A simple test of momentum in foreign exchange markets

This study proposes a new method for testing for the presence of momentum in nominal exchange rates, using a probabilistic approach. We illustrate our methodology estimating a binary response model using information on local currency / US dollar exchange rates of eight emerging economies. After controlling for important variables a§ecting the behavior of exchange rates in the short-run, we show evidence of exchange rate inertia; in other words, we Önd that exchange rate momentum is a common feature in this group of emerging economies, and thus foreign exchange traders participating in these markets are able to make excess returns by following technical analysis strategies. We Önd that the presence of momentum is asymmetric, being stronger in moments of currency depreciation than of appreciation. This behavior may be associated with central bank intervention.Momentum, foreign exchange markets, hazard duration analysis, emerging economies.

Psychometric properties of the Brief-COPE for the evaluation of coping strategies in the Chilean population

The Brief-COPE is an abbreviated version of the COPE (Coping Orientation to Problems Experienced) Inventory, a self-report questionnaire developed to assess a broad range of coping responses. Currently, it is one of the best validated and most frequently used measures of coping strategies. The aim of this study was to validate a culturally appropriate Chilean version of the Brief-COPE, assess its psychometric properties and construct and congruent validity. The Spanish version of the Brief-COPE was administrated in a community sample of 1847 Chilean adult (60.4% women) exposed to a variety of stressful experiences. The factorial structure of the inventory was examined by comparing four different models found in previous studies in Latin American population. The results of confirmatory factor analyses revealed, as in the original studies, a 14-factor structure of the Brief-COPE. These dimensions showed adequate internal structure and consistency. The factorial invariance comparing women and men confirmed strict invariance. Additionally, the results showed significant correlation between some Brief-COPE scales, such as denial and substance use, with perceived stress and emotional support and active coping with subjective well-being. Overall, the present work offers a valid and reliable tool for assessing coping strategies in the Chilean population.This study was funded by CONICYT/FONDECYT (grant number 1180134) awarded to Felipe E. Garcia

The Cyclical Behavior of Bank Capital Buffers in an Emerging Economy: Size Does Matter

Using a panel of Colombian banks and quarterly data between 1996:1 and 2010:3, we study the relationship between short-run adjustments in bank capital buffers and the business cycle. We follow a partial adjustment framework and control for several variables that have been identified as important determinants of bank capital buffers in previous studies, and find that bank capital buffers vary over the business cycle. We are able to identify a negative co-movement of capital buffers and the business cycle. However, we also find that capital buffers of small and large banks behave asymmetrically during the business cycle. While the former appear to be constant over time, once the appropriate set of control variables is used, the latter present a countercyclical behavior. Our results suggest the possible need of the implementation of regulatory policy measures in developing countries.Bank capital buffers, Credit risk, Regulation, Colombia. Classification JEL: C26, G2, G28.

The cyclical behavior of bank capital buffers in an emerging economy: size do matters

Using a panel of Colombian banks and quarterly data between 1996:1 and 2010:3, we study the relationship between short-run adjustments in bank capital buffers and the business cycle. We follow a partial adjustment framework and control for several variables that have been identified as important determinants of bank capital buffers in previous studies, and find that bank capital buffers vary overthe business cycle. We are able to identify a negative co-movement of capital buffers and and the business cycle. However, we also find that capital buffers of small and large banks behave asymmetrically during the business cycle. While the former appear to be constant over time, once the appropriate set of control variables is used, the latter present a countercyclical behavior. Our results suggest the possible need of the implementation of regulatory policy measures in developing countries.Bank capital bu§ers; Credit risk; Regulation; Colombia

Effectiveness and cost-effectiveness of a solution-focused intervention in child protection services

