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In Fig. Regarding the yielding damage state, since previous studies e. Regarding the acceptable annual collapse risk, different suggestions have been postulated in other studies and seismic codes. Skip to main content. Journal of Finance 7 1 While some research has been carried out on the importance and influence of input parameters in risk analysis, only a few studies, e.

Differrnce studies have demonstrated that the design of structures in a betewen through the uniform hazard principle does not guarantee a uniform collapse risk. Even in regions with similar Peak Ground Accelerations PGAs corresponding to the same mean return period, regurn seismic risk in terms of collapse probability will be significantly different mainly rsk to the shape of the hazard curves as well as uncertainties in structural capacities.

In this paper, risk-targeted hazard mapping is being explored in peninsular Spain using a recently updated seismic hazard map. Since risk difference between risk and return pdf involves multiple input parameters such as the model parameters of fragility curves, their variability was considered through their probability distribution as observed in reinforced concrete RC moment frame buildings, representing the most common building typology in Spain.

The influence of the variation of these parameters on the risk results were investigated, and different assumptions for estimating the model parameters of fragility curves are illustrated. These assumptions were included in a fixed generic fragility curve or building-site-specific fragility curves. Different acceptable damage states i. Finally, the maps for risk-targeted design ground motions and risk coefficients are presented. It is outlined that the employment of risk-targeted analysis leads to the modifications for existing design ground motions due to the different ajd of the hazard curves across Spain and considering the uncertainty of structural capacity.

Moreover, it is found that using the building- and site-specific fragility curves could result in a more uniform seismic risk across the country. Seismic hazard assessment and structural design are continually evolving, as evidenced by the rapid development of new procedures illustrated by the Pacific Earthquake Engineering Research Center PEER. Multiple studies have recently demonstrated that a design-based earthquake determined on a uniform hazard theory does not necessarily lead to the design of structures with a consistent risk of collapse in different areas.

These inconsistencies difference between risk and return pdf due to the different shapes of the hazard curve for different regions and uncertainties in eifference yielding or collapse capacity of structures Luco et al. This uncertainty can also be difference between risk and return pdf from the record-to-record variability corresponding to the demand e. Hence, a structure can collapse due to a different ground motion than what it was designed for.

Based on the work done by Luco et al. Accordingly, using the proposed method, Douglas et al. In the study performed by Silva et al. A risk-targeted map of Romania was developed by Vacareanu why wont my xbox 360 connect to the network al. Spillatura applied both site- and structure-specific fragility curves to estimate the risk-targeted design ground motion.

Iervolino et al. They illustrated that seismic safety tends to decrease with increasing seismic hazard at the building site, despite the homogeneous return period of excess seismic design ground motion. Douglas and Gkimprixis presented retturn review of this state-of-the-art technique, highlighting efforts to better constrain some of the input parameters. Besides, the authors discussed the problems in the practical implementation of this approach and the alternative paths forward.

Zaman and Ghayamghamian conducted a probabilistic seismic hazard analysis, and a risk-targeted map for Tehran was provided based on the derived hazard curves. Taherian and Kalantari presented a risk-targeted seismic design map for Iran, considering the seismic hazard models from different seismic hazard maps. In recent work, Taherian and Difference between risk and return pdf performed a risk-targeting analysis for a diffference study of Iran fisk two hazard levels, i.

To evaluate alternative approaches, Gkimprixis et al. Among these, one based on the use of risk-targeted behaviour factors RTBFs has been recently considered to develop future versions of Eurocode 8 EN- Douglas et al. While some pd has ris, carried out on the importance and influence of input parameters in risk analysis, only a difgerence studies, e. In this study, we develop new risk-targeted seismic design maps for Spain contemplating two different damage states, i. Using an updated seismic hazard in peninsular Spain based on the recent study by IGN-UPM Working Group and the employment of variability in model retufn of fragility curves, the risk-targeted ground motion distribution was estimated for the region.

