Model for measuring the financial impact of companies listed on the Colombian Stock Exchange

Este proyecto tiene como objetivo analizar el impacto de la cotización en la Bolsa de Valores de Colombia (BVC) en el desempeño económico de las empresas cotizantes, a través de la evaluación de sus prácticas financieras y la identificación de áreas de eficiencia utilizando datos de estados financieros y balances. La metodología empleada proporciona una visión completa del comportamiento económico post inclusión en la BVC, buscando determinar si este paso puede mejorar la salud financiera de las empresas. Los resultados destacan relaciones clave entre rentabilidad, costo de capital, márgenes y apalancamiento financiero, factores fundamentales en la toma de decisiones estratégicas y financieras, que deben evaluarse en el contexto de la industria y las condiciones económicas globales para comprender plenamente la salud financiera de las empresas.RESUMEN 5 ABSTRACT 6 INTRODUCCIÓN 18 CAPÍTULO I. PROBLEMA U OPORTUNIDAD 21 1.1. DESCRIPCIÓN DEL PROBLEMA 21 1.2. ANTECEDENTES DEL PROBLEMA 24 CAPÍTULO II. MARCO TEÓRICO Y ESTADO DEL ARTE 30 2.1 MARCO TEÓRICO 30 2.1.1 Bolsa de Valores y Cotización en Colombia 30 2.1.2 Tipos de Inversiones y/o apalancamientos 32 2.1.3 Valoración de Empresas 34 2.1.4 Tipos de Empresas 35 2.1.5 Teoría de los Mercados 37 2.1.6 Valor Intrínseco 37 2.1.7 Análisis Financiero 38 2.1.8 Mercados Bursátiles 38 2.1.9 Importancia de los Índices Bursátiles 40 2.1.10 Índice COLCAP en la BVC 40 2.1.11 Capitalización Bursátil 41 2.1.12 Eficiencia en las Organizaciones 43 2.1.13 Factores Externos 45 2.1.14 Factores Internos: 52 2.2 ESTADO DEL ARTE 53 CAPÍTULO III. METODOLOGÍA 58 3.1 METODOLOGÍA DE INVESTIGACIÓN 58 3.3 INSTRUMENTOS DE RECOLECCIÓN DE DATOS 65 3.3.1 Observación: 65 3.3.2 Recopilación documental: 66 3.4 ANÁLISIS DE DATOS 66 3.5 ANÁLISIS DE LOS ESTADOS FINANCIEROS 66 3.5.1 Análisis Indicador ROE Y ROA 66 3.5.2 Análisis Indicador WACC 68 3.5.3 Análisis Indicador EBITDA 69 3.5.4 Análisis de Endeudamiento Total 70 3.5.5 Indicador Leverage 71 3.5.6 Tendencia de Patrimonio Neto 73 CAPÍTULO IV. RESULTADOS 76 4.1 ANÁLISIS POR SECTOR 76 4.4.1 Sector Financiero 77 4.1.2 Sector Real – Bienes Y Consumos 96 4.1.3 Sector Real – Industria 111 4.1.4 Sector Real – Materiales Básicos 127 4.1.4 Sector Real – Servicios Públicos 141 4.1.5 Sector Real – Petróleo y Gas 152 4.6 BENEFICIOS DEL APALANCAMIENTO ACCIONARIO 164 4.6.1 Beneficios del Apalancamiento Accionario del sector financiero 164 4.6.2 Beneficios del Apalancamiento Accionario del sector real 168 5.1 MODELO ESTADÍSTICO 172 5.1.1 Sector Financiero 173 5.1.1.1 Correlaciones del sector Financiero ¡Error! Marcador no definido. 5.1.2 Sector Real 178 CAPITULO V. CONCLUSIONES 182 BIBLIOGRAFÍA 185MaestríaThis project aims to analyze the impact of listing on the Colombian Stock Exchange (BVC) on the economic performance of listed companies by evaluating their financial practices and identifying areas of efficiency using data from financial statements and balance sheets. The methodology employed provides a comprehensive view of post-listing economic performance on the BVC, seeking to determine whether this step can improve the financial health of companies. The results highlight key relationships between profitability, cost of capital, margins and financial leverage, fundamental factors in strategic and financial decision making, which must be evaluated in the context of industry and global economic conditions to fully understand the financial health of companies.Modalidad Presencia

