Resumen Los aneurismas de arteria ilíaca solitarios son menos frecuentes que otros aneurismas de grandes vasos, siendo en la mayoría detectados junto con un aneurisma de aorta abdominal concomitante. Comparten la misma etiología aterosclerótica-degenerativa, siendo así que sus factores de riesgo son los mismos que para otros aneurismas. Generalmente son asintomáticos y se detectan incidentalmente, y cuando son sintomáticos, están en relación con la compresión de estructuras adyacentes y la ruptura del aneurisma. Los aneurismas de la arteria ilíaca común son los más comunes, seguidos de los aneurismas ilíacos internos y luego externos. Actualmente existe una variedad de opciones quirúrgicas abiertas, endovasculares e híbridas para tratar los aneurismas de la arteria ilíaca. La anatomía de la arteria ilíaca común con respecto al cuello proximal y distal, la afectación de la bifurcación ilíaca y la elección de preservar la arteria ilíaca interna ipsilateral juegan un papel en el proceso de decisión hacia el método de tratamiento preferido.

Abstract Isolated iliac artery aneurysms are less common than other large-vessel aneurysms, and most are detected together with a concomitant abdominal aortic aneurysm. It shares the same atherosclerotic-degenerative etiology since its risk factors are the same as for other aneurysms. They are generally asymptomatic, being detected incidentally and when they are symptomatic, they are related to the compression of adjacent structures and the rupture of the aneurysm. Common iliac artery aneurysms are the most common, followed by internal and then external iliac aneurysms. Currently, a variety of open, endovascular, and hybrid surgical options exist to treat iliac artery aneurysms. The anatomy of the common iliac artery with respect to the proximal and distal neck, the involvement of the iliac bifurcation, and the choice to preserve the ipsilateral internal iliac artery all play a role in the decision process towards the preferred method of treatment.

RESUMEN. En contraste con la pregunta sobre si se debe maximizar el patrimonio social o tratar igualitariamente a accionistas y otros grupos de interés, el interrogante sobre la responsabilidad de los administradores en sociedades con diferentes clases de acciones ha sido objeto de poca atención en Colombia. ¿Puede preferirse a algunos accionistas o debe tratarse a todos ellos equitativamente? Este artículo concluye que se debe preferir a los accionistas ordinarios cuando una decisión implique un conflicto entre estos y accionistas preferenciales. Empero, en relación con acciones de voto múltiple, de seguimiento o de pago debe tratarse equitativamente a todos los accionistas.

ABSTRACT. While whether managers and directors shall maximize equity or give equal treatment to shareholders and stakeholders is a well-studied question, the analysis of liability where two or more kinds of shares have been issued is almost inexistent in Colombia. May managers and directors prefer some shareholders or shall they give equal treatment to all? This paper concludes that they shall prefer common shareholders regarding decisions entailing conflicts of interests between the former and preferred shareholders. In contrast, and as to dual-class shares, tracking shares and stock received as payment for services, managers and directors shall treat equally all shareholders.

Abstract The objective of this paper is to analyze the non-voting shares authorized by the General Law of Mercantile Corporations (LGSM) to determine, in the silence of the law, whether or not the right to preferential dividend is consubstantial to these shares. For this, inductive, deductive and bibliographic methods are used and limited voting shares are studied to which the LGSM does confer that right. The result is that the preferred dividend is a compensation for the deprivation of the vote, as considered by foreign doctrine and legislation; therefore, in accordance with the principles of equality and majority of reason, non-voting shares in Mexico of their own accord the same economic compensation provided for shares with limited voting rights, or other economic value in favor of their holder, unless there is a resignation or express free disposition of the shareholder.

Resumen El objetivo de este trabajo es analizar las acciones sin derecho de voto autorizadas por la Ley General de Sociedades Mercantiles (LGSM) para determinar, ante el silencio de la ley, si el derecho al dividendo preferente es o no consubstancial a estas acciones. Para ello, se utilizan los métodos inductivo, deductivo y bibliográfico y se estudian las acciones de voto limitado a las que la LGSM sí confieren ese derecho. El resultado es que el dividendo preferente es una compensación por la privación del voto, como lo consideran la doctrina y legislación extranjeras; por lo que, conforme los principios de igualdad y mayoría de razón, las acciones sin derecho de voto, en México de suyo confieren la misma compensación económica prevista para las acciones de voto limitado, u otro valor económico en favor de su titular, a menos que haya renuncia o disposición gratuita expresa del accionista.

