Banking Efficiency in Chile: a Profit Frontier Approach

This paper characterizes the evolution of the efficiency X in the Chilean banking industry over 1987 to 2007, based on a profit frontier approach. Our results suggest that over this period the Chilean banking sector has attained just a 15% over its maximum profits. This inefficiency basically arises from a technical source rather than an assignative one, and mainly affects domestic and small banks. Nevertheless, the level of efficiency X of the industry as a whole has dramatically improved since the late 1990’s, which is consistent with important economic, technological and regulatory transformations.

Esquemas de Incentivos y Carteras de Inversión Innovadoras

This article characterizes the properties of the compensation scheme of delegated portfolio management that would lead to the selection of high risk-high return portfolios. In particular, it provides conditions under which a non-monotone payment structure emerges as an optimal contract, which rewards extreme results and punishes moderate ones.En el contexto de la administración delegada de carteras de inversión, este artículo caracteriza las propiedades que el esquema de compensación debe poseer para incentivar la selección de portafolios con alto riesgo y alto retorno esperado. En particular, se proporcionan condiciones que permiten esquemas remunerativos no monótonos que premian resultados extremos y castigan resultados moderados

Eficiencia Bancaria en Chile: Un Enfoque de frontera de beneficios

This paper characterizes the evolution of the efficiency X in the Chilean banking industry over 1987 to 2007, based on a profit frontier approach. Our results suggest that over this period the Chilean banking sector has attained just a 15% over its maximum profits. This inefficiency basically arises from a technical source rather than an assignative one, and mainly affects domestic and small banks. Nevertheless, the level of efficiency X of the industry as a whole has dramatically improved since the late 1990´s, which is consistent with important economic, technological and regulatory transformations.Este estudio caracteriza la evolución de la eficiencia X en la banca chilena durante el período 1987-2007, bajo un enfoque de frontera de beneficios. Nuestros resultados sugieren que durante ese período la banca chilena ha alcanzado, en promedio, sólo un 15% de su potencial máximo de beneficios. Estas ineficiencias provienen fundamentalmente de un componente técnico más que asignativo, y afectan preponderantemente a bancos nacionales y de menor tamaño. No obstante, la eficiencia de toda la industria ha mejorado sustancial y sostenidamente desde fines de los años noventa, fenómeno consistente con importantes cambios económicos, tecnológicos e institucionales

Aspectos socioeconómicos, mejoramiento, nutrición y sanidad en cuyes (Cavia porellus) tipo carne

IP 1104-07-006-85v.1. Primera parte del informe final del programa de investigacion estudio de aspectos socio-economicos, nutricion, mejoramiento genetico y sanidad en cuyes tipo carne/ AlbertoCaycedo V. -- v.2. Composicion quimica de los principales forrajes utilizados en cuyes (Caviaporcellus)en clima frio, medio y calido / Alvaro Burgos Arcos, Edmundo Apraez Guerrero, Alberto CaycedoVallejo --v.3. Estimacion de la heredabilidad y repetibilidad de algunas caracteristicas en cuyes (Caviaporcellus) / Luis Ernesto Viteri S. v.4. Digestibilidad aparente de los forrajes kikuyo, vaina de haba,ramio y king grass en cuyes tipo carne (Cavia porcellus) / Alberto Caycedo Vallejo, Alvaro Almeida Delgado,Susana Cordoba Angulo -- v.5. Diagnostico de la explotacion cuyicula en Nariño y perfil del proyecto sobrelaorganizacionde una cooperativa de productores, para mejorar la comercializacion / Nelson E. Arturo -- v.6. Evaluacion mineral en suelo -planta-animal utilizando cuyes (Cavia porcellus) de engorde / Alberto CaycedoVallejo, Nestor Julio Jaramillo Aguilera, Jeannett Yolanda Moncayo Jiminez -- v.7. Contribucion alingreso familiarde las explotaciones de cuyes en el municipio de Pasto, Nariño / Ramon Correa Nieto, Luis A. SolartePortilla,Carlos H. Portilla Eraso -- v.8. Inventario y analisis quimico de malezas utilizadas en laalimentacion decuyes en siete municipios del Departamento de Nariño / Roberto Antonio Beltran Guzman, AlbertoCaycedo Vallejo -- v.9. Respuesta del pasto aubade (Lolium sp) a la fertilizacion quimica y organica en unsuelo del Altiplano de Pasto, Nariño / Hernan B Vallej

Guidelines for the use and interpretation of assays for monitoring autophagy (4th edition)

In 2008, we published the first set of guidelines for standardizing research in autophagy. Since then, this topic has received increasing attention, and many scientists have entered the field. Our knowledge base and relevant new technologies have also been expanding. Thus, it is important to formulate on a regular basis updated guidelines for monitoring autophagy in different organisms. Despite numerous reviews, there continues to be confusion regarding acceptable methods to evaluate autophagy, especially in multicellular eukaryotes. Here, we present a set of guidelines for investigators to select and interpret methods to examine autophagy and related processes, and for reviewers to provide realistic and reasonable critiques of reports that are focused on these processes. These guidelines are not meant to be a dogmatic set of rules, because the appropriateness of any assay largely depends on the question being asked and the system being used. Moreover, no individual assay is perfect for every situation, calling for the use of multiple techniques to properly monitor autophagy in each experimental setting. Finally, several core components of the autophagy machinery have been implicated in distinct autophagic processes (canonical and noncanonical autophagy), implying that genetic approaches to block autophagy should rely on targeting two or more autophagy-related genes that ideally participate in distinct steps of the pathway. Along similar lines, because multiple proteins involved in autophagy also regulate other cellular pathways including apoptosis, not all of them can be used as a specific marker for bona fide autophagic responses. Here, we critically discuss current methods of assessing autophagy and the information they can, or cannot, provide. Our ultimate goal is to encourage intellectual and technical innovation in the field