Stock return comovements and integration within the Latin American integrated market

Financial integration has been pursued aggressively across the globe in the last fifty years; however, there is no conclusive evidence on the diversification gains (or losses) of such efforts. These gains (or losses) are related to the degree of comovements and synchronization among increasingly integrated global markets. We quantify the degree of comovements within the integrated Latin American market (MILA). We use dynamic correlation models to quantify comovements across securities as well as a direct integration measure. Our results show an increase in comovements when we look at the country indexes, however, the increase in the trend of correlation is previous to the institutional efforts to establish an integrated market in the region. On the other hand, when we look at sector indexes and an integration measure, we find a decreased in comovements among a representative sample of securities form the integrated market.

Confidence sets for asset correlations in portfolio credit risk

Asset correlations are of critical importance in quantifying portfolio credit risk and economic capitalin financial institutions. Estimation of asset correlation with rating transition data has focusedon the point estimation of the correlation without giving any consideration to the uncertaintyaround these point estimates. In this article we use Bayesian methods to estimate a dynamicfactor model for default risk using rating data (McNeil et al., 2005; McNeil and Wendin, 2007).Bayesian methods allow us to formally incorporate human judgement in the estimation of assetcorrelation, through the prior distribution and fully characterize a confidence set for the correlations.Results indicate: i) a two factor model rather than the one factor model, as proposed bythe Basel II framework, better represents the historical default data. ii) importance of unobservedfactors in this type of models is reinforced and point out that the levels of the implied asset correlationscritically depend on the latent state variable used to capture the dynamics of default,as well as other assumptions on the statistical model. iii) the posterior distributions of the assetcorrelations show that the Basel recommended bounds, for this parameter, undermine the levelof systemic risk.

Nova Talenta: 2014-2015

Contenido Introducción 1. Inteligencia emocional, liderazgo transformacional y género: factores que influencian el desempeño organizacional / Ana María Galindo Londoño, Sara Urrego Mayorga; Director: Juan Carlos Espinosa Méndez. 2. El rol de la mujer en el liderazgo / Andrea Patricia Cuestas Díaz; Directora: Francoise Venezia Contreras Torres. 3. Liderazgo transformacional, clima organizacional, satisfacción laboral y desempeño. Una revisión de la literatura / Juliana Restrepo Orozco, Ángela Marcela Ochoa Rodríguez; Directora: Françoise Venezia Contreras Torres. 4. “E-Leadership” una perspectiva al mundo de las compañías globalizadas / Ángela Beatriz Morales Morales, Mónica Natalia Aguilera Velandia; Director: Juan Carlos Espinosa. 5. Liderazgo y cultura. Una revisión / Daniel Alejandro Romero Galindo; Directora: Francoise Venezia Contreras Torres. 6. La investigación sobre la naturaleza del trabajo directivo: una revisión de la literatura / Julián Felipe Rodríguez Rivera, María Isabel Álvarez Rodríguez; Director: Juan Javier Saavedra Mayorga. 7. La mujer en la alta dirección en el contexto colombiano / Ana María Moreno, Juliana Moreno Jaramillo ; Directora: Françoise Venezia Contreras Torres. 8. Influencia de la personalidad en el discurso y liderazgo de George W. Bush después del 11 de septiembre de 2011 / Karen Eliana Mesa Torres; Director: Juan Carlos Espinosa. 9. La investigación sobre el campo del followership: una revisión de la literatura / Christian D. Báez Millán, Leidy J. Pinzón Porras; Director: Juan Javier Saavedra Mayorga. 10. El liderazgo desde la perspectiva del poder y la influencia. Una revisión de la literatura / Lina María García, Juan Sebastián Naranjo; Director: Juan Javier Saavedra Mayorga. 11. El trabajo directivo para líderes y gerentes: una visión integradora de los roles organizacionales / Lina Marcela Escobar Campos, Daniel Mora Barrero; Director: Rafael Piñeros. 12. Participación emocional en la toma de decisiones / Lina Rocío Poveda C., Gloria Johanna Rueda L.; Directora: Francoise Contreras T. 13. Estrés y su relación con el liderazgo / María Camila García Sierra, Diana Paola Rocha Cárdenas; Director: Juan Carlos Espinosa. 14. “Burnout y engagement” / María Paola Jaramillo Barrios, Natalia Rojas Mancipe; Director: Rafael Piñeros.

