Impacto del gobierno corporativo en la rentabilidad de los bancos del Per?

La crisis financiera del 2007 puede verse como un colapso del gobierno corporativo (GC), lo que sugiere que los directores no comprendieron de manera adecuada los riesgos financieros. Pero las fallas del GC no solo se relacionaron con la crisis. Desde hac?a algunos a?os hab?an ocurrido esc?ndalos corporativos que mostraron debilidades de gobernabilidad debidas a mecanismos de control inadecuados e ineficaces, a la inadecuada funci?n de supervisi?n de los directores y al hecho de que las personas responsables de la empresa no cumplieran sus obligaciones para con los accionistas. En general, los bancos est?n expuestos a una mayor asimetr?a de informaci?n de su personal y de sus accionistas, en comparaci?n con instituciones no financieras, adem?s de estar sujetos a un gran n?mero de regulaciones. A ello hay que a?adir tres razones que incrementan la importancia del GC en los bancos de los pa?ses en desarrollo: los bancos tienen una posici?n dominante en el sistema financiero, suelen ser la fuente m?s importante de financiamiento para la mayor parte de empresas (sirven de veh?culo para la aplicaci?n de la pol?tica monetaria) y resultan los principales depositarios de los ahorros de la econom?a. Seg? la OCDE, la debilidad de la estructura de gesti?n bancaria conduce a la desestabilizaci?n del sistema financiero y trae m?s riesgos para la econom?a nacional, pues los bancos est?n m?s expuestos a riesgos de gesti?n de los dep?sitos bancarios, disfrutan con sus acreedores de medidas de protecci?n brindadas por el gobierno, (seguros sobre dep?sitos y reservas de liquidez) y est?n sujetos a numerosos sistemas y regulaciones que son un elemento importante y crucial para garantizar una gobernanza bancaria sana. Por estas razones, el GC del sector bancario requiere un enfoque especial y ha sido un ?rea creciente de investigaci?n y debate, sin haberse llegado a un consenso sobre su impacto en el desempe?o de las empresas. En este contexto, la presente investigaci?n busca validar un marco te?rico que explique los mecanismos del GC en la banca m?ltiple del Per?, ubicar las variables m?s importantes que inciden en su desempe?o y determinar su posible relaci?n y significado en la rentabilidad de los bancos. Para ello se analiza informaci?n p?blica de 16 bancos comerciales del Per? en el periodo 2008-2016. El an?lisis se centra en los mecanismos internos del GC, por considerarlos de mayor relevancia en el impacto sobre la rentabilidad de los bancos del sistema financiero peruano

Estructuraci?n econ?mica y financiera de un instrumento de participaci?n en negocios forestales : el caso de la teca en la regi?n San Mart?n

El Per? tiene unas condiciones naturales que le otorgan una gran biodiversidad e importante riqueza biol?gica, hecho que genera ventajas comparativas en sectores como el forestal. Este libro analiza el caso espec?fico del ?rbol de teca, cuya siembra es favorecida por el clima propicio de nuestro pa?s y cuya madera, clasificada como frondosa tropical, se caracteriza por su solidez, resistencia, trabajabilidad y calidades est?ticas. Considerando que, seg?n la FAO (Organizaci?n de las Naciones Unidas para la Alimentaci?n y la Agricultura), existe un aumento de la demanda mundial de madera y una disminuci?n de la oferta, el consiguiente incremento del precio hace que un proyecto de reforestaci?n sobre la base de la teca sea econ?micamente rentable en el largo plazo. De manera que, en la presente investigaci?n realizada para llevar a cabo un proyecto de negocio forestal, se ha seleccionado la teca como la m?s adecuada debido a su considerable horizonte de recuperaci?n de la inversi?n y su alto valor en el mercado. Adem?s, muchos inversionistas est?n buscando oportunidades de negocios m?s rentables que una cuenta de ahorros o alg?n otro producto financiero a largo plazo --como los bonos ajustados por riesgo-- en el mercado de capitales peruano. Por ello, este estudio tiene como objetivo principal estructurar un modelo de financiamiento para plantaciones de teca, empleando un certificado de participaci?n fiduciario dirigido a personas naturales que busquen una rentabilidad de largo plazo para su inversi?n. Con este trabajo se espera verificar la viabilidad t?cnica, econ?mica y financiera del proyecto en un horizonte de 24 a?os

Site Index Model For Natural Stands Of Rebollo Oak ( Quercus pyrenaica Willd.) In Galicia, NW Iberian Peninsula

