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.

Ergonomía. Fundamentos para el desarrollo de soluciones ergonómicas

En este texto se presentan algunos conceptos y marcos teóricos útiles para el análisis del trabajo en ergonomía. El objetivo es mostrar los conceptos de base para el estudio del trabajo en la tradición de la ergonomía de la actividad, y analizar de manera general algunos de los modelos empleados para el análisis de una actividad de trabajo. Inicialmente se abordan los principios teóricos de la ergonomía y los principios que provienen de la fisiología, la biomecánica, la psicología y la sociología; también se presentan los acercamientos metodológicos empleados en esta misma perspectiva para el análisis de actividades de trabajo. Se parte del principio de que un estudio ergonómico del trabajo se puede llevar a cabo desde una doble perspectiva: la perspectiva analítica y la perspectiva comprensiva.

Epidemiología y perdurabilidad empresarial en Colombia: Grupo Éxito

La muerte empresarial es un proceso que se ha venido presentando en compañías de las diferentes industrias a nivel nacional. La causa son los diferentes factores externos que impactan directamente las operaciones y estructura de estas. Con base en lo anterior es importante resaltar que existen diferentes tipos de muerte empresarial que para efectos de este trabajo se encontraron importante referenciar, pues son el marco del análisis de caso sobre Almacenes Éxito S.A. perteneciente al sector retail, donde se buscaba determinar cuál fue el tipo de cesión que tuvo, como consecuencia de la venta de acciones a la Compañía Francesa Casino Guichard-Perrachon S.A. Además del marco teórico empleado, se encontró importante realizar una reseña histórica de las diferentes empresas que han integrado el sector con el fin de entender posibles generalidades que se han venido replicando y que han llevado a la muerte empresarial de importantes compañías. Este trabajo permite la comprensión de las diferentes transformaciones que pueden tener los entes económicos a lo largo de su vida empresarial, no solo con lo que puede entenderse como el cese de operaciones sino también como apertura a nuevas estrategias de crecimiento y expansión.

The young person's guide to the Internet : the essential website reference book for young people, parents and teachers.

Esta guía práctica ayuda a los jóvenes, estudiantes, padres, profesores y escuelas a descubrir el enorme potencial de Internet y a mostrar cómo se puede utilizar de forma segura y eficaz, tanto para la educación, el estudio, la investigación cómo el entretenimiento. Contiene las direcciones de más de mil seiscientos sitios web, ordenadas en treinta categorías, que cubren todas las materias del curriculo nacional inglés, además, de las de de medios de comunicación, arte y música, juegos en línea, teatro, lugares de interés, deportes y viajes. Este recurso se completa con secciones especiales para padres y tutores y un resumen de cada una de estas páginas web.

Actitudes y conocimientos de los estudiantes de la enseñanza superior población de Coimbra ante la vejez : influencia de experiencias de vida y académicos

Se persigue describir y definir las actitudes de estudiantes de enseñanza superior de Coimbra (Portugal) sobre la vejez, evaluando sus conocimientos básicos sobre gerontología y relacionando dichas actitudes y conocimientos con variables sociodemográficas y académico/formativas. La muestra escogida para la realización del estudio fue de 592 alumnos (de un total de 33.278 estudiantes) de la enseñanza superior pública de Coimbra de edades comprendidas entre los 18 y los 30 años, recogiéndose los datos entre 2008 y 2009. Se les pidió a los alumnos participantes que cumplimentasen una serie de baterías de preguntas: una escala de conocimientos básicos sobre vejez (Palmori-Neri-Cachioni), una escala de actitudes (Inventario de Sheppard) y una encuesta sociodemográfica. Entre las conclusiones extraídas a partir de los resultados obtenidos, destaca una actitud moderadamente positiva ante el mayor, pero poco conocimiento sobre el envejecimiento. Las actitudes mas positivas se presentan en mujeres, en los sujetos de mayor edad y en aquellos que conviven de forma habitual con mayores, mientras que los estudiantes que tienen experiencia en voluntariado con mayores poseen mas conocimientos específicos

(-)Epicatechin stimulates ERK-dependent cyclic AMP response element activity and up-regulates GluR2 in cortical neurons

