fram i tiden. Vi har vidare valt att fördjupa vårt arbete på staden Barcelona. Det finns indikationer på att stadens fastighetsmarknad börjar närma sig botten och med ett konstant tillflöde av turister skulle en investering i ett vandrarhem eller i korttidsboenden kunna ge en god avkastning fram tills dagen man väljer att avyttra fastigheten. I arbetet har vi jämfört två investeringsalternativ i Barcelona. Vandrarhemsverksamhet och bostadslägenheter för korttidsuthyrning till turister. Resultatet av arbetet leder oss till slutsatsen att en investering i den Spanska fastighetsmarknaden måste uppvägas av ett starkt kassaflöde. Vi finner därför alternativet korttidsboenden som den bästa investeringen av de två.
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Bezerra, Ricardo Ramos. "Análise do setor bancário: a presença dos bancos espanhóis no Brasil." reponame:Repositório Institucional do FGV, 2005. http://hdl.handle.net/10438/5621.
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Previous issue date: 2005-04-04T00:00:00Z<br>Presents the reasons that lead Spanish banks to invest in the Brazilian banking sector and analyses the results of that strategy. Discuss the relationship among the global consolidation process in the banking sector, the strategies used by Spanish banks and the effects in the Brazilian banking system. Describes the Brazilian banking sector formation and its consolidation after the Real Plan. Analyses the internationalization of Spanish banks and the Latin America option. Discuss the expectations with the presence of foreign banks, the competition in Brazilian banking sector, and the Spanish banks results.<br>Apresenta as razões que levaram bancos espanhóis a investir no setor bancário brasileiro e analisa os resultados dessa estratégia. Discute a relação entre o processo de consolidação mundial do setor, as estratégias utilizadas pelos bancos espanhóis e os efeitos no sistema bancário brasileiro. Descreve a formação do setor bancário no Brasil e sua consolidação a partir do Plano Real. Analisa a internacionalização dos bancos espanhóis e a opção pela América Latina. Discute as expectativas criadas com a vinda dos bancos estrangeiros, a competitividade no setor e os resultados obtidos pelos bancos espanhóis.
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Mattson-Prieto, Raquel. "Identity, Discursive Positioning, and Investment in Mixed-Group Spanish Language Classes: A case study of five heritage speakers." Diss., Temple University Libraries, 2019. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/553710.
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Spanish<br>Ph.D.<br>Research in identity and heritage language (HL) education focuses on the experiences of heritage speakers (HS) and how certain classroom discourses can devalue the skills and proficiencies that they bring with them to the class (García & Torres-Guevara, 2010; Leeman, 2012; Showstack, 2016). These dominant and monoglossic language discourses often focus on the teaching and acquisition of a “standard Spanish language” (Train, 2007; del Valle, 2000). Although scholarship on HL education has long advocated for separate specialized courses to meet the needs of HSs (Potowski, 2002; Valdés, 1997), many HSs remain in courses designed for second language (L2) learners because institutions do not consistently offer specialized instruction. Some research has investigated the experiences of HSs in mixed L2-HL classes (Harklau, 2009; Potowski, 2002), but there is a need for an examination of the classroom discursive practices in courses tailored for L2 learners and how those practices shape how HSs of diverse backgrounds position themselves as Spanish speakers within and outside of the classroom. The present study explores the representation of identity among HSs enrolled in university-level Spanish language classes. This investigation examined the relationship between HSs’ perceived instructional objectives in a Spanish as a second language class, the ways HSs positioned themselves as knowledgeable of the language concerning these objectives, and finally, their subsequent investment in their Spanish studies. The data come from a classroom ethnography and were analyzed within a grounded theory methods approach (Glasser & Strauss, 1967) and showed the extent to which classroom activities were inclusive to HSs’ pedagogical needs. Further, from a social identity and positioning lens, I considered how language ideologies that value the standard linguistic repertoires of monolingual native speakers’ affected individuals’ perceptions and relationships to their heritage community, and the expert or novice identities they negotiated during social interaction. Classroom observations and interviews revealed that the instruction that HSs received often promoted a linguistic hierarchy that devalued the non-standard language forms that reflected the participants’ ethnolinguistic backgrounds. The findings show that each HS navigated classroom discursive practices and negotiated multilingual identities in interaction with their peers, teachers, and the curriculum in different ways. Some of the participants became ambivalent toward the language and its speakers as their backgrounds went unacknowledged in classroom practice, while others found value in the Spanish classes because of past experiences. Findings suggest that there is a need for methodologies in mixed-group classrooms that reflect and acknowledge the sociolinguistic variation of the class (Gutiérrez & Fairclough, 2006).<br>Temple University--Theses
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Torlegård, Anna, and Sara Sjöström. "Fastighetersominvesteringsform--‐i Sverige och Spanien,genomfinans--‐och fastighetskriser." Thesis, KTH, Fastigheter och byggande, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-147310.
