A smooth permanent surge process

In this paper we introduce the Smooth Permanent Surge [SPS] model. The model is an integrated non lineal moving average process with possibly unit roots in the moving average coefficients. The process nests the Stochastic Permanent Break [STOPBREAK] process by Engle and Smith (1999) and in a limiting case it converges to Threshold Integrated Moving Average [TIMA] models by Gonzalo and Martinez (2003). A test of SPS against STOPBREAK process is presented. Additionally, we introduce a new test for testing SPS process against the random walk. The small sample properties of these tests are investigated by Monte Carlo experiments. An application to the stock markets is presented.Linearity test; Monte Carlo testing; Smooth transitions; Moving Averages Models; Permanent Shock; Transitory Shocks.

Transcription-mediated replication hindrance: a major driver of genome instability

Genome replication involves dealing with obstacles that can result from DNA damage but also from chromatin alterations, topological stress, tightly bound proteins or non-B DNA structures such as R loops. Experimental evidence reveals that an engaged transcription machinery at the DNA can either enhance such obstacles or be an obstacle itself. Thus, transcription can become a potentially hazardous process promoting localized replication fork hindrance and stress, which would ultimately cause genome instability, a hallmark of cancer cells. Understanding the causes behind transcription–replication conflicts as well as how the cell resolves them to sustain genome integrity is the aim of this review

War as momentous issue of History of Philosophy

Se exponen dos concepciones opuestas de la historia de la filosofía que guardan correspondencia cada una de ellas, con la antropología filosófica y con la filosofía de la historia respectivamente. Y se defiende una tesis, según la cual, la concepción de lTwo opposing conceptions of the history of philosophy that keep each correspondence with the philosophical anthropology and the philosophy of history are discussed respectively. And a thesis, according to which the conception of the history of philosoph

Can we be satisfied with our football team? Evidence from spanish professional football.

This paper assesses the sporting performance of Spanish professional football teams at competition level, namely, League, King’s Cup and European competitions (Champions League and UEFA Cup). Then, the gap between the result obtained by a team in a given competition and that expected according to its potential is used as a proxy of the degree of satisfaction that fans should feel: the narrower the gap the greater the level of satisfaction. Regarding methodology, Data Envelopment Analysis techniques and directional distance functions are used. Results reveal that most teams perform rather differently across competitions, the lower average performance corresponding to the King’s CupSpanish football League; specific-competition performance; Data Envelopment Analysis.

Rpd3L and Hda1 histone deacetylases facilitate repair of broken forks by promoting sister chromatid cohesion

Genome stability involves accurate replication and DNA repair. Broken replication forks, such as those encountering a nick, lead to double strand breaks (DSBs), which are preferentially repaired by sister-chromatid recombination (SCR). To decipher the role of chromatin in eukaryotic DSB repair, here we analyze a collection of yeast chromatin-modifying mutants using a previously developed system for the molecular analysis of repair of replication-born DSBs by SCR based on a mini-HO site. We confirm the candidates through FLP-based systems based on a mutated version of the FLP flipase that causes nicks on either the leading or lagging DNA strands. We demonstrate that Rpd3L and Hda1 histone deacetylase (HDAC) complexes contribute to the repair of replication-born DSBs by facilitating cohesin loading, with no effect on other types of homology-dependent repair, thus preventing genome instability. We conclude that histone deacetylation favors general sister chromatid cohesion as a necessary step in SCR

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.

The Competing Risks of Acquiring and Being Acquired: Evidence from Colombia´s Financial Sector

This paper studies the determinants of the probability of participating in a process of merging or acquisition for financial institutions in Colombia. We use survival analysis techniques and competing risks models to estimate the probability of participating in such processes as an acquiring or acquired firm. Using an especially rich database containing financial information of Colombian banks for the period 1990 - 2007, we find that both macroeconomic and microeconomic variables are important determinants of such probability. However, there are differential effects for the acquiring firm and the acquired firm. Particularly, while firm size and solvency result significant determinants of the probability of being an acquiring firm, efficiency is an important determinant of the probability of being acquired. Also, the concentration index, that plays no role for acquiring firms, plays an important role in the probability of being acquired.Survival analysis; competing risk models; Colombia

The importance of time in referee home bias due to social pressure. Evidence from Spanish football

This paper analyses referee home bias due to social pressure with data from the matches played in the First Division of the Spanish football league between the 2002/03 and 2009/10 seasons. Finally, our main conclusion is that the time the referee has to make a decision does affect the final outcome; while there is no referee home bias when a free kick is awarded, in the case of booking players, when the referee has more time to make a decision, social pressure can influence the final outcome in favour of the home team.Social pressure; crowd effect; referee home bias; sports economics.

R-loops do not accumulate in transcription-defective hpr1-101 mutants: implications for the functional role of THO/TREX

To get further insight into the effect that THO/TREX and R-loops have in transcription-associated recombination and transcription, we analyzed the ability to form R-loops of hpr1-101, a THO mutation that impairs transcription and mRNP biogenesis without triggering hyper-recombination. Human AID, a cytidine deaminase that acts on ssDNA displaced by RNA-DNA hybrids, strongly induced both hyper-recombination and hyper-mutation in hpr1-101, similar to hpr1Δ mutants. However, in contrast to hpr1Δ, AID-induced mutations in hpr1-101 occur at similar frequencies in both the transcribed and non-transcribed strands, implying that the enhanced AID action in these mutants is not caused by co-transcriptional R-loops. These results indicate for the first time that THO has a transcriptional function that is not mediated by R-loops, providing a new perspective for the understanding of the coupling of transcription with mRNP biogenesis and export

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.