Modelos de presupuestación de capital en finanzas corporativas y utilidad de los mismos

La siguiente investigación describe una aproximación teórica al tema de los modelos de presupuestación de capital, el objetivo fundamental se basa en comprender su enfoque e importancia al momento de tomar decisiones de inversión por parte de los directores de una empresa, así como de prever los efectos de esta en un futuro. Al respecto, y sobre la base de que los modelos de presupuestación de capital son herramientas para analizar posibles erogaciones de capital por parte de una empresa, es necesario para efectos del presente proyecto de investigación, definir sus diferentes modelos desde lo teórico y metodológico, explicando los diferentes conceptos relacionados con el tema. Así mismo, se explican algunos de los indicadores financieros utilizados en las compañías para medir y estimar la “salud financiera” de la empresa, además de puntualizar su impacto en la perdurabilidad de las entidades, lo cual permite dar una visión más general sobre la importancia que trasciende de los indicadores financieros, generando un impacto positivo en la evolución o crecimiento de la organización. En complemento, la investigación aborda la presupuestación de capital de manera particular aplicado en la gestión empresarial, sean estas privadas o públicas (estatal y gubernamental). En este sentido, se abordan conceptos elaborados por diferentes académicos en los que se exponen algunas aproximaciones respecto al posible mejoramiento de la presupuestación para los sectores a los que pertenecen determinadas entidades. Finalmente, se presenta de manera explícita las conclusiones que surgieron a lo largo de la construcción del documento de investigación, con el fin de dar cumplimiento concreto al objetivo general del trabajo, el cual constituye una respuesta a la pregunta de investigación que se enunciará en el desarrollo del documento.

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 influencia del autoconcepto en el rendimiento académico en estudiantes universitarios. 'The influence of self-concept on academic achievement in university students'.

Resumen tomado de la publicación. Con el apoyo económico del departamento MIDE de la UNED. Incluye anexo con el cuestionario utilizado para la realización del estudio

Valoración de la institucionalización y otros factores psicosociales en el rendimiento escolar.

Dados dos grupos de niños institucionalizados, uno con rendimiento escolar aceptable y otro de rendimiento deficiente, los objetivos son: determinar los factores más significativos en cuanto a las diferencias en rendimiento escolar y, analizar la posible relación entre la institucionalización y el resultado diferencial en el área del rendimiento escolar. 130 sujetos residentes en una institución asistencial infantil, con CI normal y sin deficiencias físicas. Con edades comprendidas entre 6 y 18 años, de los cuales 75 eran varones y 55 hembras. Los 130 sujetos fueron asignados a dos grupos en base a su rendimiento académico aceptable o deficiente. Tras un estudio clínico y psicométrico de cada niño, se obtuvieron las siguientes variables: sexo, edad, rendimiento escolar, alteraciones perceptivo motoras, de lenguaje, de lectoescritura, CI, nivel de adaptación, ansiedad, tensión, sentimientos depresivos, etc., se aplicó a las variables obtenidas técnicas bivariantes y multivariantes. Escala Wechsler para evaluar el CI; Tests de Bauder, Vayer, Reversal Test para la Evaluación de los Rendimientos Perceptivomotores; Tale, para evaluar rendimientos en lectoescritura; ESPQ, CPQ, HSPQ, 16 PF y Tests Proyectivos (PN y CAT) para la exploración de la personalidad, y entrevistas para los datos psicosociales de adaptación y de conducta. Estudio correlacional entre variables. Aplicación de un análisis factorial de componentes principales con rotación Varimax al grupo total, obteniéndose 9 factores. Estudio de la diferencia de frecuencias entre las variables de los grupos de rendimiento aceptable y deficiente. ANOVA y analisis discriminante, el Step Wise Discriminant Analysis de paquete BMDP. Análisis de Cluster PKM, para la identificación de grupos, obteniéndose dos grupos, Cluster de 2 grupos y otro de 5, con el estudio de los casos de cada Cluster. Los datos obtenidos permiten caracterizar los 2 grupos de rendimiento aceptable y deficiente. Hay variables que no presentan diferencias entre ambos grupos a un nivel significativo, entre ellas, los años de institucionalización, otras, por el contrario, muestran diferencias muy significativas. El análisis discriminante revela las 6 variables que establecen una mayor diferencia entre ambos grupos, tanto en el Cluster de 2 como en el de 5 grupos se confirma la división de los sujetos. Observació de un neto perfil diferencial entre los 2 grupos. Un mayor número de años de institucionalización se relaciona con mayor inseguridad pero no influye en el rendimiento escolar de los sujetos. El tipo de relación familiar de los niños, ha resultado ser un factor condicionante del rendimiento en un grado muy acentuado. Las alteraciones de lectoescritura, perceptivomotoras y de lenguaje, así como la inadaptación, correlacionan con el rendimiento escolar.

