Abstract: In this paper we extend the Stock and Watson’s (Leading economic indicators, new approaches and forecasting records, 1991) single-index dynamic factor model in an econometric framework that has the advantage of combining information from real and financial indicators published at different frequencies and delays with respect to the period to which they refer. We find that the common factor reflects the behavior of the Spanish business cycle well. We also show that financial indicators are useful for forecasting output growth, particularly when certain financial variables lead the common factor. Finally, we provide a simulated real-time exercise and prove that the model is a very useful tool for the short-term analysis of the Spanish Economy.

Abstract: Using investment policy data of 857 Dutch pension funds during 1999–2006, we develop three indicators of investor sophistication. The indicators show that pension funds’ strategic portfolio choices are often based on coarse and less sophisticated approaches. First, most pension funds round strategic asset allocations to the nearest multiple of 5%, similar to age heaping in demographic and historical studies. Second, many pension funds invest little or nothing in alternative, more complex asset classes, resulting in limited asset diversification. Third, many pension funds favor regional investments and as such do not fully employ the opportunities of international risk diversification. Our indicators are correlated with pension fund size, in line with the expectation that smaller pension funds are generally less sophisticated than large pension funds. Using the indicators for investor sophistication, we show that less sophisticated pension funds tend to opt for investment strategies with less risk.

Abstract: The aim of the present studies was to characterise cell death following inhibition of mitochondrial complex I with rotenone in a transformed cell line (RGC-5 cells) and to examine the neuroprotective properties of the flavonoids genistein, epigallocatechin gallate (EGCG), epicatechin (EC) and baicalin. Rotenone-induced cell death of RGC-5 cells results in a generation of reactive oxygen species, a breakdown of DNA, the translocation of membrane phosphatidylserine, an up-regulation of haemoxygenase-1 and is unaffected by necrostatin-1 (inhibitor of necroptosis), z-VAD-fmk (pan caspase inhibitor) or NU1025 (PARP inhibitor) but attenuated with SP600125 (JNK inhibitor). Rotenone-induced toxicity of RGC-5 cells also caused an activation of mitogen-activated kinases indicated by an up-regulation and translocation into mitochondria of p-c-Jun, pJNK and pp38. Exposure of RGC-5 cells to rotenone does not affect apoptosis inducing factor or significantly stimulate caspase-3 activity. EGCG and EC both significantly blunt rotenone toxicity of RGC-5 cells at concentrations of 50 μM while genistein and baicalin were without effect. Significantly, genistein is approximately 20 times less efficacious than EGCG (IC(50) 2.5 μM) and EC (IC(50) 1.5 μM) at inhibiting sodium nitroprusside-induced lipid peroxidation. These studies show that rotenone toxicity of RGC-5 cells is neither necroptosis nor caspase-dependent apoptosis but involves the activation of mitogen-activated kinases and is inhibited by a JNK inhibitor, EGCG and EC. Genistein attenuates lipid peroxidation less efficaciously than EC and EGCG and does not affect rotenone toxicity of RGC-5 cells.

Abstract: In this paper, we study household debt default behavior in Chile using survey data. Previous research in this area suggests financial and personal variables help estimate individual and group probabilities of default. We study mortgage and consumer default separately, as the default decisions and overall borrower behavior are different for each type of debt. Our study finds that income and income-related variables are the only significant and robust variables that explain default for both types of debt. Demographic or personal variables are affected by only one type of debt but not more. For example, the level of education is a factor that affects mortgage default, whereas the determinants of consumer debt default include the age of the household head, and the number of people within the household that contribute to the total family income. We find that the probability of default decreases as the family income increases, and that our estimations are consistent with other studies similar to ours.

Abstract: Mercury toxicity and its implications in development are a major concern, due to the major threat to ecosystems and human health that this compound represents. Although some of the effects of methylmercury (MeHg) exposure have been extensively studied, the molecular mechanisms of interaction between this compound and developing organisms are still not completely understood. To provide further insights into these mechanisms, we carried out a quantitative proteomic study (iTRAQ) using zebrafish larvae exposed to 5 μg L−1 and 25 μg L−1 MeHg as a model. In this study, a multidimensional approach combining isoelectric focusing (IEF) and strong cation exchange (SCX) followed by reversed phase liquid chromatography prior to MALDI TOF/TOF analysis was employed, which resulted in a substantial increase in proteome coverage. Among the proteins identified, 71 were found de-regulated by more than 1.5-fold, and implicated in embryonic development, protein synthesis, calcium homeostasis and energy production. Furthermore, morphological and histological analysis of exposed larvae was carried out, reflecting changes such as smaller swim bladder, remaining yolk, bent body axis and accumulation of blood in the heart, among others.

