Bank ownership, lending relationships and capital structure: Evidence from Spain

This paper analyses the influence of bank ownership and lending on capital structure for a sample of listed and unlisted Spanish firms in the period 2005–2012. The results suggest that bank ownership allows banks to obtain better information and reduce the agency costs of debt, as it has a positive relationship with the maturity of debt and a negative relationship with the cost of debt. These results are consistent with the predominance of the monitoring effect in bank ownership over the expropriation effect. The role of banks as shareholders and lenders also contributes to reduce agency cost of debt, as it reduces debt cost. JEL classification: G32, Keywords: Bank ownership, Bank lending, Debt, Debt maturity, Debt cos

Ternary complex formation of phosphate with Ca and Mg ions binding to ferrihydrite: Experiments and mechanisms

Calcium (Ca) and magnesium (Mg) are the most abundant alkaline-earth metal ions in nature, and their interaction with ferrihydrite (Fh) affects the geochemical cycling of relevant ions, including phosphate (PO4). The interfacial interactions of Ca and Mg (M2+) with PO4 have not been analyzed yet for freshly precipitated Fh. Here, we studied experimentally this interaction in binary M2+-PO4 systems over a wide range of pH, M2+/PO4 ratios, and ion loadings. The primary adsorption data were scaled to the surface area of Fh using a recent ion-probing methodology that accounts for the size-dependent chemical composition of this nanomaterial (FeO1.4(OH)0.2·nH2O). The results have been interpreted with the charge distribution (CD) model, combined with a state-of-the-art structural surface model for Fh. The CD coefficients have been derived independently using MO/DFT/B3LYP/6-31+G** optimized geometries. M2+ and PO4 mutually enhance their adsorption to Fh. This synergy results from the combined effect of ternary surface complex formation and increased electrostatic interactions. The type of ternary complex formed (anion- vs cation-bridged) depends on the relative binding affinities of the co-adsorbing ions. For our Ca-PO4 systems, modeling suggests the formation of two anion-bridged ternary complexes, i.e., ≡(FeO)2PO2Ca and ≡FeOPO3Ca. The latter is most prominently present, leading to a relative increase in the fraction of monodentate PO4 complexes. In Mg-PO4 systems, only the formation of the ternary ≡FeOPO3Mg complex has been resolved. In the absence of Ca, the pH dependency of PO4 adsorption is stronger for Fh than for goethite, but this difference is largely, although not entirely, compensated in the presence of Ca. This study enables the use of Fh as a proxy for the natural oxide fraction, which will contribute to improved understanding of the mutual interactions of PO4 and M2+ in natural systems.Universidad de Costa Rica/[]/UCR/Costa RicaUCR::Vicerrectoría de Investigación::Unidades de Investigación::Ciencias Agroalimentarias::Centro de Investigaciones Agronómicas (CIA

Comparison of high-order continuous and hybridizable discontinuous {G}alerkin methods in incompressible fluid flow problems

© 2018. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/The computational efficiency and the stability of Continuous Galerkin (CG) methods, with Taylor–Hood approximations, and Hybridizable Discontinuous Galerkin (HDG) methods are compared for the solution of the incompressible Stokes and Navier–Stokes equations at low Reynolds numbers using direct solvers. A thorough comparison in terms of CPU time and accuracy for both discretization methods is made, under the same platform, for steady state problems, with triangular and quadrilateral elements of degree . Various results are presented such as error vs. CPU time of the direct solver, error vs. ratio of CPU times of HDG to CG, etc. CG can outperform HDG when the CPU time, for a given degree and mesh, is considered. However, for high degree of approximation, HDG is computationally more efficient than CG, for a given level of accuracy, as HDG produces lesser error than CG for a given mesh and degree. Finally, stability of HDG and CG is studied using a manufactured solution that produces a sharp boundary layer, confirming that HDG provides smooth converged solutions for Reynolds numbers higher than CG, in the presence of sharp fronts.Peer ReviewedPostprint (author's final draft

Galerkin discontinuo local aplicado a problemas de ondas acústicas: condiciones de frontera absorbente locales de bajo orden

En este trabajo se presenta una comparación de la solución numérica de la ecuación de Helmholtz utilizando el método de elementos finitos Galerkin Discontinuo Local (LDG) con varias condiciones de contorno absorbentes locales de bajo orden. Se describe brevemente el proceso de discretización y se realizan pruebas con ejemplos clásicos presentes en la literatura.Peer Reviewe

Modelo de imagen corporal y factores de riesgo en el desarrollo de trastornos alimentarios en una población universitaria.

[Resumen] Dado el estado actual de la investigación en el ámbito de los TCA (Trastornos de la C onducta A limentaria), se diseñó un estudio de naturaleza transversal para analizar las relaciones entre modelo de imagen corporal, hábitos de salud, hábitos alimentarios y estado de ánimo en estudiantes de instituto y de universidad de la provincia de A C oruña, que pueden ser factores de protección o vulnerabilidad frente a un TCA . N os interesaba estudiar particularmente la percepción que los estudiantes de C iencias de la Educación tenían respecto de estas cuestiones, habida cuenta de que su futuro profesional se orienta hacia la formación de las nuevas generaciones. A los 1164 sujetos de nuestra muestra se les aplicó un protocolo que permitía recabar información sobre determinados aspectos de la percepción de la imagen corporal, hábitos de salud, hábitos alimentarios y estado emocional. La mayoría de los participantes en el estudio mostraron puntuaciones bajas en cuanto a su preocupación por la imagen corporal y, por tanto, no se vieron alterados los patrones de alimentación y salud que son propios de los TCA . El hecho más destacable es que únicamente 17 de los sujetos habían recibido diagnóstico de un TCA. Los resultados obtenidos reflejan que las mujeres y los estudiantes universitarios son los que presentan una mayor preocupación por su imagen corporal y que las personas con mejor figura corporal tienen puntuaciones más elevadas en las escalas de ansiedad y depresión.[Abstract] Given the present state of research within the field of the TCA (Eating Disorders), an study was designed to analize the transverse nature of relationships between body image, eating habits and moods in school students and university students from the province of A C oruña. Factors that could act as protective or course vulnerability before a TCA .We are most interested in studying particularly the perception that science students had knowledge on these issues due to their profesional future being directed towards the formation of new generations. We applied a protocol to 1164 subjects allowing then to collect information on certain aspects of the perception of corporal image, i.e health habits, diet habits and emotional state. Most participants in the study showed low scores in their concern about body image and, therefore, were not altered eating patterns and health that are unique to the TCA . The most remarkable fact is that only 17 of the subjects had been diagnosed with an eating disorder. The results show that women and university students are those with a greater concern with body image and that people with better body shape have higher scores on scales of anxiety and depressio

