Credit Default Swaps (CDS) y Collateral Debt Obligation (CDO) derivados financieros responsables de la crisis sub-prime de 2008 en Estados Unidos y una guía para el desarrollo del mercado de derivados exóticos en Colombia

La crisis financiera hipotecaria de 2008 en la que se declaró en quiebra el banco de inversión Lehman Brothers, se desarrolló en un ambiente que contemplaba apalancamientos financieros excesivos y el uso de derivados financieros de crédito innovadores. Razón por la cual, a partir del estudio de caso de quiebra de este banco de inversión y el análisis de las causas y consecuencias del ambiente desregulatorio que surgió en Estados Unidos desde la década de los 30 hasta el 2000, se orienta la investigación a indagar sobre lo que sucede en términos regulatorios y empresariales en el mercado de valores colombiano y así lograr definir objetivos que permitan el crecimiento del mercado de derivados exóticos en Colombia bajo un marco de responsabilidad financiera y ética empresarial.

Functional studies of the deubiquitinating enzymes USP19, USP4 and UCH-L1

El marcaje de proteínas con ubiquitina, conocido como ubiquitinación, cumple diferentes funciones que incluyen la regulación de varios procesos celulares, tales como: la degradación de proteínas por medio del proteosoma, la reparación del ADN, la señalización mediada por receptores de membrana, y la endocitosis, entre otras (1). Las moléculas de ubiquitina pueden ser removidas de sus sustratos gracias a la acción de un gran grupo de proteasas, llamadas enzimas deubiquitinizantes (DUBs) (2). Las DUBs son esenciales para la manutención de la homeostasis de la ubiquitina y para la regulación del estado de ubiquitinación de diferentes sustratos. El gran número y la diversidad de DUBs descritas refleja tanto su especificidad como su utilización para regular un amplio espectro de sustratos y vías celulares. Aunque muchas DUBs han sido estudiadas a profundidad, actualmente se desconocen los sustratos y las funciones biológicas de la mayoría de ellas. En este trabajo se investigaron las funciones de las DUBs: USP19, USP4 y UCH-L1. Utilizando varias técnicas de biología molecular y celular se encontró que: i) USP19 es regulada por las ubiquitin ligasas SIAH1 y SIAH2 ii) USP19 es importante para regular HIF-1α, un factor de transcripción clave en la respuesta celular a hipoxia, iii) USP4 interactúa con el proteosoma, iv) La quimera mCherry-UCH-L1 reproduce parcialmente los fenotipos que nuestro grupo ha descrito previamente al usar otros constructos de la misma enzima, y v) UCH-L1 promueve la internalización de la bacteria Yersinia pseudotuberculosis.

The institutional environment and its influence on political options to Protect Winnipeg’s Female garments Workers against the impact of globalization

The principal objective of this paper is to identify the relationship between the re­sults of the Canadian policies implemented to protect female workers against the impact of globalization on the garment industry and the institutional setting in which this labour market is immersed in Winnipeg. This research paper begins with a brief summary of the institutional theory appro­ach that sheds light on the analysis of the effects of institutions on the policy options to protect female workers of the Winnipeg garment industry. Next, this paper identi­fies the set of beliefs, formal procedures, routines, norms and conventions that cha­racterize the institutional environment of the female workers of Winnipeg’s garment industry. Subsequently, this paper descri­bes the impact of free trade policies on the garment industry of Winnipeg. Afterward, this paper presents an analysis of the ba­rriers that the institutional features of the garment sector in Winnipeg can set to the successful achievement of policy options addressed to protect the female workforce of this sector. Three policy options are considered: ethical purchasing; training/retraining programs and social engage­ment support for garment workers; and protection of migrated workers through promoting and facilitating bonds between Canada’s trade unions and trade unions of the labour sending countries. Finally, this paper concludes that the formation of isolated cultural groups inside of factories; the belief that there is gender and race discrimination on the part of the garment industry management against workers; the powerless social conditions of immi­grant women; the economic rationality of garment factories’ managers; and the lack of political will on the part of Canada and the labour sending countries to set effective bilateral agreements to protect migrate wor­kers, are the principal barriers that divide the actors involved in the garment industry in Winnipeg. This division among the prin­cipal actors of Winnipeg’s garment industry impedes the change toward more efficient institutions and, hence, the successful achievement of policy options addressed to protect women workers. 

