Tender offers in South America: Are abnormal returns really high?

Different studies in developed capitalmarkets have found positive abnormalreturns of at least 15% during theannouncement date of a tender offer.Although there are almost no studiesfor South American stock markets,some studies reported positive abnormalreturns, ranging from 25% to50%, related to the announcement ofthe fi rst tender offer. In this study oneargues that estimated positive abnormalreturns in emerging markets arehigh because studies have assumed acompletely segmented capital marketby applying the market model with alocal stock market index. By allowingfor partial integration among fiveSouth American emerging markets,one shows that there are in factpositive abnormal returns previously,during, and after the announcementdate of the fi rst tender offer. However,the positive abnormal returnassociated to the announcementdate is in the order of 8%. A slightlyhigher abnormal return is obtainedusing a market model that accountsfor partial integration and downsiderisk. These results prompt towardsa lower positive abnormal return inthe sample of South American fi rmsstudied.Tender offer, abnormal return, emergingmarket.

Infrared studies of selected regions of the milky way

The results of a large scale near -infrared survey of small sky areas of the Milky Way containing trapezium-type star multiple systems immersed in bright and dark nebulosities or southern Herbig-Haro objects are presented. Photometric maps at wavelength 2.2 microns complemented with broad-band JHKL photometry of the majority of the sources detected and of the star members of the clusters were obtained. A number of randomly chosen comparison regions along the galactic plane were also mapped and the results were also used, with recent semi-empirical models, to determine the number of field stars expected for the program surveys. In a number of regions, mainly located in the centres of young open clusters, excesses of infrared-bright stars were found and, in many cases, these were interpreted as probable embedded stars. The infrared two-colour diagrams were studied in detail in order to: (1) obtain the values of the colour excess -ratios E(J- H) /E(H -K), E(H- K) /E(K -L) and E(J- K) /E(K -L) which represent the general reddening law at these wavelengths; and (2) differentiate between the numerous reddened "normal" late -type stars from those stars with intrinsic infrared excess. Low resolution two -micron spectra were also obtained for a limited number of sources. A short description and analysis of the results are given for each of the regions observed as well as for the most interesting individual objects detected. Most infrared sources found in the surroundings of Herbig-Haro objects appear not to be associated with these emission /reflection nebulae

The Formation of Massive Stars: from Herschel to Near-Infrared

We have studied a number of selected high mass star forming regions, including high resolution near-infrared broad- and narrow-band imaging, Herschel (70, 160, 250, 350 and 500 μm) and Spitzer (3.6, 4.5, 5.8 and 8.0 m) images. The preliminary results of one of this region, IRAS 19388+2357(MOL110) are discussed. In this region a dense core has been detected in the far-infrared, and a young stellar cluster has been found around this core. Combining near-IR data with Spitzer and Herschel photometry we have derived the spectral energy distribution of Mol110. Finally comparing our H2 and Kc narrow-band images, we have found an H2 jet in this region

PROYECTO PILOTO - CASA DE LA PRIMERA INFANCIA PARA SECTORES MARGINALES EN EL DISRITO DE CERRO COLORADO

Es la firme creencia del autor de esta tesis, que la única y verdadera posibilidad de desarrollo en nuestro país esta basada en la educación, una educación conforme a las necesidades que demanda gran nuestra diversidad cultural. EL presente documento busca cuestionar y reflexionar acerca de los conceptos en los cuales se basan nuestros procesos educativos y así comenzar a instaurar los pilares que den pie al desarrollo de ciudadanos más autónomos, responsables y sobre todo reflexivos frente a las diversas situaciones que se presentan diariamente en la realidad cambiante en el cual vivimos hoy con el fin de lograr equidad social con base en un punto de partida igual para todos, una educación justa que desarrolle nuestras capacidades únicas como individuos, aunque parecidos, diferentes a los demás