Search results for " DEB"
showing 10 items of 528 documents
On the Relevance of Agency Conflicts in SME Debt Maturity Structure
2015
Previous theoretical research asserts that an optimal policy of debt maturity structure mitigates the various agency conflicts that arise through debt contracts. We test this hypothesis on Small and Medium-Sized Enterprises (SMEs), which are very sensitive to agency problems. Such problems mainly arise between owners and debt providers, due to SMEs recording high growth and having few fixed assets and informational asymmetry. We provide evidence on the relevant effect of underinvestment, asset substitution, and overinvestment problems on SME debt structure. Results appear to be robust to both the endogeneity problem of explanatory variables and the censored dependent variable.
The international debt problem: An analysis of the Brady plan
1989
Recently the American Treasury Secretary, Nicholas Brady, launched a new initiative in which he proposed reducing the developing countries’ bank debt. What are the elements of the plan, and which countries would benefit? What problems does it entail? Can it bring about a decisive improvement in the international debt situation of the developing countries? The following two articles attempt to answer these questions.
A Stochastic Programming Model for the Optimal Issuance of Government Bonds
2010
Sovereign states issue fixed and floating securities to fund their public debt. The value of such portfolios strongly depends on the fluctuations of the term structure of interest rates. This is a typical example of planning under uncertainty, where decisions has to be drawn on the base of the key stochastic economic factors underneath the model.We propose a multistage stochastic programming model to select portfolios of bonds, where the aim of the decision maker is that of minimizing the cost of the decision process. At the same time, we bound the conditional Value-at-Risk, a measure of risk which accounts for the losses of the tail distribution. We build an efficient frontier to trade-off…
The Global Crisis and Alternative Scenarios to Save the Euro: A Spanish Perspective
2013
That the euro was in trouble became evident after the financial markets' turmoil the summer of 2007. The global financial crisis called into question some of the dogma propounded by the champions of liberal capitalism, such as the efficiency of financial markets. Whereas in the US several banks went bankrupt, in the EU the banking sector was recapitalised, and fiscal measures were taken to support companies and families, and to stimulate the economy; moreover, an institutional framework was set up to improve financial regulation and supervision. The banking and financial crisis was followed, as usual, by a debt crisis. In 2010–11, successive European Summits accelerated the creation of fina…
Turtles on the trash track: loggerhead turtles exposed to floating plastic in the Mediterranean Sea
2019
Loggerhead turtles (Caretta caretta) spend most of their life in large marine areas occupying a variety of habitats where they are exposed to different types of threats. Among these, marine litter is known to pose a risk of entanglement or ingestion. Areas of risk exposure can be identified where the species overlap with litter accumulations, but gathering data on this highly mobile species and marine litter, especially in high sea areas, is challenging. Here we analysed five years of sea turtle and marine litter data collected by a network of research bodies along fixed trans-border transects in the Mediterranean Sea. Ferries were used as observation platforms to gather systematic data on …
Investigating Limits in Exploiting Assembled Landslide Inventories for Calibrating Regional Susceptibility Models: A Test in Volcanic Areas of El Sal…
2022
This research is focused on the evaluation of the reliability of regional landslide susceptibility models obtained by exploiting inhomogeneous (for quality, resolution and/or triggering related type and intensity) collected inventories for calibration. At a large-scale glance, merging more inventories can result in well-performing models hiding potential strong predictive deficiencies. An example of the limits that such kinds of models can display is given by a landslide susceptibility study, which was carried out for a large sector of the coastal area of El Salvador, where an apparently well-performing regional model (AUC = 0.87) was obtained by regressing a dataset through multivariate ad…
Dead-wood effects on enchytraeids and nematodes in thinned and unmanaged Norway spruce forests
2009
Abstract The effects of dead wood on enchytraeids and nematodes were studied in thinned and uncut Norway spruce forests in two experiments. Fifteen pairs of small spruce logs (one enclosed in polyethylene sheet and another untreated control) were returned to the forest floor in a complete randomized block design after thinning. Soil under the logs and at distances of 0–6 cm and 6–12 cm from each log was sampled after one growing season, and enchytraeids and nematodes were extracted and forest floor properties measured. Log enclosure increased enchytraeid length irrespective of the distance from the log. Soil moisture or pH were not affected by enclosure, but organic matter content was reduc…
Oribatid mites (Acari: Oribatida) in boreal forest floor and decaying wood
2008
Summary We studied the oribatid mite communities in forest floor and in decaying wood in pine (Pinus sylvestris), spruce (Picea abies) and deciduous (mainly Betula pendula and B. pubescens) forests at different latitudes in Finland. The study sites were either in mature managed forests or in old-growth forests in nature reserves. Altogether 78 sites were sampled in 2004 and 2005, yielding a total of 38,145 oribatid mites belonging to 133 species, of which four were new to Finland. Oribatid mite communities differed in terms of total number and community structure between forest types and latitudes within the boreal forest zone. The most abundant and diverse communities were in spruce forest…
Agreement on the Choice of Non-applicable Law or Law not in Accordance with Article 22(1) of the Twin Regulations: what Consequences for the Couple’s…
2021
Los Reglamentos (UE) 2016/1103 y 2016/1104 del Consejo autorizan a las parejas transfronterizas a elegir la ley aplicable a sus relaciones patrimoniales sobre la base de uno de los criterios enumerados en el artículo 22.1. Sin embargo, el acuerdo de elección de la ley puede tener un contenido diferente al señalado en la redacción del artículo 22 de los ?Reglamentos Gemelos?. El objetivo del análisis es ilustrar que sería incorrecto sostener que tales acuerdos son, a priori, inválidos o no permiten la autonomía de la voluntad. Esta cuestión requiere una evaluación de la finalidad concreta del acuerdo de las partes y debería, al menos, estar abierta al examen del tribunal competente.