Eradication of bovine tuberculosis at a herd-level in Madrid, Spain: study of within-herd transmission dynamics over a 12 year period

BACKGROUND Eradication of bovine tuberculosis (bTB) through the application of test-and-cull programs is a declared goal of developed countries in which the disease is still endemic. Here, longitudinal data from more than 1,700 cattle herds tested during a 12 year-period in the eradication program in the region of Madrid, Spain, were analyzed to quantify the within-herd transmission coefficient (β) depending on the herd-type (beef/dairy/bullfighting). In addition, the probability to recover the officially bTB free (OTF) status in infected herds depending on the type of herd and the diagnostic strategy implemented was assessed using Cox proportional hazard models. RESULTS Overall, dairy herds showed higher β (median 4.7) than beef or bullfighting herds (2.3 and 2.2 respectively). Introduction of interferon-gamma (IFN-γ) as an ancillary test produced an apparent increase in the β coefficient regardless of production type, likely due to an increase in diagnostic sensitivity. Time to recover OTF status was also significantly lower in dairy herds, and length of bTB episodes was significantly reduced when the IFN-γ was implemented to manage the outbreak. CONCLUSIONS Our results suggest that bTB spreads more rapidly in dairy herds compared to other herd types, a likely cause being management and demographic-related factors. However, outbreaks in dairy herds can be controlled more rapidly than in typically extensive herd types. Finally, IFN-γ proved its usefulness to rapidly eradicate bTB at a herd-level.

Les grandes surfaces suivi de La logique du seuil ou la problématique de l’altérité dans Autoportraits de Marie Uguay et Nombreux seront nos ennemis de Geneviève Desrosiers

Les recueils de poésie Autoportraits de Marie Uguay et Nombreux seront nos ennemis de Geneviève Desrosiers appartiennent tous deux au genre de l’intimisme. Celui-ci est principalement caractérisé par une observation rapprochée du quotidien. Mon projet est constitué de deux volets : une recherche sur l’intimisme chez Uguay et Desrosiers, ainsi qu’un projet de création inspiré de leur poésie. Dans le volet recherche de mon mémoire, je me penche sur la logique du seuil et les rapports problématiques à l’altérité dans ces deux recueils. Dans Autoportraits et Nombreux seront nos ennemis, la position en retrait ou sur le seuil du « Je » permet d’observer ce qui l’entoure en conservant une perspective intime confortable où il ne se retrouve pas confronté à l’altérité. Les poèmes de la partie création de mon mémoire témoignent de l’inventivité dont le « Je » fait preuve afin d’échapper à son quotidien et sont empreints d’une perméabilité entre rêve et réalité. Le quotidien statique se présente comme un piège, un enfermement. La tension entre l’ici et l’ailleurs est exprimée dans les textes par une logique de l’attente; celle d’un nouveau départ et de la réalisation du rêve. Par cette pratique, je souhaite jouer avec les dangers de l’intimisme : ceux d’un narcissisme ou d’un sentimentalisme exacerbés.

Risk premiumin the global creditMarkets: 2006-2012

¿What have we learnt from the 2006-2012 crisis, including events such as the subprime crisis, the bankruptcy of Lehman Brothers or the European sovereign debt crisis, among others? It is usually assumed that in firms that have a CDS quotation, this CDS is the key factor in establishing the credit premiumrisk for a new financial asset. Thus, the CDS is a key element for any investor in taking relative value opportunities across a firm’s capital structure. In the first chapter we study the most relevant aspects of the microstructure of the CDS market in terms of pricing, to have a clear idea of how this market works. We consider that such an analysis is a necessary point for establishing a solid base for the rest of the chapters in order to carry out the different empirical studies we perform. In its document “Basel III: A global regulatory framework for more resilient banks and banking systems”, Basel sets the requirement of a capital charge for credit valuation adjustment (CVA) risk in the trading book and its methodology for the computation for the capital requirement. This regulatory requirement has added extra pressure for in-depth knowledge of the CDS market and this motivates the analysis performed in this thesis. The problem arises in estimating of the credit risk premium for those counterparties without a directly quoted CDS in the market. How can we estimate the credit spread for an issuer without CDS? In addition to this, given the high volatility period in the credit market in the last few years and, in particular, after the default of Lehman Brothers on 15 September 2008, we observe the presence of big outliers in the distribution of credit spread in the different combinations of rating, industry and region. After an exhaustive analysis of the results from the different models studied, we have reached the following conclusions. It is clear that hierarchical regression models fit the data much better than those of non-hierarchical regression. Furthermore,we generally prefer the median model (50%-quantile regression) to the mean model (standard OLS regression) due to its robustness when assigning the price to a new credit asset without spread,minimizing the “inversion problem”. Finally, an additional fundamental reason to prefer the median model is the typical "right skewness" distribution of CDS spreads...

