Parametric & nonparametric approaches to event studies: an application to a hotel’s market value

The main objective of this paper is twofold: on the one hand, to analyse the impact that the announcement of the opening of a new hotel has on the performance of its chain by carrying out an event study, and on the other hand, to compare the results of two different approaches to this method: a parametric specification based on the autoregressive conditional heteroskedasticity models to estimate the market model, and a nonparametric approach, which implies employing Theil’s nonparametric regression technique, which in turn, leads to the so-called complete nonparametric approach to event studies. The results that the empirical application arrives at are noteworthy as, on average, the reaction to such news releases is highly positive, both approaches reaching the same level of significance. However, a word of caution must be said when one is not only interested in detecting whether the market reacts, but also in obtaining an exhaustive calculation of the abnormal returns to further examine its determining factors.

Processing and Characterization of Nano-biocomposites Based on Mater-Bi® with Layered Silicates

The development of new nano-biocomposites has been one of the main research areas of interest in polymer science in recent years, since they can combine the intrinsic biodegradable nature of matrices with the ability to modify their properties by the addition of selected nano-reinforcements. In this work, the addition of mineral nanoclays (montmorillonites and sepiolites) to a commercial starch-based matrix is proposed. A complete study on their processing by melt-intercalation techniques and further evaluation of the main properties of nano-biocomposites has been carried out. The results reported show an important influence of the nano-biocomposites morphology on their final properties. In particular, the rheological and viscoelastic characteristics of these systems are very sensitive to the dispersion level of the nanofiller, but it is possible to assess that the material processing behaviour is not compromised by the presence of these nano-reinforcements. In general, both nanofillers had a positive influence in the materials final properties. Mechanical performance shows improvements in terms of elastic modulus, without important limitations in terms of ductility. Thermal properties are improved in terms of residual mass after degradation and low improvements are also observed in terms of oxygen barrier properties.

Cellular responses following retinal injuries and therapeutic approaches for neurodegenerative diseases

Retinal neurodegenerative diseases like age-related macular degeneration, glaucoma, diabetic retinopathy and retinitis pigmentosa each have a different etiology and pathogenesis. However, at the cellular and molecular level, the response to retinal injury is similar in all of them, and results in morphological and functional impairment of retinal cells. This retinal degeneration may be triggered by gene defects, increased intraocular pressure, high levels of blood glucose, other types of stress or aging, but they all frequently induce a set of cell signals that lead to well-established and similar morphological and functional changes, including controlled cell death and retinal remodeling. Interestingly, an inflammatory response, oxidative stress and activation of apoptotic pathways are common features in all these diseases. Furthermore, it is important to note the relevant role of glial cells, including astrocytes, Müller cells and microglia, because their response to injury is decisive for maintaining the health of the retina or its degeneration. Several therapeutic approaches have been developed to preserve retinal function or restore eyesight in pathological conditions. In this context, neuroprotective compounds, gene therapy, cell transplantation or artificial devices should be applied at the appropriate stage of retinal degeneration to obtain successful results. This review provides an overview of the common and distinctive features of retinal neurodegenerative diseases, including the molecular, anatomical and functional changes caused by the cellular response to damage, in order to establish appropriate treatments for these pathologies.