Preliminary results of the AMIGA engineering array at the Pierre Auger Observatory

The Auger Muons and Infill for the Ground Array (AMIGA) aims to both extend the detection range of the Pierre Auger Observatory down to energies $\sim 10^{16.5}~\mathrm{eV}$ and to measure the muon content of extensive air showers. To accomplish these goals, its detection system is composed of an array of coupled water-Cherenkov and scintillation detectors deployed in a graded triangular grid of 433 and 750\,m spacings. At each position, the scintillation detector is buried $2.3~\mathrm{m}$ deep so as to shield it from the air shower electromagnetic component and thus only measure the muon component. These muon detectors have $30~\mathrm{m^2}$ area split into modules, each of them highly segmented in 64 plastic-scintillator strips with an embedded wavelength-shifter optical fiber to transport light to an optical sensor located at the center of the module. During the engineering array phase (finished in November 2017) two module areas ($5~\mathrm{m^2}$ and $10~\mathrm{m^2}$) and two optical sensors (photo-multiplier tubes and silicon-photomultipliers) were tested. In this work, we present the final performance of the muon detectors equipped with silicon-photomultipliers which were thereafter selected as the baseline design for the AMIGA production phase. Analyses and results are based both on laboratory and field measurements.Comment: Proceeding of the UHECR 2018 conference, submitted to the forthcoming EPJ Web of Conference

In search of greater regulatory freedom, some banks resort to cross-border acquisitions

This type of regulatory arbitrage may be beneficial to both sides, write Andrew Karolyi and Alvaro Taboad

Equity offerings abroad and the adoption of IFRS : a test of the capital markets liability of foreignness

We examine how the reduction in information asymmetry brought about by the adoption of International Financial Reporting Standards (IFRS) affects the adverse selection costs of issuing equity at home and abroad. In particular, we examine whether there has been a reduction in the costs of raising equity in foreign markets- the capital markets liability of foreignness (CMLOF). Consistent with the view that mandatory IFRS adoption reduces information asymmetry, we find an increase in equity issues following IFRS adoption. In addition, we find an increase in the probability of firms issuing equity (and in the amount of equity raised) in foreign markets following IFRS adoption, suggesting a reduction in CMLOF costs. These results are more pronounced for smaller firms, with lower analyst coverage, and for firms with more need of external finance. Finally, we find lower adverse reaction to the announcement of equity offerings in foreign markets following IFRS adoption.COMPETE, QREN, FEDER, Fundação para a Ciência e a Tecnologia (FCT

Do improvements in the information environment affect real investment decisions?

We examine how changes in the information environment can affect real investment decisions. Using the events surrounding mandatory adoption of IFRS as exogenous shocks in information asymmetry, we find a significant increase in firms’ investment-to-price sensitivity following IFRS adoption that persists for years after the adoption. These results are in line with the learning hypothesis and suggest that the improvements in the information environment lead to stock prices that are more informative, which enhances managers’ reliance on stock prices in making investment and other decisions. We document that this increase in investment-to-stock price sensitivity is stronger for firms in countries with weaker exante institutional and accounting quality as well as for firms that experience a larger improvement in stock price informativeness. Finally, we also show that higher investment-to-stock-price sensitivity is associated with improvements in performance.COMPETE, QREN, FEDER, Fundação para a Ciência e a Tecnologia (FCT

Equity offerings, stock price crash risk, and the impact of securities regulation: international evidence

We examine whether earnings manipulation around seasoned equity offerings (SEOs) is associated with an increase in the likelihood of a stock price crash post-issue and test whether the enactment of securities regulations attenuate the relation between SEOs and crash risk. Empirical evidence documents that managerial tendency to conceal bad news increases the likelihood of a stock price crash (Jin and Myers, 2006; Hutton, Marcus, and Tehranian, 2009). We test this hypothesis using a sample of firms from 29 EU countries that enacted the Market Abuse Directive (MAD). Consistent with our hypothesis, we find that equity issuers that engage in earnings management experience a significant increase in crash risk post-SEO relative to control groups of non-issuers; this effect is stronger for equity issuers with poor information environments. In addition, our findings show a significant decline in crash risk post-issue after the enactment of MAD that is stronger for firms that actively manage earnings. This decline in post-issue crash risk is more effective in countries with high ex-ante institutional quality and enforcement. These results suggest that the implementation of MAD helps to mitigate managers’ ability to manipulate earnings around SEOs.COMPETE, QREN, FEDER, FC

Gender quotas and bank risk

We assess the effects of board gender quota laws using a sample of banks from 39 countries. We document an increase in both stand-alone and systemic risk post-quota among banks that did not meet the quota prereform; the effect is stronger for banks in countries with a smaller pool of women in finance and low gender equality. We find that the propagation of poor governance practices by overlapping female directors and deterioration in the information environment post quota are likely channels driving the results. The evidence is consistent with some banks “gaming” the reform by strategically appointing insiders, which weakens the board’s monitoring function. Our results have policy implications and suggest that supply-side factors are key determinants of the outcome of mandated quotas

