The relation between segment disclosure and earnings quality

We investigate the relation between segment disclosure and earnings quality. Using a US sample for the period 2001-2006, we find a positive relation between earnings quality and the quantity of segment disclosures. We use lead-lag tests to examine the flow of causality, and our results show that current segment disclosure is positively related to prior levels of earnings quality, while current earnings quality scores are not related to prior levels of segment disclosure. Thus, the causality flows from earnings quality to segment disclosure. Our results hold for both business and geographic segment disclosure.We acknowledge financial assistance from the Spanish Ministry of Innovation and Science (ECO2010-19314, ECO2008-06238-C02-01/ECON, SEJ2007-67582-C02-02/ECON, ECO2009-10796 and Consolider Grant #2006/04046/002), the European Commission INTACCT Research Training Network (MRTN-CT-2006-035850), and the government of the autonomous Community of Madrid (Grant # 2008/00037/001)

Unpacking the black box of trade credit to socially responsible customers

We investigate whether suppliers value customer firms’ socially responsible activities by examining the relation between corporate social responsibility (CSR) and firms’ access to trade credit. We posit that firms with better social performance are more likely to receive trade credit because suppliers view customers’ CSR activities as a signal of trustworthiness and of the capacity to meet financial obligations. In addition to this direct channel, we describe other channels: a) trade credit opens the possibility for suppliers to secure a share of their customers’ future business opportunities, which are expected to be higher for socially responsible firms, and b) the risk associated with the diffusion of negative shocks through the supply chain due to trade credit is lower for socially responsible firms, making them more attractive partners for suppliers. Consistent with our predictions, we find that socially responsible customers receive more trade credit from suppliers. This relation is more pronounced in situations where the aforementioned channels are more relevant: namely, when the financial health of a customer is of greater importance to its suppliers; when there are greater information asymmetries between suppliers and customers due to a lack of close transactional relationships; when socially responsible activities are more likely to generate growth; and when suppliers are exposed to higher risk in the customer-supplier relationship. We also document that during the global financial crisis, socially responsible customers offered backward liquidity provision to suppliers by reducing their use of trade credit, which represents an extra benefit of having socially responsible customers in production networks.We acknowledge financial support from the Spanish Ministry of Economy and Competitiveness (ECO2012-36559, ECO2015-68715-R-MINECO/FEDER, PGC2018-097187-B-I00, ECO2013-48328, ECO2016-77579 and WRDS-UC3M: Infrastructure for large scale data processing, FEDER UNC315-EE-3636), from a Comunidad de Madrid grant (EARLYFIN-CM, #S2015/HUM-3353), from Copenhagen Business School and from the EU's European Social Fund

Segment disclosure and cost of capital

We investigate whether segment disclosure influences cost of capital. Improved segment reporting is expected to decrease cost of capital by reducing estimation risk. However, in a competitive environment segment disclosure may also generate uncertainties about future prospects and lead to a larger cost of capital. Asset-pricing tests confirm that segment disclosure is a priced risk factor. Also, segment disclosure reduces ex-ante estimates of cost of equity capital and other measures connected to risk. These results suggest a negative relation between segment disclosure and cost of capital. Our results also show that competition reduces, but does not eliminate, the previous relationship.We acknowledge financial assistance from the Spanish Ministry of Economy and Competitiveness (ECO2013-48328-C3-3-P, ECO2010-19314, ECO2009-10796 and, ECO2012-36559), the European Commission INTACCT Research Training Network (MRTN-CT-2006-035850), the Fundación Ramón Areces, and the government of the Autonomous Community of Madrid (Grant # 2008/00037/001)

Unravelling the vertebrate scavenger assemblage in the Gobi Desert, Mongolia

Despite the essential role that vertebrate scavengers play in ecosystems, most studies have been conducted in Europe and North America, and there is a lack of information on vertebrate scavengers in vast regions of the world. Our aim was to describe the functioning and composition of the unknown vertebrate scavenger assemblage in the Gobi Desert, Mongolia, and determine how carcass size and habitat type affect species composition and carrion use. We monitored carcasses with camera traps and we also conducted observation points to survey the raptor community and identify the proportion of raptor species making use of the carcasses. We recorded eight vertebrate scavenger species (five birds and three mammals) by camera trap and seven raptors at observation points. Over half of the raptor species recorded at the observation points were also found feeding on carrion. The two most threatened species were only recorded in the mountain habitat. Furthermore, scavenger abundance and consumption rates were higher at large carcasses. This study highlights the importance of scavenging by raptors and other vertebrate scavengers for carrion elimination in ecosystems with extreme climatic conditions.AOT, JMPG, ZMR, LNA and ESG were supported by Generalitat Valenciana (SEJI/2018/024), ZMR and LNA also by contracts co-funded by the Generalitat Valenciana and the European Social Fund (APOSTD/2019/016 and ACIF/2019/056, respectively), and JASZ by funds from the Spanish Ministry of Science, Innovation and Universities and the European Regional Development Fund (RTI 2018-099609-B-C21)