Network externalities across financial institutions

We propose and estimate a financial distress model that explicitly accounts for the interactions or spill-over effects between financial institutions, through the use of a spatial continuity matrix that is build from financial network data of inter bank transactions. Such setup of the financial distress model allows for the empirical validation of the importance of network externalities in determining financial distress, in addition to institution specific and macroeconomic covariates. The relevance of such specification is that it incorporates simultaneously micro-prudential factors (Basel 2) as well as macro-prudential and systemic factors (Basel 3) as determinants of financial distress. Results indicate network externalities are an important determinant of financial health of a financial institutions. The parameter that measures the effect of network externalities is both economically and statistical significant and its inclusion as a risk factor reduces the importance of the firm specific variables such as the size or degree of leverage of the financial institution. In addition we analyze the policy implications of the network factor model for capital requirements and deposit insurance pricing.

La personalidad como predictora de dificultades cotidianas en la adolescencia. 'Personality features as predictors different problems in adolescence'

Resumen tomado de la publicación. Con el apoyo económico del departamento MIDE de la UNED

Influência da liderança no comprometimento organizacional mediada pela satisfação com o líder

Na presente investigação procura-se descobrir qual a influência dos estilos de Liderança Transformacional e Transacional, propostos por Bass (1985), no Modelo das Três Componentes, proposto por Meyer e Allen (1991). Procura-se, ainda, descobrir se esta relação é mediada pela Satisfação com a Liderança, desdobrada entre a faceta Relações Humanas e a faceta Técnica, conforme Weiss, Dawis, England e Lofquist (1967). Foi aplicado um questionário a uma amostra de conveniência de 102 participantes de diversas empresas. As principais conclusões são que os estilos de Liderança determinam o Comprometimento Organizacional, e a Satisfação com o Líder tem uma relação de mediação entre os estilos de Liderança e o Comprometimento Organizacional. São, também, discutidas as implicações teóricas e práticas dos resultados.

Influência do comprometimento organizacional na estratégia comportamental voz mediada pela satisfação global com o trabalho

Perante a conjuntura atual, de crescente complexidade e mutação organizacional, a compreensão do comprometimento organizacional tem-se tornado fundamental na gestão de recursos humanos. Na presente investigação procura-se saber qual a influência do “Modelo das Três-Componentes”, proposto por Meyer e Allen (1991) na Estratégia Comportamental Voz do Modelo EVLN, proposto por Farrell e Rusbult (Farrell, 1983; Rusbult et al., 1982). Procura-se ainda saber se esta relação é mediada pela Satisfação Global com o Trabalho, conforme Hackman e Oldham (1980). Foi aplicado um questionário a uma amostra probabilística de 144 colaboradores na empresa EGEAC, composto pela escala de comprometimento organizacional de Meyer e Allen (1997), a escala voz do modelo de estratégias comportamentais EVLN de Farrell e Rusbult (Farrell, 1983; Rusbult et al., 1982) e a escala de satisfação global com o trabalho, de Hackman e Oldham (1980). Perante os resultados obtidos pode-se constatar que a componente organizacional afetiva e normativa determinam a estratégia comportamental voz, e que esta relação é positivamente mediada pela satisfação global com o trabalho. Como contributo para a gestão de recursos humanos o presente estudo demonstra a importância da gestão dos afetos e responsabilidades, visto a preponderância apresentada por estas componentes.

