73 research outputs found

    Discounting in agro-industrial complex. A methodological proposal for risk premium

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    [EN] The estimation of the discount rate is decisive for a reliable economic valuation. The discount rate has to be adjusted for the risks related to the company, the sector which the company has its market, and the risks related to the investment project. We present a proposal to incorporate the risk premium to the discount rate. The novelty of the methodology is that difference risk groups according to activity as a factor to adjust the cost of capital to companies. The study applies the methodology to the Agro-Industrial Complex (AIC) in Spain. The AIC is formed by industries that add value to farming production. This sector s economic success demands financial management techniques that assess risk. The conventional method responds neither to the heterogeneity of the economic activities that make up the AIC, nor to differentiating risk by groups. The proposed methodology distinguishes activity groups in accordance with the NACE (National Code of Economic Activities) and uses net profitability variability to distinguish the risk in each group. Our results demonstrate the various levels of risk per group. The results show that among all the groups that form the AIC there are wide differences between levels of risk; thus, the risk neutral groups present risk levels on the order of 150 times lower than the groups extreme risk levels.Marqués Pérez, I.; Guaita Pradas, I.; Pérez-Salas Sagreras, JL. (2017). Discounting in agro-industrial complex. A methodological proposal for risk premium. Spanish Journal of Agricultural Research (Online). 15(1):1-14. doi:10.5424/sjar/2017151-10225S114151Bahamonde E, 2009. El cooperativismo agroalimentario. Colección Mediterráneo Económico 15: 229-246.Baourakis, G., Doumpos, M., Kalogeras, N., & Zopounidis, C. (2002). Multicriteria analysis and assessment of financial viability of agribusinesses: The case of marketing co-operatives and juice-producing companies. Agribusiness, 18(4), 543-558. doi:10.1002/agr.10031Bjornson, B., & Sykuta, M. E. (2002). Growth by acquisition and the performance of large food retailers. Agribusiness, 18(3), 263-281. doi:10.1002/agr.10024Caballer-Mellado V, 1998. Métodos de valoración de empresas. Ediciones Pirámide, Madrid. 224 pp.Caballer-Mellado V, Moya-Clemente I, 1998. Valoración bursátil de empresas agroalimentarias. Invest Agrar: Econ 9 (3): 319-344.Chastenet E, Jeannin G, 2007. Evaluation d’enterprise – Les méthodes appliquées par les analystes financiers. Analyse Financière 24: 48-51.Chen, S., Wilson, W. W., Larsen, R., & Dahl, B. (2014). Investing in Agriculture as an Asset Class. Agribusiness, 31(3), 353-371. doi:10.1002/agr.21411Damodaran A, 2001. The dark side of valuation. Prentice Hall. 150 pp.Damodaran, A. (2009). Equity Risk Premiums (ERP): Determinants, Estimation and Implications â A Post-Crisis Update. Financial Markets, Institutions & Instruments, 18(5), 289-370. doi:10.1111/j.1468-0416.2009.00151.xDamodaran A, 2010. Applied corporate finance. John Wiley & Sons, Danvers, USA. 721 pp.Damodaran A, 2012. Investment valuation: Tools and techniques for determining the value of any asset (Vol. 666). John Wiley & Sons. 955pp.Damodaran A, 2013. Equity risk premiums (ERP): Determinants, estimation and implications - The 2013 edition. NY Univ, Stern School of Business.Fernandez P, 2009. The equity premium in 100 textbooks. SSRN.García-Padrón Y, García-Boza J, 2005. El modelo CAPM a través de los tiempos. Revisión de la evidencia empírica. Ciencia y Sociedad XXX (3): 411-437.Gebhardt, W. R., Lee, C. M. C., & Swaminathan, B. (2001). Toward an Implied Cost of Capital. Journal of Accounting Research, 39(1), 135-176. doi:10.1111/1475-679x.00007Gilbert, C. L., & Morgan, C. W. (2010). Food price volatility. Philosophical Transactions of the Royal Society B: Biological Sciences, 365(1554), 3023-3034. doi:10.1098/rstb.2010.0139Guaita-Pradas I, Blasco-Ruiz A, Postiguillo-García D, 2016. Risks factors for SMEs involved electric generation. Int J Renew Energ Res 6 (2): 679-686.Irusta-Llano MA, 2009. Modelos de negocio competitivos en la industria agroalimentaria espa-ola. Publicaciones de Cajamar Caja Rural 15: 299-315.Jin, H. J., & Kim, T. (2012). Structural Changes in the Time Series of Food Prices and Volatility Measurement. American Journal of Agricultural Economics, 94(4), 929-944. doi:10.1093/ajae/aas026Lado-Sestayo R, 2013. Contraste empírico del modelo CAPM. Revista Galega de Economía 22 (2): 141-166.Mehra, R., & Prescott, E. C. (1985). The equity premium: A puzzle. Journal of Monetary Economics, 15(2), 145-161. doi:10.1016/0304-3932(85)90061-3Miller, M. H., & Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares. The Journal of Business, 34(4), 411. doi:10.1086/294442Moya-Clemente I, Oltra-Mestre, MJ, 1993. Las empresas agroalimentarias. Un análisis empresarial y bursátil. CIRIEC 12: 207-238.Pratt SP, 2003. Cost of capital: estimation and applications. John Wiley & Sons, NJ, USA. 258 pp.Ramírez, A. A. R., & de Lema, D. G. P. (2006). La Valoración de Empresas en España: un estudio empírico. Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad, 35(132), 913-934. doi:10.1080/02102412.2006.10779611Sharpe, W. F. (1964). CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*. The Journal of Finance, 19(3), 425-442. doi:10.1111/j.1540-6261.1964.tb02865.xToms, S. (2012). Accounting-based Risk Measurement: An Alternative to Capital Asset Pricing Model Derived Discount Factors. Australian Accounting Review, 22(4), 398-406. doi:10.1111/j.1835-2561.2012.00194.xToms, S. (2014). Accounting-based Risk Management and the Capital Asset Pricing Model: An Empirical Comparison. Australian Accounting Review, 24(2), 127-133. doi:10.1111/j.1835-2561.2013.00201.xWelch, I. (2000). Views of Financial Economists on the Equity Premium and on Professional Controversies. The Journal of Business, 73(4), 501-537. doi:10.1086/20965