Resumen El arbitraje constituye un eficaz mecanismo de resolución alternativa de conflictos que ofrece múltiples ventajas a los consumidores. Si bien no cabe duda, que las controversias que puedan surgir a tenor de la comercialización de productos financieros, pueden ser dilucidadas a través de esta institución, la experiencia en nuestro país, lejos de fomentar el recurso al arbitraje, le ha reportado numerosas críticas que han llegado incluso a cuestionar su eficiencia. En el presente artículo se introducen las causas que han llevado al incremento de la litigiosidad en esta materia, así como un análisis de aquellas situaciones que ha implicado un cuestionamiento de la viabilidad del arbitraje en este ámbito, con especial referencia a los procedimientos relativos a la adquisición de participaciones preferentes y swaps.

Abstract Arbitration is an effective alternative dispute resolution mechanism that offers multiple benefits to consumers. While there is no doubt that the disputes that may arise in connection with the commercialization of financial products can be resolved through this institution, the experience in our country, far from encouraging recourse to arbitration, has brought numerous criticisms that have even questioned its efficiency. This article introduces the causes that have led an increase in litigation in this area as well as an analysis of those situations that have implied a questioning of the viability of arbitration in this field, with special reference to the procedures relating to the acquisition of preferred shares and swaps.

Abstract Objective: To examine whether financial fraud is associated with poor health sleeping problems and poor quality of life. Methods: Pilot study (n=188) conducted in 2015-2016 in Madrid and León (Spain) by recruiting subjects affected by two types of fraud (preferred shares and foreign currency mortgages) using venue-based sampling. Information on the monetary value of each case of fraud; the dates when subjects became aware of being swindled, lodged legal claim and received financial compensation were collected. Inter-group comparisons of the prevalence of poor physical and mental health, sleep and quality of life were carried according to type of fraud and the 2011-2012 National Health Survey. Results: In this conventional sample, victims of financial fraud had poorer health, more mental health and sleeping problems, and poorer quality of life than comparable populations of a similar age. Those who had received financial compensation for preferred share losses had better health and quality of life than those who had not been compensated and those who had taken out foreign currency mortgages. Conclusion: The results suggest that financial fraud is detrimental to health. Further research should examine the mechanisms through which financial fraud impacts health. If our results are confirmed psychological and medical care should be provided, in addition to financial compensation.

Resumen Objetivo: Explorar si los fraudes financieros se asocian a la mala salud, problemas de sueño y mala calidad de vida. Métodos: Estudio piloto (n=188) realizado en 2015-2016 en Madrid y León reclutando personas afectadas por dos tipos de fraudes (preferentes e hipotecas multidivisas), por el método venue-sampling. Se recogió información sobre el valor monetario del fraude, las fechas en que la persona conocía que había sido estafada, había iniciado una demanda y había recibido una compensación económica. Se compararon las prevalencias de mala salud física y mental, sueño y calidad de vida entre grupos según tipo de fraude y con la Encuesta Nacional de Salud de 2011-2012. Resultados: En esta muestra convencional, las víctimas de fraude financiero presentaron peor salud, más problemas de salud mental y de sueño, y peor calidad de vida que las poblaciones comparables de la misma edad. Aquellos que habían recibido una compensación económica por las pérdidas en preferentes tuvieron mejor salud y calidad de vida que los que no habían recibido compensación y que aquellos que habían contratado hipotecas multidivisas. Conclusión: Los resultados sugieren que los fraudes financieros causan daños a la salud. Deberían investigarse los mecanismos por los que los fraudes financieros causan daños de salud. Si los resultados se confirman, debe proveerse asistencia psicológica y médica, además de las compensaciones económicas.

