Search results for: Juan Manuel Martinez Alvarez

Authors: Bachir Redouane, Dib Nihel, Bedrane Sumeya, Blanco Ginesa, Calvino José Juan

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Furfural, a key biomass-derived platform compound, holds significant potential for biofuel production and the synthesis of high-value intermediates. This study investigates the hydrogenation-condensation reaction of furfural issued from lignocellulosique biomass with isopropyl alcohol to produce isopropylfurfuryl ether (iPFE), a next-generation synfuel with a high-octane number. iPFE’s water stability and resistance to methanol absorption make it a sustainable alternative to conventional gasoline additives, offering comparable performance. The catalyst used in this reaction is based on NiAl layered double hydroxides (LDH), with zirconium incorporated to enhance the distribution and structure of active sites. Gold (Au) was deposited on the NiAlZr-LDH support to improve selectivity and yield. The addition of Zr improved the thermal and mechanical stability of the catalyst, while the Au modification further increased selectivity toward iPFE. Extensive catalytic experiments were conducted to optimize reaction conditions, including temperature, hydrogen pressure, and Au loading, to maximize iPFE yield. The results demonstrate a high conversion rate of furfural, exceeding 90% under optimal conditions, with enhanced selectivity toward iPFE. Moreover, iPFE was shown to have a higher-octane number compared to traditional furfuryl ethers, making it a highly promising candidate for advanced fuel applications.

Keywords: Au-NiAlZr-LDH, biofuels, furfural, green chemistry, hydrogenation, isopropylfurfuryl ether, octane number.

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Authors: Camilo Andres Agudelo-Velez, Lina María Martinez-Sanchez, Natalia Perilla-Hernandez, Maria De Los Angeles Rodriguez-Gazquez, Felipe Hernandez-Restrepo, Dayana Andrea Quintero-Moreno, Camilo Ruiz-Mejia, Isabel Cristina Ortiz-Trujillo, Monica Maria Zuluaga-Quintero

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Chronic obstructive pulmonary disease is common condition, characterized by a persistent blockage of airflow, partially reversible and progressive, that represents 5% of total deaths around the world, and it is expected to become the third leading cause of death by 2030. Objective: To establish the clinical and epidemiological profile of patients with chronic obstructive pulmonary disease in a medical institution from the city of Medellin, Colombia. Methods: A cross-sectional study was performed, with a sample of 50 patients with a diagnosis of chronic obstructive pulmonary disease in a private institution in Medellin, during 2015. The software SPSS vr. 20 was used for the statistical analysis. For the quantitative variables, averages, standard deviations, and maximun and minimun values were calculated, while for ordinal and nominal qualitative variables, proportions were estimated. Results: The average age was 73.5±9.3 years, 52% of the patients were women, 50% of them had retired, 46% ere married and 80% lived in the city of Medellín. The mean time of diagnosis was 7.8±1.3 years and 100% of the patients were treated at the internal medicine service. The most common clinical features were: 36% were classified as class D for the disease, 34% had a FEV1 <30%, 88% had a history of smoking and 52% had oxygen therapy at home. Conclusion: It was found that class D was the most common, and the majority of the patients had a history of smoking, indicating the need to strengthen promotion and prevention strategies in this regard.

Keywords: pulmonary disease, chronic obstructive, pulmonary medicine, oxygen inhalation therapy

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Authors: Banca Patricia Pena Revuelta, Ramiro Gonzalez Avalos, Juan Leonardo Rocha Valdez, Jose Gonzalez Avalos, Karla Rodriguez Hernandez

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Probiotics are a promising alternative to improve productivity and animals' health. In addition, they can be part of the composition of different types of products, including foods (functional foods), medicines, and dietary supplements. The objective of the present work was to evaluate the effect of the feeding of Holstein calves supplemented with bacillus subtilis PB6 in morbidity and mortality. 60 newborn animals were used, randomly included in 1 of 3 treatments. The treatments were as follows: T1 = control, T2 = 10 g / calf / day. The first takes within 20 min after birth, T3 = 10 g / calf/day. The first takes between 12 and 24 h after birth. In all the treatments, 432 L of pasteurized whole milk divided into two doses/day 07:00 and 15:00, respectively, were given for 60 days. The addition of bacillus subtilis PB6 was carried out in the milk tub at the time of feeding them. The first colostrum intake (2 L • intake) was given within 2 h after birth, after which they were given a second 6 h after the first one. The diseases registered to monitor the morbidity and mortality of the calves were: diarrhea and pneumonia. The registry was carried out from birth to 60 days of life. The parameter evaluated was food consumption. The variable statistical analysis was performed using analysis of variance, and comparison of means was performed using the Tukey test. The value of P < 0.05 was used to consider the statistical difference. The results of the present study in relation to the consumption of food show no statistical difference P < 0.05 between treatments (14,762, 11,698, and 12,403 kg of food average, respectively). Calves group to which they were not provided Bacillus subtilis PB6 obtained higher feed intake. The addition of Bacillus subtilis PB6 in feeding calves does not increase feed intake.

Keywords: feeding, development, milk, probiotic

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Authors: Alvarez Barrantes, Robert Dorrell, Christopher Hackney, Anne Baar, Roberto Fernandez, Daniel Parsons

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Microplastic particles entering fluvial environments are deposited with natural sediments. Their settling properties can change by the absorption or adsorption of contaminants, organic matter, and organisms. These deposits include positively, neutrally, and negatively buoyant particles. This study aims to understand how plastic particles of different densities interact with natural sediments as they settle and how they are stored within the sediment deposit. The results of this study contribute to a better understanding of the deposition of microplastic particles and associated pollution in rivers. A set of 48 experiments was designed to investigate the settling process of microplastic particles in freshwater. The experimental work describes the vertical variation of cohesive and/or non-cohesive sediment versus microplastic densities in deposited sediment. The experiment consisted of adding microplastic particles, sediment, and water in a waterproof carton tube of a height of 24 cm and a diameter of 5 cm. The plastic selected is positively, neutrally, and negatively buoyant. The sediments consist of sand and clay with four different concentrations. The mixture of materials was shaken until is thoroughly mixed and left to settle for 24 hours. After the settlement, the tubes were frozen at -20 °C to be able to cut them and measure the thickness of the deposits and analyze the sediment and plastic distribution. The most representative experiments were repeated in a glass tube of the same size; to analyse the influences of current flows and depositional process. Finally, the glass tube experiments were used to study organic materials adsorption in plastic, settling the sample for four months. Defined microplastic layers were identified as the density of the plastic change. Preliminary results show that most of the positive buoyancy particles floated, neutral buoyancy particles form a layer above the sediment and negative buoyancy particles mixed with the sediment. The vertical grain size distribution of the deposits was analysed to determine deposition variation with and without plastic. It is expected that the positively buoyant particles are trapped in the sediment by the currents flows and sink due to organic material adsorption. Finally, the experiments will explain how microplastic particles, including positively buoyant ones, are stored in natural sediment deposits.

