How banks go abroad : branches or subsidiaries ?

The authors examine the factors that influence banks'type of organizational form when operating in foreign markets using an original database of the branches and subsidiaries in Latin America and Eastern Europe of the top 100 international banks. They find that regulation, taxation, the degree of desired penetration in the local market, and host-country economic and political risks matter. Banks are more likely to operate as branches in countries that have higher corporate taxes and when they face lower regulatory restrictions on bank entry, in general, and on foreign branches, in particular. Subsidiaries are the preferred organizational form by banks that seek to penetrate the local market establishing large and mostly retail operations. Finally, there is evidence that economic and political risks have opposite effects on the type of organizational form, suggesting that legal differences in the degree of parent bank responsibility vis-à-vis branches and subsidiaries under different risk scenarios play an important role in the kind of operations international banks maintain overseasBanks&Banking Reform,Financial Intermediation,Banking Law,Financial Crisis Management&Restructuring,Economic Theory&Research

The Language(s) of the Callaeci

Although there is no direct extant record of the language spoken by any of the peoples of ancient Callaecia, some linguistic information can be recovered through the analysis of the names (personal names, names of deities, ethnonyms, and place-names) that occur in Latin inscriptions and in ancient Greek and Latin sources. These names prove the presence of speakers of a Celtic language in this area, but there are also names of other origins

Project selection considering delayed acceptance of investment projects

M.S.Gunter P. Shar

Molecular Networks in Dynamic Multilevel Systems

Dynamic multilevel systems can be assembled from molecular building blocks through two or more reversible reactions that form covalent bonds. Molecular networks of dynamic multilevel systems can exhibit different connectivities between nodes. The design and creation of molecular networks in multilevel systems require control of the crossed reactivity of the functional groups (how to connect nodes) and the conditions of the reactions (when to connect nodes). In recent years, the combination of orthogonal and communicating reactions, which can be simultaneous or individually activated, has produced a variety of systems that have given rise to macrocycles and cages, as well as molecular motors and multicomponent architectures on surfaces. A given set of reactions can lead to systems with unique responsiveness, compositions, and functions as a result of the relative reactivities. In this Concept article, different molecular networks from synthetic systems that can be produced by combinations of different reaction types are discussed. Moreover, applications of this chemistry are highlighted, and future perspectives are envisioned.Fil: Orrillo, Alfredo Gastón. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional de Rosario. Facultad de Ciencias Bioquímicas y Farmacéuticas; ArgentinaFil: Escalante, Andrea Marta. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional de Rosario. Facultad de Ciencias Bioquímicas y Farmacéuticas; ArgentinaFil: Martinez Amezaga, Maitena. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional de Rosario. Facultad de Ciencias Bioquímicas y Farmacéuticas; ArgentinaFil: Cabezudo, Ignacio. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional de Rosario. Facultad de Ciencias Bioquímicas y Farmacéuticas; ArgentinaFil: Furlan, Ricardo Luis Eugenio. Universidad Nacional de Rosario. Facultad de Ciencias Bioquímicas y Farmacéuticas; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentin

LANDREC, A Set of Interactive Microcomputer Programs Used as a Help on Land Reclamation Projects

This paper deals with LANDREC software which was built for helping in land reclamation and landscape restoration. This program is compound by three modules: EVALUATION, INTMOREINF and INTEGRATION. The first module provides a optimal solutions for lands to be rehabilitated by considering scenic, topographic and economical aspects, the approach is based on linear programing transport algorithm. The second module allow to enter information from nearby areas in order to quantify the influence of the rehabilitation. The third module, called INTEGRATION, test all model to find the best. The paper includes a case-study located in the valley of Jarama (Madrid, Spain) where gravel extraction for construction has produced a deep deterioration in fluvial landscapes

The fixation distance to the stimulus influences ERP quality:an EEG and eye tracking N400 study

In a typical visual Event Related Potential (ERP) study, the stimulus is presented centrally on the screen. Normally an ERP response will be measured provided that the participant directs their gaze towards the stimulus. The aim of this study was to assess how the N400 component of an ERP was affected when the stimulus was presented in the foveal, parafoveal or peripheral vision of the participant’s visual field. Utilizing stimuli that have previously produced an N400 response to action incongruities, the same stimuli sequences were presented at 0º, 4º, 8º and 12º of visual angle from a fixation location. In addition to the EEG data, eye tracking data were recorded to act as a fixation control method and to allow for eye artifact detection. The results show a significant N400 effect in the right parieto-temporal electrodes within the 0º visual angle condition. For the other conditions, the N400 effect was reduced (4º) or not present (8º and 12º). Our results suggest that the disappearance of the N400 effect with eccentricity is the fixation distance to the stimulus. However, variables like attentional allocation could have also had an impact on the results. This study highlights the importance of presenting a stimulus within the foveal vision of the participant in order to maximize ERP effects related to higher order cognitive processes

