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Abstract In April 2012 Argentinean Government nationalized 51% of Repsol shares in YPF. Expropiation of YPF is a new step in a broad list of protectionist and interventionist decisions, such as the nationalization of Aerolineas Argentinas, nationalization of private pension plans, or the amendments of the Central Bank regulations to make the use of reserves more flexible. Institutions set the rules of the game for citizens and companies, allowing incentives and creating expectations. Nationalization of the above mentioned Argentinean companies has created legal uncertainty bringing a relevant increase in the risk premium as a result. Privatization of YPF and its later nationalization, together with the company shareholder composition, and resulting international disputes will be addressed in this article.

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2019/2020 In recent years there has been a rise in businesses investing in social and ethical issues. The sustainable development goals published in 2015 by the UN provide a globally agreed framework to make the world more sustainable. Companies have been given the opportunity to help the environment and society through their actions whilst increasing their value and return and improving their reputation. A method for doing so is by following the principles of responsible investment and incorporating environmental, social and governance criteria into long-term businesses strategies. Spanish banks are actively working to achieve the sustainable development goals by investing in sustainable finance, social projects, housing programmes, etc. to meet societal needs whilst extending their market scope and achieving corporate growth and financial success. The main focus of their actions lays with two specific goals: ending poverty and providing decent work and economic growth for all.

Artículos en revistas Este estudio analiza cómo las estrategias de responsabilidad social corporativa ambiental (ECSR) contribuyen a mejorar la innovación entre las pequeñas y medianas empresas (PYMES) mediante el desarrollo de recursos tecnológicos. Probamos nuestras hipótesis durante un período de ocho años utilizando un panel de 2.405 pymes industriales en España. Encontramos empíricamente que ECSR impulsa la construcción de los recursos tecnológicos de las empresas, lo que resulta en una mejora de su esfuerzo tecnológico o I + D y resultados en términos de innovación de productos y procesos. ECSR intensifica la innovación para empresas innovadoras y cataliza el inicio de la innovación para empresas que antes no innovaban, y los efectos resultantes se mantienen en el tiempo. Contribuimos a la literatura analizando los efectos de ECSR en la promoción de la innovación de las empresas más allá de la conocida influencia en la innovación verde. Además, examinamos el área de investigación descuidada de las estrategias ambientales de las PYME. Nuestros hallazgos fortalecen el valor innovador instrumental de ECSR, específicamente para las PYMES. This study analyzes how environmental corporate social responsibility (ECSR) strategies contribute to enhancing innovativeness among small and medium-sized enterprises (SMEs) by developing technological resources. We test our hypotheses over an eight-year period using a panel of 2,405 industrial SMEs in Spain. We empirically find that ECSR drives the building of firms’ technological resources, which results in an enhancement of their technological effort or R&D and outcomes in terms of product and process innovation. ECSR intensifies innovation for innovative firms and catalyzes the inception of innovation for previously non-innovating firms, and the resultant effects are sustained over time. We contribute to the literature by analyzing the effects of ECSR in promoting the innovation of firms beyond the well-known influence on green innovation. Further, we examine the neglected research area of the environmental strategies of SMEs. Our findings strengthen the instrumental innovative value of ECSR, specifically for SMEs. info:eu-repo/semantics/publishedVersion

This research proposes an innovative solar thermal plant able to generate mechanical power through an optimized system of heliostats with Scheffler-type solar receivers coupled with screw-type steam expanders. Scheffler receivers appear to perform better than parabolic trough collectors due to the high compactness of the focal receiver, which minimizes convective and radiative heat losses even at high vaporization temperatures. At the same time, steam screw expanders are volumetric machines that can be used to produce mechanical power with satisfactory efficiency also by admitting two-phase mixtures and with further advantages compared to steam turbines: low working fluid velocities, low operating pressures, and avoidance of overheating. This study establishes a mathematical model to assess the energetic advantages of the planned solar thermal power system by evaluating the solar-to-electricity efficiency for different off-design working conditions. For this purpose, a numerical model on the Scheffler receiver is initially investigated, thus assessing all the energy losses which affect the heat transfer phase. A thermodynamic model is then developed to evaluate the energy losses and performance of the screw expander under real working conditions. Finally, parametric optimization of the solar energy conversion is performed in a wide range of operating conditions by establishing thermodynamic formulations related to the whole solar electricity generation system. Water condensation pressure and vaporization temperature are so optimized with respect to global energy conversion efficiency which, under the best operating conditions achieved in this research, rises from 10.9% to 14.4% with increasing solar irradiation intensity. Hence, the combined use of screw expanders and Scheffler receivers for solar thermal power system application can be a promising technology with advantages over parabolic dish concentrators. Novelty statement: This research proposes an innovative direct steam solar power plant based on an SRC, with water utilized as both heat transfer and working fluid, equipped with Scheffler solar receivers as a thermal source and screw expanders as work-producing devices. Technical studies and energy assessments of this kind of SEGS at part-load operation do not exist in scientific literature; after reviewing the literature, it was determined that volumetric expanders have been rarely combined with Scheffler receivers for solar thermal power system application. In effect, combined use of screw expanders and Scheffler-type solar concentrator in a direct steam solar power system represents a completely new plant configuration; however, as a promising DSG solar system, at present numerical model of this new sort of SEGS is lacked in literature and the optimum operating conditions have yet to be defined. For this reason, the chief objective of this paper is to define a first parametric optimization of all thermodynamic variables involved to maximize global efficiency of the proposed solar thermal power generation system for ordinary working conditions.

