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Carl Schmitt is the last thinker to provide a complete, original definition of politics. His work influences many debates in contemporary political theory through a collection of concepts he created: political theology, the katechon, friend and enemy. Despite how influential his ideas are, they tend to be employed metaphorically, and sometimes incorrectly. This miscalculation is due to Carl Schmitt himself, who never gave us a final, complete version of his political thought, or even of some of his most famous concepts. In this book, I aim to reconstruct his political thought using three key concepts: political theology, the concept of the political, and the theory of modernity. To do so, I have consulted all his published works, but also the archival documents, in particular those with ties to Spain, which had previously received little attention. This reconstruction offers readers a qualitative introduction to Schmitt’s political thought that aims to blend logical clarity with document-based evidence.
It is striking that the main political concept coined by the century of democracy has been totalitarianism. Since its birth in fascist Italy in the 1920s, the term has made a long journey throughout different countries and periods. After representing the fascination for dictatorships during the interwar years, totalitarianism became a key concept of the ‘war of words’ waged between democracy and communism until the fall of the Berlin Wall. It was ‘a hot word for a Cold War’, as termed by the author of this book to convey the importance of this contest of crossed languages, which also included images, symbols and other forms of ‘senso-propaganda’. The Closed Society and Its Friend...
This book adds to the resolution of two problems in finance and economics: i) what is macro-financial uncertainty? : How to measure it? How is it different from risk? How important is it for the financial markets? And ii) what sort of asymmetries underlie financial risk and uncertainty propagation across the global financial markets? That is, how risk and uncertainty change according to factors such as market states or market participants. In Chapter 2, which is entitled “Momentum Uncertainties”, the relationship between macroeconomic uncertainty and the abnormal returns of a momentum trading strategy in the stock market is studies. We show that high levels of uncertainty in the economy ...
The Workshop on Simulation and Optimization for Sustainable Engineering is held in Santander (September 28th-29th) on the occasion of the visit of Prof. Ignacio Grossmann to the Department of Chemical and Biomolecular Engineering of the Universidad de Cantabria in the framework of the Fulbright U.S. Specialist Program. This workshop is organized in collaboration with AQUIQÁN, the Association of Chemistry and Chemical Engineering of Cantabria, with the aims of serving both as a forum of discussion of the recent advances in the topic and a meeting point of the closest collaborators of Prof. Grossmann in Spain over the last years. Overall, 30 researchers will take part in this event coming from several universities (Alicante, Cantabria, Rovira i Virgili, Salamanca, Sevilla, and Valladolid) and the IMDEA Materials Institute. The program includes a plenary lecture imparted by Prof. Grossmann, one keynote presentation representative of each institution and around 15 oral presentations from young researchers.
This work is based on one of the most researched fields nowadays in finance, known as behavioral finance, which proposes psychology and sociology based theories to explain market anomalies. Behavioral finance tries to fill the gap of classical financial models that, based on the idea of fully efficient markets where all the agents interact rationally between each other, are unable to explain mathematically some market behaviors. During the study the presence of four behavioral basis in the European Carbon Markets will be analysed. The first effect is the presence of price clustering, defined as the tendency to observe certain trade prices more frequently than others, is inconsistent with eco...
"Moving beyond the Pandemic: English and American Studies in Spain" contains the Proceedings of the 44th AEDEAN (Asociación española de estudios anglo-norteamericanos) Conference held in November, 2021 at the University of Cantabria, Spain. The volume is structured into four different sections: “Plenary Speakers”, “Language and Linguistics”, “Literature and Culture” and “Round Tables”. The “Plenary Speakers” section includes papers written by two outstanding figures in the fields of Western Studies and Film Studies, respectively: Neil Campbell’s “An Inventory of Echoes”: Worlding the Western in Trump Era Fiction and Celestino Deleyto’s Transnational Stars and th...
This thesis studies the stochastic behaviour of interest rates and commodity prices, extending the existing literature by allowing the underlying state variable to capture any possible seasonal or cyclical behaviour. In the first chapter, we propose a new model for the term structure of interest rates assuming that the instantaneous spot rate converges to a cyclical long-term level characterized by a Fourier series. Under this framework, we derive analytical expressions for the valuation of bonds and several interest rate derivative assets. The second chapter introduces a new square-root model for the yield curve where both the mean reversion level and the volatility are described by a harmonic oscillator. This model specification incorporates a good deal of flexibility preserving the analytical tractability. In the final chapter, we present a model for the logarithm of the commodity spot price with a reversion to a time dependent long-run level described by a Fourier series, obtaining closed-form expressions for a wide range of derivatives and study the fitting performance to market data.
Do financial derivatives enhance or impede innovation? We aim to answer this question by examining the relationship between equity options markets and standard measures of firm innovation. Our baseline results show that firms with more options trading activity generate more patents and patent citations per dollar of R&D invested. We then investigate how more active options markets affect firms' innovation strategy. Our results suggest that firms with greater trading activity pursue a more creative, diverse and risky innovation strategy. We discuss potential underlying mechanisms and show that options appear to mitigate managerial career concerns that would induce managers to take actions that boost short-term performance measures. Finally, using several econometric specifications that try to account for the potential endogeneity of options trading, we argue that the positive effect of options trading on firm innovation is causal.
The thesis analyzes the effect that the sample size, the asymmetry in the distribution of returns and the leverage in their volatility have on the estimation and forecasting of market risk in financial assets. The goal is to compare the performance of a variety of models for the estimation and forecasting of Value at Risk (VaR) and Expected Shortfall (ES) for a set of assets of different nature: market indexes, individual stocks, bonds, exchange rates, and commodities. The three chapters of the thesis address issues of greatest interest for the measurement of risk in financial institutions and, therefore, for the supervision of risks in the financial system. They deal with technical issues r...
These proceedings include papers presented at the International Conference on “Research and Advanced Technology in Fire Safety” FireSafety 2017 which took place at University of Cantabria, Santander, Spain. During last decade, our research group organized several on-day events and, in this sense, the success of this conference is a tribute for that continued effort to exchange knowledge on this discipline between experts from all parts of the world. This congress represents an excellent “agora” for researchers and engineers to present and discuss new and innovative approaches. In addition, this event is a unique opportunity for Spanish-speaker scientific and technological community to receive them from top references. The need for expertise in this field is also increasing in this geographical context.