Pairs trading in the UK equity market: risk and return

In this paper, we provide the first comprehensive UK evidence on the profitability of the pairs trading strategy. Evidence suggests that the strategy performs well in crisis periods, so we control for both risk and liquidity to assess performance. To evaluate the effect of market frictions on the strategy, we use several estimates of transaction costs. We also present evidence on the performance of the strategy in different economic and market states. Our results show that pairs trading portfolios typically have little exposure to known equity risk factors such as market, size, value, momentum and reversal. However, a model controlling for risk and liquidity explains a far larger proportion of returns. Incorporating different assumptions about bid-ask spreads leads to reductions in performance estimates. When we allow for time-varying risk exposures, conditioned on the contemporaneous equity market return, risk-adjusted returns are generally not significantly different from zero.

How textbook design may influence learning with geography textbooks

This paper investigates how textbook design may influence students’ visual attention to graphics, photos and text in current geography textbooks. Eye tracking, a visual method of data collection and analysis, was utilised to precisely monitor students’ eye movements while observing geography textbook spreads. In an exploratory study utilising random sampling, the eye movements of 20 students (secondary school students 15–17 years of age and university students 20–24 years of age) were recorded. The research entities were double-page spreads of current German geography textbooks covering an identical topic, taken from five separate textbooks. A two-stage test was developed. Each participant was given the task of first looking at the entire textbook spread to determine what was being explained on the pages. In the second stage, participants solved one of the tasks from the exercise section. Overall, each participant studied five different textbook spreads and completed five set tasks. After the eye tracking study, each participant completed a questionnaire. The results may verify textbook design as one crucial factor for successful knowledge acquisition from textbooks. Based on the eye tracking documentation, learning-related challenges posed by images and complex image-text structures in textbooks are elucidated and related to educational psychology insights and findings from visual communication and textbook analysis.

All about rabies

This sheet tells what rabies is, how it spreads, gives symptoms of rabies in animals,how you can prevent rabies and what to do if exposure occurs.

BM: Tributación y concentración en el sistema financiero Colombiano 1989 - 2003

El presente documento analiza los determinantes del margen de intermediación para el sistema financiero colombiano entre 1989 y 2003. Bajo una estimación dinámica de los efectos generados por variables específicas de actividad, impuestos y estructura de mercado, se presenta un seguimiento del margen de intermediación financiero, para un período que presenta elementos de liberalización y crisis.

Adicción al trabajo en el contexto Colombiano

Este estudio aborda el fenómeno de la Adicción al trabajo (AT) en el contexto de los sistemas de producción y de los escenarios del trabajo en Colombia como un país de economía emergente, donde el trabajo hace parte esencial de la cultura, es considerado un valor central de la sociedad y un medio para alcanzar la movilidad social y reducir las desventajas sociales propias de este tipo de economías. De modo que, el trabajo es esencial y determinante en la calidad de vida de las personas por su implicación física, psicológica, emocional y social (Polo, Briñez, Navarro, & Alí, 2016). De esta manera la AT extiende su impacto a la vida privada y familiar, por ello se profundiza en la comprensión de este fenómeno en el marco especifico de economías en donde la intensificación de tareas es un recurso clave para garantizar la eficiencia competitiva de las empresas y en el marco legal Colombiano.

The EU ban on uncovered sovereign credit default swaps: assessing impacts on liquidity, volatility and price discovery

This article addresses the effects of the prohibition against naked CDS buying implemented by the European Union in November 2012. Three aspects of market quality are analyzed: liquidity, volatility, and price informativeness. Overall, our results suggest that the ban produced negative effects on liquidity and price informativeness. First, we find that in territories within the scope of the EU regulation, the bid–ask spreads on sovereign CDS contracts rose after the ban, but fell for countries outside its bounds. Open interest declined for both groups of CDS reference entities in our sample, but significantly more in the constraint group. Price delay increased more prominently for countries affected by the ban, whereas price precision decreased for these countries while increasing for CDSs written on other sovereign reference entities. Most notably, our findings indicate that hese negative effects were more pronounced amid reference entities exhibiting lower credit risk. With respect to volatility, the evidence suggests that the ban was successful in stabilizing the CDS market in that volatility decreased, particularly for contracts written on riskier CDS entities.