En el presente documento se presenta un análisis empírico sobre las tenencias de efectivo y su incidencia sobre la rentabilidad de los fondos mutuos en Bolivia. A través de la estimación de 26 modelos econométricos de Vectores Auto Regresivos, se pudo comprobar que el nivel de liquidez medido por las tenencias de efectivo sobre la cartera neta, no tuvo un impacto significativo sobre la rentabilidad de la mayor parte de los fondos estudiados, desestimando de esta manera la idea que los excedentes de efectivo generan un impacto favorable en el desempeño de una cartera.

This paper presents an empirical analysis of cash holdings and their impact on the profitability of mutual funds in Bolivia. Through the estimation of 26 econometric models of Auto Regressive Vectors, we verified that the level of liquidity did not have a significant impact on the return for most of the mutual funds studied; thus the idea that cash surpluses have a favorable impact on the portfolio performance was rejected.

En el presente documento se desarrolla un análisis empírico de los factores determinantes de la rentabilidad de los Fondos de Inversión en Bolivia. A través de la estimación de un modelo de Vectores Auto Regresivos con datos de Panel y Vectores Auto Regresivos Estructurales, con datos mensuales de 36 fondos de inversión para el periodo 2012-2016, se identifican las interdependencias dinámicas entre variables económicas y el rendimiento de los Fondos de Inversión. Los resultados muestran que el incremento en la tasa de interés de depósitos a plazo fijo, la reducción en la liquidez de entidades financieras, el aumento de la actividad económica y la disminución de la inflación, tienen un efecto positivo sobre la rentabilidad de los fondos de inversión. De las variables mencionadas, la más influyente es la inflación.

This paper presents an empirical analysis of the profitability determinants of mutual funds in Bolivia. Through the estimation of Vector Auto Regressive model with panel data and Structural Auto Regressive Vectors, with monthly data from 36 mutual funds for the 2012-2016 period, it was possible to identify the dynamic interdependencies between economic variables and the performance of funds. The results show that an increase in the interest rate of fixed-term deposits, the reduction in the liquidity of financial institutions, the increase in economic activity and the decrease in inflation, have a positive effect on the profitability of the mutual funds. Of the variables mentioned, the most influential is inflation.

En el presente documento se desarrollan conceptos y aplicaciones relacionadas con modelos de econometría financiera, el objetivo principal fue la determinación del nivel de volatilidad de los rendimientos reportados por los Fondos de Inversión Abiertos en Bolivia. Mediante la aplicación de los modelos GARCH, MMEP y de Volatilidad Estocástica, se pudo determinar la volatilidad condicional e incondicional. Por otro lado, mediante el uso de los modelos GJR y EGARCH se evaluó la presencia de asimetría en la volatilidad de los rendimientos, finalmente se realizó la estimación del modelo GARCH-M para establecer el nivel de rentabilidad ajustada al riesgo. Los resultados obtenidos mediante el análisis de 28 series de tiempo en un periodo de 5 años, permitieron establecer una línea base para medir el nivel de riesgo existente en la rentabilidad alcanzada por los Fondos de Inversión Abiertos.

This paper presents the concepts and applications related to financial econometrics models. The main objective was to determine the level of volatility of yields reported by the Open Mutual Funds in Bolivia. By applying the GARCH, EWMA and Stochastic Volatility models, conditional and unconditional volatility could be determined. On the other hand, through the application of the GJR and EGARCH models the presence of asymmetry in the yield volatility was evaluated, finally the estimation of the GARCH-M model was made to establish the level of risk adjusted rate of return. The results obtained through the analysis of 28-time series over a period of 5 years allowed us to establish a base line for measuring the level of risk existing in the profitability achieved by the Open Mutual Funds.

Biopolymers are synthetic macromolecules when used illegally in the field of Cosmetic Medicine as tissular fillers, they produce multiple local and systemic complications that may appear immediately or years later, and sometimes even endangering the lives of patients. We report the case of a patient who 3 years after buttocks infiltration with biopolymers, suffered gluteal abscess and siliconomas, meriting surgical extraction and serial washed till getting final wound closure. The evolution was satisfactory and currently, she is in monitoring for posterior gluteal remodeling.

Los biopolímeros son macromoléculas sintéticas que en ocasiones se utilizan de forma ilegal en el campo de la Medicina Estética como material de relleno tisular provocando múltiples complicaciones tanto locales como sistémicas que se pueden manifestar de forma inmediata o años después, e incluso pueden llegar a poner en peligro la vida de los pacientes. Presentamos el caso de una paciente que, 3 años después de la infiltración de biopolímeros en glúteos, presentó abscesos y siliconomas que precisaron extracción y lavados quirúrgicos seriados hasta que pudo hacerse el cierre final de las heridas sin complicaciones. La evolución posterior fue satisfactoria y en momento actual, la paciente se encuentra en seguimiento periódico para posterior remodelación glútea.

