Concentration, Hold-Up and Information Revelation in Bank Lending: Evidence From Chilean Firms

In this paper we empirically study bank-client relationships using a sample of Chilean manufacturing firms. We examine whether concentration and the duration of bank-firm relationships affect the volume of bank lending. Our results indicate that lower concentration, measured by the number of banks a firm borrows from, is associated with a large and positive effect on borrowing. The length of borrower-lender relationships has a positive -although not always statistically significant- effect on the amount borrowed.

Spectroscopy of weakly-bound complexes in highly excited electronic states: the HeI2(E3g) ion-pair state

1 pag.; 2 figs. XXVIII International Conference on Photonic, Electronic and Atomic Collisions (ICPEAC 2013) IOP PublishingThe study of electronically excited van der Waals (vdW) systems presents a challenge for the theory of intermolecular interactions, and here we show how far ab initio computations can go. We found that the interaction energies for such electronically excited systems can indeed be determined, providing a reliable and accurate description for the E state potential of the HeI2, that in combination with the ground X and electronic excited B state of the complex, is useful to model experimental data related with potential minima and also predict higher vibrational vdW states.Peer Reviewe

Spectral simulations and vibrational dynamics of the fluxional H+5 cationand its isotopologues: signatures of the shared-proton motions

1 pag.; 2 figs. PACS 33.20.Tp Vibrational analysis; 34.50.-s Scattering of atoms and molecules; 31.15.-p Calculations and mathematical techniques in atomic and molecular physics; 33.15.Mt Rotation, vibration, and vibration-rotation constants. XXVIII International Conference on Photonic, Electronic and Atomic Collisions (ICPEAC 2013) IOP Publishing.The recent increased interest on research studies of the H+5 cation, and its isotopologues, is due to the postulation for their presence, although still not detected, in the interstellar medium. There is no doubt, particularly in the light of the recent laboratory observations, that the spectroscopy of these systems is also a great challenge for the theorists. Thus, we report the first fully converged coupled anharmonic quantum study on vibrational dynamics of these highly fluxional cations, providing important information on their spectroscopy in a rigorous manner, and open perspectives for further investigations. Published under licence by IOP Publishing LtdPeer Reviewe

Confining CO2 inside the nanocavities of the sI clathrate: a quantum dynamics study

ICPEAC 2015, Toledo, Spain on 22 –28 July 2015; http://www.icpeac2015.com/Clathrate hydrates have been found to occur naturally, and have been extensively studied due to their important industrial applications, such as the storage of the CO2 from the atmosphere and control climate change. Thus, quantitative understanding of physical and chemical properties, as well as the factors that control the formation of CO2 hydrates, on both macroscopic and microscopic levels is essential in several areas of physical science.Peer Reviewe

Los efectos de los diferentes tipos de reconducción presupuestal en las entidades federativas de México

Este artículo analiza las distintas modalidades de reconducción presupuestal adoptadas en las 32 entidades federativas de México. En primer lugar, se describen las características formales de cada diseño institucional y se proyectan los posibles efectos de las reglas presupuestales en la moderación del conflicto ejecutivo-legislativo. En segundo lugar, se analizan los diseños de reconducción del presupuesto con el fin de cuestionar la creencia común de que la sola adopción de fórmulas de reconducción basta para incentivar los acuerdos entre los actores que deciden el presupuesto en los estados. Argumentamos que los diseños institucionales de reconducción presupuestal adoptados en los estados abren una gama de opciones a los jugadores del proceso presupuestario, cuyas estrategias pueden orientarse a agilizar o frenar la aprobación de un nuevo presupuesto. Las variaciones en el diseño de las instituciones de reconducción presupuestal son importantes, ya que las cláusulas simples —como la vigencia automática del presupuesto del año anterior— diseñadas para evitar la parálisis legislativa pueden producir consecuencias no esperadas, que lleven a los actores a reducir el sentido de urgencia y a posponer el acuerdo sobre el paquete presupuestal. Para aproximarnos a los efectos de las reglas de reconducción, en la parte final del artículo analizaremos el caso de la negociación presupuestal en el estado de Sonora, en una coyuntura en la que se puso a prueba la efectividad de la cláusula presupuestal y su capacidad para atenuar el riesgo de parálisis gubernamental.This document analyzes the different designs of reversionary appropriations that were adopted in the thirty-two subnational Mexican states. First, we describe the formal characteristics of every institutional design and we project the potential effects of the appropriations procedure rules, in the bargaining game between executive and legislative branches. Secondly, we analyze the different appropriations designs, to know if the design proceedings are enough to increase political agreements between the actors who decide the budget in the subnational states. We argue that the appropriations institutional designs adopted in the Mexican states open an array of options to veto players in the appropriation process, with strategies that help to facilitate or obstruct a new budget approval. Variety in appropriations institutional designs matter, because simple clauses, –as the continuing application of the most recent appropriation law–, designed to avoid governmental paralysis, can produce unintended consequences, driving actors to reduce their urgency sense of endorsement, and postponing the final appropriations agreement. In the last part of this article, as an approximation of the reversionary rules effects, we analyze the appropriations bargaining in the State of Sonora that evidenced the effectiveness of their appropriations reversion design to attenuate the risk of governmental paralysis

New contributions on the life and work of the painter José María Romero (1816-1894)