A New Generation of IMiDs as Treatments for Neuroinflammatory and Neurodegenerative Disorders

Acknowledgements The authors acknowledge support from their associated institutions which included: (i) the Intramural Research Program, National Institute on Aging, NIH, USA, (ii) the Karolinska Institutet, Sweden, (iii) Aevisbio Inc., USA, (iv) Aevis Bio Inc., Republic of Korea, (v) G. d’Annunzio University of Chieti and Pescara, Italy, and (vi) University of Aberdeen, Scotland, UK. Funding The generation of this article was supported by: (i) the Intramural Research Program, National Institute on Aging, NIH: AG000994. (ii) The Technology Development Program of MSS, Republic of Korea (S2782046). (iii) The National Research Foundation (NRF) grant funded by the Republic of Korea Government (2021M3A9G2015889).Peer reviewedPublisher PD

Treatment of nonmetastatic unilateral retinoblastoma in children

IMPORTANCE: Multi-institutional collaborative studies that include large patient populations for the management of retinoblastoma with histopathological risk factors could provide important information for patient management. OBJECTIVE: To evaluate the implementation of a strategy for the management of nonmetastatic unilateral retinoblastoma in children based on standardized diagnostic and treatment criteria. DESIGN, SETTING, AND PARTICIPANTS: This single-arm prospective study applied a strategy based on a single-center experience. The setting was a multicenter study in Latin America (Grupo de America Latina de Oncologia Pediatrica [GALOP]). Participants were children with nonmetastatic unilateral retinoblastoma (staged with the International Retinoblastoma Staging System). The study opened on July 1, 2008, and closed on December 31, 2014. Follow-up was updated until June 30, 2017. INTERVENTIONS: Stage 0 patients (without enucleation) were given conservative therapy without a protocol. Stage I patients (with enucleation and no residual tumor) were divided into a high-risk group (retrolaminar invasion and/or scleral invasion) and a low-risk group (all remaining patients). High-risk children received adjuvant chemotherapy with 4 alternating cycles of regimen 1 (cyclophosphamide [65mg/kg/d] [plus sodium-2-mercaptoethane sulfonate], idarubicin hydrochloride [10mg/m2/d], and vincristine sulfate [0.05mg/kg/d]) and 4 cycles of regimen 2 (carboplatin [500mg/m2/d, days 1 and 2] and etoposide [100mg/m2/d, days 1-3]). Low-risk children did not receive adjuvant therapy. Children with buphthalmia received neoadjuvant and adjuvant chemotherapy for a total of 8 cycles. MAIN OUTCOMES AND MEASURES: Probability of event-free survival (extraocular relapse and death from any cause were considered events). RESULTS: Among 187 children registered in the study, 175 were evaluable (92 [52.5%] female; median age, 22 months; age range, 3-100 months). Forty-two were stage 0 children, 84 were stage I low-risk children, and 42 were stage I high-risk children; there were 7 children in the buphthalmia group. With a median follow-up of 46 months, the 3-year probability of event-free survival was 0.97 (95%CI, 0.94-0.99), and the probability of overall survival was 0.98 (95%CI, 0.94-1.00). Stage 0 patients had no events, stage I low-risk patients had 1 event (orbital relapse treated with second-line therapy), stage I high-risk patients had 2 events (1 central nervous system relapse and 1 death from sepsis), and the buphthalmia group had 1 event (orbital relapse, followed by central nervous relapse and death). CONCLUSIONS AND RELEVANCE: Adjuvant therapymay be effective for high-risk unilateral retinoblastoma but is toxic, and neoadjuvant chemotherapy for buphthalmus appears feasible.Fil: Pérez, Verónica. Hospital San Juan de Dios; ChileFil: Sampor, Claudia. Gobierno de la Ciudad de Buenos Aires. Hospital de Pediatría "Juan P. Garrahan"; ArgentinaFil: Rey, Guadalupe. Gobierno de la Ciudad de Buenos Aires. Hospital General de Niños "Ricardo Gutiérrez"; ArgentinaFil: Parareda Salles, Andreu. Hospital Sant Joan de Déu; EspañaFil: Kopp, Katherine. Hospital Dr. Luis Calvo Mackenna Hospital; ChileFil: Dabezies, Agustín P.. Hospital Pereyra Rossell; UruguayFil: Dufort, Gustavo. Hospital Pereyra Rossell; UruguayFil: Zelter, Marta. Gobierno de la Ciudad de Buenos Aires. Hospital General de Niños "Ricardo Gutiérrez"; ArgentinaFil: López, Juan P.. Hospital Calvo Mackenna; ChileFil: Urbieta, Marcelo. Gobierno de la Ciudad de Buenos Aires. Hospital General de Niños "Ricardo Gutiérrez"; ArgentinaFil: Alcalde Ruiz, Elisa. Hospital Dr. Luis Calvo Mackenna Hospital; ChileFil: Catala Mora, Jaume. Hospital Sant Joan de Déu; EspañaFil: Suñol, Mariona. Hospital Sant Joan de Déu; EspañaFil: Ossandon, Diego. Hospital San Juan de Dios; ChileFil: Fandiño, Adriana Cristina. Gobierno de la Ciudad de Buenos Aires. Hospital de Pediatría "Juan P. Garrahan"; ArgentinaFil: Croxatto, Juan Oscar. Fundación Oftalmología Argentina "J. Malbrán"; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: De Dávila, María T. G.. Gobierno de la Ciudad de Buenos Aires. Hospital de Pediatría "Juan P. Garrahan"; ArgentinaFil: Reaman, Gregory. Center for Drug Evaluation and Research; Estados UnidosFil: Ravindranath, Yaddanapudi. Children’s Hospital of Michigan; Estados UnidosFil: Chantada, Guillermo Luis. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Gobierno de la Ciudad de Buenos Aires. Hospital de Pediatría "Juan P. Garrahan"; Argentin