Dados da an\ue1lise de tronco de 56 \ue1rvores dominantes de Quercus pyrenaica Willd. de florestas naturais da Galicia (NW Pen\uednsula Ib\ue9rica) foram utilizados para avaliar quatro equa\ue7\uf5es dinamicas de \uedndice de sitio obtidas com a Abordagem Generalizada de Diferen\ue7a Alg\ue9brica (GADA). Todas as equa\ue7\uf5es s\ue3o baseadas na idade invariante e diretamente estimam a altura e o \uedndice de sitio. Os ajustes foram feitos utilizando uma estrutura de dados que incluiam todos os poss\uedveis intervalos de crescimento. A formula\ue7\ue3o GADA teve base no modelo Bertalanffy- Richards, considerando a ass\uedntota e do padr\ue3o inicial como par\ue2metros relacionados \ue0 produtividade do sitio. Assim, recomenda-se o modelo na previs\ue3o do crescimento em altura e classifica\ue7\ue3o de sitios para povoamentos naturais de carvalho negro na Galicia. A autocorrela\ue7\ue3o foi analisada com um teste de res\uedduos utilizando Durbin's t-teste, sem chegar a um resultado significativo de autocorrela\ue7\ue3o entre os dados.Data from stem analysis of 56 dominant trees of Quercus pyrenaica Willd., in natural stands in Galicia (NW Iberian Peninsula), were used to evaluate four dynamic site equations derived with the Generalized Algebraic Difference Approach (GADA). All the equations are base-age invariant and directly estimate height and site index from any height and age. The fittings were made using a data structure involving all possible growth intervals. The GADA formulation derived on the basis of the Bertalanffy- Richards model by considering the asymptote and the initial pattern parameters as related to site productivity. It is therefore recommended for height growth prediction and site classification for natural stands of rebollo oak in Galicia. The autocorrelation was analyzed with a test of residuals using Durbin\u2019s ttest without reaching a manifest result of autocorrelation between managed data

Propuesta de plan de branding estrat?gico para un nuevo concepto en la categor?a de urnas de mascotas en la ciudad de Lima Metropolitana

El objetivo principal de esta tesis es desarrollar un plan de branding estrat?gico para posicionar una marca dentro del mercado de urnas para mascotas. Existe un crecimiento global del mercado de las mascotas que implica el desarrollo de una serie de novedosos productos y servicios para su cuidado. En el Per?, esto se percibe a trav?s del incremento de veterinarias, de una mayor oferta de alimentos y accesorios a nivel masivo, as? como del surgimiento de instituciones que las protegen u ofrecen servicios adicionales. Durante la investigaci?n se detect? que uno de los rubros con mayor proyecci?n son los servicios de cremaci?n donde actualmente hay una oferta muy tradicional y poco diferenciada, con escasa competencia. Existe un inter?s de parte de los consumidores potenciales por recibir las cenizas de sus mascotas en una urna ecol?gica, la cual pueden incorporar como pieza decorativa. Esto se debe a que m?s del 60% las considera como parte de su familia. Por ello se propone un branding que detalla el proceso de dise?o, posicionamiento y comunicaci?n de la marca. Para ello se realizaron estudios que evidenciaron un p?blico dispuesto a utilizar dicho servicio si ?ste ofreciera alguna ventaja comparativa

Design and baseline characteristics of the finerenone in reducing cardiovascular mortality and morbidity in diabetic kidney disease trial

Background: Among people with diabetes, those with kidney disease have exceptionally high rates of cardiovascular (CV) morbidity and mortality and progression of their underlying kidney disease. Finerenone is a novel, nonsteroidal, selective mineralocorticoid receptor antagonist that has shown to reduce albuminuria in type 2 diabetes (T2D) patients with chronic kidney disease (CKD) while revealing only a low risk of hyperkalemia. However, the effect of finerenone on CV and renal outcomes has not yet been investigated in long-term trials. Patients and Methods: The Finerenone in Reducing CV Mortality and Morbidity in Diabetic Kidney Disease (FIGARO-DKD) trial aims to assess the efficacy and safety of finerenone compared to placebo at reducing clinically important CV and renal outcomes in T2D patients with CKD. FIGARO-DKD is a randomized, double-blind, placebo-controlled, parallel-group, event-driven trial running in 47 countries with an expected duration of approximately 6 years. FIGARO-DKD randomized 7,437 patients with an estimated glomerular filtration rate >= 25 mL/min/1.73 m(2) and albuminuria (urinary albumin-to-creatinine ratio >= 30 to <= 5,000 mg/g). The study has at least 90% power to detect a 20% reduction in the risk of the primary outcome (overall two-sided significance level alpha = 0.05), the composite of time to first occurrence of CV death, nonfatal myocardial infarction, nonfatal stroke, or hospitalization for heart failure. Conclusions: FIGARO-DKD will determine whether an optimally treated cohort of T2D patients with CKD at high risk of CV and renal events will experience cardiorenal benefits with the addition of finerenone to their treatment regimen. Trial Registration: EudraCT number: 2015-000950-39; ClinicalTrials.gov identifier: NCT02545049

