Life-cycle portfolio choice with liquid and illiquid financial assets

Traditionally, quantitative models that have studied households׳ portfolio choices have focused exclusively on the different risk properties of alternative financial assets. We introduce differences in liquidity across assets in the standard life-cycle model of portfolio choice. More precisely, in our model, stocks are subject to transaction costs, as considered in recent macroliterature. We show that when these costs are calibrated to match the observed infrequency of households׳ trading, the model is able to generate patterns of portfolio stock allocation over age and wealth that are constant or moderately increasing, thus more in line with the existing empirical evidence.

El patrimonio cultural tangible e intangible articulado a la ordenación territorial aplicado al caso del cantón Paltas provincia de Loja

En el Ecuador la base legal como la Constitución del 2008 y el Código Orgánico de Organización Territorial, Autonomía y descentralización (COOTAD), establecen la organización político administrativa del territorio en diferentes niveles de gobierno, sean estos regiones, provincias, cantones, parroquias rurales y también de régimen especial, para ello estos niveles adquieren funciones de integridad para realizar legislación, ejecución, fiscalización y de participación ciudadana, en donde se alcanzará y se promoverá el desarrollo sustentable en el marco del plan nacional del buen vivir. Para lograr este legado, los diferentes Gobiernos Autónomos Descentralizados deben elaborar y ejecutar el Plan de Ordenamiento Territorial (POT) y el Plan de Desarrollo y Ordenamiento Territorial (PDOT), de acuerdo a sus competencias de circunscripción territorial. Por competencia exclusiva les corresponde a los gobiernos municipales " formular, aprobar y evaluar los planes, programas y proyectos destinados a la preservación, mantenimiento y difusión del patrimonio arquitectónico, cultural y natural de su circunscripción..... Para el efecto, el patrimonio en referencia será considerado en todas sus expresiones tangibles e intangible...” (COOTAD Art. 144). Lamentablemente la mayoría de estos gobiernos municipales poco o nada han incorporado el patrimonio cultural tangible e intangible en sus fases de análisis de, diagnóstico, propuesta y modelo gestión. Como base fundamental tomaremos la guía metodológica para la elaboración de planes de desarrollo y ordenamiento que presenta la SENPLADES en el año 2014y la propuesta que realiza el Dr. Domingo Gómez Orea en su libro Ordenación Territorial 2da edición, de ahí se propone una alternativa metodológica de articulación del patrimonio cultural y ordenamiento territorial. Y para lograr este objetivo, utilizaremos la información disponible que cuenta el Instituto nacional de Patrimonio Cultural (INPC) en su sistema informatizado que se encuentra en la página Web www.inpc.gob.ec, denominado Sistema de Información Patrimonial Cultural del Ecuador (SIPCE), esta base de información que contiene fichas de inventario en sus diferentes ámbitos culturales como inmuebles, muebles, documentos. Arqueológicos y manifestaciones inmateriales, previamente analizadas y georreferenciadas nos permitirán territorializar en el espacio cantonal y con ello poder realizar un análisis integrado con los otros componentes como es el medio físico, poblacional, económico, núcleos de población etc. Esta nueva metodología permitirá visualizar, conocer, aprender y empodéranos del patrimonio cultural material e inmaterial, con aquellas manifestaciones culturales y tradicionales que existen y se encuentran en vigencia. También poder recuperar y rescatar aquellas que están en peligro de desaparecer, este potencial cultural será una gran posibilidad de generar emprendimientos y desarrollo sustentable. La manera más idónea de concretar y fomentar este desarrollo sustentable en territorio será a través de la formulación de programas, planes y proyectos que deberán plantearse en los planes de ordenamiento territorial y los planes de desarrollo territorial. Finalmente para comprobar esta nueva propuesta metodológica de articulación entre el patrimonio cultural y el ordenamiento territorial, la aplicaremos al cantón Paltas de la provincia de Loja.

