The Development of Colombian Bond Market.

Abstract: In this paper we explore the determinants and the consequences of the development of the corporate bond market in Colombia. We use a large firm-level dataset for the period 1997-2004 and find that the larger, more profitable and more leveraged firms have a higher probability to issue bonds. The econometric results also show that the larger the treasury bond market, the lower the probability that a firm will issue bonds, suggesting the presenceof a crowding out effect. On the demand side, the panel estimations indicate that investors with larger portfolios tend to hold more corporate bonds. Also, from the viewpoint of investors, average bond issue size is a critical variable. Finally, we find that sectors that have more corporate bonds (as percentage of total liabilities) have greater loan quality, and this result is stronger during periods of banking crises. We conclude that bond market development can play an important countercyclical role during periods of financial stress.Resumen: En este trabajo exploramos los determinantes y las consecuencias del desarrollo del mercado de bonos corporativos en Colombia. Utilizamos una muestra amplia con información por firma para el período 1997-2004 y encontramos que las firmas más grandes, rentables y apalancadas tienen una mayor probabilidad de emitir bonos. Los resultados econométricos también muestran que un mayor tamaño del mercado de deuda pública tiene un efecto negativo sobre la probabilidad de las firmas de emitir bonos, lo cual sugiere un efecto de crowding out. Por el lado de la demanda, las estimaciones de panel indican que los inversionistas con portafolios grandes tienen mayor probabilidad de adquirir bonos. Así mismo, desde el punto de vista de los inversionistas, el tamaño promedio de la emisión es una variable crítica. Finalmente, encontramos que los sectores económicos en donde la participación de los bonos dentro del total de pasivos es mayor, tienen una mejor calidad de la cartera y enfrentan con mayor fortaleza los períodos de crisis. Concluimos que el mercado de bonos puede tener un importante papel contra cíclico en períodos de stress financiero.Mercado de bonos, mercado financiero; Bonos corporativos, Inversionistas, Colombia

Factors Associated With Depressive Episode Recurrences in Primary Care: A Retrospective, Descriptive Study

Introduction and Objective: The early identification of depressive patients having a poor evolution, with frequent relapses and/or recurrences, is one of the priority challenges in this study of high prevalence mental disorders, and specifically in depression. So, this study aims to analyze the factors that may be associated with an increased risk of recurrence of major depression episodes in patients treated in primary care. Methods: A retrospective, descriptive study of cases-controls was proposed. The cases consisted of patients who had been diagnosed with major depression and who had presented recurrences (n = 101), in comparison with patients who had experienced a single major depression episode with no recurrence (n = 99). The variables of the study are age at first episode; number of episodes; perception of severity of the depression episode suffered prior to recurrence; number of residual symptoms; physical and psychiatric comorbidity; history of anxiety disorders; family psychiatric history; high incidence of stressful life events (SLEs); and experiences of physical, psychological, or sexual abuse in childhood. The differences of the variables were compared between the case subjects and the control subjects, using the Mann–Whitney, chi-square, and Fisher’s U statistics. A multivariate analysis (ordinary logistic regression) was performed. Results: The average age of those suffering more than one depressive episode is significantly older (5 years), and a higher percentage of subjects who have experienced more than one depressive episode have a history of anxiety disorders. In the multivariate analysis, the variables that obtained a significant value in the logistic regression analysis were age (OR: 1.03; value: 0.007) and having suffered sexual abuse during childhood (OR: 1.64; value: 0.072). Conclusion: These indicators should be considered by primary care physicians when attending patients suffering from major depression

Suppression of high transverse momentum D mesons in central Pb-Pb collisions at √sNN= 2.76 TeV

The production of the prompt charm mesons D0, D+, D∗+, and their antiparticles, was measured with the ALICE detector in Pb-Pb collisions at the LHC, at a centre-of-mass energy √sNN = 2.76 TeV per nucleon-nucleon collision. The pt-differential production yields in the range 2 < pt < 16 GeV/c at central rapidity, |y| < 0.5, were used to calculate the nuclear modification factor RAA with respect to a proton-proton reference obtained from the cross section measured at √s = 7 TeV and scaled to √s = 2.76 TeV. For the three meson species, RAA shows a suppression by a factor 3–4, for transverse momenta larger than 5 GeV/c in the 20% most central collisions. The suppression is reduced for peripheral collisions

Experiencia inicial en prostatectomía radical laparoscópica con el dispositivo de acceso laparoscópico umbilical Single-Incision Laparoscopic Surgery Port

