Subordinated Public Participation Loans for Financing Motorway concessions in Spain.

Budgetary constraints are prompting many governments to encourage private financing of transportation infrastructure through concession contracts. The length and complexity of such contracts often force governments to provide fiscal support in order to increase the attractiveness of concessions. This paper deals with a new public support mechanism for concession contracts, called Subordinated Public Participation Loans (SPPLs), which has been implemented in Spain during the last few years. SPPLs are subordinated loans that may be given by the government to the concessionaire if the latter requests them in the tender. SPPLs are defined in such a way that the increase in interest accrued will reflect the traffic level: the larger the traffic the larger will be the SPPL yield. SPPLs have a twofold goal. First, they increase the financial attractiveness, and hence the feasibility, of concessions contracts. And second, they set up a fairer risksharing approach between the public and the private sector. This paper analyzes the implications of SPPLs in motorway concessions by contrasting the theoretical analysis with the empirical results obtained form the tender of five motorway concessions in Spain. Overall we found that the implementation of this mechanism may be considered a success. In spite of that, we propose some measures that may contribute to improving the SPPL performance in the future

Inversión en infraestructuras: Cuando lo público y lo privado se dan la mano

Basándonos en datos de seis economías de América Latina, así como de España, destacamos el importante papel que la inversión privada ha tenido en el crecimiento de los países estudiados. Una vez puesto de manifiesto cómo la actual crisis económica global fuerza a la austeridad presupuestaria, proponemos el desarrollo de medidas que permitan mantener un esfuerzo inversor creciente perfeccionando las fórmulas de colaboración público privada ya existentes en los países en estudio

Assessment of the influence due to a new metro line on the promotion of business activities around the stations: A case study of MetroSur in Madrid

The construction of a new public transportation infrastructure in a metropolitan area has a great impact, in many different ways, on the neighborhoods surrounding the stations. The objective of this paper is to evaluate the influence that the construction of a new metro line has on the promotion of businesses (shops, offices and so on) near the stations. To that end, we have analyzed, as a case study, the construction of the new metro line, “Metrosur”, in Alcorcon, a municipality at the south east of Madrid. The analysis was carried out through two different approaches: on one hand, we used a “point pattern analysis” to estimate kernel surfaces to analyze the variation in the density of business activities during a period of ten years, from the conception of the line to four years after the line entered into operation. In the second approach, we calibrated a binary logit model to assess the probability that each location has to hold any economic activity taking into account its distance to Metrosur and other location characteristics. We found that the distance to the stations positively impacts the location of a business. Moreover, the paper demonstrates that agglomeration plays an important role in the collocation of economic activities

Transportation infrastructure impacts on firm location: the effect of a new metro line in the suburbs of Madrid

Firm location patterns emerge as a consequence of multiple factors, including firm considerations, labor force availability, market opportunities, and transportation costs. Many of these factors are influenced by changes in accessibility wrought by new transportation infrastructure. In this paper we use spatial statistical techniques and a micro-level data base to evaluate the effects of Madrid?s metro line 12 (known as Metrosur) expansion on business location patterns. The case study is the municipality of Alcorcon, which is served by the new metro line since 2003. Specifically, we explore the location patterns by different industry sectors, to evaluate if the new metro line has encouraged the emergence of a ?Metrosur spatial economy?. Our results indicate that the pattern of economic activity location is related to urban accessibility and that agglomeration, through economies of scale, also plays an important role. The results presented in this paper provide evidence useful to inform efficient transportation, urban, and regional economic planning

Analysis of house prices to assess economic impacts of new public transport infrastructure: Madrid metro line 12.

Transportation infrastructure is known to affect the value of real estate property by virtue of changes in accessibility. The impact of transportation facilities is highly localized as well, and it is possible that spillover effects result from the capitalization of accessibility. The objective of this study was to review the theoretical background related to spatial hedonic models and the opportunities that they provided to evaluate the effect of new transportation infrastructure. An empirical case study is presented: the Madrid Metro Line 12, known as Metrosur, in the region of Madrid, Spain. The effect of proximity to metro stations on housing prices was evaluated. The analysis took into account a host of variables, including structure, location, and neighborhood and made use of three modeling approaches: linear regression estimation with ordinary least squares, spatial error, and spatial lag. The results indicated that better accessibility to Metrosur stations had a positive impact on real estate values and that the effect was marked in cases in which a house was for sale. The results also showed the presence of submarkets, which were well defined by geographic boundaries, and transport fares, which implied that the economic benefits differed across municipalities

