Ownership structure and risk at Colombian banks

The separation between ownership and the control of capital in banks generates differences in the preferences for risk among shareholders and the manager. These differences could imply a corporate governance problem in banks with a dispersed ownership, since owners fail to exert control in the allocation of capital. In this paper we examine the relationship between the ownership structure and risk for Colombian banks. Our results suggest that a high ownership concentration leads to higher levels of risk.

Profundización, apertura y cierre de mercados de exportación a nivel sectorial en Colombia : una estimación de los márgenes del comercio y su relación con el ciclo económico

En este trabajo se explora, desde el punto de vista empírico, el comportamiento de la profundización, apertura y cierre de mercados de exportación a nivel sectorial para Colombia durante el periodo 1997- 2010, con énfasis en los dos periodos de recesión que presenta la economía durante el mismo. Para ello se emplea una metodología de descomposición de los cambios registrados por el comercio, en sus márgenes intensivo y extensivo, que permite la identificación de estos fenómenos y su observación tanto a lo largo del tiempo como a nivel transversal. Los resultados indican que, en el corto plazo, el margen intensivo del comercio explica la mayor parte de las variaciones en las exportaciones, en tanto que en el mediano plazo se encuentra una importante contribución del margen extensivo a éstas. Adicionalmente, desde el punto de vista sectorial, la crisis de 1997-1999 no presenta un patrón homogéneo en términos del comportamiento de los márgenes del comercio, en tanto que la de 2008- 2009 se caracteriza por presentar un patrón más homogéneo a través de los distintos sectores de la actividad económica.

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.

Proyecto de prefactibilidad para un plan de negocios en la diversificación de productos de la panela en una finca productora de caña de azúcar

Estudiar la viabilidad dentro de un alcance de pre-factibilidad la diversificación de productos de origen de la caña de azúcar para el mercado colombiano y posibles mercados de exportación, principalmente hacia países con que se han firmado tratados de libre comercio, a través del desarrollo de un Plan de Negocio, que permita la evaluación de alternativas que facilite la toma de decisiones tanto para los inversionistas actuales respecto al presente y futuro de la explotación agrícola de la finca, en este renglón de tradición en la zona.

Estado situacional de los algoritmos genéticos en los negocios internacionales

La computación evolutiva y muy especialmente los algoritmos genéticos son cada vez más empleados en las organizaciones para resolver sus problemas de gestión y toma de decisiones (Apoteker & Barthelemy, 2000). La literatura al respecto es creciente y algunos estados del arte han sido publicados. A pesar de esto, no hay un trabajo explícito que evalúe de forma sistemática el uso de los algoritmos genéticos en problemas específicos de los negocios internacionales (ejemplos de ello son la logística internacional, el comercio internacional, el mercadeo internacional, las finanzas internacionales o estrategia internacional). El propósito de este trabajo de grado es, por lo tanto, realizar un estado situacional de las aplicaciones de los algoritmos genéticos en los negocios internacionales.

La Costa Brava ante los nuevos retos del turismo

The first section of this paper summarises the most relevant charateristics of the contemporary tourist model, also called postfordist or postmodernist. In the second part the traditional tourist model developed in the Costa Brava in the past decades, is reviewed. Emphasising the saturation of tourist facilities on the coast line, expansive urban growth, thanks to a tolerant administration, poor complementary supply and concentrated demand in few markets and the proximity of Barcelona conurbation, stressed by second homes. In the third section, some strategies developed in recent years to readapt the Costa Brava to the new tendencies in tourism, are presented. Incorporation of the inland to the tourist product, new planning policics, lessening urban densities and height, and a change in mind in favour of protected natural areas, diversification of demand with new markets, specially form Eastern Europe (although this might be considered as a continuation of the traditional tourist model) and the emergence of local strategies oriented towards the creation of new tourist products based upon natural and cultural resources

Creativitat i subversió en les reescriptures de Joan Sales

Creativitat i subversió en les reescriptures de Joan Sales se centra en la figura de l’editor i novel•lista Joan Sales (1912-1983) i pretén ressituar l’autor d’Incerta glòria dins del panorama literari català a partir d’una diversificació dels punts de mira des dels quals esdevé possible realitzar-ne un estudi. Com a base, s’han utilitzat les teories traductològiques de finals del segle XX, elaborades per autors com André Lefevere i Susan Bassnett, que situen la traducció, l’edició, l’adaptació, la crítica literària i la historiografia dins del terreny de la reescriptura creativa i atorguen un poder subversiu a totes aquestes activitats. Així, doncs, s’ha intentat modificar la tendència que, històricament, havia dut a considerar de manera negativa les reescriptures de Sales. Sota el paraigua teòric de la reescriptura, les manipulacions, els canvis i les intervencions esdevenen una eina que contribueix a l’evolució literària d’una cultura.