Chronic pesticide poisoning from persistent low-dose exposures in Ecuadorean floriculture workers: toward validating a low-cost test battery

Chronic pesticide poisoning is difficult to detect. We sought to develop a low-cost test battery for settings such as Ecuador’s floriculture industry. First we had to develop a case definition; as with all occupational diseases a case had to have both sufficient effective dose and associated health effects. For the former, using canonical discriminant analysis, we found that adding measures of protection and overall environmental stressors to occupational category and duration of exposure was useful. For the latter, factor analysis suggested three distinct manifestations of pesticide poisoning. We then determined sensitivity and specificity of various combinations of symptoms and simple neurotoxicity tests from the Pentox questionnaire, and found that doing so increased sensitivity and specificity compared to use of acethylcholinesterase alone – the current screening standard. While sensitivity and specificity varied with different case definitions, our results support the development of a low-cost test battery for screening in such settings.

Threshold detection: matching statistical methodology to ecological questions and conservation planning objectives

Two types of ecological thresholds are now being widely used to develop conservation targets: breakpoint-based thresholds represent tipping points where system properties change dramatically, whereas classification thresholds identify groups of data points with contrasting properties. Both breakpoint-based and classification thresholds are useful tools in evidence-based conservation. However, it is critical that the type of threshold to be estimated corresponds with the question of interest and that appropriate statistical procedures are used to determine its location. On the basis of their statistical properties, we recommend using piecewise regression methods to identify breakpoint-based thresholds and discriminant analysis or classification and regression trees to identify classification thresholds.

The response of tropospheric circulation to perturbations in lower-stratospheric temperature

A multiple regression analysis of the NCEP-NCAR reanalysis dataset shows a response to increased solar activity of a weakening and poleward shift of the subtropical jets. This signal is separable from other influences, such as those of El Nino-Southern Oscillation (ENSO) and the North Atlantic Oscillation (NAO), and is very similar to that seen in previous studies using global circulation models (GCMs) of the effects of an increase in solar spectral irradiance. The response to increased stratospheric (volcanic) aerosol is found in the data to be a weakening and equatorward shift of the jets. The GCM studies of the solar influence also showed an impact on tropospheric mean meridional circulation with a weakening and expansion of the tropical Hadley cells and a poleward shift of the Ferrel cells. To understand the mechanisms whereby the changes in solar irradiance affect tropospheric winds and circulation, experiments have been carried out with a simplified global circulation model. The results show that generic heating of the lower stratosphere tends to weaken the subtropical jets and the tropospheric mean meridional circulations. The positions of the jets, and the extent of the Hadley cells, respond to the distribution of the stratospheric heating, with low-latitude heating forcing them to move poleward, and high-latitude or latitudinally uniform heating forcing them equatorward. The patterns of response are similar to those that are found to be a result of the solar or volcanic influences, respectively, in the data analysis. This demonstrates that perturbations to the heat balance of the lower stratosphere, such as those brought about by solar or volcanic activity, can produce changes in the mean tropospheric circulation, even without any direct forcing below the tropopause.

The roles of olfaction and vision in host-plant finding by the diamondback moth, Plutella xylostella

The relative roles of olfaction and vision in the crepuscular host-finding process of a major lepidopteran pest of cruciferous crops, the diamondback moth Plutella xylostella are investigated in a series of laboratory and semi-field experiments. Flying female moths use volatile plant chemical cues to locate and to promote landing on their host, even in complex mixed-crop environments in large cages. Multiple regression analysis shows that both the plant position (front, middle or back rows) and the type of plant (host plant, nonhost plant) are needed to explain the distribution of insects in such a mixed-crop situation. This strong plant position effect indicates that, when host plants are present in a mixture, foraging P. xylostella are more likely to alight on the first row of the plants. The findings are discussed with regard to current theories of host-plant location by phytophagous insects and the possible implications for integrated pest management.