Keywords: microplastic adsorption process, microplastic deposition in natural sediment, microplastic pollution in rivers, storages of positive buoyancy microplastic particles

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Authors: Simone Huber, Bianca Schnalzer, Baptiste Alcalde, Sten Hanke, Lampros Mpaltadoros, Thanos G. Stavropoulos, Spiros Nikolopoulos, Ioannis Kompatsiaris, Lina Pérez- Breva, Vallivana Rodrigo-Casares, Jaime Fons-Martínez, Jeroen de Bruin

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Developing new medicine and health solutions and improving patient health currently rely on the successful execution of clinical trials, which generate relevant safety and efficacy data. For their success, recruitment and retention of participants are some of the most challenging aspects of protocol adherence. Main barriers include: i) lack of awareness of clinical trials; ii) long distance from the clinical site; iii) the burden on participants, including the duration and number of clinical visits and iv) high dropout rate. Most of these aspects could be addressed with a new paradigm, namely the Remote Decentralized Clinical Trials (RDCTs). Furthermore, the COVID-19 pandemic has highlighted additional advantages and challenges for RDCTs in practice, allowing participants to join trials from home and not depend on site visits, etc. Nevertheless, RDCTs should follow the process and the quality assurance of conventional clinical trials, which involve several processes. For each part of the trial, the Building Blocks, existing software and technologies were assessed through a systematic search. The technology needed to perform RDCTs is widely available and validated but is yet segmented and developed in silos, as different software solutions address different parts of the trial and at various levels. The current paper is analyzing the availability of technology to perform RDCTs, identifying gaps and providing an overview of Basic Building Blocks and functionalities that need to be covered to support the described processes.

Keywords: architectures and frameworks for health informatics systems, clinical trials, information and communications technology, remote decentralized clinical trials, technology availability

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Authors: L. Piñeiro, N. Cobas, L. Gómez-Limia, S. Martínez, I. Franco

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The swordfish (Xiphias gladius) is a large oceanic fish of high commercial value, which is widely distributed in waters of the world’s oceans. They are considered to be an important source of high quality proteins, vitamins and essential fatty acids, although only half of the population follows the recommendation of nutritionists to consume fish at least twice a week. Swordfish is consumed worldwide because of its low fat content and high protein content. It is generally sold as fresh, frozen, and as pieces or slices. The aim of this study was to evaluate the effect of salting and frying on the composition of the water-soluble vitamins (B₂, B₃, B₉ and B₁₂) and fat-soluble vitamins (A, D, and E) of swordfish. Three loins of swordfish from Pacific Ocean were analyzed. All the fishes had a weight between 50 and 70 kg and were transported to the laboratory frozen (-18 ºC). Before the processing, they were defrosted at 4 ºC. Each loin was sliced and salted in brine. After cleaning the slices, they were divided into portions (10×2 cm) and fried in olive oil. The identification and quantification of vitamins were carried out by high-performance liquid chromatography (HPLC), using methanol and 0.010% trifluoroacetic acid as mobile phases at a flow-rate of 0.7 mL min^-1. The UV-Vis detector was used for the detection of the water- and fat-soluble vitamins (A and D), as well as the fluorescence detector for the detection of the vitamin E. During salting, water and fat-soluble vitamin contents remained constant, observing an evident decrease in the values of vitamin B₂. The diffusion of salt into the interior of the pieces and the loss of constitution water that occur during this stage would be related to this significant decrease. In general, after frying water-soluble and fat-soluble vitamins showed a great thermolability with high percentages of retention with values among 50–100%. Vitamin B₃ is the one that exhibited higher percentages of retention with values close to 100%. However, vitamin B₉ presented the highest losses with a percentage of retention of less than 20%.

Keywords: frying, HPLC, salting, swordfish, vitamins

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Authors: Victor Manuel Alcántara Alza

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The way in which the application of the deep cryogenic treatment DCT(-196°C) affects, applied with subsequent aging, was investigated, regarding the mechanical properties of hardness, toughness and microstructure, applied to martensitic stainless steels, with the aim of establishing a different methodology compared to the traditional DCT cryogenic treatment with subsequent tempering. For this experimental study, a muffle furnace was used, first subjecting the specimens to deep cryogenization in a liquid Nitrogen bath/4h, after being previously austenitized at the following temperatures: 1020-1030-1040-1050 (°C) / 1 hour; and then tempered in oil. A first group of cryogenic samples were subjected to subsequent aging at 150°C, with immersion times: 2.5 -5- 10 - 20 - 50 – 100 (h). The next group was subjected to subsequent tempering at temperatures: 480-500-510-520-530-540 (°C)/ 2h. The hardness tests were carried out under standards, using a Universal Durometer, and the readings were made on the HRC scale. The Impact Resistance tests were carried out in a Charpy machine following the ASTM E 23 – 93ª standard. Measurements were taken in joules. Microscopy was performed at the optical level using a 1000X microscope. It was found: For the entire aging interval, the samples austenitized at 1050°C present greater hardness than austenitized at 1040°C, with the maximum peak aged being at 30h. In all cases, the aged samples exceed the hardness of the tempered samples, even in their minimum values. In post-tempered samples, the tempering temperature hardly have effect on the impact strength of material. In the Cryogenic Treatment: DCT + subsequent aging, the maximum hardness value (58.7 HRC) is linked to an impact toughness value (54J) obtained with aging time of 39h, which is considered an optimal condition. The higher hardness of steel after the DCT treatment is attributed to the transformation of retained austenite into martensite. The microstructure is composed mainly of lath martensite; and the original grain size of the austenite can be appreciated. The choice of the combination: Hardness-toughness, is subject to the required service conditions of steel.

