Maria Morales LAEFF I am a PhD. student funded by the Instituto Nacional de Técnica Aeroespacial (INTA). My Thesis advisor is David Barrado y Navascués and I am working at LAEFF. My Thesis is focused on the formation and properties of very low mass stars, brown dwarfs and isolated planetary mass objects. On the one hand we have selected a number of young associations (3-5 Myr) belonging to the Lambda Orionis Star Forming Region (SFR). Our goal is to perform a comprehensive study trying to solve some key questions such as: which is the lower cut-off for the formation of brown dwarfs and isolated planetary mass objects, which is the role of the environment, and which mechanisms are involved. We are making use of optical and near-IR ground based imaging and spectra together with Spitzer and XMM-Newton data to produce accurate IMFs of the different associations, determine the ratio of Classical TTauri stars and substellar analogs to Weak-line TTauri stars and its evolution with time, and derive accretion rates and X-ray activity during the initial few million years, within the substellar domain. On the other hand we are also conducting variability studies to investigate the physics of brown dwarf atmospheres both in young associations and in the field. We use optical, near- and mid-IR photometry to derive very accurate light curves in order to: i) determine the cause of variability (magnetically induced spots, accretion from surrounding envelopes, clouds, eclipses due to unseen companions or disks...), ii) obtain rotational periods through the light curve modulation due to superficial inhomogeneities, iii) search for flares on these fully convective objects, and iv) investigate the variability amplitude associated to atmospheric changes in late-L objects.