Insider Trading and Real Investment

In this paper I analyze the effects of insider trading on real investment and the insurance role of financial markets. There is a single entrepreneur who, at a first stage, chooses the level of investment in a risky business. At the second stage, an asset with random payoff is issued and then the entrepreneur receives some privileged information on the likely realization of production return. At the third stage, trading occurs on the asset market, where the entrepreneur faces the aggregate demand coming from a continuum of rational uniformed traders and some noise traders. I compare the equilibrium with insider trading (when the entrepreneur trades on her inside information in the asset market) with the equilibrium in the same market without insider trading. I find that permitting insider trading tends to decrease the level of real investment. Moreover, the asset market is thinner and the entrepreneur's net supply of the asset and the hedge ratio are lower, although the asset price is more informative and volatile.

Further econometric evidence on the extent and sources of cost savings in competitively tendered contracts

By estimating a flexible nonlinear regression model of savings on an original dataset of service procurements conducted by the Spanish Armed Forces, this paper provides robust and precise novel econometric evidence on the extent and sources of cost savings in public procurement. The net effect on savings of the policy-amenable and economically advantageous variables that we estimate, such as the size of the procured function, the importance of price in the contract award criteria, and the number of bidders who participate in the tendering, may help contracting agencies to select management practices and to forecast the price paid out. We find that savings increase proportionally to the size of the procured function, that an increase of 10 percentage points in the importance of price increases savings by approximately 2% of the function’s size, and that savings are generally reduced by restricting the number of bidders. A comparison with estimates reported in previous studies is also made

Briófitos del hayedo de peña Izaga (Navarra)

Se estudia la Flora Briofítica del hayedo de Peña de Izaga (Navarra). Se citan 64 especies (11 hepáticas y 53 musgos), comentando su autoecología. Se comparan áreas de hayedo típico (Helleboro/Fagetum 0. de Bolòs (1948) 1957) y comunidades limítrofes (comunidades importadoras), discutiéndose las posibles causas climáticas-ecológicas de las diferencias observadas. Résumé: On a étudié la Flore Muscinale des hêtraies de Peña Izaga (Navarra). La forêt climax (Helleboro-Fagetum 0. de Bolos (1948) 1957) et les communautés végétales limitrophes comprendent une bryoflore constituée par 64 espèces (11 hépatiques et 53 muscinées). On a fait une brève analyse de l'auto-écologie de chaque espèce et une discussion des facteurs du milieu qui causent leur distribution locale

Flora micológica de peña de Izaga (Navarra)

Se citan 103 especies de hongos, 12 Ascomycetes y 91 Basidiomycetes, recolectados en hayedo, pinar y quejigal de Peña Izaga (Navarra). Un total de 46 especies son nuevas citas para el catálogo micológico de la provincia. Summary: 103 species of Fungi, of them 12 Ascomycetes and 91 Basidiomycetes, are cited in the present work. They have been collected in woods of Fagus sylvatica L., Quercus faginea Lam. and Pinus nigra Arnold from Peña Izaga (Navarra). 16 of the species are new records for the micological catalogue of Navarra

Patients Infected with HIV in the Intensive Care Unit (2005 Through 2010): Significant Role of Chronic Hepatitis C and Severe Sepsis

Introduction: The combination antiretroviral therapy (cART) has led to decreased opportunistic infections and hospital admissions in human immunodeficiency virus (HIV)-infected patients, but the intensive care unit (ICU) admission rate remains constant (or even increased in some instances) during the cART era. Hepatitis C virus (HCV) infection is associated with an increased risk for hospital admission and/or mortality (particularly those related to severe liver disease) compared with the general population. The aim of this study was to assess the mortality among HIV-infected patients in ICU, and to evaluate the impact of HIV/HCV coinfection and severe sepsis on ICU mortality. Methods: We carried out a retrospective study based on patients admitted to ICU who were recorded in the Minimum Basic Data Set (2005 through 2010) in Spain. HIV-infected patients (All-HIV-group (n = 1,891)) were divided into two groups: HIV-monoinfected patients (HIV group (n = 1,191)) and HIV/HCV-coinfected patients (HIV/HCV group (n = 700)). A control group (HIV(-)/HCV(-)) was also included (n = 7,496). Results: All-HIV group had higher frequencies of severe sepsis (57.7% versus 39.4%; P < 0.001) than did the control group. Overall, ICU mortality in patients with severe sepsis was much more frequent than that in patients without severe sepsis (other causes) at days 30 and 90 in HIV-infected patients and the control group (P < 0.001). Moreover, the all-HIV group in the presence or absence of severe sepsis had a higher percentage of death than did the control group at days 7 (P < 0.001), 30 (P < 0.001) and 90 (P < 0.001). Besides, the HIV/HCV group had a higher percentage of death, both in patients with severe sepsis and in patients without severe sepsis compared with the HIV group at days 7 (P < 0.001) and 30 (P < 0.001), whereas no differences were found at day 90. In a bayesian competing-risk model, the HIV/HCV group had a higher mortality risk (adjusted hazard ratio (aHR) = 1.44 (95% Cl = 1.30 to 1.59) and aHR = 1.57 (95% CI = 1.38 to 1.78) for patients with and without severe sepsis, respectively). Conclusions: HIV infection was related to a higher frequency of severe sepsis and death among patients admitted to the ICU. Besides, HIV/HCV coinfection contributed to an increased risk of death in both the presence and the absence of severe sepsis.This research has been supported by Instituto de Salud Carlos III (grant numbers PI11/00245 to SR and PI12/00019 to AAM). MAJS is supported by a contract of Instituto de Salud Carlos III (grant number CD13/00013)