En el presente documento se exponen los conceptos relacionados con la valoración de Inmuebles Comerciales. El objetivo principal fue la determinación del valor de este tipo debienes raíces mediante la aplicación de dos métodos: el primero Capitalización Directa y el segundo Flujos de Caja Descontados, para ambos métodos fue necesario estimar la Utilidad Operativa Neta por concepto del arrendamiento que percibe el propietario del inmueble, un aspecto importante en la investigación fue la determinación de la tasa de capitalización la cual fue calculada a partir de información primaria recabada sobre el arrendamiento por metro cuadrado y el valor de mercado de inmuebles comparables en la ciudad de La Paz. Los resultados alcanzados mediante ambos métodos de valoración presentaron diferencias que se explican principalmente porque se utilizarondiferentes tasas de crecimiento en las utilidades esperadas.

This paper presents concepts related to the valuation of commercial real estate. The main objective was to determine the value of this real estate through the application of two methods: the first one Direct Capitalization and the second one Discounted Cash Flows, for both methods it was necessary to estimate the Net Operating Income for the lease perceived by the owner of the property. An important aspect in the investigation was the determination of the capitalization rate which was calculated from primary information collected on the lease per square meter and the market value of comparable properties in the city of La Paz. The results obtained by both valuation methods presented differences that are mainly explained by the fact that different growth rates were used in the expected profits.

En el presente documento se exponen los conceptos relacionados con la eficiencia y anomalías de mercado, así mismo se presentan los métodos utilizados para la estimación de funciones de Oferta y Demanda. El objetivo principal fue la determinación de los precios de Oferta y Demanda (BID-ASK) en el mercado de valores de Colombia para instrumentos de Renta Fija. La aplicación y análisis de resultados se realizó utilizando información de la Bolsa de Valores de Colombia. Los resultados alcanzados mediante la aplicación de un Modelo econométrico de Mínimos Cuadrados en dos Etapas, permitió la determinación de los precios así como el diferencial BID-ASK. El trabajo reveló la presencia de transacciones cuyos precios se encuentran fuera del rango BID-ASK, lo cual permitió identificar la existencia de Anomalías de Mercado, principalmente en aquellos sectores de la economía con pocas transacciones en sus instrumentos.

This paper presents the concepts related to market efficiency, anomalies, and the methods used to estimate supply and demand functions. The main objective was the determination of Bid-Ask prices, on the Securities Market of Colombia for fixed income instruments.. The application and analysis of results was performed using information from the Colombia Stock Exchange. The results achieved by applying an econometric model of two stage least squares, allowed the determination of BID-ASK spread. The study revealed the presence of transactions whose prices are outside the BID-ASK range, which contrast the existence of anomalies in the market, particularly in economic sectors with few financial instruments transactions.

INTRODUÇÃO: A hipertensão arterial sistêmica afeta mais de 1,2 milhão de pessoas no mundo. Apenas 35% dos pacientes hipertensos têm valores de pressão arterial controlados. Recentemente a denervação simpática renal (DSR) tem demonstrado diminuir significativamente os valores de pressão arterial nos pacientes com hipertensão arterial sistêmica resistente. MÉTODOS: Estudo prospectivo, de braço único, observacional, multicêntrico, incluindo pacientes consecutivos submetidos a DSR. O objetivo primário foi avaliar os níveis da pressão arterial sistólica aos 30 dias de seguimento. O objetivo secundário foi determinar a ocorrência de qualquer evento adverso relacionado com o procedimento. RESULTADOS: Foram incluídos os primeiros 20 pacientes submetidos a DSR. A média de pressão arterial antes do procedimento foi de 171,6/93,2 ± 15,5/11,3 mmHg, com média de uso de 4,1 ± 1,5 fármacos anti-hipertensivos por paciente. A taxa de sucesso foi de 95%, tendo sido aplicadas 11,1 ± 1,9 ablações por paciente. Foi observada diminuição média de 29 ± 21 mmHg (P = 0,009) na pressão arterial sistólica 30 dias após o procedimento. Não houve complicação associada ao procedimento. CONCLUSÕES: A DSR por cateter em pacientes da prática clínica diária diminuiu significativamente os valores de pressão arterial. Em nossa experiência, a DSR demonstrou ser factível e segura.