Abstract Objective: To examine whether financial fraud is associated with poor health sleeping problems and poor quality of life. Methods: Pilot study (n=188) conducted in 2015-2016 in Madrid and León (Spain) by recruiting subjects affected by two types of fraud (preferred shares and foreign currency mortgages) using venue-based sampling. Information on the monetary value of each case of fraud; the dates when subjects became aware of being swindled, lodged legal claim and received financial compensation were collected. Inter-group comparisons of the prevalence of poor physical and mental health, sleep and quality of life were carried according to type of fraud and the 2011-2012 National Health Survey. Results: In this conventional sample, victims of financial fraud had poorer health, more mental health and sleeping problems, and poorer quality of life than comparable populations of a similar age. Those who had received financial compensation for preferred share losses had better health and quality of life than those who had not been compensated and those who had taken out foreign currency mortgages. Conclusion: The results suggest that financial fraud is detrimental to health. Further research should examine the mechanisms through which financial fraud impacts health. If our results are confirmed psychological and medical care should be provided, in addition to financial compensation.

Resumen Objetivo: Explorar si los fraudes financieros se asocian a la mala salud, problemas de sueño y mala calidad de vida. Métodos: Estudio piloto (n=188) realizado en 2015-2016 en Madrid y León reclutando personas afectadas por dos tipos de fraudes (preferentes e hipotecas multidivisas), por el método venue-sampling. Se recogió información sobre el valor monetario del fraude, las fechas en que la persona conocía que había sido estafada, había iniciado una demanda y había recibido una compensación económica. Se compararon las prevalencias de mala salud física y mental, sueño y calidad de vida entre grupos según tipo de fraude y con la Encuesta Nacional de Salud de 2011-2012. Resultados: En esta muestra convencional, las víctimas de fraude financiero presentaron peor salud, más problemas de salud mental y de sueño, y peor calidad de vida que las poblaciones comparables de la misma edad. Aquellos que habían recibido una compensación económica por las pérdidas en preferentes tuvieron mejor salud y calidad de vida que los que no habían recibido compensación y que aquellos que habían contratado hipotecas multidivisas. Conclusión: Los resultados sugieren que los fraudes financieros causan daños a la salud. Deberían investigarse los mecanismos por los que los fraudes financieros causan daños de salud. Si los resultados se confirman, debe proveerse asistencia psicológica y médica, además de las compensaciones económicas.

Abstract After six months of its publishing in Mexico´s Official Journal, the bill, which creates the Shares Simplified Corporation (Sociedad por Acciones Simplificada), came into effect on September 14th, 2016 as a reform of the General Act of Mercantile Corporations (Ley General de Sociedades Mercantiles). This new scheme for corporations is inspired on the Principles for Corporate Governance issued by the Organization for Development and Economic Cooperation (OCDE) in order to reach international standards. This innovative corporation can be constituted online by one or several shareholders in 24 hours. Shareholders must bear an electronic signature in order to apply for this corporation. Furthermore, if controversies arise among shareholders, mandatorily Alternative Dispute Resolution Mechanisms (ADR´s) are preferred over adjudication. Shareholders are not required to use the services of fedatarios públicos( notarios públicos and corredores públicos). Surprisingly, in implementing this new corporation system, the Mexican state set aside one of its legal cornerstones: public faith, which is vested by the state upon public notaries (notarios públicos), who give public faith on all juridical acts and upon brokers (corredores públicos), who give public faith specifically on commercial acts. Mexico´s efforts to increase Foreign Direct Investment (FDI) led the Federal Legislative Power to promote this reform in order to implement a new way to constitute a business corporation without considering the violation of human rights of future investors, national and foreign because the constitution of business corporations lies primarily in the concept of public faith as provided in state and federal laws as well as the judiciary. Although Mexico has entered into more than a dozen free trade agreements with several countries from different economic blocs, future national and foreign direct investments are at peril due to the legal uncertainty in constituting these kinds of business corporations.