Conflictes socioterriorials i participació pública en la gestió de l'aigua de la conca del riu Muga (Alt Empordà)

Conflictes socioterritorials i participació pública en la gestió de l'aigua de la conca del riu Muga (Alt Empordà) és un treball que incideix sobre la conflictivitat en la gestió dels rius mediterranis i prospecta en la participació pública -activa i vinculant- per a la resolució de conflictes i la planificació i gestió dels recursos hídrics. En concret, s'ha intentat donar resposta a cinc objectius: Objectius del marc teòric - Comprovar l'existència de dos discursos antagònics (radicalment oposats) en l'esfera social, científica i de gestió dels rius que generen conflicte i que són insostenibles per a una gestió integral dels recursos fluvials: el discurs antropocèntric i el discurs ecocèntric. Matèria d'estudi: L'excepcionalisme humà i l'ecologia profunda en la societat; Les disciplines de la regulació de l'aigua i de l'ecologia fluvial en la ciència; El contracte antropocèntric i el balanç ecocèntric en la gestió; El discurs ambiental (el riu antròpic i ecosistemàtic). - Valorar si les estratègies de participació pública (que involucren als agents socials) gaudeixen -respecte els processos de decisió unilaterals (siguin autoritàries o arbitràries)- de més garanties per corregir i prevenir conflictes desconstructius relacionats amb l'aigua i els recursos fluvials. Matèria d'estudi: Definició de conflicte en positiu; L'estratègia de cooperació i consens en la Resolució Alternativa de Disputes (Alternative Dispute Resolution) i 13 casos resolts de conflictes per l'aigua a l'Oest dels Estats Units; Bases d'un pla de gestió integral, adaptatiu i participatiu i el cas del San Joaquin River Management Plan (Califòrnia, Estats Units). Objectius del marc pràctic. Conca del riu Muga (Alt Empordà) - Contextualitzar la diversificació i intensificació dels usos de l'aigua dins un procés de canvi dels usos del sòl, particularment accelerat a partir de la dècada de 1960 i objecte de problemàtiques socioterritorials d'ençà de la dècada de 1980. Cartografia i matriu de canvi dels usos del sòl de la conca anys 1993 i 1957. Matèria d'estudi: Cartografia i estadística dels usos del sòl de la conca del riu Muga (49 municipis altempordanesos, 1.050 km2), anys 1957 i 1993. Retrospectiva dels espais forestals, d'aigua, conreats i urbanitzats. - Identificar i descriure les tensions i conflictes en l'ús de l'aigua, així com les característiques de les solucions adoptades en el període 1980-2000. Constatar si determinades solucions estructurals han esdevingut problemàtiques a mig o llarg termini, i estimar la probabilitat de conflictes futurs. Matèria d'estudi: 50 incidents problemàtics en abastament d'aigua (26 tensions i 24 conflictes) i 53 mesures per fer-hi front (12 d'adaptació de la demanda i 41 d'adaptació de l'oferta d'aigua) entre els anys 1980 i 2000, i diferenciant dues unitats territorials de la conca (la Muga interior i la plana de la Muga). - Caracteritzar quins són els temes en matèria d'aigua que no disposen de consens entre els agents socioeconòmics, tècnics i polítics locals reunits en les sessions de discussió del projecte MUGA. Determinar si les estratègies participatives poden prosperar perquè són factibles i idònies. Matèria d'estudi: Projecte MUGA: Gestión del recurso agua con participación de agentes. Estudio para la cuenca del río Muga (Girona), 2000-2003 - UAB i UdG; La dissensió d'opinions dels 30 participants a les 4 sessions de discussió entorn l'ús i gestió de l'aigua de la conca de la Muga; 6 temes de conflicte, 14 subtemes i 31 punts de discussió, 9 dels quals punts calents de conflicte (destructius i indicadors de punts de disfunció en la gestió de l'aigua de la conca).

