A factor model of seasonality in stock returns

Published as an article in: The Quarterly Review of Economics and Finance, 2004, vol. 44, issue 2, pages 224-236.

La influencia del factor dimensión en la pertenencia a centrales de compra por parte del pequeño comercio

[ES] Desde hace varios años, el pequeño comercio en España y en otros países europeos viene enfrentándose a un entorno de creciente concurrencia, con la irrupción de nuevas formas comerciales más integradas vertical u horizontalmente, y mejor preparadas para competir en precio y variedad. Ante este hecho, las centrales de compra se ofrecen como una alternativa tendente a acortar distancias en estas dos cuestiones, a la vez que buscan la prestación de ciertos servicios que ayuden al pequeño comerciante a gestionar más eficaz y eficientemente su negocio.

Activation of violaxanthin cycle in darkness is a common response to different abiotic stresses : a case study in Pelvetia canaliculata

Background: In the violaxanthin (V) cycle, V is de-epoxidized to zeaxanthin (Z) when strong light or light combined with other stressors lead to an overexcitation of photosystems. However, plants can also suffer stress in darkness and recent reports have shown that dehydration triggers V-de-epoxidation in the absence of light. In this study, we used the highly stress-tolerant brown alga Pelvetia canaliculata as a model organism, due to its lack of lutein and its non-photochemical quenching independent of the transthylakoidal-ΔpH, to study the triggering of the V-cycle in darkness induced by abiotic stressors. Results: We have shown that besides desiccation, other factors such as immersion, anoxia and high temperature also induced V-de-epoxidation in darkness. This process was reversible once the treatments had ceased (with the exception of heat, which caused lethal damage). Irrespective of the stressor applied, the resulting de-epoxidised xanthophylls correlated with a decrease in Fv/Fm, suggesting a common function in the down-regulation of photosynthetical efficiency. The implication of the redox-state of the plastoquinone-pool and of the differential activity of V-cycle enzymes on V-de-epoxidation in darkness was also examined. Current results suggest that both violaxanthin de-epoxidase (VDE) and zeaxanthin-epoxidase (ZE) have a basal constitutive activity even in darkness, being ZE inhibited under stress. This inhibition leads to Z accumulation. Conclusion: This study demonstrates that V-cycle activity is triggered by several abiotic stressors even when they occur in an absolute absence of light, leading to a decrease in Fv/Fm. This finding provides new insights into an understanding of the regulation mechanism of the V-cycle and of its ecophysiological roles.

Repensando la confianza como factor crítico en la gestión organizativa

[ES] La confianza en el mundo de los negocios es un factor esencial que viene siendo estudiado por la literatura del Management desde hace décadas. Partiendo de la propuesta seminal de Mayer et al. (1995), acerca de qué es la confianza y cómo se desarrolla en el seno de las organizaciones, proponemos trazar una crítica constructiva al modelo descrito a partir de las aportaciones de Spaemann, autor de dilatada trayectoria en el marco de la denominada “Filosofía Moral de la Europa Continental”.

La gestión empresarial como factor clave de desarrollo de las spin-offs universitarias. Análisis organizativo y financiero

[ES] En las últimas décadas el número de spin-offs universitarias creadas en el Sistema Universitario Español ha aumentado considerablemente; sin embargo, estas empresas tienen que hacer frente a problemas como la falta de financiación o de capacidades empresariales por parte de los fundadores. A partir de los datos extraídos de una encuesta a 72 spin-offs creadas en España, tratamos de detectar y analizar cuáles son los problemas más habituales con los que se encuentran estas empresas, y proponemos posibles vías de solución.

Benthic sampling program in Biscayne Bay, 1981-1982

The Biscayne Bay Benthic Sampling Program was divided into two phases. In Phase I, sixty sampling stations were established in Biscayne Bay (including Dumfoundling Bay and Card Sound) representing diverse habitats. The stations were visited in the wet season (late fall of 1981) and in the dry season (midwinter of 1982). At each station certain abiotic conditions were measured or estimated. These included depth, sources of freshwater inflow and pollution, bottom characteristics, current direction and speed, surface and bottom temperature, salinity and dissolved oxygen, and water clarity was estimated with a secchi disk. Seagrass blades and macroalgae were counted in a 0.1-m2 grid placed so as to best represent the bottom community within a 50-foot radius. Underwater 35-mm photographs were made of the bottom using flash apparatus. Benthic samples were collected using a petite Ponar dredge. These samples were washed through a 5-mm mesh screen, fixed in formalin in the field, and later sorted and identified by experts to a pre-agreed taxonomic level. During the wet season sampling period, a nonquantitative one-meter wide trawl was made of the epibenthic community. These samples were also washed, fixed, sorted and identified. During the dry season sampling period, sediment cores were collected at each station not located on bare rock. These cores were analyzed for sediment size and organic composition by personnel of the University of Miami. Data resulting from the sampling were entered into a computer. These data were subjected to cluster analyses, Shannon-Weaver diversity analysis, multiple regression analysis of variance and covariance, and factor analysis. In Phase II of the program, fifteen stations were selected from among the sixty of Phase I. These stations were sampled quarterly. At each quarter, five Petite Ponar dredge samples were collected from each station. As in Phase I, observations and measurements, including seagrass blade counts, were made at each station. In Phase II, polychaete specimens collected were given to a separate contractor for analysis to the species level. These analyses included mean, standard deviation, coefficient of dispersion, percent of total, and numeric rank for each organism in each station as well as number of species, Shannon-Weaver taxa diversity, and dominance (the compliment of Simpson's Index) for each station. Multiple regression analysis of variance and covariance, and factor analysis were applied to the data to determine effect of abiotic factors measured at each station. (PDF contains 96 pages)

