The Determinants of Bank Interest Spread in Brazil

The behavior of bank interest spreads in Brazil reveal two stylized facts. First, a remarkable fall in the average rates since early 1999. Second, a strong and persistent dispersion of rates across banks. Such stylized facts suggest that both the time series and the cross section dimensions are important elements to understand the trend of the bank interest spread in the country. This paper makes use of panel data techniques to uncover the main determinants of the bank interest spreads in Brazil. A question that the paper aims to address is whether macro or microeconomic factors are the most relevant ones affecting the behavior of such rates. A two-step approach due to Ho and Saunders (1981) is employed to measure the relative relevance of the micro and the macro elements. The roles played by the inflation rate; risk premium, economic activity, required reserves (all macroeconomic factors) and CAMEL-type indicators (microeconomic factors) are highlighted. The results suggest that macroeconomic variables are the most relevant factors to explain the behavior of bank interest spread in Brazil.

Ecological infrastructures in sustainable olive growing: studies about Prays oleae (Bernard) and its natural enemies

Doutoramento em Engenharia Agronómica - Instituto Superior de Agronomia - ULThe olive tree (Olea europaea L.) has been shaping and characterizing landscape and culture in the Mediterranean basin. This tree is attacked by pest that can cause significant losses. This thesis was focused on the conservation biological control of one of its most damaging pests: the olive moth, Prays oleae (Bernard). Naturally, a large number of parasitoid and predator species are associated to this pest, and in order to satisfy their needs they make use of ecological infrastructures occurring in the olive grove agroecosystem. However, how these ecological infrastructures can be used to enhance the olive moth conservation biological control needs to be disentangled. For that, two approaches were followed. First, the influence of ecological infrastructures on P. oleae and its natural enemies was analyzed through field surveys. Then, different food resources were evaluated as potential foods for P. oleae and its natural enemies, i.e., the parasitoid Elasmus flabellatus (Fonscolombe) and the predator Chrysoperla carnea s. l. (Stephens). In the first approach, P. oleae was found to disperse throughout non-crop patches, although the implications for the pest population are unknown. The heterogeneous landscapes composed by herbaceous and woody vegetation around the olive groves were exploited by syrphids as food sources. Finally, ground covers within the olive groves favored the parasitoid Ageniaspis fuscicollis (Dalman) while the herbicide application diminished it. In the second approach, insects’ honeydews [Saissetia oleae (Olivier) and Euphyllura olivina (Costa)] and the flowers of Malva sylvestris L. favored the survival and/ or reproduction of P. oleae, C. carnea and E. flabellatus. Several plant species such as Daucus carota L., Veronica persica Poir, and Lamium purpureum L. showed to be potential food resources for the studied natural enemies. From the results obtained in this research various applications for managing the olive grove agroecosystem are propose

De Multilatina a Latina Global: Descubriendo las elecciones a nivel corporativo sobre estrategia de internacionalización del Grupo Nutresa

Research on Multilatinas has underexplored multinationals from Colombia and their corporate-level international strategy choices to develop into Global Latinas. Building on interviews, documents, and archival data about Grupo Nutresa –Colombia’s most international firm in manufactured goods–, this study unveils and discusses this firm’s corporate-level international strategy choices between 1960 and 2014. A prevailing notion is that most multinationals from Latin America continue to target international operations to focus mainly on their home region through an export, multidomestic or transnational corporate-level international strategy. In contrast, data show that Grupo Nutresa chose to evolve through a sequential approach from an export to a transnational corporate-level international strategy while its international operations were able to transcend its home region to reach North America, Asia, Europe, Africa, and Oceania. These results add to international business research on emergent market multinational companies (EMNCs) from Latin America by unveiling the corporate-level international strategy choices of a Colombian origin Multilatina that transformed into a Global Latina.Las investigaciones sobre Multilatinas han estudiado poco a las multinacionales de origen colombiano y las elecciones a nivel corporativo que estas empresas han realizado sobre su estrategia de internacionalización para convertirse en Latinas Globales. A partir de entrevistas, documentos y datos de archivo sobre el Grupo Nutresa –la empresa colombiana más internacional de bienes manufacturados–, este estudio descubre y discute las elecciones a nivel corporativo que esta empresa realizó sobre su estrategia de internacionalización entre los años 1960 y 2014. Una noción que prevalece acerca de la mayoría de multinacionales de América Latina, es que estas empresas continúan dirigiendo sus operaciones internacionales principalmente hacia su región a través de una estrategia de internacionalización a nivel corporativo exportadora, multidoméstica o transnacional. En contraste, los datos evidencian que el Grupo Nutresa eligió evolucionar a través de un proceso secuencial de una estrategia de internacionalización a nivel corporativo exportadora a una transnacional, mientras que sus operaciones internacionales lograron trascender su región para llegar a Norteamérica, Asia, Europa, África, y Oceanía. Estos resultados aportan a la investigación en negocios internacionales sobre multinacionales de mercados emergentes, particularmente de América Latina, al descubrir y discutir las elecciones a nivel corporativo sobre estrategia de internacionalización de una Multilatina de origen colombiano que se transformó en Latina Global.

