Validez del supuesto de neutralidad del horizonte de tiempo en el CAPM y la metodología del rango reescalado: aplicación a Colombia

La existencia de memoria de largo plazo en las series financieras implica que los retornos de un activo hoy pueden tener incidencia sobre los retornos futuros, incluso más allá del corto plazo. En presencia de dicha memoria el horizonte de inversión elegido puede resultar en diferentes condiciones de riesgo para el inversionista. Peters (1989 y 1992), Mandelbrot (1972), León y Vivas (2010), entre otros, encuentran evidencia de dependencia de largo plazo de las series de tiempo financieras y muestran sus principales implicaciones. Este documento se ocupa de extender el análisis al uso del supuesto de neutralidad del horizonte de tiempo en el CAPM, estimando el efecto cuantitativo de la existencia de dependencia de largo plazo en este modelo según lo desarrollado por Greene y Fieltz (1980). Los resultados para una muestra de acciones colombianas y estadounidenses muestran que la distribución de la medida del riesgo sistémico en el modelo, el beta, es estadísticamente diferente cuando se incorpora el efecto de dependencia de largo plazo; por lo tanto, los retornos esperados de estas acciones cambian. En el mercado colombiano se observa una sobreestimación del beta cuando no se realiza el ajuste propuesto, mientras que en las acciones estadounidenses analizadas el beta sin el ajuste se encuentra subestimado. En cuanto a los retornos esperados, estos son sobrevalorados al no tener en cuenta el ajuste por dependencia de largo plazo, tanto en las acciones colombianas como en las estadounidenses.

Ética hacker y propiedad intelectual: una nueva perspectiva para abordar la normatividad sobre derechos de autor en el espacio digital

En el presente texto se busca mostrar las capacidades explicativas que puede tener la conjunción entre las perspectivas de la ética hacker y la defensa de la propiedad intelectual para dar cuenta de las reacciones generalizadas de rechazo ante las normatividades de derechos de autor en el espacio digital. Así, se lleva a cabo un resumen de los principios de cada una de estas perspectivas dando cuenta de sus capacidades explicativas y características teóricas para, posteriormente, aplicarlas a la realidad empresarial, laboral y de opinión en el marco social contemporáneo. Cómo conclusión de este trabajo se logra observar que a pesar de que en principio ambas perspectivas podrían parecer contradictorias, existen aspectos comunes que permiten vislumbrar como un trabajo en conjunto permitiría generar normatividades que se acoplen a las realidades contemporáneas.

Análisis de la incidencia del principio de neutralidad en la conformación de las redes transnacionales de defensa de las Zonas Humanitarias y de Biodiversidad de Curvaradó y Jiguamiandó (1997- 2003)

El presente trabajo analiza cómo a través de la constitución de redes transnacionales de defensa los planteamientos en torno a la neutralidad activa se visibilizan por medio de las campañas de mediatización del caso en las comunidades de Curvaradó y Jiguamiandó

El arbitraje opcional para los conflictos jurídicos estado-individuo: propuesta alternativa de igualdad y neutralidad judicial en la administración de justicia en lo contencioso administrativo

La tesis de Maestría propone que los árbitros puedan operar como verdaderos jueces en la jurisdicción contencioso administrativa, sin que su actuación se vea limitada a ningún tipo de materia, ya que ellos podrían llevar la adjudicación en esta jurisdicción con igualdad y neutralidad.

Búsqueda de selección en el polimorfismo 677C>T (c.665C>T) del gen de la metilentetrahidrofolato reductasa (MTHFR) en una población Colombiana

