SENSIBILIDAD DE LA RAZÓN DE MOROSIDAD Y LIQUIDEZ DEL SISTEMA BANCARIO NACIONAL ANTE CAMBIOS EN EL ENTORNO: UN ENFOQUE UTILIZANDO DATOS DE PANEL

El objetivo principal de este estudio es identificar algunas variables del entorno que afectan los indicadores financieros de morosidad y de liquidez en el sistema bancario costarricense, cuantificar su efecto y determinar el rezago con que dicho efecto se presenta ante cambios en algunas variables del entorno.Mediante la aplicación del enfoque de datos de panel, el estudio brinda los siguientes resultados: i) en general, se determinó para los indicadores de morosidad crediticia y de liquidez que existe una reacción similar a nivel de sistema bancario ante cambios en las variables del entorno; no obstante, entre los bancos se presentan diferencias en su comportamiento particular, las que se asocian con aspectos de capacidad empresarial, políticas internas, eficiencia operativa, experiencia y tecnología, entre otros; ii)las variables que afectan con mayor intensidad la morosidad son: la devaluación, la inflación, las nuevas colocaciones crediticias y el ritmo de la actividad económica local; iii) por su parte, las variables que impactan el indicador de liquidez son: la emisión monetaria, las tasas de interés en colones, la tasa de subasta, la tasa de indiferencia y la morosidad de los bancos; iv) además se efectuó una cuantificación porcentual sobre el impacto en ambos indicadores ante cambios en las variables relevantes, así como el rezago que mostró mayor significancia en cada una de las variables.Desde el punto de vista del Banco Central los resultados permiten identificar qué variables podrían generar problemas sistémicos en cada una de las áreas evaluadas, lo cual debe ser tomado en consideración dentro del Sistema de Indicadores de Alerta Temprana al que da seguimiento la División Económica.

Optimization of Energy Distribution in Solar Panel Array Configurations by Graph Theory and Minkowski’s Paths

Nowadays, the development of the photovoltaic (PV) technology is consolidated as a source of renewable energy. The research in the topic of maximum improvement on the energy efficiency of the PV plants is today a major challenge. The main requirement for this purpose is to know the performance of each of the PV modules that integrate the PV field in real time. In this respect, a PLC communications based Smart Monitoring and Communications Module, which is able to monitor at PV level their operating parameters, has been developed at the University of Malaga. With this device you can check if any of the panels is suffering any type of overriding performance, due to a malfunction or partial shadowing of its surface. Since these fluctuations in electricity production from a single panel affect the overall sum of all panels that conform a string, it is necessary to isolate the problem and modify the routes of energy through alternative paths in case of PV panels array configuration.

Diseño de un panel de hormigón prefabricado arquitectónico para cerramientos verticales y particiones interiores

Esta investigación tuvo como objetivo desarrollar un panel de hormigón prefabricado arquitectónico, que pueda ser utilizado como una alternativa de uso frente a los sistemas constructivos de cerramiento tradicional. Para ello se empleó un material nuevo y poco conocido en Ecuador denominado GRC “GlassFibreReinforcedCement”. Este es un material compuesto por una matriz de micro-hormigón de cemento Portland y fibras de vidrio álcali resistente dispersas en toda su masa. El compuesto resultante presenta una sección aproximada de 10mm con el cual se obtienen paneles de extremada ligereza y de alta resistencia a la flexión, tracción, impactos, fuego y corrosión.

Panel prefabricado a base de fibras naturales

En este trabajo de investigación, se diseñó y desarrollo un panel prefabricado para aplicaciones arquitectónicas, compuesto por fibras naturales. El panel fue elaborado a partir de una mezcla de fibras vegetales de tamo de arroz y cabuya, con partículas de arena silícea, los cuales, están aglomerados con una resina de silicato de sodio. La mezcla de estos materiales tiene buenas propiedades de trabajabilidad, compactación y con la aplicación de dióxido de carbono CO2, esta mezcla se solidifica rápidamente. Esta técnica, facilita el proceso de producción en serie de los paneles prefabricados de fibras naturales. A través del moldeo con una prensa manual, se obtuvo paneles con buenas propiedades y características de resistencia, módulo de ruptura, densidad y contenido de humedad; además de tener medidas modulares, texturas de agradable aspecto superficial y criterios de reversibilidad. Los paneles también presentan favorables cualidades de aislamiento térmico y acústico. Sus aplicaciones y utilidades son para revestimiento en espacios interiores de: muros, cielo raso y tabiquería liviana o decorativa. Finalmente se generó una propuesta de instalación de los paneles, utilizando de igual forma recursos renovables y sostenibles.