O consultor de gestão como auditor interno do seu próprio desempenho

O início do século tem sido pródigo em transformações rápidas e radicais no sector de consultoria, como resultado do questionamento dos modelos de diversificação estratégica levados a cabo por diversas consultoras. Mas, ainda que estas mudanças constituam de certa forma uma barreira à legitimidade do sector, a verdade é que este pressuposto tem contribuído também para o desenvolvimento do estudo do sector no meio académico, sobretudo ao longo dos últimos vinte anos onde tem existido um conjunto de literatura substancial que tem vindo a refletir a contribuição, conceptualização e compreensão da natureza do trabalho de consultoria e sobre o real valor dos consultores na forma como demonstram esse valor aos seus clientes. Daqui, ressaltam então as seguintes questões fulcrais. Consultoria de gestão é para quem? Deverá ser o consultor de gestão um auditor interno do seu próprio desempenho? Assim sendo, o que pretendo neste artigo é exatamente enfatizar um conjunto de pressupostos que permitam descrever um conjunto de requisitos necessários que devem estar implícitos nas características intrínsecas da caracterização de um profissional de serviços de consultoria, pois a premissa desta profissão deve compreender que é o profissional de consultoria que deve gerir as suas atividades e não as atividades gerir o profissional de consultoria. / The beginning of the century has been prolific in rapid and radical transformations in the consultancy sector, as a result of the questioning of models of strategic diversification undertaken by several consultants. But, even if these changes constitute a barrier to the legitimacy of the sector, the truth is that this assumption has also contributed to the development of the sector study in the academic environment, especially over the last twenty years it has existed a set of substantial literature that has come to reflect the contribution, conceptualization and understanding of the nature of consulting work and the real value of consultants in the way that demonstrate value to their customers. It emphasizes two key questions. Management consulting is for whom? It should be the management consultant an internal auditor of its own performance? So, what I want to emphasize in this article is exactly one set of assumptions that allow describing a set of requirements that must be implicit in the characterization of the intrinsic characteristics of a consulting services manager, because the premise of this profession must understand that it is the professional adviser that should manage their activities and not the activities to manage the professional adviser.

Environmental impact of genetically modified cotton in South Africa

This paper presents the results of a large-scale study designed to monitor the impact arising from the introduction of insect-resistant Bt cotton in the Makhathini Flats, Republic of South Africa. Bt cotton provides a degree of resistance to cotton bollworm complex (Lepidoptera). Data were collected on the use of insecticides (type and quantity) as well as the farm-level economics of production from over 2200 farmers in three growing seasons (1998/1999, 1999/2000 and 2000/2001). and the results are discussed within the context of environmental impact brought about by insecticide. Over the three seasons of the study it was clear that Bt cotton provided benefits in terms of higher yield and gross margin relative to farmers growing conventional (non-Bt) cotton, and the benefits were particularly apparent for the smallest producers. Bt growers also used significantly less insecticide than growers of non-Bt cotton. Once quantities of insecticide applied to Bt and non-Bt cotton were converted into a Biocide Index and an Environmental Impact Quotient (EIQ) in order to allow for differences in terms of toxicity and persistence in the environment, it was apparent that the growing of Bt had a less negative impact on the environment. While this points to beneficial impacts on agricultural sustainability there are wider concerns regarding the vulnerability of resource-poor farmers in an area with limited (as yet) marketing options for their product and options for livelihood diversification both within and outside agriculture. Cotton producers in Makhathini are vulnerable as they rely on just One company for inputs (including, credit) and for their market. While Bt cotton provides benefits it does not in itself address some of the structural limitations that farmers face. (c) 2006 Elsevier B.V. All rights reserved.

Environmental impact of genetically modified cotton in South Africa

This paper presents the results of a large-scale study designed to monitor the impact arising from the introduction of insect-resistant Bt cotton in the Makhathini Flats, Republic of South Africa. Bt cotton provides a degree of resistance to cotton bollworm complex (Lepidoptera). Data were collected on the use of insecticides (type and quantity) as well as the farm-level economics of production from over 2200 farmers in three growing seasons (1998/1999, 1999/2000 and 2000/2001). and the results are discussed within the context of environmental impact brought about by insecticide. Over the three seasons of the study it was clear that Bt cotton provided benefits in terms of higher yield and gross margin relative to farmers growing conventional (non-Bt) cotton, and the benefits were particularly apparent for the smallest producers. Bt growers also used significantly less insecticide than growers of non-Bt cotton. Once quantities of insecticide applied to Bt and non-Bt cotton were converted into a Biocide Index and an Environmental Impact Quotient (EIQ) in order to allow for differences in terms of toxicity and persistence in the environment, it was apparent that the growing of Bt had a less negative impact on the environment. While this points to beneficial impacts on agricultural sustainability there are wider concerns regarding the vulnerability of resource-poor farmers in an area with limited (as yet) marketing options for their product and options for livelihood diversification both within and outside agriculture. Cotton producers in Makhathini are vulnerable as they rely on just One company for inputs (including, credit) and for their market. While Bt cotton provides benefits it does not in itself address some of the structural limitations that farmers face. (c) 2006 Elsevier B.V. All rights reserved.

