Trade Off o Pecking Order? una investigación sobre las decisiones de financiamiento

Tradeoff (TO) y Pecking Order (PO), en sus versiones estática y dinámica, son las teorías rivales que han dominado la discusión académica de los últimos veinte años en materia de estructura de capital. Sin embargo, aún no se ha alcan- zado una definición categórica sobre su validez. Este trabajo evalúa el grado en que sus predicciones se ajustan a la práctica corporativa, con base en una recopilación única de evidencias empíricas, señala aspectos epistemológicos y axiomáticos de las mismas, ignorados por la bibliografía de finanzas corporativas. Su conclusión es clara: PO explica mejor la conducta financiera de las empresas maduras de USA, pero fracasa cuando es aplicada a empresas jóvenes y en crecimiento o a empresas de países en vía de desarrollo. Es más, la adhesión a PO bajo condiciones de conservadurismo financiero y/o conflicto accionistas-gerentes conduce a estructuras y decisiones financieras destructoras de valor. Sobre esta base, se propone un enfoque alternativo, el Tradeoff  Proactivo (TOP), que preserva el carácter pres- criptivo de TO, y abarca tanto el aspecto estructural como el dinámico de la estrategia de financiamiento. En particu- lar, este trabajo muestra la superioridad de TOP respecto a TO y PO, como herramienta para la gestión financiera y para desarrollar planes de acción concretos que permitan adaptar la misma a la realidad de los países en vías de desarrollo y de las pymes. Finalmente se analiza el endeudamiento corporativo en la Argentina, durante la vigencia de la convertibilidad, a la luz del enfoque propuesto y en comparación con estructuras financieras en otros países en desarrollo

As Time Goes by: A rTMS Study on Age-Related Changes in Sentence Comprehension

It is well established that off-line sentence judgment tasks (oSJTs) typically rely on phonological working memory (WM), beyond specific linguistic processing. Nevertheless, empirical findings suggest that a juvenile level of performance in an oSJT could be associated with the recruitment of age-specific additional supportive neural network in healthy aging. In particular, in one of our previous study, healthy elderlies showed the additional activation of associative visual cortices when compared with young controls. We suggested that age-related hyperactivations, during an auditory sentence judgment task, might represent the neurofunctional correlate of the recruitment of compensatory strategies that are necessary to maintain a juvenile level of performance. To explicitly test this hypothesis we adopted repetitive transcranial magnetic stimulation (rTMS). Twelve healthy elderlies and 12 young participants were engaged in an off-line semantic plausibility judgment task while rTMS was delivered over: (1) the left inferior frontal gyrus (LIFG; i.e., a core region of the WM network); (2) the precuneus; and (3) a Control Site (vertex). Results showed a significant main effect of Stimulation Site and a significant Group-by-Stimulation Site interaction effect. In particular, the rTMS stimulation of the LIFG slowed down reaction times (RTs) both in young and healthy elderly participants, while only healthy elderlies showed an increment of RTs during the stimulation of the precuneus. Taken together our results further support the idea that the maintenance of a juvenile level of performance in graceful aging may be associated with task-specific compensatory processes that would manifest them-selves, from the neurofunctional point of view, by the recruitment of additional neural supportive regions

King of the Magnets: Juego de Realidad Virtual en Unreal Engine

En este trabajo se documenta el desarrollo de un videojuego para realidad virtual. No solo un prototipo o una prueba de concepto, sino un videojuego que se pueda disponer en el mercado, con todos los elementos que hacen de este un producto completo y coherente. Pasando por todas las etapas de desarrollo, desde la concepción de la idea, hasta el resultado final y pulido que cualquier persona se puede descargar y jugar. Se ha obtenido como resultado una experiencia jugable de comienzo a fin, con sus respectivos menús, interfaces, salas, progresión, arte, sonido, y acabado general que hacen de este un producto que se puede publicar en el mercado. El juego saca el máximo provecho de las capacidades de la realidad virtual, utilizando mecánicas, técnicas de inmersión, y diseño estético que promueven la inmersión utilizando la visión, el audio, y los movimientos. A este producto se le denomina demo debido a que con su pulido y acabado actual, tiene campo para ampliarse con más niveles y contenido, así extendiendo el tiempo de juego necesario para explorar más en profundidad las mecánicas. Sin embargo, el producto obtenido es una experiencia completa con todas las características de un producto terminado, y se pretende publicar en su estado actual como una demo. Los aspectos de los que más se hablan en este documento incluyen mecánicas, progresión de juego, diseño de niveles, estética visual, diseño de sonido, arte, narrativa, y el aspecto más fundamental, la programación. Todos estos son los elementos que un juego completo necesita tener. En este proyecto se hace especial énfasis en el aspecto técnico a la hora de programar mecánicas, solucionar problemas, y utilizar adecuadamente las tecnologías en cuestión. Haciendo especial mención del desarrollo de inteligencia artificial, mecánicas de juego, optimización, arte técnico, y uso de diversas herramientas, sumado a una variedad de técnicas para lograr el resultado deseado en cada instante. Se explica no solo cómo se ha desarrollado un producto, sino también la visión y los métodos utilizados para trazar esta ruta de proyecto y avanzar en cada momento del desarrollo. Adicionalmente, se explora el ambiente actual de la realidad virtual, y el lugar que este tipo de proyectos tienen en el mercado. Se explican las distintas tecnologías de última generación utilizadas para hacer realidad este proyecto, como dispositivos de realidad virtual y motores de videojuegos con sus respectivas herramientas, virtudes, y restricciones

