Abstract: This study examines the financing choices made by Colombia's private sector, with a special emphasis on bonds and loans. It points out the critical role that a strong financial sector plays in promoting economic progress, a point that academics around the world have stressed. International data highlights the significance of creating financial institutions to draw investment and promote the expansion of the private sector. Despite its potential, Colombia's capital market has encountered difficulties such as strict rules, corruption, and security concerns. The financial industry has been strengthened by recent regulatory changes, which have made it possible to examine how Colombia's private debt market has changed over the previous five years. Analysis is done on the variables that affect funding decisions, such as the size of the organization, the risk profile, and the regulatory landscape. Market activity is investigated, with an emphasis on global and Colombian debt market habits. Private bond issuance has increased globally, headed by Europe and the US. In Colombia, despite previous obstacles, the bond market has showed tremendous development, driven by regulatory improvements and increased demand from institutional investors. The Colombian bond market has experienced significant changes in the last five years. Evidence suggests that private sector enterprises are now using bond emissions rather than the loan market to finance their operations. To understand the elements impacting this decision-making process, a study was done utilizing data from the most active corporations in the bond market between 2005 and 2010. Employing a Tobit Model estimation, variables such as corporate assets, profits, debt amount, Analysis results suggest that in the Colombian context, the development of the bond market reflects a growing dependence on and trust in the banking system. Larger companies with higher credit ratings tend to favor accessing the loan market over the bond market, potentially due to market characteristics. However, ongoing growth and evolution in the market are indicated, necessitating further investigation into the complex dynamics at play. The investigation highlights the growth of Colombia's corporate bond market, particularly in the real sector, driven by factors such as improved regulation and investor confidence. The increasing preference for corporate bonds over bank loans, attributed to lower costs and longer-term financing options, is noted. Sectors such as infrastructure and finance are identified as major contributors to bond issuance. The document encompasses a literature review focusing on the importance of capital markets, the ongoing dilemma between bond and loan funding, and the specific experience of the Colombian bond market. This contextual background provides a comprehensive understanding of the broader economic and financial landscape within which the study operates. Overall, the research suggests parallels between the growth of Colombia's corporate bond market and Chile's experience in the 1980s, indicating positive prospects for the private sector and the economy's future development.

Abstract: According to Mason and Harrison, business angels are high net worth individuals, who invest their own money, with or without someone else support maintaining a completely unbiased position and no familial ties, these investments normally take the form of equity with the intent of an important return. The common approach is to support new or early-stage projects, which are normally the kind of projects a normal venture capitalist would not support due to high risks to liaison with this type of amateur entrepreneurs entails. The object of this thesis is compacted from their early beginnings to the year 2014, tries to portray the growth of business angels' business, what they did to become the number one option for entrepreneurs, what pushed them to become publicly known and how they managed to be different from venture capitalists. It shows how different entities, mostly the government, has supported them by creating networks and incentives, throughout the years, to helped them broaden their target. After this, is shown who is the regular business angel, what entails to be one. From, their background, their gender, the number of investments, experiences and others that have shaped them into what they are today. Resumen: Según Mason y Harrison, los business angels son individuos con un alto patrimonio neto, que invierten su propio dinero, con o sin el apoyo de alguien más, manteniendo una posición completamente imparcial y sin lazos familiares. Estas inversiones normalmente toman la forma de capital con la intención de obtener un retorno importante. El enfoque común es apoyar proyectos nuevos o en etapas tempranas, que normalmente son el tipo de proyectos que un capitalista de riesgo común no apoyaría debido a los altos riesgos que conlleva asociarse con este tipo de emprendedores aficionados. El objetivo de esta tesis, que abarca desde sus inicios hasta el año 2014, es retratar el crecimiento del negocio de los business angels, lo que hicieron para convertirse en la opción número uno para los emprendedores, qué los impulsó a hacerse conocidos públicamente y cómo lograron diferenciarse de los capitalistas de riesgo. Se muestra cómo diferentes entidades, principalmente el gobierno, los han apoyado creando redes e incentivos a lo largo de los años, ayudándoles a ampliar su objetivo. Después de esto, se presenta quién es el business angel regular, qué implica ser uno. Desde su formación, su género, el número de inversiones, experiencias y otros factores que los han moldeado en lo que son hoy.

