Working capital management and business performance: evidence from Latin American companies

Working capital management is one of the most important decisions that affect an organisation’s financial performance. Despite the importance of this topic, the empirical evidence for emerging economies is scarce; therefore, this research attempts to estimate and compare how investment in working capital impacts the financial performance of companies listed on the stock exchanges in Chile, Mexico, Peru, and Brazil for the years 2000 to 2018. This study uses panel data methodology, and the results show the existence of a positive and significant but non-linear relationship between investments in working capital and firm performance. However, there are mixed results for different countries and industries that could be explained by macroeconomic variables that favour access to financing for such investments. Furthermore, the results show that investments in working capital perform better for larger companies than smaller companies

Capital structure and performance in Latin American companies

The purpose of this study is to explain the financial performance of companies in Latin America through the lens of capital structure and ownership structure. We perform a quantitative analysis of companies in Brazil, Chile, Mexico, and Peru using a panel data method. To avoid endogeneity problems, instrumental variables, generalised method of moments models, and panels with random effects are employed. The data cover the period 2000 to 2015. We find a positive relationship between financial performance, growth, and size of the company. However, there are mixed results for short- and long-term financial leverage, as well as for company liquidity. With respect to the ownership structure of Chilean companies, a positive effect is observed for the first major shareholder with financial performance. In general, our results are in line with those of previous studies. However, the existence of mixed results between companies and countries makes for an interesting and novel conclusion

PREDICTION OF DNA METHYLATION BASED ON GENOMIC ARCHITECTURE AND APPLICATIONS OF POSITIONAL WEIGHT MATRICES

Gene silencing due to epigenetic mechanisms shows evidence of significant contributions to cancer development. We hypothesis that the genetic architecture based on retrotransposon elements surrounding the transcription start site, plays an important role in the suppression and promotion of DNA methylation. In our investigation we found a high rate of SINE and LINEs retrotransposon elements near the transcription start site of unmethylated genes when compared to methylated genes. The presence of these elements were positively associated with promoter methylation, contrary to logical expectations, due to the malicious effects of retrotransposon elements which insert themselves randomly into the genome causing possible loss of gene function. In our genome wide analysis of human genes, results suggested that 22% of the genes in cancer were predicted to be methylation-prone; in cancer these genes are generally down-regulated and function in the development process. In summary, our investigation validated our hypothesis and showed that these widespread genomic elements in cancer are highly associated with promoter DNA methylation and may further participate in influencing epigenetic regulation

Efectos de la Ley General para el Control del Tabaco en la pobreza, y el gasto de los hogares mexicanos, 2008 y 2014

En México la pobreza es un problema histórico y multidimensional, uno de los muchos factores que propician la pobreza es el consumo (y regulación) de drogas como el tabaco; un bien adictivo que no tiene valor nutricional, pero que puede ser, relativamente, fácilmente controlado a través de la regulación Estatal. Al menos en el periodo de 2002 a 2011 la prevalencia del consumo de tabaco ha permanecido más o menos constante. A partir de que en 2009 entrara en vigor la Ley General para el Control del Tabaco; que entre otras estrategias, incluye un impuesto al tabaco que provocó una ligera disminución del consumo de tabaco. Aunque no es posible calificar de exitosa la aplicación de la ley, la disminución del consumo fue heterogénea en los distintos deciles de ingreso, así como en el porcentaje de gasto de los hogares que continuaron con su consumo. El análisis de dichos resultados, indican que es posible aumentar los beneficios en cuanto a combate a la pobreza, que resultan de una política de drogas, como lo es la regulación del tabaco

Index to degree of adhesion to good practices of corporate governance and their effect on financial performance: evidence for Chilean companies

Over recent decades, numerous financial crises have affected the global economy, which were caused by the lack of ethical values and conflicts of interest amongst the leaders of organisations. To protect organisations and their interest groups, regulators have developed norms to discourage and prohibit unethical practices through promotion of good practices of corporate governance. However, the literature on good corporate governance practices focuses mainly on developed economies without considering the challenges of developing countries. Therefore, this research proposes an index to measure the degree of adherence to good corporate governance practices in an emerging economy, like Chile, and estimate its effect on the financial performance of companies. Through a panel analysis, this research provides evidence that shows the existence of a positive and significant relationship between this index and financial performance of organisations, as well as a persistence of its benefits over time when companies adopt good practices

Lesiones y problemas físicos padecidos por senderistas y cicloturistas en una ruta por etapas: el caso del Camino de Santiago

Este trabajo ha tenido por objetivo conocer los problemas físicos, dolencias o enfermedades padecidas por el peregrino mayor de 15 años que recorre el Camino de Santiago, andando o en bicicleta, analizando las diferencias producidas en función de la edad, sexo, medio de locomoción y nacionalidad. La investigación se ha desarrollado mediante la aplicación de un cuestionario autoadministrado en Compostela a una muestra de 1.091 sujetos, utilizando el procedimiento de muestreo estratificado polietápico con afijación proporcional, con un margen de error muestral del ±3 % y un nivel de confianza del 95,5%. Los resultados indicaron que el medio utilizado para realizar una ruta por etapas, y la distancia recorrida, son determinantes de los problemas físicos sufridos, comprobándose que las ampollas y las llagas en los pies, así como la tendinitis, las padecen más los senderistas, mientras que a los cicloturistas afectan más las insolaciones, resfriados y caídas y golpes

Estudio sobre las motivaciones para recorrer el Camino de Santiago

Este estudio se ha centrado en conocer las motivaciones del viajero jacobeo actual, mayor de 15 años, que andando o en bicicleta recorre el Camino de Santiago, analizando las relaciones referentes a las necesidades de evasión de la vida cotidiana y la experiencia activa a través de la actividad físico-deportiva. La investigación se ha desarrollado mediante la aplicación de un cuestionario autoadministrado a una muestra de 1.071 sujetos, utilizando el procedimiento de muestreo estratificado polietápico con afijación proporcional, con un margen de error muestral del ± 3 % y un nivel de confianza del 95,5%. Los resultados han puesto de manifiesto la adaptación de esta ruta, tradicionalmente recorrida por motivos religiosos, a la época contemporánea, constituyendo, en la actualidad, un escenario en el que están presentes los distintos elementos del ocio y las actividades físico-deportivo-recreativas en el medio natural, vinculada con el turismo rural, deportivo, de aventura o cultural, y donde el sujeto busca también alejarse del cotidiano estrés urbano

Hydroa Vacciniforme-Like Cutaneous T-Cell Lymphoma

Hydroa vacciniforme (HV)-like cutaneous T-cell lymphoma (HVLL) is a controversial skin pathology because some cases appear as hydroa vacciniforme, whereas others progress to cutaneous T-cell lymphoma with or without angiocentricity. It is usually associated with infections of Epstein Barr viruses and NK-cell lymphomas and typically affects the pediatric population. Symptoms include facial edema, papules, vesicles, and blisters in the facial region, arms, legs, and areas exposed to sunlight that leave varioliform scars. There may be infiltration of the lips, eyelids, and nose, usually accompanied by comorbid infections and hypersensitivity to insect bites. Frequency is rare, but HVLL more commonly affects patients from South America and Asia. Its clinical management can be difficult and accompanied by a high index of malignancy, thus early diagnosis is essential for effective and timely management