Pervasive gaps in Amazonian ecological research

Biodiversity loss is one of the main challenges of our time,1,2 and attempts to address it require a clear un derstanding of how ecological communities respond to environmental change across time and space.3,4 While the increasing availability of global databases on ecological communities has advanced our knowledge of biodiversity sensitivity to environmental changes,5–7 vast areas of the tropics remain understudied.8–11 In the American tropics, Amazonia stands out as the world’s most diverse rainforest and the primary source of Neotropical biodiversity,12 but it remains among the least known forests in America and is often underrepre sented in biodiversity databases.13–15 To worsen this situation, human-induced modifications16,17 may elim inate pieces of the Amazon’s biodiversity puzzle before we can use them to understand how ecological com munities are responding. To increase generalization and applicability of biodiversity knowledge,18,19 it is thus crucial to reduce biases in ecological research, particularly in regions projected to face the most pronounced environmental changes. We integrate ecological community metadata of 7,694 sampling sites for multiple or ganism groups in a machine learning model framework to map the research probability across the Brazilian Amazonia, while identifying the region’s vulnerability to environmental change. 15%–18% of the most ne glected areas in ecological research are expected to experience severe climate or land use changes by 2050. This means that unless we take immediate action, we will not be able to establish their current status, much less monitor how it is changing and what is being lostinfo:eu-repo/semantics/publishedVersio

Subcortical brain volume, regional cortical thickness, and cortical surface area across disorders: findings from the ENIGMA ADHD, ASD, and OCD Working Groups

Objective Attention-deficit/hyperactivity disorder (ADHD), autism spectrum disorder (ASD), and obsessive-compulsive disorder (OCD) are common neurodevelopmental disorders that frequently co-occur. We aimed to directly compare all three disorders. The ENIGMA consortium is ideally positioned to investigate structural brain alterations across these disorders. Methods Structural T1-weighted whole-brain MRI of controls (n=5,827) and patients with ADHD (n=2,271), ASD (n=1,777), and OCD (n=2,323) from 151 cohorts worldwide were analyzed using standardized processing protocols. We examined subcortical volume, cortical thickness and surface area differences within a mega-analytical framework, pooling measures extracted from each cohort. Analyses were performed separately for children, adolescents, and adults using linear mixed-effects models adjusting for age, sex and site (and ICV for subcortical and surface area measures). Results We found no shared alterations among all three disorders, while shared alterations between any two disorders did not survive multiple comparisons correction. Children with ADHD compared to those with OCD had smaller hippocampal volumes, possibly influenced by IQ. Children and adolescents with ADHD also had smaller ICV than controls and those with OCD or ASD. Adults with ASD showed thicker frontal cortices compared to adult controls and other clinical groups. No OCD-specific alterations across different age-groups and surface area alterations among all disorders in childhood and adulthood were observed. Conclusion Our findings suggest robust but subtle alterations across different age-groups among ADHD, ASD, and OCD. ADHD-specific ICV and hippocampal alterations in children and adolescents, and ASD-specific cortical thickness alterations in the frontal cortex in adults support previous work emphasizing neurodevelopmental alterations in these disorders

Pervasive gaps in Amazonian ecological research

Biodiversity loss is one of the main challenges of our time,1,2 and attempts to address it require a clear understanding of how ecological communities respond to environmental change across time and space.3,4 While the increasing availability of global databases on ecological communities has advanced our knowledge of biodiversity sensitivity to environmental changes,5,6,7 vast areas of the tropics remain understudied.8,9,10,11 In the American tropics, Amazonia stands out as the world's most diverse rainforest and the primary source of Neotropical biodiversity,12 but it remains among the least known forests in America and is often underrepresented in biodiversity databases.13,14,15 To worsen this situation, human-induced modifications16,17 may eliminate pieces of the Amazon's biodiversity puzzle before we can use them to understand how ecological communities are responding. To increase generalization and applicability of biodiversity knowledge,18,19 it is thus crucial to reduce biases in ecological research, particularly in regions projected to face the most pronounced environmental changes. We integrate ecological community metadata of 7,694 sampling sites for multiple organism groups in a machine learning model framework to map the research probability across the Brazilian Amazonia, while identifying the region's vulnerability to environmental change. 15%–18% of the most neglected areas in ecological research are expected to experience severe climate or land use changes by 2050. This means that unless we take immediate action, we will not be able to establish their current status, much less monitor how it is changing and what is being lost

Pervasive gaps in Amazonian ecological research

Biodiversity loss is one of the main challenges of our time,1,2 and attempts to address it require a clear understanding of how ecological communities respond to environmental change across time and space.3,4 While the increasing availability of global databases on ecological communities has advanced our knowledge of biodiversity sensitivity to environmental changes,5,6,7 vast areas of the tropics remain understudied.8,9,10,11 In the American tropics, Amazonia stands out as the world's most diverse rainforest and the primary source of Neotropical biodiversity,12 but it remains among the least known forests in America and is often underrepresented in biodiversity databases.13,14,15 To worsen this situation, human-induced modifications16,17 may eliminate pieces of the Amazon's biodiversity puzzle before we can use them to understand how ecological communities are responding. To increase generalization and applicability of biodiversity knowledge,18,19 it is thus crucial to reduce biases in ecological research, particularly in regions projected to face the most pronounced environmental changes. We integrate ecological community metadata of 7,694 sampling sites for multiple organism groups in a machine learning model framework to map the research probability across the Brazilian Amazonia, while identifying the region's vulnerability to environmental change. 15%–18% of the most neglected areas in ecological research are expected to experience severe climate or land use changes by 2050. This means that unless we take immediate action, we will not be able to establish their current status, much less monitor how it is changing and what is being lost