Mnesic performance and executive functions in patients with multiple sclerosis (MS)

The Episodic Memory (EM) and the Executive Functions (EF) are cognitive areas that are affected in patients with diagnosis of Multiple Sclerosis (MS). Nowadays there exists scarce works destined to explore the infl uence of the EF on measures of mnesic performance in MS. For this reason, we analyze the effect of the EF on the performance in a set of memory measures. We worked with a clinical group (n=36) and with a control group (n=36) compared by age and educational level. The results show that the clinical group obtained significantly low average values in all the mnesic indexes (with exception of recognition) and in all the executive measures. All the executive indexes showed significant associations with some of the indexes of mnesic performance. These findings suggest that the problems in the episodic memory in EM patients could be analyzed as the manifestation of a global disorder that could be similar to the one that involves the EF. 

Rehabilitation of executive functions: Implications and strategies

Executive Functions (EF) concern a range of abilitiesincluding problem-solving, planning, initiation, selfmonitoring,conscious attention, cope with new situationsand the ability to modify plans if necessary. It’s ahigh cognitive function that is crucial for a person to getengaged and maintain daily activities whilst keeping agood quality of life. Problems in the EF were formerlyknown as Dysexecutive Syndrome (DS). There are manymodels concerning DS, although the literature on thesubject still remains unclear. Several works appoint theeffects brought by elderly life, as well as abuse of drugsand some psychopathologies. These factors are knownto increase the distress of the frontal circuits and thatcould be associated to executive deficits. The effects ofDS would compromise individuals in day-to-day routine,academic, social and labor fields. There is a growingbody of studies trying to determine the causes, implications,associations and the best way to take care of theseeffects. This work intends to review DS, focusing on themost important fields related to this area, such as psychopathologyassociations, cognitive reserve, assessmentand cognitive rehabilitation programs.

Executive functions in school-aged children: age and socioeconomic status effects

Lately, the study of prefrontal executive functions in grade scholars has noticeably increased. The aim of this study is to investigate the influence of age and socioeconomic status (sEs) on executive tasks performance and to analyze those socioeconomic variables that predict a better execution. A sample of 254 children aged between 7 and 12 years from the city of santa Fe, Argentina and belonging to different socioeconomic status were tested. A bat- tery of executive functions sensitive to prefrontal function was used to obtain the results. These in- dicate a significant influence of age and SES on executive functions. The cognitive patterns follow a different path according to the development and sEs effect. Besides, it is revealed a pattern of low cognitive functioning in low-sEs children in all executive functions. Finally, from the variables included in this study, it was found that only the educational level of the mother and the housing conditions are associated to the children’s executive function. The results are discussed in terms of the influence of the cerebral maturation and the envi- ronmental variables in the executive functioning.

Type 2 diabetes; elderly; cognitive deficit; cognitive flexibility; executive functions Resumen

Through meditation, people become aware of what happens in the body and mind, accepting the present experiences as they are and getting a better understanding of the true nature of things. Meditation practices and its inclusion as an intervention technique, have generated great interest in identifying the brain mechanisms through which these practices operate. Different studies suggest that the practice of meditation is associated with the use of different neural networks as well as changes in brain structure and function, represented in higher concentration of gray matter structures at the hippocampus, the right anterior insula, orbital frontal cortex (OFC) and greater involvement of the anterior cingulate cortex (ACC). These and other unrelated studies, shows the multiple implications of the regular practice of mindfulness in the structures and functions of the brain and its relation to certain observable and subjective states in people who practice it. Such evidence enabling the inclusion of mindfulness in psychological therapy where multiple applications have been developed to prove its effectiveness in treating affective and emotional problems, crisis management, social skills, verbal creativity, addiction and craving management, family and caregivers stress of dementia patients and others. However, neuropsychological rehabilitation has no formal proposals for intervention from these findings. The aim of this paper is to propose use of Mindfulness in neuropsychological rehabilitation process, taking the positions and theory of A.R. Luria.

Social Responsibility, an Approach to the Executive Peruvian Perspective

In recent years the issue of social responsibility is becoming more important, which isreflected in the companies have incorporated it into their agenda of interests. In this sense,the article is intended to make a first approach to the level of implementation efforts, aswell as their prospects for the future. We interviewed a total of 144 people representingdifferent economic sectors. We conclude that the majority of executives do not have aclear understanding of the modern concept of RS nor of its benefits, it limits the concept tophilanthropy and actions are oriented to the community and environment.

