Financial crisis and determinants of the capital structure of spanish maritime transport firms

The purpose of this article is to analyze how the financial crisis affects the determinants of the capital structure of Spanish maritime transport firms according to both the trade-off and pecking order theories. Additionally, we test whether these effects differ between short and long-term debts. Using a sample of 225 firms (1,805 observations) between 2001 and 2015, we find that firms? liquidity and profitability are the main drivers of leverage before the crisis, whereas, during the crisis, leverage is also explained by non-debt tax shields and the level of tangible assets. Besides, our results show that the capital structure decisions of Spanish maritime transport firms are mainly determined by the pecking order theory, especially during the crisis. In this way, the pecking order theory plays an important role on total and short-term debts both before and during the crisis. However, the pecking order theory is only relevant in explaining long-term debt during the crisis. Before the crisis, there are no conclusive results about whether long-term debt is determined by the trade-off or the pecking order theory.The authors would like to thank University of Cantabria Foundation for Education and Research in the Financial Sector (UCEIF Foundation) for financial support

The single supervision mechanism and contagion between bank and sovereign risk

The objective of this article is to analyse how the Single Supervision Mechanism (SSM), the first pillar of the European Banking Union, affects contagion between bank and sovereign risk in the eurozone. Additionally, we test whether this contagion is transmitted from banks to sovereigns or vice versa, and how this transmission differs before and after the SSM. On the one hand, using quarterly data from 80 banks and 13 eurozone countries over the period 2009?2016 (2441 observations), we do not find solid evidence that the SSM reduces contagion from sovereign risk to banks' stock returns. On the other hand, the analysis of credit default swap (CDS) spreads comprises quarterly data from 25 banks and 10 eurozone countries between 2009 and 2016 (771 observations). We find that the announcement of the SSM in March 2013 reduces contagion between bank and sovereign CDS spreads. Additionally, before the announcement of the SSM, an increase in sovereign risk does not alter contagion. However, after this announcement, an increase in sovereign risk leads to lower contagion. Therefore, the announcement of the SSM has an immediate effect on CDS spreads, while there is not enough evidence for banks' stock returns

A new approach to the analysis of monetary policy transmission through bank capital.

The purpose of this article is to quantify how bank capital determines the effects of mone- tary policy on bank lending. Additionally, we test how these effects differ during monetary contractions and expansions. Using a sample of 3,028 European banks between 1999 and 2012, we find that the reduction in loans caused by monetary restrictions is similar across banks regardless of their capital. In addition, during monetary expansions, banks increase their loan supply more as they become better capitalized. Contrary to previous studies, there are differences in the monetary policy transmission through capital only during ex- pansionary monetary regimes. These results are relevant because previous studies have not measured how the marginal effect of monetary policy on the growth of loans varies with the value of capital. We contribute to the existing literature by using a new approach that quantifies this marginal effect, which considerably improves the interpretation of statisti- cal results from models that include continuous variable interactions and allows a better understanding of the role of bank capital in the transmission of monetary shocks

Trade credit, sovereign risk and monetary policy in Europe

ABSTRACT: The purpose of this article is to analyze how sovereign risk influences the use of trade credit, both directly and through monetary policy. In addition, we test whether these effects differ during the crisis as compared to before the crisis. Using a sample of 45,864 Eurozone firms (2005-2012), we find that trade credit received increases when sovereign risk becomes higher, but only before the crisis. However, during the crisis, trade credit supply decreases as sovereign risk increases. Additionally, monetary restrictions only lead to an increase in trade credit in low or moderate sovereign risk countries

Sustainable Banking, Financial Strength and the Bank Lending Channel of Monetary Policy

The aim of this article is to analyse how sustainable banking affects the transmission of monetary policy through the bank lending channel. We also quantify how these effects are determined by the financial strength of each bank. These objectives, which have not been studied previously, represent an important contribution because real sustainable concerns in banking did not emerged until recently, mainly with the adoption of the Sustainable Development Goals that should be reached by 2030. Since then, some studies have focused on the effects of sustainability on aspects such as bank profitability, risk or efficiency, but none has considered the effects on the bank lending channel of monetary policy. In fact, central banks have incorporated sustainability criteria into their agenda and are analyzing how to include these criteria in the monetary policy framework, so we contribute even more by shedding some light on these aspects and how they depend on the financial strength of the banking sector. We used quarterly data from 79 listed banks from the OECD between 2016 and 2019 (947 observations) and we found that the bank lending channel is operative either for banks with very low sustainability ratings or a weak financial position. When sustainability ratings increase and financial strength becomes moderate, the bank lending channel is ineffective and monetary shocks do not affect lending. For banks with certain sustainable compromises and a strong financial position, the impact of monetary shocks on lending is the opposite of the one that the bank lending channel proposes, and this impact is more intense as sustainability ratings increase. Finally, our results also show that increases in central bank assets boost lending only for banks with low or moderate sustainability ratings, regardless of their financial strength. Overall, these results suggest that more sustainable banks are less dependent on monetary policy decisions

Sovereign risk and its asymmetric effects on the monetary policy transmission O risco soberano e efeitos assimétricos sobre a transmissão da política monetária.

