La calidad y su impacto sobre la rentabilidad y la volatilidad

El objetivo del presente estudio consiste en analizar el impacto que la publicación de la noticia de obtención de un certificado de calidad (ISO 9000) tiene sobre el valor de mercado de la empresa y sobre la volatilidad del precio de cotización de las acciones. La muestra utilizada incluye todas las empresas que, habiendo obtenido un certificado de calidad, han cotizado en el mercado secundario de valores español entre los años 1993 y 1999. Para medir el impacto de la obtención un certificado de calidad sobre los resultados se ha analizado los excesos de rentabilidad, mientras para medir la variación en la volatilidad se han realizado cuatro test, dos paramétricos, uno no paramétrico y una propuesta de test semiparamétrico. Los resultados indican que el mercado de capitales reacciona positivamente a la obtención de este certificado, provocando además un incremento en la volatilidad de los precios de cotización.

«Soy vampiro, pero también una chica»: vampiros regenerados en True Blood

En la literatura y el cine góticos clásicos, el vampiro se concebía como un monstruo al que cabía eliminar. Sin embargo, en los últimos cuarenta años, novelas, películas y series revelan una voluntad de asimilarlo a la sociedad humana, un proceso conocido como domesticación o regeneración. Como metáfora de la diferencia sexual, racial, de género o de clase, tal asimilación representa, de acuerdo con los postulados de Foucault, una operación que lleva a cabo el poder para someterlas, integrándolas en el orden social y cultural establecido. La serie estadounidense True Blood (2008-2014) refleja a la perfección este proceso dual de regeneración que implica, a su vez, sometimiento. Relacionado con los supuestos de la corrección política, el nuevo monstruo ya no simboliza al «perverso» sino al «diferente» que se debe proteger y aceptar en el seno de la sociedad, pese al riesgo de cohesión social y amenaza para la familia que comporta.

International Capital Flows and Monetary Policy Spillovers

This dissertation examines the drivers and implications of international capital flows. The overarching motivation is the observation that countries not at the centre of global financial markets are subject to considerable spillovers from centre countries, notably from their monetary policy. I present new empirical evidence on the determinants of the observed patterns of international capital flows and monetary policy spillovers, and study their effect on both financial markets and the real economy. In Chapter 2 I provide evidence on the determinants of a puzzling negative correlation observed between productivity growth and net capital inflows to developing and emerging market economies (EMEs) since 1980. By disaggregating net capital inflows into their gross components, I show that this negative correlation is explained by capital outflows related to purchases of very liquid assets from the fastest growing countries. My results suggest a desire for international portfolio diversification in liquid assets by fast growing countries is driving much of the original puzzle. In the reminder of my dissertation I pivot to study the foreign characteristics that drive international capital flows and monetary policy spillovers, with a particular focus on the role of unconventional monetary policy in the United States (U.S.). In Chapter 3 I show that a significant portion of the heterogeneity in EMEs' asset price adjustment following the quantitative easing operations by the Federal Reserve (the Fed) during 2008-2014 can be explained by the degree of bilateral capital market frictions between these countries and the U.S. This is true even after accounting for capital controls, exchange rate regimes, and domestic monetary policies. Chapter 4, co-authored with Michal Ksawery Popiel, studies unconventional monetary policy in a small open economy, looking specifically at the case of Canada since the global financial crisis. We quantify the effect Canadian unconventional monetary policy shocks had on the real economy, while carefully controlling for and quantifying spillovers from U.S. unconventional monetary policy. Our results indicate that the Bank of Canada's unconventional monetary policy increased Canadian output significantly from 2009-2010, but that spillovers from the Fed's policy were even more important for increasing Canadian output after 2008.

Successful prevention of transmission of integrase resistance in the Swiss HIV Cohort Study.

Prevalence of integrase inhibitor (INSTI) transmitted drug resistance (TDR) may increase with the increasing use of INSTIs. We analysed the prevalence of INSTI TDR in the Swiss HIV Cohort Study (2008-2014). In 1 of 1,316 (0.1%) drug-naïve samples a major INSTI TDR mutation was detected. Prevalence was stable although INSTIs were increasingly used. We showed that this is in contrast to the introduction of previous drug classes where more treatment failures with resistant strains occurred and TDR was observed more rapidly. We demonstrated on a population-level that it is possible to avoid TDR affecting a new drug class for years.