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Genom tiderna och främst under det senaste århundradet har det uppstått bank-, finans- och fastighetskriser, ofta relaterade till varandra. I dagens globala värld med sammanlänkade ekonomier är risken stor att en kris som uppstår i ett land fortplantar sig och drabbar andra länder, dock så kan samma kris påverka olika länder olika mycket. En intressant frågeställning är vilka faktorer som påverkar fastighetspriserna under dessa kriser, samt hur och vad som gör att priserna återhämtar sig efter en kris. Denna uppsats studerar fastighets- och finanskriser med fokus på Sverige och Spanien. Sverige genomgick en stor kris på 90-talet där fastighetspriserna rasade. Under samma tidsperiod ökade bestånd, samt priser av fastigheter i Spanien. Den senaste stora fastighets- och finanskrisen som började i USA år 2007 spred sig snabbt till andra länder, vilket resulterade i en global ekonomisk kris. Krisen drabbade både Sverige och Spanien, men Spanien drabbades extra hårt. Sverige kom ut ur krisen på ett par år medan Spanien fortfarande, sex år senare befinner sig i svår kris. Orsakerna till varför allvarliga fastighets- och finanskriser uppstår är många. En kombination av flera mer eller mindre sammanflätade händelser, i både det finansiella systemet och bygg- och fastighetssektorn, kan till olika grader förklara några kriser som Sverige och Spanien har drabbats av. Fastighetssektorn, med både hushåll och kommersiella företag som fastighetsinvesterare, har traditionellt varit mycket beroende av bankers kreditgivning. Efter de senaste kriserna har regleringen av bankerna blivit strängare med bland annat nya kapitaltäcknings- och likviditetskrav (BASEL III), vilket i sin tur kan leda till mindre incitament eller möjligheter för banker att låna ut till fastighetsinvesterare. Detta skapar nya förutsättningar på fastighetsmarknaden, hur den styrs och utvecklas. De nya förutsättningarna skapar nya potentiella grunder för framtida kriser. Den konstanta utvecklingen försvårar att förutspå och kontrollera marknaden och eventuella kriser.<br>Throughout the times, mainly in the last century, there has been banking , finance, and real estate crises, often related to each other. A crisis often faces more than one country, but the same crisis may affect different countries in different ways. The question is what effects the real estate prices during these crises, and how it differs between countries in Europe, mainly between Sweden and Spain. Sweden had a big crisis in the 90`s, where the real estate prices plummeted in Sweden, and during the same period of time, the real estate prices in Spain were rising. The last crisis that became a world crisis in 2008, effected both Sweden and Spain (among many other countries), where Sweden came out of the crisis in only a couple of years, while Spain still is deeply in the crisis today, - six years later. The reasons for this crisis are the banking system, and the individuals’ bank behaviors that act as financiers for private as well as commercial real estate, a market that the real estate side depends of. After the crises, the banks have a stricter approach to the financing of real estate, for instance due to modified bank regulations (Basel III). This creates new and more developed conditions on the real estate market and will potentially cause new and different types of causes for future crises regarding properties. The constantly developing market makes it more difficult to control and know when a new potential crisis is entered.
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Krantz, Evelina. "AHP applicerat på fastighetsköp i Spanien : En tillämpning av Analytical Hierarchy Process och en överblick av spanska regler kring fastighetsköp som EU-medborgare." Thesis, KTH, Fastigheter och byggande, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-211074.
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Den spanska fastighetsmarknaden är på uppgång då fastighetspriserna ökar igen efter den globala finanskrisen 2008. Den här uppsatsen syftar både till att lösa ett fabricerat investeringsproblem med hjälp av AHP, Analytical Hierarchy Process, och till att undersöka hur processen av ett fastighetsköp som EU-medborgare kan se ut gällande lagar och regler. Investeringsproblemet består utav att välja en av tre fastigheter, alla radhus med olika egenskaper lokaliserade i olika delar av Valencia på den spanska östkusten, baserat på resultatet från en enkätundersökning utförd på plats i staden med ett urval om 70 respondenter i åldrarna mellan 20-29 år. Faktorerna som påverkar beslutet har delats in i tre huvudgrupper baserade på fastighetsvärdering; Lägesfaktorer, Byggnadsfaktorer och Ekonomiska faktorer. Lägesfaktorerna är sedan uppdelade i Avstånd till kusten och Avstånd till stadens centrum. Byggnadsfaktorerna i befintlighet av Terrass, Garage eller Kök med öppen planlösning. Slutligen består de Ekonomiska faktorerna endast av en faktor som är Pris, det annonserade priset €/m2. Enkätundersökningen kunde konstatera att en fastighet nära kusten föredras över en nära stadens centrum, 57 % över 43 %. Att Terrass var överlägset den viktigaste byggnadsfaktorn med en prioritet på 63 %, Garage 24 %, och att Kök med öppen planlösning inte prioriteras med endast 13 %. Huvudgrupperna prioriterades som följande; Lägesfaktorer 41,4 %, Ekonomiska faktorer, e.i. Pris, 34,3 %, och Byggnadsfaktorer 24,3 % - vilket är i linje med teori på området. Resultaten från enkätundersökningen applicerat på AHP-modellen tillsammans med lokala prioriteter från jämförelsematriser visade att en av de tre fastigheterna rankas som mest effektiv. Det kontaterades vara det tredje objektet, ett radhuset nära stranden, som var att föredra med 55 % i global prioritet, följt av det första objektet med 26 % och sist det andra objektet med 19 %. Uppsatsen konstaterar också att anlita en tredje part kan undvikas om man känner sig bekväm med övriga kontakter då de obligatoriska avgifterna för advokat, notarie och transaktionsskatt redan adderar 10-15% utöver köpeskillingen. Att processen att endast köpa en fastighet är relativt simpel, då det tekniskt sett endast är N.I.E-nummer krävs, men att det krävs betydligt mer att bli skatteresident och kunna ta del av skattemässiga lättnader. Slutligen diskuteras att med sina stigande fastighetspriser, sin enorma utvecklingspotential, det varma klimatet och den inkluderande mentaliteten hos folket kan Spanien vara en plats väl värt att investera i.