Efecto-riqueza durante las Colocaciones Públicas Iniciales Privatizadoras en Chile (1984-1989)

Se estudia el desempeño posterior a la colocación de once Ofertas Públicas Iniciales (OPIs) en Chile, durante 1984-1989 y se proporciona una descripción detallada de las condiciones económicas y políticas prevalecientes. En particular, se presentan los detalles operativos del mecanismo de emisión de acciones, complementado con un estudio estadístico de los Rendimientos Ajustados por el Mercado de las OPIs. Aunque el tamaño de la muestra es limitado y no permite alcanzar una validez externa, el análisis confirma la presencia de patrones de desempeño muy similares a los observados en OPIs tanto privadas como privatizadoras, de acuerdo con otros estudios relacionados (Aggarwal, Leal y Hernández, 1993; Dewenter y Malatesta, 1997; Loughran, Ritter y Rydqvist, 1994; Perotti y Guney, 1993).

Banking Concentration in the European Union during the Last Fifteen Years

The increase in the concentration of the banking industry across European Union countries during the last fifteen years can be explained in terms of: a) global factors, like the comprehensive adoption of technological innovations, the intensification of competition that has resulted from the deregulation of the financial sector and, more recently, as a consequence of the government interventions and forced acquisitions prompted by the 2007-2009 financial crisis; and, b) factors that have been specific to the E.U., in particular, the structural changes that took place in the region as a result of the creation of the Single Financial Market (1993) and the introduction of the euro (1999). This work analyzes the concentration process of the banking industry in the E.U. during the last fifteen years giving preeminence to the strategic choices made by the region’s commercial banks. It also reports the most visible E.U. banks’ M&As and government interventions that resulted from the 2007-2009 financial crisis, make a preliminary evaluation of the outcomes, and suggests possible future trends for the banking industry in the region.Concentration in banking, European Union, M&As in banking

Exploring cloudy gas accretion as a source of interstellar turbulence in the outskirts of disks

High--resolution 2D--MHD numerical simulations have been carried out to investigate the effects of continuing infall of clumpy gas in extended HI galactic disks. Given a certain accretion rate, the response of the disk depends on its surface gas density and temperature. For Galactic conditions at a galactocentric distance of ~20 kpc, and for mass accretion rates consistent with current empirical and theoretical determinations in the Milky Way, the rain of compact high velocity clouds onto the disk can maintain transonic turbulent motions in the warm phase (~2500 K) of HI. Hence, the HI line width is expected to be ~6.5 km/s for a gas layer at 2500 K, if infall were the only mechanism of driving turbulence. Some statistical properties of the resulting forcing flow are shown in this Letter. The radial dependence of the gas velocity dispersion is also discussed.Comment: 13 pages, 3 figures, accepted for publication in ApJ Letter

Diseño y Optimización del tamaño de grano triturado para alimentación avícola para criaderos y suministro de balanceado/Design and Optimization of crushed grain size for poultry feed for hatcheries and supply of balanced

En la investigación se diseñó, modeló y mejoró un molino de martillo económico y accesible aplicando métodos lógicos deductivos, la máquina provee un tamaño de grano ideal, que sirve como alimentación directa para aves, o también se puede utilizar como un componente para balanceado en la producción avícola, acorde a los requerimientos de las distintas pymes ya sea para consumo cárnico, producción de huevos, entre otros. Por esta razón es necesario definir distintos parámetros como el tamaño adecuado del tamiz teniendo una variedad desde los 2mm hasta los 5 mm, cuchillas, selección adecuada del motor dependiendo de la cantidad de horas por día, para esto se realizó un análisis mecánico y dinámico de los distintos elementos de la máquina mediante simulación en el software Solidworks free students, luego de tener el dimensionamiento óptimo bajo parámetros ingenieriles de cada una de las partes de la máquina, se realizó una cotización de los materiales bajo consideración económica en el que fue necesario realizar una correcta selección de los mismo elementos basados en catálogos nacionales para que la maquina sea rentable y accesible a los micro productores así como a los mayoristas, una vez considerado todo el procedimiento se construyó la máquina con un costo final de 355,39 dólares americanos, siendo esta de fácil desmontaje, mantenimiento y aplicación para la sociedad, el cual permite la reducción de costos, tiempos de producción y aumenta la eficiencia en la obtención grano triturado para el consumo el sector avícola. In the research an economical and accessible hammer mill was designed, modeled and improved by applying deductive logical methods, the machine provides an ideal grain size, which serves as direct feed for birds, or it can also be used as a component for balanced in the poultry production, according to the requirements of the different SMEs, whether for meat consumption, egg production, among others. For this reason, it is necessary to define different parameters such as the appropriate size of the sieve having a variety from 2mm to 5 mm, blades, suitable engine selection depending on the number of hours per day, for this a mechanical and dynamic analysis of the different elements of the machine by means of simulation in the software Solidworks free students, after having the optimal dimensioning under engineering parameters of each one of the parts of the machine, a quotation of the materials was made under economic consideration in which it was necessary to carry out a correct selection of the same elements based on national catalogs so that the machine is profitable and accessible to the micro producers as well as to the wholesalers. Once the entire procedure was considered, the machine was built with a final cost of US $ 355.39. being this easy to disassembly, maintenance and application for society, which allows the reduction of costs, production times and increases the efficiency in obtaining crushed grain for consumption in the poultry sector. Palabras clave: diseño, producción avícola, grano, balanceado, molino, grano triturado. Keywords: design, poultry production, grain, balanced, mill, crushed grain

