Risk, return and integration in Latin American equity markets

There has been an increasing interest in studying the cross sectional relationship between systematic risk (as measured by beta) and return due to the inability of unconditional models to explain this relationship and the empirical contradictions found for the Sharpe-Lintner-Black CAPM model. Extant research on developed stock markets shows a significant relationship between beta and return when it is conditional to up and down markets. However, whether these results apply to Latin American equity markets is an issue that has not been previously studied. With this in mind, this dissertation pursues two main objectives: (1) to analyze whether unconditional or conditional CAPM models are better explanatory frameworks in explaining the cross-sectional relationship between systematic risk and return across a selected group of Latin American stock markets, namely Argentina, Brazil, Chile and Mexico, and (2) to study the degree of integration across these markets. Econometric techniques such as pooled OLS in conjunction with GARCH models are employed to achieve the objectives. The results from this study suggest that conditional CAPM models dominate unconditional approaches in explaining the cross-sectional portfolio return variations across the selected Latin American stock markets. Moreover, the results are consistent under different specifications, currencies, subperiods and after controlling for additional risk factors such as portfolio size, leverage, book to market value equity ratio, price-earnings per share ratio and a January effect. The findings also show the presence of statistically significant asymmetries in the price of risk for the Brazilian and Argentinean stock markets. These results are consistent with pessimism about the prospect of high returns in these markets. Furthermore, the findings show that the degree of integration differs across these markets. When Latin America\u27s market returns go up, the Chilean stock market rewards systematic risk more than the remaining stock markets, bringing better benefits in terms of portfolio diversification. Conversely, when Latin America\u27s market returns go down, the Mexican stock market exhibits a lower risk premium than the rest of the selected stock markets. As a whole, the results show that there are asymmetries in the risk premium as well as incomplete integration across the Latin American stock markets. This has important implications for using adequate policies for stabilizing the financial sector in such markets. Financial policies (for instance, the creation of a center for free cross-listing and trading of Latin American stocks) that support an increase in the degree of integration across these markets are beneficial for Latin America as a whole. These policies can improve investors\u27 knowledge about the fundamentals of the Latin American stock markets, and thus, increase the efficiency of these markets. Moreover, under full stock market integration the cost of capital on average could fall, contributing to increase the economic growth in every Latin American country

A CRITICAL AND PERFORMANCE EDITION OF AGUSTIN BARRIOS’S \u3cem\u3eCUECA\u3c/em\u3e: COMPARATIVE ANALYSIS OF FORM, NOTATION, AND PERFORMANCE PRACTICE OF BARRIOS’S WORK TO TRADITIONAL CHILEAN CUECAS FROM THE BEGINNING OF THE TWENTIETH-CENTURY

Agustin Barrios\u27s guitar music has become increasingly popular over the last forty years. After his death, a revival of interest in his compositions began in the 1970s, motivated by a series of publications and recordings of his music by important guitar performers at that time. The most important of these recordings came from the Australian guitar performer John Williams, who was interviewed in 1976 by ABC Television Australia for a film about the Paraguayan composer. The next year, Williams recorded a collection of fifteen works in his album John Williams-Barrios: John Williams Plays the Music of Agustín Barrios Mangoré. After this, the published editions of Barrios\u27s works have proliferated, many of these transcriptions of the composer\u27s own recordings. However, the publication of differing transcriptions has led to a lack of authoritative editions, creating a confusing situation for performers. Therefore, this research intends to highlight the importance of making critical editions of Barrios\u27s works based on folk music, using the Cueca as an example. This research offers an analysis and comparison of Chilean cuecas from the first half of the twentieth-century--the timeframe in which Barrios was in contact with this genre--to Barrios\u27s Cueca. Second, it proposes a critical/performance edition of Barrios\u27s work taking into account both the performance practice of traditional Chilean cuecas, and the two primary sources of this work: a handwritten manuscript and the composer\u27s own recording. This research does not analyze nor compares the Argentinian and Bolivian versions of the cueca

