Factores determinantes de valoración de proyectos de inversión de la micro y pequeña empresa en la economía peruana

The aim of this research was to determine the relationship and influence of deciding factors in the valuation of investment projects at the level of micro and small enterprises (MYPE) in the Peruvian economy. The method used is hypothetical deductive, level of explanatory research, and non-experimental design. A survey was applied to 400 formal MYPEs with the excellent confidence instrument (Cronbach's alpha = 0.962) The general linear regression model of project valuation (VAN) was estimated with cash flows (FC) and capital costs (COK) as well as the economic valuation model (VANE); financial valuation model (VANF) with an optimal debt/equity ratio approach; a VANF model approach with a flexible debt/equity ratio and without a tax shield and finally the third VANF model, an Adjusted NPV approach with a flexible D/E and with a tax shield, is estimated. The empirical results show that the factors of cash flows and capital costs are significant in explaining the valuation behavior of investment projects. Therefore, the use of these in the valuation of projects is recommended.La presente investigación tuvo como objetivo determinar el nivel de relación e influencia de factores determinantes de valoración de proyectos de inversión a nivel de la micro y pequeña empresa (MYPE) en la economía peruana. El método empleado es hipotético deductivo, nivel de investigación explicativa y de diseño no experimental. Se aplicó una encuesta a 400 MYPEs formales con el instrumento de fiabilidad excelente (alfa de Cronbach = 0.962) Se estimó el modelo de regresión lineal general de valoración de proyectos (VAN) con los flujos de caja (FC) y costos de capital (COK) así como el modelo de valoración económica (VANE);  modelo de valoración financiera (VANF) con enfoque relación deuda/patrimonio óptimo; un modelo VANF enfoque con relación deuda/patrimonio flexible y sin escudo fiscal y finalmente se estima el tercer modelo VANF, enfoque  VPN Ajustado con D/E flexible y con escudo fiscal. Los resultados empíricos muestran que los factores de flujos de caja y costos de capital son significativos en explicar el comportamiento de valoración de proyectos de inversión y por lo que se recomienda el uso de estos modelos en la valoración de proyecto

Efecto de aplicación de la estrategia ágil & scrum para el aprendizaje basado en competencias en la educación universitaria

The present research on the effect of applying the agile & scrum strategy for learning based on competencies in university education”, used in the Project Formulation course of the Professional School of Economics, National University of Ayacucho, whose objective is to measure the effect of the application of the Agile & Scrum Strategy in competency-based learning in virtual university education. The type of research is applied, the level is explanatory, design is quasi-experimental and explanatory. The intentional type sampling was divided into two groups; 69 students from the experimental group and 69 students from are control. The procedure was applied taking into account the differences-in-differences model. The results found show that there is sufficient evidence to reject the null hypothesis (porb F-stat = 0.000, p<0.05) and accept the research hypothesis; Likewise, the goodness of fit of the model of 70.4% (R2=0.704) allows us to demonstrate that the application of the Agile & Scrum strategy has a favorable effect on the level of learning based on competencies in the virtual education modality in the students of the treatment group.La presente investigación sobre Efecto de aplicación de la estrategia ágil & scrum para el aprendizaje basado en competencias en la educación universitaria”, aplicado en el curso de Formulación de Proyectos de la Escuela Profesional de Economía, Universidad Nacional de Ayacucho, cuyo propósito es medir el impacto de la implementación de la Estrategia Ágil & Scrum en el aprendizaje basado en competencias en la educación universitaria virtual. El tipo de investigación es aplicada, nivel es explicativo, diseño es cuasiexperimental. El muestreo de tipo intencional dividido en dos grupos; 69 estudiantes del grupo experimental y 69 estudiantes grupo de control. Se aplicó el procedimiento tomando en cuenta el modelo de diferencias en diferencias. Los resultados encontrados, muestran que existe evidencia suficiente para rechazar la hipótesis nula (porb F-stat = 0.000, p<0.05) y aceptar la hipótesis de investigación; asimismo, la bondad del ajuste del modelo de 70.4% (R2=0.704) nos permite demostrar que la implementación de la estrategia Agile & Scrum tiene un efecto favorable en el nivel de aprendizaje basado en la competencia en la modalidad de educación virtual en los estudiantes del grupo de tratamiento

Biochar modulates heavy metal toxicity and improves microbial carbon use efficiency in soil