Succession in the Family Business: Need to Transfer the ‘Socio-Emotional Wealth’ (SEW)

Rather often we have to confront with the pessimistic views on the future of the family business. Contrary to these prognosis, the FB is not only present but also improving its position in the global economy and playing a key role in the European economy too. They represent 60 % of employment and more than 60 million jobs in the private sector. Among many internal challenges of FB in the five years’ time, the importance of the ‘company succession’ is increasing together with the renewing technology and ‘attracting the right sills/ talents’ (Global Family Survey, 2015). This article is focusing on the transfer of socio-economic wealth (SEW) as a key intangible asset within the intergenerational changes in the FB. The paper outlines the various concepts (narrow vs. broad) of the SEW and special attention is paid to the risk prone [taken] and risk adverse entrepreneurial attitudes. In this relation, the authors made distinction between the ‘opportunity’ and ‘necessity entrepreneurs’. Using empirical experiences based on multi-site company case studies in the three INSIST project countries, the various sub-sections are focusing on the transfer of the following key components of the SEW to the next generation: trust-based social-system, generic human values (i.e. openness, mutual respect, correctness, reliability, responsibility etc.) and ‘practice based – embedded collective knowledge’. Key lesson of this analysis is the following: transferring physical assets in the succession process seems to us less important than the transfer of the intangible one embedded in the company’s culture community. Further systematic national and international investigations – combining quantitative and qualitative research tools – are necessary to acquire more accurate picture on the impacts of transferring both intangible and tangible assets in the succession process in the FB.

Estrategias para la mejora de la reputación organizacional de Ecosistec S.A.S

Al interior de la empresa ECOSISTEC S.A.S. existe un problema que está erosionando la rentabilidad y está comprometiendo la perdurabilidad de esta empresa, con el planteamiento de este proyecto aplicado se podrá resolver el problema de reputación que tiene a la empresa en un estado crítico y que ha limitado considerablemente su desempeño a través de los últimos años. A través de un análisis externo e interno, y de la aplicación de diferentes metodologías al interior de esta empresa se espera poder conocer la situación actual de la misma y del mercado colombiano, lo que a la final permitirá encontrar una solución óptima que mejore el estado actual de esta organización mejorando la cuota de mercado y la imagen que tienen los potenciales clientes de ECOSISTEC S.A.S.

LA MERCANTILIZACIÓN DE LO INTANGIBLE: LA ASIGNACIÓN DE VALOR HEDÓNICO AL SUELO URBANO EN CIUDADES INTERMEDIAS EN EXPANSIÓN

La asignación de valor al suelo urbano y urbanizable acontece bajo la lógica de un mercado heterogéneo e inestable. En las ciudades intermedias en expansión, el valor del suelo no solo varía en función de la oferta y la demanda sino que intervienen, cada vez con mayor frecuencia, factores vinculados con las representaciones de los consumidores, principalmente, pertenecientes a las clases medias en ascenso. Las racionalidades que implicaban el otorgamiento de valor al suelo, como mercancía comercializable, se han visto alteradas por nuevos procesos que combinan aspectos materiales y simbólicos que agudizan los procesos de fragmentación de las áreas suburbanas. El objetivo de este trabajo consiste en definir nuevas categorías analíticas a la hora de interpretar las diferenciaciones de valor del suelo en ciudades intermedias. Metodológicamente se aplicaron técnicas que captaron las valoraciones perceptivas y cómo las mismas son utilizadas por los agentes inmobiliarios para ofrecer una concertación a la hora de fijar un valor de compra-venta. El escenario circundante y el aprecio por la naturaleza, entre otros, definen valor adicional a los ya tradicionales valores extrínsecos e intrínsecos del suelo urbano.

Optimized methods to digital survey and 3D modelling of cultural heritage assets

Currently making digital 3D models and replicas of the cultural heritage assets play an important role in the preservation and having a high detail source for future research and intervention. In this dissertation, it is tried to assess different methods for digital surveying and making 3D replicas of cultural heritage assets in different scales of size. The methodologies vary in devices, software, workflow, and the amount of skill that is required. The three phases of the 3D modelling process are data acquisition, modelling, and model presentation. Each of these sections is divided into sub-sections and there are several approaches, methods, devices, and software that may be employed, furthermore, the selection process should be based on the operation's goal, available facilities, the scale and properties of the object or structure to be modeled, as well as the operators' expertise and experience. The most key point to remember is that the 3D modelling operation should be properly accurate, precise, and reliable; therefore, there are so many instructions and pieces of advice on how to perform 3D modelling effectively. It is an attempt to compare and evaluate the various ways of each phase in order to explain and demonstrate their differences, benefits, and drawbacks in order to serve as a simple guide for new and/or inexperienced users.

Assessment and Protection of maritime-vernacular architectural Heritage on the Mediterranean Coasts. Documentation and Preservation Strategies for the Dry Docks on the Island of Formentera.