Confiscated Properties in Cuba: Revisiting the Issue of Legal Settlements after D17- A Panel Discussion

This flyer promotes a panel discussion titled "Confiscated Properties in Cuba: Revisiting the Issue of Legal Settlements after D17". The panelists will discuss the legal and economic implications of dealing with the private properties confiscated by the Cuban revolutionary government from both Cuban and non-Cuban actors. Confirmed participants include: Rolando Anillo, President, Cuban Claims Association Pedro G. Menocal, Partner, Gutierrez Bergman Boulris, PLLC Jose Gabilondo, Associate Professor of Law, FIU Matias F. Travieso-Diaz, retired partner, Pillsbury Winthrop Shaw Pittman LLP. This event was held on November 12, 2015 FIU Modesto A. Maidique Campus, Rafael Diaz Balart Hall 1000

Determinants of Terminal Value in the Evaluation of Companies: A Panel Data Approach to the Context of European Companies.

The uncertainty of the future of a firm has to be modelled and incorporated into the evaluation of companies outside their explicit period of analysis, i.e., in the continuing or terminal value considered within valuation models. However, there is a multiplicity of factors that influence the continuing value of businesses which are not currently being considered within valuation models. In fact, ignoring these factors may cause significant errors of judgment, which can lead models to values of goodwill or badwill, far from the substantial value of the inherent assets. Consequently, these results provided will be markedly different from market values. So, why not consider alternative models incorporating life expectancy of companies, as well as the influence of other attributes of the company in order to get a smoother adjustment between market price and valuation methods? This study aims to provide a contribution towards this area, having as its main objective the analysis of potential determinants of firm value in the long term. Using a sample of 714 listed companies, belonging to 15 European countries, and a panel data for the period between 1992 and 2011, our results show that continuing value cannot be regarded as the current value of a constant or growth perpetuity of a particular attribute of the company, but instead be according to a set of attributes such as free cash flow, net income, the average life expectancy of the company, investment in R&D, capabilities and quality of management, liquidity and financing structure.

Performance determinants For Swedish Financial Monetary Institutions: Panel Data evidence between 2010-2014.

Due to the rapid changes that governs the Swedish financial sector such as financial deregulations and technological innovations, it is imperative to examine the extent to which the Swedish Financial institutions had performed amid these changes. For this to be accomplish, the work investigates what are the determinants of performance for Swedish Financial Monetary Institutions? Assumptions were derived from theoretical and empirical literatures to investigate the authenticity of this research question using seven explanatory variables. Two models were specified using Returns on Asset (ROA) and Return on Equity (ROE) as the main performance indicators and for the sake of reliability and validity, three different estimators such as Ordinary Least Square (OLS), Generalized Least Square (GLS) and Feasible Generalized Least Square (FGLS) were employed. The Akaike Information Criterion (AIC) was also used to verify which specification explains performance better while performing robustness check of parameter estimates was done by correcting for standard errors. Based on the findings, ROA specification proves to have the lowest Akaike Information Criterion (AIC) and Standard errors compared to ROE specification. Under ROA, two variables; the profit margins and the Interest coverage ratio proves to be statistically significant while under ROE just the interest coverage ratio (ICR) for all the estimators proves significant. The result also shows that the FGLS is the most efficient estimator, then follows the GLS and the last OLS. when corrected for SE robust, the gearing ratio which measures the capital structure becomes significant under ROA and its estimate become positive under ROE robust. Conclusions were drawn that, within the period of study three variables (ICR, profit margins and gearing) shows significant and four variables were insignificant. The overall findings show that the institutions strive to their best to maximize returns but these returns were just normal to cover their costs of operation. Much should be done as per the ASC theory to avoid liquidity and credit risks problems. Again, estimated values of ICR and profit margins shows that a considerable amount of efforts with sound financial policies are required to increase performance by one percentage point. Areas of further research could be how the individual stochastic factors such as the Dupont model, repo rates, inflation, GDP etc. can influence performance.

