Do internal capital markets in business groups mitigate firms' financial constraints?

We develop a new rationale for capital allocation in business groups’ internal capital markets. We show that productivity and pledgeable income jointly drive capital allocation within an internal capital market. In financially constrained business groups, an efficient internal capital market can allocate marginal funds to firms that have high pledgeability of income because of a multiplier effect: a dollar of internal funds generates a bigger increase in investment. This result has important implications for the business group affiliation strategy. Whether or not a financially constrained but highly productive firm will benefit from group affiliation depends on its borrowing capacity vis-à-vis other affiliates

Fitômetros e distribuição da radiação na copa de Hevea brasiliensis cv: RRIM 600

Phytometers were used as standard systems to verify the effect of vertical distribution of leaf area in the canopy profile of Hevea brasiliensis Muell. Arg. cv. RRIM 600 under Rio Claro (SP) conditions and the relation of leaf dispersion to the penetration of light and photosynthesis. These ecological indicators were installed in 30 uniform and randomized trees, with 60 phytometers distributed at 1.50, 1.20 and 3.00 meters above the soil. Variations in growth analysis parameters of the indicator plant (Beta vulgaris L. cv. Asgrow Wonder) were established in three 14 days periods in May, July and September. As from these data, LAR and SLA showed higher values in the upper canopy, while DMV, LAV, RGR, NAR and LWR presented lower values in the lower canopy. Light distribution varied with the hour of the day. The coefficient of absorption of the incoming solar radiation increased in the morning period, presenting a tendency to attain the best landing-place of the asymptot near 11:00 AM and extending throughout the afternoon. The average of the coefficient of absorption at the landing-place of the asymptot was 0.588 for rubber tree.Com o objetivo de realizar o sensoriamento climático, no perfil da copa de Hevea bvasiliensis cv. RRIM 600, utilizaram-se fitômetros com Beta vulgaris cv, Asgrow Wonder em 3 níveis de um seringal com 4 anos de idade, em Rio Claro (SP). Os fitômetros foram alocados na copa das árvores distribuídas ao acaso, nas alturas de 1,50m, 2,20m e 3,00m, do solo; sendo que 30 fitômetros foram colocados em cada nível. A exposição dos fitômetros foi realizada em três épocas: de 04 a 17 de maio, junho e setembro. Os valores médios da RAF e AFE mostraram-se mais altos no nível superior da copa e da VPS, VAF, TCR, TAL e RPF nos níveis inferiores. A radiação líquida revelou-se mais alta: na região inferior da copa pela manhã, na região mediana em torno do meio-dia e na região superior do perfil da copa da seringueira no período da tarde. O coeficiente de absorção aumentou pela manhã, tendendo a atingir um patamar ótimo da assíntota perto das 11:00 horas, estendendo-se pela tarde; sendo que o valor médio do coeficiente de absorção em seu patamar foi da ordem de 0,588

Cross-border and domestic minority acquisitions and financial constraints: Reaping big benefits from small shareholders

Research Question/Issue Do the motivations of cross-border minority acquisitions differ from those of domestic minority acquisitions? We examine and compare the underlying motivations for and consequences of domestic and cross-border minority acquisitions by analyzing data from transactions that took place across 31 countries over a 13-year period. Research Findings/Insights Using a sample of 11,926 domestic and cross-border minority acquisitions, we show that the interplay of financing and country-level governance motives is the main driver of such deals in both settings. We find that financially constrained firms are more likely to engage in both domestic and cross-border minority acquisitions, even in the face of higher information asymmetry and transaction costs that international transactions entail. In the wake of either domestic or cross-border deals, financially constrained firms' long-term debt increases; their short-term debt, cash holdings, and equity decrease. The greater likelihood of minority acquisitions of financially constrained firms is explained by the degree of corporate governance institutions in the country in which the targeted firm is based and by differences in levels of creditor and shareholder protections between the home countries of the targeted and acquiring firms involved. Our results remain robust after controlling for alternative explanations such as the contracting motive, the gravity model of foreign transactions, economic development levels, and differences in tax and exchange rates. Theoretical/Academic Implications Our results extend prior literature on mergers and acquisitions that have focused solely on control transfers or domestic deals. We provide empirical evidence for the importance of jointly considering financing and governance motivations in seeking to explain domestic and cross-border minority acquisitions and their consequences in alleviating financial constraints. We provide new evidence on how firm- and country-level characteristics interact to affect minority acquisitions. Practitioner/Policy Implications Our results offer valuable insights for business policy by highlighting how firms can circumvent financial constraints through partial integration, especially in cross-border settings. The results also offer evidence of beneficial ex post outcomes for targeted firms' leverage and liquidity. In terms of public policy, the results show that minority shareholder protections improve the equity market and provide a positive externality to the debt market through a certification effect

