Determinants of the development of corporate bond markets in Argentina: One size does not fit all

Conventional theory leads to expect bonds to be a financing vehicle for large firms because of economies of scale and contracting costs. We find both in our econometric evidence for firms quoted on Latin American stock exchanges, and in our survey results for Argentina, that size of assets is a robust determinant of the use of bond finance. This result, together with the fact that there are few firms that are large in terms of market value, can help understand why Argentina, as well as Latin America, has small bond markets in terms of the ratio of the stock of bonds to GDP. Since firm value represents the present value of the cash flows against which the firm borrows, the outstanding stock of corporate bonds is as small as the size of Argentine firms.debt structure, leverage, short term debt, corporate bonds, firm size, firm value

Loan and bond finance in Argentina, 1985-2005

Loan and bond finance during 1985-2005 can be divided into three sub-periods. After the 1982 debt crisis, which mainly involved domestic and foreign bank loans to both the corporate and government sectors, there was practically no credit. This situation of lack of credit persisted until the domestic economy was stabilized in 1991 with the Convertibility Plan, and foreign debt renegotiation was completed in 1993 with the Brady Plan. Loan finance recovered to unprecedented levels since the 1950s, and bond finance became for the first time an important financing vehicle for both the national government and large firms in the corporate sector. Credit came to a sudden stop in 2001, with widespread default on both corporate and government bonds. The 2001 debt crisis was not followed by runaway domestic inflation, and by 2005 Argentina was able to return to foreign capital markets.bank loans, sovereign bonds, provincial bonds, central bank bonds, corporate bonds, pension funds, yields, liquidity

It’s Time to Change Our Documentation Philosophy: Writing Better Neurology Notes Without the Burnout

Succinct Clinical Documentation is Vital to Effective Twenty-First-Century Healthcare. Recent Changes in Outpatient and Inpatient Evaluation and Management (E/M) Guidelines Have Allowed Neurology Practices to Make Changes that Reduce the Documentation Burden and Enhance Clinical Note Usability. Despite Favorable Changes in E/M Guidelines, Some Neurology Practices Have Not Moved Quickly to Change their Documentation Philosophy. We Argue in Favor of Changes in the Design, Structure, and Implementation of Clinical Notes that Make Them Shorter Yet Still Information-Rich. a Move from Physician-Centric to Team Documentation Can Reduce Work for Physicians. Changing the Documentation Philosophy from Bigger is Better to Short But Sweet Can Reduce the Documentation Burden, Streamline the Writing and Reading of Clinical Notes, and Enhance their Utility for Medical Decision-Making, Patient Education, Medical Education, and Clinical Research. We Believe that These Changes Can Favorably Affect Physician Well-Being Without Adversely Affecting Reimbursement

An automatic optimizer for heterogeneous devices

Versión final aceptada de: https://doi.org/10.1016/j.future.2020.01.018This version of the article: Fernández-Fabeiro, J., Andrade, D., Fraguela, B. B., & Doallo, R. (2020). 'An automaticoptimizer for heterogeneous devices' has been accepted for publication in: Future Generation Computer Systems, 106, 572–584. The Version of Record is available online at: https://doi.org/10.1016/j.future.2020.01.018 .[Abstract]: Codes written in a naive way seldom effectively exploit the computing resources, while writing optimized codes is usually a complex task that requires certain levels of expertise. This problem is further increased in the presence of heterogeneous devices, which present more tunable parameters than regular CPUs and high sensitivity to the optimization decisions taken. Furthermore, portability is an added concern given the wide variety of accelerators available. This paper tackles this problem adding an automatic optimizer to a library that already provides an easy and portable way to program heterogeneous devices, the Heterogeneous Programming Library (HPL). Our optimizer takes as input a simple version of a code and then tunes it for the device where it is going to be executed by performing the most usual set of optimizations applicable in heterogeneous devices. These optimizations are parametrized using a set of optimization parameters that need to be tuned for the device. The HPL library has also been equipped with an autotuner that can be used to this purpose. The effectiveness of the autotuner and the optimizer has been tested on several codes and devices. The results show that the combination of the autotuner and the optimizer make the tested codes 16 times faster on average than the original codes written by the programmer.This research was supported by the Ministry of Economy and Competitiveness of Spain and FEDER funds (80%) of the EU (TIN2016-75845-P), and by the Government of Galicia (Xunta de Galicia, Spain) co-founded by the European Regional Development Fund (ERDF) under the Consolidation Programme of Competitive Reference Groups (ED431C 2017/04) as well as under Xunta de Galicia and FEDER funds of the EU (Centro de Investigación de Galicia accreditation 2019–2022, ref. ED431G2019/01)Xunta de Galicia; ED431C 2017/04Xunta de Galicia; ED431G2019/0