    Poly(2-hydroxyethyl acrylate) hydrogels reinforced with graphene oxide: Remarkable improvement of water diffusion and mechanical properties

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    [EN] A series of hybrid hydrogels of poly(2-hydroxyethyl acrylate), PHEA, and graphene oxide, GAO, with GAO content up to 2 wt % has been prepared by in situ polymerization. Because PHEA has been used as biomaterial in various applications, has a side chain with the hydroxyl functional group and its mechanical properties are poor, it is a good candidate for reinforcement with GAO. Fourier transform (infrared) spectroscopy, atomic force microscopy, differential scanning calorimetry, the thermal, mechanical, and water sorption properties of neat PHEA and PHEA/GAO composites have been studied in order to elucidate the dispersion and interaction between both components. An increase in the water diffusion coefficient and dramatic changes in its mechanical proper- ties are the most remarkable results. Thus, at a nanofiller load of 2 wt %, the novel materials present an increased diffusion coeffi- cient higher than 380% and the elastic modulus is enhanced by more than 650% in dry state and by more than 100% in swollen state, both compared to neat PHEA. These results have been attributed to the excellent interaction between the matrix, PHEA, and the reinforcement, GAO, and could open the door to new applications in the field of biomaterials with higher structural requisites.This work was supported by Project GV/2016/067 of the Generalitat Valenciana. AFM, and the stress-strain assay was conducted by the authors in the Microscopy Service of the Universitat Politecnica de Valencia, whose advice is greatly appreciated. The authors acknowledge M. Monleon-Pradas for his helpful discussions.Sánchez-Correa, FV.; Vidaurre Agut, CM.; Serrano Aroca, Á.; Campillo Fernández, AJ. (2018). Poly(2-hydroxyethyl acrylate) hydrogels reinforced with graphene oxide: Remarkable improvement of water diffusion and mechanical properties. Journal of Applied Polymer Science. 135(15). https://doi.org/10.1002/app.46158S1351

    Single-cell genomics based on Raman sorting reveals novel carotenoid-containing bacteria in the Red Sea.