An interpretation of baroclinic initial value problems: results for simple basic states with nonzero interior PV gradients

In the Eady model, where the meridional potential vorticity (PV) gradient is zero, perturbation energy growth can be partitioned cleanly into three mechanisms: (i) shear instability, (ii) resonance, and (iii) the Orr mechanism. Shear instability involves two-way interaction between Rossby edge waves on the ground and lid, resonance occurs as interior PV anomalies excite the edge waves, and the Orr mechanism involves only interior PV anomalies. These mechanisms have distinct implications for the structural and temporal linear evolution of perturbations. Here, a new framework is developed in which the same mechanisms can be distinguished for growth on basic states with nonzero interior PV gradients. It is further shown that the evolution from quite general initial conditions can be accurately described (peak error in perturbation total energy typically less than 10%) by a reduced system that involves only three Rossby wave components. Two of these are counterpropagating Rossby waves—that is, generalizations of the Rossby edge waves when the interior PV gradient is nonzero—whereas the other component depends on the structure of the initial condition and its PV is advected passively with the shear flow. In the cases considered, the three-component model outperforms approximate solutions based on truncating a modal or singular vector basis.

Interfacial structure of wild-type and mutant forms of puroindoline-b bound to DPPG monolayers

The interaction of wild-type puroindoline-b (Pin-b+) and two mutant forms having single residue substitutions (G46S or W44R) with L-alpha-dipalmitoylphosphatidyl-dl-glycerol (DPPG) as a Langmuir monolayer at the air/water interface was investigated by neutron reflectivity (NR) and Brewster angle microscopy (BAM). NR profiles were fitted using a three-layer model to enable differences in penetration of protein between the lipid headgroup and acyl regions to be determined. The data showed similar surface excesses for each of the three proteins at the interface; however, it was revealed that the depth of penetration of protein into the lipid region differed for each protein with Pin-b+ penetrating further into the acyl region of the lipid compared to the mutant forms of the protein that interacted with the headgroup region only. BAM images revealed that the domain structure of the DPPG monolayers was disrupted when Pin-b+ adsorption had reached equilibrium, suggesting protein penetration had led to compression of the lipid region. In contrast, the domain structure was unaffected by the W44R mutant, suggesting no change in compression of the lipid region and hence little or no penetration of protein into the lipid layer.

Molecule modeling of human pentameric alpha(7) neuronal nicotinic acetylcholine receptor and its interaction with its agonist and competitive antagonist

The nicotinic Acetylcholine Receptor (nAChR) is the major class of neurotransmitter receptors that is involved in many neurodegenerative conditions such as schizophrenia, Alzheimer's and Parkinson's diseases. The N-terminal region or Ligand Binding Domain (LBD) of nAChR is located at pre- and post-synaptic nervous system, which mediates synaptic transmission. nAChR acts as the drug target for agonist and competitive antagonist molecules that modulate signal transmission at the nerve terminals. Based on Acetylcholine Binding Protein (AChBP) from Lymnea stagnalis as the structural template, the homology modeling approach was carried out to build three dimensional model of the N-terminal region of human alpha(7)nAChR. This theoretical model is an assembly of five alpha(7) subunits with 5 fold axis symmetry, constituting a channel, with the binding picket present at the interface region of the subunits. alpha-netlrotoxin is a potent nAChR competitive antagonist that readily blocks the channel resulting in paralysis. The molecular interaction of alpha-Bungarotoxin, a long chain alpha-neurotoxin from (Bungarus multicinctus) and human alpha(7)nAChR seas studied. Agonists such as acetylcholine, nicotine, which are used in it diverse array of biological activities, such as enhancements of cognitive performances, were also docked with the theoretical model of human alpha(7)nAChR. These docked complexes were analyzed further for identifying the crucial residues involved in interaction. These results provide the details of interaction of agonists and competitive antagonists with three dimensional model of the N-terminal region of human alpha(7)nAChR and thereby point to the design of novel lead compounds.

