What do Basel Capital Accords mean for SMEs?

This paper analyses the impact of the new Basel Capital Accords (Basel II and Basel III) on the bank’s capital requirements in a portfolio of Small and Medium-sized Enterprises (SMEs) when the internal ratings-based (IRB) approach is used. To do this, the study uses a large database of Spanish firms and covers the period from 2005 to 2009. We also examine the effect on the credit risk premium charged by banks of the guarantee offered by a Loan Guarantee Association (LGA) to a SME; and whether this foreseeable decrease in the interest rates applicable to the SME is compensated by the cost of this guaranteeBank capital requirements, Credit risk mitigation, Bank financing of SMEs, Basel II, Basel III Loan Guarantee Association

Supercooled Stefan problem with a Neumann type boundary condition

We consider a supercooled one-dimensional Stefan problem with a Neumann boundary condition and a variable thermal diffusivity. We establish a necessary and sufficient condition for the heat flux at the fixed face x = 0, in order to obtain existence and uniqueness of a similarity type solution. Moreover we over-specified the fixed face x = 0 by a Dirichlet boundary condition aiming at the simultaneous determination of one or two thermal coefficients.Fil: Briozzo, Adriana Clotilde. Universidad Austral. Facultad de Ciencias Empresariales. Departamento de Matemáticas; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Rosario; Argentin

Código de Gobierno Societario en la Argentina: análisis del nivel de cumplimiento

Un Código de Gobierno Corporativo es un conjunto de normas, principios y recomendaciones de comportamiento y funcionamiento, considerados como las mejores prácticas para el buen gobierno de las organizaciones para mejorar la transparencia, divulgación y rendición de cuentas. En el presente trabajo se analiza el grado de cumplimiento del Código de Gobierno Societario en la Argentina, que es de presentación obligatoria para las empresas que hacen oferta pública de sus títulos. El trabajo empírico se lleva cabo en una muestra de 20 empresas de capitales nacionales, excluyendo al sector financiero y a las compañías que realizan cross listing de sus valores. Se determina el nivel de cumplimiento del código presentado por cada firma desde dos perspectivas: la autoevaluación realizada por la propia emisora, según el principio de cumplir o explicar, y el análisis efectuado por un evaluador externo, a partir de la información públicamente disponible. Los resultados muestran que el nivel de cumplimiento es mayor desde la óptica de la autoevaluación, y para las empresas de mayor tamaño. Los principios de mayor cumplimiento, independientemente del tamaño de la compañía, son los referidos a partes relacionadas y a la función de auditoría. En las firmas de mayor capitalización también resulta elevada la adhesión al principio de ética empresarial. El principio referido a remunerar de manera justa y responsable presenta el menor cumplimiento en todas las empresas estudiadas.// A Corporate Governance Code is a set of rules, principles, and recommendations for behavior and operation, considered as the best practices for the good governance of organizations, in order to improve transparency, disclosure, and accountability. This paper analyzes the degree of compliance with the Corporate Governance Code in Argentina, where the Code is mandatory for companies that make a public offering of their securities. The empirical work is carried out in a sample of 20 national capital companies, excluding the financial sector and the companies that cross-list their values. The analysis of the level of compliance of the code presented by each firm is developed from two perspectives: the self-assessment carried out by the company, according to the principle of comply or explain, and the analysis performed by an external evaluator, based on publicly available information. The results show that the level of compliance is higher from the perspective of self-assessment and for larger companies. The principles of greater compliance, regardless of the size of the company, are those related to related parties and the audit function. In companies with greater capitalization, adherence to the principle of business ethics is also high. The principle referred to remunerate in a fairly and responsibly way presents the lowest compliance in all the studied companies