"Electro-clinical Syndromes" with onset in Paediatric Age. the highlights of the clinical-EEG, genetic and therapeutic advances

The genetic causes underlying epilepsy remain largely unknown, and the impact of available genetic data on the nosology of epilepsy is still limited. Thus, at present, classification of epileptic disorders should be mainly based on electroclinical features. Electro-clinical syndrome is a term used to identify a group of clinical entities showing a cluster of electro-clinical characteristics, with signs and symptoms that together define a distinctive, recognizable, clinical disorder. These often become the focus of treatment trials as well as of genetic, neuropsychological, and neuroimaging investigations. They are distinctive disorders identifiable on the basis of a typical age onset, specific EEG characteristics, seizure types, and often other features which, when taken together, permit a specific diagnosis which, in turn, often has implications for treatment, management, and prognosis. Each electro-clinical syndrome can be classified according to age at onset, cognitive and developmental antecedents and consequences, motor and sensory examinations, EEG features, provoking or triggering factors, and patterns of seizure occurrence with respect to sleep. Therefore, according to the age at onset, here we review the more frequently observed paediatric electro-clinical syndrome from their clinical-EEG, genetic and therapeutic point of views

Mitochondria in tumor cells studied by laser scanning confocal microscopy

We present here a confocal fluorescence microscopy study of mitochondria in sensitive and resistant carcinoma cells by using two potentiometric probes of mitochondria, rhodamine 123 (R123) and dimethylaminostyryl-methylpyridiniumiodine. We have found that active mitochondria in sensitive MCF-7 and multidrug resistant MCF-7/DX carcinoma cells are very different in localization and morphology. In sensitive cells active mitochondria are found in the perinuclear region, whereas in the multidrug resistance (MDR) subline they are confined to the cell periphery. Interestingly, the MDR revertant verapamil has been found to restore in MCF-7/DX cells the same pattern of active mitochondria seen in sensitive cells. We have also studied R123 in human lung carcinoma A549 cells, which display a low responsivity to doxorubicin, and overexpress the lung resistance-related protein. In addition to perinuclear mitochondria, peripheral mitochondria with weaker fluorescence can be ssen in this cell line. Interestingly, in the two examined carcinoma lines we have been able to recognize by image analysis a common new star-lobed morphology. Oure results indicate that in resistant carcinoma cells two populations of mitochondria coexist with different localization, morphology, and activity. © 2004 Society of Photo-Optical Instrumentation Engineer

Sleep clinical record. what differences in school and preschool children?

The sleep clinical record (SCR) may be a valid method for detecting children with obstructive sleep apnoea (OSA). This study aimed to evaluate whether there were differences in SCR depending on age and to identify the possible risk factors for OSA development. We enrolled children with sleep disordered breathing between 2013 and 2015, and divided them according to age into preschool- and school-age groups. All patients underwent SCR and polysomnography. OSA was detected in 81.1% and 83.6% of preschool- and school-age groups, respectively. Obesity, malocclusions, nasal septal deviation and inferior turbinate hypertrophy were significantly more prevalent in school-age children (p6.5 had a sensitivity of 74% in predicting OSA in preschool children with positive predictive value of 86% (p=0.0001). Our study confirms the validity of the SCR as a screening tool for patient candidates for a PSG study for suspected OSA, in both school and preschool children