Reacción del precio de las acciones a los cambios de estructura de capital en empresas chilenas: Examinando los efectos de la estructura de propiedad, oportunidades de crecimiento y leverage

We analyzed the effects of ownership structure, capital structure and growth opportunities on stock price reactions when companies issued debt or equity.Our results, based on event study methodology and IV regressions from a sample of 70 Chilean firms, indicate that controlling shareholder ownership has a negative effect on stock price reactions for debt issuances and a positive effect for equity issuance. These results indicate that debt issuances are a substitute for majority shareholder monitoring, and that equity issuances are associated with superior corporate performance. Equity issuances are a means for expropriating wealth from non-controlling shareholders. Debt and growth opportunities have a non-linear effect.En este artículo analizamos los efectos de la estructura de propiedad, estructura de capital y las oportunidades de crecimiento sobre la reacción del precio delas acciones cuando las empresas emiten deuda o capital. Nuestros resultados, basados en la metodología de análisis de eventos y regresiones IV sobre unamuestra de 70 empresas chilenas, indican que la propiedad de los accionistas controladores tiene un efecto negativo en la reacción del precio de las acciones cuando las empresas emiten deuda y positivo cuando emiten acciones. Este resultado indica que las emisiones de deuda son un sustituto del control mayoritario de los accionistas y las emisiones de capital se asocian con un mayor desempeño corporativo. Las emisiones de capital son un medio para expropiar riqueza de los accionistas no controladores. Las oportunidades de deuda y crecimiento tienen un efecto no lineal

Reacción del precio de las acciones a los cambios de estructura de capital en empresas chilenas: Examinando los efectos de la estructura de propiedad, oportunidades de crecimiento y leverage

We analyzed the effects of ownership structure, capital structure and growth opportunities on stock price reactions when companies issued debt or equity. Our results, based on event study methodology and IV regressions from a sample of 70 Chilean firms, indicate that controlling shareholder ownership has a negative effect on stock price reactions for debt issuances and a positive effect for equity issuance. These results indicate that debt issuances are a substitute for majority shareholder monitoring, and that equity issuances are associated with superior corporate performance. Equity issuances are a means for expropriating wealth from non-controlling shareholders. Debt and growth opportunities have a non-linear effect.En este artículo analizamos los efectos de la estructura de propiedad, estructura de capital y las oportunidades de crecimiento sobre la reacción del precio de las acciones cuando las empresas emiten deuda o capital. Nuestros resultados, basados en la metodología de análisis de eventos y regresiones IV sobre una muestra de 70 empresas chilenas, indican que la propiedad de los accionistas controladores tiene un efecto negativo en la reacción del precio de las acciones cuando las empresas emiten deuda y positivo cuando emiten acciones. Este resultado indica que las emisiones de deuda son un sustituto del control mayoritario de los accionistas y las emisiones de capital se asocian con un mayor desempeño corporativo. Las emisiones de capital son un medio para expropiar riqueza de los accionistas no controladores. Las oportunidades de deuda y crecimiento tienen un efecto no lineal

Efeitos da propriedade estrangeira e das Normas Internacionais de Relato Financeiro no vencimento da dívida em empresas chilenas

The objective of this article is to determine the effects of foreign ownership and International Financial Reporting Standards (IFRS) on debt maturity in Chilean companies. The study uses a fractional response model (FRM) on 20,586 companies. The results show foreign ownership has a negative and non-linear effect. Foreign ownership in Chilean firms is a substitute control means in relation to long-term debt. IFRS reduces maturity in large companies and extends them in small and medium enterprises (SMEs). These results suggest it is more important for large firms to control agency conflicts, while it is more important for SMEs to reduce information asymmetry.El objetivo de este artículo es determinar los efectos de la propiedad extranjera y de las Normas Internacionales de Información Financiera (NIIF) sobre la madurez de la deuda en las empresas chilenas. En el estudio se utiliza un modelo de respuesta fraccional (MRF) sobre 20.586 empresas. Los resultados demuestran que la propiedad extranjera tiene un efecto negativo y no lineal, transformándose en un medio de control sustituto en relación con la deuda de largo plazo. Las NIIF reducen la madurez en empresas grandes y la extiende en las pequeñas y medianas empresas (Pymes). Estos resultados sugieren que para las firmas grandes es más importante controlar conflictos de agencia, mientras que para las Pymes es más importante reducir las asimetrías de información.O objetivo deste artigo é determinar os efeitos da propriedade estrangeira e das Normas Internacionais de Relato Financeiro (IFRS) no ven- cimento da dívida em empresas chilenas. O estudo utiliza um Modelo de Resposta Fracionária (MRF) em 20.586 empresas. Os resultados mostram que a propriedade estrangeira tem efeito negativo e não linear, tornando-se um meio de controle substituto em relação à dívida de longo prazo. O IFRS reduz a maturidade em grandes empresas e as estende em Pequenas e Médias Empresas (PMEs). Esses resultados sugerem que, para grandes empresas, é mais importante controlar conflitos entre agências, enquanto para as PMEs é mais importante reduzir as assimetrias de informações

