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El objetivo del presente estudio es analizar el funcionamiento del sistema de microcréditos en Cabo Verde en su papel de instrumento de lucha contra la pobreza. Abordamos los microcréditos desde un punto de vista social y financiero. Para ello, realizamos un estudio basado en una muestra significativa de las mujeres caboverdianas que utilizan este medio de financiación para crear o consolidar un pequeño negocio. También, obtuvimos información directamente de una muestra significativa de las instituciones de microcréditos caboverdianas. En el estudio planteamos recomendaciones para posibles mejoras en la gestión de las entidades de microfinanzas y para que el precio financiero de los microcréditos sea más bajo.

Hypoxia may inhibits the NHEJ DNA repair through downregulating Ku70/80 expression and combined with an increased angiogenesis and altered p53 expression would be responsible for tumor progression in cervical carcinoma.

Context Insulin-like growth factor 1 (IGF-I) and organochlorine pesticides (OCs) have been involved in the pathogenesis of several diseases like cancer, diabetes and growth disorders. Objective and design The potential relationship between the serum levels of various OCs and serum IGF-I was investigated in adults (176 men and 247 women) from a representative sample of the general population of the Canary Islands (Spain). Results After adjustment for potential confounders, which include body mass index, age, and IGF-binding protein-3 (IGFBP-3), IGF-I levels were significantly lower in the 247 women who showed detectable levels of p , p ′-DDD (a DDT-metabolite) than in women who presented non-detectable levels of this pesticide ( p = 0.030), specially in 36–50 years old women. A similar negative relationship was also found between IGF-I and aldrin (a non-DDT-derivative) in women ( p = 0.049). In the group of 176 men, aldrin seemed to exert a similar negative effect on IGF-I ( p = 0.046) and this effect was clearly significant in the oldest group (51–65 years) ( p = 0.009). A non-linear dose–response curve was observed between Total Cyclodienes Body Burden (Total Cyclodienes; sum of aldrin, dieldrin and endrin) and IGF-I in men ( p = 0.024). These findings suggest that OCs could modulate the IGF-system in a way that is highly influenced by gender, age and by chemical or combination of chemicals implicated. Such circumstances may contribute to the development of a number of diseases related to IGF-I and should be taken into account in public health decisions.

Given the growing importance of the main Latin American economies, the Latibex was created in December 1999. It is an international market characterized for being the only one where exclusively Latin American financial assets are negotiated, using the platform of negotiation and liquidation of values of the Spanish Stock Market. The present paper focuses on seasonal anomalies of markets. In this sense, we empirically contrast the day of the week effect on the financial assets that are quoted on the Latibex and focus not only on the return but on the volatility as well. This paper uses for this purpose the conditional variance models T-ARCH and GARCH

The importance of the indexed loans has been increasing worldwide arising in the financial practice different contractual schemes and systems of amortization that have not been studied in depth. In this context is framed the present study in which we study the determination of the interest rate in the indexed loans, analysing from a financial perspective the different methodologies of amortization than can be apply to such operations, distinguishing between those ones with predetermined payments and post-determined payments.

PurposeTo contrast the different factors that can determine the level of debt of firms by means of panel data methodology.Design/methodology/approachThe variables used in the study are: size, generated resources, level of warrants, debt cost, growth opportunities, and reputation. Six hypotheses are considered.FindingsThe results obtained suggest that the stated variables, other than reputation, can be considered to be explanatory variables of firm debt level. Using within‐groups estimation and generalized least squares, the results suggest that the behavior of the sample throughout the study period is consistent with the fixed effects approach, in which the specific characteristics of each firm remain constant throughout time. Moreover, with respect to the six considered hypotheses, the analysis shows the influence of all stated variables except reputation on the leverage.Originality/valueAdds to the body of research that has focused on the analysis of the financial decisions of the firm, with the level of debt appearing as a relevant factor in explaining the relationship between investment and financing decisions.

El objetivo del presente trabajo es analizar la influencia del riesgo sistemático en la rentabilidad del mercado bursátil español y el estudio de comportamiento estacional de la correspondiente prima de riesgo de mercado. Para ello se efectúa la estimación y contraste del modelo CAPM mediante la utilización de tres proxys de la cartera de mercado. Los resultados indican que el riesgo sistemático es incapaz de explicar las variaciones de rentabilidad de títulos y carteras del mercado español. No obstante, se pone de manifiesto la influencia de dicho riesgo en la rentabilidad de algún mes del año, obteniéndose evidencia de un cierto comportamiento estacional de la prima de riesgo.

