The persistence of abnormal returns at industry and firm levels

The present paper proposes a model for the persistence of abnormal returnsboth at firm and industry levels, when longitudinal data for the profitsof firms classiffied as industries are available. The model produces a two-way variance decomposition of abnormal returns: (a) at firm versus industrylevels, and (b) for permanent versus transitory components. This variancedecomposition supplies information on the relative importance of thefundamental components of abnormal returns that have been discussed in theliterature. The model is applied to a Spanish sample of firms, obtainingresults such as: (a) there are significant and permanent differences betweenprofit rates both at industry and firm levels; (b) variation of abnormal returnsat firm level is greater than at industry level; and (c) firm and industry levelsdo not differ significantly regarding rates of convergence of abnormal returns.

The Sensation of colour

The figurative painter accesses very complex levels of knowledge. To produce a painting requires, first, a deep analysis of the image of the reality and, afterwards, the study of the reconstruction of this reality. This is not about a process of copying, but a process of the comprehension of the concepts that appear in the representation. The drawing guides us in the process of the production of the surface and in the distribution of the colours that, after all, are the data with which the vision mechanism builds the visual reality. Knowing the colour and its behaviour have always been a requirement for the figurative painter. From that knowledge we can draw wider conclusions.

Color sensation in figurative painting

The figurative painter accesses very complex levels of knowledge. To produce a painting requires, first, a deep analysis of the image of the reality and, afterwards, the study of the reconstruction of this reality. This is not about a process of copying, but a process of the comprehension of the concepts that appear in the representation. The drawing guides us in the process of the production of the surface and in the distribution of the colours that, after all, are the data with which the vision mechanism builds the visual reality. Knowing the colour and its behaviour have always been a requirement for the figurative painter. From that knowledge we can draw wider conclusions.

Incidence, prevalence and clinical significance of abnormal hematological indices in compensated cirrhosis.

Background & Aims: Patients with cirrhosis develop abnormal hematologic indices (HI) from multiple factors, including hypersplenism. We aimed to analyze the sequence of events and determine whether abnormal HI has prog-nostic significance. Methods: We analyzed a database of 213 subjects with compensated cirrhosis without esopha-geal varices. Subjects were followed for approximately 9 years until the development of varices or variceal bleeding or completion of the study; 84 subjects developed varices. Abnormal HI was defined as anemia at baseline (hemoglo-bin,<13.5 g/dL for men and 11.5 g/dL for women), leuko-penia (white blood cell counts,<4000/mm 3 ), or thrombo-cytopenia (platelet counts, < 150,000/mm 3 ). The primary end points were death or transplant surgery. Results: Most subjects had thrombocytopenia at baseline. Kaplan-Meier analysis showed that leukopenia occurred by 30 months (95% confidence interval, 18.5-53.6), and anemia occurred by 39.6 months (95% confidence interval, 24.1-49.9). Baseline thrombocytopenia (P .0191) and leukope-nia (P.0383) were predictors of death or transplant, after adjusting for baseline hepatic venous pressure gradient (HVPG), and Child-Pugh scores. After a median of 5 years,a significant difference in death or transplant, mortality,and clinical decompensation was observed in patients who had leukopenia combined with thrombocytopenia at base- line compared with patients with normal HI (P < .0001). HVPG correlated with hemoglobin and white blood cell count (hemoglobin, r 0.35, P < .0001; white blood cell count, r 0.31, P < .0001). Conclusions: Thrombocy-topenia is the most common and first abnormal HI to occurin patients with cirrhosis, followed by leukopenia and anemia. A combination of leukopenia and thrombocytopenia at baselin predicted increased morbidity and mortality.

Abnormal Error Monitoring in Math-Anxious Individuals: Evidence from Error-Related Brain Potentials.

This study used event-related brain potentials to investigate whether math anxiety is related to abnormal error monitoring processing. Seventeen high math-anxious (HMA) and seventeen low math-anxious (LMA) individuals were presented with a numerical and a classical Stroop task. Groups did not differ in terms of trait or state anxiety. We found enhanced error-related negativity (ERN) in the HMA group when subjects committed an error on the numerical Stroop task, but not on the classical Stroop task. Groups did not differ in terms of the correct-related negativity component (CRN), the error positivity component (Pe), classical behavioral measures or post-error measures. The amplitude of the ERN was negatively related to participants" math anxiety scores, showing a more negative amplitude as the score increased. Moreover, using standardized low resolution electromagnetic tomography (sLORETA) we found greater activation of the insula in errors on a numerical task as compared to errors in a nonnumerical task only for the HMA group. The results were interpreted according to the motivational significance theory of the ERN.