Se realizó un estudio genético – poblacional en dos grupos etarios de población colombiana con la finalidad de evaluar las diferencias genéticas relacionadas con el polimorfismo MTHFR 677CT en busca de eventos genéticos que soporten la persistencia de este polimorfismo en la especie humana debido que este ha sido asociado con múltiples enfermedades. De esta manera se genotipificaron los individuos, se analizaron los genotipos, frecuencias alélicas y se realizaron diferentes pruebas genéticas-poblacionales. Contrario a lo observado en poblaciones Colombianas revisadas se identificó la ausencia del Equilibrio Hardy-Weinberg en el grupo de los niños y estructuras poblacionales entre los adultos lo que sugiere diferentes historias demográficas y culturales entre estos dos grupos poblacionales al tiempo, lo que soporta la hipótesis de un evento de selección sobre el polimorfismo en nuestra población. De igual manera nuestros datos fueron analizados junto con estudios previos a nivel nacional y mundial lo cual sustenta que el posible evento selectivo es debido a que el aporte de ácido fólico se ha incrementado durante las últimas dos décadas como consecuencia de las campañas de fortificación de las harinas y suplementación a las embarazadas con ácido fólico, por lo tanto aquí se propone un modelo de selección que se ajusta a los datos encontrados en este trabajo se establece una relación entre los patrones nutricionales de la especie humana a través de la historia que explica las diferencias en frecuencias de este polimorfismo a nivel espacial y temporal.  

A tractable means of correcting sector level TFP calculations in the face of biased technological change.

The measurement of the impact of technical change has received significant attention within the economics literature. One popular method of quantifying the impact of technical change is the use of growth accounting index numbers. However, in a recent article Nelson and Pack (1999) criticise the use of such index numbers in situations where technical change is likely to be biased in favour of one or other inputs. In particular they criticise the common approach of applying observed cost shares, as proxies for partial output elasticities, to weight the change in quantities which they claim is only valid under Hicks neutrality. Recent advances in the measurement of product and factor biases of technical change developed by Balcombe et al (2000) provide a relatively straight-forward means of correcting product and factor shares in the face of biased technical progress. This paper demonstrates the correction of both revenue and cost shares used in the construction of a TFP index for UK agriculture over the period 1953 to 2000 using both revenue and cost function share equations appended with stochastic latent variables to capture the bias effect. Technical progress is shown to be biased between both individual input and output groups. Output and input quantity aggregates are then constructed using both observed and corrected share weights and the resulting TFPs are compared. There does appear to be some significant bias in TFP if the effect of biased technical progress is not taken into account when constructing the weights

Influence of exogenous fibrolytic enzyme level and incubation pH on the in vitro ruminal fermentation of alfalfa stems

A series of in vitro experiments was carried out to examine the impact of enzyme application rate and incubation medium pH on the rate and extent of fermentation of alfalfa stems. In Experiment 1, a commercial enzyme product (Liquicell 2500, Specialty Enzyme and Biochemicals, Fresno, CA, USA) was added to alfalfa stems at six levels: 0, 0.51, 1.02, 2.55, 5.1, and 25.5 mu l/g (control and L1-L5, respectively) to forage DM in a completely randomized design, with a factorial arrangement of treatments. Rate and extent of fermentation and apparent organic matter degradation (OMD) were determined in vitro, using a gas production technique. Addition of enzyme linearly increased (P < 0.01) gas production for up to 12 h (68.9, 70.9, 67.6, 67.9, 71.9, and 74.9 ml/g OM for control, L1-L5, respectively) and OMD for up to 19 h incubation (0.425, 0.444, 0.433, 0.446, 0.443, and 0.451 for control, L1-L5, respectively), but no increases (P > 0.05) were detected thereafter. In Experiment 2, the effect of the same enzyme as used previously (added at 0.51 mu l/g forage DM, directly into the incubation medium), and buffer pH were examined using the ANKOM system, in a completely randomized design. Incubation medium pH was altered using 1 M citric acid, in order to obtain target initial pH values of 6.8 (control, no citric acid added), 6.2, 5.8, and 5.4. Actual initial pH values achieved were 6.72, 6.50, 6.20, and 5.72. Lowering the pH decreased (P < 0.01) dry matter disappearance (DMD) at 18 h incubation (0.339, 0.341, 0.314, and 0.291 for 6.72, 6.50, 6.20, and 5.72, respectively), whereas enzyme addition increased (P < 0.05) DMD at 24 h (0.363 versus 0.387 for control and enzyme-treated, respectively). Addition of enzyme increased (P < 0.05) neutral detergent fibre (NDF), acid detergent fibre (ADF), and hemicellulose (HC) degradation at pH 6.50 (0.077 versus 0.117; 0.020 versus 0.051; 0.217 versus 0.270 for control and enzyme-treated NDF, ADF and hemicellulose degradation, respectively) and 6.72 (0.091 versus 0.134; 0.041 versus 0.079; 0.205 versus 0.261 for control and enzyme-treated NDF, ADF and HC degradation, respectively). It is concluded that the positive effects of this enzyme product were independent of the pre-treatment period, but pH influenced the responses to enzyme supplementation. Under the conditions of this experiment, exogenous fibrolytic enzymes seemed to work better at close to neutrality ruminal pH conditions. (C) 2006 Elsevier B.V. All rights reserved.