RESUMEN. Este artículo analiza los efectos que el riesgo soberano está teniendo en la transmisión de la política monetaria en la Eurozona a través del crédito bancario. El estallido de la crisis de deuda soberana en 2010 generó una creciente preocupación por el riesgo soberano, especialmente en los países de la periferia europea (España, Portugal, Irlanda, Italia y Grecia). La apreciación de un mayor riesgo soberano ha deteriorado las condiciones de financiación del sector bancario, dando lugar a asimetrías en el proceso de transmisión monetaria entre países.ABSTRACT. The objective of this article is to analyze the impact that the sovereign debt crisis has had in the euro zone. Furthermore, this article examines the effects of sovereign risk on the monetary policy transmission in the euro zone through bank credit. The outbreak of the sovereign debt crisis in 2010 led to growing concerns about sovereign risk, especially in the countries of the European periphery (Spain, Portugal, Ireland, Italy and Greece). Greater sovereign risk has worsened the financing conditions of the banking sector, leading to asymmetries in the monetary transmission process across countries

Cardiovascular fitness in youth: association with obesity and metabolic abnormalities.

Therapies currently implemented for obesity are focused on nutritional aspects and on physical activity. In order to make physical activity a positive therapy instead of triggering disabilities it is relevant to accurately assess cardiovascular fitness. Objective: To assess the cardiovascular fitness by measuring the peak oxygen consumption and to asses their relationship with classical cardiometabolic parameters. Methods: A modified Balke protocol was applied to one hundred and twenty-six Caucasians (60% males),ranging between 9 and 16 years old, who underwent an assessment of obesity. The non-obese group consisted of healthy age and sex matched subjects who were invited to participate from the general population. Results: Significant differences in consumption of oxygen peak between non-obese and obese individuals were observed. In contrast, no significant differences existed between the categories of obesity. Furthermore in obese subjects consumption of oxygen peak was inversely correlated with parameters of cardiometabolic risk,particularly insulin and HOMA index. In addition, two predictive equations of consumption of oxygen peak, with an R2 of 0.74 and 0.84, respectively, have been developed. Conclusion: The consumption of oxygen peak is a relevant clinical parameter that should be included in the routine clinical assessment of obese subjects. Therefore, it is crucial to make exercise tests more affordable which can be achieved by employing predictive equations Las terapias que se implantan actualmente para la obesidad se centran en los aspectos nutricionales y sobre la actividad física. Con el fin de hacer que la actividad física sea una terapia positiva en vez de un desencadenador de discapacidades, es relevante evaluar de forma precisa el entrenamiento cardiovascular. Objetivo: evaluar el entrenamiento cardiovascular midiendo el consumo máximo de oxígeno y evaluar su relación con los parámetros cardiometabólicos clásicos. Métodos: se aplicó el protocolo modificado de Balke a 126 individuos caucásicos (60 % de varones), con edades entre 9 y 16 años, que se sometieron a una evaluación de obesidad. El grupo de no obesos consistía de individuos sanos, de la población general, emparejados por edad y sexo y a los que se les invitó a participar. Resultados: se observaron diferencias significativas en el consumo máximo de oxígeno entre los indiviudos obesos y no obesos. Por contra, no existían diferencias significativas entre las categorías de obesidad. Además, en los sujetos obesos, el consumo máximo de oxígeno se correlacionó de forma inversa con los parámetros de riesgo cardiometabólico, particularmente con la insulina y el índice HOMA. Además, se han desarrollado dos ecuaciones predictivas del consumo máximo de oxígeno con una R2 de 0,74 y de 0,84, respectivamente. Conclusión: el consumo máximo de oxígeno es un parámetro clínico relevante que debería incluirse en la evaluación clínica rutinaria de los sujetos obesos. Por lo tanto, es crucial hacer que las pruebas de esfuerzo sean más asequibles, que puedan alcanzarse empleando las ecuaciones predictivas

Cardiovascular fitness in youth: association with obesity and metabolic abnormalities