Since 2007, various urological procedures have been performed with laparoendoscopic single-site surgery (LESS surgery), including nephrectomy, pyeloplasty, simple prostatectomy and, with the refinement of laparoscopic instrumentation, radical prostatectomy. This paper reports our initial experience in radical prostatectomy using the SILS Port from Covidiem and two lateral 5-mm trocars for triangulation. The SILS Port allows for accurate, simple insertion through a Hadson incision. The flexible port accommodates three 5-mm cannulas or two 5-mm cannulas and a 12-mm port for easier instrument exchange through a single incision. This approach decreases morbidity from bleeding, hernia and/or internal organ damage and improves cosmetic. One-port single-incision laparoscopy is part of the natural development of minimally invasive surgery. Future research is required to assess the intraoperative and postoperative benefits of LESS surgery as compared to standard laparoscopy

The Sugar Metabolic Model of Aspergillus niger Can Only Be Reliably Transferred to Fungi of Its Phylum

Fungi play a critical role in the global carbon cycle by degrading plant polysaccharides to small sugars and metabolizing them as carbon and energy sources. We mapped the well-established sugar metabolic network of Aspergillus niger to five taxonomically distant species (Aspergillus nidulans, Penicillium subrubescens, Trichoderma reesei, Phanerochaete chrysosporium and Dichomitus squalens) using an orthology-based approach. The diversity of sugar metabolism correlates well with the taxonomic distance of the fungi. The pathways are highly conserved between the three studied Eurotiomycetes (A. niger, A. nidulans, P. subrubescens). A higher level of diversity was observed between the T. reesei and A. niger, and even more so for the two Basidiomycetes. These results were confirmed by integrative analysis of transcriptome, proteome and metabolome, as well as growth profiles of the fungi growing on the corresponding sugars. In conclusion, the establishment of sugar pathway models in different fungi revealed the diversity of fungal sugar conversion and provided a valuable resource for the community, which would facilitate rational metabolic engineering of these fungi as microbial cell factories

Monitoreo de la frecuencia cardiaca como indicador de la intensidad del entrenamiento en el futbolista profesional a 2 600 m sobre el nivel del mar

Resumen Introducción: Con el objetivo de analizar el comportamiento de la frecuencia cardiaca como indicador de la intensidad del entrenamiento en el futbolista profesional a 2 600 m sobre el nivel del mar. Materiales y métodos: Se realizó un estudio longitudinal, prospectivo de la temporada apertura 2017 y clausura 2018 del fútbol mexicano, con un análisis estadístico descriptivo con medidas de tendencia central y de dispersión, así como intervalos de confianza en un análisis de 2 328 monitoreos de la frecuencia cardiaca y distancia recorrida con el sistema de seguimiento por GPS Polar Team Pro y 111 monitoreos ambientales, con una duración aproximada de 120 minutos por sesión de entrenamiento. Resultados: Se llevaron a cabo 2 328 monitoreos con registros de frecuencia cardiaca en reposo, variabilidad de la frecuencia cardiaca (vfc), frecuencia cardiaca durante el entrenamiento y la recuperación; con 111 registros ambientales. Algunas de las variables propias del monitoreo de la frecuencia cardiaca durante el entrenamiento por la dinámica del mismo, como lo es, no seguir indicaciones o impuntualidad por el deportista; así como los tiempos propios marcados por el entrenador, falla del registro por desconexión del sensor, entre otras, hacen que algunos registros no sean valorables. Conclusiones: La frecuencia cardiaca de reposo permanece en los parámetros normales, la frecuencia cardiaca media de entrenamiento se encuentra en zona 2 de control de peso entre el 60-70% de la frecuencia cardiaca máxima, y la frecuencia cardiaca máxima de esfuerzo dentro de la zona 5 de alta intensidad, mientras que la frecuencia cardiaca mínima se ubica por debajo de la zona 1 de actividad regenerativa que va de un 50-60% de la frecuencia cardiaca máxima. Abstract Introduction: The purpose of this study is to analyze the behavior of the cardiac variability as an indicator of the training intensity in football players at 2600mts altitude above sea level. Methods: This was a longitudinal and prospective study of the 2017-2018 Mexican football seasons, with a descriptive analysis and central tendency on dispersion measurements as confidence intervals. These intervals consisted of 2328 heart rate cardiac monitorizations,traveled distance with the Polar Team Pro GPS tracking system and 111 environmental monitorizations, with each training session length of 120 minutes approximately. Results: After making 2328 monitorizations the following measures were obtained: resting heart rate, heart rate variability (hrv), heart rate during training and recovery sessions amongst 111 environmental registrations. Some variables of the heart rate monitorization records during the training session couldn´t be measured or valued such as not following instructions, football players running late, the coach training marked times, and the cardiac monitor connection errors. Conclusions: The resting heart rate is between the normal parameters. The medium heart rate is between 60-70% of the maximum heart rate of the second zone of weight control. The maximum heart rate posterior to the effort is in the fifth zone of high intensity, meanwhile the minimum heart rate is below the first zone of regenerative activity that corresponds from 50-60% of the maximum heart rate

