A comment on the cost of capital for investments with non-homogeneous components

In this paper, the expression for the cost of capital is derived when net and replacement investments exhibit differences in their effective prices due to a different fiscal treatment. It is shown that, contrary to previous results in the literature, the cost of capital should be constructed under an opportunity cost criterion rather than a historical one. This result has some important economic consequences, since the optimizing firm will take into account not only the effective price for the new investments but also consider the opportunity cost of replacing them.

Linear least squares estimation of the first order moving average parameter

We propose an iterative procedure to minimize the sum of squares function which avoids the nonlinear nature of estimating the first order moving average parameter and provides a closed form of the estimator. The asymptotic properties of the method are discussed and the consistency of the linear least squares estimator is proved for the invertible case. We perform various Monte Carlo experiments in order to compare the sample properties of the linear least squares estimator with its nonlinear counterpart for the conditional and unconditional cases. Some examples are also discussed

Deciding the sale of a life policy in the viatical market: Implications on individual welfare

[cat] En aquest article, es presenta un model econòmic que permet determinar la venda o no d'una pòlissa de vida (total o en part) per part d'un assegurat malalt terminal en el mercat dels viatical settlements. Aquest mercat va aparèixer a finals de la dècada dels 80 a conseqüència de l'epidèmia de la SIDA. Actualment, representa una part del mercat dels life settlements. Les pòlisses que es comercialitzen en el mercat dels viaticals són aquelles on l'assegurat és malalt terminal amb una esperança de vida de dos anys o menys. El model és discret i considera només dos períodes (anys), ja que aquesta és la vida residual màxima que contempla el mercat. L'agent posseix una riquesa inicial que ha de repartir entre consum i herència. S'introdueix en primer lloc la funció d'utilitat esperada del decisor i, utilitzant programació dinàmica, es dedueix l'estratègia que reporta una utilitat més gran (no vendre/vendre (en part) la pòlissa en el moment zero/vendre (en part) la pòlissa en el moment ú). L'òptim depèn del preu de la pòlissa venuda i de paràmetres personals de l'individu. Es troba una expressió analítica per l'estratègia òptima i es realitza un anàlisi de sensibilitat.

Antibiotics shaping bacterial genome: deletion of an IS91 flanked virulence determinant upon exposure to suinhibitory antibiotic concentrations

The nucleoid-associated proteins Hha and YdgT repress the expression of the toxin α-hemolysin. An Escherichia coli mutant lacking these proteins overexpresses the toxin α-hemolysin encoded in the multicopy recombinant plasmid pANN202-312R. Unexpectedly, we could observe that this mutant generated clones that no further produced hemolysin (Hly-). Generation of Hly- clones was dependent upon the presence in the culture medium of the antibiotic kanamycin (km), a marker of the hha allele (hha::Tn5). Detailed analysis of different Hly- clones evidenced that recombination between partial IS91 sequences that flank the hly operon had occurred. A fluctuation test evidenced that the presence of km in the culture medium was underlying the generation of these clones. A decrease of the km concentration from 25 mg/l to 12.5 mg/l abolished the appearance of Hly- derivatives. We considered as a working hypothesis that, when producing high levels of the toxin (combination of the hha ydgT mutations with the presence of the multicopy hemolytic plasmid pANN202-312R), the concentration of km of 25 mg/l resulted subinhibitory and stimulated the recombination between adjacent IS91 flanking sequences. To further test this hypothesis, we analyzed the effect of subinhibitory km concentrations in the wild type E. coli strain MG1655 harboring the parental low copy number plasmid pHly152. At a km concentration of 5 mg/l, subinhibitory for strain MG1655 (pHly152), generation of Hly- clones could be readily detected. Similar results were also obtained when, instead of km, ampicillin was used. IS91 is flanking several virulence determinants in different enteric bacterial pathogenic strains from E. coli and Shigella. The results presented here evidence that stress generated by exposure to subinhibitory antibiotic concentrations may result in rearrangements of the bacterial genome. Whereas some of these rearrangements may be deleterious, others may generate genotypes with increased virulence, which may resume infection.