Clustering the lexicon in the brain: a meta-analysis of the neurofunctional evidence on noun and verb processing

Although it is widely accepted that nouns and verbs are functionally independent linguistic entities, it is less clear whether their processing recruits different brain areas. This issue is particularly relevant for those theories of lexical semantics (and, more in general, of cognition) that suggest the embodiment of abstract concepts, i.e., based strongly on perceptual and motoric representations. This paper presents a formal meta analysis of the neuroimaging evidence on noun and verb processing in order to address this dichotomy more effectively at the anatomical level. We used a hierarchical clustering algorithm that grouped fMRI/PET activation peaks solely on the basis of spatial proximity. Cluster specificity for grammatical class was then tested on the basis of the noun verb distribution of the activation peaks included in each cluster. 32 clusters were identified: three were associated with nouns across different tasks (in the right inferior temporal gyrus, the left angular gyrus, and the left inferior parietal gyrus); one with verbs across different tasks (in the posterior part of the right middle temporal gyrus); and three showed verb specificity in some tasks and noun specificity in others (in the left and right inferior frontal gyrus and the left insula). These results do not support the popular tenets that verb processing is predominantly based in the left frontal cortex and noun processing relies specifically on temporal regions; nor do they support the idea that verb lexical semantic representations are heavily based on embodied motoric information. Our findings suggest instead that the cerebral circuits deputed to noun and verb processing lie in close spatial proximity in a wide network including frontal, parietal, and temporal regions. The data also indicate a predominant \u2013 but not exclusive \u2013 left lateralization of the network

A trajetória das associações de torcedores de futebol da cidade de são paulo: de torcidas de futebol a escolas de samba

A partir de uma pesquisa exploratória sobre as torcidas organizadas de três clubes de futebol da cidade de São Paulo (Brasil), descreve-se a trajetória que levou à transformaçãodestas em escolas de samba. Primeiramente, o surgimento desse tipo de associação foi contextualizado histórica, política e culturalmente. Em seguida, explicitou-se como se estabeleceram legalmente e como, pelo envolvimento de alguns de seus integrantes em atos de violência, o Poder Público proíbe a presença dessas associações de torcedores nos estádios. Para contornar essa decisão e se manter ativas, algumas torcidas organizadas criam outro tipo de associação – grêmio recreativo, cultural e escola de samba. Assim, nos desfiles das campeãs do carnaval de 2011, estavam as escolas de samba: Gaviões da Fiel (Sport Club Corinthians Paulista), Mancha Verde (Sociedade Esportiva Palmeiras) e Dragões da Real (São Paulo Futebol Clube)

Hungry brains: A meta-analytical review of brain activation imaging studies on food perception and appetite in obese individuals

The dysregulation of food intake in chronic obesity has been explained by different theories. To assess their explanatory power, we meta-analyzed 22 brain-activation imaging studies. We found that obese individuals exhibit hyper-responsivity of the brain regions involved in taste and reward for food-related stimuli. Consistent with a Reward Surfeit Hypothesis, obese individuals exhibit a ventral striatum hyper-responsivity in response to pure tastes, particularly when fasting. Furthermore, we found that obese subjects display more frequent ventral striatal activation for visual food cues when satiated: this continued processing within the reward system, together with the aforementioned evidence, is compatible with the Incentive Sensitization Theory. On the other hand, we did not find univocal evidence in favor of a Reward Deficit Hypothesis nor for a systematic deficit of inhibitory cognitive control. We conclude that the available brain activation data on the dysregulated food intake and food-related behavior in chronic obesity can be best framed within an Incentive Sensitization Theory. Implications of these findings for a brain-based therapy of obesity are briefly discussed

Comparison of Oxford Cognitive Screen and Montreal Cognitive Assessment feasibility in the stroke unit setting. A pilot study