Changing dynamics of the interinstitutional relationships between executive and legislature power in Colombia (2002/2006)

This paper describes the relationship between the executive and legislative branches during the first government of Alvaro Uribe Vélez. We will focus on reviewing the legislative output of each branch of power, along with the effectiveness and efficiency they showed as promoters of this production. We will review the impact they had on the legislative agenda setting and on the control of the legislative process  itself, making a diachronic analysis in which each legislature is used as a unit. Thus, we will try to identify the presence (or not) of some kind of pattern interactions,  and we will evaluate, at one hand, the existence of hierarchical and transactional trends, and, on the other, the different types of balances produced  between them.

Valoración del costo de los recursos propios de las empresas. caso particular: empresas de servicios a la persona en Francia

El WACC o Coste Medio Ponderado de Capital es la tasa a la que se deben descontar los flujos para evaluar un proyecto o empresa. Para calcular esta tasa es necesario determinar el costo de la deuda y el costo de los recursos propios de la compañía; el costo de la deuda es la tasa actual del mercado que la empresa está pagando por su deuda, sin embargo el costo de los recursos propios podría ser difícil y más complejo de estimar ya que no existe un costo explícito. En este trabajo se presenta un panorama de las teorías propuestas a lo largo de la historia para calcular el costo de los recursos propios. Como caso particular, se estimará el costo de los recursos propios sin apalancamiento financiero de seis empresas francesas que no cotizan en bolsa y pertenecientes al sector de Servicios a la Persona (SAP). Para lograr lo anterior, se utilizará el Proceso de Análisis Jerárquico (AHP) y el Modelo de Valoración del Precio de los Activos Financieros (CAPM) con base en lo presentado por Martha Pachón (2013) en “Modelo alternativo para calcular el costo de los recursos propios”.

Option pricing in market models driven by telegraph processes with jumps

Esta tesis está dividida en dos partes: en la primera parte se presentan y estudian los procesos telegráficos, los procesos de Poisson con compensador telegráfico y los procesos telegráficos con saltos. El estudio presentado en esta primera parte incluye el cálculo de las distribuciones de cada proceso, las medias y varianzas, así como las funciones generadoras de momentos entre otras propiedades. Utilizando estas propiedades en la segunda parte se estudian los modelos de valoración de opciones basados en procesos telegráficos con saltos. En esta parte se da una descripción de cómo calcular las medidas neutrales al riesgo, se encuentra la condición de no arbitraje en este tipo de modelos y por último se calcula el precio de las opciones Europeas de compra y venta.

Factores asociados a deficiencia de zinc en niños colombianos entre 1 y 4 años de edad

Introducción: Las deficiencias de micronutrientes continúan siendo un problema de salud pública en la población infantil, dentro de las ellas se ha encontrado a la deficiencia de zinc causa importante de morbi-mortalidad en los países en desarrollo, la nutrición adecuada de zinc es esencial para un crecimiento adecuado, inmunocompetencia y desarrollo neuroconductual; se dispone de información insuficiente sobre el estado de zinc en la población preescolar lo cual dificulta la expansión de las intervenciones para el control de su deficiencia. Colombia presenta una deficiencia de este micronutriente, considerándose a nivel mundial como un problema de salud pública moderado a severo. Una evaluación sobre la prevalencia y factores determinantes asociados puede proporcionar datos sobre el riesgo de deficiencia de zinc en una población, considerando factores demográficos, sociales y nutricionales que podrían predisponer a la población preescolar colombiana a sufrir este déficit. Metodología: Estudio observacional de corte transversal que incluyó 4275 niños entre 1 y 4 años, utilizando datos de la Encuesta Nacional de Situación Nutricional (ENSIN-2010). Se realizaron análisis bivariados y multivariados para determinar factores asociados positiva y negativamente con deficiencia de zinc. Resultados: El 49,1% de los niños encuestados cursaban con deficiencia de zinc. Los factores de riesgo asociados a deficiencia de zinc encontrados fueron menor edad, peso y talla bajos, vivir en región Atlántica, región Central, Territorios Nacionales, vivienda en área de población dispersa, pertenencia a etnia afrocolombiana, pertenencia a etnia indígena, estar afiliado a régimen subsidiado, no estar afiliado a ningún régimen de salud, madre sin educación, no asistencia a programa de alimentación dirigido y el grado severo de inseguridad Conclusiones: El déficit de zinc en los niños entre 1 y 4 años de edad es multifactorial, siendo un reflejo probable de la situación de inequidad de la población colombiana, en especial, la más pobre y vulnerable. Palabras clave: Zinc, Deficiencia de zinc, factores asociados, niños entre 1 y 4 años, Colombia