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    Cell sorting coupled with single-cell genomics is a powerful tool to circumvent cultivation of microorganisms and reveal microbial 'dark matter'. Single-cell Raman spectra (SCRSs) are label-free biochemical 'fingerprints' of individual cells, which can link the sorted cells to their phenotypic information and ecological functions. We employed a novel Raman-activated cell ejection (RACE) approach to sort single bacterial cells from a water sample in the Red Sea based on SCRS. Carotenoids are highly diverse pigments and play an important role in phototrophic bacteria, giving strong and distinctive Raman spectra. Here, we showed that individual carotenoid-containing cells from a Red Sea sample were isolated based on the characteristic SCRS. RACE-based single-cell genomics revealed putative novel functional genes related to carotenoid and isoprenoid biosynthesis, as well as previously unknown phototrophic microorganisms including an unculturable Cyanobacteria spp. The potential of Raman sorting coupled to single-cell genomics has been demonstrated

    Nature-inspired calcium phosphate coatings : present status and novel advances in the science of mimicry

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    There has been a growing awareness in materials science that the adaptation of nature biological processes can lead to significant progresses in the controlled fabrication of advanced materials for an all range of applications. To learn from, understand and apply these natural processes for producing calcium phosphate coatings that are biologically similar to bone apatite, mimicking its properties, has driven the attention of many researchers in recent years. This article reviews the most relevant advances in this emerging research field, pointing out several approaches being introduced and explored by distinct laboratories

    Engineered 3D bioimplants using elastomeric scaffold, self-assembling peptide hydrogel, and adipose tissue-derived progenitor cells for cardiac regeneration

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    [EN] Contractile restoration of myocardial scars remains a challenge with important clinical implications. Here, a combination of porous elastomeric membrane, peptide hydrogel, and subcutaneous adipose tissue-derived progenitor cells (subATDPCs) was designed and evaluated as a bioimplant for cardiac regeneration in a mouse model of myocardial infarction. SubATDPCs were doubly transduced with lentiviral vectors to express bioluminescent-fluorescent reporters driven by constitutively active, cardiac tissue-specific promoters. Cells were seeded into an engineered bioimplant consisting of a scaffold (polycaprolactone methacryloyloxyethyl ester) filled with a peptide hydrogel (PuraMatrix(TM)), and transplanted to cover injured myocardium. Bioluminescence and fluorescence quantifications showed de novo and progressive increases in promoter expression in bioactive implant-treated animals. The bioactive implant was well adapted to the heart, and fully functional vessels traversed the myocardium-bioactive implant interface. Treatment translated into a detectable positive effect on cardiac function, as revealed by echocardiography. Thus, this novel implant is a promising construct for supporting myocardial regeneration.The research leading to these results received funding from the European Union Seventh Framework Programme (Project RECATABI, 7FP/2007-2013) under grant agreement number 229239. This work was also supported by Ministerio de Ciencia e Innovación (SAF2011- 30067-C02-01), Fundació La Marató de TV3 (080330), Red de Terapia Celular-TerCel (RD12/0019/0029), Red Cardio-vascular (RD12/0042/0047), Sociedad Española de Cardiología, and Fundació Privada Daniel Bravo AndreuSoler-Botija, C.; Bago, JR.; Llucia-Valldeperas, A.; Vallés Lluch, A.; Castells-Sala, C.; Martinez-Ramos, C.; Fernandez-Muinos, T.... (2014). Engineered 3D bioimplants using elastomeric scaffold, self-assembling peptide hydrogel, and adipose tissue-derived progenitor cells for cardiac regeneration. American Journal of Translational Research. 6:291-301. http://hdl.handle.net/10251/63949S291301