Uniform Guidelines for Nomination of a Circuit Public Defender by a Selection Panel

Each Circuit Public Defender Selection Panel is responsible for nominating a person to serve as the Circuit Public Defender for their circuit. This is a list of guidelines to follow in that selection.

José de Escovar at the Chapel of the Souls: Technical and Material Study of a 1603 Panel Painting

This article reports the preliminary results of a technical and material study carried out on a 17th century panel painting located at the Chapel of the Souls in the main church of Vila Nova da Baronia (30 km away from Evora city, in southern Portugal). This painting is attributed to Jose the Escovar, a painter that worked for Evora Archiepiscopate between 1583 and 1622. Jose the Escovar is known by his mural paintings all across the Alentejo region. This is the first time that a panel painting made by this artist was studied. Analytical methods used included in situ technical photography (visible (Vis), raking light (RAK), infrared (IR), and ultraviolet (UV)), optical microscopy of cross sections, scanning electron microscopy with energy dispersive X-ray spectrometry (SEM-EDS), micro Raman spectroscopy, and micro Fourier transform infrared spectroscopy (m-FT-IR). The goal was to ascertain the techniques and colored materials used by Escovar on this painting so that the data can be used in future comparisons with others works attributed to this painter based on stylistic aspects.

The Influence of Age and Size on Family-Owned Firms’ Financing Decisions: Empirical Evidence Using Panel Data

Based on four samples of Portuguese family-owned firmsdi) 185 young, low-sized family-owned firms; ii) 167 young, high-sized familyowned firms; iii) 301 old, low-sized family-owned firms; and iv) 353 old, high-sized family-owned firms d we show that age and size are fundamental characteristics in family-owned firms’ financing decisions. The multiple empirical evidence obtained allows us to conclude that the financing decisions of young, low-sized family-owned firms are quite close to the assumptions of Pecking Order Theory, whereas those of old, high-sized family-owned firms are quite close to what is forecast by Trade-Off Theory. The lesser information asymmetry associated with greater age, the lesser likelihood of bankruptcy associated with greater size, as well as the lesser concentration of ownership and management consequence of greater age and size, may be especially important in the financing decisions of family-owned firms. In addition, we find that GDP, interest rate and periods of crisis have a greater effect on the debt of young, low-sized family-owned firms than on that of family-owned firms of the remainder research samples.

GWAS of a maize Phosphorus-Starvation Tolerance 1 homolog expression in a tropical diverse panel.

2016

Clinical impact of next-generation sequencing multi-gene panel highlighting the landscape of germline alterations in ovarian cancer patients

BRCA1 and BRCA2 are the most frequently mutated genes in ovarian cancer (OC), crucial both for the identification of cancer predisposition and therapeutic choices. However, germline variants in other genes could be involved in OC susceptibility. We characterized OC patients to detect mutations in genes other than BRCA1/2 that could be associated with a high risk to develop OC, and that could permit patients to enter the most appropriate treatment and surveillance program. Next-Generation Sequencing analysis with a 94-gene panel was performed on germline DNA of 219 OC patients. We identified 34 pathogenic/likely-pathogenic variants in BRCA1/2 and 38 in other 21 genes. Patients with pathogenic/likely-pathogenic variants in non-BRCA1/2 genes developed mainly OC alone compared to the other groups that developed also breast cancer or other tumors (p=0.001). Clinical correlation analysis showed that low-risk patients were significantly associated with platinum sensitivity (p<0.001). Regarding PARP inhibitors (PARPi) response, patients with pathogenic mutations in non-BRCA1/2 genes had significantly worse PFS and OS. Moreover, a statistically significant worse PFS was found for every increase of one thousand platelets before PARPi treatment. To conclude, knowledge about molecular alterations in genes beyond BRCA1/2 in OC could allow for more personalized diagnostic, predictive, prognostic, and therapeutic strategies for OC patients.

