Lending relationships and credit rationing: the impact of securitization

Do lending relationships mitigate credit rationing? Does securitization influence the impact of lending relationships on credit rationing? If so, is its impact differently in normal periods versus crisis periods? This paper combines several unique data sets to address these questions. Employing a disequilibrium model to identify credit rationing, we find that more intense lending relationships, measured through their length and lower number, considerable improve credit supply and reduce the degree of credit rationing. In general, we find that a relationship with a bank that is more involved in securitization activities relaxes credit constraints in normal periods; however, it also increases credit rationing during crisis periods. Finally, we study the impact of different types of securitization – covered bonds and mortgage-backed securities (MBS) – on credit rationing. While both types of securitization reduce credit rationing in normal periods, the issuance of MBS by a firm’s main bank aggravates these firm’s credit rationing in crisis periods.lending relationships;financial crisis;securitization

The role of interchange fees in two-sided markets: An empirical investigation on payment cards

We study the impact of reductions in interchange fees on payment card services. We find that consumer and merchant acceptance and transaction volumes increased when interchange fees were reduced. Our results suggest that a 10 percent reduction in the rate of decline per quarter in the average interchange fee by an acquirer resulted in a rate of increase in merchant acceptance per quarter of up to 1.4 percent. Additionally, a 10 percent increase in the rate of interaction of merchant acceptance and the total number of cards increased the rate of quarterly issuer transaction volumes up to 1.7 percent

The diffusion pattern of non-cash payments: evidence from China

Exploiting an original dataset of non-cash payments during the period between 1996 and 2005, this study analyses the diffusion patterns of non-cash payments in China. Based on both exponential and Gompertz curves, the point of sale (POS) terminal has shown a higher diffusion rate than that of automatic teller machines (ATMs). This result is also robust when a time trend is interacted with rivals' precedence, network effects and market concentration. The diffusion rates of both ATM and POS terminals have accelerated after 2002, when UnionPay was established in China. The diffusion rate of ATMs is found to be mainly driven by rivals' adoption of them. Market concentration boosts the diffusion of POS terminals. In spite of the rising number of POS terminals and merchants, the volume of POS transactions is low. The diffusion rate of POS is, however, negatively affected by interchange fees

Trade credit, the Financial Crisis and Firms Access to Finance

We analyse for the first time whether trade credit provided an alternative source of external finance to SMEs during the credit crisis. Using firm level panel data on over 40,000 Spanish SMEs we find that credit constrained SMEs depend on trade credit, but not bank loans, to finance capital expenditures and that the intensity of this dependence increased during the financial crisis. Unconstrained firms, in contrast, are dependent on banks loans not trade credit. Overall, this suggests substitution between bank loans and trade credit that is conditional on the level of financing constraints and is more intense during the crisi

Identification of vegetal species in wooden objects using in situ microextraction-assisted voltammetry of microparticles

[EN] A method for identifying vegetal species in wooden objects using microextraction-assisted voltammetry of microparticles is described. The proposed methodology, aimed at facilitating tasks of patrimony conservation, is based on the recording of the voltammetric response of microparticulate films of compounds resulting from microextraction with organic solvents (ethanol, acetone, and chloroform) of micro- or sub-microsamples of wood in contact with aqueous buffers. Upon application of bivariate and multivariate chemometric techniques, the obtained voltammetric responses led us to identify different taxonomic groups from the characteristic voltammetric profiles. Application to a series of samples of wooden objects of cultural heritage of different European and American provenances dated to ca. 375¿ 350 BC and to historical periods, namely 14th and 17¿19th centuries, is describedFinancial support from the MICIN Projects CTQ2014-53736-C3-1-P and CTQ2014-53736-C3-2-P, which are also supported with ERDF funds, is gratefully acknowledged. Thanks to the Museum of Prehistory of Valencia, especially to the director Helena Bonet.Domenech-Carbo, A.; Domenech Carbo, MT.; Ferragud-Adam, X.; Ortiz-Miranda, AS.; Montoya, N.; Pasies -Oviedo, T.; Peiró-Ronda, MA.... (2017). Identification of vegetal species in wooden objects using in situ microextraction-assisted voltammetry of microparticles. Analytical Methods. 9(13):2041-2048. https://doi.org/10.1039/c7ay00323dS2041204891

Environmental Behaviour of Metolachlor and Diuron in a Tropical Soil in the Central Region of Brazil.

