Diseño del canal de venta a través de Internet para la tienda de calzado MD

Muchos estudios recientes indican un incremento sustancial en el comercio electrónico en América Latina y el Caribe, y muy especialmente en el espacio B2C (Business-to-Customers, relaciones entre negocios y clientes). En el año 2008, las transacciones representaron cerca de USD$16.025 millones, y su crecimiento anual fue casi del 35%. En la región centroamericana, no existen tiendas en la Web que se especialicen en calzado para dama, por lo que una incursión a corto plazo permitiría obtener el liderazgo en el mercado. El aumento en la penetración de tarjetas de crédito internacionales en el sector femenino en la región, crea un mercado potencial de más de dos millones de personas. De estas, cerca del 60% estaría dispuesta a comprar zapatos a través de Internet. MD es la actual marca de tiendas orientadas a calzado de moda para mujeres entre 18 y 40 años, propiedad de Distribuciones Diversas, S.A. de C.V. El fundador, actual socio mayoritario y presidente es el Ingeniero Carlos Cabrera. Su hija, Amanda Cabrera, diseñó la imagen y estrategia actual de MD que la ha dado una muy buena posición en el mercado de calzado femenino, especialmente en países como Guatemala y El Salvador. MD.biz será una división de MD, que comercializará calzado a través de Internet, y estará dirigida hacia el mismo mercado objetivo. Operará a nivel de la región centroamericana, y estará establecida en las oficinas centrales de Distribuciones Diversas, S.A. de C.V., en El Salvador. Su misión será la de comercializar calzado y accesorios relacionados en Internet con un alto componente de moda, que cumplan con estándares de calidad, comodidad y diseño, para satisfacer las necesidades del mercado regional y ser reconocida como una empresa comprometida con sus clientes, empleados y accionistas, en los países que opera. MD.biz enfocará sus productos y estrategias de marketing a mujeres entre 23 y 40 años de edad, que tengan acceso a tarjetas de crédito, familiarizadas con el uso de Internet para hacer compras en línea y que residan en cualquier ciudad donde llegue el servicio de courier oficial en países de América Central (excepto Belice y Panamá)

Term structure estimation, liquidity-induced heteroskedasticity and the price of liquidity risk

Desde la publicación del trabajo de Vasicek y Fong (1982) se ha generalizado el ajuste de la estructura temporal de tipos de interés asumiendo que los rendimientos son homocedásticos. En este trabajo se muestra que dicha hipótesis no se mantiene cuando los activos presentan diferencias en liquidez, incluso cuando se trata de bonos del mismo emisor. Un bajo volumen negociado implica una mayor volatilidad. Además, la existencia de discontinuidades en la negociación del precio de los bonos producirá mayor volatilidad en aquellos que se encuentren más próximos a vencimiento. Para mostrar estos efectos, se ha trabajado con bonos del Estado español desde 1988 hasta 2010, considerando más de 700 títulos y 5.000 días observados. Con estos datos se han estimado los errores fuera de la muestra para cada día y título observados. La varianza de estos errores está negativamente correlacionada con la rotación y la duración de cada título, mientras que la media del error está directamente correlacionada con la varianza estimada. Por todo ello, en este trabajo se propone un modelo modificado de Svensson (1994) para estimar la curva de tipos de interés añadiendo un término por liquidez y estimando los parámetros por mínimos cuadrados ponderados, teniendo en cuenta la heterocedasticidad inducida por liquidezSince the seminal paper of Vasicek and Fong (1982), the term structures of interest rates have been fitted assuming that yields are cross-sectionally homoskedastic. We show that this assumption does not hold when there are differences in liquidity, even for bonds of the same issuer. Lower turnover implies higher volatility. In addition, a minimum tick size for bond price negotiation will produce higher volatility for bonds approaching their maturity dates. To show these effects, we use data for Spanish sovereign bonds from 1988 to 2010, covering more than 700 bonds and 5000 trading days. We estimate the out-ofsample error for each bond and day. The variance of these errors is found to be negatively correlated with each bond’s turnover and duration, while the mean of the errors is found to be directly correlated with the estimated variance. As a result, we propose a modified Svensson (1994) yield curve model to fit the term structure, adding a liquidity term and estimating parameters by weighted least-squared errors to take into account the liquidity induced heteroskedasticit

Aspectos ecológicos de um trecho de floresta de brejo em Itatinga, SP: florística, fitossociologia e seletividade de espécies