Gestión e implementación del programa presupuestal logros de aprendizaje de estudiantes de la Educación Básica Regular en el Gobierno Regional de Pasco

El trabajo de investigación se refiere a las dificultades de gestión durante la ejecución del Programa Presupuestal 0090 - Logros del Aprendizaje de Estudiantes de Educación Básica Regular (PELA), en la Región Pasco entre los años 2015 y 2017, el PELA como programa presupuestal tiene sus inicios desde el año 2008 como uno de los cinco primeros programas estratégicos del Presupuesto por Resultados (PpR) a nivel nacional, ejecutada a través del Ministerio de Educación y los órganos intermedios: Direcciones Regionales de Educación (DRE) y Unidades de Gestión Educativa Local (UGEL) con la finalidad de mejorar los niveles de eficacia, eficiencia y de manera sostenida el logros de aprendizajes. Esta realidad problemática en la Región de Pasco está referida al incumplimiento en la entrega de insumos y productos por lo que se observa: aulas deterioradas, insuficiente mobiliario escolar, retraso en la entrega de materiales para estudiantes, insuficiente acompañamiento y seguimiento a los aprendizajes y entrega a destiempo materiales, guías, libros a los docentes; motivadas por la debilidad en las acciones de gestión administrativa y pedagógica de servidores públicos de las DRE y UGEL y como consecuencia a mediano y largo plazo los resultados de las pruebas de Evaluación Censal de Estudiantes en el Perú y Programa para la Evaluación Internacional de Estudiantes (PISA) no son los deseables u óptimos a nivel internacional para el Perú y para Pasco a nivel nacional estimado en nivel en procesos de logro; confirmada por el Ministerio de Educación e indica además: Se debe a la debilidad en el seguimiento de la ejecución de las inversiones públicas para mejora de las instituciones educativas y debilidad en el monitoreo y evaluación de los procesos y resultados

Fuerza de prensión débil y su asociación con la dependencia funcional y el rendimiento físico alterado en adultos mayores de 80 años

Introduction. Weak grip strength is a well-known associated factor with disability and physical performance, but this association is controversial in older adults aged 80 years or more. Objective. To determine the association between prehensile strength and functional dependence and physical performance among adults older than 80 years. Methods. This research was an analytical, cross-sectional study, conducted in 147 older adults aged 80 years or more, from Naval Peruvian Service. We included assessments about muscle strength, physical performance, disability, anthropometric variables, and nutritional assessment. Results. We found a significant association between weak grip strength and dependence for basic activities of daily living (aOR: 2.81, 95% CI: 1.32 to 10.11), as well as altered physical performance (aOR: 4.32, 95% CI: 1.97 to 9.59), these associations were independent of age, number of comorbidities, geriatric syndromes, hemoglobin, ferritin, glucose, total cholesterol, lymphocytes, vitamin B12, triglycerides, serum albumin, MMSE score, calf circumference, brachial circumference, BMI, level of education, marital status, sex, and waist/hip ratio. Conclusions. In persons older than 80 years, having weak grip strength was associated with weak muscle strength and poor physical performance. Our results could be useful for the inclusion of these measures within care protocols for elderly and high comorbidity populations. With this, it seeks to improve the integrity and care of geriatric patients.Introducción: La fuerza de prensión débil suele ser un marcador de dependencia funcional y pobre rendimiento físico, sin embargo, esta asociación es controversial en adultos mayores de 80 años. Objetivo: Determinar la asociación entre la fuerza de prensión y la dependencia funcional y rendimiento físico entre adultos mayores de 80 años. Métodos: El presente estudio es de tipo analítico transversal, fue realizado en 147 sujetos pertenecientes a la Marina de Guerra del Perú. Evaluamos la fuerza muscular, el rendimiento físico, la funcionalidad, las medidas antropométricas y la valoración nutricional. Resultados: Encontramos una asociación significativa entre la fuerza de prensión débil y la dependencia para actividades básicas de la vida diaria (ORa: 2,81, IC95%: 1,32 a 10,11), así como el rendimiento físico alterado (ORa: 4,32, IC95%: 1,97 a 9,59), dichas asociaciones fueron independientes de la edad, número de comorbilidades, síndromes geriátricos, hemoglobina, ferritina, glucosa, colesterol total, linfocitos, vitamina b12, triglicéridos, albúmina sérica, puntaje de MMSE, circunferencia de pantorrilla, circunferencia braquial, IMC, grado de instrucción, estado civil, sexo y índice cintura/cadera. Conclusiones: En los participantes mayores de 80 años, tener una fuerza de prensión débil estuvo asociada con tener fuerza muscular débil y pobre rendimiento físico. Nuestros resultados podrían ser útiles para la inclusión de estas medidas dentro de protocolos de atención hacia poblaciones de edad avanzada y alta comorbilidad. Con ello, se busca mejorar la integridad y atención de los pacientes geriátricos