<br>The Spanish housing market has been on the rise since 2014 as property prices are increasing again after the global financial crisis of 2008. This paper aims to both solve an illustrated investment problem using the decision making method AHP, Analytical Hierarchy Process, and to investigate the process of property investment in Spain as an E.U. resident concerning rules and regulations. The investment problem consists of selecting one out of three properties, all town houses with different characteristics, located in different parts of the city Valencia on the Spanish east coast based on the results of a survey done on site in Valencia with a sample of 70 respondents in the ages between 20-29 years. The factors that influence the decision are based on property valuation; Localization factors, Technical building factors and Economic factors. The Localization factors are further divided into Distance to the city center and Distance to the cost. The Technical building factors in Terrace, Garage and Open-plan kitchen. Lastly the Economic factors only consist of one factor which is Price, the advertised price €/m2.The survey concluded that a property close to the cost is preferred over one close to the city center, 57 % over 43 %. That Terrace is the absolute most important building factor with a priority of 63 %, followed by Garage at 24 % and that Open-plan kitchen is not prioritized with only 13 %. The three main groups were prioritized as follows; Localization factors 41,4 %, Economic factors, i.e. Price, 34,3 %, and Technical building factors 24,3 % - which is consistent with theory on the subject.The results of the survey applied to an AHP hierarchy together with the local priorities from the application of the Saaty-scale and comparison matrices, result in one out of the three properties being ranked as the most efficient. It was concluded that the third property, a townhouse close to the beach, was preferred with a 55 % in global priority, followed by the first property with 26 % and lastly the second with 19 %. The paper also concludes that hiring a third party is something to consider avoiding if one feels comfortable with other contacts as the obligated lawyer, clerk and transaction fees already adds on 10-15% of the purchase price. That the process of only purchasing a property is relatively easy, as technically only N.I.E number is required, but that it requires significantly more to become resident to obtain tax benefits. Lastly the project discusses that with its rising property prices, development opportunities, the warm climate and the mentality of the people Spain certainly can be somewhere worth investing in.
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Wu, Chung-Hsien, and 吳忠憲. "The Study of Spanish direct investment in Argentina." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/33130363078199137930.
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碩士<br>淡江大學<br>拉丁美洲研究所碩士班<br>95<br>My thesis explains the internationalization of the Spanish economy relating to Latin America during the 90th decade. It specially studies the Argentina case. During the last decade, the massive Spanish capital arriving to Argentina, temporally coincide with the structural economical changes in Spain and Argentina.
The structural reforms in Spain derive from the incorporation of the country to the European Community and to the shared monetary system, as well as from the process of going deeply in the schemes that allow the European Union to get a certain degree of control over the Spanish interior markets, including the telecommunications, the energy and others.
The Argentina’s reforms, under Menem rule, where promoted by the so called “Consensus of Washington”. Privatization, the official permission to allow foreigner capital accounts and a new policy of less government’s intervention in the control of the sectors, where especially important factors for the economy of the country.
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Ribeiro, Daniel Garcia. "Analysis of the performance of the Spanish investment fund industry." Master's thesis, 2021. https://hdl.handle.net/10216/138243.
Full textBooks on the topic "Spanish Investments"
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Díez, Angeles Sánchez. La internacionalización de la economía española hacia América Latina: Los elementos determinantes en el inicio y la consolidación del proceso. Universidad de Burgos, Servicio de Publicaciones, 2002.
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Horcajo, Xavier. Al otro lado del Atlántico: La aventura equinoccial de la empresa española en América Latina. Laia Libros, 2004.
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García, Alfredo Arahuetes. Relaciones económicas entre España y Brasil =: Relacões econômicas entre Brasil e Espanha. Real Instituto Elcano de Estudios Internacionales y Estratégicos, 2007.
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Instituto Universitario Ortega y Gasset., ed. Inversión directa extranjera de España en la década final del siglo XX: Nuevas perspectivas. Editorial Biblioteca Nueva, 2003.
