Impacto de la estrategia de diversificación en el desempeño financiero en empresas de la Bolsa Mexicana de Valores

(Impact of the diversification strategy on the financial performance of companies in the Mexican Stock Exchange)The present research work aims to analyze the impact of diversification using the Herfindahl and Entropy metrics on financial performance (EBITDA and Q-Tobins). The information was obtained through secondary sources corresponding to 133 companies of the Mexican Stock Exchange during the period 2011-2016, undergoing a quantitative analysis using the panel data technique. The results show that the diversification metrics used are significant when performance is measured through EBITDA. It is recommended to observe the effect using other analysis techniques through intervening variables. EBITDA can be a metric used to measure the performance of the strategy in companies, the main limitation being access to the total financial information of companies. This research proposes EBITDA as a metric for measuring financial performance in a context of diversification in emerging countries. Finally, it concludes with the positive and significant effect of the Herfindahl metric, showing that EBITDA has a better result when measuring diversification performance than Q-Tobins.El presente trabajo de investigación tiene como objetivo analizar el impacto de la diversificación mediante las métricas Herfindahl y Entropía en el desempeño financiero (EBITDA y Q-Tobins). La información fue obtenida a través de fuentes secundaras correspondientes a 133 empresas de la Bolsa Mexicana de Valores durante el periodo 2011-2016, sometiéndose a un análisis cuantitativo mediante la técnica de datos de panel. Los resultados muestran que las métricas de diversificación utilizadas resultan significativas cuando el desempeño es medido a través del EBITDA. Se recomienda observar el efecto mediante otras técnicas de análisis a través de variables intervinientes. El EBITDA puede ser una métrica utilizada para medir el desempeño de la estrategia en las empresas, siendo la principal limitación el acceso a la total información financiera de las empresas. Esta investigación propone el EBITDA como métrica de medición del desempeño financiero en un contexto de diversificación en países emergentes. Finalmente, se concluye con el efecto positivo y significativo de la métrica Herfindahl, mostrando que el EBITDA tiene mejor resultado al medir el desempeño de la diversificación que la Q-Tobins

Генеалогія влади та повсякденності: досвід підрадянських дисидентів

У статті розглядається взаємозв’язок тематизацій «влада» та «повсякденність». Він підкреслюється прикладом історичної повсякденності. У висновку дослідження автор доходить висновку, що влада як силове відношення реалізується у суперечливому прагненні, водночас спрямованому як на подолання повсякденності, так і на розчинення у ній.В статье рассматривается взаимосвязь тематизаций «власть» и «повседневность». Она подчеркивается примером исторической повседневности. В результате исследования автор приходит к выводу, что власть как силовое отношение реализуется в противоречивом стремлении, одновременно направленном как на преодоление повседневности, так и на растворение в ней.In the presented article the interrelation themes «the power» and «the routine» is considered. It is underlined by an example of historical routine. As a result of research the author comes to conclusion, that the power as the power relation is realized in inconsistent aspiration simultaneously directed both on the routine overcoming, and on dissolution in it

Credit risk : a company account-based analysis

Evalúa las estimaciones sobre la probabilidad de quiebra de las empresas y sus implicaciones para la estabilidad financiera en Colombia.Bankruptcy is a threat to financial stability, if a company fails to meet its financial obligations. Obviously, the risk to financial stability increases with the number of liquidated corporations and the size of the debt each has acquired. Moreover, in a scenario characterized by a significant number of liquidations, other corporations might experience financial difficulties that place additional pressure on the financial system. In these circumstances, there are obvious systemic risks that can lead to financial crisis and its usual consequences. The extent of the potential risk to financial stability that comes from business failure depends on the likelihood of bankruptcy and the size of the debt at potential risk of default. This paper pretends to assess the various aggregate risks to financial stability. It uses company account data to construct a model for gauging the risks to financial stability posed by the corporate sector in Colombia. The objective is to analyze risks at the company level and their distribution