Economía de la producción caprina en los municipios de Tejupilco y Amatepec, México

El estudio consideró los aspectos socioeconómicos de las unidades de producción caprina, así como los costos e ingresos de la producción de ganado caprino en las localidades de Tejupilco y Amatepec, ubicados en la región Sur del Estado de México, en donde se levantó la información a través de encuestas directas a los productores. Los resultados indican que se trata de sistemas extensivos de producción en donde las cabras se alimentan fundamentalmente del pastoreo y con alguna suplementación alimenticia con maíz. El destino de la producción de las cabras es: un 20% para carne, un 60% a la venta de cabritos al destete, 15% se destina al autoconsumo, y el resto para pie de cría. El costo de producción por cabeza fue de 206.00 y el ingreso por ventas fue de 1,225.00, por lo que la ganancia neta se ubicó en 1,018.18. Se concluye que los sistemas de producción caprina extensivos de estas regiones están basados en el aprovechamiento de los recursos naturales de bajo costo, por lo que resulta ser una ganadería rentable y sostenible; sin embargo su desarrollo está limitado debido a la poca aplicación de las innovaciones tecnológicas

Mechanism-based models in reproductive and developmental toxicology

This chapter discusses the study of the currently available models for testing developmental toxicity (embryotoxicity and teratogenicity). The main alternative models for testing developmental toxicity are described. These models are divided between validated models (whole-embryo culture test (WEC), micromass test (MM) and embryonic stem cell test (EST)) and those that are not currently validated (although have proven scientific validity) as is the case of zebrafish, frog embryo teratogenesis assay (FETAX), in silico models for predicting embryotoxicity, in vitro cellular models different from the EST method, and methods using fragments of embryos. The non-validated alternative models for testing developmental toxicity are also explained here. To date, only three in vitro methods (MM, EST and WEC) have been validated by an international agency (ECVAM) in order to be used for testing the embryotoxicity potential of chemicals, although other models such as FETAX and zebrafish have also proved their validity for this purpose. Methods based on the employment of embryos allow the specific malformation expected after exposure to the chemical to be determined, while methods based on cellular systems are more relevant in order to determine the mechanism underlying the adverse observed effect and still display a wide field for improving their prediction capability

Computationally optimized formulation for the simulation of composite materials and delamination failures

The numerical simulation of complex failure modes of composite materials, such as delamination, can be computationally very demanding, as it requires special elements and/or numerical strategies to characterize damage onset and propagation. This work presents several formulations developed to optimize the computational performance of an explicit finite element code designed specifically for the simulation of large scale composite structures. The composite mechanical performance is obtained with the matrix-reinforced mixing theory, a simplified version of the serial/parallel mixing theory that does not require an iterative procedure or the calculation of the tangent stiffness matrix. The number of elements required to perform the simulation is reduced by stacking several layers inside a single finite element. This work also proposes a modification of the isotropic damage law, capable of taking into account the residual strength provided by friction in type II fracture modes. The ability of these formulations to successfully predict the mechanical performance of composite materials is assessed with the ply drop-off test. In this test a laminate with a change of thickness in its mid-span is loaded until it breaks due to a delamination process. The formulation proposed obtains a very accurate prediction of the experimental response of the test, as it provides a very good characterization of the initial laminate stiffness, the delamination onset, and its propagation along the specimen.&nbsp

OECD guidelines and validated methods for in vivo testing of reproductive toxicity

This chapter discusses the methods adapted by the OECD and some other protocols, including the general principles of the study, the main aspects of the procedure, the endpoints and the observations, data reporting and criteria for interpreting results, and summarizing the guidelines. OECD 414 provides general information concerning the effects of prenatal exposure on the pregnant test animal and on the developing organism. OECD 415 is designed to provide general information concerning the effects of the tested substance on male and female reproductive performance. OECD 416 test is designed to provide general information concerning the effects of a tested substance on the integrity and performance of the male and female reproductive systems, including gonadal function, the estrus cycle, mating behavior, conception, gestation, parturition, lactation and weaning, and the growth and development of the offspring. The study also provides information about the effects on the first generation (F1) including neonatal morbidity, mortality and preliminary data on prenatal and postnatal developmental toxicity. OECD 421 offers only limited means of detecting postnatal manifestations of prenatal exposure, or effects that may be induced during postnatal exposure. OECD 422 is intended for identification of possible health hazards likely to arise from repeated exposure over a relatively limited period of time. OECD 426 is designed to provide data, including dose–response characterization, on the potential functional and morphological effects on the developing nervous system of the offspring that may arise from exposure in uterus and during early life