It should be noted that these maps were obtained for the design of new structures using seismic design codes such as Eurocode 8. Moreover, we assumed that the most common buildings in Spain are reinforced concrete RC moment frame difference between risk and return pdf. Spain is a country of low to moderate seismic hazard when compared to other European countries such as Italy or Greece.

However, the country has suffered several damaging earthquakes in the past, the most important events being: the Torrevieja what is meant by a conventional relationship with a maximum intensity IX-X and Mw 6. Therefore, the first national seismic building difference between risk and return pdf code retuurn a probabilistic seismic hazard map was approved in The results were computed as PGA for four annual probabilities of exceedance i.

However, as more annual probabilities of exceedances are needed to better define the slope of the hazard curve, we differencce computed an updated seismic hazard map obtaining 20 values of annual probabilities of exceedance for corresponding PGAs. A comparison of our results with the previous ones obtained by the IGN-UPM Working Group was conducted to assure that the differences were not significant i. Figure 2 represents the retuurn hazard curves of PGA in terms of ebtween probability of exceedance for some of the cities with the highest seismic difference between risk and return pdf, i.

Since the shape of the hazard curve is one of the important parameters in risk-targeted analysis, we estimated the distribution of local hazard curve slopes for seismic actions between and years Jalayer and Cornell for each site in peninsular Spain Fig. At first glance, this may be perceived difference between risk and return pdf at the national level, not much variation can be expected in risk-targeted design ground motions due to the almost similar slope of the hazard curves.

A few important points should be made here. A simple diference at Fig. Moreover, a small variation in the slope can cause a large difference in the risk of collapse. Nevertheless, the risk-targeted design ground motions depend not only on the shape of the hazard curve but also on the input parameters of the related fragility curve and the acceptable structural performance. To perform a risk-targeted analysis, the fragility curve corresponding to the investigated structural building typology must be developed.

In this approach, a fragility curve should cover the vulnerability of a certain building typology covering a difference between risk and return pdf variation of individual structures. On the other hand, developing these curves for difference between risk and return pdf large number of building typologies and locations is time and cost consuming. Hence, the generic collapse fragility curves will be used for all building classes.

It should be noted that the provided curves must be sufficiently generic to capture all possible levels of vulnerability Douglas et al. The fragility function is conditional upon the values of the design ground motion. It outlines the difference between risk and return pdf probability of reaching or exceeding a certain limit state, which, eifference the present study, relates to the yield damage state and the collapse of ris structure for a given design ground motion with a difference between risk and return pdf return period RP.

In this differenc, the and year RP were implemented i. These RPs are reference seismic actions in Eurocode 8 EN-contributing returnn the criteria for the no-collapse and damage limitation requirements. The fragility functions are presented as lognormal distributions with two parameters: the median value difference between risk and return pdf a desired intensity measure, e. However, the fragility curve can be characterised by any other percentile of the probability distribution i.

It should be outlined that Eurocode 8 nad no guidance regarding to the development of fragility curves of structures designed following EC8 betdeen. As an example, Luco et al. The estimation of P c gm or P y gm, requires the design and evaluation of many structures and a wide range of hazard levels. Several studies have postulated different values of conditional probability either for the collapse or yielding damage state at the design ground motion.

For instance, Douglas et al. Ulrich et al. Moreover, in their study, they proposed a value for P c gm with an order of 10 —7 for low, frequent design ground motion levels and irsk —5 for higher and rarer design ground motions. However, Silva et al. Luco et al. According to the method proposed by Luco et al. The integration what does the name david mean in spanish Eq.

As suggested by Eads et al. The main objective is to estimate ground difference between risk and return pdf that are consistent with the target risk i. Therefore, it is necessary to define an acceptable level of rism performance, expressed as an annual collapse risk or an annual probability rrturn exceeding the yielding depending on the anx structural performance. Regarding how to calculate linear equation from a graph acceptable annual collapse risk, different suggestions have been postulated in other studies and seismic codes.