Abstract: Peace education, pivotal in shaping national identities particularly in post-conflict settings, fosters mutual understanding, dialogue, and reconciliation. In Colombia, the 2016 Peace Agreement represented a major milestone in ending decades of violence, leading to the establishment of the ‘Cátedra de Paz’ in 2015. This initiative mandates its inclusion in the curricula of all educational institutions to instill peace values in youth and promote a culture of engagement among new generations. Despite the progress, this study identifies persistent challenges in program implementation, such as inadequate teacher training, excessive teacher workloads, and insufficient resources, alongside cultural barriers like resistance to change. Semi-structured interviews emphasize the necessity for significant restructuring and enhanced institutional support to effectively incorporate peace education into the national curriculum. Recommendations from participants include specialized teacher training, student-centered pedagogical approaches, rigorous program monitoring, and inclusive educational resources, particularly for marginalized communities. There is widespread agreement on the importance of equipping educators with the skills needed to handle sensitive topics and encourage critical thinking. Although challenges persist, participants concur that ‘Cátedra de Paz’ promotes dialogue and empathy, enabling students to contribute to more peaceful societies. Continued effort and comprehensive strategies involving all stakeholders, from educators to community members, are crucial for achieving post-conflict harmony and equity in Colombia.

Abstract: This thesis analyzes how former Colombian Presidents Laureano Gómez Castro and Álvaro Uribe Vélez utilized their speeches to advance autocratic agendas under the guise of protecting democracy and pluralism. This research employed Discourse Analysis as proposed by Teun Van Dijk, aiming to detail symbolic violence through speeches that, although seemingly promoting democracy, concealed attacks on their opponents. It was discovered that both leaders, through their rhetoric and actions, persuaded the political space towards an exclusive regime, promoting a state that, under promises of inclusion and democracy, fostered exclusion and weakened democratic institutions. The results also suggest that while in power, the 3 former presidents moderated their speeches to include the opposition, a practice not observed while they were in opposition, where they were more visceral in their attacks. The analysis of the information was conducted on two levels. First, the concepts that appear most frequently in each one's speeches were recovered to explain their existence. Then, the information was classified according to the categories proposed by the researcher to understand how they used their speeches for two main purposes: first, to empathize with most of the population, and second, to create an internal enemy to attack. When referring to the former, they depict a plural country where everyone can participate, and when discussing the latter, which grouped the opponents of their mandate, their eradication was justified because they opposed the democratic regime. In creating their nemesis, both knew how to use the population's fears: communists, in the case of Gómez; and terrorists, in the case of Uribe. Resumen: La presente tesis analiza cómo los expresidentes de Colombia, Laureano Gómez Castro y Álvaro Uribe Vélez, utilizaron sus discursos para avanzar en agendas autocráticas bajo la apariencia de proteger la democracia y el pluralismo. Esta investigación usó el Análisis de Discurso como lo planteó Teun Van Dijk y buscó detallar la violencia simbólica, a través de discursos que, aunque parecían promover la democracia, escondían ataques a sus opositores. Se descubre que ambos líderes, a través de su retórica y sus acciones, persuadían el espacio político hacia un régimen excluyente, promoviendo un estado que, bajo promesas de inclusión y democracia, fomentaba la exclusión y debilitaba las instituciones democráticas. Los resultados también sugieren que mientras estuvieron en el poder, los expresidentes moderaron sus discursos para incluir a la oposición, lo que no ocurrió mientras estuvieron en la oposición, en la que fueron más viscerales en sus ataques. El análisis de la información se hizo en dos niveles. Primero, se recuperaron los conceptos que más aparecen en los discursos de cada uno para explicar la existencia de estos. Después, se clasificó la información de acuerdo con las categorías propuestas por el investigador para entender cómo utilizaron sus discursos con dos fines principales: primero, para empatizar con el grueso de la población, y segundo para crear un enemigo interno al que atacar. Cuando se refieren al primero, muestran un país plural en donde todos pueden participar, y cuando hablan del segundo, que agrupaba a los opositores de su mandato, se justificaba su erradicación porque se oponían al régimen democrático. En la creación de su némesis, ambos supieron usar los miedos de la población: los comunistas, en el caso de Gómez; y los terroristas, en el caso de Uribe.