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El retorno de Colón: Inversión española en el sector eléctrico de Bolivia. CEDLA, 2006.
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Béjar, Ramón Casilda. La década dorada: Economía e inversiones españolas en América Latina, 1990-2000. Universidad de Alcalá, Servicio de Publicaciones, 2002.
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Chislett, William. La inversión española directa en América Latina: Retos y oportunidades. Real Instituto Elcano de Estudios Internacionales y Estratégicos, 2003.
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Multinacionales españolas en Iberoamérica: Valor estratégico. Centro Internacional Carlos V, 1999.
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Jesús, Gomes Carrasco, ed. Perú: Derechos humanos y relaciones laborales-sindicales en multinacionales españolas : Telefónica, BBVA, REPSOL y ENDESA. Centro de Asesoría Laboral del Perú, 2002.
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E, Martín Félix, and Toral Pablo, eds. Latin America's quest for globalisation: The role of Spanish firms. Ashgate Pub. Co., 2005.
Find full textBook chapters on the topic "Spanish Investments"
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Bonilla, Maria, and Amparo Medal. "Efficient Diversification of International Investments: The Spanish Point of View." In Current Topics in Quantitative Finance. Physica-Verlag HD, 1999. http://dx.doi.org/10.1007/978-3-642-58677-4_2.
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Fisher, William P., and A. Jackson Stenner. "Theory-Based Metrological Traceability in Education: A Reading Measurement Network." In Explanatory Models, Unit Standards, and Personalized Learning in Educational Measurement. Springer Nature Singapore, 2022. http://dx.doi.org/10.1007/978-981-19-3747-7_21.
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AbstractHuge resources are invested in metrology and standards in the natural sciences, engineering, and across a wide range of commercial technologies. Significant positive returns of human, social, environmental, and economic value on these investments have been sustained for decades. Proven methods for calibrating test and survey instruments in linear units are readily available, as are data- and theory-based methods for equating those instruments to a shared unit. Using these methods, metrological traceability is obtained in a variety of commercially available elementary and secondary English and Spanish language reading education programs in the U.S., Canada, Mexico, and Australia. Given established historical patterns, widespread routine reproduction of predicted text-based and instructional effects expressed in a common language and shared frame of reference may lead to significant developments in theory and practice. Opportunities for systematic implementations of teacher-driven lean thinking and continuous quality improvement methods may be of particular interest and value.
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de la Fuente, A., and R. Doménech. "The Effects of Public Investment." In The Spanish Economy. Palgrave Macmillan UK, 2011. http://dx.doi.org/10.1057/9780230307544_5.
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Martín, Carmela. "Direct Investment Flows." In The Spanish Economy in the New Europe. Palgrave Macmillan UK, 2000. http://dx.doi.org/10.1057/9780230597105_10.
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Górriz-Mifsud, Elena, Aitor Ameztegui, Jose Ramón González, and Antoni Trasobares. "Climate-Smart Forestry Case Study: Spain." In Forest Bioeconomy and Climate Change. Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-030-99206-4_13.
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AbstractIn Spain, 55% of land area is covered by forests and other woodlands. Broadleaves occupy a predominant position (56%), followed by conifers (37%) and mixed stands (7%). Forest are distributed among the Atlantic (north-western Iberian rim), Mediterranean (rest of the peninsula including the Balearic Islands) and Macaronesian (Canary Islands) climate zones. Spanish woodlands provide a multiplicity of provisioning ecosystem services, such as, wood, cork, pine nuts, mushrooms and truffles. In terms of habitat services, biodiversity is highly relevant. Cultural services are mainly recreational and tourism, the latter being a crucial economic sector in Spain (including rural and ecotourism). Regulatory services, such as erosion control, water availability, flood and wildfire risk reduction, are of such great importance that related forest zoning and consequent legislation were established already in the eighteenth century. Climate change in Southern Europe is forecast to involve an increase in temperature, reduction in precipitation and increase in aridity. As a result, the risks for natural disturbances are expected to increase. Of these, forest fires usually have the greatest impact on ecosystems in Spain. In 2010–2019, the average annual forest surface area affected by fire was 95,065 ha. The combination of extreme climatic conditions (drought, wind) and the large proportion of unmanaged forests presents a big challenge for the future. Erosion is another relevant risk. In the case of fire, mitigation strategies should combine modification of the land use at the landscape level, in order to generate mosaics that will create barriers to the spread of large fires, along with stand-level prevention measures to either slow the spread of surface fires or, more importantly, impede the possibility of fire crowning or disrupt its spread. Similarly, forest management can play a major role in mitigating the impact of drought on a forest. According to the land use, land-use change and forestry (LULUCF) accounting, Spanish forests absorbed 11% of the total greenhouse gas emissions in 2019. Investments in climate-smart forestry provide opportunities for using all the different parts of the Spanish forest-based sector for climate mitigation––forest sinks, the substitution of wood raw materials and products for fossil materials, and the storage of carbon in wood products. Moreover, this approach simultaneously helps to advance the adaptation of the forest to changing climate and to build forest resilience.