Efeito de reguladores de crescimento no potencial osmótico de tomateiro (Lycopersicon esculentum Mill. cv. Angela)

This research deals with the effects of exogenous growth regulators on leaf osmotic potential of tomato cultivar "Angela". To study the influence of growth substances on osmotic potentia, (2-chloroethyl) trimethylammonium chloride (CCC) at concentration of 2,000 ppm, succinic acid-2,2-dirnethylhydrazide (Alar) (3,000 ppm), and potassium gibberellate (Gibrel) (100 ppm) were applied. The leaf osmotic potential established everyday during six days showed that plants treated with Gibrel presented lower (negative) osmotic potential. CCC promoted better equilibrium in the osmotic potential of tomato plants. Leaves of tomato cultivar "Angela" presented higher osmotic potential in the morning in relation to leaves collected in the afternoon.A importância do estudo do potencial osmótico das plantas deve-se ao fato deste parâmetro ser considerado o principal componente do potencial hídrico, refletindo o equilíbrio de água na planta. Determinou-se o potencial osmótico foliar do tomateiro (Lycopersicon esculentum Mill. cv. "Angela") através de osmômetro de precisão. As plantas haviam sido tratadas com cloreto de (2-cloroetil) trimetilamônio (CCC) 2000 ppm, ácido succínico-2,2-dimetilhidrazida (Alar) 3000 ppm e giberelato de potássio (Gibrel) 100 ppm, além do controle. Verificou-se que o Gibrel promoveu uma redução no potencial osmótico; sendo que Alar provocou flutuações no potencial do tomateiro "Angela". O CCC causou maior equilíbrio no potencial osmótico foliar do tomateiro. Observou-se que as folhas da cultivar "Angela'' mostraram potencial osmótico mais alto pela manhã com relação ao período da tarde

CONSECUENCIAS DEL MALTRATO GRAVE INTRAFAMILIAR EN LA INFANCIA: CONCEPTUALIZACIÓN Y DIAGNÓSTICO DE LAS REACCIONES POSTRAUMÁTICAS COMPLEJAS

Psychic trauma is a transversality in human history. Even though, its late diagnosed has been occurring, especially referring to its incorporation in psychopathological taxonomies as Postraumatic Stress Disorder (PSD). Since then, studies on PSD have been increased in quantity, firstly considering specific diagnostic issues, and secondly, tackling treatment proposals, generally with an adult population emphasis. Reports have shown that PSD clinical assessment cannot be approached and analyzed in the same way in children and adolescents as it has been in adults. In this paper, general findings are presented about the use of a Supporting List for clinicians, designed to assess DESNOS. Preliminary results of a study on abuse and maltreatment situation are shown.El trauma psíquico es una transversalidad en la historia de la humanidad, pero de diagnóstico tardío, especialmente en lo que refiere a su incorporación a los sistemas de clasificación en psicopatología como Trastorno por Estrés Postraumático (TEPT). Desde ese momento hasta nuestros días han ido en aumento los estudios sobre TEPT, avanzando primero en las formas de evaluación específica y posteriormente en las propuestas de intervención, con énfasis en población adulta. Otros trabajos han evidenciado que, la semiológica del TEPT en niños y adolescentes, no puede ser analizada y  bordada de igual manera que en población adulta. En este artículo se presentan los resultados generales de estudios sobre el TEPT en la infancia y adolescencia y los trabajos sobre un Listado de apoyo a los Clínicos para la evaluación del TEPT y del TEPTC o DESNOS, con algunos de los resultados preliminares de los estudios realizados con población de menores en situación de abuso y maltrato