Introduction The European Union aims at raising the share of energy consumption produced from renewable resources to 20% in 2020 as compared to 1990. Moreover, the European Commission adopted a strategy called "Innovating for Sustainable Growth: a Bioeconomy for Europe" to shift the European economy towards greater and more sustainable use of renewable resources. The S2Biom project (www.s2biom.eu) - Delivery of sustainable supply of non-food biomass to support a "resource-efficient" Bioeconomy in Europe - supports the sustainable delivery of non-food biomass feedstock at local, regional and pan-European levels through developing strategies and roadmaps that will be render available to the user by a "computerized and easy to use" toolset (and respective databases) with updated harmonized datasets at local, regional, national and pan-European level for EU-28, Western Balkans, Moldova, Turkey and Ukraine. Methodology Taking in consideration the results and experiences of current and past EU projects, the S2Biom project activities are implemented in three individual but strongly interrelated Themes: 1) To focus on methodological approaches, data collection and estimation of sustainable biomass potentials resources, efficient pathways and optimal logistical supply routes as well as the development of a computerised toolset. 2) To make use of the findings of Theme 1 and develop a Vision, strategies and a R&D roadmap for sustainable delivery of non-food biomass feedstock at local, regional and pan- European levels. 3) To validate the results from themes 1 and 2 and ensure the project outreach; this will be performed through selected case studies which will efficiently capture the different scales of applications for biomass supply chains in a sufficient number of regions across Europe. Conclusion The first draft version of this toolset have been developed, allowing to analyse different levels of bioenergy production, its costs and feedstock biomass crops available across EU at a resolution level of Nuts3.

Artículos en revistas En este artículo examinamos el impacto de los cambios del precio del petróleo en los retornos bursátiles de cuatro corporaciones de petróleo y gas listadas en el NYSE durante el periodo de Enero 1974 a Diciembre 2015. Consideramos diferentes especificaciones lineares y no lineares del precio del petróleo y tomamos en cuenta el quiebre estructural del año 1986. La nueva evidencia sugiere un impacto significativo y positivo de los cambios del precio del petróleo en los retornos bursátiles a corto placo. También encontramos que la relación es más estadísticamente significativa durante el periodo post-1986. In this paper we examine the impact of oil price shocks on stock returns of four oil and gas corporations listed on NYSE over the period January 1974 to December 2015. We consider different linear and nonlinear oil price specifications and take into account the structural break date of the year 1986. The novelty evidence supports a significant positive impact of oil price shocks on stock returns in the short-run. We also find that the relationship has become statistically significant during the post-1986 period. info:eu-repo/semantics/publishedVersion

Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs: 2018/2019 In recent years, banks have suffered a crisis of confidence, exacerbated by the Spanish economic crisis. This has meant that it is in a context in which the bank has not yet been able to recover the confidence of the citizens, experiencing a remarkable transformation with social, economic, institutional and technological changes that have modified the business model until arriving at the present time. In this sense, the banking sector has become a clear example of evolution and transformation towards a socially responsible behavior, through Corporate Social Responsibility. In this paper, the main objective is to analyze the current situation of the CSR in the Spanish banking sector, deepening its evolution, development, and main characteristics. In addition, a descriptive individual analysis is carried out, based on the study of the GRI indicators of the three main Spanish banks (Santander, CaixaBank and BBVA) with the purpose of examining the responsible practices of each bank. And, to end with this practical part, a joint comparison between the aforementioned entities banking companies will be carried out.

Artículos en revistas The recent advances in smart metering and communication technologies in electricity distribution networks could bring new opportunities to distribution system operators (DSOs). In particular, new forms of Active Demand (AD) could be developed to help DSOs to alleviate network congestions and decrease peak capacity requirements, which could in turn reduce or postpone the need for network reinforcements. This paper explores the mechanisms that would allow DSOs to incorporate AD procedures into their network planning strategies. A Reference Network Model (RNM) is used to quantify the potential economic benefits that AD could bring to distribution grids. The analysis is supported by a case study of two rural and urban areas of Spain, based on realistic large-scale exemplary networks and real consumption data. info:eu-repo/semantics/publishedVersion

Mitigation of carbon dioxide emissions has become an utmost important global agenda, keeping into consideration the associated environmental hardships. As a result, it is important to unearth the factors which can neutralize carbon emissions to transform the world economy into a low-carbon one. Against this backdrop, this study explores the carbon dioxide neutralizing effects of economic growth, international tourism, clean energy promotion, and technological innovation in the context of five European Union (EU-5) nations during the 1990-2015 period. This study's main contribution is in terms of its approach to test the interaction effect between foreign direct investment (FDI) inflows and energy innovation on carbon dioxide emissions. The econometric analysis chronologically involves the employment of unit root, cointegration, causality, and regression methods. Overall, the findings support the inverted-U-shaped economic growth-carbon dioxide emissions nexus to verify the Environmental Kuznets Curve (EKC) hypothesis. Besides, the Pollution Haven Hypothesis in the context of the selected panel is also verified as higher FDI inflows are seen to boost the carbon dioxide emission levels. The results also confirm that energy innovation moderates the harmful effect of air transport (a proxy for international tourism) on carbon dioxide emissions during the developing stage of the tourism industry. On the other hand, renewable energy promotion is found to curb carbon dioxide emissions. These findings suggest that the European governments need to enhance investments in their respective renewable energy sectors and simultaneously ensure the development of clean industries, which can collectively help these nations become carbon-neutral in the future.