An autofluorescence-based survey of late follicular atresia in ovaries of a teleost fish (Thunnus thynnus)

In this study, the authors examined late atretic follicles in the ovaries of Atlantic bluefin tuna, Thunnus thynnus (Linn AE us 1758), at different times of the year using transmitted light and epifluorescence microscopy. Atresia (degeneration and resorption of developing ovarian follicles) is a natural process involved in fecundity downregulation in teleosts and is substantially enhanced in stressful conditions. Early (alpha and beta) atretic stages of yolked oocytes have a relatively short duration in seasonally reproducing species, whereas later (gamma and delta) atretic follicles (LAF) persist for longer time in the ovary, serving as a sign of previous vitellogenic activity. LAF can thus be used as reliable markers of maturity during non-reproductive periods. Lipofuscin granules accumulate in the cytoplasm of LAF cells as a result of lysosomal digestion of oocyte components. Taking advantage of the well-known autofluorescent properties of lipofuscins, LAF may be identified in unstained histological sections under fluorescence microscopy using appropriate excitation and emission wavelengths. The authors explore in this study the applicability of fluorescence microscopy to provide a fast and effective method to assess late atresia in fishes. This method may be particularly useful to determine sexual maturity in individuals sampled long after the spawning season, where LAF are difficult to detect in standard histological sections. Furthermore, LAF autofluorescence provides a rapid way to quantify late atresia in fishes using image analysis.This research was partly funded by the CEI MAR Foundation (project #CEIJ19-C02.1), the Spanish Ministry of Economy and Competitiveness (project #CTM2017-82808-R) and the Andalusian Government (P12-RNM733, FEDER UCA18-107069)

Socio-Environmental Responsibility Policy in Financial Institutions

This research intents to analyze the influence of Socio-Environmental Responsibility Policy of Brazilian’s Central Bank on financial institutions economic performance listed at the Brazilian stock exchange. The data was collected from diversified sources (websites, explanatory notes, reference form and Economatica® data base) from 2012 up to 2017. As sample, 22 financial institutions were considered for data collection and analysis. The results showed that the growth in shareholder’s equity and contingent liabilities have significant differences from the adoption of the Socio-Environmental Responsibility Policy. Considering six items of corporate governance and six items of risk management, no investigated institution presented all these mechanisms requested by Brazilian’s Central Bank. Brazilian’s financial institutions recognized a greater volume of liabilities and expenses after the implementation of such policy, which reduced their net equity. This research shed some lights in socio-environmental policies regarding corporate governance and risk management mechanisms. Objective: to analyze whether the adoption of a socio-environmental responsibility policy influences the performance indicators and the corporate governance and risk management framework of financial institutions listed on the Brazilian stock exchange. Method: Data were collected from the period 2012 to 2017, referring to 22 Brazilian financial institutions, which provided information to operationalize the variables. Results: the results showed that, from the performance indicators investigated, the growth in shareholders' equity and contingent liabilities presented significant differences as of the adoption of the socio-environmental responsibility policy. Twelve items were analyzed, six of which were corporate governance and six of risk management, noting that no investigated institution presented all the mechanisms provided by the Central Bank of Brazil. Contributions: the evidence suggests that Brazilian financial institutions began to recognize a greater volume of liabilities and expenses after the obligation to implement the socio-environmental responsibility policy, reducing their net equity. These results may be due to the improvement of the corporate governance structure and the adequacy of the risk management process