On the origin of M81 group extended dust emission

Galactic cirrus emission at far-infrared wavelengths affects many extragalactic observations. Separating this emission from that associated with extragalactic objects is both important and difficult. In this paper we discuss a particular case, the M81 group, and the identification of diffuse structures prominent in the infrared, but also detected at optical wavelengths. The origin of these structures has previously been controversial, ranging from them being the result of a past interaction between M81 and M82 or due to more local Galactic emission. We show that over an order of a few arcmin scales, the far-infrared (Herschel 250 mu m) emission correlates spatially very well with a particular narrow-velocity (2-3 km s(-1)) component of the Galactic HI. We find no evidence that any of the far-infrared emission associated with these features actually originates in the M81 group. Thus we infer that the associated diffuse optical emission must be due to galactic light-back scattered off dust in our galaxy. Ultraviolet observations pick out young stellar associations around M81, but no detectable far-infrared emission. We consider in detail one of the Galactic cirrus features, finding that the far-infrared HI relation breaks down below arcmin scales and that at smaller scales there can be quite large dust-temperature variation

Production of fructo-oligosaccharides by Aspergillus ibericus and their chemical characterization

A great demand for prebiotics is driving the search for new sources of fructo-oligosaccharides (FOS) producers and for FOS with differentiated functionalities. In the present work, FOS production by a new isolated strain of Aspergillus ibericus was evaluated. The temperature of fermentation and initial pH were optimized in shaken flask to yield a maximal FOS production, through a central composite experimental design. FOS were produced in a one-step bioprocess using the whole cells of the microorganism. The model (R2 = 0.918) predicted a yield of 0.56, experimentally 0.53 ± 0.03 gFOS.ginitial sucrose1 was obtained (37.0 °C and a pH of 6.2). A yield of 0.64 ± 0.02 gFOS.ginitial sucrose1 was obtained in the bioreactor, at 38 h, with a content of 118 ± 4 g.L1 in FOS and a purity of 56 ± 3%. The chemical structure of the FOS produced by A. ibericus was determined by HPLC and NMR. FOS were identified as 1-kestose, nystose, and 1F-fructofuranosylnystose. In conclusion, A. ibericus was found to be a good alternative FOS producer.Clarisse Nobre acknowledges the Portuguese Foundation forScience and Technology (FCT) for her Post-Doc Grant [ref. SFRH/BPD/87498/ 2012] and the project RECI/BBB-EBI/0179/2012 (FCOMP-01-0124FEDER-027462), the strategic funding of UID/BIO/04469/2013 unit, COMPETE 2020 (POCI-01-0145-FEDER-006684), BioTecNorte operation(NORTE-01-0145-FEDER-000004) and the project MultiBiorefinery (POCI-01-0145-FEDER-016403) funded by European Regional Development Fund under the scope of Norte2020 - Programa Operacional Regional do Norte.info:eu-repo/semantics/publishedVersio

Echinoderms from Todos os Santos Bay and Aratu Bay (Bahia, Brazil)