Soil organic carbon is essential to improve soil fertility and ecosystem functioning. Soil microorganisms contribute significantly to the carbon transformation and immobilisation processes. However, microorganisms are sensitive to environmental stresses such as heavy metals. Applying amendments, such as biochar, to contaminated soils can alleviate the metal toxicity and add carbon inputs. In this study, Cd and Pb spiked soils treated with macadamia nutshell biochar (5% w/w) were monitored during a 49days incubation period. Microbial phospholipid fatty acids (PLFAs) were extracted and analysed as biomarkers in order to identify the microbial community composition. Soil properties, metal bioavailability, microbial respiration, and microbial biomass carbon were measured after the incubation period. Microbial carbon use efficiency (CUE) was calculated from the ratio of carbon incorporated into microbial biomass to the carbon mineralised. Total PLFA concentration decreased to a greater extent in metal contaminated soils than uncontaminated soils. Microbial CUE also decreased due to metal toxicity. However, biochar addition alleviated the metal toxicity, and increased total PLFA concentration. Both microbial respiration and biomass carbon increased due to biochar application, and CUE was significantly (p<0.01) higher in biochar treated soils than untreated soils. Heavy metals reduced the microbial carbon sequestration in contaminated soils by negatively influencing the CUE. The improvement of CUE through biochar addition in the contaminated soils could be attributed to the decrease in metal bioavailability, thereby mitigating the biotoxicity to soil microorganisms

Mortality from gastrointestinal congenital anomalies at 264 hospitals in 74 low-income, middle-income, and high-income countries: a multicentre, international, prospective cohort study

Summary Background Congenital anomalies are the fifth leading cause of mortality in children younger than 5 years globally. Many gastrointestinal congenital anomalies are fatal without timely access to neonatal surgical care, but few studies have been done on these conditions in low-income and middle-income countries (LMICs). We compared outcomes of the seven most common gastrointestinal congenital anomalies in low-income, middle-income, and high-income countries globally, and identified factors associated with mortality. Methods We did a multicentre, international prospective cohort study of patients younger than 16 years, presenting to hospital for the first time with oesophageal atresia, congenital diaphragmatic hernia, intestinal atresia, gastroschisis, exomphalos, anorectal malformation, and Hirschsprung’s disease. Recruitment was of consecutive patients for a minimum of 1 month between October, 2018, and April, 2019. We collected data on patient demographics, clinical status, interventions, and outcomes using the REDCap platform. Patients were followed up for 30 days after primary intervention, or 30 days after admission if they did not receive an intervention. The primary outcome was all-cause, in-hospital mortality for all conditions combined and each condition individually, stratified by country income status. We did a complete case analysis. Findings We included 3849 patients with 3975 study conditions (560 with oesophageal atresia, 448 with congenital diaphragmatic hernia, 681 with intestinal atresia, 453 with gastroschisis, 325 with exomphalos, 991 with anorectal malformation, and 517 with Hirschsprung’s disease) from 264 hospitals (89 in high-income countries, 166 in middleincome countries, and nine in low-income countries) in 74 countries. Of the 3849 patients, 2231 (58·0%) were male. Median gestational age at birth was 38 weeks (IQR 36–39) and median bodyweight at presentation was 2·8 kg (2·3–3·3). Mortality among all patients was 37 (39·8%) of 93 in low-income countries, 583 (20·4%) of 2860 in middle-income countries, and 50 (5·6%) of 896 in high-income countries (p<0·0001 between all country income groups). Gastroschisis had the greatest difference in mortality between country income strata (nine [90·0%] of ten in lowincome countries, 97 [31·9%] of 304 in middle-income countries, and two [1·4%] of 139 in high-income countries; p≤0·0001 between all country income groups). Factors significantly associated with higher mortality for all patients combined included country income status (low-income vs high-income countries, risk ratio 2·78 [95% CI 1·88–4·11], p<0·0001; middle-income vs high-income countries, 2·11 [1·59–2·79], p<0·0001), sepsis at presentation (1·20 [1·04–1·40], p=0·016), higher American Society of Anesthesiologists (ASA) score at primary intervention (ASA 4–5 vs ASA 1–2, 1·82 [1·40–2·35], p<0·0001; ASA 3 vs ASA 1–2, 1·58, [1·30–1·92], p<0·0001]), surgical safety checklist not used (1·39 [1·02–1·90], p=0·035), and ventilation or parenteral nutrition unavailable when needed (ventilation 1·96, [1·41–2·71], p=0·0001; parenteral nutrition 1·35, [1·05–1·74], p=0·018). Administration of parenteral nutrition (0·61, [0·47–0·79], p=0·0002) and use of a peripherally inserted central catheter (0·65 [0·50–0·86], p=0·0024) or percutaneous central line (0·69 [0·48–1·00], p=0·049) were associated with lower mortality. Interpretation Unacceptable differences in mortality exist for gastrointestinal congenital anomalies between lowincome, middle-income, and high-income countries. Improving access to quality neonatal surgical care in LMICs will be vital to achieve Sustainable Development Goal 3.2 of ending preventable deaths in neonates and children younger than 5 years by 2030