Keywords: deep cryogenic treatment; aged precipitation; martensitic steels;, mechanical properties; martensitic steels, hardness, carbides precipitaion

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Authors: Rosendo Mendoza, María Carmen Hidalgo, María José Campos-Suñol, Julián Martínez, Javier Rey

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The impact of mining environmental liabilities and mine drainage on surface water quality has been investigated in the hydrographic basin of the La Carolina mining district (southern Spain). This abandoned mining district is characterized by the existence of important mineralizations of sulfoantimonides of Pb - Ag, and sulfides of Cu - Fe. All surface waters reach the main river of this mining area, the Grande River, which ends its course in the Rumblar reservoir. This waterbody is intended to supply 89,000 inhabitants, as well as irrigation and livestock. Therefore, the analysis and control of the metal(loid) concentration that exists in these surface waters is an important issue because of the potential pollution derived from metallic mining. A hydrogeochemical campaign consisting of 20 water sampling points was carried out in the hydrographic network of the Grande River, as well as two sampling points in the Rumbler reservoir and at the main tailings impoundment draining to the river. Although acid mine drainage (pH below 4) is discharged into the Grande river from some mine adits, the pH values in the river water are always neutral or slightly alkaline. This is mainly the result of a dilution process of the small volumes of mine waters by net alkaline waters of the river. However, during the dry season, the surface waters present high mineralization due to a constant discharge from the abandoned flooded mines and a decrease in the contribution of surface runoff. The concentrations of dissolved Cd and Pb in the water reach values of 2 and 81 µg/l, respectively, exceeding the limit established by the Environmental Quality Standard for surface water. In addition, the concentrations of dissolved As, Cu, and Pb in the waters of the Rumblar reservoir reached values of 10, 20, and 11 µg/l, respectively. These values are higher than the maximum allowable concentration for human consumption, a circumstance that is especially alarming.

Keywords: environmental quality, hydrogeochemistry, metal mining, surface water

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Authors: Mindaye Teshome, Nesibu Yahya, Carlos Moreira Miquelino Eleto Torres, Pedro Manuel Villaa, Mehari Alebachew

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Arbagugu forest is one of the remnant dry Afromontane forests under severe anthropogenic disturbances in central Ethiopia. Despite this fact, up-to-date information is lacking about the status of the forest and its role in climate change mitigation. In this study, we evaluated the woody species composition, structure, biomass, and carbon stock in this forest. We employed a systematic random sampling design and established fifty-three sample plots (20 × 100 m) to collect the vegetation data. A total of 37 woody species belonging to 25 families were recorded. The density of seedlings, saplings, and matured trees were 1174, 101, and 84 stems ha-1, respectively. The total basal area of trees with DBH (diameter at breast height) ≥ 2 cm was 21.3 m2 ha-1. The characteristic trees of dry Afromontane Forest such as Podocarpus falcatus, Juniperus procera, and Olea europaea subsp. cuspidata exhibited a fair regeneration status. On the contrary, the least abundant species Lepidotrichilia volkensii, Canthium oligocarpum, Dovyalis verrucosa, Calpurnia aurea, and Maesa lanceolata exhibited good regeneration status. Some tree species such as Polyscias fulva, Schefflera abyssinica, Erythrina brucei, and Apodytes dimidiata lack regeneration. The total carbon stored in the forest ranged between 6.3 Mg C ha-1 and 835.6 Mg C ha-1. This value is equivalent to 639.6 Mg C ha-1. The forest had a very low number of woody species composition and diversity. The regeneration study also revealed that a significant number of tree species had unsatisfactory regeneration status. Besides, the forest had a lower carbon stock density compared with other dry Afromontane forests. This implies the urgent need for forest conservation and restoration activities by the local government, conservation practitioners, and other concerned bodies to maintain the forest and sustain the various ecosystem goods and services provided by the Arbagugu forest.

Keywords: aboveground biomass, forest regeneration, climate change, biodiversity conservation, restoration

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Authors: Juan Sebastián Rivera Soriano, Rosa Urbano Gutiérrez

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The Shodan House and the Sarabhai House (Ahmedabad, India, 1954 and 1955, respectively) are considered some of the most important works of Le Corbusier produced in the last stage of his career. There are some academic publications that study the compositional and formal aspects of their architectural design, but there is no in-depth investigation into how the climatic conditions of this region were a determining factor in the design decisions implemented in these projects. This paper argues that Le Corbusier developed a specific architectural design strategy for these buildings based on scientific research on climate in the Indian context. This new language was informed by a pioneering study and interpretation of climatic data as a design methodology that would even involve the development of new design tools. This study investigated whether their use of climatic data meets values and levels of accuracy obtained with contemporary instruments and tools, such as Energy Plus weather data files and Climate Consultant. It also intended to find out if Le Corbusier's office’s intentions and decisions were indeed appropriate and efficient for those climate conditions by assessing these projects using BIM models and energy performance simulations from Design Builder. Accurate models were built using original historical data through archival research. The outcome is to provide a new understanding of the environment of these houses through the combination of modern building science and architectural history. The results confirm that in these houses, it was achieved a model of low energy consumption. This paper contributes new evidence not only on exemplary modern architecture concerned with environmental performance but also on how it developed progressive thinking in this direction.

Keywords: bioclimatic architecture, Le Corbusier, Shodan, Sarabhai Houses

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Authors: Gustavo Naranjo Maroto, Dolores Fernandez Martinez

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Context has always been essential to understand any reaction from every human being, and words, whether written or spoken, are definitely a powerful representative sample of human reaction. This study starts with an accurate breakdown of the context in which the current president of the US, Mr. Donald J. Trump is conveying his discourses in order to be able to judge them from a critical discourse analysis point of view. The present world’s scenario with a pandemic disease in form of Covid-19 that is threatening the world and certainly putting at risk the so called 'Welfare State', the role of the United States as the first superpower on earth nowadays, the very peculiar profile of President Trump not only as a politician but as a persona, and the fact of being on the verge of a very controversial presidential elections are without doubt a great and undeniable opportunity for the implementation of the critical discourse analysis methodology. Hence, this research will primarily analyze in detail some of the most interesting discourses delivered by Trump in different media since the very beginning of the outbreak of the coronavirus pandemic in the United States of America (February, 2020), sadly very often downplayed by President Trump, until the final result of the upcoming presidential election scheduled for Tuesday, November 3, 2020, where the political discourse has been dramatically downgraded to a very dangerous state, putting in jeopardy the fundamentals of the political fair play in terms of speech. Finally, the study will hopefully conclude with the final outcome of the data analyzed, allowing to picture how significant the context can be concerning linguistics on the one hand, in terms of shaping or altering the message that the issuer thought to convey in the first place, and on the other hand, generously assessing to what extend the recipients of the message are influenced by the message in terms of receptiveness.