Resumen El pasado 14 de marzo de 2016, Enrique Peña Nieto, Presidente de los Estados Unidos Mexicanos publicó en el Diario Oficial de la Federación el decreto por medio del cual el Congreso de la Unión reformó la Ley General de Sociedades Mercantiles para crear una nueva modalidad de persona jurídica que se denomina Sociedad por Acciones Simplificada (SAS). El estado mexicano aspira a cumplir a través de este reciente estatuto con algunos estándares internacionales sugeridos por la Organización para la Cooperación y Desarrollo Económicos (OCDE). En esta novedosa sociedad mercantil se introduce entre otras cosas, la utilización de la firma electrónica avanzada como requisito indispensable para su constitución lo que significa un avance en la utilización de tecnología informática para abatir trámites burocráticos. Otra innovación interesante en este nuevo régimen societario lo constituye la privilegiación de los mecanismos alternativos de solución de controversias previstos en el Código de Comercio para sustanciar conflictos que surjan entre los accionistas, así como de éstos con terceros. Asimismo, los accionistas no requieren en la constitución de este régimen societario de la intervención de fedatarios públicos (notarios públicos, quienes dan fé pública de actos jurídicos en general ni de corredores públicos quienes otorgan fé pública a los actos jurídicos de comercio) El Congreso de la Unión promovió esta reforma como resultado de los esfuerzos del estado mexicano para atraer Inversión Extranjera Directa (IED), a fin de establecer una sociedad mercantil sin tomar en cuenta la violación de los derechos humanos de los futuros socios o inversores, nacionales o extranjeros, ya que la constitución de una sociedad mercantil se basa en el concepto de fe pública delegada a particulares, tal y como se establece en las leyes estatales y federales. El concepto de fe pública ya ha sido definido en tesis vigentes por los órganos del Poder Judicial de la Federación. A pesar de que México ha celebrado más de una docena de tratados de libre comercio con diversos países de diferentes bloques económicos, los inversionistas nacionales y extranjeros están en riesgo al utilizar esta modalidad de régimen mercantil en razón de la incertidumbre que existe al constituir este tipo de sociedades mercantiles, ante la ausencia de fe pública en su constitución.

O objetivo deste artigo é analisar o comportamento dos preços de ações de companhias abertas brasileiras listadas na BM & FBovespa, nos dias próximos aos anúncios de fusões ou aquisições (F & As), visando aferir a eficiência informacional semiforte do mercado de capitais brasileiro. Em termos metodológicos, trata-se de um estudo de evento no qual os retornos anormais diários foram calculados utilizando-se o Modelo de Retornos Ajustados ao Mercado. A amostra foi composta por 61 ações preferenciais e 27 ordinárias de companhias brasileiras que empreenderam processos de F & As entre janeiro de 1996 e dezembro de 2004. Conclui-se que: 1. O anúncio de uma F & A contém informação relevante para a precificação das ações no mercado; 2. Possivelmente ocorreu uso de informações privilegiadas (indícios); 3. O mercado comportou-se de maneira eficiente informacionalmente, tanto para as ações preferenciais quanto para as ordinárias, no que se refere à velocidade do ajuste ao anúncio; 4. O mercado reagiu de maneira diferenciada para ações preferenciais e ordinárias, com queda para as primeiras e elevação para essas últimas.

This paper aims is to analyze the behavior of stock prices of publicly traded Brazilian companies listed on the BM & FBovespa the day after the announcements of mergers and acquisitions (M & As) to measure the semi-strong form of the Market Efficiency Hypothesis of the Brazilian market. This study considered an event in which the daily abnormal returns were calculated using the model of market-adjusted return. The sample consisted of 61 preferred and 27 common shares of Brazilian companies participating in processes of M & A between January 1996 and December 2004. The results indicated that 1. The announcement of an M & A event contains information relevant to the pricing of shares in the market; 2. The possible use of inside information; 3. The Brazilian market is represented by the semi-strong form of the Market Efficiency Hypothesis, both for preferred shares and for the ordinary shares, with regard to the speed of adjustment to announcement; 4. The market reacted differently to common and preferred shares, decreasing for the former and increasing for the latter.