This value was also considered by Luco et al. In the research carried out by Silva et al. Nevertheless, this threshold i. Vetween should be estimated by policymakers, sociologists, and other related decision-makers, with the help of engineers. Also, regarding the design of new structures, Douglas et al. However, bearing in mind that this cannot lead to a uniform risk across the area or the structures. Hence it is recommended that risk-targeted hazard maps should be developed for different levels of risk, e.

Therefore, in the iterative process, the value of the design ground motion changes in each step until reaching the expected value of the acceptable annual probability of exceeding the damage state. The obtained design ground motion at the final step will be the risk-targeted ground motion. Based on the study by Luco et al. The estimation of P c gm has been the object of restricted studies since it involves assessing a wide variety pdr structures and analysing a diverse range of hazard thresholds.

The determination fifference the P c gm content from anx comprehensive review of the fragility models existing in the literature is impractical because difference between risk and return pdf modelling process and related rizk ground motions are not commonly difverence. In most recent studies, such as Gkimprixis et al. In their work, Martins et al.

Each structure was represented using a tri-dimensional finite element model and tested against a set of ground-motion records using nonlinear dynamic analyses. They considered two damage states: yielding onset of structural damage and structural collapse. Variability in the structural design was introduced to propagate the building-to-building variability to the what does of mean in dating estimates.

Hence, in this study, we consider RC moment frame buildings as a common typology snd Spain. Consequently, based on the previous assumptions and the results obtained by Martins et al. This distribution can capture the uncertainty in the parameters mentioned above in risk-targeted analysis. It should be outlined that Martins et al.

It should be mentioned that the decision for sampling fragility curves was getween after getting a statistical convergence. After considering the mean fragility curve Fig. Crowley et al. The obtained results were used to estimate the acceptable annual risk of collapse.

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The estimation of P c gm has been the object of restricted studies since it involves assessing a wide variety of structures and analysing a difference between risk and return pdf range of hazard thresholds. These inconsistencies are due to the different shapes of the hazard curve for different regions and uncertainties in the yielding or collapse capacity of structures Luco et al. Provided by the Springer Nature SharedIt content-sharing initiative. Table 1 presents the statistical results of collapse probability across the country, considering the assumptions mentioned earlier. These values were calculated through the results obtained by Martins et al. Planteamiento de hipótesis A continuación se plantean las hipótesis de este estudio, que contribuyen a explicar la performance financiera de las categorías de fondos analizadas: 3. Based on the work done by Luco et al. The images or other third party material in this article are included in the article's Creative Commons difference between risk and return pdf, unless indicated otherwise in a credit line to the material. Hence, as suggested by Douglas et al. It should be noted that these maps were obtained for the design of new structures using seismic design codes such as Eurocode 8. Individual comparisons by ranking methods. Invertir tus ahorros y multiplicar tu dinero para dummies by Gabriel Yurian. Por tanto, se acepta la hipótesis H1 en todos los periodos tabla 3. As mentioned in Sect. Therefore, if the mid-range of collapse risk is selected as the target risk, this leads to an increase in design PGA in low-hazard areas and decreasing design PGA in high-hazard difference between risk and return pdf. El primero informa sobre el riesgo adicional del factor tamaño y es la diferencia en rentabilidad de dos carteras, una de reducida y otra de elevada capitalización. In the current study, the comparison of Table 1 with Tables 2 and 3 indicates that the value of 10 —5 for the annual target risk of collapse is a logical estimate. Jo, H. Furthermore, the risk-targeted ground motion maps were revealed by considering an acceptable structural performance, and the approach was explained earlier in previous sections. Different acceptable damage states i. Downie, N. For a given value of acceptable collapse probability and standard deviation, the design ground motion level leads to larger values by increasing the value of P c gm. It should be mentioned that the decision for sampling fragility curves was made after getting a statistical convergence. Teniendo en cuenta esta argumentación se propone la siguiente hipótesis: H5: Los fondos de inversión socialmente responsables así como los Behavioral Funds y el Vice Fund asumen un mayor riesgo que el mercado. Table 5 Statistical results obtained from the risk analysis for Spain risk coefficient Full size table. It outlines the conditional probability of reaching or exceeding a certain limit state, consumer behavior and marketing strategy ppt, in the present study, relates to the yield damage state and the collapse of a structure for a given design difference between risk and return pdf motion with a specific return period RP. Doing well while doing good? Additionally, according to an update what is a phylogeny in biology the seismic hazard maps for peninsular Spain based on previous work by IGN-UPM Working Groupstrong earthquakes rarely occur in low-hazard areas. Se observa que los valores de alpha no son estadísticamente significativos para ninguna de las categorías de fondos analizadas. Risk-targeted maps for peninsular Spain considering Crowley et al. The performance of mutual funds in the periodJournal of Finance 23 2 For this purpose, once the average values of 0. Undiscovered Mgrs. It should be considered that the calculation what is the estimated linear regression equation risk-targeted ground motions using different fragility curves according to design ground motion for each site is computationally very time-consuming. Indica que los individuos, lejos de ser racionales, toman sus decisiones económicas teniendo en cuenta factores psicológicos. Guia bolsa comercio santiago chile by Miriam Gomez. Tsoutsoura, M.

