Role of lithology, weathering and precipitation on water chemistry of lakes from Larsemann Hills and Schirmacher Oasis of East Antarctica

Schirmacher Oasis and Larsemann Hills areas represent two different periglacial environments of East Antarctica. Schirmacher Oasis is characterized by a vast stretch of ice-shelf in the north and East Antarctic Ice Sheet (EAIS) to its south. Whereas, in Larsemann Hills area the northern and north-western boundary is coastal area and EAIS in the southern part, exhibiting polar lowland between the marine and continental glacial ecosystems. Physico-chemical parameters of water samples from different lakes of both of these two distinct locations are quite contrasting and have indicated influence of lithology, weathering, evaporation and precipitation. The lake water chemistry in Larsemann Hills area is mainly governed by the lithology of the area while Schirmacher lakes exhibit influence of precipitation and rock composition. All major ions of lake waters indicate balanced ionic concentrations. The atmospheric precipitation has significantly modified the ionic distributions in the lakes and channels. Carbonation is the main proton supplying geochemical reactions involved in the rock weathering and this is an important mechanism which controls the hydrochemistry. The lake water hydrochemistry differs widely not only between two distant periglacial zones but also within a short distance of a single periglacial entity, indicating influence of territorial climate over hydrochemistry

Legal and Institutional Determinants of Factoring in SMEs: Empirical Analysis across 25 European Countries

Weak protection of the rights of financiers intensifies agency problems in SME financing, inhibiting the optimal provision of credit necessary to grow and innovate. We use a survey data set of 4,348 SMEs from 25 European countries to analyze whether the use of factoring as a form of SME financing is less dependent on low quality of laws and institutions. We do so analyzing whether the use of factoring by SMEs differs across countries due to differences in the legal protection of creditors. Our findings indicate that firms operating in countries with legal environments that weakly protect the rights of creditors, with political instability or high enforcement costs, are more likely to use factoring. Managers of riskier and opaque companies operating in such inefficient environments can use the results of this study to better understand that there are suitable options to complement bank financing. Managers who seek loans can use the results to diversify their financing structure through the use of factoring. Since factoring can be used as a complement to bank loans or as a substitute for bank financing, it is important that policy makers take our results into account when revising policies concerning access to external financing.Ginés Hernández-Cánovas acknowledges financial support by Fundación Séneca (Project 15403/PHCS/10), and by Ministerio de Ciencia e Innovación (Project ECO2011-29080)