Genomic, Pathway Network, and Immunologic Features Distinguishing Squamous Carcinomas

This integrated, multiplatform PanCancer Atlas study co-mapped and identified distinguishing molecular features of squamous cell carcinomas (SCCs) from five sites associated with smokin

Reconstructing the accumulation history of a saltmarsh sediment core: which age-depth model is best?

Saltmarsh-based reconstructions of relative sea-level (RSL) change play a central role in current efforts seeking to quantify the relationship between climate and sea-level rise. The development of an accurate chronology is pivotal, since errors in age-depth relationships will propagate to the final record as alterations in both the timing and magnitude of reconstructed change. A range of age-depth modelling packages are available but differences in their theoretical basis and practical operation mean contrasting accumulation histories can be produced from the same dataset. We compare the performance of five age-depth modelling programs (Bacon, Bchron, Bpeat, Clam and OxCal) when applied to the kinds of data used in high resolution, saltmarsh-based RSL reconstructions. We investigate their relative performance by comparing modelled accumulation curves against known age-depth relationships generated from simulated stratigraphic sequences. Bpeat is particularly sensitive to non-linearities which, whilst maximising the detection of small rate changes, has the potential to generate spurious variations, particularly in the last 400 years. Bacon generally replicates the pattern and magnitude of change but with notable offsets in timing. Bchron and OxCal successfully constrain the known accumulation history within their error envelopes although the best-fit solutions tend to underestimate the magnitude of change. The best-fit solutions of Clam generally replicate the timing and magnitude of changes well, but are sensitive to the underlying shape of the calibration curve, performing poorly where plateaus in atmospheric 14C concentration exist. We employ an ensemble of age-depth models to reconstruct a 1500 year accumulation history for a saltmarsh core recovered from Connecticut, USA based on a composite chronology comprising 26 AMS radiocarbon dates, 210Pb, 137Cs radionuclides and an historical pollen chronohorizon. The resulting record reveals non-linear accumulation during the late Holocene with a marked increase in rate around AD1800. With the exception of the interval between AD1500 and AD1800, all modelsproduce accumulation curves that agree to within ~10 cm at the century-scale. The accumulation rate increase around AD1800 is associated with the transition from a radiocarbon-based to a 210Pb dominated chronology. Whilst repeat analysis excluding the 210Pb data alters the precise timing and magnitude of this acceleration, a shift to faster accumulation compared to the long-term rate is a robust feature of the record and not simply an artefact of the switch in dating methods. Simulation indicates that a rise of similar magnitude to the post-AD1800 increase (detrended increase of ~16 cm) is theoretically constrained and detectable within the radiocarbon-dated portion of the record. The absence of such a signal suggests that the recent rate of accumulation is unprecedented in the last 1500 years. Our results indicate that reliable (sub)century-scale age-depth models can be developed from saltmarsh sequences, and that the vertical uncertainties associated with them translate to RSL reconstruction errors that are typically smaller than those associated with the most precise microfossil-based estimates of palaeomarsh-surface elevation