Species divergence and trait convergence in experimental plant community assembly

Despite decades of research, it remains controversial whether ecological communities converge towards a common structure determined by environmental conditions irrespective of assembly history. Here, we show experimentally that the answer depends on the level of community organization considered. In a 9-year grassland experiment, we manipulated initial plant composition on abandoned arable land and subsequently allowed natural colonization. Initial compositional variation caused plant communities to remain divergent in species identities, even though these same communities converged strongly in species traits. This contrast between species divergence and trait convergence could not be explained by dispersal limitation or community neutrality alone. Our results show that the simultaneous operation of trait-based assembly rules and species-level priority effects drives community assembly, making it both deterministic and historically contingent, but at different levels of community organization.

Determination of mitochondrial genetic diversity in mammals

Mitochondrial DNA (mtDNA) is one of the most Popular population genetic markers. Its relevance as an indicator Of Population size and history has recently been questioned by several large-scale studies in animals reporting evidence for recurrent adaptive evolution, at least in invertebrates. Here we focus on mammals, a more restricted taxonomic group for which the issue of mtDNA near neutrality is crucial. By analyzing the distribution of mtDNA diversity across species and relating 4 to allozyme diversity, life-history traits, and taxonomy, we show that (i) mtDNA in mammals (toes not reject the nearly neutral model; (ii) mtDNA diversity, however, is unrelated to any of the 14 life-history and ecological variables that we analyzed, including body mass, geographic range, and The World Conservation Union (IUCN) categorization; (iii) mtDNA diversity is highly variable between mammalian orders and families; (iv) this taxonomic effect is most likely explained by variations of mutation rate between lineages. These results are indicative of a strong stochasticity of effective population size in mammalian species. They Suggest that, even in the absence of selection, mtDNA genetic diversity is essentially unpredictable, knowing species biology, and probably uncorrelated to species abundance.

Identifying adaptive genetic divergence among populations from genome scans

The identification of signatures of natural selection in genomic surveys has become an area of intense research, stimulated by the increasing ease with which genetic markers can be typed. Loci identified as subject to selection may be functionally important, and hence (weak) candidates for involvement in disease causation. They can also be useful in determining the adaptive differentiation of populations, and exploring hypotheses about speciation. Adaptive differentiation has traditionally been identified from differences in allele frequencies among different populations, summarised by an estimate of F-ST. Low outliers relative to an appropriate neutral population-genetics model indicate loci subject to balancing selection, whereas high outliers suggest adaptive (directional) selection. However, the problem of identifying statistically significant departures from neutrality is complicated by confounding effects on the distribution of F-ST estimates, and current methods have not yet been tested in large-scale simulation experiments. Here, we simulate data from a structured population at many unlinked, diallelic loci that are predominantly neutral but with some loci subject to adaptive or balancing selection. We develop a hierarchical-Bayesian method, implemented via Markov chain Monte Carlo (MCMC), and assess its performance in distinguishing the loci simulated under selection from the neutral loci. We also compare this performance with that of a frequentist method, based on moment-based estimates of F-ST. We find that both methods can identify loci subject to adaptive selection when the selection coefficient is at least five times the migration rate. Neither method could reliably distinguish loci under balancing selection in our simulations, even when the selection coefficient is twenty times the migration rate.