The importance of vernacular architecture as an integral part of our cultural heritage is often undervalued, and the management of rural constructions of heritage value often requires the application of more flexible and adjusted preservation principles compared to monumental assets. For vernacular architecture, the preservation and consolidation concern not only their physical substance but also their intangible values and purpose in society. More than other heritage values, the vernacular raises the question of prospective functions it can fulfill in contemporary societies without undermining its legacy. This work analyzes the topic by studying the case study of the dry docks on the Balearic Island of Formentera, including abundant documentation of traditional construction techniques and materials realized through a field study, followed by the assessment of threats to and opportunities for vernacular architecture on Formentera, closing with suggestions for the maintenance and potential functions of the dry docks. For this, a comparative case study was introduced: the capanni da pesca at the Adriatic coast of Italy. The suggestions focus on the importance of maintenance for rural heritage, expressed through the creation of a guide for owners of protected dry docks highlighting good and bad practice examples and recurrent works of care. Furthermore, the thesis seeks to raise awareness for the significance of landscape and social factors in the discourse about vernacular heritage sites. Ultimately, different outlines of tourism development are proposed. The idea is to explore rural and sustainable tourism as a tool for territory development and enhancement of the cultural heritage value by helping to prevent the destination's decline through careful evaluation of its limits of acceptable change and identifying beneficial, sustainable scenarios for the future of the heritage asset and the respective community.

HBIM to Virtual Reality Workflow for Industrial Archaeology Immovable Assets’ Management: A Case Study

As a witness on the industrialization in Bologna, since its first generation was born in the late 1760, the Battiferro lock has been coping with the innovation that the city experienced throughout the centuries, until it has lost its functionality due to the technological development for which Bologna’s canals were gradually covered starting from the 1950s under Giuseppe Dozza ’s administration, as part of the reconstruction, reclamation and urban requalification that was carried out in the aftermath the World War II and which involved the whole city. The interest of the research carried out on this case study was primarily to reintroduce the landmark that is still intact, to what is considered to be the fourth generation of the industrial revolution, namely in the construction field, which is recognized as Construction 4.0, by means of the Historic (or Heritage) Information Modeling HBIM and Virtual Reality (VR) application. A scan-to-BIM approach was followed to create 3D as-built BIM model, as a first step towards the storytelling of the abandoned industrial built asset in VR environment, or as a seed for future applications such as Digital Twins (DT), heritage digital learning, sustainable impact studies, and/or interface with other interfaces such as GIS. Based on the HBIM product, examples of the primary BIM deliverables such as 2D layouts is given, then a workflow to VR is proposed and investigated the reliability of data and the type of users that may benefit of the VR experience, then the potential future development of the model is investigated, with comparison of a relatively similar experience in the UK.

Leaf-, Panel- And Latex-expressed Sequenced Tags From The Rubber Tree (hevea Brasiliensis) Under Cold-stressed And Suboptimal Growing Conditions: The Development Of Gene-targeted Functional Markers For Stress Response.

Hevea brasiliensis is a native species of the Amazon Basin of South America and the primary source of natural rubber worldwide. Due to the occurrence of South American Leaf Blight disease in this area, rubber plantations have been extended to suboptimal regions. Rubber tree breeding is time-consuming and expensive, but molecular markers can serve as a tool for early evaluation, thus reducing time and costs. In this work, we constructed six different cDNA libraries with the aim of developing gene-targeted molecular markers for the rubber tree. A total of 8,263 reads were assembled, generating 5,025 unigenes that were analyzed; 912 expressed sequence tags (ESTs) represented new transcripts, and two sequences were highly up-regulated by cold stress. These unigenes were scanned for microsatellite (SSR) regions and single nucleotide polymorphisms (SNPs). In total, 169 novel EST-SSR markers were developed; 138 loci were polymorphic in the rubber tree, and 98 % presented transferability to six other Hevea species. Locus duplication was observed in H. brasiliensis and other species. Additionally, 43 SNP markers in 13 sequences that showed similarity to proteins involved in stress response, latex biosynthesis and developmental processes were characterized. cDNA libraries are a rich source of SSR and SNP markers and enable the identification of new transcripts. The new markers developed here will be a valuable resource for linkage mapping, QTL identification and other studies in the rubber tree and can also be used to evaluate the genetic variability of other Hevea species, which are valuable assets in rubber tree breeding.