Oil price effect on sectoral stock returns: A conditional covariance and correlation approach for Mexico

Efecto del precio del petróleo en las rentabilidades de las acciones sectoriales: Un enfoque condicional de covarianza y correlación para MéxicoEste trabajo analiza la relación entre la volatilidad del precio del petróleo y rendimientos bursátiles sectoriales seleccionados en México (Industrial, materiales, financiero y de consumo discrecional) a través de la implementación de un modelo GARCH bivariado tipo VECH Diagonal para estimar sus covarianzas y correlaciones condicionales. El hallazgo más importante es que existe una relación estadística significativa entre los índices sectoriales y las variaciones en el precio del petróleo. Las correlaciones condicionales sugieren que durante la mayor parte del periodo del análisis la relación entre el precio del petróleo y los rendimientos sectoriales es positiva. La recomendación apoyada por los resultados descritos es que los inversionistas deben tomar en cuenta la interacción mencionada para generar coberturas de riesgo más robustas. Dentro de las limitantes de la investigación, se encuentra la escasez de información a nivel sector en el mercado bursátil del país. La aportación original de este estudio radica en el análisis con enfoque sectorial. Los resultados apoyan a la corriente que sugiere que las fluctuaciones en el precio del petróleo tienen un efecto directo en el mercado bursátil.This paper analyzes the relationship between the volatility of oil price and selected sectoral stock returns in Mexico (industrials, materials, financials and consumer discretionary) by implementing a Diagonal VECH-type bivariate GARCH model in order to estimate conditional covariances and correlations. The econometric results suggest that there exists a statistically significant relationship between sector indices, as well as between Mexico’s aggregate stock exchange returns, and variations in oil prices. Conditional correlations suggest that during most of the analyzed period, the relationship between oil price fluctuations and sectoral stock returns is positive. The recommendation, supported by these results, is that investors should take into consideration the interaction between the analyzed variables in order to generate more robust risk-hedge strategies. An important limitation for this work is information availability at sector level in the country. The original contribution of this paper lies mainly in the analysis of the influence of oil prices over sectoral indices of the Mexican Stock Exchange. These results provide more support to the current that suggests that a price increase in oil has a direct spillover effect on stock market performance

Higher Education in Times of Pandemic. Experiences at the Orellana de la ESPOCH Headquarters