Evidencias arqueológicas de desplomes paramentales traumáticos en las Termas Marítimas de Baelo Claudia. Reflexiones arqueosismológicas

Durante los años 2011 a 2013 se han localizado, identificado y excavado parcialmente los restos de un nuevo complejo termal en la ciudad hispanorromana de Baelo Claudia (Tarifa, Cádiz), situado en el suburbium occidental de la ciudad, junto a la línea de costa. Denominadas Termas Marítimas, construidas en la primera mitad del s. II d.C. y abandonadas en época de Diocleciano/Constantino han sido excavadas estratigráficamente con detalle, habiéndose detectado la existencia de fases anteriores (que se remontan al s. II a.C.) y una continuidad de uso del ambiente en época tardorromana y moderna, vinculada con la explotación de los recursos marinos. Especialmente singular ha sido la constatación del desplome traumático de parte de los paramentos de las habitaciones del edificio en dos momentos concretos: por un lado en la Antigüedad Tardía (500 d.C. circa), ya que una unidad muraria de una de las habitaciones (H-3), anexa a la natatio, se localizó completamente derrumbada sobre el suelo, conexionada; y por otro, el desplome del muro oeste de la natatio y el oriental de la cisterna, estructuras de más de seis metros de longitud y cuatro de altura mínima conservada, desplomadas sobre los niveles de abandono del asentamiento en época bajomedieval o moderna (ss. XIV-XV d.C.). Se trata en ambas ocasiones de colapsos estructurales no habituales en circunstancias normales en los procesos de sedimentación arqueológica, por lo que es muy probable que su desplome se pueda vincular con eventos sísmicos u otras causas naturales similare

GHIA (Grupo de Herramientas Interactivas Avanzadas)

Es este documento se resumen las principales líneas actuales de investigación del grupo GHIA en lo que a informática educativa se refiere, así como su contexto y proyectos de futuro.This document summarizes the main research areas of GHIA regarding computer based learning, as well as its context and future work.En el momento actual, agradecemos su apoyo a los proyectos ASIES (TIN2010-17344) y Go-Lite (TIN2011-24139), financiados por el Ministerio de Educación, y al proyecto e-Madrid (S2009/TIC-1650), financiado por la Comunidad Autónoma de Madrid

Can robotic-based top-down rehabilitation therapies improve motor control in children with cerebral palsy? A perspective on the CPWalker project

[EN] Cerebral Palsy (CP) is one of the most severe disabilities in childhood, and it demands important costs in health, education, and social services. CP is caused by damage to or abnormalities inside the developing brain that disrupt the brain's ability to control movement and maintain posture. Furthermore, CP is often associated with sensory deficits, cognition impairments, communication and motor disabilities, behavior issues, seizure disorder, pain, and secondary musculoskeletal problems. According to the literature, motor modules are peripheral measurements related to automatic motor control. There is a lack of evidence of change in motor modules in children with CP when different treatment approaches have been evaluated. Thus, new strategies are needed to improve motor control in this population. Robotic-based therapies are emerging as an effective intervention for gait rehabilitation in motor disorders such as stroke, spinal cord injury, and CP. There is vast clinical evidence that neural plasticity is the central core of motor recovery and development, and on-going studies suggest that robot-mediated intensive therapy could be beneficial for improved functional recovery. However, current robotic strategies are focused on the peripheral neural system (PNS) facilitating the performance of repetitive movements (a bottom-up approach). Since CP affects primarily brain structures, both the PNS and the central nervous system (CNS) should to be integrated in a physical and cognitive rehabilitation therapy (a top-down approach). This paper discusses perspectives of the top-down approach based on a novel robot-assisted rehabilitative system. Accordingly, the CPWalker robotic platform was developed to support novel therapies for CP rehabilitation. This robotic platform (Smart Walker + exoskeleton) is controlled by a multimodal interface enabling the interaction of CP infants with robot-based therapies. The aim of these therapies is to improve the physical skills of infants with CP using a top-down approach, in which motor related brain activity is used to drive robotic physical rehabilitation therapies. Our hypothesis is that the CPWalker concept will promote motor learning and this improvement will lead to significant improvements in automatic motor control.Lerma Lara, S.; Martínez Caballero, I.; Bayón, C.; Del Castillo, M.; Serrano, I.; Raya, R.; Belda Lois, JM.... (2016). Can robotic-based top-down rehabilitation therapies improve motor control in children with cerebral palsy? A perspective on the CPWalker project. Biomedical Research and Clinical Practice. 22-26. doi:10.15761/BRCP.1000106S222