Por um lazer potencialmente transformador : um estudo sobre as apropriações conceituais do lazer

Universidade Estadual de Campinas . Faculdade de Educação Física

A historia da ginastica ritmica em Campinas

Universidade Estadual de Campinas . Faculdade de Educação Física

Teste de banco com carga continua para analise do volume de oxigenio (VO2) predito e analisado por tempo de esforço em pessoas treinadas (TRD), ativas (ATV) e destreinadas (DTR) a partir dos 13 anos : proposta de validação

Universidade Estadual de Campinas . Faculdade de Educação Física

The bubbles or the boiling pot?: an ecosystemic approach to culture, environment and quality of life

For the diagnosis and prognosis of the problems of quality of life, a multidisciplinary ecosystemic approach encompasses four dimensions of being-in-the-world, as donors and recipients: intimate, interactive, social and biophysical. Social, cultural and environmental vulnerabilities are understood and dealt with, in different circumstances of space and time, as the conjugated effect of all dimensions of being-in-the-world, as they induce the events (deficits and assets), cope with consequences (desired or undesired) and contribute for change. Instead of fragmented and reduced representations of reality, diagnosis and prognosis of cultural, educational, environmental and health problems considers the connections (assets) and ruptures (deficits) between the different dimensions, providing a planning model to develop and evaluate research, teaching programmes, public policies and field projects. The methodology is participatory, experiential and reflexive; heuristic-hermeneutic processes unveil cultural and epistemic paradigms that orient subject-object relationships; giving people the opportunity to reflect on their own realities, engage in new experiences and find new ways to live better in a better world. The proposal is a creative model for thought and practice, providing many opportunities for discussion, debate and development of holistic projects integrating different scientific domains (social sciences, psychology, education, philosophy, etc.)

Alternative splicing enriched cDNA libraries identify breast cancer-associated transcripts

Background: Alternative splicing (AS) is a central mechanism in the generation of genomic complexity and is a major contributor to transcriptome and proteome diversity. Alterations of the splicing process can lead to deregulation of crucial cellular processes and have been associated with a large spectrum of human diseases. Cancer-associated transcripts are potential molecular markers and may contribute to the development of more accurate diagnostic and prognostic methods and also serve as therapeutic targets. Alternative splicing-enriched cDNA libraries have been used to explore the variability generated by alternative splicing. In this study, by combining the use of trapping heteroduplexes and RNA amplification, we developed a powerful approach that enables transcriptome-wide exploration of the AS repertoire for identifying AS variants associated with breast tumor cells modulated by ERBB2 (HER-2/neu) oncogene expression. Results: The human breast cell line (C5.2) and a pool of 5 ERBB2 over-expressing breast tumor samples were used independently for the construction of two AS-enriched libraries. In total, 2,048 partial cDNA sequences were obtained, revealing 214 alternative splicing sequence-enriched tags (ASSETs). A subset with 79 multiple exon ASSETs was compared to public databases and reported 138 different AS events. A high success rate of RT-PCR validation (94.5%) was obtained, and 2 novel AS events were identified. The influence of ERBB2-mediated expression on AS regulation was evaluated by capillary electrophoresis and probe-ligation approaches in two mammary cell lines (Hb4a and C5.2) expressing different levels of ERBB2. The relative expression balance between AS variants from 3 genes was differentially modulated by ERBB2 in this model system. Conclusions: In this study, we presented a method for exploring AS from any RNA source in a transcriptome-wide format, which can be directly easily adapted to next generation sequencers. We identified AS transcripts that were differently modulated by ERBB2-mediated expression and that can be tested as molecular markers for breast cancer. Such a methodology will be useful for completely deciphering the cancer cell transcriptome diversity resulting from AS and for finding more precise molecular markers.

Forest-related partnerships in Brazilian Amazonia: There is more to sustainable forest management than reduced impact logging

There is more to sustainable forest management than reduced impact logging. Partnerships between multiple actors are needed in order to create the institutional context for good forest governance and sustainable forest management and stimulate the necessary local community involvement. The idea behind this is that the parties would be able to achieve more jointly than on their own by combining assets, knowledge, skills and political power of actors at different levels of scale. This article aims to demonstrate by example the nature and variety of forest-related partnerships in Brazilian Amazonia. Based on the lessons learned from these cases and the authors` experience, the principal characteristics of successful partnerships are described, with a focus on political and socioeconomic aspects. These characteristics include fairly negotiated partnership objectives, the active involvement of the public sector as well as impartial brokers, equitable and cost-effective institutional arrangements, sufficient and equitably shared benefits for all the parties involved, addressing socioeconomic drawbacks, and taking measures to maintain sustainable exploitation levels. The authors argue that, in addition to product-oriented partnerships which focus on sustainable forest management, there is also a need for politically oriented partnerships based on civil society coalitions. The watchdog function of these politically oriented partnerships, their awareness-raising campaigns regarding detrimental policies and practices, and advocacy for good forest governance are essential for the creation of the appropriate legal and political framework for sustainable forest management. (C) 2008 Elsevier B.V. All rights reserved.