Este estudo buscou investigar as relações existentes entre a assimetria de informação na negociação de ações, as características econômico-financeiras e a governança corporativa das empresas abertasno mercado acionário brasileiro nos anos de 2010 e 2011.Para isso,o estudo se apoiou em um referencial teórico acerca da assimetria de informação no mercado de capitais para mensurar sua magnitude a partir dos dados intradiários de negociação das ações de 194 empresas. Os principais resultados apontaram que a assimetria informacional na negociaçãodas ações esteve relacionada de forma positiva com orisco, o retorno ea liquidez das ações, além do custo de capital próprio e do tamanho das firmas. Por outro lado, esteve negativamente relacionada como retorno anormal dasações. No período investigado, as relaçõesda assimetria de informaçãocom a liquidez e o tamanho (positivas) e com o retorno anormal (negativa) seapresentaram em desacordo com pesquisas anteriores. As justificativas para esses resultados podem estar ligadas aos aspectos particulares do mercado brasileiro. No caso do retorno anormal, a desaceleração do Índice Bovespa(Ibovespa) ou o reflexo do retorno médio para os negociadores sem informação privilegiada no período. No caso da liquidez e do tamanho, o alto índice de emissão e negociação de ações preferenciais.Dessa forma, esta pesquisa contribui para a análise das características idiossincráticas do mercado de capitaisde umpaís emergente, como a assimetria de informação existente na negociação de ações e sua associação com as características econômico-financeiras e a governança corporativa das firmas no mercado acionário brasileiro.

This study sought to investigate the relationship between information asymmetry in the stock trading, economic and financial characteristics and corporate governance of listed companies in the Brazilian stock market in 2010 and 2011. To this end, the study relied on a theoretical framework for information asymmetry in the capital market to measure the asymmetry's magnitude based on the intraday stock-trading data of 194 companies. The primary results demonstrated that the informational asymmetry in the stock trading was positively related to the risk, return and liquidity of the shares as well as the cost of equity and the size of the companies. In addition, the asymmetry was negatively related to the abnormal return of shares. During the investigated period, the information asymmetry relationship with the liquidity and size (positive) and the abnormal return (negative) were at odds with previous research. The reasons for our results may be related to specific aspects of the Brazilian market, for example, in the case of abnormal returns, the deceleration of the Bovespa Index (IBovespa) or the reflection of the average return to negotiators without insider information during the period. In case of liquidity and size, the high index of issuance and negotiation of preferred shares may have influenced the results. Thus, this research contributes to the analysis of idiosyncratic characteristics of the capital market of a developing country, such as information asymmetry in stock trading and its association with the economic and financial characteristics and corporate governance of companies in the Brazilian stock market.

This article analyzes the juridical nature of the issuing of preferred shares, regulated for the first time in Spain under Law 19/2003, and that is a different figure than those stocks or preferred social shares and privileged of the Adapted Text of the Capital Societies' Law. This figure is analyzed under five reasons: first, because the economic press offers ambiguous information; second, because they have a detailed regulation that deserves a closer observation; third, because its legislation holds several common aspects with the callable stocks; fourth, because they are the most successful issuing of hybrid capital in the financial market; and fifth, because it was the chosen instrument by the brokers to receive financing during the 2009-2011 crisis. The main conclusion is the need to separately analyze the nature of the preferred shares issued directly and those issued indirectly.

Este estudio analiza la naturaleza jurídica de las emisiones de participaciones preferentes (PPR), reguladas por primera vez en España en la Ley 19/2003, y que es una figura distinta a las acciones o participaciones sociales preferentes y privilegiadas del TRLSC. Esta figura es analizada por cinco razones: primero, porque la prensa económica ofrece informaciones equívocas, segundo, porque tienen una regulación detallada que merece ser observada, tercero, porque su legislación guarda muchos aspectos en común con las acciones rescatables, cuarto, porque son las emisiones de híbrido de capital que presentan más éxito en el mercado financiero, y quinto porque es el instrumento elegido por los intermediarios financieros para financiarse en la crisis de 20092011. La conclusión fundamental es la necesidad de analizar, por separado, la naturaleza de las PPR emitidas de forma directa y las emitidas de forma indirecta.