El trabajo realiza un analisis del riesgo beta de distintos activos y carteras en el mercado bursatil espanol durante el periodo 1991-2000. Se analiza la estabilidad del coeficiente beta a lo largo del tiempo a traves de distintos contrastes fundamentados en los residuos recursivos, se estudia su comportamiento temporal. mediante estimaciones con distintos intervalos temporales, y tambien se lleva a cabo la prediccion de dicho riesgo a traves de diversas metodologias. Para ello, se efectua la estimacion del riesgo beta mediante la tecnica de Minimos Cuadrados Generalizados y se utilizan distintos indices bursatiles como proxys de la cartera de mercado.

Oxygen molecule modulates tumour response to radiotherapy. Higher radiation doses are required under hypoxic conditions to induce cell death. Hypoxia may inhibit the non-homologous end-joining DNA repair through down regulating Ku70/80 expression. Hypoxia induces drug resistance in clinical tumours, although the mechanism is not clearly elucidated. Vaults are ribonucleoprotein particles with a hollow barrel-like structure composed of three proteins: major vault protein (MVP), vault poly(ADP-ribose) polymerase, and telomerase associated protein-1 and small untranslated RNA. Over-expression of MVP has been associated with chemotherapy resistance. Also, it has been related to poor outcome in patients treated with radiotherapy alone. The aim of the present study was to assess the relation of Major Vault Protein expression and tumor hypoxia in clinical cervical tumors. MVP, p53 and angiogenesis, together with tumor oxygenation, were determined in forty-three consecutive patients suffering from localized cervix carcinoma. High MVP expression was related to severe hypoxia compared to low MVP expressing tumors (p = 0.022). Tumors over-expressing MVP also showed increased angiogenesis (p = 0.003). Besides it, in this study we show for the first time that severe tumor hypoxia is associated with high MVP expression in clinical cervical tumors. Up-regulation of MVP by hypoxia is of critical relevance as chemotherapy is currently a standard treatment for those patients. From our results it could be suggested that hypoxia not only induces increased genetic instability, oncogenic properties and metastatization, but through the correlation observed with MVP expression, another pathway of chemo and radiation resistance could be developed.

Context Serum levels of Insulin-like growth factor I (IGF-I) play a critical role in children growth and in the pathogenesis of several diseases. In addition, recent studies suggest that DDT-derivative organochlorine pesticides (OC–DDTs) could influence IGF levels in human beings. Objective and design Because it has been suggested that IGF-I peak levels at puberty could determine IGF-I levels in adulthood, we developed a cross-sectional study of the potential association between serum levels of OC–DDTs and IGF system in 160 serum samples from young people (81 boys and 79 girls) living in the Canary Islands (Spain). Results Multivariate tests were used adjusting for confounding variables (age, height, and weight) and stratifying by gender and age: IGF-I serum levels were significantly lower in pre-pubertal male children (6–15years) who showed detectable values of p , p ′-DDE, and p , p ′-DDD than in pre-pubertal male children with undetectable levels of these OC–DDTs-metabolites ( p =0.023 and p =0.049, respectively). In addition, in this multivariate model, a non-linear dose–response curve was observed between Total DDT body burden (sum of the three DDT-derivatives measured: p , p ′-DDT, p , p ′-DDE, and p , p ′-DDD) and IGF-I in pre-pubertal male children (6–15years; p =0.043). Conclusion These findings suggest that OC–DDTs could modulate the IGF-system in a way that is highly influenced by gender and age. Improvements in our understanding of exogenous determinants of the IGF-system may provide new insights into the role played by environmental contaminants in IGF-related diseases.

To assess the expression of MVP in cervix carcinoma patients treated by radiochemotherapy, its relation to clinical and pathologic prognostic factors and its role in predicting clinical outcome. In addition the relation to IGF-1R expression in this cohort of patients will be explored.Sixty consecutive patients suffering from localized cervix carcinoma were prospectively included in this study from July 1999 to December 2003. Follow-up was closed in November 2007. Patients were staged following the TNM classification. All patients received pelvic radiation (45-64.80 Gy in 1.8-2 Gy fractions) followed brachytherapy and concomitant cisplatin at 40 mg/m(2)/week doses. MVP expression was studied by immunohistochemistry in paraffin-embedded tumour tissue.MVP was expressed in 58 patients (96.7%) and no relation was found with clinicopathological variables. High MVP expression was related to high IGF1-R expression (p=0.023). Complete response after treatment was observed in 50 patients (83.3%). Clinical stage of the disease and clinical response to radiochemotherapy were the most important prognostic factors related to survival. High MVP and IGF-1R tumour expression was strongly related to poor local and regional disease-free survival (p=0.006), distant disease-free survival (p=0.050), disease-free survival (p=0.006), and cause-specific survival (p=0.007) in patients achieving a complete response.MVP and IGF-1R expression were related in clinical cervical tumours and confer reduced long-term local control in patients who achieved clinical complete response to radiochemotherapy.