The argentine crisis and its contagion effects on latin american markets

Financial and exchange rate crises in emerging countries during the last decade have generated increasing interest in the subject of contagion. In this paper we present evidence of spillover effects during the incubation of the Argentine crisis on two Latin American countries. As expected, our results indicate that informational shocks affected mainly Argentina. Even though we find evidence of contagion effects on Chile and Brazil during argentine-related announcements, the general evidence indicates that foreign investors did not rebalance their portfolios away from non-Argentine Latin American markets during the pre-crisis period. It indicates that foreign investors do not perceive Latin American countries as one fully integrated market

The human side of mergers and acquisitions: a look at the evidence

22 p.This paper surveys the strategy literature on human resources’ role in the process of mergers and acquisitions. Although many studies acknowledge the important role of the “human” side in these major events in the life of a firm, we do not have up to now a comprehensive and encompassing survey of this literature. At the micro level we find consistent results across studies, mainly supporting the idea that M&A are disruptive events in the lives of the employees involved, they lead to increased stress and uncertainty which leads to dysfunctional outcomes. However the evidence is not so clear on whether these observed psychological and behavioral reactions have an impact on performance (at the individual or firm level). From a macro level perspective the hypothesis of a fit between the merging firms seems to have some empirical support, as it is found to have a positive impact on performance across the studies surveyed. The dynamic effects of this fit hypothesis, though, are not well understood yet. The impact and importance of social and formal controls and cultural fit are issues still begging for an explanation

Uso de redes neuronales artificiales para predecir los retornos accionarios en el mercado bersatil chileno.

80 p.Esta memoria evalúa el desempeño de distintas arquitecturas de redes neuronales artificiales en la predicción de los retornos diarios para algunas acciones transadas en la Bolsa de Comercio de Santiago de Chile. Este estudio está orientado a establecer si existe algún grado de predictibilidad en el Mercado local; cuestión que seria consistente con sesgos de los inversionistas. Esta memoria demuestra que el uso de las redes neuronales artificiales en la predicción de los retornos diarios de las acciones chilenas mas liquidas no es efectiva pues su desempeño es pobre. Nuestros resultados son consistentes con los postulados de la Hipótesis de Mercados Eficientes en su versión débil

Exposicion economica al tipo de cambio de las sociedades anonimas chilenas

68 p.Las empresas chilenas, en este caso las sociedades anónimas abiertas, independientes de si tienen o no operaciones de comercio exterior tienen de una u otra forma dependencia de las variaciones en el tipo de cambio. Sin embargo existe una limitada gama de estudios relativos al tema en el ámbito local, y la evidencia disponible proviene en su mayoría de economías desarrolladas. En un reciente estudio, Chen et al. (2004) encuentra para Nueva Zelanda, economía pequeña y abierta, evidencia que indicaría que para este país los movimientos del tipo de cambio afectan el valor de las empresas transadas en bolsa. Basándose en la similitud con la economía Neo Zelandesa, nace la inquietud de replicar ese estudio en Chile. Esta investigación se justifica en el hecho de que a entender del autor no existen estudios relacionados con el tema en Chile, siendo relevante por al menos dos razones: la alta volatilidad que ha presentado el tipo de cambio desde que se adoptó la paridad flotante a mediados del año 1999 (ver apéndice 1) y por el poco desarrollo del mercado de instrumentos de cobertura. El propósito fundamental de esta memoria es determinar el nivel de exposición de las sociedades anónimas chilenas a variaciones en el tipo de cambio, y analizar algunos factores potenciales que influyen en la magnitud de esta exposición. Bajo la hipótesis de los mercados eficientes, el efecto del tipo de cambio debería ser reflejado en el precio de acciones. Las empresas que cumplen con los criterios de selección son 105, de las cuales alrededor del 40% presenta un nivel significativo de exposición al riesgo de cambio. El grado de exposición de las empresas en forma global es de carácter inverso, es decir, a medida que aumenta el valor del tipo de cambio, el valor de las empresas disminuye. Cabe destacar que la significancia económica es importante, esto se grafica en los montos que las empresas ganan o pierden de su capitalización bursátil ante una variación del dólar. A modo de ejemplo, la empresa menos afectada perdería aproximadamente 351 millones de pesos ante la subida de un 1% del valor de la divisa

Estimacion de una tasa de costos de capital para el sector vitivinícola chileno.

