Stock Market Contagion during the Global Financial Crises: Evidence from the Chilean Stock Market

The study examines evidence for the transmission of the US and EU financial crises via investor holdings into the Chilean stock market following two global financial crises, in 2008 and 2011. The study modified the models of Bekaert et al. (2014), and Dungey and Gajurel (2015) on the 2007–2009 global financial crisis and extends the period to include the European debt crisis of 2010–2011. The study produced three main contributions. First, changes in the equity holdings of retail investors were a key source of contagion following the 2008 US financial crisis. Second, investor herding during the 2011 financial crisis is shown to be low based on the co-movement of equity holdings between the four investor groups studied. Third, investor behavior during the 2011 EU crisis differs from that of the 2008 US financial crisis, which we attribute to firms in Chile adopting international financial reporting standards (IFRS) and improving their corporate governance. We compared the findings to the prior contagion studies that rely on Chilean return data to highlight the contributions to international financial research, particularly as it relates to the functioning of emerging capital markets during financial crises

Gobiernos corporativos en Chile: Estudio sobre el cumplimiento de los principios de la OCDE por las empresas chilenas 2001-2008 y 2009-2013

Tesis doctoral inédita leída en la Universidad Autónoma de Madrid, Facultad de Ciencias Económicas y Empresariales, Departamento de Contabilidad. Fecha de lectura: 26-11-201

Circular economy in the Portuguese hotel industry: an empirical overview

The implementation of Circular Economy (CE) in the tourism industry, and more specifically in the hotel industry, is still in its early stages, as the debate on it has focused on the manufacturing sector, undervaluing the service area, namely the travel and tourism one, and their input to the transition to a CE paradigm. Although the hotel industry is one of the essential branches of the travel and tourism sector, there is little relevant scientific and empirical research available on the potential of such an implementation. The Circular Economy construct has recently been gaining prominence as it has the potential to enhance the use of natural resources, in which the tourism and the hotel industry rely, to mitigate the emission of greenhouse gases, and to offer economic, environmental, and social business advantages and opportunities. Making use of the results of a survey applied to the Portuguese hotel industry, this paper offers an analysis of this business’s awareness, attitude, enablers, benefits, challenges, and organizational performance concerning the implementation of a Circular Economy approach. The results indicate that there is awareness regarding CE and its R-Principles and that some measures that may enhance the implementation of this concept are already being put into practice. There is also evidence that this economic approach is beneficial to companies, but support from all the actors (companies, government, stakeholders) is mandatory. The lack of investment in the CE implementation, policies focused on waste treatment and the lack of promotion of circular design were identified as challenges. Acquiring new competencies as well as the reduction of the hotels’ carbon footprint were identified as the major predictive positive impacts of CE in the organisational performance of companies. This research is a contribution to the existing literature on Circular Economy and the conceptualization of CE within the hotel industry. In addition, to the theoretical contribution, the results of this study may also have empirical inputs for all the actors, and may also lead them to question the goals of their businesses and to examine thoroughly the environmental, social, and economic impact of their activities and operations, and ultimately act as catalysts to circularity.info:eu-repo/semantics/publishedVersio

The Effect of Board Links, Audit Partner Tenure, and Related Party Transactions on Misstatements: Evidence from Chile

Companies restate when material misstatements are identified in previously issued financial statements. Misstatement research in Latin America is sparse, even though they are an important context to study this phenomenon. Chile’s corporate governance regulations are considered exemplars for Latin American countries but its auditing profession is not well developed. Thus, Chile provides an interesting context to study the complementary roles of audit and board governance affecting misstatements. Using a sample of 104 Chilean listed firms over seven years, our study finds that the board links and audit partner tenure negatively affect misstatements. Specifically, given the prevalence of related party transactions (RPTs) in conglomerates, the finding suggests that cross directors monitor high-value RPTs, but that this is not a substitute for auditor expertise. The findings raise questions about the advisability of mandating audit partner rotation to strengthen auditor independence because the results indicate that a short audit partner tenure leads to the auditor not developing client-specific knowledge. The study makes contributions to the corporate governance literature by highlighting that board monitoring is not a good substitute for auditor monitoring of financial reporting integrity, and suggesting the need for having licensing requirements to become an audito