Keywords: Covid-19, critical discourse analysis, Donald J. Trump, political discourse

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Authors: Kevin Giraldo, Juan A. Gallego, Uriel Zapata, Fanny L. Casado

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Compliant mechanisms are designed to deform in a controlled manner in response to external forces, utilizing the flexibility of their components to store potential elastic energy during deformation, gradually releasing it upon returning to its original form. This article explores the design of a knee orthosis intended to assist users during stand-up motion. The orthosis makes use of a compliant mechanism to balance the user’s weight, thereby minimizing the strain on leg muscles during standup motion. The primary function of the compliant mechanism is to store and exchange potential energy, so when coupled with the gravitational potential of the user, the total potential energy variation is minimized. The design process for the semi-rigid knee orthosis involved material selection and the development of a numerical model for the compliant mechanism seen as a spring. Geometric properties are obtained through the numerical modeling of the spring once the desired stiffness and safety factor values have been attained. Subsequently, a 3D finite element analysis was conducted. The study demonstrates a strong correlation between the maximum stress in the mathematical model (250.22 MPa) and the simulation (239.8 MPa), with a 4.16% error. Both analyses safety factors: 1.02 for the mathematical approach and 1.1 for the simulation, with a consistent 7.84% margin of error. The spring’s stiffness, calculated at 90.82 Nm/rad analytically and 85.71 Nm/rad in the simulation, exhibits a 5.62% difference. These results suggest significant potential for the proposed device in assisting patients with knee orthopedic restrictions, contributing to ongoing efforts in advancing the understanding and treatment of knee osteoarthritis.

Keywords: biomechanics, complaint mechanisms, gonarthrosis, orthoses

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Authors: Guadalupe Fuentes-Lombardo, Manuel Carlos Vallejo-Martos, Rubén Fernández-Ortiz, Miriam Cano-Rubio

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The different ways in which companies enter foreign markets, exporting their products and direct investment and using strategic alliances or not, are influenced by a series of peculiarities specific to family businesses. In these companies, different systems, such as the family, property, and business overlap; giving them unique and specific characteristics which on occasions can enhance the development of cooperation agreements and in other situations can hinder them. Previous research has shown that these companies are more likely to enter into strategic alliances with certain specific features, and are more reluctant to take part in others in which some of the advantages of the family business are put at risk, such as control of ownership and decision-making over the company by the family, among others. These arguments show that there is a wide range of interesting aspects and peculiarities in the process of internationalization of the family business, although the research objectives of this paper focus on three in particular. Our first objective will be to discover why family businesses decide to establish or not strategic alliances in their internationalization processes in comparison with other companies that are not family owned. Secondly we will be identifying the idiosyncratic aspects of family businesses that favor or hinder the use of strategic alliances as a means of entering foreign markets. Our third and final objective will be to define the types of strategic alliance most commonly used by family businesses and the reasons why they choose these particular forms of alliance rather than others. We chose these research objectives for three main reasons. Firstly because research on this subject shows that alliances are the best way to begin the international expansion process, among other reasons because they provide the partners with different kinds of resources and capacity, so increasing the probability of successful internationalization. Secondly, because family and non-family businesses are often equipped with different types of resources and strategic alliances, offer them the chance to acquire resources less frequently found in family businesses. Thirdly, because the strengths and weaknesses of these companies could affect their decisions whether or not to use strategic alliances in their international expansion process and the success achieved in these alliances. As a result, these companies prefer to enter into cooperation agreements with conditions that do not put their specific status as family companies at risk.

Keywords: family business, internationalization, strategic alliances, olive-oil and wine industry

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Authors: Carmen M. Gonzalez-Henriquez, Mauricio A. Sarabia-Vallejos, Juan Rodriguez-Hernandez

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DMAEMA, as a monomer, has been widely studied and used in several application fields due to their pH-sensitive capacity (tertiary amine protonation), being relevant in the biomedical area as a potential carrier for drugs focused on the treatment of genetic or acquired diseases (efficient gene transfection), among others. Additionally, the inhibition of bacterial growth and, therefore, their antimicrobial activity, can be used as dual-functional antifogging/antimicrobial polymer coatings. According to their interesting physicochemical characteristics and biocompatible properties, DMAEMA was used as a monomer to synthesize a smart pH-sensitive hydrogel, namely poly(HEMA-co-PEGDA575-co-DMAEMA). Thus, different mole ratios (ranging from 5:1:0 to 0:1:5, according to the mole ratio between HEMA, PEGDA, and DEAEMA, respectively) were used in this research. The surface patterns formed via a two-step polymerization (redox- and photo-polymerization) were first chemically studied via 1H-NMR and elemental analysis. Secondly, the samples were morphologically analyzed by using Field-Emission Scanning Electron Microscopy (FE-SEM) and Atomic Force Microscopy (AFM) techniques. Then, a particular relation between HEMA, PEGDA, and DEAEMA (0:1:5) was also characterized at three different pH (5.4, 7.4 and 8.3). The hydrodynamic radius and zeta potential of the micro-hydrogel particles (emulsion) were carried out as a possible control for morphology, exploring the effect that produces hydrogel micelle dimensions in the wavelength, height, and roughness of the wrinkled patterns. Finally, contact angle and cross-hatch adhesion test was carried out for the hydrogels supported on glass using TSM-silanized surfaces in order to measure their mechanical properties.

Keywords: wrinkled patterns, smart pH-sensitive hydrogels, hydrogel micelle diameter, adhesion tests

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Authors: Sergio Andres Rojas, Julian Benavides Franco, Juan Tomas Sayago

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An increasing amount of research demonstrates how market mood affects financial markets, but their primary goal is to demonstrate how Trump's tweets impacted US interest rate volatility. Following that lead, this work evaluates the effect that Trump's tweets had during his presidency on local and international stock markets, considering not just volatility but the direction of the movement. Three indexes for Trump's tweets were created relating his activity with movements in the S&P500 using natural language analysis and machine learning algorithms. The indexes consider Trump's tweet activity and the positive or negative market sentiment they might inspire. The first explores the relationship between tweets generating negative movements in the S&P500; the second explores positive movements, while the third explores the difference between up and down movements. A pseudo-investment strategy using the indexes produced statistically significant above-average abnormal returns. The findings also showed that the pseudo strategy generated a higher return in the local market if applied to intraday data. However, only a negative market sentiment caused this effect on daily data. These results suggest that the market reacted primarily to a negative idea reflected in the negative index. In the international market, it is not possible to identify a pervasive effect. A rolling window regression model was also performed. The result shows that the impact on the local and international markets is heterogeneous, time-changing, and differentiated for the market sentiment. However, the negative sentiment was more prone to have a significant correlation most of the time.

