Economic valuation of the efficiency of bankruptcy systems: an international empirical analysis.

RESUMEN. La valoración que el mercado realiza de los problemas de insolvencia empresarial se ve condicionada por las características de la legislación concursal, siendo tradicional la distinción entre normativas orientadas a la protección del deudor o de los acreedores. Sin embargo, resulta necesario atender también al propósito perseguido con cada medida concreta establecida en la legislación para tratar de solucionar las difi cultades fi nancieras. En el presente trabajo se realiza una aproximación considerando los diferentes tipos de efi ciencia de la normativa concursal, el carácter antagónico que, en ocasiones, tienen entre sí, y la valoración que el mercado realiza de cada uno de ellos a través de un análisis internacional en los principales países de la Unión Europea.ABSTRACT. The market valuation of corporate insolvency problems is conditioned by the attributes of bankruptcy laws, with different codes traditionally being oriented toward protecting the debtor or the creditor. Nevertheless, it is also necessary to address the objective of each concrete measure established in the legislation to try to resolve fi nancial distress. This study carries out an approximation, taking into account the different types of effi ciency in bankruptcy regulations, the antagonistic character that, on occasions, exists between them, and the market valuation of each one of these, by way of an international analysis undertaken within the main European Union countries

Financial consequences of the bankruptcy law : European comparison

RESUMEN. El análisis de la reacción de los títulos de las empresas ante declaraciones legales de insolvencia ha sido desarrollado ampliamente en la literatura financiera. En este trabajo se adopta un enfoque diferente al tradicional estudio de eventos, tratando de contrastar si la reacción de los mercados viene condicionada por la orientación de la legislación concursal que regula las situaciones de insolvencia empresarial. Para ello se realiza un análisis con una muestra que incluye empresas con problemas de insolvencia en Alemania, España, Francia y el Reino Unido entre 1990 y 2002. Los resultados permiten concluir que la valoración de los títulos de las empresas se ve condicionada por el tipo de legislación concursal. Además, se contrasta cómo las empresas bajo sistemas más orientados hacia la protección de los acreedores (Reino Unido y Alemania antes de la reforma de 1994) presentan rentabilidades negativas mayores, debido a la transferencia de riqueza que se produce desde los accionistas hacia los aportantes de fondos ajenos a la empresa.ABSTRACT. The reaction of equity returns before bankruptcy filings has been developed widely in financial literature. Traditionally, event study methodology has been used in this kind of studies despite its limitations. Therefore, we propose a different approach contrasting if the reaction of equity returns is correlated with the different bankruptcy codes among countries. We develop an analysis with a sample that includes companies with insolvency problems in Germany, Spain, France and the United Kingdom from 1990 to 2002. The results allow us to conclude that the type of bankruptcy law affects the valuation of equity. In addition, we show how the companies under creditor-oriented procedures (United Kingdom and Germany before the 1994 reform) have greater negative returns, due to the wealth transference that takes place from the shareholders towards the bondholders

Soluble proteins and free amino nitrogen content in must and wine of cv. Viura in La Rioja

The protein fraction of white musts and wines obtained from grapes (Vitis vinifera L. cv. Viura) grown in northern Spain (Rioja) was investigated by SDS-PAGE. Under different fermentation conditions, e.g. aeration, must nitrogen content and yeast strain, SDS-PAGE patterns showed several bands with molecular weights ranging from 16 to 200 kDa. Higher weight proteins were glycosylated, whereas lower weight proteins were not. Under the experimental fermentation conditions none of the proteins showed any chemical modification that would alter the electrophoretical mobility or the covalent binding to their glycosylated moiety

Behaviour of Rh supported on hydroxyapatite catalysts in partial oxidation and steam reforming of methane: On the role of the speciation of the Rh particles