Emerging evidence suggests that the cellular actions of flavonoids relate not simply to their antioxidant potential but also to the modulation of protein kinase signalling pathways. We investigated in primary cortical neurons, the ability of the flavan-3-ol, (-)epicatechin, and its human metabolites at physiologically relevant concentrations, to stimulate phosphorylation of the transcription factor cAMP-response element binding protein (CREB), a regulator of neuronal viability and synaptic plasticity. (-)Epicatechin at 100-300 nmol/L stimulated a rapid, extracellular signal-regulated kinase (ERK)- and PI3K-dependent, increase in CREB phosphorylation. At micromolar concentrations, stimulation was no longer apparent and at the highest concentration tested (30 mu mol/L) (-)epicatechin was inhibitory. (-)Epicatechin also stimulated ERK and Akt phosphorylation with similar bell-shaped concentration-response characteristics. The human metabolite 3 '-O-methyl-(-)epicatechin was as effective as (-)epicatechin at stimulating ERK phosphorylation, but (-)epicatechin glucuronide was inactive. (-)Epicatechin and 3 '-O-methyl-(-)epicatechin treatments (100 nmol/L) increased CRE-luciferase activity in cortical neurons in a partially ERK-dependent manner, suggesting the potential to increase CREB-mediated gene expression. mRNA levels of the glutamate receptor subunit GluR2 increased by 60%, measured 18 h after a 15 min exposure to (-)epicatechin and this translated into an increase in GluR2 protein. Thus, (-)epicatechin has the potential to increase CREB-regulated gene expression and increase GluR2 levels and thus modulate neurotransmission, plasticity and synaptogenesis.

Design and disposition of infrared optical multilayer coatings for the Improved Stratospheric and Mesospheric Sounder (ISAMS)

The Improved Stratospheric and Mesospheric Sounder (ISAMS) is designed to measure the Earths middle atmosphere in the range of 4.6 to 16.6 micorns. This paper considers all the coated optical elements in two radiometric test channels. (Analysis of the spectral response will be presented as a seperate paper at this symposium, see Sheppard et al). Comparisons between the compued spectral performance and measurements from actual coatings will be discussed: These will include substrate absorption simulations. The results of environmental testing (durability and stability) are included, together with details of coating deposition and monitoring conditions.

Expression-system-dependent modulation of HIV-1 envelope glycoprotein antigenicity and immunogenicity.

Recombinant expression systems differ in the type of glycosylation they impart on expressed antigens such as the human immunodeficiency virus type 1 (HIV-1) envelope glycoproteins, potentially affecting their biological properties. We performed head-to-head antigenic, immunogenic and molecular profiling of two distantly related Env surface (gp120) antigens produced in different systems: (a) mammalian (293 FreeStyle cells; 293F) cells in the presence of kifunensine, which impart only high-mannose glycans; (b) insect cells (Spodoptera frugiperda, Sf9), which confer mainly paucimannosidic glycans; (c) Sf9 cells recombinant for mammalian glycosylation enzymes (Sf9 Mimic), which impart high-mannose, hybrid and complex glycans without sialic acid; and (d) 293F cells, which impart high-mannose, hybrid and complex glycans with sialic acid. Molecular models revealed a significant difference in gp120 glycan coverage between the Sf9-derived and wild-type mammalian-cell-derived material that is predicted to affect ligand binding sites proximal to glycans. Modeling of solvent-exposed surface electrostatic potentials showed that sialic acid imparts a significant negative surface charge that may influence gp120 antigenicity and immunogenicity. Gp120 expressed in systems that do not incorporate sialic acid displayed increased ligand binding to the CD4 binding and CD4-induced sites compared to those expressed in the system that do, and imparted other more subtle differences in antigenicity in a gp120 subtype-specific manner. Non-sialic-acid-containing gp120 was significantly more immunogenic than the sialylated version when administered in two different adjuvants, and induced higher titers of antibodies competing for CD4 binding site ligand-gp120 interaction. These findings suggest that non-sialic-acid-imparting systems yield gp120 immunogens with modified antigenic and immunogenic properties, considerations that should be considered when selecting expression systems for glycosylated antigens to be used for structure-function studies and for vaccine use.