The environmental behaviour of metolachlor and diuron was studied in the Central-western region of Brazil, by means of a field study where six experimental plots were installed. The soil was classified as a Latosol, and the soil horizons were characterized. Sorption of metolachlor and diuron was evaluated in laboratory batch experiments. Metolachlor and diuron were applied to the experimental plots on uncultivated soil in October 2003. From this date to March 2004, the following processes were studied: leaching, runoff and dissipation in top soil. Koc of metolachlor varied from 179 to 264 mL g?1 in the soil horizons. Koc of diuron in the Ap horizon was 917 mL g?1, decreasing significantly in the deeper horizons. Field dissipation half-lives of metolachlor and diuron were 18 and 15 days, respectively. In percolated water, metolachlor was detected in concentrations ranging from 0.02 to 2.84 ?g L?1. In runoff water and sediment, metolachlor was detected in decreasing concentrations throughout the period of study. Losses of 0.02% and 0.54% of the applied amount by leaching and runoff, respectively, were observed confirming the high mobility of this herbicide in the environment. In percolated water, diuron was detected with low frequency but in relatively high concentrations (up to 6.29 ?g L?1). In runoff water and soil, diuron was detected in decreasing concentrations until 70 days after application, totalizing 13.9% during the whole sampling period. These results show the importance of practices to reduce runoff avoiding surface water contamination by these pesticides, particularly diuron

Environmental behaviour of metolachlor and diuron in a tropical soil in the Central Region of Brazil.

The environmental behaviour of metolachlor and diuron was studied in the Central-western region of Brazil, by means of a field study where six experimental plots were installed. The soil was classified as a Latosol, and the soil horizons were characterized. Sorption of metolachlor and diuron was evaluated in laboratory batch experiments. Metolachlor and diuron were applied to the experimental plots on uncultivated soil in October 2003. From this date to March 2004, the following processes were studied: leaching, runoff and dissipation in top soil. K oc of metolachlor varied from 179 to 264 mL g-1 in the soil horizons. K oc of diuron in the Ap horizon was 917 mL g-1, decreasing significantly in the deeper horizons. Field dissipation half-lives of metolachlor and diuron were 18 and 15 days, respectively. In percolated water, metolachlor was detected in concentrations ranging from 0.02 to 2.84 ?g L-1. In runoff water and sediment, metolachlor was detected in decreasing concentrations throughout the period of study. Losses of 0.02% and 0.54% of the applied amount by leaching and runoff, respectively, were observed confirming the high mobility of this herbicide in the environment. In percolated water, diuron was detected with low frequency but in relatively high concentrations (up to 6.29 ?g L-1). In runoff water and soil, diuron was detected in decreasing concentrations until 70 days after application, totalizing 13.9% during the whole sampling period. These results show the importance of practices to reduce runoff avoiding surface water contamination by these pesticides, particularly diuron

Polygenic risk for schizophrenia, disordered eating behaviours and body mass index in adolescents

BACKGROUND: Recent studies suggest psychotic and eating disorders can be comorbid and could have shared genetic liability. However, this comorbidity has been overlooked in the epidemiological literature. AIMS: To test whether polygenic risk scores (PRS) for schizophrenia are associated with disordered eating behaviours and body mass index (BMI) in the general population. METHOD: Using data from the Avon Longitudinal Study of Parents and Children and random-effects logistic and linear regression models, we investigated the association between PRS for schizophrenia and self-reported disordered eating behaviours (binge eating, purging, fasting and excessive exercise) and BMI at 14, 16 and 18 years. RESULTS: Of the 6920 children with available genetic data, 4473 (64.6%) and 5069 (73.3%) had at least one disordered eating and one BMI outcome measurement, respectively. An s.d. increase in PRS was associated with greater odds of having binge eating behaviours (odds ratio, 1.36; 95% CI 1.16–1.60) and lower BMI (coefficient, −0.03; 95% CI, −0.06 to −0.01). CONCLUSIONS: Our findings suggest the presence of shared genetic risk between schizophrenia and binge eating behaviours. Intermediate phenotypes such as impaired social cognition and irritability, previously shown to be positively correlated in this sample with schizophrenia PRS, could represent risk factors for both phenotypes. Shared genetic liability between binge eating and schizophrenia could also explain higher rates of metabolic syndrome in individuals with schizophrenia, as binge eating could be a mediator of this association in drug-naïve individuals. The finding of an association between greater PRS and lower BMI, although consistent with existing epidemiological and genetic literature, requires further investigation. DECLARATION OF INTEREST: None