A genome-wide association study follow-up suggests a possible role for PPARG in systemic sclerosis susceptibility

Introduction: A recent genome-wide association study (GWAS) comprising a French cohort of systemic sclerosis (SSc) reported several non-HLA single-nucleotide polymorphisms (SNPs) showing a nominal association in the discovery phase. We aimed to identify previously overlooked susceptibility variants by using a follow-up strategy.<p></p> Methods: Sixty-six non-HLA SNPs showing a P value <10-4 in the discovery phase of the French SSc GWAS were analyzed in the first step of this study, performing a meta-analysis that combined data from the two published SSc GWASs. A total of 2,921 SSc patients and 6,963 healthy controls were included in this first phase. Two SNPs, PPARG rs310746 and CHRNA9 rs6832151, were selected for genotyping in the replication cohort (1,068 SSc patients and 6,762 healthy controls) based on the results of the first step. Genotyping was performed by using TaqMan SNP genotyping assays. Results: We observed nominal associations for both PPARG rs310746 (PMH = 1.90 × 10-6, OR, 1.28) and CHRNA9 rs6832151 (PMH = 4.30 × 10-6, OR, 1.17) genetic variants with SSc in the first step of our study. In the replication phase, we observed a trend of association for PPARG rs310746 (P value = 0.066; OR, 1.17). The combined overall Mantel-Haenszel meta-analysis of all the cohorts included in the present study revealed that PPARG rs310746 remained associated with SSc with a nominal non-genome-wide significant P value (PMH = 5.00 × 10-7; OR, 1.25). No evidence of association was observed for CHRNA9 rs6832151 either in the replication phase or in the overall pooled analysis.<p></p> Conclusion: Our results suggest a role of PPARG gene in the development of SSc

An Updated Review of SARS-CoV-2 Vaccines and the Importance of Effective Vaccination Programs in Pandemic Times

first_pagesettingsOrder Article Reprints Open AccessReview An Updated Review of SARS-CoV-2 Vaccines and the Importance of Effective Vaccination Programs in Pandemic Times by Cielo García-Montero 1ORCID,Oscar Fraile-Martínez 1,Coral Bravo 2,3,4,Diego Torres-Carranza 5,Lara Sanchez-Trujillo 1,6ORCID,Ana M. Gómez-Lahoz 1,Luis G. Guijarro 7,Natalio García-Honduvilla 1,8,Angel Asúnsolo 8,9ORCID,Julia Bujan 1,8ORCID,Jorge Monserrat 1,8ORCID,Encarnación Serrano 10,Melchor Álvarez-Mon 1,8,11,Juan A De León-Luis 3,4,5,*ORCID,Miguel A. Álvarez-Mon 1,8,12ORCID andMiguel A. Ortega 1,8,13ORCID 1 Department of Medicine and Medical Specialities, Faculty of Medicine and Health Sciences, University of Alcalá, 28801 Alcalá de Henares, Spain 2 Department of Public and Maternal and Child Health, School of Medicine, Complutense University of Madrid, 28040 Madrid, Spain 3 Department of Obstetrics and Gynecology, University Hospital Gregorio Marañón, 28009 Madrid, Spain 4 Health Research Institute Gregorio Marañón, 28009 Madrid, Spain 5 First of May Health Centre, Health Area I, Rivas Vaciamadrid, 28521 Madrid, Spain 6 Service of Pediatric, Hospital Universitario Principe de Asturias, 28801 Alcalá de Henares, Spain 7 Unit of Biochemistry and Molecular Biology (CIBEREHD), Department of System Biology, University of Alcalá, 28801 Alcalá de Henares, Spain 8 Ramón y Cajal Institute of Sanitary Research (IRYCIS), 28034 Madrid, Spain 9 Department of Surgery, Medical and Social Sciences, Faculty of Medicine and Health Sciences, University of Alcalá, 28801 Alcala de Henares, Spain 10 Los fresnos of Health Centre, Health Area III, Torrejon de Ardoz, 28850 Madrid, Spain add Show full affiliation list * Author to whom correspondence should be addressed. Vaccines 2021, 9(5), 433; https://doi.org/10.3390/vaccines9050433 Received: 9 April 2021 / Revised: 21 April 2021 / Accepted: 22 April 2021 / Published: 27 April 2021 (This article belongs to the Special Issue Unraveling SARS-CoV-2 Pathogenesis: Development of Vaccines and Therapeutics for COVID-19) Download Browse Figures Versions Notes Abstract Since the worldwide COVID-19 pandemic was declared a year ago, the search for vaccines has become the top priority in order to restore normalcy after 2.5 million deaths worldwide, overloaded sanitary systems, and a huge economic burden. Vaccine development has represented a step towards the desired herd immunity in a short period of time, owing to a high level of investment, the focus of researchers, and the urge for the authorization of the faster administration of vaccines. Nevertheless, this objective may only be achieved by pursuing effective strategies and policies in various countries worldwide. In the present review, some aspects involved in accomplishing a successful vaccination program are addressed, in addition to the importance of vaccination in a pandemic in the face of unwillingness, conspiracy theories, or a lack of information among the public. Moreover, we provide some updated points related to the landscape of the clinical development of vaccine candidates, specifically, the top five vaccines that are already being assessed in Phase IV clinical trials (BNT162b2, mRNA-1273, AZD1222, Ad26.COV2.S, and CoronaVac)