Neste trabalho são registrados os equinodermos (exceto Holothuroidea) obtidos durante a execução do projeto "Marine Environmental Evaluation of the Todos os Santos Bay-MAREMBA" em julho/agosto de 1996 e durante o projeto "Geoecologia das comunidades bentônicas infralitorais da Baía de Todos os Santos (BTS), BA, Brasil: diversidade biótica e sedimentológica", (1997). Um total de 33 espécies pertencentes a 15 famílias foram registradas e re-descritas. A distribuição de Ophiactis brasiliensis Manso, 1988 e Amphiodia trychna H.L. Clark, 1918 é estendida para a região nordeste do Brasil. A classe Ophiuroidea foi dominante nas amostragens em termos de abundância e freqüência de ocorrência, em particular as espécies Amphiodia atra Stimpson, 1852, Amphipholis subtilis (Ljungman, 1867), Ophiactislymani Ljungman, 1871 e Ophiostigma isocanthum (Say, 1825). O asteróide Oreaster reticulatus (Linnaeus, 1758) é considerado vulnerável à exploração humana e foi escasso durante as coletas. Outras espécies encontradas na BTS, tais como os asteroides Luidia clathrata (Say, 1825) e L. senegalensis (Lamarck, 1816) e o equinóide Eucidaristribuloides (Lamarck, 1816) figuram na lista nacional de espécies de invertebrados aquáticos ameaçados de extinção._______________________________________________________________________________ ABSTRACT: We present the results of the studies on biodiversity of Echinodermata (except Holothuroidea) from the Projects "Marine Environmental Evaluation of the Todos os Santos Bay - MAREMBA" (July/August 1996) and "Geoecology of the Benthic Infralitoral Communities of Todos os Santos Bay (BTS), Bahia, Brazil" (1997). A total of 33 species from 15 families were registered and re-described. The distribution of Ophiactis brasiliensis Manso, 1988 and Amphiodia trychna H.L. Clark, 1918 is extended to northwestern Brazil. The class Ophiuroidea was dominant in samples in terms of abundance and frequency of occurrence, in particular Amphiodia atra Stimpson, 1852, Amphipholis subtilis (Ljungman, 1867), Ophiactislymani Ljungman, 1871and Ophiostigma isocanthum (Say, 1825). The asteroid Oreaster reticulatus (Linnaeus, 1758) is considered vulnerable to human exploration and was scarce during the surveys. Other species found at BTS, such the asteroids Luidia clathrata (Say, 1825) and L. senegalensis (Lamarck, 1816) and the echinoid Eucidaristribuloides (Lamarck, 1816)are included in the national list of threatened invertebrate species

Low-mass pre--main-sequence stars in the Magellanic Clouds

[Abridged] The stellar Initial Mass Function (IMF) suggests that sub-solar stars form in very large numbers. Most attractive places for catching low-mass star formation in the act are young stellar clusters and associations, still (half-)embedded in star-forming regions. The low-mass stars in such regions are still in their pre--main-sequence (PMS) evolutionary phase. The peculiar nature of these objects and the contamination of their samples by the evolved populations of the Galactic disk impose demanding observational techniques for the detection of complete numbers of PMS stars in the Milky Way. The Magellanic Clouds, the companion galaxies to our own, demonstrate an exceptional star formation activity. The low extinction and stellar field contamination in star-forming regions of these galaxies imply a more efficient detection of low-mass PMS stars than in the Milky Way, but their distance from us make the application of special detection techniques unfeasible. Nonetheless, imaging with the Hubble Space Telescope yield the discovery of solar and sub-solar PMS stars in the Magellanic Clouds from photometry alone. Unprecedented numbers of such objects are identified as the low-mass stellar content of their star-forming regions, changing completely our picture of young stellar systems outside the Milky Way, and extending the extragalactic stellar IMF below the persisting threshold of a few solar masses. This review presents the recent developments in the investigation of PMS stars in the Magellanic Clouds, with special focus on the limitations by single-epoch photometry that can only be circumvented by the detailed study of the observable behavior of these stars in the color-magnitude diagram. The achieved characterization of the low-mass PMS stars in the Magellanic Clouds allowed thus a more comprehensive understanding of the star formation process in our neighboring galaxies.Comment: Review paper, 26 pages (in LaTeX style for Springer journals), 4 figures. Accepted for publication in Space Science Review