Pteridófitos de la provincia de La Rioja

Se ha efectuado una puesta al día del catálogo de Pteridófitos presentes en la provincia de la Rioja. Se citan 38 especies y subespecies, 8 de las cuales son novedad para la provincia. Summary: We have made a revisión of the catalogue of Pteridophyta from Rioja. We have cited 38 species and subspecies, 8 of them are new records for our province

From Work Well-Being to Burnout: A Hypothetical Phase Model

Upon exposure to chronic stressors, how do individuals move from being in a healthy state to a burnout? Strikingly in literature, this has prevailed a categorical view rather than a dimensional one, thus the underlying process that explains the transition from one state to another remains unclear. The aims of the present study are (a) to examine intermediate states between work engagement and burnout using cluster analysis and (b) to examine cortisol differences across these states. Two-hundred and eighty-one Argentine workers completed self-report measures of work engagement and burnout. Salivary cortisol was measured at three time-points: immediately after awakening and 30 and 40min thereafter. Results showed four different states based on the scores in cynicism, exhaustion, vigor, and dedication: engaged, strained, cynical, and burned-out. Cortisol levels were found to be moderate in the engaged state, increased in the strained and cynical states, and decreased in the burned-out state. The increase/decrease in cortisol across the four stages reconciles apparent contradictory findings regarding hypercortisolism and hypocortisolism, and suggests that they may represent different phases in the transition from engagement to burnout. A phase model from engagement to burnout is proposed and future research aimed at evaluating this model is suggested.Fil: Morera, Luis Pedro. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Siglo 21; ArgentinaFil: Gallea, Jose Ignacio. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Siglo 21; ArgentinaFil: Trógolo, Mario Alberto. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Siglo 21; ArgentinaFil: Guido, Mario Eduardo. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Córdoba. Centro de Investigaciones en Química Biológica de Córdoba. Universidad Nacional de Córdoba. Facultad de Ciencias Químicas. Centro de Investigaciones en Química Biológica de Córdoba; ArgentinaFil: Medrano, L. A.. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Siglo 21; Argentin

Impact of chronic hepatitis C on mortality in cirrhotic patients admitted to intensive-care unit

Background: Cirrhosis and severe sepsis are factors associated with increased mortality in intensive care unit (ICU), but chronic hepatitis C (CHC) has been less studied in ICU. The aim of this study was to analyze the impact of CHC on the mortality of cirrhotic patients admitted to ICU according to severe sepsis and decompensated cirrhosis. Methods: We carried out a retrospective study based on CHC-cirrhotic patients (CHC-group) admitted to ICU (n = 1138) and recorded in the Spanish Minimum Basic Data Set (2005-2010). A control-group (randomly selected cirrhotic patients without HIV, HBV, or HCV infections) was also included (n = 4127). The primary outcome variable was ICU mortality. The cumulative mortality rate on days 7, 30, and 90 in patients admitted to the ICUs was calculated by dividing the number of deaths by the number of patients admitted to the ICU. The adjusted hazard ratio (aHR) for death in the ICU was estimated through a semi-parametric Bayesian model of competing risk. Results: The CHC-group had a higher cumulative incidence of severe sepsis than the control-group in compensated cirrhosis (37.4 vs. 31.1 %; p = 0.024), but no differences between the CHC-group and the control-group in decompensated cirrhosis were found. Moreover, a higher cumulative incidence of severe sepsis was associated with decompensated cirrhosis compared to compensated cirrhosis in the control-group (40.1 vs. 31.1 %; p < 0.001) whereas this was not observed in the CHC group (38.1 vs. 37.4 %; p = 0.872). The CHC-group had higher cumulative mortality than the control-group by days 7 (47 vs. 41.3 %; p < 0.001), 30 (78.5 vs. 73.5 %; p < 0.001), and 90 (96.3 vs. 95.9 %; p < 0.001). In a competitive risk model, the CHC-group had a higher risk of dying if the ICU course was complicated by severe sepsis (adjusted hazard ratio (aHR) = 1.19; p = 0.003), but no significant values in patients with absence of severe sepsis were found (aHR = 1.09; p = 0.068). When patients were stratified by cirrhosis stage and severe sepsis, CHC patients with compensated cirrhosis had the higher risk of death if they had severe sepsis (aHR = 1.35; p = 0.002). Moreover, the survival was low in patients with decompensated cirrhosis and severe sepsis but we did not find significant differences between CHC-group and control-group. Conclusions: CHC was associated with an increased risk of death in cirrhotic patients admitted to ICUs, particularly in patients with compensated cirrhosis and severe sepsis.This research has been supported by Instituto de Salud Carlos III (grant numbers PI11/00245 & PI14CIII/00011 to SR and PI12/00019 to AAM). MAJS is supported by a contract of "Instituto de Salud Carlos III" (grant number CD13/00013)