Rh/hydroxyapatite samples were prepared by impregnation and investigated for the partial oxidation (POM) and steam reforming (SRM) of methane. The catalysts were analysed by BET, XRD, DRS, XPS, H 2 -TPR, TEM, H2 chemisorption, CO 2-TPD and NH3-TPD techniques. The characterisation results showed that, after calcination, Rh existed in three different forms in the samples: (i) large crystallites of Rh 2O 3 deposited on the surface of the catalysts, (ii) RhO x in small particles exhibiting strong interaction with the support and (iii) a phase of Rh 2+ species which incorporated the hydroxyapatite framework. Operating in the POM and SRM processes the reduced Rh(x)/HAP catalysts resulted highly active and exhibited excellent stability at 973 K (for 30 h). This behaviour was explained by their high coke-resistance. The activity of the catalyst with the optimum loading (1%), in SRM, was compared with that of a commercial Rh/Al2O3 catalyst. The conversion and H 2 and CO yields values achieved on the former were all close to those exhibited by the latter. This comparable behaviour was explained by suitable properties provided by the HAP support such as reducibility, lower surface acidity and larger pore sizes (ensuring a better diffusion of the reactants and the products during the SRM reaction). These properties seemed to compensate the low dispersion of the Rh active phase induced by its low specific surface area.Ministerio de Economía y Competitividad (CTQ2015-73219-JIN (AEI/FEDER/UE), ENE2013-41187-R and ENE2016-74850-R), Gobierno Vasco (GICIT-657-13

Evaluating the Validity of Self-Reported Smoking in Mexican Adolescents

Objectives We aimed to evaluate the validity of the self-reported smoking indicator used in the Global Youth Tobacco Survey (GYTS). Setting 43 middle and high-school classrooms from 26 schools were selected from Mexico City and Cuernavaca, Morelos. Participants A total of 1257 students provided both a questionnaire and a urine sample. Primary and secondary outcome Sensitivity and specificity of self-reported smoking compared to urinary cotinine. Validity indices were evaluated by subgroups of gender, social acceptability of smoking (ie, smoking parents or friends) and smoking frequency. Results Sensitivity and specificity for current smoking were 93.2% and 81.7%, respectively. Validity indices remained stable across gender. Parental smoking status moderated the validity of self-report, which had lower sensitivity in adolescents with non-smoking parents (86.7%) than in adolescents with smoking parents (96.6%). Sensitivity and specificity increased with smoking frequency. Conclusions This first validation study of self-reported current smoking used in the GYTS among Mexican adolescents suggests that self-reported smoking in the past 30 days is a valid and stable indicator of current smoking behaviour. This measure appears suitable for public health research and surveillance

Indicadores de adiposidad y su relación con factores de riesgo cardiovascular en hombres jóvenes

Introducción: La obesidad es un grave problema de salud pública en México y en el mundo. La adiposidad abdominal está relacionada con las enfermedades cardiovasculares, además el tejido adiposo visceral (TAV) se ha asociado con la resistencia a la insulina, diabetes mellitus tipo 2, enfermedades cardiovasculares y con un aumento en la velocidad de onda de pulso, que es un indicador asociado a la rigidez arterial. Material y métodos: Estudio transversal, descriptivo. Participaron 40 adultos jóvenes de sexo masculino entre 21 y 32 años. Se les tomaron medidas antropométricas de adiposidad como peso y estatura para determinar el índice de masa corporal y circunferencia de cintura. Además se les midió el porcentaje total de grasa con absorciometría dual de rayos X y el tejido adiposo visceral con resonancia magnética. Se les determinó glucosa sérica, triglicéridos, colesterol, colesterol HDL y LDL. Además se les midió la presión arterial y la velocidad de onda de pulso radial-braquial. Resultados: El IMC, la circunferencia de cintura y el tejido adiposo visceral presentaron un mismo número correlaciones significativas con factores de riesgo cardiovascular. El tejido adiposo visceral fue el único que se relacionó con la velocidad de onda de pulso braquial-radial. Conclusiones: Los indicadores de adiposidad están ampliamente relacionados a los factores de riesgo cardiovascular en hombres jóvenes. Palabras claves: Adiposidad, tejido adiposo visceral, factores de riesgo cardiovascular