Vitamin D and autoimmunity in the Portuguese population

A vitamina D é única entre as vitaminas pois trata-se de uma verdadeira hormona, à qual tem sido atribuída grande importância na homeostasia do sistema imune, para lá do seu reconhecido papel no metabolismo fosfocálcico. A ampla expressão do seu recetor (VDR), e os numerosos locais de ligação deste em todo o genoma, dão suporte a essa hipótese. Alguns polimorfismos do gene do VDR têm sido associados com doenças autoimunes. Na população portuguesa, demonstramos que o polimorfismo Fok I do VDR está associado à esclerose múltipla (EM), e à gravidade da doença no lúpus eritematoso sistémico (LES). Os baixos níveis séricos de vitamina D também estão associados com um risco aumentado de desenvolver doenças autoimunes como o LES, a EM e a artrite reumatoide. A insuficiência de vitamina D é muito comum em Portugal, podendo afetar entre os 60% e os 95% da população em função da estação do ano e do índice de massa corporal. O desenvolvimento de estratégias para o rastreio da deficiência de vitamina D é crucial, particularmente em grupos de risco. Não existem ainda, no entanto, evidências suficientes que possibilitem emitir recomendações claras e bem fundamentadas para a suplementação de vitamina D como medida preventiva de doenças crónicas, tendo em conta os riscos e benefícios inerentes.Vitamin D is unique among vitamins, as it represents a real hormone to which great impor tance in the homeostasis of the immune system has been ascribed, beyond its known role in phosphocalcic metabolism. The wide expression of its receptor (VDR), and the numerous binding sites for this receptor along the genome suppor t this hypothesis. Some well known VDR polymorphisms have been associated with autoimmune disease susceptibility. In the Por tuguese population, we have shown that the VDR Fok I polymorphism is associated with multiple sclerosis (MS), and with disease severity in systemic lupus er y thematosus (SLE). Low vitamin D serum levels are also associated with an increased risk of developing autoimmune diseases such as SLE, MS and rheumatoid ar thritis. Vitamin D insuf ficiency is ex tremely common in Por tugal, and can af fect 60% to 85% of the population, depending on the season of the year and body-mass index. The development of screening strategies for vitamin D deficiency is needed, par ticularly for high-risk individuals. However, sufficient evidences are not yet available to make it possible to provide clear and well founded recommendations for the use of vitamin D supplementation in the prevention of chronic disease, taking into account the inherent risks and benefits.info:eu-repo/semantics/publishedVersio

Chitosan and hyaluronic acid nanoparticles as vehicles of epoetin beta for subconjunctival ocular delivery

Research Areas: Pharmacology & PharmacyNeuroprotection in glaucoma using epoetin beta (EPOβ) has yielded promising results. Our team has developed chitosan-hyaluronic acid nanoparticles (CS/HA) designed to carry EPOβ into the ocular globe, improving the drug’s mucoadhesion and retention time on the ocular surface to increase its bioavailability. In the present in vivo study, we explored the possibility of delivering EPOβ to the eye through subconjunctival administration of chitosan-hyaluronic acid-EPOβ (CS/HA-EPOβ) nanoparticles. Healthy Wistar Hannover rats (n = 21) were split into 7 groups and underwent complete ophthalmological examinations, including electroretinography and microhematocrit evaluations before and after the subconjunctival administrations. CS/HA-EPOβ nanoparticles were administered to the right eye (OD), and the contralateral eye (OS) served as control. At selected timepoints, animals from each group (n = 3) were euthanized, and both eyes were enucleated for histological evaluation (immunofluorescence and HE). No adverse ocular signs, no changes in the microhematocrits (≈45%), and no deviations in the electroretinographies in both photopic and scotopic exams were observed after the administrations (p < 0.05). Intraocular pressure remained in the physiological range during the assays (11–22 mmHg). EPOβ was detected in the retina by immunofluorescence 12 h after the subconjunctival administration and remained detectable until day 21. We concluded that CS/HA nanoparticles could efficiently deliver EPOβ into the retina, and this alternative was considered biologically safe. This nanoformulation could be a promising tool for treating retinopathies, namely optic nerve degeneration associated with glaucoma.info:eu-repo/semantics/publishedVersio

A micro-extraction technique using a new digitally controlled syringe combined with UHPLC for assessment of urinary biomarkers of oxidatively damaged DNA