Occurrence and bioaccumulation study of PCDD and PCDF from mineral feed additives

Occurrence of polychlorinated dibenzo-p-dioxins (PCDDs) and polychlorinated dibenzofurans (PCDFs) was evaluated in sepiolite as a widely employed binder and anti-caking agent for animal feed. Also, naturally contaminated kaolinitic clay was used for comparative purposes. Since sepiolite shows remarkable adsorption properties, particular interest was paid to the extraction steps as they become critical for the final determination of these pollutants in such matrixes. Furthermore, classical Soxhlet extraction using different extracting strategies as well as acid treatment were carried out with simultaneous liquid-liquid extraction. Results obtained depended on the extraction procedure applied. Acid treatment or Soxhlet extraction using a mixture of toluene:ethanol as solvent allowed to reach the minimum requirements of recovery rates. However, Soxhlet extraction using a mixture cyclohexane:toluene as extracting solvent did not allow to comply with minimum specifications for recovery. Significant differences were obtained in TEQ units when acid treatment was applied in comparison to Soxhlet extraction. This fact can be explained because the use of drastic acid conditions allows removing strongly adsorbed analytes which can be uniquely extracted after a total destruction of the crystalline structure of sepiolite. On the contrary, Soxhlet extraction was not able to destroy the structure of sepiolite and as a consequence the PCDDs/Fs were strongly adsorbed in the internal structure of the mineral. From biological point of view the availability of these toxicants constitutes a critical aspect playing an important role in the final decision choosing particular analytical procedures. Then, acid conditions in the digestive tract should be taken into account. In this scenario, a bioaccumulation study was conducted to evaluate the transference of PCDDs/PCDFs from the sepiolite into the animal tissues when fed with feed containing sepiolite. To this end, chickens were used as a model to examine the bioavailability of PCDDs/PCDFs. Four groups of chickens were exposed through their diet to a control feed, feed with 3% w/w sepiolite as additive, feed contaminated with PCDDs/PCDFs at concentration around 2.8 pg WHO-TEQ/g and feed with 2% of a contaminated kaolinitic clay (460 pg TEQ/g mineral). Livers of the four studied groups were analyzed throughout the exposure period. Results of this trial showed that the performance of broilers was not affected by the presence of dioxins at levels tested, and chickens did not show any abnormal behaviour. Dioxins intentionally added to the diet were absorbed and accumulated in the liver in a significant manner, whereas the PCDDs/Fs from sepiolite were not available for chickens since livers from broilers fed 3% sepiolite presented similar WHO-TEQ values than those from broilers fed control diet.

Anàlisi genètica i molecular de les malalties Niemann-Pick tipus A/B i tipus C. Estratègies terapèutiques.

Aquest treball es basa en l’estudi de dues malalties lisosòmiques: la malaltia de Niemann-Pick A/B (NPAB) i la malaltia de Niemann-Pick tipus C (NPC). En relació a la malaltia de NPAB, s’ha realitzat l’expressió in vitro d’algunes de les mutacions de canvi d’aminoàcid trobades en pacients espanyols per tal de detectar les activitats enzimàtiques residuals. Totes les mutacions presenten una activitat molt baixa, gairebé nul•la, excepte la p.L225P i la R608del que tenen un 11% i 20% d’activitat respectivament. Els resultats obtinguts són coherents amb la severitat del fenotip que presenten els pacients. D’altra banda, s’ha caracteritzat un al•lel amb una mutació que afecta a una posició poc conservada d’un donador de splicing i que produeix la generació de trànscrits aberrants corresponents a trànscrits minoritaris de SMPD1, prèviament descrits, que no codifiquen per proteïna funcional. Respecte a malaltia de NPC, s’ha realitzat una anàlisi molecular de pacients espanyols prèviament estudiats identificant, en la majoria dels casos, la segona mutació responsable de la patologia. S’ha descrit per primer cop per aquesta malaltia una gran deleció que inclou el gen NPC1 i altres gens flanquejants i s’ha estudiat l’efecte que tenen les mutacions de splicing trobades a nivell de RNA. Per una d’aquestes mutacions, c.1554-1009G&A, s’ha assajat amb èxit una estratègia terapèutica basada en la utilització d’oligonuclèotids antisentit. D’altra banda, s’està desenvolupant un model cel•lular neuronal de la malaltia de Niemann-Pick tipus C, basat en la utilització de RNAs d’interferència, sobre el qual es podran assajar possibles estratègies terapèutiques en un futur.