La estructura de capital de las pequeñas y medianas empresas argentinas

In this research we propose that the financial structure of small and medium enterprises (SME) is influence d by demand side factors, which are based on a fundamental characteristic of these firms: the owner-firm intertwinement. This approach is complementary to the traditional view for small firms that focus on information asymmetries between firms and external fund providers. Studying a group of firms from Bahía Blanca, we find evidence supporting the new approach. We consider these results as a contribution to the understanding and modelling of SME ́s distinctive characteristics. En esta investigación se propone que en el financiamiento de las pequeñas y medianas empresas (PyMEs) influyen ciertos factores propios de la demanda, derivados de una característica fundamental de este tipo de firmas: el entrelazamiento empresa- propietario. Los mismos se suman a las variables tradicionalmente estudiadas, que son producto de las asimetrías de información entre firmas y proveedores de fondos. Sobre la base de un estudio de campo realizado en la ciudad de Bahía Blanca en el periodo julio-octubre de 2006, se encuentra evidencia que apoya la relevancia de las variables propuestas. Esto constituye un avance hacia el desarrollo de modelos que caractericen la naturaleza distintiva de las pequeñas firmas

Stefan problems for the diffusion-convection equation with temperature-dependent thermal coefficients

Different one-phase Stefan problems for a semi-infinite slab are considered, involving a moving phase change material as well as temperature dependent thermal coefficients. Existence of at least one similarity solution is proved imposing a Dirichlet, Neumann, Robin or radiative–convective boundary condition at the fixed face. The velocity that arises in the convective term of the diffusion–convection equation is assumed to depend on temperature and time. In each case, an equivalent ordinary differential problem is obtained giving rise to a system of an integral equation coupled with a condition for the parameter that characterizes the free boundary, which is solved through a double-fixed point analysis. Some solutions for particular thermal coefficients are provided.Fil: Bollati, Julieta. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Rosario; Argentina. Universidad Austral. Facultad de Ciencias Empresariales. Departamento de Matemáticas; ArgentinaFil: Briozzo, Adriana Clotilde. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Rosario; Argentina. Universidad Austral. Facultad de Ciencias Empresariales. Departamento de Matemáticas; Argentin

LA ESTRUCTURA DE FINANCIAMIENTO PYME Una revisión del pasado y presente

The main theories that seek to explain the financial structure of firms mainly apply to large public firms and developed capital markets. In this paper we review the existing theoretical contributions to this topic, from the special perspective of small and medium firms, and within the Argentine context. Then we discuss both the empirical evidence and the potential research lines in this field of study.

A free boundary problem for a diffusion–convection equation

One-dimensional free boundary problem for a nonlinear diffusion - convection equation with a Dirichlet condition at fixed face x=0, variable in time, is considered. Throught several transformations the problem is reduced to a free boundary problem for a diffusion equation and the integral formulation is obtained. By using fixed point theorems, the existence and uniqueness of solution, for small time, to a system of coupled nonlinear integral equations is obtained.Fil: Briozzo, Adriana Clotilde. Universidad Austral. Facultad de Ciencias Empresariales. Departamento de Matemáticas; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Rosario; ArgentinaFil: Tarzia, Domingo Alberto. Universidad Austral. Facultad de Ciencias Empresariales. Departamento de Matemáticas; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Rosario; Argentin

Shadows of rotating black holes in plasma environments with aberration effects

The shadows of black holes encode significant information about the properties of black holes and the spacetime surrounding them. So far, the effects of dispersive media, such as plasma, and relativistic aberration on the propagation of light around compact objects have been treated separately in the literature. In this paper, we will employ the Konoplya, Stuchlik, and Zhidenko family of stationary, axially symmetric, and asymptotically flat metrics to describe the spacetime around rotating black holes. We will study how the parameters of the black hole, the chromatic effects resulting from the presence of a non-magnetized, pressureless plasma environment, and the effects of relativistic aberration of a moving observer modify the morphology of the shadow.Comment: Several improvements, new graphics, and discussions. Accepted in PR

Iniciativas sanitarias contra el aborto provocado en condiciones de riesgo: Aspectos clínicos, epidemiológicos, médico-legales, bioéticos y jurídicos

Se trata de una recopilación de varios estudios que abordan el grave problema del aborto, desde un punto de vista médico y social. Este libro busca dos objetivos: por un lado, continuar la difusión de este problema de salud pública, el problema más grave de salud materna en nuestro país; por otro lado, busca contribuir, como una herramienta más, a mejorar nuestra práctica clínica. Contiene normativa de atención sanitaria