Effective livelihood adaptation to climate change disturbance: scale dimensions of practice in Mozambique

Natural resource-dependent societies in developing countries are facing increased pressures linked to global climate change. While social-ecological systems evolve to accommodate variability, there is growing evidence that changes in drought, storm and flood extremes are increasing exposure of currently vulnerable populations. In many countries in Africa, these pressures are compounded by disruption to institutions and variability in livelihoods and income. The interactions of both rapid and slow onset livelihood disturbance contribute to enduring poverty and slow processes of rural livelihood renewal across a complex landscape. We explore cross-scale dynamics in coping and adaptation response, drawing on qualitative data from a case study in Mozambique. The research characterises the engagements across multiple institutional scales and the types of agents involved, providing insight into emergent conditions for adaptation to climate change in rural economies, The analysis explores local responses to climate shocks, food security and poverty reduction, through informal institutions, forms of livelihood diversification and collective land-use systems that allow reciprocity, flexibility and the ability to buffer shocks. However, the analysis shows that agricultural initiatives have helped to facilitate effective livelihood renewal, through the reorganisation of social institutions and opportunities for communication, innovation and micro-credit. Although there are challenges to mainstreaming adaptation at different scales, this research shows why it is critical to assess how policies can protect conditions for emergence of livelihood transformation. (C) 2008 Elsevier Ltd. All rights reserved.

Winter wheat in England and Wales, 1923 - 1995: What do indices of genetic diversity reveal?

Genealogical data have been used very widely to construct indices with which to examine the contribution of plant breeding programmes to the maintenance and enhancement of genetic resources. In this paper we use such indices to examine changes in the genetic diversity of the winter wheat crop in England and Wales between 1923 and 1995. We find that, except for one period characterized by the dominance of imported varieties, the genetic diversity of the winter wheat crop has been remarkably stable. This agrees with many studies of plant breeding programmes elsewhere. However, underlying the stability of the winter wheat crop is accelerating varietal turnover without any significant diversification of the genetic resources used. Moreover, the changes we observe are more directly attributable to changes in the varietal shares of the area under winter wheat than to the genealogical relationship between the varieties sown. We argue, therefore, that while genealogical indices reflect how well plant breeders have retained and exploited the resources with which they started, these indices suffer from a critical limitation. They do not reflect the proportion of the available range of genetic resources which has been effectively utilized in the breeding programme: complex crosses of a given set of varieties can yield high indices, and yet disguise the loss (or non-utilization) of a large proportion of the available genetic diversity.

The promotion of grassland forb abundance: A chemical or biological solution?

Techniques that increase the biodiversity value of species-poor grassland are required if conservation targets aimed at reversing the decline in species-rich grassland are to be met. This study investigated the diversification of swards dominated by Lolium perenne by testing the efficacies of two treatments applied to reduce competitive exclusion of species introduced as seed. The 'biological' treatment was the addition of the hemiparasitic plant species introduced as seed. The 'biological' treatment was the application of a selective graminicide, fluazifop-P-butyl (Fusilade 250EW). Changes in plant community composition were monitored for a period of 2 years. Values of plant species richness increased significantly between years regardless of treatment, but to a greater extent in plots sown with R. minor. The number of established sown species and their richness and tended to promote unsown species rather than those introduced as seed. Overall, the R. minor treatment was associated with the greatest impact on sward composition, facilitating establishment and development of the introduced species and promoting forb abundance. (c) 2007 Gessellschaft fur Okologie. Published by Elsevier GmbH. All rights reserved.

Arthropod diversity and community structure in relation to land use in the mekong delta, vietnam

Declining biodiversity in agro-ecosystems, caused by intensification of production or expansion of monocultures, is associated with the emergence of agricultural pests. Understanding how land-use and management control crop-associated biodiversity is, therefore, one of the key steps towards the prediction and maintenance of natural pest-control. Here we report on relationships between land-use variables and arthropod community attributes (for example, species diversity, abundance and guild structure) across a diversification gradient in a rice-dominated landscape in the Mekong delta, Vietnam. We show that rice habitats contained the most diverse arthropod communities, compared with other uncultivated and cultivated land-use types. In addition, arthropod species density and Simpson's diversity in flower, vegetable and fruit habitats was positively related to rice cover in the local landscape. However, across the landscape as a whole, reduction in heterogeneity and the amount of uncultivated cover was associated, generally, with a loss of diversity. Furthermore, arthropod species density in tillering and flowering stages of rice was positively related to crop and vegetation richness, respectively, in the local landscape. Differential effects on feeding guilds were also observed in rice-associated communities with the proportional abundance of predators increasing and the proportional abundance of detritivores decreasing with increased landscape rice cover. Thus, we identify a range of rather complex, sometimes contradictory patterns concerning the impact of rice cover and landscape heterogeneity on arthropod community attributes. Importantly, we conclude that that land-use change associated with expansion of monoculture rice need not automatically impact diversity and functioning of the arthropod community.