Keywords: market sentiment, Twitter market sentiment, machine learning, natural dialect analysis

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Authors: Anne Klimesch, Alejandra Martinez, Martin HäRter, Isabelle Scholl, Paulina Bravo

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Patient-centered care (PCC) is a key principle of high-quality healthcare. In Latin America, research on and promotion of PCC have taken place in the past. However, thorough implementation of PCC in practice is still missing. In Germany, an integrative model of patient-centeredness has been developed by synthesis of diverse concepts of PCC. The model could serve as a point of reference for further research on the implementation of PCC. However, it is predominantly based on research from Europe and North America. This scoping review, therefore, aims to accumulate research on PCC in Latin America in the past 15 years and analyse how PCC has been conceptualized. The resulting overview of PCC in Latin America will be a foundation for a subsequent study aiming at the adaptation of the integrative model of patient-centeredness to the Latin American health care context. Scientific databases (MEDLINE, EMBASE, PsycINFO, CINAHL, Scopus, Web of Science, SCIELO, Redalyc.) will be searched, and reference and citation tracking will be performed. Studies will be included if they were carried out in Latin America, investigated PCC in any clinical and community setting (public and private), and were published in English, Spanish, French, or Portuguese since 2006. Furthermore, any theoretical framework or conceptual model to guide how PCC is conceptualized in Latin America will be included. Two reviewers will be responsible for the identification of articles, screening of records, and full-text assessment. The results of the scoping review will be used in the development of a mixed-methods study with the aim to understand the needs for PCC, as well as barriers and facilitators in Latin America. Based on the outcomes, the integrative model of PCC will be translated to Spanish and adapted to the Latin American context. The integrative model will enable the dissemination of the concept of PCC in Latin America and will provide a common ground for further research on the topic. The project will thereby make an important contribution to an evidence-based implementation of PCC in Latin America.

Keywords: conceptual framework, integrative model of PCC, Latin America, patient-centered care

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Authors: Juan Huang, Hugo Ninanya

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Oil has been used as a source of energy and supply to make materials, such as asphalt or rubber for many years. This is the reason why new technologies have been implemented through time. However, research still needs to continue increasing due to new challenges engineers face every day, just like unconventional reservoirs. Various numerical methodologies have been applied in petroleum engineering as tools in order to optimize the production of reservoirs before drilling a wellbore, although not all of these have the same efficiency when talking about studying fracture propagation. Analytical methods like those based on linear elastic fractures mechanics fail to give a reasonable prediction when simulating fracture propagation in ductile materials whereas numerical methods based on the cohesive zone method (CZM) allow to represent the elastoplastic behavior in a reservoir based on a constitutive model; therefore, predictions in terms of displacements and pressure will be more reliable. In this work, a hydro-geomechanical coupled model of horizontal wells in fractured rock was developed using ABAQUS; both extended element method and cohesive elements were used to represent predefined fractures in a model (2-D). A power law for representing the rheological behavior of fluid (shear-thinning, power index <1) through fractures and leak-off rate permeating to the matrix was considered. Results have been showed in terms of aperture and length of the fracture, pressure within fracture and fluid loss. It was showed a high infiltration rate to the matrix as power index decreases. A sensitivity analysis is conclusively performed to identify the most influential factor of fluid loss.

Keywords: fracture, hydro-geomechanical model, non-Newtonian fluid, numerical analysis, sensitivity analysis

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Authors: Miguel A. Orellana, Sonia E. Ruiz, Juan Bojórquez

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Optimal load factors (dead, live and seismic) used for the design of buildings may be different, depending of the seismic ground motion characteristics to which they are subjected, which are closely related to the type of soil conditions where the structures are located. The influence of the type of soil on those load factors, is analyzed in the present study. A methodology that is useful for establishing optimal load factors that minimize the cost over the life cycle of the structure is employed; and as a restriction, it is established that the probability of structural failure must be less than or equal to a prescribed value. The life-cycle cost model used here includes different types of costs. The optimization methodology is applied to two groups of reinforced concrete buildings. One set (consisting on 4-, 7-, and 10-story buildings) is located on firm ground (with a dominant period Ts=0.5 s) and the other (consisting on 6-, 12-, and 16-story buildings) on soft soil (Ts=1.5 s) of Mexico City. Each group of buildings is designed using different combinations of load factors. The statistics of the maximums inter-story drifts (associated with the structural capacity) are found by means of incremental dynamic analyses. The buildings located on firm zone are analyzed under the action of 10 strong seismic records, and those on soft zone, under 13 strong ground motions. All the motions correspond to seismic subduction events with magnitudes M=6.9. Then, the structural damage and the expected total costs, corresponding to each group of buildings, are estimated. It is concluded that the optimal load factors combination is different for the design of buildings located on firm ground than that for buildings located on soft soil.

Keywords: life-cycle cost, optimal load factors, reinforced concrete buildings, total costs, type of soil

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Authors: E. Olmos-Raya, A. Cascales Martínez, N. Minto de Sousa, M. Alcañiz Raya

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The late detection and subjectivity of the assessment of Autism Spectrum Disorder (ASD) imposed a difficulty for the children’s clinical and familiar environment. The results showed in this paper, are part of a research project about the assessment and training of social skills in children with ASD, whose overall goal is the use of virtual environments together with physiological measures in order to find a new model of objective ASD assessment based on implicit brain processes measures. In particular, this work tries to contribute by studying the differences and changes in the Skin Conductance Response (SCR) and Eye Tracking (ET) between a typical development group (TD group) and an ASD group (ASD group) after several combined stimuli using a low cost Immersive Virtual Environment (IVE). Subjects were exposed to a virtual environment that showed natural scenes that stimulated visual, auditory and olfactory perceptual system. By exposing them to the IVE, subjects showed natural behaviors while measuring SCR and ET. This study compared measures of subjects diagnosed with ASD (N = 18) with a control group of subjects with typical development (N=10) when exposed to three different conditions: only visual (V), visual and auditory (VA) and visual, auditory and olfactory (VAO) stimulation. Correlations between SCR and ET measures were also correlated with the Autism Diagnostic Observation Schedule (ADOS) test. SCR measures showed significant differences among the experimental condition between groups. The ASD group presented higher level of SCR while we did not find significant differences between groups regarding DF. We found high significant correlations among all the experimental conditions in SCR measures and the subscale of ADOS test of imagination and symbolic thinking. Regarding the correlation between ET measures and ADOS test, the results showed significant relationship between VA condition and communication scores.