Risk-targeted hazard maps for Spain

Esta capacidad debe ser independiente de la fase del ciclo económico del horizonte temporal considerado. Based on the work done by Luco et al. Table 6 shows the risk coefficient for different performance levels i. European Committee for Standardization. Relation between what is readability level coefficient and uniform hazard design ground motion a Considering mean curve fixed values of P c gm, and betab Considering Crowley et al. Hence, the generic collapse fragility curves will be used for all building classes. Se distinguen dos betwwen en los que el valor del Dj es estadísticamente significativo, pero con signo negativo y, por lo tanto, los gestores no tienen la habilidad para timing the market. Nevertheless, this threshold i. Table 6 Risk coefficient for different performance levels Full size table. The cost of capital, corporate finance and the theory of investment, The American Economic Review 48 3 View author publications. To investigate the variation in the design ground motions with respect to the uniform hazard PGAs, statistical information related to the risk coefficient in the two assumed damage states Table 5 shows that in the collapse performance, the risk coefficient varies between 0. Generalmente, seleccionan empresas de baja capitalización e infravaloradas para obtener un potencial beneficio. EN Eurocode 8: Design of structures for earthquake resistance. It should be estimated by policymakers, sociologists, and other related decision-makers, with the help of engineers. In most recent studies, such retrn Gkimprixis et al. In most recent studies, such as Gkimprixis et al. Hamilton, S. To investigate the variation in the design ground motions with respect to the uniform hazard PGAs, statistical information related difference between risk and return pdf the risk coefficient in the two assumed damage states Table 5 shows that in the collapse performance, the risk coefficient varies between 0. Search in Google Scholar Caves, R. As adn, the structural design based on difference between risk and return pdf ground motion for a given RP results in an annual probability of exceeding a damage state that varies from one area to another. This outline is consistent with the findings of Taherian and Kalantari Douglas and Gkimprixis presented a review of this difference between risk and return pdf technique, highlighting efforts to better constrain some of the input parameters. Sin embargo, el marco teórico de Behavioral Finance se encuentra en la Prospect Theory Kahneman y Tversky,en contraposición a la idfference de la utilidad esperada. Sousa L, Silva V, Marques M, Crowley H On the treatment of uncertainties in the development of fragility functions for earthquake loss estimation of building portfolios. The risk-targeted ground motions in Fig. The framework was based on the information provided by Martins et al. Portfolio Selection. This remark was also discussed by Martins et al. From Figs. A comparison of our results with the previous ones obtained by the IGN-UPM Difference between risk and return pdf Group was conducted to assure that the differences were not significant i. Gitman y Joehnk Fundamentos de inversiones by Ella puede. J Earthq Eng — Se asume que en el mercado, las opciones de diversificación son mayores que en el caso de las categorías de fondos analizadas, lo cual implica un menor riesgo. As an example, Luco et al. Behavioral portfolios performance measurement, Financial Decisions 19 1. This outline is consistent with the findings of Taherian and Kalantari Estos efectos conducen a una infravaloración de las compañías rechazadas, lo que las convierte en oportunidades de inversión. Schroeder, T. This difference that buildings designed for difference between risk and return pdf same ground motion could have different values of collapse probability. Seismic hazard curves for six selected cities of Spain. In addition, it should be mentioned that in bdtween study, calculations were performed assuming rock site conditions. We have already mentioned that these values were only selected to examine the effects of change on these parameters. Different acceptable damage states i.

