THE EFFECT OF THE EMU ON SHORT AND LONG-RUN STOCK MARKET DYNAMICS: NEW EVIDENCE ON FINANCIAL INTEGRATION

This paper deals with the time evolution of stock market integration around the introductionof the euro. In particular we test whether the degree of integration between the main eurozonecountries increased after European monetary union. The contribution of the paper to the extantliterature is twofold: a) first, we take into account the potential long-run equilibrium relationshipbetween stock indices allowing for structural changes in the cointegration space that might capturethe effect of the introduction of the euro, and b) we formally test the existence of greater financialintegration after European monetary union across the main member countries and between thesemembers and the UK. Empirical evidence reveal the existence of long-run equilibrium relationshipsbetween European stock markets even before the introduction of the euro. Our empirical findingssuggest that financial integration is not the direct consequence of the removal of exchange rate riskdue to currency unification. Rather, it arises as a result of macroeconomic convergence. This aspectis corroborated by the nature of the principal component structure of estimated conditionalcorrelations. Este trabajo analiza la evolución del grado de integración de los mercados bursátileseuropeos en torno a la introducción del euro. En particular se contrasta si el grado de integraciónentre los principales miembros de la Unión Europea y Monetaria se ha incrementado a partir de laintroducción del euro. La contribución del trabajo es doble: a) por un lado se tiene en cuenta laposible existencia de relaciones de cointegración entre los índices bursátiles, permitiendo laexistencia de cambios estructurales en el espacio de cointegración y b) se proporciona un contrasteformal para la hipótesis nula de mayor grado de integración después de la introducción de la monedacomún. La evidencia empírica revela la existencia de relaciones de equilibrio a largo plazo entre losmercados, incluso antes de la introducción del euro. Los resultados sugieren que la integraciónfinanciera no es el resultado de la adopción de la moneda común sino que es un proceso dinámicoque se ha visto fortalecido por la unificación de la moneda. Este aspecto es corroborado por lanaturaleza de la estructura de componentes principales que se obtiene a partir de la medida deintegración considerada.cointegración, mercados financieros, Unión Europea y Monetaria, integración financiera dinámica cointegration, dynamic financial integration, stock markets, European Monetary Union.

U-Pb zircon SHRIMP evidences of Cambrian volcanism in the Schistose Domain within the Galicia-Tras-os-Montes Zone (Variscan Orogen, NW Iberian Peninsula)

SHRIMP U–Pb zircon analyses have shown the complexity of dating volcanic rocks due to the presence of inner cores within zircon crystals. Using the cathodoluminescence studies assisting ion microprobe analyses allow us to conclude that: the two low-grade metavolcanic samples from the Schistose Domain of the Galicia-Trás-os-Montes Zone in the northeast limb of the Verín-Bragança synform (NW Spain and NE Portugal) yield ages of 488.7 ± 3.7Ma and 499.8 ± 3.7Ma (lowermost Ordovician-Upper Cambrian). The Schistose Domain had been traditionally considered as a parautochthonous tectonic unit, i.e. as the stratigraphic continuation of the autochthonous underlying rocks, only locally or moderately detached from them as a result of strong dragging forces from large allochthonous units above it. Current interpretation of the Schistose Domain suggests that this domain formed the outboard edge of the Iberian terrane. Important Arenig, felsic magmatism with similar geochemical signature to the volcanic bodies in the Schistose Domain of the Galicia-Trás-os-Montes Zone (GTMSD) series is present also in the adjacent Ollo de Sapo Domain of the Central Iberian Zone. This contemporary nature of magmatic events provides an additional argument to support the “Iberian” affinity of the Schistose Domain of the Galicia-Trás-osMontes Zone. However, the Cambro–Ordovician facies are very different in the Schistose Domain with respect to the autochthonous unit, the Central–Iberian Zone, suggesting that the Schistose Domain must be considered as a major allochthonous unit with a displacement of over several tens of kilometers

Applications of Deep Learning in Financial Intermediation: A Systematic Literature Review

Abstract In finance, an infinite amount of datais generated daily, which is important for decision-making in the business world. Consequently, there is a need to create models that help to process and interpret this data. Deep learning has demonstrated important advances in the processing of large amounts of data, and for this reason, the objective of this systematic review of literature corresponds to the search for applications, deep learning model and techniques that were used to solve problems in the financial area. For this purpose, out of 346 articles found, 20 were selected that met the inclusion and exclusion criteria corresponding to the research questions. Among the most common applications, models, and techniques were: prediction in market actions, sales forecasting, detection of fraud risks and tax evasion; with respect to the models, convolutional neural networks CNN and recurrent neural networks RNN were among the most executed; the ReLu and Sigmoid techniques turned out to be the most used in these models.   Keywords: deep learning, finance, machine learning, Convolutional Neural Network CNN, Recurrent Neural Network RN