Pan-Cancer Analysis of lncRNA Regulation Supports Their Targeting of Cancer Genes in Each Tumor Context

Long noncoding RNAs (lncRNAs) are commonly dys-regulated in tumors, but only a handful are known toplay pathophysiological roles in cancer. We inferredlncRNAs that dysregulate cancer pathways, onco-genes, and tumor suppressors (cancer genes) bymodeling their effects on the activity of transcriptionfactors, RNA-binding proteins, and microRNAs in5,185 TCGA tumors and 1,019 ENCODE assays.Our predictions included hundreds of candidateonco- and tumor-suppressor lncRNAs (cancerlncRNAs) whose somatic alterations account for thedysregulation of dozens of cancer genes and path-ways in each of 14 tumor contexts. To demonstrateproof of concept, we showed that perturbations tar-geting OIP5-AS1 (an inferred tumor suppressor) andTUG1 and WT1-AS (inferred onco-lncRNAs) dysre-gulated cancer genes and altered proliferation ofbreast and gynecologic cancer cells. Our analysis in-dicates that, although most lncRNAs are dysregu-lated in a tumor-specific manner, some, includingOIP5-AS1, TUG1, NEAT1, MEG3, and TSIX, synergis-tically dysregulate cancer pathways in multiple tumorcontexts

Pan-cancer Alterations of the MYC Oncogene and Its Proximal Network across the Cancer Genome Atlas

Although theMYConcogene has been implicated incancer, a systematic assessment of alterations ofMYC, related transcription factors, and co-regulatoryproteins, forming the proximal MYC network (PMN),across human cancers is lacking. Using computa-tional approaches, we define genomic and proteo-mic features associated with MYC and the PMNacross the 33 cancers of The Cancer Genome Atlas.Pan-cancer, 28% of all samples had at least one ofthe MYC paralogs amplified. In contrast, the MYCantagonists MGA and MNT were the most frequentlymutated or deleted members, proposing a roleas tumor suppressors.MYCalterations were mutu-ally exclusive withPIK3CA,PTEN,APC,orBRAFalterations, suggesting that MYC is a distinct onco-genic driver. Expression analysis revealed MYC-associated pathways in tumor subtypes, such asimmune response and growth factor signaling; chro-matin, translation, and DNA replication/repair wereconserved pan-cancer. This analysis reveals insightsinto MYC biology and is a reference for biomarkersand therapeutics for cancers with alterations ofMYC or the PMN

Spatial Organization and Molecular Correlation of Tumor-Infiltrating Lymphocytes Using Deep Learning on Pathology Images

Beyond sample curation and basic pathologic characterization, the digitized H&E-stained images of TCGA samples remain underutilized. To highlight this resource, we present mappings of tumorinfiltrating lymphocytes (TILs) based on H&E images from 13 TCGA tumor types. These TIL maps are derived through computational staining using a convolutional neural network trained to classify patches of images. Affinity propagation revealed local spatial structure in TIL patterns and correlation with overall survival. TIL map structural patterns were grouped using standard histopathological parameters. These patterns are enriched in particular T cell subpopulations derived from molecular measures. TIL densities and spatial structure were differentially enriched among tumor types, immune subtypes, and tumor molecular subtypes, implying that spatial infiltrate state could reflect particular tumor cell aberration states. Obtaining spatial lymphocytic patterns linked to the rich genomic characterization of TCGA samples demonstrates one use for the TCGA image archives with insights into the tumor-immune microenvironment