The formation of reactive oxygen species (ROS) within cells causes damage to biomolecules, including membrane lipids, DNA, proteins and sugars. An important type of oxidative damage is DNA base hydroxylation which leads to the formation of 8-oxo-7,8-dihydro-29-deoxyguanosine (8-oxodG) and 5-hydroxymethyluracil (5-HMUra). Measurement of these biomarkers in urine is challenging, due to the low levels of the analytes and the matrix complexity. In order to simultaneously quantify 8-oxodG and 5-HMUra in human urine, a new, reliable and powerful strategy was optimised and validated. It is based on a semi-automatic microextraction by packed sorbent (MEPS) technique, using a new digitally controlled syringe (eVolH), to enhance the extraction efficiency of the target metabolites, followed by a fast and sensitive ultrahigh pressure liquid chromatography (UHPLC). The optimal methodological conditions involve loading of 250 mL urine sample (1:10 dilution) through a C8 sorbent in a MEPS syringe placed in the semi-automatic eVolH syringe followed by elution using 90 mL of 20% methanol in 0.01% formic acid solution. The obtained extract is directly analysed in the UHPLC system using a binary mobile phase composed of aqueous 0.1% formic acid and methanol in the isocratic elution mode (3.5 min total analysis time). The method was validated in terms of selectivity, linearity, limit of detection (LOD), limit of quantification (LOQ), extraction yield, accuracy, precision and matrix effect. Satisfactory results were obtained in terms of linearity (r2 . 0.991) within the established concentration range. The LOD varied from 0.00005 to 0.04 mg mL21 and the LOQ from 0.00023 to 0.13 mg mL21. The extraction yields were between 80.1 and 82.2 %, while inter-day precision (n=3 days) varied between 4.9 and 7.7 % and intra-day precision between 1.0 and 8.3 %. This approach presents as main advantages the ability to easily collect and store urine samples for further processing and the high sensitivity, reproducibility, and robustness of eVolHMEPS combined with UHPLC analysis, thus retrieving a fast and reliable assessment of oxidatively damaged DNA.info:eu-repo/semantics/publishedVersio

Resposta da amendoeira a diferentes estratégias de rega na região de Trás-os-Montes: rendimento e eficiência do uso da água

Nas regiões de clima mediterrânico onde a amendoeira tem uma grande expressão em termos de área cultivada e importância económica, as secas sazonais que ocorrem durante parte do seu ciclo vegetativo são frequentes e responsáveis por quebras elevadas do rendimento. Apesar de a amendoeira ser uma espécie tolerante à seca, não há dúvidas de que a rega é um factor crítico para o aumento da produtividade e qualidade da amêndoa. As limitações em termos de disponibilidade de água, que tenderão a agravar-se no contexto das alterações climáticas, obrigarão os produtores a lidar com a escassez de água através da implementação de estratégias de rega deficitária que conduzam a um aumento da eficiência do uso da água.Este trabalho foi realizado no âmbito do projeto PRODER 54610 - Estratégias integradas para o aumento da produtividade da amendoeira em Trás-os-Montes, financiado pelo Programa de Desenvolvimento Rural (PRODER) no âmbito da medida 4.1 - Cooperação para a Inovação (Apoio à Inovação na Agricultura, Agroindústria e Floresta).info:eu-repo/semantics/publishedVersio

Usefulness of genetic characterization of narcolepsy and hypersomnia on phenotype definition: a study in Portuguese patients

The determination of human leukocyte antigen (HLA) class II genotype is widely used to confirm the diagnosis of narcolepsy with or without cataplexy. The HLA genotyping is reliable, easy to perform and reassures the clinician. It is also less invasive than other methodologies and is in accordance with the autoimmune hypothesis for the origin of narcolepsy. AIM. To assess the usefulness of genetic markers (HLA) in the differential diagnosis between different sleep disorders and their relevance in the context of our population

Dental caries and tooth loss in adults in a Brazilian southeastern state

OBJECTIVE: The purpose of this study was to analyze dental caries experience of adults living in the southeastern state of São Paulo, Brazil, according to some socio-demographic conditions of this population. MATERIAL AND METHODS: The sample consisted of 1,159 school teachers and workers (35 to 44 years old) from 29 cities of the state of São Paulo, Brazil. RESULTS: 92.3% were dentate and the DMFT index (number of decayed, missing and filled teeth) was 21.0 and the mean number of decayed teeth was 1.1, with no significant difference among adults from regions with and without fluoridation. Male subjects presented the highest mean values of "D" (decayed teeth) and "M" (missing teeth) components. The percentage of caries-free subjects was higher among white subjects, as well as the mean number of teeth present in the mouth. The mean values of the "F" component (filled teeth) &#91;9.81&#93; and present teeth &#91;19.3&#93; were higher for adults from fluoridated water regions. CONCLUSIONS: In this study, the worse condition observed was the early tooth loss in all groups. In addition, people with worse socio-demographic conditions had worse oral health conditions. It is expected that oral health programs targeted to this population could be established with the goal of improving the oral health conditions of this population and hence the maintenance of the teeth for a longer period in function