The effects of a lutein-based supplement on objective and subjective measures of retinal and visual function in eyes with age-related maculopathy - a randomised controlled trial

Lutein and zeaxanthin are lipid-soluble antioxidants found within the macula region of the retina. Links have been suggested between increased levels of these carotenoids and reduced risk for age-related macular disease (ARMD). Therefore, the effect of lutein-based supplementation on retinal and visual function in people with early stages of ARMD (age-related maculopathy, ARM) was assessed using multi-focal electroretinography (mfERG), contrast sensitivity and distance visual acuity. A total of fourteen participants were randomly allocated to either receive a lutein-based oral supplement (treated group) or no supplement (non-treated group). There were eight participants aged between 56 and 81 years (65·50 (sd 9·27) years) in the treated group and six participants aged between 61 and 83 years (69·67 (sd 7·52) years) in the non-treated group. Sample sizes provided 80 % power at the 5 % significance level. Participants attended for three visits (0, 20 and 40 weeks). At 60 weeks, the treated group attended a fourth visit following 20 weeks of supplement withdrawal. No changes were seen between the treated and non-treated groups during supplementation. Although not clinically significant, mfERG ring 3 N2 latency (P= 0·041) and ring 4 P1 latency (P= 0·016) increased, and a trend for reduction of mfERG amplitudes was observed in rings 1, 3 and 4 on supplement withdrawal. The statistically significant increase in mfERG latencies and the trend for reduced mfERG amplitudes on withdrawal are encouraging and may suggest a potentially beneficial effect of lutein-based supplementation in ARM-affected eyes. Copyright © 2012 The Authors.

Positionality and Comparisons: Critical Views on Qualitative Research across Asia

Ce cahier est basé sur la réflexion autobiographique de deux chercheuses ayant effectué des recherches qualitatives et ethnographiques, de 2008 à 2014, en Asie centrale et du Sud-­‐Est. Les expériences sur le terrain constituent des moyens de comparaisons dans le présent document. En mettant l’accent sur le positionnement sur le terrain, l’étude montre que, d’abord, il est essentiel de détenir une poste intermédiaire et de parler une langue locale afin de garantir un accès et de mener des activités de recherche sur le terrain. Deuxièmement, différentes régions prédéterminent des contextes culturels et politiques ponctuels qui, à leur tour, façonneraient la recherche en sciences sociales. Troisièmement, le fait d’être une femme présente à la fois des avantages et des inconvénients. Enfin, en termes de méthodologie, les stages et les entrevues se sont avérés des méthodes fiables pour la collecte des données empiriques sur les régions ci-­‐dessus mentionnées, sans pour autant permettre de bâtir la confiance.

Behavioral Ecology of the Western Atlantic Short-finned Pilot Whale (Globicephala macrorhynchus)

Social structure is a key determinant of population biology and is central to the way animals exploit their environment. The risk of predation is often invoked as an important factor influencing the evolution of social structure in cetaceans and other mammals, but little direct information is available about how cetaceans actually respond to predators or other perceived threats. The playback of sounds to an animal is a powerful tool for assessing behavioral responses to predators, but quantifying behavioral responses to playback experiments requires baseline knowledge of normal behavioral patterns and variation. The central goal of my dissertation is to describe baseline foraging behavior for the western Atlantic short-finnned pilot whales (Globicephala macrohynchus) and examine the role of social organization in their response to predators. To accomplish this I used multi-sensor digital acoustic tags (DTAGs), satellite-linked time-depth recorders (SLTDR), and playback experiments to study foraging behavior and behavioral response to predators in pilot whales. Fine scale foraging strategies and population level patterns were identified by estimating the body size and examining the location and movement around feeding events using data collected with DTAGs deployed on 40 pilot whales in summers of 2008-2014 off the coast of Cape Hatteras, North Carolina. Pilot whales were found to forage throughout the water column and performed feeding buzzes at depths ranging from 29-1176 meters. The results indicated potential habitat segregation in foraging depth in short-finned pilot whales with larger individuals foraging on average at deeper depths. Calculated aerobic dive limit for large adult males was approximately 6 minutes longer than that of females and likely facilitated the difference in foraging depth. Furthermore, the buzz frequency and speed around feeding attempts indicate this population pilot whales are likely targeting multiple small prey items. Using these results, I built decision trees to inform foraging dive classification in coarse, long-term dive data collected with SLTDRs deployed on 6 pilot whales in the summers of 2014 and 2015 in the same area off the coast of North Carolina. I used these long term foraging records to compare diurnal foraging rates and depths, as well as classify bouts with a maximum likelihood method, and evaluate behavioral aerobic dive limits (ADLB) through examination of dive durations and inter-dive intervals. Dive duration was the best predictor of foraging, with dives >400.6 seconds classified as foraging, and a 96% classification accuracy. There were no diurnal patterns in foraging depth or rates and average duration of bouts was 2.94 hours with maximum bout durations lasting up to 14 hours. The results indicated that pilot whales forage in relatively long bouts and the ADLB indicate that pilot whales rarely, if ever exceed their aerobic limits. To evaluate the response to predators I used controlled playback experiments to examine the behavioral responses of 10 of the tagged short-finned pilot whales off Cape Hatteras, North Carolina and 4 Risso’s dolphins (Grampus griseus) off Southern California to the calls of mammal-eating killer whales (MEK). Both species responded to a subset of MEK calls with increased movement, swim speed and increased cohesion of the focal groups, but the two species exhibited different directional movement and vocal responses. Pilot whales increased their call rate and approached the sound source, but Risso’s dolphins exhibited no change in their vocal behavior and moved in a rapid, directed manner away from the source. Thus, at least to a sub-set of mammal-eating killer whale calls, these two study species reacted in a manner that is consistent with their patterns of social organization. Pilot whales, which live in relatively permanent groups bound by strong social bonds, responded in a manner that built on their high levels of social cohesion. In contrast, Risso’s dolphins exhibited an exaggerated flight response and moved rapidly away from the sound source. The fact that both species responded strongly to a select number of MEK calls, suggests that structural features of signals play critical contextual roles in the probability of response to potential threats in odontocete cetaceans.