Background: : Cognitive status evaluation is not routine in the acute stroke setting and there is no consensus on which neuropsychological tool is more feasible and informative. The aim of this pilot study was to compare the feasibility and acceptability of two brief cognitive tests, the Montreal Cognitive Assessment (MoCA) and the Oxford Cognitive Screen (OCS), in acute stroke, with a focus on patients' experience, administration time, and the cognitive data obtained. Methods: : Patients with a diagnosis of ischemic or hemorrhagic stroke or of transient ischemic attack admitted to two stroke units were included. The sample consisted of 34 participants (mean age ±SD 71.1 ± 16.1 years, 25 males). Within five days of onset, patients were evaluated by means of the MoCA and OCS by a trained neuropsychologist. Results: Both tests were feasible in the stroke unit setting and had a high level of acceptability by patients. MoCA test was fully completed by 25 patients, OCS by 21 patients. The OCS administration time was longer than that of the MoCA. However, OCS was perceived less demanding than MoCA by patients. Twenty patients completed both the MoCA and the OCS entirely, and only 2 of them did not show any impairment in both tests. Seventeen patients showed at least an impaired domain on the OCS and 15 patients presented with a MoCA global score below cut-off for cognitive impairment. Conclusions: Our preliminary study did not show a superiority of the OCS over the widely used MoCA, and suggests the need for further validation in larger samples of stroke patients, exploring tests accuracy in detecting cognitive post-stroke impairment

Pensar en la universidad como una alternativa posible

Conformamos el Departamento de Orientación Vocacional de la Universidad Nacional de Lomas de Zamora desde hace más de veinte años, y nuestros ejes de trabajo han sido, asesoramiento, información, difusión y actividades de orientación vocacional específicas. A lo largo de nuestro trabajo en el ámbito del asesoramiento a docentes y equipos de orientación educacional, hemos observado en los últimos años un incremento en la preocupación de los mismos, por la falta de interés de sus alumnos en continuar estudios superiores (aun viviendo y haciendo el secundario cerca de la U.N.L.Z.) y detenerse a pensar en un proyecto futuro de estudio y/o trabajo. Haciéndonos eco de esta preocupación y profundizado en la problemática planteada, nos surgen interrogantes vinculados a: ¿los estudios universitarios son vistos como inalcanzables por algunos jóvenes?, ¿faltan estímulos para continuar estudios superiores o capacitarse en un rol laboral futuro?; Por otra parte, los cambios socioculturales y la inmediatez en la que vivimos, se reflejan en la relevancia que se le otorga al “hoy”, al presente; a “la ley del menor esfuerzo”; ideas que en cierta medida se contraponen al hecho de estudiar y recibirse, generar proyectos; que están lejos de ser algo inmediato y que suponen esfuerzo, proyección, anticipación de futuro, poder tolerar frustraciones, etc.Secretaría de Asuntos Académico

Neural Correlates of Body Integrity Dysphoria

There are few things as irrefutable as the evidence that our limbs belong to us. However, persons with body integrity dysphoria (BID) [1] deny the ownership of one of their fully functional limbs and seek its amputation [2]. We tapped into the brain mechanisms of BID, examining sixteen men desiring the removal of the left healthy leg. The primary sensorimotor area of the to-be-removed leg and the core area of the conscious representation of body size and shape (the right superior parietal lobule [rSPL]) [3, 4] were less functionally connected to the rest of the brain. Furthermore, the left premotor cortex, reportedly involved in the multisensory integration of limb information [5-7], and the rSPL were atrophic. The more atrophic the rSPL, the stronger the desire for amputation, and the more an individual pretended to be an amputee by using wheelchairs or crutches to solve the mismatch between the desired and actual body. Our findings illustrate the pivotal role of the connectivity of the primary sensorimotor limb area in the mediation of the feeling of body ownership. They also delineate the morphometric and functional alterations in areas of higher-order body representation possibly responsible for the dissatisfaction with a standard body configuration. The neural correlates of BID may foster the understanding of other neuropsychiatric disorders involving the bodily self. Ultimately, they may help us understand what most of us take for granted, i.e., the experience of body and self as a seamless unity

Autonomic responses to emotional linguistic stimuli and amplitude of low-frequency fluctuations predict outcome after severe brain injury

An accurate prognosis on the outcome of brain-injured patients with disorders of consciousness (DOC) remains a significant challenge, especially in the acute stage. In this study, we applied a multiple-technique approach to provide accurate predictions on functional outcome after 6 months in 15 acute DOC patients. Electrophysiological correlates of implicit cognitive processing of verbal stimuli and data-driven voxel-wise resting-state fMRI signals, such as the fractional amplitude of low-frequency fluctuations (fALFF), were employed. Event-related electrodermal activity, an index of autonomic activation, was recorded in response to emotional words and pseudo-words at baseline (T0). On the same day, patients also underwent a resting-state fMRI scan. Six months later (T1), patients were classified as outcome-negative and outcome-positive using a standard functional outcome scale. We then revisited the baseline measures to test their predictive power for the functional outcome measured at T1. We found that only outcome-positive patients had an earlier, higher autonomic response for words compared to pseudo-words, a pattern similar to that of healthy awake controls. Furthermore, DOC patients showed reduced fALFF in the posterior cingulate cortex (PCC), a brain region that contributes to autonomic regulation and awareness. The event-related electrodermal marker of residual cognitive functioning was found to have a significant correlation with residual local neuronal activity in the PCC. We propose that a residual autonomic response to cognitively salient stimuli, together with a preserved resting-state activity in the PCC, can provide a useful prognostic index in acute DOC