[ES] Las terapias que se implantan actualmente para la obesidad se centran en los aspectos nutricionales y sobre la actividad física. Con el fin de hacer que la actividad física sea una terapia positiva en vez de un desencadenador de discapacidades, es relevante evaluar de forma precisa el entrenamiento cardiovascular. Objetivo: evaluar el entrenamiento cardiovascular midiendo el consumo máximo de oxígeno y evaluar su relación con los parámetros cardiometabólicos clásicos. Métodos: se aplicó el protocolo modificado de Balke a 126 individuos caucásicos (60 % de varones), con edades entre 9 y 16 años, que se sometieron a una evaluación de obesidad. El grupo de no obesos consistía de individuos sanos, de la población general, emparejados por edad y sexo y a los que se les invitó a participar. Resultados: se observaron diferencias significativas en el consumo máximo de oxígeno entre los indiviudos obesos y no obesos. Por contra, no existían diferencias significativas entre las categorías de obesidad. Además, en los sujetos obesos, el consumo máximo de oxígeno se correlacionó de forma inversa con los parámetros de riesgo cardiometabólico, particularmente con la insulina y el índice HOMA. Además, se han desarrollado dos ecuaciones predictivas del consumo máximo de oxígeno con una R2 de 0,74 y de 0,84, respectivamente. Conclusión: el consumo máximo de oxígeno es un pará- metro clínico relevante que debería incluirse en la evaluación clínica rutinaria de los sujetos obesos. Por lo tanto, es crucial hacer que las pruebas de esfuerzo sean más asequibles, que puedan alcanzarse empleando las ecuaciones predictivas.[EN] Therapies currently implemented for obesity are focused on nutritional aspects and on physical activity. In order to make physical activity a positive therapy instead of triggering disabilities it is relevant to accurately assess cardiovascular fitness. Objective: To assess the cardiovascular fitness by measuring the peak oxygen consumption and to asses their relationship with classical cardiometabolic parameters. Methods: A modified Balke protocol was applied to one hundred and twenty-six Caucasians (60% males), ranging between 9 and 16 years old, who underwent an assessment of obesity. The non-obese group consisted of healthy age and sex matched subjects who were invited to participate from the general population. Results: Significant differences in consumption of oxygen peak between non-obese and obese individuals were observed. In contrast, no significant differences existed between the categories of obesity. Furthermore in obese subjects consumption of oxygen peak was inversely correlated with parameters of cardiometabolic risk, particularly insulin and HOMA index. In addition, two predictive equations of consumption of oxygen peak, with an R-2 of 0.74 and 0.84, respectively, have been developed. Conclusion: The consumption of oxygen peak is a relevant clinical parameter that should be included in the routine clinical assessment of obese subjects. Therefore, it is crucial to make exercise tests more affordable which can be achieved by employing predictive equations.Guixeres Provinciale, J.; Redón Lurbe, P.; Saiz Rodríguez, FJ.; Alvarez, J.; Torró, MI.; Cantero, L.; Lurbe Ferrer, E. (2014). Cardiovascular fitness in youth: association with obesity and metabolic abnormalities. Nutrición Hospitalaria. 29(6):1290-1297. doi:10.3305/nh.2014.29.6.7383S1290129729

Patrones y estrategias de regulación emocional empleadas en personas mayores de 60 años con deterioro cognitivo.

Introducción. Son escasos los estudios científicos sobre los patrones cognitivos y estrategias empleadas en personas mayores con deterioro cognitivo (DC). Objetivo. El objetivo fue comparar 2 grupos de personas mayores, con DC y sin DC, la refocalización de planes, catastrofización, autoculpa, refoca-lización positiva y reinterpretación positiva para observar diferencias y establecer patrones cognitivos adaptados al perfil para la mejora en la atención profesional. Método. Para ello en este estudio de corte transversal con diseño correlacional y muestreo no probabilístico por conveniencia se empleó el Cog-nitive Emotion Regulation Questionnaire (CERQ) y Geriatric Depression Scale (GDS) en 196 personas mayores de 60 años pertenecientes a centros de día y residencias (M= 75,95 DT= 10,08). Resultados. Se han obtenido resultados estadísticamente significativos en refocalización de planes (p <. 00); catas-trofización (p= .00); autoculpa (p <. 00); refocalización positiva (p <. 00) reinterpretación positiva (p <. 00). Conclusiones. Es uno de los escasos estudios de este campo que contribuye a enfatizar la necesidad de estudio de variables emocionales adaptativas o desadaptativas para la vida del adulto mayor con DC inexistentes en el ámbito científico, además, muestra diferentes patrones cognitivos y estrategias adaptativas empleadas en DC y sin DC. Su conocimiento ayudaría a personalizar intervenciones en función de los patrones cognitivos presentes en esta publicaciónScientific studies on cognitive patterns and strategies used in older people with cognitive impair-ment (CD) are scarce. Objective: The objective was to compare 2 groups of older people, with CD and without CD, the refocusing of plans, catastrophizing, self-blame, positive refocusing and positive rein-terpretation to observe differences and establish cognitive patterns adapted to the profile for the impro-vement in professional care. Method: For this, in this cross-sectional study with correlational design and probability sampling by not convenience, the Cognitive Emotion Regulation Questionnaire (CERQ) and Geriatric Depression Scale (GDS) were used in 196 people over 60 years old belonging to day centers and residences (M=75.95 SD= 10.08) Results: Statistically significant results have been obtained in re-focusing plans (p<.00); catastrophizing (p=.00); self-blame (p<.00); positive refocusing (p<.00); positive reinterpretation (p<.00). Conclusions: It is one of the few studies in this field that contributes to empha-size the need to study adaptative or maladaptative emotional variables for the life of the elderly with CD that do not exist in the scientific field, in addition, it shows different cognitive patterns and adaptative strategies used in CD and without DC. Their knowledge would help to personalize interventions based on the cognitive patterns present in this publicatio