Semiquantitative RT-PCR measurement of gene expression in rat tissues including a correction for varying cell size and number

Background: Current methodology of gene expression analysis limits the possibilities of comparison between cells/tissues of organs in which cell size and/or number changes as a consequence of the study (e.g. starvation). A method relating the abundance of specific mRNA copies per cell may allow direct comparison or different organs and/or changing physiological conditions. Methods: With a number of selected genes, we analysed the relationship of the number of bases and the fluorescence recorded at a present level using cDNA standards. A lineal relationship was found between the final number of bases and the length of the transcript. The constants of this equation and those of the relationship between fluorescence and number of bases in cDNA were determined and a general equation linking the length of the transcript and the initial number of copies of mRNA was deduced for a given pre-established fluorescence setting. This allowed the calculation of the concentration of the corresponding mRNAs per g of tissue. The inclusion of tissue RNA and the DNA content per cell, allowed the calculation of the mRNA copies per cell. Results: The application of this procedure to six genes: Arbp, cyclophilin, ChREBP, T4 deiodinase 2, acetyl-CoA carboxylase 1 and IRS-1, in liver and retroperitoneal adipose tissue of food-restricted rats allowed precise measures of their changes irrespective of the shrinking of the tissue, the loss of cells or changes in cell size, factors that deeply complicate the comparison between changing tissue conditions. The percentage results obtained with the present methods were essentially the same obtained with the delta-delta procedure and with individual cDNA standard curve quantitative RT-PCR estimation. Conclusion: The method presented allows the comparison (i.e. as copies of mRNA per cell) between different genes and tissues, establishing the degree of abundance of the different molecular species tested.

Identification by Real-time PCR of 13 mature microRNAs differentially expressed in colorectal cancer and non-tumoral tissues

MicroRNAs (miRNAs) are short non-coding RNA molecules playing regulatory roles by repressing translation or cleaving RNA transcripts. Although the number of verified human miRNA is still expanding, only few have been functionally described. However, emerging evidences suggest the potential involvement of altered regulation of miRNA in pathogenesis of cancers and these genes are thought to function as both tumours suppressor and oncogenes. In our study, we examined by Real-Time PCR the expression of 156 mature miRNA in colorectal cancer. The analysis by several bioinformatics algorithms of colorectal tumours and adjacent non-neoplastic tissues from patients and colorectal cancer cell lines allowed identifying a group of 13 miRNA whose expression is significantly altered in this tumor. The most significantly deregulated miRNA being miR-31, miR-96, miR-133b, miR-135b, miR-145, and miR-183. In addition, the expression level of miR-31 was correlated with the stage of CRC tumor. Our results suggest that miRNA expression profile could have relevance to the biological and clinical behavior of colorectal neoplasia.

National Identity and the Preference for State Opting-Out in the Basque Country

We argue that preferences for secession are the expression of a common unobserved mechanisms determining national identity. This paper examines the hypothesis of independence of both preferences for secession (independent Euskadi) and Basque national identity in the light of Akerloff and Kranton (2000). We deal with psychological determinants of individuals' national identity formation as well as those that influence the propensity of individuals to support the secession of their perceived ¿imagined community¿ or nation.. We undertake econometric survey analysis for the Basque Country using a bivariate probit model and publicly available data from the Spanish Centre for Sociological Research. Our results provide robust evidence of a common determination of national identity and political preferences for the secession of the Basque Country consistently with Akerloff and Kranton model.

Stuka (Plastyka, Muzyka): una veu a favor de l'educació a través de l'art

Traducció comentada del pròleg d¿un llibre on la seva autora, amb motiu de presentar les propostes dels seus estudiants sobre activitats integrades de plàstica i música per a l¿escola i l'institut, ens parla de la necessitat d¿activar la situació creadora en els individus per millorar el seu excel-lent procés educatiu, a la manera com ho feien els antics.

