El control de la flotación en un mercado accionario emergente

This paper presents a model to explain the reduced flotation observed in emerging stock markets. It is argued that there is a "rejection effect" when a firm decides to diminish equity fragmentation if it foresees that other firms might increase their stock offerings. Therefore, entrepreneurs, by limiting market size, are capable of keeping their capacity to manipulate prices in the near future. Moreover, the model explains why stock markets grow only temporarily, since their development stops once expectations on market size become more favorable.

Evolving trends in the management of acute appendicitis during COVID-19 waves. The ACIE appy II study

Background: In 2020, ACIE Appy study showed that COVID-19 pandemic heavily affected the management of patients with acute appendicitis (AA) worldwide, with an increased rate of non-operative management (NOM) strategies and a trend toward open surgery due to concern of virus transmission by laparoscopy and controversial recommendations on this issue. The aim of this study was to survey again the same group of surgeons to assess if any difference in management attitudes of AA had occurred in the later stages of the outbreak. Methods: From August 15 to September 30, 2021, an online questionnaire was sent to all 709 participants of the ACIE Appy study. The questionnaire included questions on personal protective equipment (PPE), local policies and screening for SARS-CoV-2 infection, NOM, surgical approach and disease presentations in 2021. The results were compared with the results from the previous study. Results: A total of 476 answers were collected (response rate 67.1%). Screening policies were significatively improved with most patients screened regardless of symptoms (89.5% vs. 37.4%) with PCR and antigenic test as the preferred test (74.1% vs. 26.3%). More patients tested positive before surgery and commercial systems were the preferred ones to filter smoke plumes during laparoscopy. Laparoscopic appendicectomy was the first option in the treatment of AA, with a declined use of NOM. Conclusion: Management of AA has improved in the last waves of pandemic. Increased evidence regarding SARS-COV-2 infection along with a timely healthcare systems response has been translated into tailored attitudes and a better care for patients with AA worldwide

Clonal chromosomal mosaicism and loss of chromosome Y in elderly men increase vulnerability for SARS-CoV-2

The pandemic caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2, COVID-19) had an estimated overall case fatality ratio of 1.38% (pre-vaccination), being 53% higher in males and increasing exponentially with age. Among 9578 individuals diagnosed with COVID-19 in the SCOURGE study, we found 133 cases (1.42%) with detectable clonal mosaicism for chromosome alterations (mCA) and 226 males (5.08%) with acquired loss of chromosome Y (LOY). Individuals with clonal mosaic events (mCA and/or LOY) showed a 54% increase in the risk of COVID-19 lethality. LOY is associated with transcriptomic biomarkers of immune dysfunction, pro-coagulation activity and cardiovascular risk. Interferon-induced genes involved in the initial immune response to SARS-CoV-2 are also down-regulated in LOY. Thus, mCA and LOY underlie at least part of the sex-biased severity and mortality of COVID-19 in aging patients. Given its potential therapeutic and prognostic relevance, evaluation of clonal mosaicism should be implemented as biomarker of COVID-19 severity in elderly people. Among 9578 individuals diagnosed with COVID-19 in the SCOURGE study, individuals with clonal mosaic events (clonal mosaicism for chromosome alterations and/or loss of chromosome Y) showed an increased risk of COVID-19 lethality

Gestión del conocimiento: perspectiva multidisciplinaria. Volumen 12

El libro “Gestión del Conocimiento. Perspectiva Multidisciplinaria”, Volumen 12, de la Colección Unión Global, es resultado de investigaciones. Los capítulos del libro, son resultados de investigaciones desarrolladas por sus autores. El libro cuenta con el apoyo de los grupos de investigación: Universidad Sur del Lago “Jesús María Semprúm” (UNESUR), Zulia – Venezuela; Universidad Politécnica Territorial de Falcón Alonso Gamero (UPTAG), Falcón – Venezuela; Universidad Politécnica Territorial de Mérida Kleber Ramírez (UPTM), Mérida – Venezuela; Universidad Guanajuato (UG) - Campus Celaya - Salvatierra - Cuerpo Académico de Biodesarrollo y Bioeconomía en las Organizaciones y Políticas Públicas (C.A.B.B.O.P.P), Guanajuato – México; Centro de Altos Estudios de Venezuela (CEALEVE), Zulia – Venezuela, Centro Integral de Formación Educativa Especializada del Sur (CIFE - SUR) - Zulia - Venezuela, Centro de Investigaciones Internacionales SAS (CIN), Antioquia - Colombia.y diferentes grupos de investigación del ámbito nacional e internacional que hoy se unen para estrechar vínculos investigativos, para que sus aportes científicos formen parte de los libros que se publiquen en formatos digital e impreso

Los grupos económicos como estabilizadores financieros de la economía mexicana (1996-2000)

Las tasas anuales del crecimiento del PIB para el periodo 1996-2000 fueron muy superiores a las observadas en los últimos veinte años, situación que resulta contradictoria, tomando en cuenta que dicho crecimiento se dio en un contexto de crisis bancaria. Esta paradoja se explica por una recomposición en la estructura de capital de las empresas, dado que a partir de la crisis, éstas hicieron un mayor uso del crédito de proveedores y del financiamiento proveniente del mercado interno de capitales. En el artículo se afirma que, debido a la existencia de grupos económicos, las empresas con excedentes líquidos fueron capaces de prestar a sus filiales, sobre las que ejercen derechos de control, y así reducir los problemas de riesgo moral que limitaba el acceso a recursos financieros