UNDERGRADUATE MUSIC THEORY TERMINOLOGY USED BY SELECTED SPANISH-SPEAKING INSTRUCTORS IN CHILE: DEVELOPMENT, SIMILARITIES, AND LIMITATIONS

Six Chilean music theory instructors participated in an anonymous survey applied over an online platform between April and October of 2017. These instructors were invited to participate in this study because of their role in teaching music theory at influential institutions, each of which is ranked among the top ten best universities in Chile. The questions included in the survey relate to the terminology used to refer to music elements upon which current American music theory textbooks consistently agree, and that are usually taught during the first two years of undergraduate studies in accredited American music schools: types of cadences, periods, sentences, types of 6/4 chords, augmented sixth chords, tonicization, modulation, binary form, and the exposition of the sonata form. Music theory terminology and its standardization facilitates the communication of the participants of the domain, as well as the transmission of knowledge and practice of the field. This characteristic of music terminology is an essential pedagogical tool for the training of musicians, especially undergraduate students. In order to evaluate and compare the level of standardization of music theory terminology used by Chilean instructors, this research will first assess the level of standardization of seven American music theory textbooks, and one British textbook

Effect of isolated soy protein and canning on physical, chemical, microbiological and sensory properties of extended cured beef

The effects of isolated soy protein and canning on the properties of extended cured beef were evaluated. Extended cured beef was made with varying levels of isolated soy protein. The products were evaluated on processing yield, percentage extension, purge, color and color stability, toughness, proximate composition, pH, TBA, salt concentration, residual nitrite levels, sensory characteristics and microbial profiles. Addition of isolated soy protein improved (though not significantly) product yield, percentage extension, purge and color. Isolated soy protein had no effect on color stability, residual nitrite, pH and TBA measurements. Higher levels (2.6% and 3.35%) of isolated soy protein reduced the sensory scores for flavor, texture, juiciness and overall acceptability;The effects of canning on ham, cured beef and soy extended cured beef were compared. The products were evaluated on processing yield, percentage extension, proximate composition and color. Canning increased percentage extension and product yield and their effect on other product characteristics, as compared to the conventional production methods

Pedagogical mediation process in adolescents offenders of law: towards a new paradigm in Education

En la actualidad, la escuela y la cultura se configuran como territorios sociales en permanente disputa y tensión, debido a la heterogeneidad de sus integrantes, la incidencia de la globalización y el sistema neoliberal que instala prácticas hegemónicas no sólo de dominación, sino también de resistencia y subversión. Asimismo, observamos desde la Revolución Industrial, que la escuela adopta y reproduce relaciones asimétricas y jerárquicas entre sus miembros, desde una lógica de enseñanza instruccional que coarta las posibilidades de desarrollo del estudiante, y mayormente de aquellos adolescentes que entran en conflicto con la justicia. Así, la escuela ha sido y continúa siendo, un espacio eminentemente normativo, que transmite códigos muy diferentes a los que posee un adolescente infractor de ley, y que además, no permite que el azar, la creatividad, la autonomía y la improvisación cumplan su rol educativo. Por ende, soñamos con el desarrollo de una perspectiva psicosocioeducativa que nos posibilite interpretar y explicar la propensión a aprender de los adolescentes infractores de ley privados de libertad, en los procesos de mediación pedagógica; interesándonos al mismo tiempo, descubrir criterios de acción pedagógica que permitan superar la crisis del modelo escolar, a través de una pedagogía crítica y democrática que sea capaz de integrarse a procesos de transformación social, como antídotos contra la desesperanza y la exclusión social. Estas reflexiones, reconocen la complejidad de los fenómenos educativos y refuerzan la necesidad de contemplar a las escuelas como esferas públicas democráticas, como un paso esencial para una pedagogía crítica emancipadora.Today, school and culture are configured as social territories in permanent dispute and tension, due to the heterogeneity of its members, the impact of globalization and the neoliberal system that installs hegemonic practices not only of domination, but also resistance and subversion. We also note from the Industrial Revolution, the school adopts and reproduces asymmetrical and hierarchical relationships among its members, from a logical instructional teaching that limits the potential for development of students, and especially for adolescents who are in conflict with the law. Thus, the school has been and continues to be, a highly normative space that conveys very different codes that has an adolescent offender bill that also does not allow that chance, creativity, autonomy and improvisation fulfill their educational role. Thus, we dream of developing a perspective that enables us psicosocioeducativa interpret and explain the propensity to learn from private juvenile offenders law of liberty, in the processes of pedagogical mediation becoming interested while discovering criteria that allow pedagogical action overcome the crisis of school model, through a critical and democratic pedagogy that is able to integrate processes of social transformation, as antidotes to hopelessness and social exclusion. These reflections, recognize the complexity of educational phenomena and reinforce the need to consider schools as democratic public spheres, as an essential step in an emancipatory critical pedagogy.peerReviewe