Trade-Offs in Fairness and Preference Judgments

At the heart of many debates about distributive justice is the widely assumed trade-off between equality and efficiency (Okun, 1975). In the present chapter, equality refers to the distribution of income within a society. Equality increases whenever income variability is reduced. Efficiency refers to the goods and services that result from a given input – production, physical capital, or human labor. Efficiency increases whenever society produces more from the same input. Trade-offs between equality and efficiency occur because increases in one often lead to decreases in the other. An egalitarian society satisfies basic needs by establishing programs that redistribute wealth. But those programs can reduce efficiency when they introduce bureaucratic waste or diminish financial incentives. A reduction in efficiency can lead to fewer investments, fewer jobs, and declining productivity

Reduced lipoperoxidation in high-performance athletes with mental retardation by a mixed protocol based on exercise and supplementation

Individuals with mental retardation generally present high levels of oxidative stress. Further it is widely accepted that high physical performance may be associated to oxidative damage. The present study was undertaken to ascertain the influence of a mixed protocol based on regular exercise and antioxidant supplementation in lipoperoxidation in athletes with mental retardation. Fifty-five high-performance athletes with mental retardation from Special Olympics volunteered for this study (21.6±1.8 years-old). Fourty were randomly included in experimental group to perform a 6-weeks protocol, including exercise (low-moderate intensity aerobic exercise before breakfast 3 times per week) and supplementation (1g ascorbic acid + 400 UI α-tocopherol 6 times per week). Control group included 15 age, sex, trained and BMI-matched athletes with mental retardation who did not perform the mixed protocol. Written informed consent was obtained. The protocol was approved by an institutional ethic committee. Plasmatic (please first define the abbreviation) MDA were determined by high performance liquid chromatography (HPLC) with fluorimetric detection as described elsewhere, 72-hours before starting the protocol (pre-test) and after its ending (post-test). When compared to baseline MDA levels were decreased significantly after our 6-weeks protocol (0.50±0.12 vs 0.36±0.09 μmol·l-1; p\u3c0.05). No changes were reported in controls. It was concluded that a 6-weeks mixed protocol improved significantly lipoperoxidation in athletes with mental retardation. Further studies on this topic are highly required

Novel Glycerol-Crosslinked Poly(acrylic acid) Hydrogel for Encapsulation and Release of Benzocaine

Drug delivery by a controlled-release mechanism offers several advantages over traditional delivery systems such as improved therapeutic activity, reduced number of drug administrations, as well as minimizing the risk of over-dose or under-dose. In this study, attempt has been made to develop a novel controlled release device from glycerol crosslinked poly(acrylic acid) hydrogels. Glycerol crosslinked poly(acrylic acid) was fabricated by polymerizing acrylic acid and crosslinking the polymer with glycerol in the same reaction pot in the presence of benzoyl peroxide and Novozym 435. The fabricated hydrogel swelled more than 100% in neutral, acidic and basic buffer solutions. Swelling was pH and temperature dependent. The hydrogel encapsulated the drug benzocaine; the amount encapsulated was dependent on time, temperature and initial benzocaine concentration. The hydrogel also released the drug at a controlled rate

Bilateral adrenalectomy for asynchronous metastases of a malignant melanoma

Indexación: Web of Science; Scielo.Clinical case: We report a 70 years old male with a history of an ear lobe melanoma with was excised seven years ago, who had a bronchial relapse and required a right pneumonectomy. During a follow up abdominal CAT scan, a 9 cm tumor in the left adrenal gland was detected. The patient was operated, performing a left adrenalectomy and nephrectomy. The pathologic study confirmed the presence of a fusocellular melanoma. One year later, a right adrenal mass was detected and excised. The pathological study of the piece again confirmed a metastasis of a malignant melanoma. The patient died due to progression of the disease, 10 years after the adrenalectomy. Key words: Adrenal metastases, laparoscopic adrenalectomy, melanoma.Objetivo: Presentar un caso de metástasis suprarrenal bilateral asincrónica de Melanoma cutáneo tratado con adrenalectomía laparoscópica bilateral. Caso clínico: Paciente de 70 años con antecedente de melanoma del pabellón auricular extirpado 7 años antes de su consulta urológica. Posteriormente, presenta una recidiva bronquial tratada con quimioterapia, radioterapia y neumonectomía derecha. En sus exámenes de seguimiento una Tomografía computada muestra el hallazgo incidental de una lesión tumoral de 9 cm en la glándula suprarrenal izquierda. Se realizó nefrectomía y adrenalectomía izquierda laparoscópica en bloque sin incidencias. El análisis histopatológico confirmó el hallazgo de una metástasis de melanoma fuso-celular. Un año después el paciente presenta un nuevo hallazgo incidental de un tumor de 3 cm en la glándula suprarrenal derecha, la cual fue tratada con adrenalectomía laparoscópica, y cuyo análisis histopatológico demostró metástasis de melanoma maligno. El paciente fallece por progresión de su enfermedad 10 años después de su cirugía suprarrenal. Conclusiones: En los pacientes con metástasis suprarrenal de melanoma, la adrenalectomía incrementa la supervivencia cáncer especifica en relación a los pacientes tratados sin cirugía. El abordaje laparoscópico constituye una alternativa terapéutica con menor morbilidad que la cirugía abierta en cirujanos con experiencia laparoscópica. Palabras clave: Metástasis suprarrenal, adrenalectomía laparoscópica, melanoma.http://ref.scielo.org/mymgk