The Facebook/GIPHY divestiture: The (new) first of many?

The decision of the Competition and Markets Authority ordering Facebook’s divestiture of GIPHY stands as a landmark to expedite on-going worldwide merger control reform, namely through the imposition of structural remedies upon Big Tech. The theories of harm considered in Facebook/GIPHY are not particularly novel: the competition authority puts forward the loss of competition, as well as the loss of innovation theories of harm, on the basis of the dynamic characteristics of digital markets. However, the low threshold placed by the authority to find a substantial lessening of competition has been decisive towards the order’s final outcome. The decision has made its comeback on the past experience with Big Tech by placing the spotlight on small-scale but significant takeovers, in the same light of the Guidance issued by the European Commission on the interpretation of article 22 of Merger Regulation 139/2004. Meanwhile, Facebook’s acquisitions over WhatsApp and Instagram are being contested by the Federal Trade Commission before the United States’ District Court for the District of Columbia. As opposed to legal certainty, time and scope have not been an obstacle to revert the deal. The acquisition was signed off in May 2020 for $400 million, and the CMA’s merger control proceedings did not start until June 2020. Although there was no overlap in relevant commercial activity within the UK, the competition authority’s decision is called to have universal repercussions, notwithstanding the foregoing Australian Competition and Consumer Commission’s investigation on the same acquisition as well as the outcome of the Austrian Federal Competition Authority’s proceedings. The steadiness of the Facebook/GIPHY operation is at stake and a conflicting decision can still jeopardise the CMA’s ruling on a global scale, deeming it a symbolic decision. The order to revert the acquisition came as a consequence of the fact that the CMA considered Facebook’s proposed behavioural remedies as insufficient, notwithstanding some of them were close to the interoperability mandates set out under the DMA, namely, to maintain an open access to GIPHY’s library and database to existing API partners. Similar commitments were offered by the merging parties on the Google/Fitbit merger scrutinised by the European Commission and were accepted. The ambivalence on the results to prevent Google from degrading interoperability with Android via API is still in liege, and the CMA has chosen to reject behavioural remedies almost by default. The paper will address the aftermath of the CMA’s Facebook/GIPHY decision in the light of the economic analysis performed around dynamic digital markets. To this aim, we will analyse: i) the existing overlaps on both undertakings’ activities as opposed to the CMA’s opinion that they are close substitutes at the horizontal level; ii) the strength of the ‘killing’ component of the merger, considering the differences between digital and pharma markets in relation to innovation; iii) the effectiveness of interoperability mandates within the Facebook/GIPHY merger as well as the general advantages and drawbacks associated to them in relation to the dynamic competition paradigm

Initial state in relativistic heavy ion collisions

Treballs Finals de Grau de Física, Facultat de Física, Universitat de Barcelona, Curs: 2019, Tutor: Volodymyr MagasAt high temperatures or densities a state of matter formed by deconfined quarks and gluons emerges: the QGP. These conditions were present in the early universe and are replicable in the laboratory through relativistic heavy ion collisions. In peripheral collisions the system seems to be sensitive to vorticity due to the large initial angular momentum. This is thought to cause polarization, which is measurable through the spin of the emitted particles. Experimental data shows asymmetry between λ and λ polarization, whose origin is not yet clear. In this paper we examine an initial state model to describe QGP evolution that applies Bjorken-like solution streak by streak in the collision transverse plane. The original model distributes energy and baryons along each streak, whereas our proposal homogeneously distributes baryons only at the extremes, while energy is kept as before. This extreme distribution has led to a new vorticity configuration that potentially could explain the observed differences between λ and λ polarizatio

Estudio del perfil farmacológico de inhibidores de PDE4 en modelos de fibrosis cutánea