Conventional wisdom holds that large sums of money poured into election campaigns are the gateway to corruption. Allegations of the corrupting influence of money in politics and policy are widespread on the national level. Yet, little empirical evidence has advanced the understanding of such a link on the local level, coupled with blurred corruption measures. This master’s thesis tests the effect of campaign finance on public procurement corruption risks in Colombian municipalities, focusing on donations, small donations, and financial disclosure. To that end, I seized publicly disclosed contribution-level data from the 2015 municipal elections and a novel index of institutionalized public procurement corruption risks based upon contract-level data from the near population of local governments. The analysis shows that donations are negatively associated with overall corruption risk, yet they affect specific corruption risks differently. By contrast, small donations seem to correlate positively with direct awarding for a sub-sample of medium-sized municipalities, whereas in their large-sized counterparts the effect of the former on institutionalized corruption is adverse. Finally, financial misreporting is positively linked with market competition restrictions and direct awarding. In the conclusion, I discuss the implications of these findings for future research and outline a series of policy recommendations. La sabiduría convencional sostiene que las grandes sumas de dinero invertidas en campañas electorales son la puerta de entrada de la corrupción. Las acusaciones sobre la influencia corrupta del dinero en la política y la política pública son contundentes a nivel nacional. Sin embargo, poca evidencia empírica ha avanzado el entendimiento de dicha relación en el nivel local, junto con difusas mediciones de corrupción. Esta tesis de maestría mide el efecto del financiamiento de campañas electorales en el riesgo de corrupción en la contratación pública en municipios colombianos, enfocándose en las donaciones, las pequeñas donaciones y el reporte de información financiera sobre las campañas. Para alcanzar tal fin, usé información pública sobre las contribuciones políticas durante las elecciones locales de 2015 y un novedoso índice de corrupción institucional en la contratación pública, basado en el análisis de procesos de compra del universo de alcaldías municipales en Colombia. Los resultados muestran que las donaciones se relacionan negativamente con el riesgo de corrupción en general, aunque afectan específicos riesgos de corrupción de manera diferente. Por otro lado, las pequeñas donaciones muestran una correlación positiva con la contratación directa en ciudades medias, mientras en ciudades grandes el efecto parece ser negativo. Finalmente, el subreporte de información se relaciona positivamente con riesgos como restricciones a la competencia y contratación directa. En la conclusión, discuto las implicaciones de dichos resultados para futuras investigaciones y señalo algunas recomendaciones de política pública.

The commercial drones’ market has grown significantly in recent years given its different industries’ applications. Ports are evolving and moving towards Industry 4.0, creating an opportunity for technologies to improve their operations, one being drone-in-a-box technology; however, there is scant understanding of the port industry, its potential customers and the technology needs to be addressed. This study explores the UK port industry and its potential use of drone-in-a-box, to give recommendations to Herotech8 about how to grow in this market. A critical review of the literature was carried out and primary data collected from 14 interviewees, i.e. managers working at ports, people related to the drone industry and experts – with knowledge in drone technology and/or ports. Given the lack of awareness of drone-in-a-box technology, some information was gathered regarding conventional drone technology. Also, to contrast and complement the information, several interviews were conducted with Herotech8’s CEO. Results identified potential customers and their understanding of drone technology – applications, benefits, drawbacks and challenges. A value proposition emerged from these findings, but the impact level on each customer will depend on how their needs could be satisfied. Therefore, a general buying decision process was mapped to identify the crucial steps where needs can be recognised and assessed to deliver high value. The results indicated that although customers had not heard about drone-in-abox technology, they are interested; however, there is a fear of acquiring relatively new technologies and some would rather not be the early adopters. Recommendations were made, highlighting the steps to be taken by Herotech8, having identified the need to gain market share in the port sector, including attracting potential customers’ attention, establishing a process to identify their needs and sealing its first deal.