En el presente estudio se aportan datos hasta ahora desconocidos sobre la biografía del pintor romántico sevillano José María Romero, entre los que destacan las fechas de nacimiento y fallecimiento, así como otros aspectos relativos a su familia y trayectoria artística en Sevilla, Cádiz y Madrid. Además, se añaden siete pinturas inéditas a su catálogo artístico localizadas en la Casa Generalicia de la orden de Franciscanas del Rebaño de María de la ciudad de Cádiz.The present paper provides unknown information on the Romantic and Sevillian painter José María Romero biography, for example dates of birth and death and aspects related to family life and artistic career in Seville, Cádiz or Madrid are prominent among others. In addition, seven new paintings are added to his artistic catalogue. These unique pieces have been localized in the Casa Generalicia of the Franciscan Order of Rebaño de María in Cádiz

Reduction of Uncertainty Propagation in the Airport Operations Network

[EN] Airport operations are a complex system involving multiple elements (ground access, landside, airside and airspace), stakeholders (ANS providers, airlines, airport managers, policy makers and ground handling companies) and interrelated processes. To ensure appropriate and safe operation it is necessary to understand these complex relationships and how the effects of potential incidents, failures and delays (due to unexpected events or capacity constraints) may propagate throughout the different stages of the system. An incident may easily ripple through the network and affect the operation of the airport as a whole, making the entire system vulnerable. A holistic view of the processes that also takes all of the parties (and the connections between them) into account would significantly reduce the risks associated with airport operations, while at the same time improving efficiency. Therefore, this paper proposes a framework to integrate all relevant stakeholders and reduce uncertainty in delay propagation, thereby lowering the cause-effect chain probability of the airport system (which is crucial for the operation and development of air transport). Firstly, we developed a model (map) to identify the functional relationships and interdependencies between the different stakeholders and processes that make up the airport operations network. This will act as a conceptual framework. Secondly, we reviewed and characterised the main causes of delay. Finally, we extended the system map to create a probabilistic graphical model, using a Bayesian Network approach and influence diagrams, in order to predict the propagation of unexpected delays across the airport operations network. This will enable us to learn how potential incidents may spread throughout the network creating unreliable, uncertain system states. Policy makers, regulators and airport managers may use this conceptual framework (and the associated indicators) to understand how delays propagate across the airport network, thereby enabling them to reduce system vulnerability, and increase its robustness and efficiency.Rodríguez Sanz, Á.; Gómez Comendador, F.; Arnaldo Valdés, R. (2016). Reduction of Uncertainty Propagation in the Airport Operations Network. En XII Congreso de ingeniería del transporte. 7, 8 y 9 de Junio, Valencia (España). Editorial Universitat Politècnica de València. 36-78. https://doi.org/10.4995/CIT2016.2016.3484OCS367

Ab initio vibrational predissociation dynamics of He-I2(B) complex

7 pages, 5 figures, 5 tables.-- PACS nrs.: 31.15.Ar; 31.15.Dv; 33.80.Gj; 33.20.Tp; 33.70.Ca.Three-dimensional quantum mechanical calculations on the vibrational predissociation dynamics of HeI2 B state complex are performed using a potential energy surface accurately fitted to unrestricted open-shell coupled cluster ab initio data, further enabling extrapolation for large I2 bond lengths. A Lanczos iterative method with an optimized complex absorbing potential is used to determine energies and lifetimes of the vibrationally predissociating He,I2(B,v') complex for v' ≤ 26 of I2 vibrational excitations. The calculated predissociating state energies agree with recent experimental results within 0.5 cm−1. This excellent agreement is remarkable since no adjustment was made with respect to the experiments. The present ab initio approach, however, shows its limitations in the fact that the computed lifetimes that are highly sensitive to subtle details of the potential energy surfaces such as anisotropy, are a factor of 1.5 larger than the available experimental data.The Centro de Cálculo (IMAFF), CTI (CSIC), CESGA, and MareNostrum (BSC) are acknowledged for allocation of computer time. One of the authors (A.V.) would like to thank CICYT, Spain for a grant to support his stay at the Laboratoire Collisions, Agrégats, Réactivité. One of the authors (R.P.) acknowledges support by Ramón y Cajal Programme Grant No. PDRYC-2006-001017. This work has been supported by DGICYT, Spain, Grant No. FIS2004-02461 and CSIC-CNRS, Grant No. 2005-FR0031.Peer reviewe

Uncertainty management at the airport transit view

Air traffic networks, where airports are the nodes that interconnect the entire system, have a time-varying and stochastic nature. An incident in the airport environment may easily propagate through the network and generate system-level effects. This paper analyses the aircraft flow through the Airport Transit View framework, focusing on the airspace/airside integrated operations. In this analysis, we use a dynamic spatial boundary associated with the Extended Terminal Manoeuvring Area concept. Aircraft operations are characterised by different temporal milestones, which arise from the combination of a Business Process Model for the aircraft flow and the Airport Collaborative Decision-Making methodology. Relationships between factors influencing aircraft processes are evaluated to create a probabilistic graphical model, using a Bayesian network approach. This model manages uncertainty and increases predictability, hence improving the system's robustness. The methodology is validated through a case study at the Adolfo Suárez Madrid-Barajas Airport, through the collection of nearly 34,000 turnaround operations. We present several lessons learned regarding delay propagation, time saturation, uncertainty precursors and system recovery. The contribution of the paper is two-fold: it presents a novel methodological approach for tackling uncertainty when linking inbound and outbound flights and it also provides insight on the interdependencies among factors driving performance