    A MAFG-lncRNA axis links systemic nutrient abundance to hepatic glucose metabolism

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    Obesity and type 2 diabetes mellitus are global emergencies and long noncoding RNAs (lncRNAs) are regulatory transcripts with elusive functions in metabolism. Here we show that a high fraction of lncRNAs, but not protein-coding mRNAs, are repressed during diet-induced obesity (DIO) and refeeding, whilst nutrient deprivation induced lncRNAs in mouse liver. Similarly, lncRNAs are lost in diabetic humans. LncRNA promoter analyses, global cistrome and gain-of-function analyses confirm that increased MAFG signaling during DIO curbs lncRNA expression. Silencing Mafg in mouse hepatocytes and obese mice elicits a fasting-like gene expression profile, improves glucose metabolism, de-represses lncRNAs and impairs mammalian target of rapamycin (mTOR) activation. We find that obesity-repressed LincIRS2 is controlled by MAFG and observe that genetic and RNAi-mediated LincIRS2 loss causes elevated blood glucose, insulin resistance and aberrant glucose output in lean mice. Taken together, we identify a MAFG-lncRNA axis controlling hepatic glucose metabolism in health and metabolic disease

    Development of Bioactive Patch for Maintenance of Implanted Cells at the Myocardial Infarcted Site

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    [EN] Ischemia produced as a result of myocardial infarction might cause moderate or severe tissue death. Studies under development propose grafting stem cells into the affected area and we hypothesize that this mechanism could be enhanced by the application of a "bioactive implant." The implant herein proposed consists of a thin porous elastomeric membrane, filled with self-assembling nanofibers and human subcutaneous adipose tissue derived progenitor cells. We describe the development and characterization of two elastomeric membranes: poly(ethyl acrylate) (PEA) and poly(caprolactone 2-(methacryloyloxy) ethyl ester) (PCLMA). Both are a good material support to deliver cells within a soft self-assembling peptide and are elastic enough to withstand the stresses arising from the heartbeat. Both developed composites (PEA and PCLMA, combined with self-assembling peptide) equally facilitate the propagation of electrical pulses and maintain their genetic profile of the seeded cells. Preliminary studies with small animal models suggest that, at short times, the bioimplant shows good adhesion with the myocardium. After three days cells loaded in the patch remain alive at the implanted site. We propose that the bioactive patch (elastomeric membranes with self-assembling peptide and cells) could increase the efficacy of future cardiac cell therapy by improving cell immobilization and survival at the affected site.The authors wish to thank the Department of Cardiac Surgery (Hospital Germans Trias i Pujol, Badalona) for their collaboration in obtaining human samples, Dr. Bago for his kind contribution in the cell transduction process and BLI analysis, and Joan Gilabert from Biomaterials Laboratory (GEMAT, IQS-School of Engineering) who kindly helped them with wettability measurements. The research leading to these results has received funding from the European Union Seventh Framework Programme (FP7/2007-2013) under Grant agreement no. 229239. This work was also supported by Grants from Ministerio de Educacion y Ciencia (SAF2011-30067-C02-01 and M. Arnal-Pastor FPU 2009-1870 grant), Red de Terapia Celular-TerCel (RD12/0019/0029), Red Cardio-vascular (RD12/0042/0047), and Fundacio La Marato de TV3 (122232).Castells-Sala, C.; Vallés Lluch, A.; Soler-Botija, C.; Arnal Pastor, MP.; Martínez Ramos, C.; Fernandez-Muinos, T.; Mari-Buye, N.... (2015). Development of Bioactive Patch for Maintenance of Implanted Cells at the Myocardial Infarcted Site. Journal of Nanomaterials. (804017). https://doi.org/10.1155/2015/804017S80401

    A MAFG-lncRNA axis links systemic nutrient abundance to hepatic glucose metabolism