(Ecological aspects of a swamp forest at Itatinga, SP: floristics, phytosociology and species selectivity). On present work, it was studied a swamp forest with 2 ha area, at the EUCATEX Ltda.'s Santa Irene farm, at Itatinga (48º38'53.2W and 23º17'41.6S), São Paulo state. Phytosociological survey was executed through census method in 1 ha of forest remaining, where all individuals with PBH (perimeter at breast height) > 15 cm were recorded. 1310 individuals were sampled, belonging to 28 families, 34 genera and 39 species of shruby-tree layer. The most important families in IVC were Clusiaceae (53.49), Burseraceae (41.30), Euphorbiaceae (31.42), Podocarpaceae (9.04), Caesalpiniaceae (6.99), Myrsinaceae (6.38), Melastomataceae (5.75), Anacardiaceae (5.70), Arecaceae (4.51) and Styracaceae (4.44). These 10 families accounted for 74.50% of total IVC. The most important species in IVC were Calophyllum brasiliense (53.49), Protium almecega (41.30), Pera obovata (14.46), Podocarpus sellowii (9.04), Hyeronima alchorneoides (8.68), Copaifera langsdorffii (6.99), Rapanea guianensis (5.72), Tapirira guianensis (5.70), Miconia ligustroides (5.62) e Sebastiania serrata (4.71), wich accounted for 77.84% of total IVC. The Shannon's diversity index (H') was 2.751 nats/individuals. Based on floristic and phytosociological criterious, the species sampled was divided in two groups: a) peculiar species, with the subgroups of exclusive and no exclusive e b) complemental, with the subgroups of dry areas and indifferents.(Aspectos ecológicos de um trecho de floresta de brejo em Itatinga, SP: florística, fitossociologia e seletividade de espécies). No presente trabalho estudou-se um trecho de floresta de brejo localizada na fazenda Santa Irene, de propriedade da EUCATEX Ltda., no município de Itatinga-SP (48º38'52,2W e 23º17'41,6S), com uma área de 2 ha. O levantamento fitossociológico foi realizado através do método de censo de 1 ha do remanescente florestal, onde foram amostrados todos os indivíduos com PAP (perímetro à altura do peito) > a 15 cm. Foram amostrados 1310 indivíduos, pertencentes a 28 famílias, 34 gêneros e 39 espécies do estrato arbustivo-arbóreo. As famílias que apresentaram os maiores valores de IVC foram Clusiaceae (53,49), Burseraceae (41,30), Euphorbiaceae (31,42). Podocarpaceae (9,04), Caesalpiniaceae (6,99), Myrsinaceae (6,38), Melastomataceae (5,75), Anacardiaceae (5,70), Arecaceae (4,51) e Styracaceae (4,44). Estas 10 famílias somaram 74,50% do IVC total. As espécies de maior destaque em IVC foram Calophyllum brasiliense (53,49), Protium almecega (41,30), Pera obovata (14,46), Podocarpus sellowii (9,04), Hyeronima alchorneoides (8,68), Copaifera langsdorffii (6,99), Rapanea guianensis (5,72), Tapirira guianensis (5,70), Miconia ligustroides (5,62) e Sebastiania serrata (4,71). Tais espécies somadas perfazem 77,84% do IVC total. O índice de diversidade de Shannon (H') obtido foi de 2,751 nats/indivíduos. Baseado em critérios florísticos e fitossociológicos, as espécies amostradas foram divididas em dois grupos: a) espécies peculiares, com os subgrupos de peculiares exclusivas e não exclusivas e b) complementares, com os subgrupos de áreas secas e indiferentes.13915

Quais são as novas evidências para o manejo das dislipidemias? Uma revisão integrativa

As dislipidemias se encontram difundidas amplamente na população brasileira, com uma prevalência de 24,8% e de até 75% em indivíduos obesos. O presente estudo de revisão buscou avaliar novos avanços para a abordagem terapêutica das dislipidemias, documentados por meio de estudos clínicos e randomizados. Trata-se de uma pesquisa de revisão integrativa realizada por meio da base de dados PubMed, que levou em consideração os seguintes critérios de inclusão: ensaios clínicos e testes controlados e randomizados; artigos publicados no último ano; que possuíam texto completo disponível e que abordassem acerca do manejo das dislipidemias. Ficou constatado que a terapia conjunta de pitavastatina e ezetimiba reduz, de forma significativa, os níveis de LDL-colesterol quando comparado com a monoterapia com pitavastatina, sem aumentar o número de eventos adversos gerais. Outra medida eficaz, ao se combinar a ezetimiba com a atorvastatina, houve uma maior eficácia na redução do nível de LDL-colesterol quando comparado com a monoterapia com atorvastatina. Além disso, observa-se o impacto positivo da suplementação de produto rico em polifenóis para a redução de lipídios no sangue, possibilitando um efeito protetor contra a aterosclerose, da mesma forma que a suplementação oral combinada de hidroxitirosol e punicalagina, a qual reduziu, de forma significativa, os níveis plasmáticos de LDL-colesterol e de triglicerídeos. Por fim, o uso do recaticimabe também pode ser aplicado como terapia adjuvante à estatina em indivíduos com hipercolesterolemia, reduzindo o nível de LDL-colesterol e tornando-se uma nova opção de tratamento segura e eficaz para o manejo de tal dislipidemia