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de La Paz, Paloma Taltavull, and Irene Peña Cuenca. "Spanish REITs: The New Regulated SOCIMIs." In Real Estate Investment Trusts in Europe. Springer Berlin Heidelberg, 2013. http://dx.doi.org/10.1007/978-3-642-36856-1_13.
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Fernández-Sánchez, José L., and Ladislao Luna. "Analysis of the Size Effect on Spanish Mutual Investment Funds." In Performance of Mutual Funds. Palgrave Macmillan UK, 2007. http://dx.doi.org/10.1057/9780230626492_12.
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Terceño, Antonio, M. Gloria Barberà-Mariné, Laura Fabregat-Aibar, and Maraia Teresa Sorrosal-Forradellas. "The Behaviour of Non-surviving Spanish Funds According to Their Investment Objectives." In Complex Systems: Solutions and Challenges in Economics, Management and Engineering. Springer International Publishing, 2017. http://dx.doi.org/10.1007/978-3-319-69989-9_26.
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Toral, Pablo. "Spanish Foreign Direct Investment in Latin America, 1989–2004: A Constructivist Framework for Analysis." In Financial Developments in National and International Markets. Palgrave Macmillan UK, 2006. http://dx.doi.org/10.1057/9780230522374_12.
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Melle, Mónica, Juan A. Maroto, and José L. Raymond. "Business Investment and Financial Constraints. Evidence of Spanish Case by Using Company Level Panel Data." In Financial Modelling. Physica-Verlag HD, 2000. http://dx.doi.org/10.1007/978-3-642-57652-2_18.
Full textConference papers on the topic "Spanish Investments"
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Jardi´, Xavier, and Jorge Anga´s. "Democratization of 3D Applications in Nuclear Power Plants: Laser Scanning 3D Technology Implementation on Spanish PWRs." In 18th International Conference on Nuclear Engineering. ASMEDC, 2010. http://dx.doi.org/10.1115/icone18-30117.
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On January 2008, the US NRC issued the Generic Letter 2008-01 [1], “Managing gas accumulation in emergency core cooling, decay heat removal and containment spray systems”. Among other responses, this letter requires an evaluation of locations sensitive to accumulate gases in several safety systems. In order to get accurate data related to the real slope of horizontal pipes and other geometrical parameters needed for this evaluation, laser scanning and 3D modeling techniques have been applied in Spanish Nuclear Power Plants. From October 2008 to December 2009, five Spanish units have been scanned and modeled. As a result of these activities, the plants have obtained detailed 3D models as well as 2D as-built drawings of the selected components. These models were integrated in 3D web servers which give a panoramic view of the scanned areas and permitted measurements in the local coordinate system of the plant. Moreover, the 2D elevation drawings included accurate and useful information for the plants in order to make decisions related to the GL-2008-01 requirements. The geometric information generated in the frame of the GL-2008-01 activities is being currently used for alternative applications. For instance, laser scanning technology is being used to enhance design modification procedures. A pilot project on the MSRs replacement is being currently carried out with successful results. This technology has the advantage that new components from CAD software can be updated in the as-built models obtained through laser scanning. In addition to this, it’s very easy to check fitting and interferences, and also to make accurate measurements and handling simulations. The potential applications in personnel training and radiological protection are also very important. The panoramic viewers on 3D web servers are versatile and could fit the specific requirements of each organization. Regarding staff training, virtual tours and component seekers are being currently developed. These tools provide a significant save of time and dose and also give independence for each person to get to the working place without external help or time-consuming paper consulting. Integration with existing plant databases is also possible through the panoramic viewers and is currently being developed for In-Service Inspections and Maintenance applications. The main advantage of these products is their accessibility with free visors which don’t need specific training. Therefore, the implementation of these tools doesn’t need additional investments. In conclusion, Laser 3D Technology Applications set the first step on the democratization of these powerful 3D environments among common users as integrated tools in their daily work.
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Sanz Bobi, Juan de Dios, Federico Jorreto Marcos, and Jorge Garzo´n Nu´n˜ez. "A Simulation Tool for Sizing Electrical Railway Lines." In ASME/IEEE 2007 Joint Rail Conference and Internal Combustion Engine Division Spring Technical Conference. ASMEDC, 2007. http://dx.doi.org/10.1115/jrc/ice2007-40028.
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Railway transport market necessities demand a speed increase of medium and long distance circulations. The commitment with environment and the saturation of the European airspace explain the present success of the European high speed railway lines and specially the Spanish High Speed Lines thanks to the courageous plan of investments that foretells a promising future for this sector. In order to reach greater speed in a more rational, economic and systematic way, the use of mathematical model based simulation tools that allow simulating the behaviour of the system in a trustworthy and economic form are a must. Railway lines’ requirements until now were based in proven veteran designs. Nevertheless the current demands are enormous and the use of computer tools to study the electrical behavior to reach the objective is unavoidable. Thus, simulation tools permits the calculation of the technical characteristics of the electrification system by obtaining the necessary physical magnitudes to evaluate correct operation and correctly sizing of the elements that are part of the electrification system.