BACKGROUND: Systemic arterial hypertension affects over 1.2 million people worldwide. Only 35% of hypertensive patients have controlled blood pressure levels. Renal sympathetic denervation (RSD) has shown to significantly decrease blood pressure levels in patients with resistant systemic hypertension. METHODS: Prospective, single arm, observational, multicenter study including consecutive patients undergoing RSD. The primary endpoint was to assess systolic blood pressure levels at the 30-day follow-up. The secondary endpoint was to determine the presence of procedure-related adverse events. RESULTS: The first 20 patients undergoing RSD were included. The average blood pressure prior the procedure was 171.6/93.2 ± 15.5/ 11.3 mmHg, with the use of 4.1 ± 1.5 antihypertensive drugs per patient. Success rate was 95%, and 11.1 ± 1.9 ablations were performed per patient. A systolic blood pressure decrease of 29 ± 21 mmHg (P = 0.009) was observed 30 days after the procedure. There were no procedure-related complications. CONCLUSIONS: Catheter-based RSD in daily clinical practice patients significantly decreased blood pressure levels. In our experience, RSD proved to be feasible and safe.

INTRODUÇÃO: Os stents com liberação de fármacos antiproliferativos (SF) têm demonstrado sua eficácia nos mais variados cenários. Entretanto, preocupações recentes com a maior ocorrência de trombose muito tardia com a primeira geração de SF, possivelmente associada a reendotelização retardada ou incompleta, impulsionaram o desenvolvimento de dispositivos mais eficazes e seguros. MÉTODO: Estudo retrospectivo, de centro único, incluindo pacientes submetidos a intervenção coronária percutânea entre janeiro de 2006 e dezembro de 2008, tratados com SF com liberação de everolimus (everolimus-eluting stent - EES) (Xience V TM/PromusTM) e com SF com liberação de zotarolimus (zotarolimus-eluting stent - ZES) (EndeavorTM). O objetivo principal foi comparar a taxa de eventos cardíacos adversos maiores no seguimento de 12 meses entre os pacientes dos grupos EES e ZES. RESULTADOS: No total, 198 pacientes com 266 lesões foram incluídos nesta análise. A média de idade foi de 60 ± 10 anos e 39% tinham diabetes melito, sem diferenças entre os grupos. O diâmetro de referência (2,3 ± 0,5 mm vs. 2,38 ± 0,2 mm; P = 0,14) e a extensão da lesão (16,3 ± 9,4 mm vs. 16,1 ± 11,3 mm; P = 0,89) também não diferiram entre os grupos. Após 12 meses de seguimento, a taxa de eventos cardíacos adversos maiores foi de 8,16% no grupo EES e de 8% no grupo ZES (P = 0,96), sem diferença entre os grupos, com taxa global de revascularização da lesão-alvo de 2% (1% EES vs. 3% ZES; P = 0,32). Não houve nenhum caso de trombose definitiva de stent. CONCLUSÃO: Nesta análise em pacientes nãoselecionados, as taxas de eventos cardíacos adversos maiores foram semelhantes entre os pacientes dos grupos EES e ZES, com baixas taxas de revascularização da lesão-alvo e excelente perfil de segurança no seguimento de 12 meses.

BACKGROUND: The use of drug-eluting stents (DES) has proven to be effective in different angiographic scenarios. However, recent concerns with the occurrence of very late stent thrombosis with the first DES generation, probably related to delayed or incomplete endothelization, have led to the development of new safer and more effective devices. METHOD: Retrospective, single center study, including patients undergoing percutaneous coronary intervention between January 2006 and December 2008, treated with everolimuseluting stent (EES) (Xience V TM/PromusTM) and zotarolimuseluting stent (ZES) (EndeavorTM). Our objective was to compare the rates of major adverse cardiac events between EES and ZES patients after 12 months of follow-up. RESULTS: Overall, 198 patients with 266 lesions were included in the study. Mean age was 60 ± 10 years and 39% had diabetes mellitus, without significant differences between groups. The reference diameter (2.3 ± 0.5 mm vs. 2.38 ± 0.2 mm; P = 0.14), as well as lesion length (16.3 ± 9.4 mm vs. 16.1 ± 11.3 mm; P = 0.89), were also not significantly different between groups. After 12 months of follow-up, the rate of major adverse cardiac events was 8.16% in the EES group vs. 8% in the ZES group (P = 0.96), with a global rate of target-lesion revascularization of 2% (1% EES and 3% ZES; P = 0.32). There were no cases of definite stent thrombosis. CONCLUSION: In this study of non-selected patients, the rates of major adverse cardiac events were similar between patients treated in the EES and ZES groups, with low target-lesion revascularization rates and excellent safety profile after 12 months of follow-up.