Clinical guidelines for late-onset Pompe disease

English version available at www.neurologia.comHasta 2006, la enfermedad de Pompe o glucogenosis tipo II era una enfermedad incurable y con tratamiento meramente paliativo. El desarrollo de la terapia de sustitución con la enzima α-glucosidasa recombinante humana ha constituido el primer tratamiento específico para esta enfermedad. El objetivo de esta guía es servir de referencia en el manejo de la variedad de inicio tardío de la enfermedad de Pompe, es decir, la que aparece después del primer año de vida. En la guía, un grupo de expertos españoles hace recomendaciones específicas en cuanto a diagnóstico, seguimiento y tratamiento de esta enfermedad. En cuanto al diagnóstico, el método de la muestra en sangre seca es imprescindible como primer paso para el diagnóstico de la enfermedad de Pompe, y el diagnóstico de confirmación de la enfermedad de Pompe debe realizarse mediante un estudio de la actividad enzimática en muestra líquida en linfocitos aislados o mediante el análisis mutacional del gen de la alfa-glucosidasa. En cuanto al tratamiento de la enfermedad con terapia de sustitución enzimática, los expertos afirman que es eficaz en la mejoría o estabilización de la función motora y pulmonar, y debe iniciarse cuando aparezcan los síntomas atribuibles a la enfermedad de PompeBefore 2006, Pompe disease or glycogenosis storage disease type II was an incurable disease whose treatment was merely palliative. The development of a recombinant human alpha-glucosidase enzymatic replacement therapy has become the first specific treatment for this illness. The aim of this guide is to serve as reference for the management of the late-onset Pompe disease, the type of Pompe disease that develops after one year of age. In the guide a group of Spanish experts make specific recommendations about diagnosis, follow-up and treatment of this illness. With regard to diagnosis, the dried blood spots method is essential as the first step for the diagnosis of Pompe disease. The confirmation of the diagnosis of Pompe disease must be made by means of an study of enzymatic activity in isolated lymphocytes or a mutation analysis of the alpha-glucosidase gene. With regard to treatment with enzymatic replacement therapy, the experts say that is effective improving or stabilizating the motor function and the respiratory function and it must be introduced when the first symptoms attributable to Pompe disease appea

Epidermal growth factor enhances osteogenic differentiation of dental pulp stem cells in vitro

Introduction: Epidermal growth factor (EGF) and basic fibroblast growth factor (bFGF) play an important role in extracellular matrix mineralization, a complex process required for proper bone regeneration, one of the biggest challenges in dentistry. The purpose of this study was to evaluate the osteogenic potential of EGF and bFGF on dental pulp stem cells (DPSCs). Material and methods: Human DPSCs were isolated using CD105 magnetic microbeads and characterized by flow cytometry. To induce osteoblast differentiation, the cells were cultured in osteogenic medium supplemented with EGF or bFGF at a low concentration. Cell morphology and expression of CD146 and CD10 surface markers were analyzed using fluorescence microscopy. To measure mineralization, an alizarin red S assay was performed and typical markers of osteoblastic phenotype were evaluated by RT-PCR. Results: EGF treatment induced morphological changes and suppression of CD146 and CD10 markers. Additionally, the cells were capable of producing calcium deposits and increasing the mRNA expression to alkaline phosphatase (ALP) and osteocalcin (OCN) in relation to control groups (p < 0.001). However, bFGF treatment showed an inhibitory effect. Conclusion: These data suggests that DPSCs in combination with EGF could be an effective stem cell-based therapy for bone tissue engineering applications in periodontics and oral implantology

Preferencias alimentarias en alumnos universitarios del área de nutrición: estudio transversal.

Introduction: Food is immersed in the health-disease process, therefore, it is important to recognize the preferences of university students. Objective: To know the food preferences of university students from a nutrition program. Material and method: Cross-sectional study in 343 students at a Public University of Nuevo León, Mexico. Online survey adapted from an eating behavior questionnaire. Descriptive analysis. Results:  91% women, age 21.03 (± 2.86) years. Dishes that they prefer at school are chilaquiles and panini, outside of school they select chilaquiles, sandwich and tacos, in convenience stores they choose snacks. Consumption factors are taste and price; time is what is missing to improve their diet. Conclusions: The knowledge of food preferences in students allows establishing preventive actions in the university environment.Introducción: La alimentación se encuentra inmersa en el proceso salud-enfermedad, por lo tanto, es importante reconocer las preferencias de los alumnos universitarios.  Objetivo: Identificar preferencias alimentarias de alumnos universitarios del área de nutrición. Material y Método: Estudio transversal en 343 alumnos de una Universidad Pública de Nuevo León, México. Encuesta en línea adaptada de un cuestionario de comportamiento alimentario. Análisis descriptivo. Resultados: 91% mujeres, edad 21.03 (±2.86) años. Platillos que prefieren en la facultad son chilaquiles y panini, fuera de la facultad seleccionan chilaquiles sándwich y tacos, en tiendas de conveniencia eligen botanas. Factores de consumo: sabor y precio; tiempo es lo que falta para mejorar su alimentación.  Conclusiones: Conocer las preferencias alimentarias en alumnos permite establecer acciones preventivas en el entorno universitario