The purpose of this research was to evaluate the impact on child welfare of introducing solution-focused principles and intervention techniques in the local child protection service of the island of Tenerife, Spain. 152 workers from 34 local child protection teams participated in the study. Goal achievement, parent's and children’s self-reported well-being, and statutory child welfare measures were recorded during one year. Then the child protection teams were randomly assigned to a control or an experimental condition. 73 workers in the experimental condition, serving 271 families, received 30 h of training and 30 h of supervision in solution-focused brief therapy (SFBT). 79 workers in the control condition, serving 206 families, continued to intervene as usual. The dependent variables were evaluated again in the experimental and in the control group one year after the supervision in SFBT had finished. Results indicate that the experimental and the control group had equivalent outcomes at pre-test. At post-test, the experimental group achieved better outcomes than the control group: workers’ and parents’ goal achievement ratings as well as parents’ and children well-being ratings were higher, fewer cases had been referred to risk teams, fewer children had been removed from their homes and recidivism was lower. The effects were small for goal achievement, medium for recidivism, and large for well-being and child removal. The teams that used SFBT reached these outcomes with fewer sessions and allocating fewer additional resources than the control group.This study was partially supported by a grant of the European Brief Therapy Association (EBTA) and by a grant of the Spanish Federation of Family Therapy Associations (FEATF). Open access funding provided by Universidad Pública de Navarr

Crescimento pós-traumático, ruminação e estratégias de enfrentamento em crianças e adolescentes expostos ao terremoto de Coquimbo 2015

The aim of the present study was to identify the coping strategies and ruminative styles that are related to Posttraumatic Growth (PTG), in a sample of 105 participants from 12 to 16 years old, surveyed 12 months after the 2015 earthquake in the city of Coquimbo, Chile. The results show that deliberate rumination and productive coping strategies significantly predicted PTG. In addition, it was observed that when participants feel significant threats to their integrity, their PTG levels increase. These results would allow designing intervention strategies that help to cope the consequences of a natural disaster in children and adolescents.El objetivo del presente estudio fue identificar las estrategias de afrontamiento y estilos rumiativos que se relacionan con Crecimiento Postraumático (CPT), en una muestra de 105 participantes de 12 a 16 años, encuestados 12 meses después del terremoto del año 2015 en la ciudad de Coquimbo, Chile. Los resultados muestran que la rumiación deliberada y las estrategias de afrontamiento productivas predijeron significativamente el CPT. Además, se observó que cuando los participantes sienten amenazas importantes a su integridad, aumentan sus niveles de CPT. Estos resultados permitirían diseñar estrategias de intervención que ayuden a enfrentar las consecuencias de un desastre natural en niños, niñas y adolescentes.L’objectif de la présente étude était d’identifier les stratégies d’adaptation et les styles rumi-natifs liés à la croissance posttraumatique (CPT), sur un échantillon de 105 participants âgés de 12 à 16 ans, enquêtés 12 mois après le séisme de 2015 à Coquimbo. , Chili. Les résultats montrent qu’une rumination délibérée et des stratégies d’adaptation productives ont permis de prédire de manière significative le CPT. En outre, il a été observé que lorsque les participants ressentaient des menaces importantes pour leur intégrité, leurs niveaux de CPT augmentaient. Ces résultats permettraient de concevoir des stratégies d’intervention permettant de faire face aux conséquences d’une catastrophe naturelle chez les enfants et les adolescents.O objetivo do presente estudo foi identificar as estratégias de enfrentamento e os estilos ruminativos relacionados ao Crescimento Pós-Traumático (CPT), em uma amostra de 105 participantes de 12 a 16 anos, pesquisados 12 meses após o terremoto de 2015 na cidade de Coquimbo. Chile. Os resultados mostram que a ruminação deliberada e estratégias de enfrentamento produtivas previram significativamente o TCP. Além disso, observou-se que quando os participantes sentem ameaças significativas à sua integridade, seus níveis de CPT aumentam. Estes resultados permitiriam desenhar estratégias de intervenção que ajudem a enfrentar as consequências de um desastre natural em crianças e adolescentes