Reliability of 4-m and 6-m walking speed tests in elderly people with cognitive impairment

[Abstract] The purpose of this study was to evaluate the interrater and test–retest reliability of 4-m and 6-m walking speed tests in elderly people with cognitive impairment. 50 subjects aged 65 and over with cognitive impairment were selected from an adult day-care centre and a nursing home. To examine interrater reliability, 21 people were evaluated independently by two researchers who administered the 4-m and 6-m walking tests in each evaluation. For test–retest reliability, two observers administered the tests to the same 29 subjects, with a time interval of one week. Intraclass correlation coefficients (ICCs) were calculated to examine interrater and test–retest reliability. The ICCs for interrater reliability reached values of 0.96 and 0.88 for the 4-m and 6-m walking tests, respectively. In the test–retest study, the time interval was 7.4 1.17 days. The ICCs were 0.91 for the 4-m test and 0.86 for the 6-m test. The results support the use of walking tests in elderly people with cognitive impairment

¿Son persistentes los efectos de la concentración de mercado y la diversificación de ingresos sobre el desempeño bancario?

We analyze the effects of market concentration and income diversification on banking performance. We used a sample of 134 countries for the period 1994-2011 and used the GMM estimator proposed by Arellano and Bover (1995). Our results show that market concentration and income diversification have a positive and non-linear effect on bank performance. The non-linearity suggests that the positive effect is reversed if the banking industry has high levels of market concentration and income diversification. During an economic crisis, the banking industry reduces diversification to support its performance. These results are relevant for the design of financial policy and banking strategies.Analizamos los efectos de la concentración de mercado y diversificación de ingresos sobre el desempeño bancario. Usamos el estimador GMM de Arellano y Bover (1995) para 134 países entre 1994 y 2011. Nuestros resultados demuestran que la concentración de mercado y la diversificación tienen un efecto positivo y no lineal sobre el desempeño bancario. La forma no lineal sugiere que el efecto positivo se revierte si la industria bancaria tiene elevada concentración y diversificación. En períodos de crisis, la industria bancaria debe reducir su grado de diversificación para soportar un mayor desempeño. Estos resultados son relevantes para la política financiera y estrategias bancarias

¿Afectan los regímenes de tipos de cambio a la prima de riesgo cambiario? Evidencias internacionales

This article analyzes the impact of the risk premium on exchange returns and the relationship between the risk premium and flexible exchange rate regimes. We use the GMM estimator proposed by Arellano and Bond (1991) on a sample of 21 countries between January 1997 and December 2015. Our results show that the time-varying exchange premium is concentrated in emerging markets and it generates a depreciation that ranges between 1.8% and 2.7% monthly. In developed markets, there is a constant exchange risk premium that promotes an appreciation of their currencies against the US dollar. These results reveal that the UIP and CIP are not fulfilled, although their bias is less in emerging countries. Exchange flexibility has dissimilar effects between developed and emerging countries. These results have important implications for policymakers and investors.Este artículo analiza el impacto de la prima de riesgo en los rendimientos cambiarios y la relación entre la prima de riesgo y los regímenes de tipos de cambio flexibles. Utilizamos el estimador GMM propuesto por Arellano y Bond (1991) en una muestra de 21 países entre enero de 1997 y diciembre de 2015. Nuestros resultados muestran que la prima de cambio variable en el tiempo se concentra en los mercados emergentes y genera una depreciación que oscila entre el 1,8% y el 2,7% mensual. En los mercados desarrollados, hay una prima de riesgo de cambio constante que promueve una apreciación de sus monedas frente al dólar estadounidense. Estos resultados revelan que la UIP y la CIP no se cumplen, aunque su sesgo es menor en los países emergentes. La flexibilidad del intercambio tiene efectos diferentes entre países desarrollados y emergentes. Estos resultados tienen importantes consecuencias para los encargados de formular políticas y los inversores