Ultrasonic techniques to obtain dental pulp from impacted third molars

In the dental clinic impacted teeth are frequent findings, especially upper and lower third molars, leading to their exodontia. Among surgical techniques piezosurgery is advantageous for delicate structures in the oral cavity. Extracted teeth, usually di

Novel polymorphisms in the 5′UTR of FASN, GPAM, MC4R and PLIN1 ovine candidate genes: Relationship with gene expression and diet

We have analyzed the 5′cis-regulatory regions of four genes coding for key proteins involved in lipid metabolism and energy homeostasis in Rasa Aragonesa, Assaf and Roja Mallorquina sheep breeds. We identified 10 novel polymorphisms in the 5′regulatory regions in fatty acid synthase (FASN), glycerol-3-phosphate acyltransferase mitochondrial (GPAM), melanocortin-4 receptor (MC4R) and perilipin (PLIN1) genes. Due to the involvement of these genes in fat quantitative traits and the effect of all polymorphic positions on transcription factors binding sites, we tested all of them in two relevant meat reared breeds which were subjected to different feeding systems. Although no relationship was detected between the mRNA expression level of the candidate genes and the genotypes, additional studies must be conducted in older individuals, since these polymorphisms have been detected by in silico studies to be putatively involved in transcriptional or posttranscriptional regulatory mechanisms. The expression level of GPAM, MC4R and PLIN1 genes was analyzed and compared between feeding groups detecting over expression of adipogenic genes in the intensive groups. These results suggest that nutritional stimulation affects the expression of candidates genes involved in lipid metabolic processes, and therefore the fat quality in meat ruminant-derived food products.In pres

Dual quantitative PCR assay for identification and enumeration of Karlodinium veneficum and Karlodinium armiger combined with a simple and rapid DNA extraction method

Karlodinium is a dinoflagellate genus responsible for massive fish mortality events worldwide. It is commonly found in Alfacs Bay (NW Mediterranean Sea), where the presence of two Karlodinium species (K. veneficum and K. armiger) with different toxicities has been reported. Microscopy analysis is not able to differentiate between these two species. Therefore, new and rapid methods that accurately and specifically detect and differentiate these two species are crucial to facilitate routine monitoring, to provide early warnings and to study population dynamics. In this work, a quantitative real-time PCR (qPCR) method to detect and enumerate K. veneficum and K. armiger is presented. The ITS1 region of the ribosomal DNA was used to design species-specific primers. The specificity of the primers together with the melting curve profile provided a reliable qualitative identification and discrimination between the two Karlodinium species. Additionally, a simple and rapid DNA extraction method was used. Standard curves were constructed from 10-fold dilutions of cultured microalgae cells. Finally, the applicability of the assay was tested with field samples collected from Alfacs Bay. Results showed a significant correlation between qPCR determinations and light microscopy counts (y = 2.838 x + 564; R2 = 0.936). Overall, the qPCR method developed herein is specific, rapid, accurate, and promising for the detection of these two Karlodinium species in environmental samples.info:eu-repo/semantics/acceptedVersio

Tree species effects on soil microbial community composition and greenhouse gases emissions in a Mediterranean ecotone forest

Resumen de una presentación realizada en: I Simposio sobre Interacciones Planta-Suelo (ICA-CSIC, Madrid, 25-26 Febrero 2016)Over recent decades in the Iberian Peninsula, altitudinal shifts from Pinus sylvestris L. to Quercus pyrenaica Willd species has been observed as a consequence of Global Change, meaning changes in temperature, precipitation, land use and forestry. The forest conversion from pine to oak can alter the litter quality and quantity provided to the soil and thereby the soil microbial community composition and functioning. Since soil microbiota plays an important role in organic matter decomposition, and this in turn is key in biogeochemical cycles and forest ecosystems productivity, the rate in which forests produce and consume greenhouse gases can be also affected by changes in forest composition. In other words, changes in litter decomposition will ultimately affect downstream carbon and nitrogen dynamics although this impact is uncertain. In order to predict changes in carbon and nitrogen stocks in Global Change scenarios, it is necessary to deepen the impact of vegetation changes on soil microbial communities, litter decomposition dynamics (priming effect) and the underlying interactions between these factors. To test this, we conducted a full-factorial transplant microcosms experiment mixing both fresh soils and litter from Pyrenean oak, Scots pine and mixed stands collected inside their transitional area in Central Spain. The microcosms consisted in soil cylinders inside Kilner jars used as chambers inside an incubator. In this experiment, we investigated how and to what extent the addition of litter with different quality (needles, oak leaves and mixed needlesleaves) to soil inoculums with contrasting soil microbiota impact on soil (i) CO2, NO, N2O and CH4 efflux rates, (ii) total organic carbon and nitrogen and (iii) dissolved organic carbon and nitrogen. Furthermore, we assessed if these responses were controlled by changes in the microbial community structure using the PLFA analyses prior and after the incubation period of 54 days.Peer reviewe