State revenue and social policies in mineral-rich developing countries

The expansion of extractive industries in developing countries, dominated by large investments, has produced divided opinion and reaction among scholars, policy makers and civil society with regard to its impact on host countries’ economic performance, governance and peace. Facing that division, the expectation is that the inflow of resources produced by the industry might create opportunities for mineral-rich developing countries to use social policy, both to mitigate the potential negative effects of mineral production, as well as to enhance their citizens’ social welfare. This paper looks at the political economy features of mineral expansion and reviews the resource curse” literature through a social welfare lens. The authors address the linkages between mineral expansion and social policy, examining three aspects that underpin the basis for the above expectation: first, the extent to which state revenue and mineral export dependence are connected; second, the likely effects of mineral wealth on social expenditure levels and composition, and on the promotion of new social policy initiatives; and, finally, the role that the quality of government plays in determining mineral revenue capture and expenditure. The approach followed for the examination combines correlation, regression and cluster analysis applied to 74 countries in which the level of export dependence on minerals (fuel and metals) has been superior to 10 per cent in the period 1995–2005. Results of that analysis suggest that there is no conclusive evidence of a general pattern among mineral-rich countries with regard to the linkages between mineral wealth, state revenue and social welfare. However, the negative association between state revenue and level of mineral export dependence, and the positive association between state revenue and social policy found in that analysis—together with insights from case-based literature—point to the necessity of analysing the relationship between mineral wealth and social policy within an integrative approach. This paper concludes by outlining this approach and bringing together concepts developed around welfare regimes and factors produced in a mineral-led development strategy. It also suggests that the inflow of mineral taxes could produce the basis for transformative social policies and social development, which would overcome the underinvestment in social services and social protection so far seen in most mineral-rich countries. In order to achieve this in a sustainable way, states need also to consider the use of these financial inflows in transforming their economic and institutional structures

Factores determinantes en la valoración de proyectos de inversión de las mypes en la economía peruana

La presente investigación tuvo como objetivo determinar el nivel de relación e influencia de factores determinantes de valoración de proyectos de inversión a nivel de la micro y pequeña empresa (MYPE) en la economía peruana. El método empleado es hipotético deductivo, nivel de investigación explicativa y de diseño no experimental. Se aplicó una encuesta a 400 MYPEs formales con el instrumento de fiabilidad excelente (alfa de Cronbach = 0.962) Se estimó el modelo de regresión lineal general de valoración de proyectos (VAN) con los flujos de caja (FC) y costos de capital (COK) así como el modelo de valoración económica (VANE);modelo de valoración financiera (VANF) con enfoque relación deuda/patrimonio óptimo; un modelo VANF enfoque con relación deuda/patrimonio flexible y sin escudo fiscal y finalmente se estima el tercer modelo VANF, enfoque VPN Ajustado con D/E flexible y con escudo fiscal. Los resultados empíricos muestran que los factores de flujos de caja y costos de capital son significativos en explicar el comportamiento de valoración de proyectos de inversión y por lo que se recomienda el uso de estos modelos en la valoración de proyectos

Cerebellar Arteriovenous Malformations

BACKGROUND: Anatomical diversity amongst cerebellar AVMs calls for a classification that is intuitive and surgically informative. Selection tools like the Spetzler-Martin grading system are designed to work best with cerebral AVMs, but have shortcomings with cerebellar AVMs. OBJECTIVE: To define subtypes of cerebellar AVMs that clarify anatomy and surgical management, determine results according to subtypes, and compare predictive accuracies of Spetzler-Martin and supplementary systems. METHODS: From a consecutive surgical series of 500 patients, 60 had cerebellar AVMs, 39 had brain stem AVMs and were excluded, and 401 had cerebral AVMs. RESULTS: Cerebellar AVM subtypes were: 18 vermian, 13 suboccipital, 12 tentorial, 12 petrosal, and 5 tonsillar. Patients with tonsillar and tentorial AVMs fared best. Cerebellar AVMs presented with hemorrhage more than cerebral AVMs (p<0.001). Cerebellar AVMs were more likely to drain deep (p=0.036) and less likely eloquent (p<0.001). The predictive accuracy of supplementary grade was better than that of Spetzler-Martin grade with cerebellar AVMs (areas under the ROC curve 0.74 and 0.59, respectively). The predictive accuracy of the supplementary system was consistent for cerebral and cerebellar AVMs, whereas that of the Spetzler-Martin system was greater with cerebral AVMs. CONCLUSION: Patients with cerebellar AVMs present with hemorrhage more than patients with cerebral AVMs, justifying an aggressive treatment posture. The supplementary system is better than the Spetzler-Martin system at predicting outcomes after cerebellar AVM resection. Key components of the Spetzler-Martin system, like venous drainage and eloquence, are distorted by cerebellar anatomy in ways that components of the supplementary system are not