Multiple table factor analysis applied to the higher education competences

Due to the recent implantation of the Bologna process, the definition of competences in Higher Education is an important matter that deserves special attention and requires a detailed analysis. For that reason, we study the importance given to severa! competences for the professional activity and the degree to which these competences have been achieved through the received education. The answers include also competences observed in two periods of time given by individuals of multiple characteristics. In this context and in order to obtain synthesized results, we propose the use of Multiple Table Factor Analysis. Through this analysis, individuals are described by severa! groups, showing the most important variability factors of the individuals and allowing the analysis of the common structure ofthe different data tables. The obtained results will allow us finding out the existence or absence of a common structure in the answers of the various data tables, knowing which competences have similar answer structure in the groups of variables, as well as characterizing those answers through the individuals.

Plasma brain-derived neurotrophic factor levels, learning capacity and cognition in patients with first episode psychosis

Background: Cognitive impairments are seen in first psychotic episode (FEP) patients. The neurobiological underpinnings that might underlie these changes remain unknown. The aim of this study is to investigate whether Brain Derived Neurotrophic Factor (BDNF) levels are associated with cognitive impairment in FEP patients compared with healthy controls. Methods: 45 FEP patients and 45 healthy controls matched by age, gender and educational level were selected from the Basque Country area of Spain. Plasma BDNF levels were assessed in healthy controls and in patients. A battery of cognitive tests was applied to both groups, with the patients being assessed at 6 months after the acute episode and only in those with a clinical response to treatment. Results: Plasma BDNF levels were altered in patients compared with the control group. In FEP patients, we observed a positive association between BDNF levels at six months and five cognitive domains (learning ability,immediate and delayed memory, abstract thinking and processing speed) which persisted after controlling for medications prescribed, drug use, intelligence quotient (IQ) and negative symptoms. In the healthy control group, BDNF levels were not associated with cognitive test scores. Conclusion: Our results suggest that BDNF is associated with the cognitive impairment seen after a FEP. Further investigations of the role of this neurotrophin in the symptoms associated with psychosis onset are warranted.

Terapia celular para el tratamiento de la enfermedad de Alzheimer: angiogénesis terapéutica inducida por células microencapsuladas secretoras del factor de crecimiento del endotelio vascular

197 p. (Bibliogr. 189-197)

Vascular endothelial growth factor regulates melanoma cell adhesion and growth in the bone marrow microenvironment via tumor cyclooxygenase-2

Background: Human melanoma frequently colonizes bone marrow (BM) since its earliest stage of systemic dissemination, prior to clinical metastasis occurrence. However, how melanoma cell adhesion and proliferation mechanisms are regulated within bone marrow stromal cell (BMSC) microenvironment remain unclear. Consistent with the prometastatic role of inflammatory and angiogenic factors, several studies have reported elevated levels of cyclooxygenase-2 (COX-2) in melanoma although its pathogenic role in bone marrow melanoma metastasis is unknown. Methods: Herein we analyzed the effect of cyclooxygenase-2 (COX-2) inhibitor celecoxib in a model of generalized BM dissemination of left cardiac ventricle-injected B16 melanoma (B16M) cells into healthy and bacterial endotoxin lipopolysaccharide (LPS)-pretreated mice to induce inflammation. In addition, B16M and human A375 melanoma (A375M) cells were exposed to conditioned media from basal and LPS-treated primary cultured murine and human BMSCs, and the contribution of COX-2 to the adhesion and proliferation of melanoma cells was also studied. Results: Mice given one single intravenous injection of LPS 6 hour prior to cancer cells significantly increased B16M metastasis in BM compared to untreated mice; however, administration of oral celecoxib reduced BM metastasis incidence and volume in healthy mice, and almost completely abrogated LPS-dependent melanoma metastases. In vitro, untreated and LPS-treated murine and human BMSC-conditioned medium (CM) increased VCAM-1-dependent BMSC adherence and proliferation of B16M and A375M cells, respectively, as compared to basal medium-treated melanoma cells. Addition of celecoxib to both B16M and A375M cells abolished adhesion and proliferation increments induced by BMSC-CM. TNF alpha and VEGF secretion increased in the supernatant of LPS-treated BMSCs; however, anti-VEGF neutralizing antibodies added to B16M and A375M cells prior to LPS-treated BMSC-CM resulted in a complete abrogation of both adhesion-and proliferation-stimulating effect of BMSC on melanoma cells. Conversely, recombinant VEGF increased adherence to BMSC and proliferation of both B16M and A375M cells, compared to basal medium-treated cells, while addition of celecoxib neutralized VEGF effects on melanoma. Recombinant TNFa induced B16M production of VEGF via COX-2-dependent mechanism. Moreover, exogenous PGE2 also increased B16M cell adhesion to immobilized recombinant VCAM-1. Conclusions: We demonstrate the contribution of VEGF-induced tumor COX-2 to the regulation of adhesion-and proliferation-stimulating effects of TNFa, from endotoxin-activated bone marrow stromal cells, on VLA-4-expressing