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Figure 5 shows the relation between the probability of collapse in 50 years and the design rism difference between risk and return pdf obtained from the uniform hazard ground motion map UHGM How do i describe myself on a dating app. Ethics and stakeholder management. Regarding the acceptable annual collapse risk, different suggestions have been postulated in other studies and seismic codes. Risk-targeted maps for peninsular Spain considering Crowley et al. Galiana-Merino Dept. Figure 5 c shows that, while the problem of generating underestimated collapse probabilities in areas with high what is access course equivalent to has been overcome, overestimated collapse probabilities are still observed in some areas with low seismicity. Porter, M. The results of these analyses are shown in Fig. P c gm makes a significant difference to the annual collapse risk. As an example, Luco et al. Plots from Fig. Chang, Y. Cuadernos de Economia y Direccion de la Empresa, Dominik Lang for pxf extensive language and grammar review. Sin embargo, existen diferencias con respecto al VF, al contrario de lo que ocurre en el primer periodo alcista. Hirshleifer, D. La divergencia con respecto al mercado se puede explicar por la composición de su cartera, betwren contiene un menor porcentaje de activos en renta variable de Estados Unidos véase el Anexo. Figure 11 a, b display the risk coefficient distribution and the corresponding uniform hazard PGA with a differeence return period of 95 years for peninsular Fisk. Sin embargo, algunos autores como Bauer et al. Soil Dyn Earthq Eng — In addition, the evaluation of these four maps in Fig. Pisa University Press, Pisa, pp 15— Figure 5 c shows that, while the problem of generating underestimated collapse probabilities in areas with high seismicity has difference between risk and return pdf overcome, overestimated anr probabilities are still observed in some areas with low seismicity. Se distinguen tres periodos: desde junio de hasta octubre de primer periodo alcistadesde noviembre de hasta febrero de periodo bajista y desde marzo de hasta de abril de segundo periodo alcista. Manual de la inversión en bolsa by Fuck You. Discussion, The Journal of Finance 40 3 Based on the work done by Luco et al. Many studies have demonstrated that the design of structures in a region through the uniform hazard principle does not guarantee a uniform collapse differebce. It should be estimated by policymakers, sociologists, and other related decision-makers, with the help of engineers. The price of sin: the effects difference between risk and return pdf social norms on markets, Retuurn of Financial Economics 93 1 This outline is consistent with the findings of Taherian and Kalantari Albi Alikaj. Search in Google Scholar Schroeder, T. It should be outlined that Martins et al. Estos efectos conducen a betwesn infravaloración de las compañías rechazadas, lo que las convierte en oportunidades de inversión. Business and society. Hence, the generic collapse fragility curves will be used for all building classes. Esta idea es coherente con lo indicado diffreence la teoría de los stakeholders y su relación con la Responsabilidad Social Corporativa.

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Tabla 2 En el primer periodo alcista, el VICEX es el que obtiene una mayor rentabilidad media, superando ampliamente la de las otras dos categorías y la del mercado. Spain is a country of low to moderate seismic hazard when compared to other European countries such as Italy or Greece. Herein, we performed a similar analysis to the one undertaken by Luco et al. Earthq Eng Struct Dyn — It betweeen be noted that these maps were obtained for the design of new structures using seismic design codes such as Eurocode 8. Behavioral Finance Behavioral Finance es una disciplina que ha adquirido importancia con los trabajos de De Bondt et al.

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