La fibrosis es un mecanismo fisiológico que se define como el aumento de la proliferación de fibroblastos y deposición de matriz extracelular (MEC), que, cuando adquiere un carácter patológico, puede destruir la arquitectura normal y producir la disfunción del órgano. La fibrosis cutánea ocurre en una variedad de enfermedades tales como la esclerosis sistémica (ES) o esclerodermia, queloides, cicatrices hipertróficas y otras afecciones. Se considera que es el resultado de una reparación anormal en respuesta al daño tisular. Roflumilast, un inhibidor de la fosfodiesterasa (PDE) 4 aprobado para el tratamiento de la enfermedad pulmonar obstructiva crónica (EPOC), ha demostrado tener efectos antiinflamatorios y antifibróticos en algunos tipos de fibrosis como la fibrosis pulmonar o la hepática. Sin embargo, no se han probado los efectos de roflumilast en modelos de fibrosis cutánea. Así pues, el objetivo de la presente tesis doctoral fue investigar si el fármaco era capaz de prevenir y/o revertir los procesos fisiopatológicos característicos de la fibrosis cutánea al inhibir rutas de señalización aguas abajo de TGF beta 1. Para elucidar los efectos del inhibidor de la PDE4, así como su mecanismo de acción, en modelos tanto in vivo como in vitro de fibrosis cutánea, se llevó a cabo el análisis de la expresión genética, expresión proteica, proliferación, actividad de Nrf2, generación de especies reactivas de oxígeno (ERO) y senescencia. Nuestros resultados muestran que todas las isoformas de la PDE4 se encuentran sobre-expresadas en tejido cutáneo fibrótico, siendo la isoforma con mayor expresión la PDE4B. Además, la inhibición farmacológica de la PDE4 con roflumilast y la supresión genética de la PDE4B muestran efectos antifibróticos, inhibiendo la activación de fibroblastos y queratinocitos, la deposición de MEC, estrés oxidativo, proliferación y senescencia. Asimismo, la inhibición de la PDE4, o de la isoforma predominante en tejido cutáneo fibrótico, la PDE4B, es capaz de bloquear las fosforilaciones de ERK1/2 y SMAD3 y de inhibir la generación de ERO vía NOX4, lo cual resulta en una disminución de la expresión de marcadores fibróticos tanto en fibroblastos de la dermis como en queratinocitos. Estos hallazgos señalan a la PDE4B como una diana farmacológica potencial para tratar los procesos fibróticos cutáneos comunes a diferentes patologías.Fibrosis is a physiological mechanism defined as the increase in fibroblast proliferation and extracellular matrix (ECM) deposition. However, it can acquire a pathological character and destroy the normal architecture and produce organ dysfunction. Skin fibrosis occurs in a variety of diseases such as systemic sclerosis (SS) or scleroderma, keloids and hypertrophic scars. It is considered to be the result of abnormal repair in response to tissue damage. Roflumilast, a phosphodiesterase (PDE) 4 inhibitor approved for the treatment of chronic obstructive pulmonary disease (COPD), has been shown to have anti-inflammatory and antifibrotic effects in some types of fibrosis such as pulmonary or liver fibrosis. Nonetheless, the effects of roflumilast have not been tested in models of skin fibrosis. Thus, the objective of this work was to investigate whether the drug was capable of preventing and/or reversing the pathophysiological processes characteristic of cutaneous fibrosis by inhibiting signaling pathways downstream of TGF beta 1. To elucidate the effects of the inhibitor of PDE4, as well as its mechanism of action, in in vivo and in vitro models of skin fibrosis, it was carried out the analysis of gene expression, protein expression, proliferation, Nrf2 activity, reactive oxygen species (ROS) generation and senescence. Our results show that all PDE4 isoforms are over-expressed in fibrotic skin tissue. Furthermore, PDE4B is the most over-expressed isoform. The pharmacological inhibition of PDE4 with roflumilast and the genetic suppression of PDE4B show antifibrotic effects, as it inhibits fibroblast and keratinocyte activation, ECM deposition, oxidative stress, proliferation and senescence. In addition, the inhibition of PDE4, or the predominant isoform in fibrotic skin tissue, the PDE4B, is capable of blocking ERK1/2 and SMAD3 phosphorylations and to inhibit the ROS generation over NOX4. This results in a decrease in the expression of fibrotic markers in dermal fibroblasts and keratinocytes. These findings point to PDE4B as a potential pharmacological target to treat skin fibrosis

Avaluació de la nova llei de benestar porcí des de la seva aplicació el gener del 2013

Treball presentat a l'assignatura de Deontologia i Veterinària Legal (21223

Innovation Management Practices, Strategic Adaptation, and Business Results: Evidence from the Electronics Industry

This research contributes to the understanding of how different practices of innovation management are related to mid- and long-term growth and profitability. Governments and regional development agencies invest relevant budgets to foster innovation in small and medium enterprises (SMEs) and improve their innovation management practices to make them more competitive. Nevertheless, it is not clear what impact these practices have on a company's performance over a long period of time. We propose a model to audit and classify innovation practices and empirically test the impact of innovation practices on the firms’ long–term financial performance, using a broad sample of companies in the electronics sector. Our empirical results show that, within a regional context, companies that are similar in terms of size, position in the value chain, and ownership structure follow similar innovative practices. Furthermore, the use of a systematic approach for innovation leads to revenue growth but does not necessarily increase profit or productivity

Derecho de la competencia vs. privacidad: ¿el gran dilema en los nuevos mercados digitales?