Positionality and Comparisons: Critical Views on Qualitative Research across Asia

Ce cahier est basé sur la réflexion autobiographique de deux chercheuses ayant effectué des recherches qualitatives et ethnographiques, de 2008 à 2014, en Asie centrale et du Sud-­‐Est. Les expériences sur le terrain constituent des moyens de comparaisons dans le présent document. En mettant l’accent sur le positionnement sur le terrain, l’étude montre que, d’abord, il est essentiel de détenir une poste intermédiaire et de parler une langue locale afin de garantir un accès et de mener des activités de recherche sur le terrain. Deuxièmement, différentes régions prédéterminent des contextes culturels et politiques ponctuels qui, à leur tour, façonneraient la recherche en sciences sociales. Troisièmement, le fait d’être une femme présente à la fois des avantages et des inconvénients. Enfin, en termes de méthodologie, les stages et les entrevues se sont avérés des méthodes fiables pour la collecte des données empiriques sur les régions ci-­‐dessus mentionnées, sans pour autant permettre de bâtir la confiance.

International Capital Flows and Monetary Policy Spillovers

This dissertation examines the drivers and implications of international capital flows. The overarching motivation is the observation that countries not at the centre of global financial markets are subject to considerable spillovers from centre countries, notably from their monetary policy. I present new empirical evidence on the determinants of the observed patterns of international capital flows and monetary policy spillovers, and study their effect on both financial markets and the real economy. In Chapter 2 I provide evidence on the determinants of a puzzling negative correlation observed between productivity growth and net capital inflows to developing and emerging market economies (EMEs) since 1980. By disaggregating net capital inflows into their gross components, I show that this negative correlation is explained by capital outflows related to purchases of very liquid assets from the fastest growing countries. My results suggest a desire for international portfolio diversification in liquid assets by fast growing countries is driving much of the original puzzle. In the reminder of my dissertation I pivot to study the foreign characteristics that drive international capital flows and monetary policy spillovers, with a particular focus on the role of unconventional monetary policy in the United States (U.S.). In Chapter 3 I show that a significant portion of the heterogeneity in EMEs' asset price adjustment following the quantitative easing operations by the Federal Reserve (the Fed) during 2008-2014 can be explained by the degree of bilateral capital market frictions between these countries and the U.S. This is true even after accounting for capital controls, exchange rate regimes, and domestic monetary policies. Chapter 4, co-authored with Michal Ksawery Popiel, studies unconventional monetary policy in a small open economy, looking specifically at the case of Canada since the global financial crisis. We quantify the effect Canadian unconventional monetary policy shocks had on the real economy, while carefully controlling for and quantifying spillovers from U.S. unconventional monetary policy. Our results indicate that the Bank of Canada's unconventional monetary policy increased Canadian output significantly from 2009-2010, but that spillovers from the Fed's policy were even more important for increasing Canadian output after 2008.