Tiempos de equidad de género : descripción de las desigualdades entre comunidades autónomas, España 2006-2014.

RESUMEN. Objetivo La equidad de género es un determinante estructural de las desigualdades en salud. Por ello, se pretende visibilizar su evolución en las comunidades autónomas (CC.AA.) desde 2006, previamente a la promulgación de la Ley de Igualdad (2007) y la crisis económica (2008), hasta 2014. Método Estudio ecológico sobre la equidad de género en las 17 CC.AA. en 2006-2011-2014. Cálculo de: 1) índice de equidad de género modificado (IEGM) de las CC.AA. (0=equidad, ±1=inequidad); 2) convergencia interregional y temporal en equidad de género. Resultados El IEGM de las CC.AA.2014 toma valores negativos próximos a 0 (inequidad desfavorable a las mujeres). No hay convergencia interregional en la equidad de género, pues aumenta la dispersión (2006: 0,1503; 2011: 0,2280; 2014: 0,4964). Tampoco existe convergencia temporal, al no evolucionar mejor las CC.AA. menos equitativas. La brecha de género en actividad económica sigue desfavorable a las mujeres. En 2006-2011 disminuye en todas las CC.AA., y en 2014 aumenta en seis CCAA. La brecha de género en educación tiene valores positivos próximos a 0 (desfavorable a los hombres) en 2006-2011-2014, y en empoderamiento es desfavorable a las mujeres, siendo la dimensión que más pesa en la equidad de género. Se mantiene la dispersión entre CC.AA. en 2006-2014 en actividad económica y educación, y aumenta en empoderamiento. Conclusiones El contexto de equidad de género alcanzado en las CC.AA. españolas en 2006 se ha perdido durante la crisis económica, al aumentar la desigualdad en la equidad de género entre CC.AA. en 2014. La inequidad de género sigue siendo desfavorable a las mujeres.ABSTRACT. Objective Gender equity (GE) is a structural determinant of health inequalities. In this light, our objective is to show the evolution of gender equity in the Spanish autonomous communities since 2006, prior to the enactment of the Equality Act (2007) and the economic crisis (2008), until 2014. Method Ecological study of gender equity in the 17 Spanish autonomous communities from 2006?2011?2014. We have calculated: 1) modified gender equity index (MGEI) for the autonomous communities (0=equity, ±1=inequity); 2) interregional and temporal convergences in gender equity. Results The MGEI in the autonomous communities in 2014 has negative values close to 0 (inequity towards women). There is no interregional convergence due to the dispersion increase (2006: 0.1503; 2011: 0.2280; 2014: 0.4964), and no temporal convergence due to the lack of progress of the autonomous communities with poor gender equity. The gender gap in economic activity continues to be unfavourable to women, decreasing in all communities between 2006 and 2011 but increasing in six communities in 2014. The gender gap in education from 2006?2011?2014 has positive values close to 0 (unfavourable to men), while the gender gap in empowerment is unfavourable to women, representing the most significant gender equity disparity. Inter-community dispersion of economic activity and education did not change between 2006 and 2014, while inter-community dispersion of empowerment increased. Conclusions The level of gender equity achieved in the Spanish autonomous communities in 2006 was lost during the economic crisis, as gender equity disparities between the communities had increased by 2014. Gender inequity continues to be unfavourable to women