The digitisation of existing business models and the new way of doing business of digital platforms pose new challenges both to the performance of companies in the market and to the lives of consumers and users. The dominant digital companies are all American (Google, Facebook, Amazon, and Apple), and their practices appear to harm free competition in the markets. This phenomenon raises the challenge of how to deal with the regulation of Big Data, to which so far there has not been an entirely satisfactory response. This paper also analyses the constitutional content of privacy and its importance in the framework of competition analyses carried out on both sides of the Atlantic.La digitalización de los modelos empresariales existentes y la nueva forma de hacer negocios de las plataformas digitales plantean nuevos retos tanto en la actuación de las empresas en el mercado como en la vida de los consumidores y usuarios. Las empresas digitales dominantes son todas estadounidenses (Google, Facebook, Amazon y Apple), y sus prácticas parece que lesionan la libre competencia en los mercados. Este fenómeno plantea el reto de cómo afrontar la regulación del Big Data, al que hasta ahora no se ha dado una respuesta del todo satisfactoria. En este trabajo se analiza también el contenido constitucional de la privacidad y su importancia en el marco de los análisis de competencia realizados a ambos lados del Atlántico

Big data, privacidad y mercados digitales: los nuevos desafíos de la regulación en la UE : Análisis desde una perspectiva económica, regulatoria y antitrust

The European Parliament has recently issued a favourable report on the European Commission's European data strategy draft. This new strategic asset has become an essential element not only for the performance of companies in the market, but also in the lives of citizens and the way they relate to each other. Over the last 15 years, markets have undergone dizzying changes resulting, among other things, from the digitisation of new business models. Although the European Union aspires to the creation of a true digital single market, the fact is that today the companies that dominate the landscape (Google, Facebook, Amazon and Apple) are all American. The huge accumulation of personal data that these digital platforms accumulate and commercially exploit –big data– poses unquestionable risks for the protection of the fundamental right to the protection of users’ personal data. This paper critically analyses the EU approach to this scenario, in the context of corporate mergers or actions by the competition authorities against these technological giants. Special attention will be paid to the constitutional content of this right, as well as to the possible overlap between regulatory law and administrative sanctioning law, specifically in the field of competition law.Este trabajo ha obtenido un accésit del Premio «Estudios Financieros» 2021 en la modalidad de Derecho Constitucional y Administrativo. En fechas recientes el Parlamento Europeo ha emitido un informe favorable al proyecto de la Comisión Europea sobre la estrategia europea de datos. Este nuevo activo estratégico se ha convertido en un elemento esencial, no solo para la actuación de las empresas en el mercado, sino en la vida de los ciudadanos y su forma de relacionarse. En los últimos 15 años los mercados han experimentado vertiginosos cambios derivados, entre otras cosas, de la digitalización de nuevos modelos empresariales y formas de hacer negocio. Pese a que la Unión Europea aspira a la creación de un verdadero mercado único digital, lo cierto es que en la actualidad las empresas que dominan el panorama (Google, Facebook, Amazon y Apple) son todas estadounidenses. La ingente acumulación de datos personales que dichas plataformas digitales acumulan y aprovechan comercialmente –el big data– plantea indudables riesgos para la protección del derecho fundamental a la protección de los datos personales de los usuarios. En este trabajo se analiza de forma crítica el enfoque comunitario con el que se afronta este escenario, al hilo de operaciones de concentración empresarial o actuaciones de las autoridades de competencia contra dichos gigantes tecnológicos. Se prestará especial atención al contenido constitucional de este derecho, así como al posible solapamiento entre el derecho regulatorio y el administrativo sancionador, en concreto, en el ámbito del derecho de la competencia

Comprehensive approach to peritoneal dialysis-related peritonitis by enteric microorganisms: comparison between single organism and polymicrobial infections