Effects of triazole and strobilurin fungicide programmes, with and without late-season nitrogen fertiliser, on the baking quality of Malacca winter wheat

Field experiments were conducted over 3 years to study the effect of applying triazole and strobilurin fungicides on the bread-making quality of Malacca winter wheat. Averaged over all years the application of a fungicide programme increased yields, particularly when strobilurin fungicides were applied. Reductions in protein concentration, sulphur concentration, Hageberg failing number and loaf volumes also occurred as the amount of fungicide applied increased. However, there were no deleterious effects of fungicide application on sodium dodecyl sulphate (SDS) sedimentation volumes, N:S ratios or dough theology. Effects of fungicide application on bread-making quality were not product specific. Therefore, it appears that new mechanisms to explain strobilurin effects on bread-making quality do not need to be invoked. Where reductions in protein concentration did occur they could be compensated for by a late-season application of nitrogen either as granular ammonium nitrate at flag leaf emergence or foliar urea at anthesis. These applications, however, sometimes increased the N:S ratio of the extracted flour and failed to improve loaf volume. Multiple regression analysis revealed that main effects of year, flour protein concentration and N:S ratio could explain 93% of the variance in loaf volume caused by season, fungicide and nitrogen treatments. However, an equally good fit was achieved by just including sulphur concentration with year. (C) 2004 Elsevier Ltd. All rights reserved.

Synthesis of heterosulfamates. Search for structure-taste relationships

Thirty one new sodium heterosulfamates, RNHSO3Na, where the R portion contains mainly thiazole, benzothiazole, thiadiazole and pyridine ring structures, have been synthesized and their taste portfolios have been assessed. A database of 132 heterosulfamates ( both open-chain and cyclic) has been formed by combining these new compounds with an existing set of 101 heterosulfamates which were previously synthesized and for which taste data are available. Simple descriptors have been obtained using (i) measurements with Corey-Pauling-Koltun (CPK) space- filling models giving x, y and z dimensions and a volume VCPK, (ii) calculated first order molecular connectivities ((1)chi(v)) and (iii) the calculated Spartan program parameters to obtain HOMO, LUMO energies, the solvation energy E-solv and V-SPART AN. The techniques of linear (LDA) and quadratic (QDA) discriminant analysis and Tree analysis have then been employed to develop structure-taste relationships (SARs) that classify the sweet (S) and non-sweet (N) compounds into separate categories. In the LDA analysis 70% of the compounds were correctly classified ( this compares with 65% when the smaller data set of 101 compounds was used) and in the QDA analysis 68% were correctly classified ( compared to 80% previously). TheTree analysis correctly classified 81% ( compared to 86% previously). An alternative Tree analysis derived using the Cerius2 program and a set of physicochemical descriptors correctly classified only 54% of the compounds.

Effects of triazole and strobilurin fungicide programmes, with and without late-season nitrogen fertiliser, on the baking quality of Malacca winter wheat

Field experiments were conducted over 3 years to study the effect of applying triazole and strobilurin fungicides on the bread-making quality of Malacca winter wheat. Averaged over all years the application of a fungicide programme increased yields, particularly when strobilurin fungicides were applied. Reductions in protein concentration, sulphur concentration, Hageberg failing number and loaf volumes also occurred as the amount of fungicide applied increased. However, there were no deleterious effects of fungicide application on sodium dodecyl sulphate (SDS) sedimentation volumes, N:S ratios or dough theology. Effects of fungicide application on bread-making quality were not product specific. Therefore, it appears that new mechanisms to explain strobilurin effects on bread-making quality do not need to be invoked. Where reductions in protein concentration did occur they could be compensated for by a late-season application of nitrogen either as granular ammonium nitrate at flag leaf emergence or foliar urea at anthesis. These applications, however, sometimes increased the N:S ratio of the extracted flour and failed to improve loaf volume. Multiple regression analysis revealed that main effects of year, flour protein concentration and N:S ratio could explain 93% of the variance in loaf volume caused by season, fungicide and nitrogen treatments. However, an equally good fit was achieved by just including sulphur concentration with year. (C) 2004 Elsevier Ltd. All rights reserved.

Glutathione and related thiol compounds. I. Glutathione and related thiol compounds in flour

The high pressure liquid chromatography method for determination of glutathione in free and protein-bound forms was re-established and has successfully been developed to measure glutathione related thiol compounds, i.e. L-cysteine, gamma-L-glutamyl-L-cysteine and L-cysteinyl-L-glycine, in both free and protein-bound forms. The natural levels of those compounds in typical strong, weak flours, and flours from 36 wheat varieties grown in the UK were investigated. The total free and protein-bound glutathione compounds found in the 36 UK varieties was 358 +/- 51 and 190 +/- 17 nmol/g, respectively. Multiple correlation analysis did not show a clear-cut relationship between the natural level of glutathione and any related thiol compound in either free or protein-bound forms and flour quality attributes, including rheological properties, baking performance, protein content and SDS sedimentation test values. Therefore, it can be suggested that glutathione and related thiol compounds at natural levels do not lead to significant differences in the rheological properties of dough and the baking performance of flour. (C) 2003 Elsevier Ltd. All rights reserved.

