Failing and Merging as Competing Alternatives during Times of Financial Distress: Evidence from the Colombian Financial Crisis

This paper studies the determinants of individual bank failures and M&A processes in Colombia during the financial crisis of the late 1990s. Using bank-specific data we estimate competing risk hazards models and find that while profitability and capitalization are the most important determinants of the probability of failing, bank´s size, efficiency and capitalization are the main determinants of the probability of participating in an integration process. All else constant, an increase in capitalization reduces the probability of disappearing, whether due to the occurrence of bankruptcy, a merge or an acquisition. However, a marginal increase in capitalization reduces significantly more the probability of bankruptcy than the probability of integration. This study is the first to present a competing risks hazard model to identify covariates that excerpt significant influence on the probability of failing or merging for banks of an emerging economy.Survival analysis; Competing risk models; Colombia. Classification JEL: G21; G33; G33; C25

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 affecting the behavior of exchange rates in the short-run, we show evidence of exchange rate inertia; in other words, we find 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 find 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. Classification JEL: G14, G15, C41.

An Alternative Methodology for Estimating Credit Quality Transition Matrices

This study presents an alternative way of estimating credit transition matrices using a hazard function model. The model is useful both for testing the validity of the Markovian assumption, frequently made in credit rating applications, and also for estimating transition matrices conditioning on firm-specific and macroeconomic covariates that influence the migration process. The model presented in the paper is likely to be useful in other applications, though we would hesitate to extrapolate numerical values of coefficients outside of our application. Transition matrices estimated this way may be an important tool for a credit risk administration system, in the sense that with them a practitioner can easily forecast the behavior of the clients´ratings in the future and their possible changes of stateFirms; macroeconomic variables; firm-specific covariates; hazard function; transition intensities. Classification JEL: C4; E44; G21; G23; G38.

Refranero español

Copia digital. Valladolid : Junta de Castilla y León. Consejería de Cultura y Turismo, 2009-201

COVID-19 Infection among Nursing Students in Spain: The Risk Perception, Perceived Risk Factors, Coping Style, Preventive Knowledge of the Disease and Sense of Coherence as Psychological Predictor Variables: A Cross Sectional Survey

The exploration of patterns of health beliefs about COVID-19 among nursing students may be beneficial to identify behaviors, attitudes and knowledge about contagion risk. We sought to analyze the variables of risk perception, perceived risk factors, coping style, sense of coherence and knowledge of preventive measures as possible predictors of having suffered from COVID-19. Participants were nursing students from 13 universities in Spain. Sociodemographic and health variables were collected. To test the independent variables, the Perception Risk Coping Knowledge (PRCK-COVID-19) scale was created and validated because there was no specific survey for young people adapted to the pandemic situation of COVID-19. It was validated with adequate psychometric properties. A total of 1562 students (87.5% female, mean age 21.5 +/- 5.7 years) responded. The high perception of the risk of contagion, the high level of knowledge and a coping style focused on the situation were notable. Significant differences by gender were found in the coping styles, problem-focused, avoidance and knowledge scales, with women scoring higher in all categories. The multiple regression analysis was significant (F = 3.68; p < 0.001). The predictor variables were the coping styles subscale search for support and the intrinsic and extrinsic perceived risk factors. Our model predicts that nursing students with a social support-based coping style are at a higher risk of becoming infected with COVID-19, based on their own health belief model

Study of the lateral pass width for conventional and ultrasonic vibrations-assisted ball burnishing on Ti-6Al-4V specimens

Ball burnishing is a technological finishing process based on plastic deformation of the objective surface by means of a hard ball gliding over it. Along with its easiness of application, possible on the same machine where machining was performed [1], burnishing is a comprehensive process able to achieve surface roughness improvements, and compressive residual stresses up to deep layers of the material [2]. Burnishing results have proved to be depending of a proper selection of parameters, which must be correctly controlled during the process. That is the case of burnishing force or the number of passes [3]. Among these parameters, the lateral pass width has proved to be influential on the surface roughness results, due to the behavior that most materials show when being plastically deformed. In effect, the applied force makes the material to flow to the borders of the burnishing imprint, giving way to a pile-up effect. This paper deals with indentation experiments on Ti-6Al-4V to deepen in the burnishing process of this material. Single burnishing imprints are geometrically characterized combining different levels of force, number of passes, and comparing the conventional process with that assisted with vibrations. An optimal lateral pass width is thus determined, and technological recommendations are made for future applications of the process.Peer ReviewedPostprint (author's final draft

A demographic analysis of population responses to the manipulation of adult males in Calomys venustus (Rodentia, Sigmodontinae)