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Bagão, Margarida, Rui Dias, Paula Heliodoro, and Paulo Alexandre. "THE IMPACT OF COVID-19 ON EUROPEAN FINANCIAL MARKETS: AN EMPIRICAL ANALYSIS." In Sixth International Scientific-Business Conference LIMEN Leadership, Innovation, Management and Economics: Integrated Politics of Research. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2020. http://dx.doi.org/10.31410/limen.2020.1.
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The fast spread of coronavirus (COVID-19) had negative impacts on financial markets worldwide. It created uncertainty and a lack of confidence, causing unprecedented levels of risk, causing sharp losses to investors in a very short period. In view of these events, this essay aims to investigate the relationship between Covid-19 (confirmed cases and deaths), and the stock market indexes of Greece (ATG), France (CAC40), Germany (DAX 30), United Kingdom (FTSE 100), Italy (FTSE MID), Spain (IBEX 35), Ireland (ISEQ), and Portugal (PSI 20), from December 31st, 2019 to July 23rd, 2020. In order to achieve such an analysis, we want to validate if: the increase in cases and deaths resulting from Covid-19 have any connection with the financial markets under analysis? If so, do these connections cause shocks in European financial markets? The results suggest structure breaks, mostly, in March 2020. Covid-19 data (confirmed cases) integrate with the Covid-19 data series (deaths), with the Spanish market (IBEX 35), Greece (ATG), and Italy (FTSE MID). However, the Covid-19 data series (deaths), is synchronized with the Covid-19 data (confirmed cases), with the markets of Germany (DAX 30), France (CAC 40), Ireland (ISEQ), Italy ( FTSE MID), United Kingdom (FTSE 100) and Portugal (PSI 20), just does not synchronize with the Greek market (ATG). We can easily see that the Covid-19 data series (deaths) has a major impact on Europe's financial markets. The results of the VAR Granger Causality / Block Exogeneity Wald Tests model suggest 2 bidirectional causal relationships between confirmed cases and deaths from the Covid-19 virus. However, there were no shocks between Covid-19 data (confirmed cases and deaths) and the financial markets under analysis. As a final discussion, we consider that investors should avoid investments in the stock exchange, at least while this pandemic lasts, and rebalance their portfolios in hedging and/or sovereign debt assets, to mitigate risk and improve the efficiency of their portfolios.
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Espinós Vañó, María Dolores, and Fernando García. "IRRESPONSIBLE BEHAVIOR OF SPANISH FTSE4GOOD IBEX COMPANIES BASED ON NGO REPORTS." In Business and Management 2018. VGTU Technika, 2018. http://dx.doi.org/10.3846/bm.2018.26.
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Recently, social responsible investment has experienced exceptional growth. For that reason, many listed companies pretend to have adopted guidelines and values proclaimed by prestigious internac-ional organizations as the UNO or the OECD. In fact, to adhere such guidelines is a requisite to be in-cluded in most socially responsible stock indices. In this paper we search for irresponsible behaviour by Spanish companies included in some of the world most preminent sustainable stock indices. The main result is that most of the companies have been actually critized by prestigious NGOs, so their identification as socially responsible should be questioned.
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Martinez-Fernandez, Valentin-Alejandro, Oscar Juanatey-Boga, Matias Membiela-Pollan, and Veronica Crespo-Pereira. "The twilight of advertising investment in Spanish regional televisions: bankruptcy of a financing model." In 2020 15th Iberian Conference on Information Systems and Technologies (CISTI). IEEE, 2020. http://dx.doi.org/10.23919/cisti49556.2020.9141110.
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"The change of cycle for commercial property with its implications in the Spanish investment market." In 10th European Real Estate Society Conference: ERES Conference 2003. ERES, 2003. http://dx.doi.org/10.15396/eres2003_250.
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Pino Hernández, Eva María, and Cristina Delgado Quiralte. "International benchmark and best practices on national infrastructure plans. Application to Spanish strategic planning." In CIT2016. Congreso de Ingeniería del Transporte. Universitat Politècnica València, 2016. http://dx.doi.org/10.4995/cit2016.2016.3459.