Análisis comparativo de tres técnicas de derivación de células madre

Las células madre embrionarias (Embryonic Stem Cells; ESC) son células pluripotentes que presentan la capacidad de dividirse indefinidamente a la vez que mantienen la habilidad para diferenciarse a cualquier tipo celular. Aunque de manera rutinaria se derivan a partir de la masa celular interna de embriones en estadio de blastocisto, también pueden derivarse a partir de embriones en estadios precompactacionales y de embriones reconstruidos por procesos de transferencia nuclear. Debido a que durante el desarrollo embrionario temprano, momento en el que se derivan las ESC, tienen lugar profundos cambios de metilación en el genoma, tanto la derivación como el cultivo se consagran como técnicas que pueden alterar los patrones de metilación en genes regulados por impronta genómica. Con el objetivo de analizar la estabilidad epigenética de embriones preimplantacionales y ESC murinas, en este trabajo se ha optimizado un protocolo de anàlisis de los niveles de metilación mediante pirosecuenciación. Para ello se han seleccionado tres genes regulados por impronta genómica (H19/Igf2, Snrpn and Peg3), dos genes relacionados con el mantenimiento de pluripotencia en ESC (Oct4, Nanog y Sox2) y dos genes marcadores de diferenciación temprana (Cdx2 y Gata6). Nuestros resultados muestran que algunos grupos de embriones preimplantacionales presentan una hipo e hipermetilación en las regiones diferencialmente metiladas (Differentially Methylated Regions, DMRs) de los genes Snrpn y Peg3. Además, la línea de ESC analizada presentó anomalías en los tres genes regulados por impronta genómica. No obstante, el hecho de que esta línea fuera inestable a nivel cariotípico no permite establecer una relación entre el cultivo in vitro o la técnica de derivación y la inestabilidad epigenética demostrada. Por todo esto, parece pertinente analizar tanto la integridad epigenética como la estabilidad cromosómica de ESC antes de proceder a realizar ensayos clínicos en humanos.

Analitzador Gràfic de Xarxa (sniffer)

El sistema desenvolupat és un 'paquet detector', que vol facilitar la tasca de detecció del d'un trànsit de xarxa fora del normal i aconseguir que els resultats puguin ser vistos amb facilitat des d'altres segments de la xarxa.

Intelligent PCA contribution analysis for quality estimation in batch processes. Application in a sequencing batch reactor for wastewater treatment

En aquest treball, es proposa un nou mètode per estimar en temps real la qualitat del producte final en processos per lot. Aquest mètode permet reduir el temps necessari per obtenir els resultats de qualitat de les anàlisi de laboratori. S'utiliza un model de anàlisi de componentes principals (PCA) construït amb dades històriques en condicions normals de funcionament per discernir si un lot finalizat és normal o no. Es calcula una signatura de falla pels lots anormals i es passa a través d'un model de classificació per la seva estimació. L'estudi proposa un mètode per utilitzar la informació de les gràfiques de contribució basat en les signatures de falla, on els indicadors representen el comportament de les variables al llarg del procés en les diferentes etapes. Un conjunt de dades compost per la signatura de falla dels lots anormals històrics es construeix per cercar els patrons i entrenar els models de classifcació per estimar els resultas dels lots futurs. La metodologia proposada s'ha aplicat a un reactor seqüencial per lots (SBR). Diversos algoritmes de classificació es proven per demostrar les possibilitats de la metodologia proposada.

Estudi dels mecanismes mecànico-químics de la fibrogènesi pulmonar

La fibrosi pulmonar idiopàtica (FPI) és una malaltia intersticial letal, d'etiologia desconeguda i per la que no es disposa de cap tractament efectiu. Creiem que l’elasticitat normal del pulmó té propietats anti-fibròtiques, de manera que la FPI només progressarà si es produeix un enduriment sostingut del teixit. Per això hem dissenyat dos assaigs que ens permetran examinar els efectes pro-fibròtics de l'enduriment extracel•lular sobre fibroblasts primaris de pulmó. Els dos assaigs d'enduriment es basen en gels de poliacrilamida 2D i en gels de col•lagen 3D. Els fibroblasts s'han cultivat en el model d'enduriment 3D en presència o absència de la citoquina pro-fibròtica TGF-β1 i s'ha analitzat com la combinació de l’enduriment extracelular i la TGF-b1 modifiquen el fenotip de les cèl.lules. Els resultats preliminars mostren canvis en l'expressió d'alguns gens en resposta a l'enduriment i al TGF-b1, així com diferències entre cel•lules normals i fibròtiques. A més, suggereixen que l'expressió de COL1A1 i MMP-1 és mecanosensible, i que la seva desregulació podria estar associada a l’enduriment anòmal característic dels pulmons amb FPI.

Characteristics of the cornea and ocular surface in patients with congenital aniridia

We performed complete eye exams on 50 eyes in 25 patients with congenital aniridia. Factors such as age, history of ocular surgery, dry eye score and aesthesiometry results correlated with the degree of aniridia-related keratopathy. Schirmer’s test I in 86.8%, Schirmer’s test II in 94.4% and TFBUT in 83.3% of cases were all normal. Corneal staining was altered in 54.2%, and conjunctival staining was altered in 45.7%. The tear ferning pattern was abnormal in 80%. Conjunctival metaplasia was present in 76.9%.Corneal endothelial cell density was normal. Ultrasonic pachymetry was higher than average in all eyes examined.