Monitoreo de la frecuencia cardiaca como indicador de la intensidad del entrenamiento en el futbolista profesional a 2 600 m sobre el nivel del mar

Resumen Introducción: Con el objetivo de analizar el comportamiento de la frecuencia cardiaca como indicador de la intensidad del entrenamiento en el futbolista profesional a 2 600 m sobre el nivel del mar. Materiales y métodos: Se realizó un estudio longitudinal, prospectivo de la temporada apertura 2017 y clausura 2018 del fútbol mexicano, con un análisis estadístico descriptivo con medidas de tendencia central y de dispersión, así como intervalos de confianza en un análisis de 2 328 monitoreos de la frecuencia cardiaca y distancia recorrida con el sistema de seguimiento por GPS Polar Team Pro y 111 monitoreos ambientales, con una duración aproximada de 120 minutos por sesión de entrenamiento. Resultados: Se llevaron a cabo 2 328 monitoreos con registros de frecuencia cardiaca en reposo, variabilidad de la frecuencia cardiaca (vfc), frecuencia cardiaca durante el entrenamiento y la recuperación; con 111 registros ambientales. Algunas de las variables propias del monitoreo de la frecuencia cardiaca durante el entrenamiento por la dinámica del mismo, como lo es, no seguir indicaciones o impuntualidad por el deportista; así como los tiempos propios marcados por el entrenador, falla del registro por desconexión del sensor, entre otras, hacen que algunos registros no sean valorables. Conclusiones: La frecuencia cardiaca de reposo permanece en los parámetros normales, la frecuencia cardiaca media de entrenamiento se encuentra en zona 2 de control de peso entre el 60-70% de la frecuencia cardiaca máxima, y la frecuencia cardiaca máxima de esfuerzo dentro de la zona 5 de alta intensidad, mientras que la frecuencia cardiaca mínima se ubica por debajo de la zona 1 de actividad regenerativa que va de un 50-60% de la frecuencia cardiaca máxima. Abstract Introduction: The purpose of this study is to analyze the behavior of the cardiac variability as an indicator of the training intensity in football players at 2600mts altitude above sea level. Methods: This was a longitudinal and prospective study of the 2017-2018 Mexican football seasons, with a descriptive analysis and central tendency on dispersion measurements as confidence intervals. These intervals consisted of 2328 heart rate cardiac monitorizations,traveled distance with the Polar Team Pro GPS tracking system and 111 environmental monitorizations, with each training session length of 120 minutes approximately. Results: After making 2328 monitorizations the following measures were obtained: resting heart rate, heart rate variability (hrv), heart rate during training and recovery sessions amongst 111 environmental registrations. Some variables of the heart rate monitorization records during the training session couldn´t be measured or valued such as not following instructions, football players running late, the coach training marked times, and the cardiac monitor connection errors. Conclusions: The resting heart rate is between the normal parameters. The medium heart rate is between 60-70% of the maximum heart rate of the second zone of weight control. The maximum heart rate posterior to the effort is in the fifth zone of high intensity, meanwhile the minimum heart rate is below the first zone of regenerative activity that corresponds from 50-60% of the maximum heart rate

Inclusive J/ψ production in pp collisions at √s = 2.76 TeV

The ALICE Collaboration has measured inclusive J/ψ production in pp collisions at a center-of-mass energy √s = 2.76 TeV at the LHC. The results presented in this Letter refer to the rapidity ranges |y| < 0.9 and 2.5 < y < 4 and have been obtained by measuring the electron and muon pair decay channels, respectively. The integrated luminosities for the two channels are Le int = 1.1 nb−1 and L μ int = 19.9 nb−1, and the corresponding signal statistics are Ne+e− J/ψ = 59 ± 14 and Nμ+μ− J/ψ = 1364 ± 53. We present dσJ/ψ /dy for the two rapidity regions under study and, for the forward-y range, d2σJ/ψ /dy dpt in the transverse momentum domain 0 < pt < 8 GeV/c. The results are compared with previously published results at √s = 7 TeV and with theoretical calculations

Search for the standard model Higgs boson in the H to ZZ to 2l 2nu channel in pp collisions at sqrt(s) = 7 TeV

A search for the standard model Higgs boson in the H to ZZ to 2l 2nu decay channel, where l = e or mu, in pp collisions at a center-of-mass energy of 7 TeV is presented. The data were collected at the LHC, with the CMS detector, and correspond to an integrated luminosity of 4.6 inverse femtobarns. No significant excess is observed above the background expectation, and upper limits are set on the Higgs boson production cross section. The presence of the standard model Higgs boson with a mass in the 270-440 GeV range is excluded at 95% confidence level.Comment: Submitted to JHE