Clinical diagnosis of canine brucellosis is not sensitive enough and a negative blood culture cannot rule out the disease. Indirect methods of serological testing such as agar gel immunodiffusion (AGID), rapid slide agglutination test (RSAT) and indirect enzyme linked immunoassay (IELISA) are preferred for routine diagnosis. Since Brucella canis shares antigenic components with the Brucella ovis and Brucella abortus RB51 strain, it would seem that either strain could be used as antigen. We present data on AGID and IELISA tests using the B. ovis antigen, RSAT and IELISA using the B. canis antigen and IELISA using the B. abortus RB51 antigen. The cut-off values were adjusted by the ROC analysis; the IELISA-B. ovis cut-off value was 23 (%P) and the IELISA-B. abortus RB51, 24 (%P), with 100% sensitivity and 98.8% specificity. RSAT detected 100% of positive cases, while AGID was less sensitive. The sera from dogs treated with antibiotic showed that %P correlated well with the clinical course. Sera from dogs presumptively infected with B. suis were negative in all tests performed with the rough Brucella strains. RSAT is a very sensitive screening test and IELISA-B. canis, B. ovis and B. abortus RB51 could be used as confirmatory tests, since they show good specificity and sensitivity.

Las técnicas más usadas en el diagnóstico de brucelosis canina son la inmunodifusión en gel de agar (AGID), la microaglutinación en portaobjetos (RSAT) y el ELISA indirecto ya que el diagnóstico clínico es poco sensible y el bacteriológico no excluye la enfermedad. Como Brucella canis comparte componentes antigénicos con Brucella ovis y Brucella abortus RB51, estas cepas podrían ser usadas indistintamente como antígenos. En este trabajo presentamos datos sobre las pruebas de AGID e IELISA con antígeno B. ovis, RSAT e IELISA con antígeno B. canis e IELISA con antígeno B. abortus RB51. Los puntos de corte ajustados con la curva ROC fueron (%P) 23 para IELISA-B. ovis y (%P) 24 para IELISA-RB51 con 100% de sensibilidad y 98,8% de especificidad. RSAT detectó el 100% de los casos positivos, pero AGID fue menos sensible. Los sueros de los perros tratados con antibióticos tuvieron un %P que correlacionó con la evolución clínica. Los perros presumiblemente infectados con B. suis fueron negativos a todos los ensayos realizados con antígenos de cepas de Brucella rugosas. RSAT es muy sensible como prueba tamiz y los IELISA con antígenos de B. canis, B. ovis y B. abortus RB51 podrían ser usados como confirmatorios ya que han demostrado alta sensibilidad y especificidad.

This paper has as its main objective to measure the magnitude of deviations between control rights and cash-flow rights for the ultimate shareholder with the largest voting rights of limited liability companies in Brazil. Furthermore, it pinpoints how these discrepancies are generated, evaluating the relative importance of the issuance of preferred stocks with no voting rights, pyramidal arrangements of ownership, and cross-shareholdings. The data set embraces 602 companies that in 2001 complied with the mandatory requirement of filing to the CVM.

Após uma análise dos modelos econômicos de privatização e dos instrumentos financeiros inovadores, apresentamos os aspectos relevantes das Ações Preferenciais Resgatáveis (APR) brasileiras, como uma forma de obter recursos junto ao mercado de capitais e suas características mais importantes. Tendo o exemplo da bem-sucedida nacionalização da subsidiária da Massey Perkins, sugerimos a utilização de APRs na privatização brasileira, como uma maneira de captar recursos de longo prazo para o novo acionista controlador e obter melhores preços para as ações a serem vendidas pelo Governo sem ter que esperar um mercado bursátil em alta depois do uso das "moedas podres".

After an analysis of the privatization economic model and the innovative financial instruments, we present the key aspects of the Brazilian Redeemable Preferred Shares as a way of raising funds in the stock market and its most important characteristics. Taking as an example the very successful nationalization of the Massey Perkins subsidiary, in Brazil, we suggest the usage of the Redeemable Preferred Shares in the Brazilian privatization program as a way to raise long term funds for the new majority shareholders and to get a better price for the government's assets without waiting the "right" bull market after the usage of the "moedas podres".