Genetic algorithm estimation of interest rate term

The term structure of interest rates is an instrument that gives us the necessary information for valuing deterministic financial cash flows, measuring the economic market expectations and testing the effectiveness of monetary policy decisions. However, it is not directly observable and needs to be measured by smoothing data obtained from asset prices through statistical techniques. Adjusting parsimonious functional forms - as proposed by Nelson and Siegel (1987) and Svensson (1994) - is the most popular technique. This method is based on bond yields to maturity and the high degree of non linearity of the functions to be optimised make it very sensitive to the initial values employed. In this context, this paper proposes the use of genetic algorithms to find these values and reduce the risk of false convergence, showing that stable time series parameters are obtained without the need to impose any kind of restriction

Economic development levels and ease of doing business: is there a relationship?

Entrepreneurship is a phenomenon strongly associated with economic growth, development and employability, leading countries to compete and often produce reforms to ensure good levels of entrepreneurship. In this sequence, this study aims to know which types of economies present favourable institutional environments for entrepreneurs, exploring the link between the ease of doing business and the three levels of economic development (innovation-driven, efficiency-driven and factor-driven) of 137 economies. A quantitative methodology through an analysis of variances was adopted, gathering data from the ten pillars proposed by the World Bank in the Doing Business 2019 – training for reforms report, and economic development levels, provided by Global Competitiveness Report (2017–2018). In the light of institutional theory, the results showed that innovation-driven economies are more competitive, presenting more robust institutional environments for entrepreneurs than factor-driven and efficiency-driven. There is only one exception in the Getting Credit pillar. This study clarifies some assumptions in the previous literature that developed economies have better business environments, being the first one to establish this relationship directly. Some practical implications, especially for international entrepreneurs in the decision-making phase on which type of economies to carry out their investments and policymakers and researchers, were provided in this study.info:eu-repo/semantics/publishedVersio

Genetic algorithm estimation of interest rate term structure

The term structure of interest rates is an instrument that gives us the necessary information for valuing deterministic financial cash flows, measuring the economic market expectations and testing the effectiveness of monetary policy decisions. However, it is not directly observable and needs to be measured by smoothing data obtained from asset prices through statistical techniques. Adjusting parsimonious functional forms ¿ as proposed by Nelson and Siegel (1987) and Svensson (1994) ¿ is the most popular technique. This method is based on bond yields to maturity and the high degree of non-linearity of the functions to be optimised make it very sensitive to the initial values employed. In this context, this paper proposes the use of genetic algorithms to find these values and reduce the risk of false convergence, showing that stable time series parameters are obtained without the need to impose any kind of restrictions

Genetic algorithm estimation of interest rate term structure

The term structure of interest rates is an instrument that gives us the necessary information for valuing deterministic financial cash flows, measuring the economic market expectations and testing the effectiveness of monetary policy decisions. However, it is not directly observable and needs to be measured by smoothing data obtained from asset prices through statistical techniques. Adjusting parsimonious functional forms - as proposed by Nelson and Siegel (1987) and Svensson (1994) - is the most popular technique. This method is based on bond yields to maturity and the high degree of non linearity of the functions to be optimised make it very sensitive to the initial values employed. In this context, this paper proposes the use of genetic algorithms to find these values and reduce the risk of false convergence, showing that stable time series parameters are obtained without the need to impose any kind of restrictions.forward and spot interest rates, Nelson and Siegel model, non-linear optimization, numerical methods, Svensson model, yield curve estimation

On the restoration of high diversity forests: 30 years of experience in the Brazilian Atlantic Forest

a b s t r a c t We present a review of more than 30 years of ecological restoration in the Brazilian part of the Atlantic Forest. Based on what has been done in this biome, we try to summarize the main findings and challenges for restoration in this highly threatened forest biome. We found that many past experiences did not result in self-perpetuating forests, for different reasons. Currently, most projects aim to construct self-sustaining communities and no longer see restoration as a deterministic process. We also found that the reconstruction of permanent forest with high diversity is feasible but it depends on the strategies applied and on the surrounding landscape. Although many new techniques have been created (e.g. seed rain management or promotion of natural regeneration), the most used one in the Atlantic Forest is still the planting of many native species from different functional groups. Native species are largely used and perform well even in highly disturbed environments. Today, many projects are trying to produce thousands of hectares of permanent forests and many technical advances are about to be incorporated. But restoration also faces some main challenges to become an effective and widespread means of conserving the Atlantic Forest which are, namely, reducing costs, planning restoration actions at landscape-level, and conforming to socio-political issues. The socio-political tools to overcome such barriers in practice have yet to be developed