COMPUTER assisted technologies to enhance CONCURRENce in building DESIGN

Modern organisms are adapted to a wide variety of habitats and lifestyles. The processes of evolution have led to complex, interdependent, well-designed mechanisms of todays world and this research challenge is to transpose these innovative solutions to resolve problems in the context of architectural design practice, e.g., to relate design by nature with design by human. In a design by human environment, design synthesis can be performed with the use of rapid prototyping techniques that will enable to transform almost instantaneously any 2D design representation into a physical three-dimensional model, through a rapid prototyping printer machine. Rapid prototyping processes add layers of material one on top of another until a complete model is built and an analogy can be established with design by nature where the natural lay down of earth layers shapes the earth surface, a natural process occurring repeatedly over long periods of time. Concurrence in design will particularly benefit from rapid prototyping techniques, as the prime purpose of physical prototyping is to promptly assist iterative design, enabling design participants to work with a three-dimensional hardcopy and use it for the validation of their design-ideas. Concurrent design is a systematic approach aiming to facilitate the simultaneous involvment and commitment of all participants in the building design process, enabling both an effective reduction of time and costs at the design phase and a quality improvement of the design product. This paper presents the results of an exploratory survey investigating both how computer-aided design systems help designers to fully define the shape of their design-ideas and the extent of the application of rapid prototyping technologies coupled with Internet facilities by design practice. The findings suggest that design practitioners recognize that these technologies can greatly enhance concurrence in design, though acknowledging a lack of knowledge in relation to the issue of rapid prototyping.

Optimal maintenance policies under different operational schedules

In the reliability literature, maintenance time is usually ignored during the optimization of maintenance policies. In some scenarios, costs due to system failures may vary with time, and the ignorance of maintenance time will lead to unrealistic results. This paper develops maintenance policies for such situations where the system under study operates iteratively at two successive states: up or down. The costs due to system failure at the up state consist of both business losses & maintenance costs, whereas those at the down state only include maintenance costs. We consider three models: Model A, B, and C: Model A makes only corrective maintenance (CM). Model B performs imperfect preventive maintenance (PM) sequentially, and CM. Model C executes PM periodically, and CM; this PM can restore the system as good as the state just after the latest CM. The CM in this paper is imperfect repair. Finally, the impact of these maintenance policies is illustrated through numerical examples.

Mothers' attributions following their child's diagnosis of autistic spectrum disorder: exploring links with maternal levels of stress, depression and expectations about their child's future

Although the impact of autism spectrum disorders (ASDs) on the family is well recognized, the way mothers attempt to make sense of the diagnosis is largely unexplored. However, in other disabilities, attributions have been shown to predict a variety of outcomes including maternal wellbeing and engagement in treatment. Using Weiner's (198S) three-dimensional model, 16 mothers were interviewed to examine the nature and impact of their beliefs about their child's ASD using semi-structured interviews and measures of depression, parenting stress and expectations for their child's future. The findings suggested that mothers made a diverse and complex range of attributions that were consistent with Weiner's dimensions of locus of cause, stability and controllability. The nature of their attributions reflected particular difficulties associated with ASDs, such as uncertainties regarding cause and prognosis. Taking account of mothers' search for meaning will better enable professionals to support families following diagnosis.

Ensemble prediction of transitions of the North Atlantic eddy-driven jet

The consistency of ensemble forecasts from three global medium-range prediction systems with the observed transition behaviour of a three-cluster model of the North Atlantic eddy-driven jet is examined. The three clusters consist of a mid jet cluster taken to represent an undisturbed jet and south and north jet clusters representing southward and northward shifts of the jet. The ensemble forecasts span a period of three extended winters (October–February) from October 2007–February 2010. The mean probabilities of transitions between the clusters calculated from the ensemble forecasts are compared with those calculated from a 23-extended-winter climatology taken from the European Centre for Medium-Range Weather Forecasts 40-Year Re-analysis (ERA40) dataset. No evidence of a drift with increasing lead time of the ensemble forecast transition probabilities towards values inconsistent with the 23-extended-winter climatology is found. The ensemble forecasts of transition probabilities are found to have positive Brier Skill at 15 day lead times. It is found that for the three-extended-winter forecast set, probabilistic forecasts initialized in the north jet cluster are generally less skilful than those initialized in the other clusters. This is consistent with the shorter persistence time-scale of the north jet cluster observed in the ERA40 23-extended-winter climatology. Copyright © 2011 Royal Meteorological Society

Taking the brand promise online: challenges and opportunities

Starting from the fact that a 'brand' is a universal concept regardless of environment, but its enactment changes according to environment, this paper provides pointers about brand building on the internet. It presents a three-level model of a brand to help organisations characterise their brands' promises. By expanding this model it then considers how a brand's promise can be enacted on the internet in order to assess the coherence of the brand. Through considering how some organisations have taken advantage of the internet, it highlights three factors critical for success. Ten key action points for marketers are presented.