Population subdivision and molecular sequence variation: Theory and analysis of Drosophila ananassae data

Population subdivision complicates analysis of molecular variation. Even if neutrality is assumed, three evolutionary forces need to be considered: migration, mutation, and drift. Simplification can be achieved by assuming that the process of migration among and drift within subpopulations is occurring fast compared to Mutation and drift in the entire population. This allows a two-step approach in the analysis: (i) analysis of population subdivision and (ii) analysis of molecular variation in the migrant pool. We model population subdivision using an infinite island model, where we allow the migration/drift parameter Theta to vary among populations. Thus, central and peripheral populations can be differentiated. For inference of Theta, we use a coalescence approach, implemented via a Markov chain Monte Carlo (MCMC) integration method that allows estimation of allele frequencies in the migrant pool. The second step of this approach (analysis of molecular variation in the migrant pool) uses the estimated allele frequencies in the migrant pool for the study of molecular variation. We apply this method to a Drosophila ananassae sequence data set. We find little indication of isolation by distance, but large differences in the migration parameter among populations. The population as a whole seems to be expanding. A population from Bogor (Java, Indonesia) shows the highest variation and seems closest to the species center.

Structures of Pd(CN)2and Pt(CN)2: intrinsically nanocrystalline materials?

Analysis and modeling of X-ray and neutron Bragg and total diffraction data show that the compounds referred to in the literature as “Pd(CN)2”and“Pt(CN)2” are nanocrystalline materials containing of small sheets of vertex-sharing square-planar M(CN)4 units, layered in a disordered manner with an intersheet separation of 3.44 A at 300 K. The small size of the crystallites means that the sheets’ edges form a significant fraction of each material. The Pd(CN)2 nanocrystallites studied using total neutron diffraction are terminated by water and the Pt(CN)2 nanocrystallites by ammonia, in place of half of the terminal cyanide groups, thus maintaining charge neutrality. The neutron samples contain sheets of approximate dimensions 30 A x 30 A. For sheets of the size we describe, our structural models predict compositions of Pd(CN)2-xH2O and Pt(CN)2-yNH3 (x = y = 0.29). These values are in good agreement with those obtained from total neutron diffraction and thermal analysis, and are also supported by infrared and Raman spectroscopy measurements. It is also possible to prepare related compounds Pd(CN)2-pNH3 and Pt(CN)2-qH2O, in which the terminating groups are exchanged. Additional samples showing sheet sizes in the range 10 A x 10 A (y = 0.67) to 80 A x 80 A (p = q = 0.12), as determined by X-ray diffraction, have been prepared. The related mixed-metal phase, Pd1/2Pt1/2(CN)2-qH2O(q = 0.50), is also nanocrystalline (sheet size 15 A x 15 A). In all cases, the interiors of the sheets are isostructural with those found in Ni(CN)2. Removal of the final traces of water or ammonia by heating results in decomposition of the compounds to Pd and Pt metal, or in the case of the mixed-metal cyanide, the alloy, Pd1/2Pt1/2, making it impossible to prepare the simple cyanides, Pd(CN)2, Pt(CN)2 or Pd1/2Pt1/2(CN)2, by this method.

Patterns of nucleotide substitution in angiosperm cpDNA trnL (UAA)-trnF (GAA) regions