Abstract: We investigate the payment adoption rate under consumers’ and merchants’ awareness of network externalities, given two levels of Interchange Fees in a multi-agent card market. For the purpose of our research, in multiple instantiations of the model (scenarios) the investigated effects are analyzed over the complete process of adoption, until the market’s saturation point is achieved. Then, for each scenario, a comparison is made between two different levels of Interchange Fees and different degree of consumers’ and merchants’ awareness. To this end, we model explicitly the interactions between consumers and merchants at the point of sale. We allow card issuers to charge consumers with fixed fees and provide net benefits from card usage, whereas acquirers can charge fixed and transactional fees to merchants. The Interchange Fees flows from acquirers to issuers. Though, we acknowledge that the saturation point of the market is not only determined by network externalities and the level of Interchange Fees, but also by macroeconomic factors which we are not exploring at this stage of research.

Abstract: Introduction, K.C. Fung and Alicia Garcia-Herrero 1. China-Latin America Economic Cooperation: Going beyond Resource and Manufacturing Complementarity, Masahiro Kawai and Fan Zhai 2. Asian Opportunities and Diversification Strategies: An Outlook for Latin American Trade, Rolando Avendano and Javier Santiso 3. Is India the Next Big Thing for Latin America? A Comparative Analysis of China's and India's Trade, Antony Estevadeordal, Mauricio Mesquita Moreira, Christian Volpe and Juan Blyde 4. Production Sharing in Latin America and East Asia, K.C. Fung, Alicia Garcia-Herrero and Alan Siu 5. Financial Access of SMEs in Latin America: lessons for China, GAO Jing 6. The Latin American experience in pension system reform: Coverage, fiscal issues and possible implications for China, Daniel Titelman, Cecilia Vera and Esteban Perez 7. A Comparison of Chinese Outward Direct Investment with Its Regional Peers: Japan, South Korea and Taiwan, K.C. Fung, Alicia Garcia-Herrero, Ya Lan Liu and Alan Siu 8. The impact of the emergence of China on Brazilian international trade, Enestor Dos Santos and Soledad Zignano 9. China and Mexico in the U.S. Market: Challenges and Opportunities, Cecilia Posadas Perez

Abstract: This article considers a multi-asset model based on Wishart processes that accounts for stochastic volatility and for stochastic correlations between the underlying assets, as well as between their volatilities. The model accounts for the existence of correlation term structure and correlation skew. The article shows that the Wishart specification can generate different patterns corresponding to the correlation skew for a wide range of correlation term structures. Another advantage of the model is that it is analytically tractable and, hence, it is possible to obtain semi-closed-form solutions for the prices of plain vanilla options, as well as for the price of exotic derivatives. In this sense, this article develops semi-closed-form formulas for the price of European worst-of options with barriers and/or forward-start features. To motivate the introduction of the Wishart volatility model, the article compares the prices obtained under this model and under a multi-asset stochastic volatility model with constant instantaneous correlations. The results reveal the existence of a stochastic correlation premium and show that the consideration of stochastic correlation is a key element for the valuation of these structures.

Abstract: This article explains how the deterioration in public finances and the developing sovereign crisis led to the creation of a European financial “safety net”. The different financial instruments (BoP, GLF, EFSM, EFSF, ESM) are the response to specific challenges and what was feasible at a given moment. The financial assistance architecture had to adapt quickly to a rapid evolution of the crisis. The roles of the IMF, the ECB and conditionality are also discussed. The article concludes that a necessary condition for the EU to overcome the crisis is better communication and a resolute deepening of European solidarity via new tools, structures, and frameworks.

Abstract: In this paper we approach financial investors to see how they analyze financial markets, adopt their investment decisions, and buy financial products Our main goal is to ascertain whether or not the investment guidelines provided by the most accepted normative theories in Finance are carried out in practice by investors In order to do that, we review the main financial theories, either normative or descriptive, and we then provide empirical evidence of the investors’ behaviour Findings show that investors often disobey the recommendations offered by normative theories in Finance

Abstract: In this reseach work see the relations betwen the finalcial characters and the process of the industrial revolution in the city of Bilbao from the midlle 19th century. Then, we put in firs position the banking system, what makes it activity in this city. The «comerciantes-banqueros» and the «cambistas» change into limited liability Companyes. The appearance of the factory coincide with the blooming of the Bankings, in the forma of Limited Companyes. Originally, the first Bank of the Bilbao City was a implement for the industrial process. This first Bank, betwen 1857 and 1874, had the billets emision's concession. And, when industrialitation move forward, the factory's diversification and the Banking of Bilbao City went one reality. Afterward, across varieds moments. And the end is a Banking System (in Bilbao, in the mercat of Basque Country and Navarra and in the rest of Spain) very strong.

Abstract: After analyzing the different reasons why the financial system and also the regulatory framework induced procyclicality, this chapter reviews the experiences of three countries that have introduced dynamic provisioning as a regulatory tool to limit procyclicality. The case of Spain – the country with the longest experience – as well as that of Colombia having recently adopted dynamic provisioning is reviewed. A number of policy lessons are drawn from that comparison.