Factor analysis of Internet traffic destinations from similar source networks

This article is (©) Emerald Group Publishing and permission has been granted for this version to appear here (http://www.emeraldinsight.com/doi/full/10.1108/10662241211199951). Emerald does not grant permission for this article to be further copied/distributed or hosted elsewhere without the express permission from Emerald Group Publishing Limited.Purpose – This study aims to assess whether similar user populations in the Internet produce similar geographical traffic destination patterns on a per-country basis. Design/methodology/approach – We have collected a country-wide NetFlow trace, which encompasses the whole Spanish academic network, which comprises more than 350 institutions and one million users, during four months. Such trace comprises several similar campus networks in terms of population size and structure. To compare their behaviors, we propose a mixture model, which is primarily based on the Zipf-Mandelbrot power law to capture the heavy-tailed nature of the per-country traffic distribution. Then, factor analysis is performed to understand the relation between the response variable, number of bytes or packets per day, with dependent variables such as the source IP network, traffic direction, and country. Findings – Surprisingly, the results show that the geographical distribution is strongly dependent on the source IP network. Furthermore, even though there are thousands of users in a typical campus network, it turns out that the aggregation level which is required to observe a stable geographical pattern is even larger. Consequently, our results show a slow convergence rate to the domain of attraction of the model, specifically, we have found that at least 35 days worth of data are necessary to reach stability of the model’s estimated parameters. Practical implications – Based on these findings, conclusions drawn for one network cannot be directly extrapolated to different ones. Therefore, ISPs’ traffic measurement campaigns should include an extensive set of networks to cope with the space diversity, and also encompass a significant period of time due to the large transient time. Originality/value – Current state of the art includes some analysis of geographical patterns, but not comparisons between networks with similar populations. Such comparison can be useful for the design of Content Distribution Networks and the cost-optimization of peering agreements.This work has been partially funded by the Spanish Ministry of Education and Science under project ANFORA (TEC2009-13385), European Union CELTIC initiative program under project TRAMMS, European Union project OneLab, and the F.P.U. and F.P.I. Research Fellowship programs of Spain. The authors would also like to thank the anonymous reviewers who helped us to improve the quality of the paper

Reconocimiento por hibridación In situ de RNAm de Vasopresina en Hipotálamo de taras bajo condiciones de Hiperosmolaridad plasmática

La ingesta de soluciones salinas hipertónicas (2% y 4% p/v de NaCL) durante nueve días produce incremento progresivo altamente significativo de la osmolaridad plasmática (OsmP), con descenso en el día sexto y gran incremento en el día noveno. El análisis de los balances líquidos (BI) sugirío, que los animales que ingieren ss2% tienden hacia un modelo de volumen extracélular (VEC) aumentados; y los que ingieren ss 4% la tendencia es hacia un modelo de volumen extracelular reducido

Religious Coping, Social Support and Subjective Severity as Predictors of Posttraumatic Growth in People Affected by the Earthquake in Chile on 27/2/2010

The aim of this research is to study the impact of religious coping, social support and subjective severity on Posttraumatic Growth (PTG) in people who lost their homes after the earthquake in Chile in 2010 and who now live in transitional shelters. One hundred sixteen adult men and women were evaluated using a subjective severity scale, the Posttraumatic Growth Inventory (PTGI), the Multidimensional Scale of Perceived Social Support (MSPSS) scale of social support and the Brief RCOPE scale of religious coping. The multiple linear regression analysis shows that social support and positive religious coping have an impact on PTG. On using a bootstrap estimate, it was found that positive religious coping fully mediates the relationship between subjective severity and PTG

Probing H2 autoionizing states with femto and attosecond laser pulses.

ABSTRACT: We show the relevance that molecular autoionizing states display in some recent experiments related to the symmetry-breaking in molecular-frame photoelectron angular distributions in H2 when exposed to intense xuv femtosecond laser pulses, and others related to the electron (proton) localization when subject to attosecond pump-probe laser schemes. Our theoretical method solves the time-dependent Schr¨odinger equation with an spectral method that expands the wave function in terms of H2 correlated stationary vibronic states including all electronic and vibrational degrees of motion. Time-resolved asymmetric electron angular distributions are obtained at specific proton kinetic energies due to the delayed autoionization from H2 doubly excited states, which induces interferences between gerade (1s(sigma)g) and ungerade (2p(sigma)u) ionization channels. We also study photoionization of H2 exposed to a xuv attosecond pump pulse plus a time-delayed IR femtosecond probe pulse. Fast alternating asymmetries in the proton ejection (electron localization) are obtained as a function of the time delay between the pump and the probe pulses. Finally, we deal with the process of (xuv) two-photon double ionization of H2 under the assumption of having both sequential and non-sequential absorption processes