Spatio-temporal trends of Iberian wild boar contact with Mycobacterium tuberculosis complex detected by ELISA

The continuing expansion of Eurasian wild boar (Sus scrofa) populations raises concerns regarding disease transmission. In south-central Spain, overabundant wild boar are reservoirs of Mycobacterium bovis, and related members of the Mycobacterium tuberculosis complex (MTBC), the causative agents of bovine tuberculosis (bTB). An indirect enzyme-linked immunosorbent assay using bovine-purified protein derivative was applied to determine the spatial and temporal distribution of wild boar contact with MTBC in the Iberian Peninsula and to model and identify the associated risk factors. Wild boar apparent seroprevalence was 22%. Seropositives were detected in 71% of 81 sites, including 23 sites where wildlife was thought to be bTB free. The results described a new geographic range of wild boar contact with MTBC and a stable prevalence in this wildlife reservoir that contrasts with the success of bTB control in cattle. Inference of which host (wild boar or cattle) is driving bTB maintenance was not possible with our correlational results. The possibility of a wild boar bTB emergence in non-endemic regions should urgently be taken into account to avoid a future scenario resembling the current situation in south-central Spain.The current study is a contribution to JCCM PPIC10-0226-0243, MCINN Plan Nacional I+D+i AGL2008-03875, FAU2008-00004-C03 INIA and FEDER and to FP7 EU TB-STEP (212414). Studies on diseases shared between domestic animals and wildlife are also supported by Santander and Fundación Marcelino Botín, SDG Recursos Agrarios, Consejería de Medio Ambiente y Ordenación del Territorio de la Comunidad de Madrid, JCCM, Principado de Asturias, Gobierno de Aragón. PA is currently holding a Juan de la Cierva research contract awarded by the Ministerio de Ciencia e Innovación—Fondo Social Europeo.Peer Reviewe

Timed Up and Go Test Performance as an Indicator of Fall History in Institutionalized Elderly: A Pilot Study

Background: Ageing is associated with sensory and physical declines and falling risk. Objective: To determine the association between 3 performance-based mobility tests and fall history. Methods: Fifty participants' mobility was assessed by Timed Up and Go (TUG) and 4- and 6-m walking tests (WT). Results: The TUG performance correlated with 4- and 6-m WT performance, and performance on 4-m WT positively correlated with 6-m WT. Only TUG performance showed a strong relationship to fall history. Conclusions: Performance tests could indicate the presence of fall history in the institutionalized older adults; the TUG being the most suitable compared with other common WT

Case report: A familial B-acute lymphoblastic leukemia associated with a new germline pathogenic variant in PAX5. The first report in Mexico

B-cell acute lymphoblastic leukemia (B-ALL) is one of the most common childhood cancers worldwide. Although most cases are sporadic, some familial forms, inherited as autosomal dominant traits with incomplete penetrance, have been described over the last few years. Germline pathogenic variants in transcription factors such as PAX5, IKZF1, and ETV6 have been identified as causal in familial forms. The proband was a 7-year-old Mexican girl diagnosed with high-risk B-ALL at five years and 11 months of age. Family history showed that the proband’s mother had high-risk B-ALL at 16 months of age. She received chemotherapy and was discharged at nine years of age without any evidence of recurrence of leukemia. The proband’s father was outside the family nucleus, but no history of leukemia or cancer was present up to the last contact with the mother. We performed exome sequencing on the proband and the proband’s mother and identified the PAX5 variant NM_016734.3:c.963del: p.(Ala322LeufsTer11), located in the transactivation domain of the PAX5 protein. The variant was classified as probably pathogenic according to the ACMG criteria. To the best of our knowledge, this is the first Mexican family with an inherited increased risk of childhood B-ALL caused by a novel germline pathogenic variant of PAX5. Identifying individuals with a hereditary predisposition to cancer is essential for modern oncological practice. Individuals at high risk of leukemia would benefit from hematopoietic stem cell transplantation, but family members carrying the pathogenic variant should be excluded as hematopoietic stem cell donors