Keywords: autism, electrodermal activity, eye tracking, immersive virtual environment, virtual reality

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Authors: Juan de Ona, Esperanza Estevez, Rocío de Ona

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Urban traffic levels can be reduced by drawing travelers away from private vehicles over to using public transport. This modal change can be achieved by either introducing restrictions on private vehicles or by introducing measures which increase people’s satisfaction with public transport. For public transport users, quality of service affects customer satisfaction, which, in turn, influences the behavioral intentions towards the service. This paper intends to identify the main attributes which influence the perception private vehicle users have about the public transport services provided in five European cities: Berlin, Lisbon, London, Madrid and Rome. Ordinal logit models have been applied to an online panel survey with a sample size of 2,500 regular private vehicle users (approximately 500 inhabitants per city). To achieve a comprehensive analysis and to deal with heterogeneity in perceptions, 15 models have been developed for the entire sample and 14 user segments. The results show differences between the cities and among the segments. Madrid was taken as reference city and results indicate that the inhabitants are satisfied with public transport in Madrid and that the most important public transport service attributes for private vehicle users are frequency, speed and intermodality. Frequency is an important attribute for all the segments, while speed and intermodality are important for most of the segments. An analysis by segments has identified attributes which, although not important in most cases, are relevant for specific segments. This study also points out important differences between the five cities. Findings from this study can be used to develop policies and recommendations for persuading.

Keywords: service quality, satisfaction, public transportation, private vehicle users, car users, segmentation, ordered logit

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Authors: Mauricio Cruz, Andrés Díaz García, Martha Isabel Gómez, Juan Carlos Serrato Bermúdez

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The disadvantages of using natural substrates in SSF processes have been well recognized and mainly are associated to gradual decomposition of the substrate, formation of agglomerates and decrease of porosity bed generating limitations in the mass and heat transfer. Additionally, in several cases, materials with a high agricultural value such as sour milk, beets, rice, beans and corn have been used. Thus, the use of economic inert supports (natural or synthetic) in combination with a nutrient suspension for the production of biocontrol microorganisms is a good alternative in SSF processes, but requires further studies in the fields of modeling and optimization. Therefore, the aim of this work is to compare the performance of two inert supports, a synthetic (polyurethane foam) and a natural one (rice husk), identifying the factors that have the major effects on the productivity of T. asperellum Th204 and the maximum specific growth rate in a PROPHYTA L05® fixed bed bioreactor. For this, the six factors C:N ratio, temperature, inoculation rate, bed height, air moisture content and airflow were evaluated using a fractional design. The factors C:N and air flow were identified as significant on the productivity (expressed as conidia/dry substrate•h). The polyurethane foam showed higher maximum specific growth rate (0.1631 h-1) and productivities of 3.89 x107 conidia/dry substrate•h compared to rice husk (2.83x106) and natural substrate based on rice (8.87x106) used as control. Finally, a quadratic model was generated and validated, obtaining productivities higher than 3.0x107 conidia/dry substrate•h with air flow at 0.9 m3/h and C:N ratio at 18.1.

Keywords: bioprocess, scale up, fractional design, C:N ratio, air flow

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Authors: Juan Zhou, Lusan Liu, Yanzhong Zhu, Kuixuan Lin, Wenqian Cai, Yu Wang, Xing Wang

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During the past few decades, there has been an increase in the number of coastal land reclamation projects for residential, commercial and industrial purposes in more and more coastal cities of China, which led to the destruction of the wetlands and loss of the sensitive marine habitats. Meanwhile, the influences and nature of these projects attract widespread public and academic concern. For identifying the trend of landscape (esp. Coastal reclamation) and ecological environment changes, understanding of which interacted, and offering a general science for the development of regional plans. In the paper, a case study was carried out in Bohai Bay area, based on the analysis of remote sensing data. Land use maps were created for 1954, 1970, 1981, 1990, 2000 and 2010. Landscape metrics were calculated and illustrated that the degree of reclamation changes was linked to the hydrodynamic environment and macrobenthos community. The results indicated that the worst of the loss of initial areas occurred during 1954-1970, with 65.6% lost mostly to salt field; to 2010, Coastal reclamation area increased more than 200km² as artificial landscape. The numerical simulation of tidal current field in 2003 and 2010 respectively showed that the flow velocity in offshore became faster (from 2-5 cm/s to 10-20 cm/s), and the flow direction seem to go astray. These significant changes of coastline were not conducive to the spread of pollutants and degradation. Additionally, the dominant macrobenthos analysis from 1958 to 2012 showed that Musculus senhousei (Benson, 1842) spread very fast and had been the predominant species in the recent years, which was a disturbance tolerant species.

Keywords: Bohai Bay, coastal reclamation, landscape change, spatial patterns

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Authors: Ivan Poza Martínez

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The international energy landscape has been significantly affected by the Covid-19 pandemic and te conflict in Ukraine. The Vaca Muerta sedimentary formation in Argentina´s Neuquén province has become a crucial area for energy production, specifically in the shale gas ad shale oil sectors. The massive investment required for theexploitation of this reserve make it essential to understand te determinants of the investment in the upstream sector at both local ad international levels. The aim of this study is to identify the qualitative and quantitative determinants of investment in Vaca Muerta. The research methodolody employs both quantiative ( econometrics ) and qualitative approaches. A linear regression model is used to analyze the impact in non-conventional hydrocarbons. The study highlights that, in addition to quantitative factors, qualitative variables, particularly the design of a regulatory framework, significantly influence the level of the investment in Vaca Muerta. The analysis reveals the importance of attracting both domestic and foreign capital investment. This research contributes to understanding the factors influencing investment inthe Vaca Muerta regioncomapred to other published studies. It emphasizes to role of qualitative varibles, such as regulatory frameworks, in the development of the shale gas and oil sectors. The study uses a combination ofquantitative data , such a investment figures, and qualitative data, such a regulatory frameworks. The data is collected from various rpeorts and industry publications. The linear regression model is used to analyze the relationship between the variables and the investment in Vaca Muerta. The research addresses the question of what factors drive investment in the Vaca Muerta region, both from a quantitative and qualitative perspective. The study concludes that a combination of quantitative and qualitative factors, including the design of a regulatory framework, plays a significant role in attracting investment in Vaca Muerta. It highlights the importance of these determinants in the developmentof the local energy sector and the potential economic benefits for Argentina and the Southern Cone region.