Acute effects of meal fatty acids on postprandial NEFA, glucose and apo E response: implications for insulin sensitivity and lipoprotein regulation?

Our aim was to determine whether meal fatty acids influence insulin and glucose responses to mixed meals and whether these effects can be explained by variations in postprandial NEFA and Apo, which regulate the metabolism of triacylglycerol-rich lipoproteins (Apo C and E). A single-blind crossover study examined the effects of single meals enriched in saturated fatty acids SFA), n-6 PUFA and MUFA on plasma metabolite and insulin responses. The triacylglycerol response following the PUFA meal showed a lower net incremental area under the curve than following the SFA and MUFA meals (P < 0.007). Compared with the SFA meal, the PUFA meal showed a lower net incremental area under the curve for the NEFA response from initial suppression to the end of the postprandial period (180-480 min; P < 0.02), and both PUFA and MUFA showed a lower net incremental glucose response (P < 0.02), although insulin concentrations were similar between meals. The pattern of the Apo E response was also different following the SFA meal (P < 0.02). There was a significant association between the net incremental NEFA (180-480 min) and glucose response (r(s)=0.409, P=0.025), and in multiple regression analysis the NEFA response accounted for 24 % of the variation in glucose response. Meal SFA have adverse effects on the postprandial glucose response that may be due to greater elevations in NEFA arising from differences in the metabolism of SFA- v. PUFA- and MUFA-rich lipoproteins. Elevated Apo E responses to high-SFA meals may have important implications for the hepatic metabolism of triacylglycerol-rich lipoproteins.

The impact of age on the postprandial vascular response to a fish oil-enriched meal

Although chronic fish oil intervention had been shown to have a positive impact on vascular reactivity, very little is known about their acute effects during the postprandial phase. Our aim was to examine the impact of a fish oil-enriched test meal on postprandial vascular reactivity in healthy younger ( < 50 years) v. older ( ≥ 50 years) men. Vascular reactivity was measured at baseline (0 h), 2 and 4 h after the meal by laser Doppler iontophoresis and blood samples taken at 0 and 4 h for the measurement of plasma lipids, total nitrite, glucose and insulin. Acetylcholine- (ACh, endothelial-dependent vasodilator) and sodium nitroprusside (SNP, endothelial-independent vasodilator)-induced reactivities were greater at 4 h than at baseline or 2 h in the younger men (P < 0·04). These changes were not observed in the older men. Comparison of the male groups revealed significantly greater responses to ACh (P = 0·006) and SNP (P = 0·05) at 4 h in the younger compared with the older males. Postprandial NEFA concentrations were also greater at 4 h in the younger compared with the older men (P = 0·005), with no differences observed for any of the other analytes. Multiple regression analysis revealed age to be the most significant predictor of both ACh and SNP induced reactivity 4 h after the meal. In conclusion, the ingestion of a meal enriched in fish oil fatty acids was shown to improve postprandial vascular reactivity at 4 h in our younger men, with little benefit evident in our older men.

Associations between apolipoprotein e genotype and circulating F-2-isoprostane levels in humans

Apolipoprotein E (apoE), an important determinant of plasma lipoprotein metabolism, has three common alleles (ε 2, ε 3, and ε 4). Population studies have shown that the risk of diseases characterized by oxidative damage, such as coronary heart disease and Alzheimer's disease, is significantly higher in ε 4 carriers. We evaluated the association between apoE genotypes and plasma F-2-isoprostane levels, an index of lipid peroxidation, in humans. Two hundred seventy-four healthy subjects (104 males, 170 females; 46.9 &PLUSMN; 13.0 yr; 200 whites, 74 blacks; 81 nonsmokers, 64 passive smokers, and 129 active smokers) recruited for a randomized clinical antioxidant intervention trial were included in this analysis. ApoE genotype was determined by PCR and restriction enzyme digestion. Free plasma F2-isoprostane was measured by GC-MS. Genotype groups were compared using multiple regression analysis with adjustment for sex, age, race, smoking status, body mass index, plasma ascorbic acid, and β-carotene. Subjects with ε 3/ε 4 and ε 4/ε 4 genotype (ε 4-carriers) and with ε 2/ε 3 and ε 3/ε 3 (non-ε 4-carriers) were pooled for analysis. In subjects with high cholesterol levels (total cholesterol above 200 mg/dl), plasma F-2-isoprostane levels were 29% higher in ε 4 carriers than in non-ε 4-carriers (P= 0.0056). High-cholesterol subjects that are ε 4 carriers have significantly higher levels of lipid peroxidation as assessed by circulating F-2-isoprostane levels.