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The need for planning regarding investment in infrastructures is recognised and supported by most governments around the world. Planning helps to take effective and correct decisions, provides a basis for monitoring its impacts and also facilitates further developments. However it requires a high level of organization, coordination among stakeholders and anticipation of transport needs. There are some different methodological approaches for strategic planning. This paper examines the importance of infrastructure planning and how it is undertaken in different countries from Europe and other continents. It is based on a benchmarking about planning procedures of 7 reference countries (UK, France, the Netherlands, Poland, Germany, Japan and USA), in addition to others whose strategic plans are being developed at the present moment such as Croatia or Romania. This benchmarking aims to extract and compare best practices carried out in this field and to define the optimal formulation of strategic planning. In this regard, the benchmarking is focused on some key aspects: firstly, on the plan structure and its main contents. There are a lot of differences about how each country defines the future needs for transport and how it establishes the objectives and the strategies to be followed. Secondly, on the characterisation of the authorities which are responsible of the plan development (level of dependence from the government, know-how…) along with the time frame and final validity of the plans. And finally, the level of detail of the proposed actions and budgetary commitments provided by the strategic plans. Throughout the comparative analysis, the knowledge generated by this benchmarking has allowed setting a series of specific recommendations in strategic planning which can be applied as innovative solutions and best practices in future planning processes in Spain.DOI: http://dx.doi.org/10.4995/CIT2016.2016.3459
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Wright, Kenneth J., Milos P. Vasiljevic, and Preston D. Vineyard. "Design for Future Transit Rail Maximizes Benefits from Initial Investment for the Gov. Mario M. Cuomo Bridge." In IABSE Congress, New York, New York 2019: The Evolving Metropolis. International Association for Bridge and Structural Engineering (IABSE), 2019. http://dx.doi.org/10.2749/newyork.2019.0615.
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<p>The new Governor Mario M. Cuomo Bridge spans the Hudson River between Rockland and Westchester Counties in southern New York. A key design criterion was to accommodate various modes of transportation in the future. This paper discusses how the bridges will accommodate dedicated bus rapid transit lanes as well as the potential future construction of a transit bridge between the structures without installing additional foundations in the river. The transit bridge would require significant rail construction on either side of the river to provide viable connections to existing rail lines, making it prohibitively expensive. The transit bridge will fit between the two highway bridges and carry two rail lines. We will explain how the highway bridges will accommodate the future rail bridge without providing needless excess capacity into the piers and foundations built under this design-build contract.</p>
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de Wardt, John, Robert Wylie, Moray Laing, et al. "History, Disruptors and Future of Changing Well Construction Business Models." In IADC/SPE International Drilling Conference and Exhibition. SPE, 2022. http://dx.doi.org/10.2118/208776-ms.
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Abstract Advances in performance, digitalization, and automation create the environment for significant changes in well construction business models. Drilling contractors and suppliers are now better positioned to quantify the savings generated by their technology investments and define commercial structures that equitably share in the savings. This paper reviews disruptors driving non-traditional forms of contracting leading to a new value-driven business model based on a System of Systems architecture that meets industry needs. Disruptors driving new reward methods for technology providers are overcoming barriers resisting change such as status quo inertia, legal liability, and fear of sharing data. For example, new real-time systems enable remote operation expansion and improve operational alignment; digitalization and open data exchange create operational transparency across the complex well construction organization; process automation is being applied to multiple systems and is being scaled across equipment fleets. Organizational alignment to common value goals can be achieved through a System of Systems (SoS) architecture. This approach permits aligned and cascading outcome-based goals, including broader objectives like safety, environmental, social, and governance (ESG), to be recognized throughout the System of Systems which spans all operational elements. Two case studies are presented: one for short duration repetitive wells and one for longer duration offshore wells. Incentive style contracts have cycled through footage targets, "Drilling in the Nineties" style contracts, gainshare models, and even production enhancement/sharing contracts. Lump sum turnkey-style contracts have become established, and gainshare is making a comeback. Today, the changing landscape of digitized integration and automation from supplier investment creates an environment in which a high rate of change is becoming the norm. Modern incentive contracts, and other methods to invest in new technology based on aligned goals, are expected to increase in usage. As well delivery becomes more efficient using the new systems and tools, incentive contracts also enable ways to account for and exchange value. System of Systems architectures, leveraging those recent advancements, can provide an industry approach, at the higher levels, for improved application of common style incentive contracts. Crucially, the value can be quantifiably distributed, and new commercial value streams can be created and measured, driving new and adaptable business models. Capital asset-based contracting could become redundant in this new business and operational paradigm. System of Systems is a way of describing the digital and physical interconnectedness of well construction. It maps and manages how system elements interact to provide unique capabilities that none of the constituent systems can accomplish independently. System of Systems simplifies these complex processes and interactions of well construction with better organizational alignment.
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Feldhoff, Jan Fabian, Kai Schmitz, Markus Eck, et al. "Comparative System Analysis of Direct Steam Generation and Synthetic Oil Parabolic Trough Power Plants With Integrated Thermal Storage." In ASME 2011 5th International Conference on Energy Sustainability. ASMEDC, 2011. http://dx.doi.org/10.1115/es2011-54345.