Exploring mediterranean durum wheat wild relatives and elite diversity panel for future breeding

Durum wheat (Triticum durum) is an important crop that has been used for millennia for human consumption, and modern breeding can take advantage of the wide variability useful for the adaptation to new challenges. Novel beneficial alleles can be found in wild relatives and landraces thus enhancing crop adaptation to many biotic and abiotic stresses. This dissertation considers the source of variability from both before and after wheat domestication, that caused a loss of potentially useful alleles. Chapter 1. is the thesis introduction, which outlines the importance of wheat in the world, providing an historical overview of the domestication, the evolution mechanisms that led to the current forms of durum wheat and the use of wild relatives as a source of germplasm for future breeding programs is crucial. Moreover, the emergence of Z. tritici has been considered as the main pathogen of wheat since it contains extremely high levels of genetic variability and is thus difficult to control. Chapter 2. Considers the contribution of the phenotypic diversity of 242 accessions of Aegilops tauschii from the Open Wild Wheat Consortium, involved in wheat domestication, provided with whole-genome resequencing. The accessions were phenotyped both in the field and in controlled conditions and A k-mer-based GWAS was performed to identify genomic regions involved in useful traits. Chapter 3. Describes the genetic basis of resistance to Z. tritici in a durum wheat elite diversity panel representative of the germplasm bred in Mediterranean. Quantitative trait loci (QTL) analysis results revealed several loci involved in the STB response that were found in several chromosome regions with a high infection rate. The genomic regions associated with STB resistance identified in this study could be of interest for marker assisted selection (MAS) in durum wheat breeding programs.

Metodi strumentali per l'analisi della frazione volatile in oli di oliva vergini come supporto al panel test

L’olio di oliva è tra i prodotti alimentari principali della dieta mediterranea e possiede delle caratteristiche salutistiche, compositive e sensoriali peculiari. La qualità e la genuinità dell’olio di oliva vergine sono valutate sia mediante determinazioni analitiche chimiche e strumentali, sia attraverso l’analisi sensoriale. Quest’ultima, realizzata con il metodo del panel test, è tra i metodi ufficiali per la classificazione degli oli di oliva vergini nelle tre categorie commerciali extra vergine, vergine e lampante. Tuttavia, l’analisi sensoriale presenta dei limiti legati, in particolare, al numero elevato di campioni di olio da analizzare rispetto alle capacità di lavoro dei panel. Negli ultimi anni è aumentata, così, la necessità di sviluppare e validare metodi analitici strumentali che, pre-classificando gli oli in esame, siano di supporto al panel test e possano ridurre il numero di campioni da sottoporre ad analisi sensoriale. In questo elaborato di tesi sono state prese in considerazione due diverse tecniche analitiche, la gas cromatografica accoppiata alla spettrometria a mobilità ionica (HS-GC-IMS) e la flash gas cromatografia (FGC E-nose), entrambe impiegate per la valutazione della frazione volatile dell’olio di oliva, responsabile degli attributi olfattivi del prodotto. Utilizzando i risultati ottenuti applicando queste due tecniche, mediante analisi multivariata, è stato possibile stimare la categoria merceologica di ogni campione appartenente ad un set di 52 oli di oliva vergini, classificandoli con un determinato livello di probabilità. Entrambe le metodiche analitiche sono già state utilizzate e valutate in precedenti studi; con la sperimentazione effettuata nell’ambito di questa tesi è stato possibile confermare l’efficacia dei modelli di stima che possono essere impiegati con finalità di screening in supporto al panel test, nell’ottica di renderli sempre più robusti ed affidabili per la classificazione degli oli di oliva vergini.

Exploring Iris Colour Prediction And Ancestry Inference In Admixed Populations Of South America.

New DNA-based predictive tests for physical characteristics and inference of ancestry are highly informative tools that are being increasingly used in forensic genetic analysis. Two eye colour prediction models: a Bayesian classifier - Snipper and a multinomial logistic regression (MLR) system for the Irisplex assay, have been described for the analysis of unadmixed European populations. Since multiple SNPs in combination contribute in varying degrees to eye colour predictability in Europeans, it is likely that these predictive tests will perform in different ways amongst admixed populations that have European co-ancestry, compared to unadmixed Europeans. In this study we examined 99 individuals from two admixed South American populations comparing eye colour versus ancestry in order to reveal a direct correlation of light eye colour phenotypes with European co-ancestry in admixed individuals. Additionally, eye colour prediction following six prediction models, using varying numbers of SNPs and based on Snipper and MLR, were applied to the study populations. Furthermore, patterns of eye colour prediction have been inferred for a set of publicly available admixed and globally distributed populations from the HGDP-CEPH panel and 1000 Genomes databases with a special emphasis on admixed American populations similar to those of the study samples.