Presencia de Bartonella spp en murciélagos no hematófagos en la Reserva Ecológica Taricaya, Puerto Maldonado, Madre de Dios, Perú

The aim of this study was to determine the presence of Bartonella spp in non-hematophagous bats in the Taricaya Ecological Reserve in Puerto Maldonado, Madre de Dios. In total, 62 bats of 16 species were captured using fog nets on 13 non-consecutive new moon nights. Blood samples (30 µl) were collected from the cephalic vein and poured onto Whatman FTA cards. DNA was extracted with a commercial kit and the diagnosis of Bartonella spp was made using the PCR technique, partially amplifying the citrate-synthase gene (gltA). Six bats were positive for the presence of Bartonella spp (9.68%), belonging to the species Carollia perspicillata, Artibeus lituratus, Phyllostomus elongatus and Platyrrhinus infuscus. The most abundant classification group according to the type of feeding was frugivorous (77.4%; 48/62), followed by omnivorous (12.9%; 8/62), where frugivorous species showed 83.3% (5/6) of results. positives. This is the first finding of Bartonella spp in A. lituratus, P. elongatus and P. infuscus.El estudio tuvo como objetivo determinar la presencia de Bartonella spp en murciélagos no hematófagos en la Reserva Ecológica Taricaya en Puerto Maldonado, Madre de Dios. Se capturaron 62 murciélagos de 16 especies utilizando redes neblineras en 13 noches no consecutivas de luna nueva. Se colectaron muestras de sangre (30 µl) de la vena cefálica que se vertieron en tarjetas Whatman FTA. Se extrajo el ADN con un kit comercial y el diagnóstico de Bartonella spp se realizó mediante la técnica de PCR, amplificando parcialmente el gen de citrato-sintasa (gltA). Seis murciélagos resultaron positivos a la presencia de Bartonella spp (9.68%), siendo de las especies Carollia perspicillata, Artibeus lituratus, Phyllostomus elongatus y Platyrrhinus infuscus. El grupo de clasificación más abundante según el tipo de alimentación fue el frugívoro (77.4%; 48/62), seguido del omnívoro (12.9%; 8/62), donde las especies frugívoras evidencian el 83.3% (5/6) de resultados positivos. Este es el primero hallazgo de Bartonella spp en A. lituratus, P. elongatus y P. infuscus

Myopic maculopathy: Current status and proposal for a new classification and grading system (ATN)

Myopia is a highly frequent ocular disorder worldwide and pathologic myopia is the 4th most common cause of irreversible blindness in developed countries. Pathologic myopia is especially common in East Asian countries. Ocular alterations associated with pathologic myopia, especially those involving the macular area—defined as myopic maculopathy—are the leading causes of vision loss in patients with pathologic myopia. High myopia is defined as the presence of a highly negative refractive error (>−6 to −8 diopters) in the context of eye elongation (26–26.5 mm). Although the terms high myopia and pathologic myopia are often used interchangeably, they do not refer to the same eye disease. The two key factors driving the development of pathologic myopia are: 1) elongation of the axial length and 2) posterior staphyloma. The presence of posterior staphyloma, which is the most common finding in patients with pathologic myopia, is the key differentiating factor between high and pathologic myopia. The occurrence of staphyloma will, in most cases, eventually lead to other conditions such as atrophic, traction, or neovascular maculopathy. Posterior staphyloma is for instance, responsible for the differences between a myopic macular hole (MH)—with and without retinal detachment—and idiopathic MH. Posterior staphyloma typically induces retinal layer splitting, leading to foveoschisis in myopic MH, an important differentiating factor between myopic and emmetropic MH. Myopic maculopathy is a highly complex disease and current classification systems do not fully account for the numerous changes that occur in the macula of these patients. Therefore, a more comprehensive classification system is needed, for several important reasons. First, to more precisely define the disease stage to improve follow-up by enabling clinicians to more accurately monitor changes over time, which is essential given the progressive nature of this condition. Second, unification of the currently-available classification systems would establish standardized classification criteria that could be used to compare the findings from international multicentric studies. Finally, a more comprehensive classification system could help to improve our understanding of the genetic origins of this disease, which is clearly relevant given the interchangeable—but erroneous—use of the terms high and pathologic myopia in genetic researc