124 p.El Valor Actual Neto es quizás la técnica más utilizada a la hora de evaluar alternativas de inversión. Su correcta determinación depende de la tasa de descuento que se utilice, representando esta tasa de descuento, también denominada costo de capital, la rentabilidad mínima que los inversionistas obtendrían en una alternativa de inversión de riesgo similar (costo de oportunidad). Esta memoria tiene por objetivo estimar una tasa de descuento para el Sector Vitivinícola Chileno, que pueda ser utilizada por los inversionistas a la hora de evaluar alternativas de inversión en el área. Su estimación se realizó utilizando el Modelo de Valoración de Activos de Capital (CAPM), considerando ajustes en los parámetros estimados por transacciones infrecuentes y estrechez del mercado (Thin Trading) de acuerdo a las metodologías propuestas por Scholes & Williams y Dimson. Como una forma de robustecer los resultados obtenidos, se realizaron estimaciones de tasas de descuento para el sector sobre la base de datos correspondientes a Viñas Australianas, eligiéndose este país en particular dadas las similitudes que presenta con la Industria Vitivinícola Chilena. Los resultados obtenidos entregan tasas de descuento reales para el sector que ascienden a 7.6% para inversiones con duración a 5 años, 8.5% para inversiones con duración a 10 años y 8.9% para inversiones con duración de 20 años. Estos resultados son consistentes con los entregados por los datos correspondientes a las viñas australianas una vez que se ha sumado el diferencial de riesgo país de Chil

Decisiones financieras en Chile : teoria versus practica.

99 p.El propósito de esta memoria es determinar el grado de consistencia que existe entre la teoría y la práctica de las decisiones financieras en las sociedades anónimas abiertas en Chile. Para esto, se aplicó un cuestionario basado en el instrumento utilizado por Graham y Harvey (2002) en un estudio realizado en Estados Unidos. Este cuestionario fue enviado a través de correo tradicional a los gerentes generales de las 245 sociedades anónimas abiertas participantes de la Bolsa de Comercio de Santiago. Se recibieron las respuestas de treinta empresas, lo que corresponde a una tasa de respuesta de 12%. Los resultados indican que las técnicas más utilizadas por las empresas para evaluar propuestas de inversión, son la tasa interna de retorno y el valor actual neto, mientras que el CAPM es el modelo más usado al determinar el costo de capital. Lo anterior es consistente con las técnicas de evaluación y modelo para determinar el costo de capital sugerido por la teoría financiera. No obstante, se encontró una inconsistencia en la técnica de las opciones reales, la cual es la más correcta teóricamente. Sin embargo, es la técnica de menor uso. Se puede conjeturar que el desconocimiento o la complejidad de la técnica explican su baja tasa de uso. Por otro lado, los factores relacionados con la teoría del pecking order fueron los más importantes para las empresas al emitir deuda. Se concluye que hay un alto grado de consistencia entre las predicciones de esta hipótesis y la práctica financiera en Chile

Hospital-based proton therapy implementation during the COVID pandemic: early clinical and research experience in a European academic institution

Introduction A rapid deploy of unexpected early impact of the COVID pandemic in Spain was described in 2020. Oncology practice was revised to facilitate decision-making regarding multimodal therapy for prevalent cancer types amenable to multidisciplinary treatment in which the radiotherapy component searched more efcient options in the setting of the COVID-19 pandemic, minimizing the risks to patients whilst aiming to guarantee cancer outcomes. Methods A novel Proton Beam Therapy (PBT), Unit activity was analyzed in the period of March 2020 to March 2021. Institutional urgent, strict and mandatory clinical care standards for early diagnosis and treatment of COVID-19 infection were stablished in the hospital following national health-authorities’ recommendations. The temporary trends of patients care and research projects proposals were registered. Results 3 out of 14 members of the professional staf involved in the PBR intra-hospital process had a positive test for COVID infection. Also, 4 out of 100 patients had positive tests before initiating PBT, and 7 out of 100 developed positive tests along the weekly mandatory special checkup performed during PBT to all patients. An update of clinical performance at the PBT Unit at CUN Madrid in the initial 500 patients treated with PBT in the period from March 2020 to November 2022 registers a distribution of 131 (26%) pediatric patients, 63 (12%) head and neck cancer and central nervous system neoplasms and 123 (24%) re-irradiation indications. In November 2022, the activity reached a plateau in terms of patients under treatment and the impact of COVID pandemic became sporadic and controlled by minor medical actions. At present, the clinical data are consistent with an academic practice prospectively (NCT05151952). Research projects and scientifc production was adapted to the pandemic evolution and its infuence upon professional time availability. Seven research projects based in public funding were activated in this period and preliminary data on molecular imaging guided proton therapy in brain tumors and post-irradiation patterns of blood biomarkers are reported. Conclusions Hospital-based PBT in European academic institutions was impacted by COVID-19 pandemic, although clinical and research activities were developed and sustained. In the post-pandemic era, the benefts of online learning will shape the future of proton therapy education