La didàctica de l'educació visual i plàstica, entre el discurs visual i el discurs estètic. La perversió del model

El presente trabajo es el resultado de un año de investigación de campo y de estudio bibliográfico, que se formalizó en un proyecto educativo dirigido a alumnos de 3 de secundaria en la área de educación visual y plástica. " Las manos" , título del proyecto, se presentó como una alternativa en la didáctica de la educación visual y plástica cuando se plantea desde un aprendizaje lineal, desde un modelo. El planteamiento consistió en potenciar la comprensión y expresión artísticas a partir de la interrelación de otras áreas de conocimiento con la visual y plástica para sensibilizar al alumno en la importancia que tiene el proceso en el acto creativo. Valorar el proceso facilitó la asimilación de conceptos como figuración, abstracción y síntesis tan importantes para entender el hecho artístico. La valoración positiva del proyecto no pretende contraponer dos metodologías diferentes: la lineal con modelos y la que se presenta en espiral, inductiva, con referentes que no tienen que ser necesariamente visuales. Las dos opciones pueden actuar en simbiosis siempre que el alumno sepa percibir el significado que quiere dar a su obra y que todo no quede en una pura representación decorativa.

Arts plàstiques i metodologia: descripció d'un model didàctic

En l'ensenyament de la plàstica, les línies pedagógiques que s'han seguit tradicionalment s'han fonamentat en el desenvolupament de la creativitat infantil, l'aprenentatge i domini de les técniques i els mitjans d'expressió i la seva relació o estudi de les arts plastiques. En general les estratégies i sistemes metodológics que s'han emprat han estat més implícits que explícits i, en moltes ocasions, desvinculats d'una visió curricular que cohesionés tots els seus components. En els darrérs anys, és quan s'ha produit el canvi més important, reconeixent el perfil disciplinari de la materia i definint-ne tant els aspectes cognitius, expressius i formatius, com la importancia de coneixer i utilitzar una metodologia didactica adient.

Creativitat, Corporeïtat i Identitat des de la Mirada Ecosistèmica i Transdisciplinar

Viure és traçar petjades al terra mirant la plenitud de l’horitzó, fer-se present en el món i reinventar-lo, saber qui som i a on anem. La recerca de sentit existencial és un procés inherent a la condició humana, el qual és especialment significatiu a l’adolescència. En el seu compromís amb la vida: Com pot l’educació acompanyar els nois i les noies adolescents en el camí de cercar la seva identitat en un context social i cultural global, dinàmic i plurireferencial? Aprendre a crear sentit a la pròpia existència esdevé un aspecte fonamental en l’educació per al desenvolupament personal i la ciutadania. L‘aportació següent pretén destacar el paper que desenvolupen la creativitat i la corporeïtat en la consciència i expressió de la identitat des de la mirada ecosistèmica i transdisciplinar.

El català i els joves: propostes de política lingüística del Consell Social de la Llengua Catalana

Segons els estudis existents, en general, els joves són la franja més capacitada per utilitzar el català en tots els àmbits i contextos, però, en conjunt, són els que menys el fan servir. En l"àmbit metropolità, on resideix la majoria de la població de Catalunya, l"ús del català per part dels joves és encara més baix. Alhora, se sap que l"assoliment de la competència de l"expressió oral en català al final del primer cicle de l"ESo no és pas general, per la qual cosa tot sembla indicar que el model escolar actual no té gaire influència en els usos lingüístics més individualitzats. En el marc d"aquesta situació, el Govern de la Generalitat de Catalunya va encarregar al Consell Social de la Llengua Catalana un informe sobre les possibles mesures a prendre per tal d"intervenir-hi i potenciar més l"ús de la llengua. Les conclusions del Consell assenyalen que caldria actuar preferentment sobre els hàbits d"ús intergrupals i socials a través de la formació sociolingüística dels mestres i professors en general, i tot transformant els centres escolars que ho necessitin per la seva composició demolingüística en institucions molt conscients del seu paper en el desenvolupament eficaç d"una L2 (llengua segona). Igualment, es recomana que les polítiques lingüístiques no ignorin el pla cognitivoemotiu dels individus i que s"acompanyin de discursos legitimadors integradors. Per tal d"augmentar la percepció d"utilitat i funcionalitat del català, és imprescindible aconseguir que es converteixi en la llengua laboral més habitual, fet pel qual la intervenció sobre el món socioeconòmic té la màxima importància. En paral·lel, el Govern ha de procurar incidir en tot l"àmbit ludicomediàtic juvenil, ja que és una generació plenament integrada en aquest univers tecnològic.