Urban wetlands of Bogotá provide important environmental services such as flood containment, regulation of the water cycle, climate regulation. They are also a source of biodiversity and endemism. The climate change reflected in the increase in the average environmental temperature and in alterations in the precipitation patterns has shown to have effects on wildlife. This dissertation takes as a case study the Tibabuyes wetland, the largest one in Bogotá. Using Mann-Kendall non-parametric tests, Spearman correlations and qualitative information, analyses were conducted to determine the possible effect of temperature and precipitation variation on the abundance of four species of birds for ten years (2007-2016). Three of these species are endemic to Colombia. It was found that the annual average temperature and total annual precipitation in the surroundings of the wetland increased in the last 44 years (1972-2016). For the birds, it was found that Rallus semiplumbeus, Fulica americana columbiana and Vanellus chilensis showed an increase in their populations, however this growth was not statistically related to the climatic variables. Cistothorus apolinari did not show any trend. Changes in the climate have generated modifications in the composition of the aquatic and semi-aquatic vegetation and in the flooded areas, which have been exacerbated by anthropogenic stressors. Future projections for Bogotá consider a high increase in the environmental temperature and a low increase in precipitation, it is estimated that this panorama will affect differentially these species, being more vulnerable to environmental changes those endemic with low population in the wetland. The maintenance in the wetland by environmental entities seems to have a positive effect on the bird abundance, therefore, it is essential to ensure this continuous work and prioritizing the habitat zones of these species. Los humedales urbanos de Bogotá proporcionan importantes servicios ambientales como la contención de inundaciones, la regulación del ciclo del agua y la regulación del clima. También son una fuente de biodiversidad y endemismo. Se ha demostrado que el cambio climático reflejado en el aumento de la temperatura media del medio ambiente y en las alteraciones de los patrones de precipitación tiene efectos en la vida silvestre. Esta disertación toma como estudio de caso el humedal de Tibabuyes, el más grande de Bogotá. Utilizando pruebas no paramétricas de Mann-Kendall, correlaciones de Spearman e información cualitativa, se realizaron análisis para determinar el posible efecto de la variación de la temperatura y las precipitaciones en la abundancia de cuatro especies de aves durante diez años (2007-2016). Tres de estas especies son endémicas de Colombia. Se comprobó que la temperatura media anual y la precipitación total anual en los alrededores del humedal aumentaron en los últimos 44 años (1972-2016). En el caso de las aves, se encontró que Rallus semiplumbeus, Fulica americana columbiana y Vanellus chilensis mostraron un aumento en sus poblaciones, sin embargo, este crecimiento no estuvo estadísticamente relacionado con las variables climáticas. Cistothorus apolinari no mostró ninguna tendencia. Los cambios en el clima han generado modificaciones en la composición de la vegetación acuática y semiacuática y en las zonas inundadas, que se han visto exacerbadas por los factores estresantes antropogénicos. Las proyecciones futuras para Bogotá consideran un alto incremento en la temperatura ambiental y un bajo incremento en la precipitación, se estima que este panorama afectará diferencialmente a estas especies, siendo más vulnerables a los cambios ambientales aquellas endémicas con baja población en el humedal. El mantenimiento en el humedal por parte de las entidades ambientales parece tener un efecto positivo en la abundancia de aves, por lo tanto, es fundamental asegurar este trabajo continuo y priorizar las zonas de hábitat de estas especies.

Abstract: This research was conducted to analyse undercover narratives of the participants of an undergraduate theatre program in Colombia and their impact on assessment practices. To collect data, semi-structured interviews were held with professors and students, and the analysis contrasted the data with debates between the utilitarian and the humanist approaches to theatre education and pedagogic debates between modernist and postmodernist approaches. The results showed that those debates are present in the participants’ narratives and arise paradoxes to the issue. This research proposes that further curriculum research development must acknowledge them and aim to create an Intersubjective Curriculum. Resumen: Esta investigación fue llevada a cabo con el objetivo de analizar las narrativas ocultas de los participantes de un programa de teatro de pregrado en Colombia y su impacto en las prácticas evaluativas. Para recolectar datos, se llevaron a cabo entrevistas semi-estructuradas con docentes y estudiantes, y en la etapa de análisis se contrastaron los mismos con los debates entre las perspectivas humanitaria y utilitarista de la educación teatral y con los debates pedagógicos entre las perspectivas modernista y postmodernista. Los resultados mostraron que estos debates están presentes en las narrativas de los participantes y hacen surgir paradojas a la cuestión. Esta investigación propone que las posteriores investigaciones sobre desarrollo curricular deben tomar en cuenta estas narrativas y perspectivas y aspirar a construir un Currículo Intersubjetivo.