Education worldwide has been modified and led to new teaching canons due to the presence of the pandemic caused by COVID 19. Therefore, the objective of this research is to study the impact of COVID 19 on higher education, in this special case in the Higher Polytechnic School of Chimborazo, Sede Orellana. For this, the enrollments were analyzed from 2019 to the present, 30 students and 3 teachers from the different careers were interviewed. The main result is that the campus has been gradually increasing its students, reaching 911 students today, more than double that of 2019. This has increased more strongly in the pandemic. The teachers, in agreement with the students, affirm that careers should be created that allow not only faceto-face education, but also virtual education that allows education to be more widespread. So also that hybrid education be considered that combines virtuality with face-to-face to promote careers that require face-to-face practices, such as zootechnics, tourism, agronomy, among others. Keywords: Covid 19, education in pandemic, Study in pandemic. Resumen La educación a nivel mundial se ha visto modificada y llevada a nuevos cánones de enseñanza debido a la presencia de la pandemia ocasionada por el COVID 19. Por lo cual el objetivo de esta investigación es estudiar el impacto del COVID 19 en la educación superior, en este caso especial en la Escuela Superior Politécnica de Chimborazo, Sede Orellana. Para ello se analizó las matrículas desde el 2019 hasta la actualidad, se entrevistó a 30 estudiantes y 3 docentes de las distintas carreras. El principal resultado es que la sede ha ido incrementando de manera paulatina sus estudiantes, llegando a tener 911 estudiantes en la actualidad, más del doble que en el 2019. Llegando a incrementar con mayor fuerza en la pandemia. Los docentes en coincidencia con los estudiantes afirman que se deben crear carreras que permitan que no solo la educación presencial, sino que se debe optar por una educación virtual que permita que la educación sea más extendida. Así también que se considere la educación hibrida que conjuga la virtualidad con la presencialidad para potenciar las carreras que necesitan de manera obligatoria practicas presenciales, como lo es la zootecnia, el turismo, agronomía entre otras. Palabras Clave: Covid 19, educación en pandemia, Estuiar en pandemia

Generalities on Private Equity and Venture Capital Funds: a current review of the industry and its environment in Mexico

Private Equity and Venture Capital Funds have shown an exceptional resilience in Mexico and there are good reasons to think they will experience a strong growth in the coming years, although they still represent a very small portion of the gross domestic investment in comparison with other countries of similar economic development. Nevertheless, it is necessary to implement many important legal and other institutional reforms that have proved to contribute to the successful evolution of this industry before it may be considered a new economic development engine for the country.Capital Privado, Capital Emprendedor, Fondos

Las Administradoras de Fondos de Pensiones y el desarrollo del mercado de capitales en Chile

The profound structural transformations that took place in the Chilean economy at the beginning of the 1980s established the platform for a robust and relatively constant economic development. One of the most noticeable innovations of the new Chilean economic model was the introduction of a private pensions funds system, known as the “Administradoras de Fondos de Pensiones” (AFP). Imitated in several Latin American countries (Peru, Colombia, Mexico, etc.) the private pension funds contributed significantly to solve the problem of fiscal liabilities of governments with retirees. In parallel to the socioeconomic benefits and the generation of domestic savings in abundant quantities, thanks to which it was possible to finance ambitious infrastructure, building and mining projects. Another dimension of the institutional effects of the start of operations of the AFP was their contribution to the consolidation and growth of the capital markets of that country. In addition, we analyze the behavior of some characteristic variables of the pension funds and their relation with measurements of the capitalization of the Chilean capital markets. The evidence suggests that the role of the AFP in the maturation and consolidation of the Chilean capital market was substantial.Chile, capital markets, pensions funds

Removal of azo dyes in aqueous solutions using magnetized and chemically modified chitosan beads

Azo dyes in wastewater coming from textile industry are detrimental, toxic, and affect the human health; therefore efficient wastewater treatments are needed. To contribute to the solution to this problem, in this paper materials based on chitosan beads are studied. Magnetized chitosan beads (MC), MC coated with tetraethyl orthosilicate TEOS (TMC) and MC modified with TEOS and ethylenediamine (ETMC) were synthesized and tested as adsorbents for the removal of two azo dyes: Cibacron Brilliant Yellow 3G-P (CBY) and Cibacron Brilliant Red 3B-A (CBR) in aqueous solutions. The materials were characterized by FTIR, VSM, Raman, SEM, EDX, TGA and XRD. During the adsorption of CBY and CBR dyes in aqueous solutions using the MC, TMC and ETMC beads, it was found that the maximum adsorption capacity (Qm, mg.g-1) of the chitosan beads occurred at pH 2 for both azo dyes. The equilibrium experiments for adsorption of CBY fitted well with the Langmuir isotherm model, whereas the CBR adsorption fitted well with Freundlich isotherm model. The maximum adsorption capacity of the ETMC beads was 179.45 mg.g-1 for CBY, and 377.60 mg.g-1 for CBR. The adsorption kinetic data of CBY and CBR using the MC, TMC and ETMC beads were better adjusted by the pseudo-second-order kinetic model. The results of the competitive adsorption test for a binary mixture (ratio = 1:1 of CBY:CBR in the mixture) indicated that the ETMC beads recorded the best removal efficiency of the CBY dye (99.1%). Our results indicate, the ETMC material is a promising adsorbent for optimal removal of azo dyes in aqueous solutions