Práticas de sustentabilidade adotadas por empresas industriais

Objective: This study aims to examine the efficiency of sustainability practices in industries in the region of Chapecó-Santa Catarina. Design/Methodology/Approach: The research is descriptive, conducted through a survey with 63 companies. The questionnaires administered shows the perception of top managers with respect to the economic-financial, social and environmental dimensions. For treatment of data, a quantitative approach and information entropy analysis were used with ranking by TOPSIS. Results: The results show that the companies have different practices and concerns about corporate social responsibility. The companies are drawn up in a rank, allowing to observe and compare that the sustainability actions and practices are weak in 20 companies, which exhibit a performance below 0.50; 24 companies are ranked between 0.51 and 0.70; 14 companies have practices between 0.71 and 0.89, and only 5 companies are ranked above 0.90. In general, the results indicate that some companies have been using sustainable practices, but an alignment of the business strategies with the sustainability dimensions is still lacking. Also, the analysis shows that companies have not yet realized that natural resources are scarce, their leaders are not committed with sustainable management, which would provide an evidence of the efficiency of business practices with sustainable development. Originality/value: The study shows comparatively distinct positionings of the companies studied, indicating that 70% of the companies still have weak or rare initiatives in regard to sustainable management. The study indicates the need for actions and initiatives to improve the managers’ knowledge through training, qualification and awareness-raising toward sustainable development.Objetivo: O presente artigo teve por objetivo verificar a eficiência de práticas de sustentabilidade das empresas industriais da região de Chapecó-Santa Catarina. Desenho/Metodologia/Abordagem: A pesquisa é descritiva, realizada por meio de levantamento junto a 63 empresas. Os questionários aplicados evidenciam a percepção dos gestores quanto as dimensões econômico-financeira, social e ambiental. Utilizou-se para o tratamento dos dados abordagem quantitativa e análise da entropia informacional, com ranqueamento pelo TOPSIS. Resultados: Os resultados demonstram que as empresas possuem diferentes práticas e preocupações em relação a responsabilidade social corporativa. O posicionamento das empresas foi ranqueado e permite observar e comparar que as ações e práticas de sustentabilidade são frágeis em 20 empresas que possuem desempenho inferior a 0,50; 24 empresas possuem posicionamento entre 0,51 e 0,70; 14 empresas possuem práticas entre 0,71 e 0,89 e apenas 5 empresas possuem posicionamento acima de 0,90. De modo geral, os resultados indicam que algumas empresas têm se utilizado de práticas sustentáveis, contudo, ainda falta alinhamento estratégico do negócio com as dimensões da sustentabilidade, observa-se por meio da análise a ausência do reconhecimento de que os recursos naturais são escassos, a carência de comprometimento por parte dos gestores com a gestão sustentável, no intuito de evidenciar a eficiência das práticas empresariais com o desenvolvimento sustentável, Originalidade/valor: A pesquisa evidencia de forma comparativa posicionamentos distintos entre as empresas estudadas, sendo que 70% das empresas ainda possuem iniciativas frágeis ou escassas em relação a gestão sustentável. O estudo demonstra a necessidade de ações e iniciativas voltadas a capacitação e conscientização dos gestores para com o desenvolvimento sustentável

Monitoring the reproductive status of resident and migrant Atlantic bluefin tuna in the Strait of Gibraltar

Two distinct contingents of Atlantic bluefin tuna (ABFT), migrants and residents, occur in the Strait of Gibraltar (SoG). Long-term residents are commercially exploited all year round using hook and line gears, whereas migrants are caught by traps in springtime as they pass through the SoG towards Mediterranean spawning grounds. While reproductive features of migrants have been widely studied, the life history of residents remains poorly investigated. The relative contribution of this subpopulation to ABFT eastern stock productivity is therefore un - known. Reproductive traits of resident ABFT were monitored throughout the year, and were com pared with those of migrants crossing the SoG in spring. To assess maturation timing, gonads were classified into maturation stages based on histological features. Our results indicate bio - metric and reproductive differences between SoG residents and migrants. ABFT caught by hook and line gears were smaller on average than those collected from traps. The females sampled from the hook and line fishery in May and early June showed, on average, significantly lower GSI val ues than those caught by trap. In contrast, the GSI values of males sampled in May were not sig nificantly different between gears. Histological analyses showed a more advanced reproductive condition in trap-caught migrants. Delayed maturation schedules of residents in comparison to migrants would result in less egg production and poorer larval survival rates. The present findings encourage further investigation of reproductive schedules in unstudied subpopulations for a better understanding of ABFT dynamics.En prensa2,48

Green supply chain management practices in the biggest south Brazilian companies

The purpose of this article is to analyze the existing relationship between Green Supply Chain Management practices and the economic and environmental performance in large companies. For this, it was considered a sample composed by the largest companies in southern Brazil. The questionnaire used is composed of 46 questions and was adapted from the studies of Zhu and Sarkis (2004) and Sharma et al. (2017). The management practices of the supply chain and environmental and economic performance were analyzed. The results showed that cooperation strategies have not been widely used by the companies and that in practice internal management differs in relation to the postulates of the environmental policy and the expressed strategic objectives. In relation to the concept of sustainable production, there is a great concern to adhere to ecological practices either internally or with suppliers. Furthermore, the variables involving clients and reverse logistics have not presented enlightening results. The companies studied showed to use more prominently the practices of internal environmental management, sustainable manufacturing and ecodesign. The study also makes it possible to conclude that Green Supply Chain Management Practices had no impact on economic performance