Patterns of substitution in chloroplast encoded trnL_F regions were compared between species of Actaea (Ranunculales), Digitalis (Scrophulariales), Drosera (Caryophyllales), Panicoideae (Poales), the small chromosome species clade of Pelargonium (Geraniales), each representing a different order of flowering plants, and Huperzia (Lycopodiales). In total, the study included 265 taxa, each with > 900-bp sequences, totaling 0.24 Mb. Both pairwise and phylogeny-based comparisons were used to assess nucleotide substitution patterns. In all six groups, we found that transition/transversion ratios, as estimated by maximum likelihood on most-parsimonious trees, ranged between 0.8 and 1.0 for ingroups. These values occurred both at low sequence divergences, where substitutional saturation, i.e., multiple substitutions having occurred at the same (homologous) nucleotide position, was not expected, and at higher levels of divergence. This suggests that the angiosperm trnL-F regions evolve in a pattern different from that generally observed for nuclear and animal mtDNA (transitional/transversion ratio > or = 2). Transition/transversion ratios in the intron and the spacer region differed in all alignments compared, yet base compositions between the regions were highly similar in all six groups. A>-C transversions were significantly less frequent than the other four substitution types. This correlates with results from studies on fidelity mechanisms in DNA replication that predict A<->T and G<->C transversions to be least likely to occur. It therefore strengthens confidence in the link between mutation bias at the polymerase level and the actual fixation of substitutions as recorded on evolutionary trees, and concomitantly, in the neutrality of nucleotide substitutions as phylogenetic markers.

The future of lean construction: a brave new world

Lean construction is considered from a human resource management (HRM) perspective. It is contended that the UK construction sector is characterised by an institutionalised regressive approach to HRM. In the face of rapidly declining recruitment rates for built environment courses, the dominant HRM philosophy of utilitarian instrumentalism does little to attract the intelligent and creative young people that the industry so badly needs. Given this broader context, there is a danger that an uncritical acceptance of lean construction will exacerbate the industry's reputation for unrewarding jobs. Construction academics have strangely ignored the extensive literature that equates lean production to a HRM regime of control, exploitation and surveillance. The emphasis of lean thinking on eliminating waste and improving efficiency makes it easy to absorb into the best practice agenda because it conforms to the existing dominant way of thinking. 'Best practice' is seemingly judged by the extent to which it serves the interests of the industry's technocratic elite. Hence it acts as a conservative force in favour of maintaining the status quo. In this respect, lean construction is the latest manifestation of a long established trend. In common with countless other improvement initiatives, the rhetoric is heavy in the machine metaphor whilst exhorting others to be more efficient. If current trends in lean construction are extrapolated into the future the ultimate destination may be uncomfortably close to Aldous Huxley's apocalyptic vision of a Brave New World. In the face of these trends, the lean construction research community pleads neutrality whilst confining its attention to the rational high ground. The future of lean construction is not yet predetermined. Many choices remain to be made. The challenge for the research community is to improve practice whilst avoiding the dehumanising tendencies of high utilitarianism.

Epic Sea Battle at Night: a Revolutionary Play with the Economic Thinking of Milton Friedman

The play Epic Sea Battle at Night was originally staged in 1967, to commemorate two of China’s People’s Liberation Army’s military triumphs over the Taiwanese navy two years previously. Produced at the height of the Chinese Cultural Revolution, the play is an example of the exploitation of the arts as an ideological instrument, celebrating military heroism and political conviction. Stills from the play were included in, China Pictorial 11, an English language propaganda pamphlet that was distributed to Western Imperialists in order to educate them in Maoist policy. Today, these images are clear representations of ideology. More than forty years after the Cultural Revolution, the ideology under which we live, neo-liberal late-capitalism, deliberately shirks from such blatant displays of propaganda. We have supposedly the freedom to believe whatever we like in a post-ideological age, and yet core beliefs about meritocracy, individualism and competitiveness frequently go unchallenged. By juxtaposing the visual language of ideology with the text of the capitalist manifesto, the re-enactment of a scene from Epic Sea Battle at Night harnesses the aesthetics of the past so as to allow us to reconsider the alleged neutrality of the present. The design of the stage, the positioning of the actors, costumes and props of the current production closely resembled those documented in China Pictorial 11, yet the actors’ monologues belong to a completely different context. No less heroic and utopian in tone than the speech given by the political instructor of gunboat 874 in the original play, the capitalist manifesto was an attempt to give a concrete language to the shapeless ideology of the present, and to force the invisible currents that govern life today, in China as in the West, to the surface. Neither a lecture on neo-liberal economics, nor a theatrical performance of a narrative, the piece appropriated the format of the propaganda play to re-evaluate the relationship between art and politics now.