Widespread Detection of Yersiniabactin Gene Cluster and Its Encoding Integrative Conjugative Elements (ICEKp) among Nonoutbreak OXA-48-Producing Klebsiella pneumoniae Clinical Isolates from Spain and the Netherlands

In this study, we determined the presence of virulence factors in nonoutbreak, high-risk clones and other isolates belonging to less common sequence types associated with the spread of OXA-48-producing Klebsiella pneumoniae clinical isolates from The Netherlands (n = 61) and Spain (n = 53). Most isolates shared a chromosomally encoded core of virulence factors, including the enterobactin gene cluster, fimbrial fim and mrk gene clusters, and urea metabolism genes (ureAD). We observed a high diversity of K-Locus and K/O loci combinations, KL17 and KL24 (both 16%), and the O1/O2v1 locus (51%) being the most prevalent in our study. The most prevalent accessory virulence factor was the yersiniabactin gene cluster (66.7%). We found seven yersiniabactin lineages-ybt 9, ybt 10, ybt 13, ybt 14, ybt 16, ybt 17, and ybt 27-which were chromosomally embedded in seven integrative conjugative elements (ICEKp): ICEKp3, ICEKp4, ICEKp2, ICEKp5, ICEKp12, ICEKp10, and ICEKp22, respectively. Multidrug-resistant lineages-ST11, ST101, and ST405-were associated with ybt 10/ICEKp4, ybt 9/ICEKp3, and ybt 27/ICEKp22, respectively. The fimbrial adhesin kpi operon (kpiABCDEFG) was predominant among ST14, ST15, and ST405 isolates, as well as the ferric uptake system kfuABC, which was also predominant among ST101 isolates. No convergence of hypervirulence and resistance was observed in this collection of OXA-48-producing K. pneumoniae clinical isolates. Nevertheless, two isolates, ST133 and ST792, were positive for the genotoxin colibactin gene cluster (ICEKp10). In this study, the integrative conjugative element, ICEKp, was the major vehicle for yersiniabactin and colibactin gene clusters spreading. IMPORTANCE; Convergence of multidrug resistance and hypervirulence in Klebsiella pneumoniae isolates has been reported mostly related to sporadic cases or small outbreaks. Nevertheless, little is known about the real prevalence of carbapenem-resistant hypervirulent K. pneumoniae since these two phenomena are often separately studied. In this study, we gathered information on the virulent content of nonoutbreak, high-risk clones (i.e., ST11, ST15, and ST405) and other less common STs associated with the spread of OXA-48-producing K. pneumoniae clinical isolates. The study of virulence content in nonoutbreak isolates can help us to expand information on the genomic landscape of virulence factors in K. pneumoniae population by identifying virulence markers and their mechanisms of spread. Surveillance should focus not only on antimicrobial resistance but also on virulence characteristics to avoid the spread of multidrug and (hyper)virulent K. pneumoniae that may cause untreatable and more severe infections.This study was supported by Plan Nacional de I+D+i 2013-2016 and Instituto de Salud Carlos III, Subdirección General de Redes y Centros de Investigación Cooperativa, Ministerio de Economía, Industria y Competitividad, Spanish Network for Research in Infectious Diseases (REIPI RD16CIII/0004/0002), cofinanced by European Development Regional Fund ERDF “A Way To Achieve Europe,” operative program Intelligent Growth 2014-2020. This study was also supported by a grant from the Instituto de Salud Carlos III (grant MPY 1135/16) and by the Antibiotic Resistance Surveillance Program of the Centro Nacional de Microbiología (Instituto de Salud Carlos III, Ministerio de Economía y Competitividad) of Spain. The Dutch CPE surveillance was funded by Dutch Ministry of Health, Welfare, and Sports.S