Hepatocellular carcinoma (HCC) is the most common type of liver cancer and its incidence is rising. The introduction of new systemic therapies, including immune-based therapies and biomarker driven therapies, has improved survival in patients at advanced stages. However, overall survival is still poor, and recent advances in understanding of the molecular alterations of HCC have not translated yet into novel biomarkers. Over the past decade, major advancements in 'omic' technologies have enabled monitoring of a variety of molecular and organismal processes. A comprehensive analysis of single gene mutations in HCC might lead to detect biomarkers that improve our prognosis and treatment. We developed a bioinformatics pipeline capable of analyzing genomic data to identify key regulatory molecular changes in HCC development and their influence in patient’s prognosis. By looking at genetically determined subgroups of HCC in the TCGA Liver Cancer dataset, we managed to obtain 15 genes frequently affected by oncogenic mutations and analyzed their influence in patient’s survival, identifying CSMD1 as a prognostic biomarker candidate. Nevertheless, the validation in the ICGC HCC database showed that it did not have any statistically significant influence in overall survival. This work reveals that the most frequent single gene mutations are not enough for significant survival changes in HCC and that we should focus our efforts in integrative analysis of clinical information and multi-omics to maximize our clinical benefits in this devastating disease. Resumen: El carcinoma hepatocelular (CHC) es el tipo más común de cáncer de hígado y su incidencia está aumentando. La introducción de nuevas terapias sistémicas, incluidas las inmunoterapias y las terapias impulsadas por biomarcadores, ha mejorado la supervivencia de los pacientes en etapas avanzadas. Sin embargo, la supervivencia general sigue siendo escasa y los avances recientes en la comprensión de las alteraciones moleculares del CHC aún no se han traducido en nuevos biomarcadores. Durante la última década, los principales avances en las tecnologías "ómicas" han permitido el seguimiento de una variedad de procesos moleculares y orgánicos. Un análisis completo de las mutaciones de un solo gen en el CHC podría conducir a detectar biomarcadores que mejoren nuestro pronóstico y tratamiento. Desarrollamos un protocolo de bioinformática capaz de analizar datos genómicos para identificar cambios moleculares reguladores clave en el desarrollo del CHC y su influencia en el pronóstico del paciente. Al observar subgrupos genéticamente determinados de CHC en la base de datos TCGA-Liver Cancer, logramos obtener 15 genes frecuentemente afectados por mutaciones oncogénicas y analizamos su influencia en la supervivencia del paciente, identificando CSMD1 como un candidato a biomarcador pronóstico. Sin embargo, la validación en la base de datos ICGC-CHC mostró que no tuvo ninguna influencia estadísticamente significativa en la supervivencia global. Este trabajo revela que las mutaciones de un solo gen más frecuentes no son suficientes para cambios significativos en la supervivencia del CHC y que debemos centrar nuestros esfuerzos en el análisis integrador de la información clínica y la multi-ómica para maximizar nuestros beneficios clínicos en esta devastadora enfermedad.

En latitudes cercanas al Ecuador, conocer la trayectoria y la radiación solar y su impacto térmico al interior de un espacio es un criterio fundamental para el diseño bioclimático a lo largo de todo el año, dado que se pueden implementar estrategias de control solar mucho más fijas y constantes que en otras latitudes. Este estudio analiza cómo priorizar preferencias paisajísticas y niveles de iluminación por medio de grandes ventanales, puede afectar los niveles de confort al interior de un espacio. Asimismo, se pretende estudiar la influencia que puede tener la implementación de un sistema de control solar pasivo exterior en el impacto térmico, en la demanda energética por refrigeración y en la relación con el paisaje según la obstrucción de los filtros visuales de las celosías implementadas. La investigación se concentra en Medellín, Colombia, una ciudad con una temperatura media constante y dentro de los rangos de confort. Se evidencia que en este lugar hay un desconocimiento de los beneficios que puede representar proteger las envolventes y ventanas de la radiación solar. En consecuencia, se construyen edificios que generan perjuicios en un clima ya confortable. Se pretende que los resultados contribuyan como orientación para proyectos tanto nuevos, como antiguos que requieran controlar la temperatura interior, aprovechar la iluminación natural, disminuir el consumo energético y, al mismo tiempo mantener la conexión con el paisaje exterior. Abstract: On geographies closer to the equator line having a good understanding of solar radiation and its thermal impact is a fundamental criteria for bioclimatic design, as the stable climate throughout the year allows the implementation of fixer solar control strategies in comparison with other latitudes. This study analyzes how prioritizing view and illumination levels by using curtain walls can affect the comfort level inside a space. Likewise, the study seeks to understand the influence that implementing an exterior passive solar control system has on temperature, refrigeration energy demand, and view, according to the type of visual filter installed. The research is based on Medellin, Colombia, a city close to the equator with constant temperature throughout the year. It has been evidenced here an unawareness of the benefits that come from protecting windows and building envelopes from solar radiation. In consequence, constructed buildings generate the need to use air conditioning equipment in an already comfortable climate. The results obtained from this investigation are intended to contribute to new and existing projects looking to achieve a balance between interior temperature control, natural lighting usage, energy savings, and connection with the exterior landscape.