Aspectos éticos en la auditoría en salud

In this paper we propose to reflect on the ethical aspects of healthcare audit, and the moral and legal responsibility that the professional playing this role has. The paper is organized into three main parts. The first is the introduction which presents general aspects of the topic, such as its importance, what it is and its purposes.The second section corresponds to the development, and it refers to the definition, roles, responsibility, limitations and moral values of the auditor. The third is the conclusion, and this highlights the importance of performing the audit as a process of accumulating and evaluating evidence, as an activity performed by an independent and competent professional who has the duty to act for the welfare of consumers and to improve the quality of service provided by institutions in the field of health.En este escrito nos proponemos hacer una reflexión sobre los aspectos éticos de la auditoría en salud y la responsabilidad moral y legal que tiene el profesional que desarrolla esta función. El artículo está organizado en tres grandes partes, la primera es la introducción y se refiere a los aspectos generales como la importancia, en qué consiste y fines de la auditoría, la segunda, que corresponde al desarrollo, hace referencia a la definición, funciones, responsabilidad, impedimento y valores morales del auditor. La tercera, a manera de conclusión, resalta la importancia de concebirla auditoría como un proceso que consiste en acumular y evaluar las evidencias encontradas, es una actividad realizada por un profesional independiente y competente, que tiene el deber de actuar para el bienestar de los usuarios y para mejorar la calidad del servicio que prestan las instituciones del campo de la salud

Implicit IDA-PBC Design and Implementation for a Portal Crane System

Interconnection and damping assignment passivity-based control (IDA-PBC) is a wellknown technique which regulates the behavior of nonlinear systems, assigning a target port-Hamiltonian (pH) structure to the closed-loop. In underactuated mechanical systems (UMSs) its application requires the satisfaction of matching conditions, which in many cases demands to solve partial differential equations (PDEs). Only recently, the IDA-PBC has been extended to UMSs modeled implicitly, where the system dynamics in pH representation are described by a set of differential-algebraic equations (DAEs). In some system classes this implicit approach allows to circumvent the PDE problem and also to design an output-feedback law. The present thesis deals with the design and implementation of the total energy shaping implicit IDA-PBC on a portal crane system located at the laboratory of the Control Engineering Group at TU-Ilmenau. The implicit controller is additionally compared with a simplified (explicit) IDA-PBC [1]. This algorithm shapes the total energy and avoids the PDE problem. However, this thesis reveales a significant implementation flaw in the algorithm, which then could be solved.Interconnection and damping assignment passivity-based control (IDA-PBC) ist eine wohlbekannte Methode zur Regelung von nichtlinearen Systemen, die im geschlossenen Regelkreis eine gewünschte Port-Hamiltonian-Struktur (pH) haben. Die Anwendung auf unteraktuierte mechanische Systeme (UMS) erfordert die Erfüllung von sogenannten Matching Conditions, die meistens die Lösung partieller Differentialgleichungen (PDE) benötigt. Erst kürzlich wurde die IDA-PBC auf implizit modellierte UMS erweitert, bei denen die Systemdynamik in pH-Darstellungen durch Differentialalgebraische Gleichungen (DAE) beschrieben wird. Dieser implizite Ansatz ermöglicht bei einigen Systemklassen, das PDE-Problem zu umgehen und auch eine Ausgangsrückführung zu entwerfen. Die vorliegende Masterarbeit beschäftigt sich mit dem Entwurf und der Implementierung des impliziten IDA-PBC zur Gesamtenergievorgabe auf einem Portalkransystem im Labor des Fachgebiets Regelungstechnik der TU-Ilmenau. Der implizite Regler wird mit einem vereinfachten (expliziten) IDA-PBC verglichen [1]. Dieser Algorithmus gibt ebenso die Gesamtenergie vor und vermeidet das PDE-Problem. In der Masterarbeit wird in diesem Algorithmus ein wesentlicher Implementierungsfehler offengelegt und behoben.Tesi