Latin American anaphylaxis registry

Background: Recent data about clinical features, triggers and management of anaphylaxis in Latin America is lacking. Objective: To provide updated and extended data on anaphylaxis in this region. Method: An online questionnaire was used, with 67 allergy units involved from 12 Latin-American countries and Spain. Among data recorded, demographic information, clinical features, severity, triggering agents, and treatment were received. Results: Eight hundred and seventeen anaphylactic reactions were recorded. No difference in severity, regardless of pre-existing allergy or asthma history was found. Drug induced anaphylaxis (DIA) was most frequent (40.6%), followed by food induced anaphylaxis (FIA) (32.9%) and venom induced anaphylaxis (VIA) (12%). FIA and VIA were more common in children-adolescents. Non-steroidal anti-inflammatory drugs (NSAIDs) and beta-lactam antibiotics (BLA) were the most frequent drugs involved. Milk (61.1% of FIA) and egg (15.4% of FIA) in children, and shellfish (25.5% of FIA), fresh fruits (14.2% of FIA), and fish (11.3% of FIA) in adults were the most common FIA triggers. Fire ants were the most frequent insect triggers, and they induced more severe reactions than triggers of FIA and DIA (p < 0.0001). Epinephrine was used in 43.8% of anaphylaxis episodes. After Emergency Department treatment, epinephrine was prescribed to 13% of patients. Conclusions: Drugs (NSAIDs and BLA), foods (milk and egg in children and shellfish, fruits and fish in adults) and fire ants were the most common inducers of anaphylaxis. Epinephrine was used in less than half of the episodes emphasizing the urgent need to improve dissemination and implementation of anaphylaxis guidelines.Revisión por pare

The Hoopoe's Uropygial Gland Hosts a Bacterial Community Influenced by the Living Conditions of the Bird

Molecular methods have revealed that symbiotic systems involving bacteria are mostly based on whole bacterial communities. Bacterial diversity in hoopoe uropygial gland secretion is known to be mainly composed of certain strains of enterococci, but this conclusion is based solely on culture-dependent techniques. This study, by using culture-independent techniques (based on the 16S rDNA and the ribosomal intergenic spacer region) shows that the bacterial community in the uropygial gland secretion is more complex than previously thought and its composition is affected by the living conditions of the bird. Besides the known enterococci, the uropygial gland hosts other facultative anaerobic species and several obligated anaerobic species (mostly clostridia). The bacterial assemblage of this community was largely invariable among study individuals, although differences were detected between captive and wild female hoopoes, with some strains showing significantly higher prevalence in wild birds. These results alter previous views on the hoopoe-bacteria symbiosis and open a new window to further explore this system, delving into the possible sources of symbiotic bacteria (e.g. nest environments, digestive tract, winter quarters) or the possible functions of different bacterial groups in different contexts of parasitism or predation of their hoopoe host.This work was supported by the Ministerio de Ciencia y Tecnología (projects CGL2005-06975/BOSFEDER; CGL2007-61251/BOSFEDER), the Ministerio de Ciencia e Innovación (projects CGL2009-14006/BOSFEDER; CGL2010-19233-C03-01/BOSFEDER; CGL2010-19233-C03-03/BOSFEDER), the Ministerio de Economía y Competitividad (projects CGL2013-48193-C3-1-P/BOSFEDER; CGL2013-48193-C3-2-P/BOSFEDER), and the Junta de Andalucía (RNM 345, P09-RNM-4557). SMRR received a grant from the Ministerio de Ciencia e Innovación (FPI program, BES-2011-047677)

A Rare Functional Noncoding Variant at the GWAS-Implicated MIR137/MIR2682 Locus Might Confer Risk to Schizophrenia and Bipolar Disorder

Schizophrenia (SZ) genome-wide association studies (GWASs) have identified common risk variants in >100 susceptibility loci; however, the contribution of rare variants at these loci remains largely unexplored. One of the strongly associated loci spans MIR137 (miR137) and MIR2682 (miR2682), two microRNA genes important for neuronal function. We sequenced ∼6.9 kb MIR137/MIR2682 and upstream regulatory sequences in 2,610 SZ cases and 2,611 controls of European ancestry. We identified 133 rare variants with minor allele frequency (MAF) <0.5%. The rare variant burden in promoters and enhancers, but not insulators, was associated with SZ (p = 0.021 for MAF < 0.5%, p = 0.003 for MAF < 0.1%). A rare enhancer SNP, 1:g.98515539A>T, presented exclusively in 11 SZ cases (nominal p = 4.8 × 10−4). We further identified its risk allele T in 2 of 2,434 additional SZ cases, 11 of 4,339 bipolar (BP) cases, and 3 of 3,572 SZ/BP study controls and 1,688 population controls; yielding combined p values of 0.0007, 0.0013, and 0.0001 for SZ, BP, and SZ/BP, respectively. The risk allele T of 1:g.98515539A>T reduced enhancer activity of its flanking sequence by >50% in human neuroblastoma cells, predicting lower expression of MIR137/MIR2682. Both empirical and computational analyses showed weaker transcription factor (YY1) binding by the risk allele. Chromatin conformation capture (3C) assay further indicated that 1:g.98515539A>T influenced MIR137/MIR2682, but not the nearby DPYD or LOC729987. Our results suggest that rare noncoding risk variants are associated with SZ and BP at MIR137/MIR2682 locus, with risk alleles decreasing MIR137/MIR2682 expression