Pushing the boundaries of the social: private agri-food standards and the governance of Fair Trade in European public procurement

The article explores how fair trade and associated private agri-food standards are incorporated into public procurement in Europe. Procurement law is underpinned by principles of equity, non-discrimination and transparency; one consequence is that legal obstacles exist to fair trade being privileged within procurement practice. These obstacles have pragmatic dimensions, concerning whether and how procurement can be used to fulfil wider social policy objectives or to incorporate private standards; they also bring to the fore underlying issues of value. Taking an agency-based approach and incorporating the concept of governability, empirical evidence demonstrates the role played by different actors in negotiating fair trade’s passage into procurement through pre-empting and managing legal risk. This process exposes contestations that arise when contrasting values come together within sustainable procurement. This examination of fair trade in public procurement helps reveal how practices and knowledge on ethical consumption enter into a new governance arena within the global agri-food system.

Evaluation of contagion or interdependence in the financial crises of Asia and Latin America, considering the macroeconomic fundamentals

This article investigates the existence of contagion between countries on the basis of an analysis of returns for stock indices over the period 1994-2003. The economic methodology used is that of multivariate GARCH family volatility models, particularly the DCC models in the form proposed by Engle and Sheppard (2001). The returns were duly corrected for a series of country-specific fundamentals. The relevance of this procedure is highlighted in the literature by the work of Pesaran and Pick (2003). The results obtained in this paper provide evidence favourable to the hypothesis of regional contagion in both Latin America and Asia. As a rule, contagion spread from the Asian crisis to Latin America but not in the opposite direction

A taxa ótima de hedge no mercado brasileiro do boi gordo: uma abordagem com BEKK, DCC e BEKK com dummies de safra e entressafra

Esta dissertação tem três objetivos. O primeiro é encontrar o melhor método para se calcular a taxa ótima de “hedge” no mercado brasileiro do boi gordo. Para isso, foram testados cinco modelos: BEKK, DCC de Tse e Tsui (2002), DCC de Engle e Sheppard (2001), BEKK com dummy de safra e BEKK com dummy de entressafra. O segundo é calcular o diferencial de razões de “hedge” entre a safra e entressafra, pois a taxa de “hedge” na entressafra deve ser maior devido a uma maior incerteza sobre um possível choque de oferta, o que afetaria negativamente os custos dos frigoríficos. O terceiro e último objetivo é desvendar o porquê da literatura brasileira de taxa ótima de “hedge” estar encontrando estimativas muito pequenas das taxas quando comparadas às realizadas no mercado. Conclui-se que os modelos DCC’s são os que, no geral, obtém um desempenho melhor pelo critério de redução de variância e aumento do índice de Sharpe e que a taxa de “hedge” na entressafra não deve ser maior que na safra. Nota-se também que a quebra da expectativa intertemporal com a mudança de contratos faz com que a variância da série dos retornos futuros aumente muito, diminuindo assim a taxa de “hedge”.

Contágio financeiro global : evidências de países do G20

O presente estudo investiga a existência de contágio financeiro entre os países do G20, com base em uma análise sobre os retornos dos principais índices de ações, abrangendo o período de 2000 a 2012. A abordagem utilizada consiste na utilização de modelos multivariados de volatilidade da família DCC-GARCH, na versão proposta por Engle e Sheppard (2001). Com base nos testes efetuados, conclui-se que houve mudanças estruturais nas séries analisadas em praticamente todos os 14 países analisados, sendo que os resultados obtidos demonstram evidências favoráveis para a hipótese de contágio financeiro entre países do G20. Verificou-se também que dentre as diversas crises financeiras ocorridas durante o período analisado, a Crise do Subprime destaca-se das demais crises, devido a sua magnitude e velocidade com que se propagou, afetando tanto países desenvolvidos como países emergentes.

Speculative bubbles and contagion: analysis of volatility’s clusters during the DotCom bubble based on the dynamic conditional correlation model

Revendo a definição e determinação de bolhas especulativas no contexto de contágio, este estudo analisa a bolha do DotCom nos mercados acionistas americanos e europeus usando o modelo de correlação condicional dinâmica (DCC) proposto por Engle e Sheppard (2001) como uma explicação econométrica e, por outro lado, as finanças comportamentais como uma explicação psicológica. Contágio é definido, neste contexto, como a quebra estatística nos DCC’s estimados, medidos através das alterações das suas médias e medianas. Surpreendentemente, o contágio é menor durante bolhas de preços, sendo que o resultado principal indica a presença de contágio entre os diferentes índices dos dois continentes e demonstra a presença de alterações estruturais durante a crise financeira.