Sensitivity of mangrove range limits to climate variability

Aim: Correlative distribution models have been used to identify potential climatic controls of mangrove range limits, but there is still uncertainty about the relative importance of these factors across different regions. To provide insights into the strength of climatic control of different mangrove range limits, we tested whether temporal variability in mangrove abundance increases near range limits and whether this variability is correlated with climatic factors thought to control large scale mangrove distributions. Location: North and South America. Time period: 1984–2011. Major taxa studied: Avicennia germinans, Avicennia schuaeriana, Rhizophora mangle, Laguncularia racemosa. Methods: We characterized temporal variability in the enhanced vegetation index (EVI) at mangrove range limits using Landsat satellite imagery collected between 1984–2011. We characterized greening trends at each range limit, examined variability in EVI along latitudinal gradients near each range limit, and assessed correlations between changes in EVI and temperature and precipitation. Results: Spatial variability in mean EVI was generally correlated with temperature and precipitation, but the relationships were region specific. Greening trends were most pronounced at range limits in eastern North America. In these regions variability in EVI increased toward the range limit and was sensitive to climatic factors. In contrast, EVI at range limits on the Pacific coast of North America and both coasts of South America was relatively stable and less sensitive to climatic variability. Main conclusions: Our results suggest that range limits in eastern North America are strongly controlled by climate factors. Mangrove expansion in response to future warming is expected to be rapid in regions that are highly sensitive to climate variability (e.g. eastern North America), but the response in other range limits (e.g. South America) is likely to be more complex and modulated by additional factors such as dispersal limitation, habitat constraints, and/or changing climatic means rather than just extremes

Red de reservas marinas para la Región de las Grandes Islas, Golfo de California: protocolo del proyecto de planeación y reporte de los talleres del equipo de planeación [Marine reserves network for the Midriff Islands Region, Gulf of California, Mexico: planning protocol and progress report to the WWF Mexico & Carlos Slim Foundation Alliance]

La Región de las Grandes Islas (RGI), localizada en el acuario del mundo, el Golfo de California, es reconocida a nivel mundial por su espectacular belleza, diversidad y productividad; en ocasiones se le ha denominada como "las Galápagos del Hemisferio Norte" (Figura 1). En sus 45 islas, incluyendo las dos más grandes de México, Tiburón e Isla Ángel de la Guarda, se han registrado más de 400 especies de plantas, anfibios, reptiles y mamíferos terrestres, algunas de ellas endémicas a una o varias de las islas. En algunas de estas islas, como Rasa y San Pedro Mártir, llegan a anidar cientos de miles de aves marinas. Alrededor de este gran archipiélago, se pueden observar hasta 23 especies de mamíferos marinos, incluyendo la súper agregación de cachalotes en la cuenca San Pedro Mártir. Así como también es un sitio usado por cinco especies de tortugas marinas para hibernar y alimentarse. [English] In collaboration with researchers, agencies and NGOs, we aim to guide the design and implementation of a network of marine reserves for Midriff Islands, Gulf of California, a marine conservation hotspot. The area is one of the most important fishing regions in Mexico and livelihoods of coastal communities are threatened by depletion of fish stocks and climate change. The project aims to develop a practical approach to design networks of marine reserves that consider ecological connectivity and the effects of climate change. The project is an example of interdisciplinary and collaborative applied research, including over 25 researchers and managers from NGOs (COBI, Pronatura), universities (James Cook University, The University of Queensland, Arizona State University, SCRIPPS, The University of Arizona), and national (Mexico’s Commissions for Protected Areas and Biodiversity) and international agencies (NOAA)

Coralline algae (Rhodophyta) in a changing world: integrating ecological, physiological, and geochemical responses to global change

Coralline algae are globally distributed benthic primary producers that secrete calcium carbonate skeletons. In the context of ocean acidification, they have received much recent attention due to the potential vulnerability of their high-Mg calcite skeletons and their many important ecological roles. Herein, we summarize what is known about coralline algal ecology and physiology, providing context to understand their responses to global climate change. We review the impacts of these changes, including ocean acidification, rising temperatures, and pollution, on coralline algal growth and calcification. We also assess the ongoing use of coralline algae as marine climate proxies via calibration of skeletal morphology and geochemistry to environmental conditions. Finally, we indicate critical gaps in our understanding of coralline algal calcification and physiology and highlight key areas for future research. These include analytical areas that recently have become more accessible, such as resolving phylogenetic relationships at all taxonomic ranks, elucidating the genes regulating algal photosynthesis and calcification, and calibrating skeletal geochemical metrics, as well as research directions that are broadly applicable to global change ecology, such as the importance of community-scale and long-term experiments in stress response