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    Obesity and type 2 diabetes mellitus are global emergencies and long noncoding RNAs (lncRNAs) are regulatory transcripts with elusive functions in metabolism. Here we show that a high fraction of lncRNAs, but not protein-coding mRNAs, are repressed during diet-induced obesity (DIO) and refeeding, whilst nutrient deprivation induced lncRNAs in mouse liver. Similarly, lncRNAs are lost in diabetic humans. LncRNA promoter analyses, global cistrome and gain-of-function analyses confirm that increased MAFG signaling during DIO curbs lncRNA expression. Silencing Mafg in mouse hepatocytes and obese mice elicits a fasting-like gene expression profile, improves glucose metabolism, de-represses lncRNAs and impairs mammalian target of rapamycin (mTOR) activation. We find that obesity-repressed LincIRS2 is controlled by MAFG and observe that genetic and RNAi-mediated LincIRS2 loss causes elevated blood glucose, insulin resistance and aberrant glucose output in lean mice. Taken together, we identify a MAFG-lncRNA axis controlling hepatic glucose metabolism in health and metabolic disease

    Perivascular spaces are associated with tau pathophysiology and synaptic dysfunction in early Alzheimer’s continuum

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    Background: Perivascular spaces (PVS) have an important role in the elimination of metabolic waste from the brain. It has been hypothesized that the enlargement of PVS (ePVS) could be affected by pathophysiological mechanisms involved in Alzheimer’s disease (AD), such as abnormal levels of CSF biomarkers. However, the relationship between ePVS and these pathophysiological mechanisms remains unknown. Objective: We aimed to investigate the association between ePVS and CSF biomarkers of several pathophysiological mechanisms for AD. We hypothesized that ePVS will be associated to CSF biomarkers early in the AD continuum (i.e., amyloid positive cognitively unimpaired individuals). Besides, we explored associations between ePVS and demographic and cardiovascular risk factors. Methods: The study included 322 middle-aged cognitively unimpaired participants from the ALFA + study, many within the Alzheimer’s continuum. NeuroToolKit and Elecsys® immunoassays were used to measure CSF Aβ42, Aβ40, p-tau and t-tau, NfL, neurogranin, TREM2, YKL40, GFAP, IL6, S100, and α-synuclein. PVS in the basal ganglia (BG) and centrum semiovale (CS) were assessed based on a validated 4-point visual rating scale. Odds ratios were calculated for associations of cardiovascular and AD risk factors with ePVS using logistic and multinomial models adjusted for relevant confounders. Models were stratified by Aβ status (positivity defined as Aβ42/40 < 0.071). Results: The degree of PVS significantly increased with age in both, BG and CS regions independently of cardiovascular risk factors. Higher levels of p-tau, t-tau, and neurogranin were significantly associated with ePVS in the CS of Aβ positive individuals, after accounting for relevant confounders. No associations were detected in the BG neither in Aβ negative participants. Conclusions: Our results support that ePVS in the CS are specifically associated with tau pathophysiology, neurodegeneration, and synaptic dysfunction in asymptomatic stages of the Alzheimer’s continuum

    Large area magnetic micropallet arrays for cell colony sorting

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    A new micropallet array platform for adherent cell colony sorting has been developed. The platform consisted of thousands of square plastic pallets, 270 μm by 270 μm on each side, large enough to hold a single colony of cells. Each pallet included a magnetic core, allowing them to be collected with a magnet after being released using a microscope mounted laser system. The micropallets were patterned from 1002F epoxy resist and were fabricated on translucent, gold coated microscope slides. The gold layer was used as seed for electroplating the ferromagnetic cores within every individual pallet. The gold layer also facilitated the release of each micropallet during laser release. This array allows for individual observation, sorting and collection of isolated cell colonies for biological cell colony research. In addition to consistent release and recovery of individual colonies, we demonstrated stable biocompatibility and minimal loss in imaging quality compared to previously developed micropallet arrays
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