In many species of mammals, adults play an important role in influencing the survival and/or reproduction of juveniles. Adult males could have a negative effect on population density when their absence becomes a limiting factor in female fertilization. We tested the hypotheses that the absence of overwintering males (adult males) reduces the population growth rate through a delay in the onset of reproductive activity of Cohort 1 females in Calomys venustus populations. The study was carried out in two control and two experimental enclosures (0.25 ha). Adult males were removed after their offspring were born. Weekly trapping sessions were carried out from spring to autumn. To estimate population growth rates (λ), apparent survival (φ{symbol}) and seniority probability (γ) were estimated using capture-mark-recapture models. Models were constructed with these two parameters and recapture probability (p) constrained to vary as a function of time, enclosure and/or treatment. We derived estimates of population growth rates through the estimates of φ{symbol} and γ. The best models for φ{symbol} and γ did not show a treatment effect. Variability between the four enclosures was greater than between control and experimental enclosures. Enclosures had different growth rates at the beginning of the study but were equaled at the end. Temporal variation in population growth rates was a result of temporal variation of γ. The two controls showed the highest growth rates earlier in time. The results did not support the hypothesis tested in this study. It seems that the number of overwintering males do not affect the population growth rate. © 2009 The Ecological Society of Japan.Fil: Priotto, Jose Waldemar. Universidad Nacional de Río Cuarto. Facultad de Ciencias Exactas Fisicoquímicas y Naturales. Instituto de Ciencias de la Tierra, Biodiversidad y Ambiente - Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Córdoba. Instituto de Ciencias de la Tierra, Biodiversidad y Ambiente; ArgentinaFil: Gómez, Daniela. Universidad Nacional de Río Cuarto. Facultad de Ciencias Exactas Fisicoquímicas y Naturales. Instituto de Ciencias de la Tierra, Biodiversidad y Ambiente - Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Córdoba. Instituto de Ciencias de la Tierra, Biodiversidad y Ambiente; Argentina. Universidad Nacional de Río Cuarto. Facultad de Ciencias Exactas, Fisicoquímicas y Naturales. Departamento de Ciencias Naturales; ArgentinaFil: Polop, Jaime Jose. Universidad Nacional de Río Cuarto. Facultad de Ciencias Exactas, Fisicoquímicas y Naturales. Departamento de Ciencias Naturales; Argentin

Diferencias interindividuales en el conocimiento y en el uso de los espacios públicos exteriores por niños

El estudio está enfocado en el análisis de las diferencias interindividuales que aparecen en los niños de 6 a 11 años en el conocimiento y en las modalidades de utilización de los espacios públicos exteriores. Se realizó una encuesta a 378 niños de escuelas primarias de una pequeña ciudad de la región parisina. Un cuestionario fue utilizado para interrogar a los niños sobre sus conocimientos, la frecuencia de sus visitas, su acceso autónomo y la utilización lúdica de los principales espacios exteriores de su ciudad. Los resultados señalan que en un medio urbano, los espacios públicos juegan un rol importante para los niños. A partir de los 6 años los niños conocen los tres cuartos del total de plazas, parques y zonas de juego presentes en su medioambiente urbano de proximidad. La mayoría de los espacios conocidos son visitados regularmente y utilizados de manera lúdica, pero el acceso autónomo a estos espacios resulta en extremo restringido. El acceso autónomo a los espacios exteriores es el comportamiento que evoluciona más fuertemente en función de la edad. Sin embargo, las diferencias más grandes en el conocimiento y en el uso de los espacios públicos se encuentran ligadas al género, en provecho de los chicos. Diferencias significativas aparecen igualmente entre los niños que habitan en casas de aquellos que habitan en apartamentos, estos últimos tienen un uso más extenso de los espacios públicos de su ciudad

A Practical Approach to Protect IoT Devices against Attacks and Compile Security Incident Datasets

open access articleThe Internet of Things (IoT) introduced the opportunity of remotely manipulating home appliances (such as heating systems, ovens, blinds, etc.) using computers and mobile devices. This idea fascinated people and originated a boom of IoT devices together with an increasing demand that was difficult to support. Many manufacturers quickly created hundreds of devices implementing functionalities but neglected some critical issues pertaining to device security. This oversight gave rise to the current situation where thousands of devices remain unpatched having many security issues that manufacturers cannot address after the devices have been produced and deployed. This article presents our novel research protecting IOT devices using Berkeley Packet Filters (BPFs) and evaluates our findings with the aid of our Filter.tlk tool, which is able to facilitate the development of BPF expressions that can be executed by GNU/Linux systems with a low impact on network packet throughput