The role of GPR techniques in determining ice cave properties: Peña Castil ice cave, Picos de Europa

Producción CientíficaThe structure and ice content of ice caves are poorly understood. Ground penetrating radar (GPR) can provide useful insights but has only rarely been applied to ice caves. This paper interprets GPR images (radargrams) in terms of internal structure, stratification, compaction, thickness and volume of the ice block in the Peña Castil ice cave (Central Massif of Picos de Europa, northern Spain), providing the endokarst geometry of the ice cave in GPR data reflections. Eight radargrams were obtained by applying a shielded ground‐coupled antenna with a nominal frequency of 400 MHz. Although the radargrams do not depict the ice–basal bedrock interface, they suggest that the ice block is at least 54 m deep and similarly thick. Some curved reflection signatures suggest a potential vertical displacement in the block of ice, and thus certain dynamics in the ice body. Other images show numerous interbedded clasts and thin sediment layers imaged as banded reflections. In this particular cave a direct visual inspection of the ice stratigraphy is a difficult task but GPR provides clear reflectivity patterns of some of its internal features, making GPR a suitable instrument for this and future studies to achieve a better and broader understanding of the internal behavior of ice caves.Ministerio de Economía, Industria y Competitividad (project CGL2015-68144-R)Ministerio de Agricultura y Pesca, Alimentación y Medio Ambiente (project OAPN-053/2010

La resolución de problemas en entornos virtuales: propuesta didáctica en estudiantes de matemática I-II CPEL - Universidad San Ignacio de Loyola

Esta presentación tiene por objetivo proponer y aplicar una intervención educativa enmarcada en la modalidad B- learning soportada por la plataforma Blackboard; esta propuesta pretende desarrollar en el estudiante la competencia de resolución de problemas, basado en el tratamiento y conversión de los registros de representación semiótica. Esta intervención; consiste en un diseño didáctico que articula estrategias, recursos y herramientas que brinda la plataforma de modo que se potencia las habilidades y capacidades matemáticas de los estudiantes, el trabajo colaborativo, su autonomía y su pensamiento matemático

Bacterias aeróbicas nosocomiales multiresistentes en muestras ambientales: susceptibilidad a los antisépticos y desinfectantes utilizados en salas de operaciones hospitalarias

La infección nosocomial se puede definir como una infección localizada o sistémica, que por lo general se manifiesta a las 48 horas después del ingreso del paciente y no estaba en proceso de incubación. La incidencia de infección nosocomial es elevada, oscilando entre un 5-30% de los pacientes ingresados, siendo más frecuente en pacientes ingresados en unidades de cuidados intensivos. Las infecciones nosocomiales aumentan de forma significativa la morbilidad y la mortalidad, en los últimos años ha aumentado la incidencia por la presencia de microorganismos multiresistentes e infecciones polimicrobianas. Las infecciones nosocomiales más frecuentes son la sepsis, infección respiratoria, infección urinaria e infección de el sitio operatori