Keywords: vaca muerta, FDI, shale gas, shale oil, YPF

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Authors: Alejandro Arnaldo Barroso Martinez

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Unlike sex, which is constituted by anatomic-physiological differences, gender is a social construction. Our thoughts and behaviors as females and males are not etched in stone by our biology but rather from how society expects us to think and behave based on our sex assignment in the womb. Social expectations, values, and roles are taken on by individuals and shape the ways considered acceptable and linked to our bodies, feelings, and interpersonal relationships. Furthermore, these evolve into dire consequences for those who do not meet these disciplinary, economic, and cultural standards. Then, the social learning of gender identity implies the individual’s psychological sense of being, and it might be highly linked to a sense of life and suicide attempts. As a result, suicide has been considered a gender issue with differences in the rates and means used by men and women worldwide. Nevertheless, there has been a misunderstanding of the meaning of being male or female in a particular context and how it becomes a risk process for suicide attempts. For this reason, the general objective of the current research is to explain how this process occurs in Cuba. From a Critical Sociology and Social Psychology, a qualitative methodology was developed through six case studies and qualitative in-depth interviews. The analysis is focused on the sequence and interplay between two dimensions of meaning: signifiers and voices. Findings show that the risk process of suicide attempts in Cuba means some patriarchal beliefs and practices as part of informal educational models and some positivist practices in mental health attention. Findings also show that community relations create a sense of belonging, and it is a protection against suicide attempts in Cuba. Those frames of signifiers and voices explain in both males and females but differently when and how they are suffering from isolation, violence, the normalization of emotional awareness, and emotional distress expression. Suicide prevention programs should take gender learning into account as a cultural process.

Keywords: social constructions, gender identity, meanings, suicide attempt

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Authors: Yassets Egaña, Patricio Núñez, Juan C. Rios, Ivan Balic, Alex Manquez, Yarela Flores, Maria C. Gatica, Sergio Diez De Medina, Rocio Tijaro-Rojas

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Globally, humans produce millions of tons of waste per year. An important percentage of this waste is plastic, which frequently ends up in landfills and oceans. During the last decades, the greatest plastics production in history have been made, a few amount of this plastic is recycled, the rest ending up as plastic pollution in soils and seas. Plastic pollution is disastrous for the environment, affecting essential species, quality of consumption water, and some economic activities such as tourism, in different parts of the world. Due to its durability and decomposition on micro-plastics, animals and humans are accumulating a variety of plastic components without having clear their effects on human health, economy, and wildlife. In dry regions as the Atacama Desert, up to 95% of the water consumption comes from underground reservoirs, therefore preventing the soil pollution is an urgent need. This contribution focused on isolating, genotyping and optimizing microorganisms that use plastic waste as the only source of food to construct a batch-type bioreactor able to degrade in a faster way the plastic waste before it gets the desert soils and groundwater consumed by people living in this areas. Preliminary results, under laboratory conditions, has shown an improved degradation of polyethylene when three species of bacteria and three of fungi act on a selected plastic material. These microorganisms have been inoculated in dry soils, initially lacking organic matter, under environmental conditions in the laboratory. Our team designed and constructed a prototype using the natural conditions of the region and the best experimental results.

Keywords: biological breakdown, plastic bags, prototype, desert regions

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Authors: L. D. Upegui, Isabel Alvarez-Solorza, Karina Garduno-Ulloa, Maren Boecker

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Introduction: The increasing prevalence rate of resistant and multiresistant bacterial strains to antibiotics is a threat to public health and requires a rapid multifunctional answer. Individuals that are affected by resistant strains present a higher morbidity and mortality than individuals that are infected with the same species of bacteria but with sensitive strains. There have been identified risk factors that are related to the misuse and overuse of antibiotics, like socio-demographic characteristics and psychological aspects of the individuals that have not been explored objectively due to a lack of valid and reliable instruments for their measurement. Objective: To validate a questionnaire for the evaluation of the levels of knowledge related to the use of antibiotics in a Mexican population. Materials and Methods: Analytical cross-sectional observational study. The questionnaire consists of 12 items to evaluated knowledge (1=no, 2=not sure, 3=yes) regarding the use of antibiotics, with higher scores corresponding to a higher level of knowledge. Data are collected in a sample of students. Data collection is still ongoing. In this abstract preliminary results of 30 respondents are reported which were collected during pilot-testing. The validation of the instrument was done using the Rasch model. Fit to the Rasch model was tested checking overall fit to the model, unidimensionality, local independence and evaluating the presence of Differential Item Functioning (DIF) by age and gender. The software Rumm2030 and the SPSS were used for the analyses. Results: The participants of the pilot-testing presented an average age of 32 years ± 12.6 and 53% were women. The preliminary results indicated that the items showed good fit to the Rasch model (chi-squared=12.8 p=0.3795). Unidimensionality (number of significant t-tests of 3%) could be proven, the items were locally independent, and no DIF was observed. Knowledge was the smallest regarding statements on the role of antibiotics in treating infections, e.g., most of the respondents did not know that antibiotics would not work against viral infections (70%) and that they could also cause side effects (87%). The knowledge score ranged from 0 to 100 points with a transformed measurement (mean of knowledge 27.1 ± 4.8). Conclusions: The instrument showed good psychometric proprieties. The low scores of knowledge about antibiotics suggest that misinterpretations on the use of these medicaments were prevalent, which could influence the production of antibiotic resistance. The application of this questionnaire will allow the objective identification of 'Hight risk groups', which will be the target population for future educational campaigns, to reduce the knowledge gaps on the general population as an effort against antibiotic resistance.

Keywords: antibiotics, knowledge, misuse, overuse, questionnaire, Rasch model, validation

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Authors: Juan C. Torrado, Javier Gomez, Guadalupe Montero, German Montoro, M. Dolores Villalba

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One of the most challenging aspects of the executive dysfunction of people with Autism Spectrum Disorders is the behavior control. This is related to a deficit in their ability to regulate, recognize and manage their own emotions. Some researchers have developed applications for tablets and smartphones to practice strategies of relaxation and emotion recognition. However, they cannot be applied to the very moment of temper outbursts, anger episodes or anxiety, since they require to carry the device, start the application and be helped by caretakers. Also, some of these systems are developed for either obsolete technologies (old versions of tablet devices, PDAs, outdated operative systems of smartphones) or specific devices (self-developed or proprietary ones) that create differentiation between the users and the rest of the individuals in their context. For this project we selected smartwatches. Focusing on emergent technologies ensures a wide lifespan of the developed products, because the derived products are intended to be available in the same moment the very technology gets popularized, not later. We also focused our research in commercial versions of smartwatches, since this way differentiation is easily avoided, so the users’ abandonment rate lowers. We have developed a smartwatch system along with a smartphone authoring tool to display self-regulation strategies. These micro-prompting strategies are conformed of pictograms, animations and temporizers, and they are designed by means of the authoring tool: When both devices synchronize their data, the smartwatch holds the self-regulation strategies, which are triggered when the smartwatch sensors detect a remarkable rise of heart rate and movement. The system is being currently tested in an educational center of people with ASD of Madrid, Spain.

