Does the Use of Foreign Currency Derivatives Affect Colombian Firms’ Market Value?

Classic financial theory relies on the absolute perfection of capital markets, which results in one of the milestones of theoretical corporate finance: the firm’s value is invariant to the choice of capital structure. As an extension to the aforementioned proposition by Modigliani and Miller (1958), corporate risk management is also futile. Nevertheless, it is clear that capital markets do not work with absolute perfection. There exist frictions which make risk management decisions essential for the firm’s value. Moreover, derivatives’ market vast importance is a good proxy of the relevance of hedging decisions for corporate finance. There is a remarkable volume of literature which tests the effects of risk management and hedging decisions for the value of the firm, mainly for the US corporate market. However, there is little effort on this subject for markets which work even farther from absolute perfection. This document undertakes such task for the Colombian market. Focused on non-financial firms and the local’s most liquid derivatives market, we find that for a panel of eight large Colombian corporations, the growth rate of Tobin´s Q depends significantly on firm´s size and hedging. Our results suggests that, after controlling for relevant financial variables such as firm´s profitability and leverage, and other variables such as firm´s age, an increase in hedging leads to a higher growth in the firm´s value.Modigliani-Miller, risk management, hedging, firm value, emerging market, Tobin´s Q. Classification JEL: G32, G30, L25.

The effect of a strong warm winter on subtropical zooplankton biomass and metabolism

Winter 2010 was the warmest of the last 30 years in the subtropical oceanic waters north of the Canary Islands. Sea surface temperature was always above 19°C, promoting a strong stratification and preventing the expected late winter bloom. The knowledge of how planktonic organisms respond to such a warm scenario is of paramount importance to predict the effect of future ocean changes. In this study, zooplankton biomass and gut fluorescence (GF), electron transport system (ETS) activity, and aminoacyl-tRNA synthetases (AARS) activity were measured as proxies of metabolism in the oceanic waters north of the Canary Islands during the winter–spring period of 2010. Mesozooplankton biomass, GF, and ETS activity showed lower values compared with previous studies in the area under normal winter conditions. However, relatively higher than expected mesozooplankton biomass was observed during the normal postbloom period in these waters, and AARS activities were relatively high throughout the period studied. This apparent paradox could be tentatively explained by the observed inputs of dust deposition from the Sahara desert. Our findings show how warming and dust events may interact, affecting the zooplankton biomass and metabolism in these subtropical waters

Doença de Parkinson e saúde oral

Dissertação para obtenção do grau de Mestre no Instituto Universitário Egas MonizA doença de Parkinson é uma doença cronica neurodegenerativa progressiva com uma etiologia multifatorial. Originalmente descrita por James Parkinson em 1817, a doença de Parkinson é, hoje em dia, a segunda patologia neurodegenerativa mais comum após a doença de Alzheimer. Este trabalho teve como objetivo a realização de uma revisão bibliográfica sobre as relações desta doença com a saúde oral. A doença de Parkinson manifesta-se tipicamente por sintomas motores tais como rigidez, tremor de repouso, acinesia, bradicinesia e instabilidade postural, que incapacitam o doente na realização de tarefas diárias, incluindo a manutenção da higiene oral. A fisiopatologia da doença de Parkinson envolve uma componente inflamatória, que está igualmente na génese de muitas patologias orais. O medico dentista tem um papel importante na assistência clínica a estes doentes, podendo retardar a evolução da doença, e eventualmente contribuir para a sua prevenção

Diffusion tensor imaging in orthostatic tremor: a tract-based spatial statistics study.

Objective: The pathogenesis of orthostatic tremor (OT) is unknown. We investigated OT-related white matter changes and their correlations with scores from a neuropsychological testing battery. Methods: Diffusion tensor imaging measures were compared between 14 OT patients and 14 age- and educationmatched healthy controls, using whole-brain tract-based spatial statistics analysis. Correlations between altered diffusion metrics and cognitive performance in OT group were assessed. Results: In all cognitive domains (attention, executive function, visuospatial ability, verbal memory, visual memory, and language), OT patients’ cognitive performance was significantly worse than that of healthy controls. OT patients demonstrated altered diffusivity metrics not only in the posterior lobe of the cerebellum (left cerebellar lobule VI) and in its efferent cerebellar fibers (left superior cerebellar peduncle), but also in medial lemniscus bilaterally (pontine tegmentum), anterior limb of the internal capsule bilaterally, right posterior limb of the internal capsule, left anterior corona radiata, right insula, and the splenium of corpus callosum. No relationship was found between diffusion measures and disease duration in OT patients. Diffusion white matter changes, mainly those located in right anterior limb of the internal capsule, were correlated with poor performance on tests of executive function, visuospatial ability, verbal memory, and visual memory in OT patients. Interpretation: White matter changes were preferentially located in the cerebellum, its efferent pathways, as well as in the pontine tegmentum and key components of the frontal–thalamic–cerebellar circuit. Further work needs to be done to understand the evolution of these white matter changes and their functional consequences.post-print404 K