Abstract: Squamous cell carcinomas (SCCs) are heterogeneous and aggressive skin tumors for which innovative, targeted therapies are needed. Here, we identify a p53/TACE pathway that is negatively regulated by FOS and show that the FOS/p53/TACE axis suppresses SCC by inducing differentiation. We found that epidermal Fos deletion in mouse tumor models or pharmacological FOS/AP-1 inhibition in human SCC cell lines induced p53 expression. Epidermal cell differentiation and skin tumor suppression were caused by a p53-dependent transcriptional activation of the metalloprotease TACE/ADAM17 (TNF-α-converting enzyme), a previously unknown p53 target gene that was required for NOTCH1 activation. Although half of cutaneous human SCCs display p53-inactivating mutations, restoring p53/TACE activity in mouse and human skin SCCs induced tumor cell differentiation independently of the p53 status. We propose FOS/AP-1 inhibition or p53/TACE reactivating strategies as differentiation-inducing therapies for SCCs.

Abstract: Adhesion events mediated by cadherin and integrin adhesion receptors have fundamental roles in the maintenance of the physiological balance of epithelial tissues, and it is well established that perturbations in their normal functional activity and/or changes in their expression are associated with tumorigenesis. Over the last decades, increasing evidence of a dynamic collaborative interaction between these complexes through their shared interactions with cytoskeletal proteins and common signaling pathways has emerged not only as an important regulator of several aspects of epithelial cell behavior, but also as a coordinated adhesion module that senses and transmits signals from and to the epithelia surrounding microenvironment. The tight regulation of their crosstalk is particularly important during epithelial remodeling events that normally take place during morphogenesis and tissue repair, and when defective it leads to cell transformation and aggravated responses of the tumor microenvironment that contribute to tumorigenesis. In this review we highlight some of the interactions that regulate their crosstalk and how this could be implicated in regulating signals across epithelial tissues to sustain homeostasis.

Abstract: Enucleation of erythroblasts during terminal differentiation is unique to mammals. Although erythroid enucleation has been extensively studied, only a few genes, including retinoblastoma protein (Rb), have been identified to regulate nuclear extrusion. It remains largely undefined by which signaling molecules, the extrinsic stimuli, such as erythropoietin (Epo), are transduced to induce enucleation. Here, we show that p38α, a mitogen-activated protein kinase (MAPK), is required for erythroid enucleation. In an ex vivo differentiation system that contains high Epo levels and mimics stress erythropoiesis, p38α is activated during erythroid differentiation. Loss of p38α completely blocks enucleation of primary erythroblasts. Moreover, p38α regulates erythroblast enucleation in a cell-autonomous manner in vivo during fetal and anemic stress erythropoiesis. Markedly, loss of p38α leads to downregulation of p21, and decreased activation of the p21 target Rb, both of which are important regulators of erythroblast enucleation. This study demonstrates that p38α is a key signaling molecule for erythroblast enucleation during stress erythropoiesis.

Abstract: Understanding stage-dependent oncogenic mechanisms is critical to develop not only targeted therapies, but also diagnostic markers and preventive strategies. The mechanisms acting during cancer initiation remain elusive, largely owing to a lack of suitable animal models and limited availability of human precancerous lesions. Here we show using genetic mouse models specific for liver cancer initiation, that survival of initiated cancer cells is controlled by c-Jun, independently of p53, through suppressing c-Fos-mediated apoptosis. Mechanistically, c-Fos induces SIRT6 transcription, which represses survivin by reducing histone H3K9 acetylation and NF-κB activation. Importantly, increasing the level of SIRT6 or targeting the anti-apoptotic activity of survivin at the initiation stage markedly impairs cancer development. Moreover, in human dysplastic liver nodules, but not in malignant tumours, a specific expression pattern with increased c-Jun-survivin and attenuated c-Fos-SIRT6 levels was identified. These results reveal a regulatory network connecting stress response and histone modification in liver tumour initiation, which could be targeted to prevent liver tumorigenesis.

Abstract: To fully understand the local linkages of Foreign Direct Investment (FDI) plants, we argue it would be useful to analyze the outsourcing patterns of such plants in comparison to domestic plants. Consequently, we examined 1031 industrial plants, both domestic and foreign, located in Spain. The FDI plants show patterns similar to those of domestic plants with regard to the level of outsourcing, the incidence of outsourced production on the companies’ total sales and the economic content of outsourcing relationships. Further, our results show that levels of embeddedness in the local and regional economy of FDI plants are not significantly different from domestic plants. However, FDI plants are highly concentrated spatially in the largest industrial agglomerations. For such plants, Barcelona not only seems a preferred site for location but also for contracting manufacturing tasks.

Abstract: Members of the p120-catenin family associate with cadherins and regulate their stability at the plasma membrane. How p120-catenin limits cadherin endocytosis has long remained a mystery. In this issue, Nanes et al. (2012. J. Cell Biol. doi:10.1083/jcb.201205029) identify a conserved acidic motif within cadherins that acts as a physical platform for p120-catenin binding. However, in the absence of p120-catenin, the motif acts as an endocytic signal. These results provide new insight into p120-catenin’s role as guardian of intercellular junction dynamics.