Los grupos económicos como estabilizadores financieros de la economía mexicana (1996-2000)

Las tasas anuales del crecimiento del PIB para el periodo 1996-2000 fueron muy superiores a las observadas en los últimos veinte años, situación que resulta contradictoria, tomando en cuenta que dicho crecimiento se dio en un contexto de crisis bancaria. Esta paradoja se explica por una recomposición en la estructura de capital de las empresas, dado que a partir de la crisis, éstas hicieron un mayor uso del crédito de proveedores y del financiamiento proveniente del mercado interno de capitales. En el artículo se afirma que, debido a la existencia de grupos económicos, las empresas con excedentes líquidos fueron capaces de prestar a sus filiales, sobre las que ejercen derechos de control, y así reducir los problemas de riesgo moral que limitaba el acceso a recursos financieros

Barcelonnettes: un ejemplo de Red-Entrepeneurs en el México del siglo XIX. Una Explicación basada en una Teoría de Opción Saltada Racional con Integración social

En este documento se presenta una teoría de la red de empresarios o "sistema spin-off" para la creación de empresas basadas en el gobierno de la comunidad social. Se argumenta que la capacidad de la empresa para la acumulación depende de la presencia de empleados pertenecientes al mismo grupo social/étnico con las expectativas de "heredar" la empresa y convertirse en empresarios una vez que han sido seleccionados por sus méritos y lealtad hacia sus jefes y promete apoyo a los recién llegados debido a la alta cohesión social y las normas sociales específicas imperantes en la comunidad. Esta teoría se ejemplifica a través del caso de los Barcelonettes, un grupo de inmigrantes procedentes de los Alpes en el sur de Francia (Provence) que fueron a México en el siglo XIX.A theory of network-entrepreneurs or "spin-off system" is presented in this paper for the creation of firms based on the communityŽs social governance. It is argued that firmŽs capacity for accumulation depends on the presence of employees belonging to the same social/ethnic group with expectations of "inheriting" the firm and becoming entrepreneurs once they have been selected for their merits and loyalty towards their patronsŽ promises of supporting newcomers due to high social cohesion and specific social norms prevailing in the community. This theory is exemplified through the case of the Barcelonettes, a group of inmigrants from the Alps in the South of France (Provence) who came to Mexico in the XIX Century

La co-evolución de la cultura y las instituciones como explicación del atraso económico

Después de presentar una breve síntesis de la literatura reciente sobre crecimiento económico e identificar los factores causales remotos o fundamentales, el artículo analiza el desarrollo económico de los países a través de un proceso co-evolutivo, en el que instituciones formales vinculadas al estado de derecho se transforman a la par de la cultura subyacente. A partir de este proceso se abre la posibilidad de equilibrios múltiples y, por ende, se explica el atraso económico por la presencia de una cultura "oportunista" que se desenvuelve en un entorno de ilegalidad. A través de un modelo de teoría de juegos evolutivos se muestra que un escenario de bajo ingreso per-cápita resulta muy difícil de erradicar, tanto por la existencia de la inercia institucional propia de la co-evolución, como por la relevancia que tienen factores remotos (geográficos y socioculturales) en la probabilidad de que la economía haya tomado una determinada senda de crecimiento.After presenting a brief synthesis of the recent literature on economic growth and identifying the causal remote or fundamental factors, the article analyzes the economic development of the countries across a co-evolutionary process, in which formal institutions linked to the democracy transform at par of the underlying culture. From this process there is opened the possibility of multiple balances and, for ende, the economic lag is explained by the presence of a culture "opportunist" who is unrolled in an environment of illegality. Across a model of theory of evolutionary games it appears that a scene of low revenue per-cápita turns out to be very difficult to eradicate, so much for the existence of the institutional own inertia of the co-evolution, since for the relevancy that there have remote factors (geographical and sociocultural) in the probability of which the economy has taken a certain path of growth

GOVERNANCE OF LARGE CORPORATIONS IN MEXICO AND PRODUCTIVITY IMPLICATIONS

The main objective of this paper is to describe the essential features of large Mexican firms. The observed structure fits with the stylized facts of the business groups found in many developing countries. In particular, there is a high concentration of control rights, not only because of the fact that family members own large holdings of stock in these firms, but also because it is a common practice to use pyramids and to issue “non-voting” shares. It is argued that the lack of counterbalances and the excessive control rights in the hands of few large shareholders produce a rent extraction problem. Hence those stakeholders that potentially experience opportunistic behavior are reluctant to establish long-term relationships, with the corresponding negative consequences on the productivity of the firm.Corporate Governance, Mexico, Related Credit

The preferences of the electors and the importance of the Mexican 2006 election campaigns

This paper presents the econometric results that validate the relevance of an election campaign on the elector’s preferences change among the candidates. The preferences are defined from the declared voting intentions from two rounds of an enquiry panel on the 2006 Mexican presidential elections. The estimated models support the hypothesis that local influence (political discussion networks) and the media influence (television’s audience, debates, negative campaigns) have a statistically significant impact on the voter’s preferences. Furthermore, it is shown that the impact on the change of the preferences is differentiated, whereas the social networks, media and partisan ideology/identity influence the very different forms for the adherents of the various candidates