Keywords: assistive technologies, emotion regulation, human-computer interaction, smartwatches

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Authors: Yu-Jen Shih, Juan-Zhang Lou

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Nitrogenous compounds, such as NH4+/NH3 and NO3-, have become important contaminants in water resources. Excessive concentration of NH3 leads to eutrophication, which poses a threat to aquatic organisms in the environment. Electrochemical oxidation emerged as a promising water treatment technology, offering advantages such as simplicity, small-scale operation, and minimal reliance on additional chemicals. In this study, a nickel-based metal-organic framework (Ni-MOF) was synthesized using 2-amino terephthalic acid (BDC-NH2) and nickel nitrate. The Ni-MOF was further carbonized as derived nickel oxide and nitrogen-carbon composite, Ni/NiOx/NC. The nickel oxide within the 2D porous carbon texture served as active sites for ammonia oxidation. Results of characterization showed that the Ni-MOF was a hexagonal and flaky nanoparticle. With increasing carbonization temperature, the nickel ions in the organic framework re-crystallized as NiO clusters on the surfaces of the 2D carbon. The electrochemical surface area of Ni/NiOx/NC significantly increased as to improve the efficiency of ammonia oxidation. The phase transition of Ni(OH)2⇌NiOOH at around +0.8 V was the primary mediator of electron transfer. Batch electrolysis was conducted under constant current and constant potential modes. The electrolysis parameters included pyrolysis temperatures, pH, current density, initial feed concentration, and electrode potential. The constant current batch experiments indicated that via carbonization at 800 °C, Ni/NiOx/NC(800) was able to decrease the ammonium nitrogen of 50 mg-N/L to below 1 ppm within 4 hours at a current density of 3 mA/cm2 and pH 11 with negligible oxygenated nitrogen formation. The constant potential experiments confirmed that N2 nitrogen selectivity was enhanced up to 90% at +0.8 V.

Keywords: electrochemical oxidation, nickel oxyhydroxide, metal-organic framework, ammonium, nitrate

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Authors: Edward A. Osifodunrin, Jose Manuel Dias Lopes

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In Nigeria, enormous efforts/resources had, over the years, been expended on promoting financial inclusion (FI); however, it is seemingly discouraging that many of its self-declared targets on FI remained unachieved, especially amongst the Rural Dwellers and Actors in the Informal Sectors (RDAIS). Expectedly, many reasons had been earmarked for these failures: low literacy level, huge informal/rural sectors, etc. This study posits that in spite of these truly-debilitating factors, these FI policy failures could have been avoided or mitigated if the principles of active and better-managed citizens’ participation had been strictly followed in the (re)design/implementation of its FI policies. In other words, in a bid to mitigate the prevalent FE in Nigeria, this study hypothesizes the positive impact of increased/active citizens’ participation on FI outcome(s), backed by a preliminary empirical validation. Also, the study introduces the RDAIS-focused participatory financial inclusion policy (PFIP) as a major FI policy regeneration/improvement tool. The three categories of respondents that served as research subjects are FI experts in Nigeria (n = 72), RDAIS from the very rural/remote village of Unguwar Dogo in Northern Nigeria (n = 43), and RDAIS from another rural village of Sekere (n = 56) in the Southern region of Nigeria. Using survey design (5-point Likert scale questionnaires), random/stratified sampling, and descriptive/inferential statistics, the study often recorded independent consensus (amongst these three categories of respondents) that RDAIS’s active participation in iterative FI policy initiation, (re)design, implementation, (re)evaluation could indeed give improved FI outcomes. However, some questionnaire items also recorded divergent opinions and various statistically significant differences in the mean scores of these three categories. The PFIP (or any customized version of it) should then be carefully integrated into the NFIS of Nigeria (and possibly in the NFIS of other developing countries) to truly/fully provide FI policy integration for these excluded RDAIS and arrest the prevalence of FE.

Keywords: citizens’ participation, development, financial inclusion, formal financial services, national financial inclusion strategy, participatory financial inclusion policy, rural dwellers and actors in the informal sectors

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Authors: José Luis Gallizo, Pilar Gargallo, Ramon Saladrigues, Manuel Salvador

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This study offers an exploratory statistical analysis of the persistence of annual profits across a sample of firms from different European Union (EU) countries. To this end, a hierarchical Bayesian dynamic model has been used which enables the annual behaviour of those profits to be broken down into a permanent structural and a transitory component, while also distinguishing between general effects affecting the industry as a whole to which each firm belongs and specific effects affecting each firm in particular. This breakdown enables the relative importance of those fundamental components to be more accurately evaluated by country and sector. Furthermore, Bayesian approach allows for testing different hypotheses about the homogeneity of the behaviour of the above components with respect to the sector and the country where the firm develops its activity. The data analysed come from a sample of 23,293 firms in EU countries selected from the AMADEUS data-base. The period analysed ran from 1999 to 2007 and 21 sectors were analysed, chosen in such a way that there was a sufficiently large number of firms in each country sector combination for the industry effects to be estimated accurately enough for meaningful comparisons to be made by sector and country. The analysis has been conducted by sector and by country from a Bayesian perspective, thus making the study more flexible and realistic since the estimates obtained do not depend on asymptotic results. In general terms, the study finds that, although the industry effects are significant, more important are the firm specific effects. That importance varies depending on the sector or the country in which the firm carries out its activity. The influence of firm effects accounts for around 81% of total variation and display a significantly lower degree of persistence, with adjustment speeds oscillating around 34%. However, this pattern is not homogeneous but depends on the sector and country analysed. Industry effects depends also on sector and country analysed have a more marginal importance, being significantly more persistent, with adjustment speeds oscillating around 7-8% with this degree of persistence being very similar for most of sectors and countries analysed.

Keywords: dynamic models, Bayesian inference, MCMC, abnormal returns, persistence of profits, return on assets

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