Cos, identitat i diversitat cultural. Presentació

Cos, identitat i immigració constitueixen tres realitats que quan convergeixen generen un nou punt de mira del fet migratori a la societat actual. La vivència de la pròpia corporalitat i els matisos que adquireix aquest procés en la població immigrada permeten entreteixir un discurs que mostra una nova dimensió de la construcció de la pròpia identitat en les societats multiculturals. La principal intenció del present monogràfic és, doncs, obrir una nova via de reflexió sobre el fet migratori i alhora fer visible la implicació de la cultura corporal en les transformacions socials.

Bacterial lipopolysaccharide induces apoptosis in the trout ovary

BACKGROUND: In mammals it is well known that infections can lead to alterations in reproductive function. As part of the innate immune response, a number of cytokines and other immune factors is produced during bacterial infection or after treatment with lipopolysaccharide (LPS) and acts on the reproductive system. In fish, LPS can also induce an innate immune response but little is known about the activation of the immune system by LPS on reproduction in fish. Therefore, we conducted studies to examine the in vivo and in vitro effects of lipopolysaccharide (LPS) on the reproductive function of sexually mature female trout. METHODS: In saline- and LPS -injected brook trout, we measured the concentration of plasma steroids as well as the in vitro steroidogenic response (testosterone and 17alpha-hydroxyprogesterone) of ovarian follicles to luteinizing hormone (LH), the ability of 17alpha,20beta-dihydroxy-4-pregnen-3-one to induce germinal vesicle breakdown (GVBD) in vitro, and that of epinephrine to stimulate follicular contraction in vitro. We also examined the direct effects of LPS in vitro on steroid production, GVBD and contraction in brook trout ovarian follicles. The incidence of apoptosis was evaluated by TUNEL analysis. Furthermore, we examined the gene expression pattern in the ovary of saline- and LPS-injected rainbow trout by microarray analysis. RESULTS: LPS treatment in vivo did not affect plasma testosterone concentration or the basal in vitro production of steroids, although a small but significant potentiation of the effects of LH on testosterone production in vitro was observed in ovarian follicles from LPS-treated fish. In addition, LPS increased the plasma concentration of cortisol. LPS treatment in vitro did not affect the basal or LH-stimulated steroid production in brook trout ovarian follicles. In addition, we did not observe any effects of LPS in vivo or in vitro on GVBD or follicular contraction. Therefore, LPS did not appear to impair ovarian steroid production, oocyte final maturation or follicular contraction under the present experimental conditions. Interestingly, LPS administration in vivo induced apoptosis in follicular cells, an observation that correlated with changes in the expression of genes involved in apoptosis, as evidenced by microarray analysis. CONCLUSION: These results indicate that female trout are particularly resistant to an acute administration of LPS in terms of ovarian hormone responsiveness. However, LPS caused a marked increase in apoptosis in follicular cells, suggesting that the trout ovary could be sensitive to the pro-apoptotic effects of LPS-induced inflammatory cytokines.

Emerging functions of myelin associated proteins during development neuronal plasticity and and neurpdegeneration.

Adult mammalian central nervous system (CNS) axons have a limited regrowth capacity following injury. Myelin-associated inhibitors (MAIs) limit axonal outgrowth and their blockage improves the regeneration of damaged fiber tracts. Three of these proteins, Nogo-A, MAG and OMgp, share two common neuronal receptors: NgR1, together with its co-receptors (p75(NTR), TROY and Lingo-1), and the recently described paired immunoglobulin-like receptor B (PirB). These proteins impair neuronal regeneration by limiting axonal sprouting. Some of the elements involved in the myelin inhibitory pathways may still be unknown, but the discovery that blocking both PirB and NgR1 activities leads to near-complete release from myelin inhibition, sheds light on one of the most competitive and intense fields of neuroregeneration study during in recent decades. In parallel with the identification and characterization of the roles and functions of these inhibitory molecules in axonal regeneration, data gathered in the field strongly suggest that most of these proteins have roles other than axonal growth inhibition. The discovery of a new group of interacting partners for myelin-associated receptors and ligands, as well as functional studies within or outside the CNS environment, highlights the potential new physiological roles for these proteins in processes such as development, neuronal homeostasis, plasticity and neurodegeneration.