IAA : Información y actualidad astronómica (15)

Sumario : INVESTIGACIÓN. Aerosoles atmosféricos: sus efectos en el clima de las atmósferas del sistema solar.-- El gas molecular en las galaxias.-- VENTANA ABIERTA. Todo un privilegio.-- CHARLAS CON...Vicent Martínez.-- ACTUALIDAD CIENTÍFICA. Un sistema planetario joven en torno a Beta Pictores.-- Una nueva visita a Canis Major .-- ACTIVIDADES IAA.-- AGENDA.Esta revista se publica con la ayuda de la Accion Especial DIF 2001-4284-E del Programa Nacional de Difusión de la Ciencia y la Tecnología, del Ministerio de Ciencia y Tecnología.N

Strength-based Video-feedback to improve maternal sensitivity in mother-infant dyads with maternal depressive symptoms: Study protocol for a randomized controlled feasibility trial // Video-retroalimentación Focalizado en los Recursos para mejorar la sensibilidad en díadas madre-infante con síntomas depresivos: protocolo de un ensayo clínico aleatorizado piloto

Introduction Maternal sensitivity and mentalization are fundamental for children’s mental health development. These skills have been negatively associated with maternal postpartum depressive symptomatology. Moreover, its prevalence increases in low socioeconomic and psychosocial risk contexts, where the access to treatment is scarce. Even though Attachment Based Interventios, such as Video-Feedback has been internationally recognized as an effective intervention. Its cost, as well as the need for language translation and cultural adaptation makes it difficult to implement in Latinamerican countries. Aim The present study aims to assess the feasibility and acceptability of an online Video-Feedback intervention informed n mentalization aimed at mother-infant dyads with depressive symptomatology who attend Chilean public health centers. Method This is a pilot randomized clinical trial with two groups of 60 mother-infant dyads between 4 and 12 months of age. Participants will be randomly assigned to control and experimental groups in a 1:1 ratio. Even though both groups will receive usual treatment, the experimental group will also receive the present video-intervention. At the end of the study, feasibility will be assessed based on focus groups aimed at interveners and quantitative outcomes such as recruitment rate, questionnaire completion rate and intervention completeness. Acceptability will be assessed from in-depth interviews with participants. In addition, effect sizes of primary and secondary outcomes will be calculated. Expected results Results are expected to generate parameters to design a larger-scale clinical trial and to preliminary assess the effect of the reported mentalization-informed intervention on maternal sensitivity. Additionally, it seeks to contribute with a mental health intervention for low-income mother-infant dyads, which can be implemented remotely, at a low cost, and that would be suitable for implementation at a mental health care system policy. The protocol of this trial’s design was registered at Clinical Trials (NCT04748731)

Effects of highly active antiretroviral therapy with nelfinavir in vertically HIV-1 infected children: 3 years of follow-up. Long-term response to nelfinavir in children

BACKGROUND: Antiretroviral treatment (ART) in children has special features and consequently, results obtained from clinical trials with antiretroviral drugs in adults may not be representative of children. Nelfinavir (NFV) is an HIV-1 Protease Inhibitor (PI) which has become as one of the first choices of PI for ART in children. We studied during a 3-year follow-up period the effects of highly active antiretroviral therapy with nelfinavir in vertically HIV-1 infected children. METHODS: Forty-two vertically HIV-infected children on HAART with NFV were involved in a multicentre prospective study. The children were monitored at least every 3 months with physical examinations, and blood sample collection to measure viral load (VL) and CD4+ cell count. We performed a logistic regression analysis to determinate the odds ratio of baseline characteristics on therapeutic failure. RESULTS: Very important increase in CD4+ was observed and VL decreased quickly and it remained low during the follow-up study. Children with CD4+ <25% at baseline achieved CD4+ >25% at 9 months of follow-up. HIV-infected children who achieved undetectable viral load (uVL) were less than 40% in each visit during follow-up. Nevertheless, HIV-infected children with VL >5000 copies/ml were less than 50% during the follow-up study. Only baseline VL was an important factor to predict VL control during follow-up. Virological failure at defined end-point was confirmed in 30/42 patients. Along the whole of follow-up, 16/42 children stopped HAART with NFV. Baseline characteristics were not associated with therapeutic change. CONCLUSION: NFV is a safe drug with a good profile and able to achieve an adequate response in children