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Parabolic trough power plants are currently the most commercially applied systems for CSP power generation. To improve their cost-effectiveness, one focus of industry and research is the development of processes with other heat transfer fluids than the currently used synthetic oil. One option is the utilization of water/steam in the solar field, the so-called direct steam generation (DSG). Several previous studies promoted the economic potential of DSG technology [1–3]. Analyses’ results showed that live steam parameters of up to 500°C and 120 bars are most promising and could lead to a reduction of the levelized electricity cost (LEC) of about 11% [4]. However, all of these studies only considered plants without thermal energy storage (TES). Therefore, a system analysis including integrated TES was performed by Flagsol GmbH and DLR together with Solar Millennium AG, Schott CSP GmbH and Senior Bergho¨fer GmbH, all Germany. Two types of plants are analyzed and compared in detail: a power plant with synthetic oil and a DSG power plant. The design of the synthetic oil plant is very similar to the Spanish Andasol plants [5] and includes a molten salt two-tank storage system. The DSG plant has main steam parameters of 500 °C and 112 bars and uses phase change material (PCM) for the latent and molten salt for the sensible part of the TES system. To enable comparability, both plants share the same gross electric turbine capacity of 100 MWel, the same TES capacity of nine hours of full load equivalent and the same solar multiple of the collector field of about two. This paper describes and compares both plants’ design, performance and investment. Based on these results, the LEC are calculated and the DSG plant’s potential is evaluated. One key finding is that with currently proposed DSG storage costs, the LEC of a DSG plant could be higher than those of a synthetic oil plant. When considering a plant without TES on the other hand, the DSG system could reduce the LEC. This underlines the large influence of TES and the still needed effort in the development of a commercial storage system for DSG.
Reports on the topic "Spanish Investments"
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Fernández-Cerezo, Alejandro, Enrique Moral-Benito, and Javier Quintana. A production network model for the Spanish economy with an application to the impact of NGEU funds. Banco de España, 2023. http://dx.doi.org/10.53479/27333.
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This paper introduces a sectoral model for the Spanish economy that allows a better understanding of the propagation of sector-specific shocks taking into account different network interdependencies. In particular, the model features sector interactions along several dimensions in an open economy setting, either in the provision of intermediate inputs and capital goods or competing in the labour market. This framework is flexible enough to provide insights into the effect of several policy-relevant shocks, such as global value chain bottlenecks, increases in production costs in energy-intensive sectors or large public investment programmes. In order to illustrate the role of such sectoral interactions, we consider a sectorisation of Next Generation EU (NGEU) funds based on Spain’s Recovery, Transformation and Resilience Plan (RTRP) which will mobilize €69.5 bn in grants. According to our findings, the average impact over a 5-year horizon is 1.15% of GDP if we consider only the direct effect of the investment programmes and expenditure plans, but it increases to 1.75% if we take into account the increase in the productive capacity of certain sectors and its propagation through the production network. Moreover, the resulting expansion is particularly strong in sectors highly dependent on high-skilled labour, such as IT and professional services, which might lead to shortages of high-skilled workers, reducing the aggregate impact on GDP by 25%.
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Argimón, Isabel, and Irene Roibás. Debt overhang, credit demand and financial conditions. Banco de España, 2023. http://dx.doi.org/10.53479/29530.
Full textAbstract:
The empirical literature on the debt overhang hypothesis has estimated the relationship between investment and leverage at the firm level, which does not allow to disentangle between a firm’s decision not to invest as it is highly indebted and its ability to obtain the necessary resources. Using annual Spanish credit data from the Central Credit Register and non-financial corporations’ annual accounts from the lntegrated Central Balance Sheet Data Office Survey for the period 2004-2019, we study the impact of corporate debt on non-financial firms’ demand for bank loans, as a proxy for their willingness to invest. We find a negative relationship between firms’ leverage and demand for bank credit, thus supporting the debt overhang hypothesis. We then study whether such relationship is affected by financial conditions and find that a reduction in short-term interest rates mitigates the effect of firms’ leverage on demand for credit.
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Mendoza, Waldo, Marco Vega, Carlos Rojas, and Yuliño Anastacio. Fiscal Rules and Public Investment: The Case of Peru, 2000-2019. Inter-American Development Bank, 2021. http://dx.doi.org/10.18235/0003018.
Full textAbstract:
This article has three goals. First, it describes the genesis of fiscal rules in Peru and its degree of compliance. Second, it estimates the effect of fiscal rules adoption on public investment. Last, it analyzes the impact of alternative fiscal rules on public investment and public debt sustainability. Our main results are as follows. First, the implementation of fiscal rules in the year 2000 caused a 60 to 80 percent fall in public investment relative to several counterfactuals. Second, our DSGE model suggests a Structural Fiscal Rule would have increased the consumers welfare in the period 2000-2019 more than other fiscal designs. This rule reduces the procyclicality of public investment under commodity price shocks and macroeconomic volatility under world interest rate shocks. Third, a Structural Fiscal Rule has the lowest probability of exceeding the current public debt limit (30 percent of GDP), although there is a trade-off between investment-friendly rules and fiscal sustainability issues. Nevertheless, our quantitative results are limited to short spans of analysis. With a long-run perspective, we may say that fiscal rulesdespite constant modifications and recurring non-compliancehave fulfilled their original and most important goal of achieving the consolidation of public finances.