[Abstract] Background: Peritoneal infections of enteric origin (EntP) have been classically investigated using partial strategies, focused on particular subgroups of microorganisms. A more comprehensive approach may facilitate the definition of the nomenclature and clinical presentation of these infections. Objectives: To investigate the clinical presentation and outcomes of a full spectrum of EntP, with a particular interest in the comparison between single-organism and polymicrobial infections. Method: Following an observational design, we investigated 165 single-organism and 83 polymicrobial peritonitis episodes with isolation of at least 1 enteric bacteria (Enterobacteriaceae, Enterococcus spp. and/or intestinal anaerobics). We compared the risk of treatment failure for these 2 types of infection and explored the significance of the isolation of specific microorganisms and of their antibacterial susceptibility patterns. Results: Polymicrobial EntP was associated with higher rates of hospitalization, more changes to initial antibiotic therapy, more surgical explorations, and higher mortality and treatment failure rates than monobacterial EntP. However, stratified and multivariate analyses revealed that the burden of these differences rested on the isolation of intestinal anaerobics (odds ratio [OR] 12.05, 95% confidence interval [CI] 2.53–31.09, p < 0.001) and/or Enterococcus faecium (OR 3.37, 95% CI 1.02–11.30, p = 0.046), while other polymicrobial infections were more comparable with single-organism peritonitis, except for even higher mortality rates in the former group. Lower antibiotic susceptibility of the isolations (OR 1.18, 95% CI 0.51–2.70, p = 0.70) did not perform as a predictor of treatment failure. Conclusion: A comprehensive approach to peritoneal infections by intestinal microorganisms may provide a focused perspective of the clinical presentation and outcomes of these complications of peritoneal dialysis

Long-term exposure to nanoplastics alters molecular and functional traits related to the carcinogenic process

Acord transformatiu CRUE-CSICMicro/nanoplastics (MNPLs) are considered emergent pollutants widely spread over all environmental compartments. Although their potential biological effects are being intensively evaluated, many doubts remain about their potential health effects in humans. One of the most underdeveloped fields is the determination of the potential tumorigenic risk of MNPLs exposure. To shed light on this topic, we have designed a wide battery of different hallmarks of cancer applied to prone-to-transformed progress MEF cells exposed to polystyrene nanoplastics (PSNPLs) in the long term (6 months). Interestingly, most of the evaluated hallmarks of cancer are exacerbated after exposure, independently if they are associated with an early tumoral phenotype (changes in stress-related genes, or microRNA deregulation), advanced tumoral phenotype (growing independently of anchorage ability, and migration capacity), or an aggressive tumoral phenotype (invasion potential, changes in pluripotency markers, and ability to grow to form tumorspheres). This set of obtained data constitutes a relevant warning on the potential carcinogenic risk associated with long-term exposures to MNPLs, specifically that induced by the PSNPLs evaluated in this study

Psychometric properties and validation of the Spanish versions of the overall anxiety and depression severity and impairment scales

Background Anxiety and depressive disorders are the most frequent disorders for which patients seek care in public health settings in Spain. This study aimed at validating the Overall Anxiety Severity and Impairment Scale (OASIS) and the Overall Depression Severity and Impairment Scale (ODSIS), which are brief screening scales for anxiety and depression consisting of only five items each. Methods The study was conducted in a Spanish clinical sample receiving outpatient mental health treatment (N = 339). A subsample of participants (n = 219) was assessed before and after receiving a course of cognitive-behavioral treatment. Results The results revealed excellent internal consistency estimates (Cronbach's alpha for the OASIS and the ODSIS was 0.87 and 0.94, respectively), along with promising convergent and discriminant validity and test-criterion relationships (i.e., moderate correlation with other measures of depression and anxiety, as well as with neuroticism, quality of life, adjustment, and negative affect). A one-dimensional structure was obtained for the OASIS and the ODSIS. The ROC analyses indicated an area under the curve of 0.83 for the OASIS and the ODSIS when predicting moderate-to-severe anxiety and depression, respectively. Good sensitivity to therapeutic change was also evidence and the analysis of the sensitivity as a function of 1-specificity area suggested a cutoff value of 10 for both scales. Limitations Inter-rater reliability of diagnoses with the ADIS-IV interview could not be investigated and the results obtained may not be generalizable to other samples and health settings. Conclusions The availability of these two short and psychometrically sound measures should make screening of anxiety and depressive symptoms in routine care more feasible