Detección temprana de los transtornos del espectro autista entre profesionales de Educación Infantil y Primaria

[Resumen] En los últimos años surge un gran interés por la A tención Temprana y por la detección precoz (de 0 a 6 años) de patologías como los Trastornos del Espectro A utista (TEA), dada la significativa incidencia que tiene en el posterior desarrollo. L os profesionales de la Educación Infantil y Primaria juegan una baza fundamental en dicha detección; por ello, con este trabajo se ha pretendido evaluar el grado de conocimiento que poseen estos profesionales para emitir una sospecha ante un posible TEA a través de su conocimiento de las señales de alarma. Han participado un total de 108 personas, de las cuales 34 eran docentes en activo que tuvieron que cumplimentar de forma online un cuestionario que se diseñó con la finalidad de valorar su grado de conocimiento acerca de los TEA y los signos de alerta. L os resultados pusieron de manifiesto que los maestros en activo, contrariamente a lo esperado, presentaron una tasa más baja en el conocimiento de los TEA así como de los signos de alerta, en comparación con otros participantes que estaban trabajando en otro ámbito o estaban cursando estudios universitarios.[Abstract] In the last years a great interest arises for the Early A ttention and for the precocious detection (from 0 to 6 years) of pathologies as the A utistic Spectrum Disorders (ASD), given the significant incident that has in the later development. The professionals of the kindergarten and primary education play a fundamental advantage in the above mentioned detection; for it, with this work one has tried to evaluate the degree of knowledge that these professionals possess to issue a suspicion before one possible TEA across his knowledge of the red flags. They have informed a total of 108 persons, of which 34 were educational in assets that they had to complete of form online a questionnaire that was designed by the purpose of valuing his degree of knowledge it brings over of the TEA and the red flags. Involving a total of 108 people, of which 34 were active teachers who had to fill in a questionnaire online so that was designed in order to assess their level of knowledge about A SD and the warning signs. The results showed that active teachers, contrary to expectations, had a lower rate on knowledge of A SD as well as warning signs, compared with other participants who were working in another field or were studying university

¿Influyen las mujeres directivas en el coste de la financiación bancaria? La experiencia de Australia

We investigate the effect of women directors on the cost of bank loans for a sample of Australian listed firms during the period 2002-2017. More women on both boards and committees are associated with lower loan spreads, reduced default risk, and improved financial reporting quality. The reduction in loan spread is seen from when the first female director joins the board, and the effect of that is stronger than the effects of additional (second and subsequent) women joining the board. Moreover, womens leadership status reinforces this effect. Our results are consistent with the idea that female directors exhibit greater risk aversion than male directors, that women are not treated as tokens and are influential even as a minority group on the board and that they enhance corporate governance and reporting quality.Investigamos el efecto de las mujeres consejeras en el coste de los préstamos bancarios para una muestra de empresas australianas que cotizan en bolsa durante el período 2002-2017. Un mayor número de mujeres tanto en los consejos de administración como en los comités se asocia con menores diferenciales de los préstamos, un menor riesgo de impago y una mejor calidad de los informes financieros. La reducción del diferencial de los préstamos se observa desde la primera mujer consejera, y resulta más intensa que los efectos asociados a las siguientes (segunda y siguientes) mujeres incorporadas al consejo. Además, el estatus de liderazgo de la mujer refuerza este efecto. Nuestros resultados son coherentes con las nociones de que las mujeres consejeras muestran una mayor aversión al riesgo que los hombres consejeros, que las mujeres no son tratadas como símbolo siendo influyentes incluso como grupo minoritario en el consejo y que mejoran el gobierno corporativo y la calidad de la información

Grandes accionistas y costes de agencia de la deuda. El caso español

This paper analyses the influence of large controlling shareholders on the terms of bank loans for a sample of 984 loans to 261 non-financial Spanish public and private firms over the period 2001-2017. The results show that the presence of large controlling shareholders increases the interest rate spread of bank loans only in public firms, whereas the influence is insignificant for private firms. Similarly, a less evenly balanced distribution of ownership among large shareholders is associated with higher loan spreads for public firms. Our results reveal that large controlling shareholders expropriate wealth from other investors in public firms, in line with the existence of lower benefits for borrowers due to having large controlling shareholders when they have other internal and external mechanisms of control.El objetivo del presente trabajo consiste en analizar la influencia que los grandes accionistas tienen sobre las condiciones de los préstamos bancarios para una muestra compuesta por 984 préstamos realizados a 261 empresas cotizadas y no cotizadas españolas no financieras durante el periodo 2001-2017. Los resultados muestran que la presencia de grandes accionistas incrementa el tipo de interés pagado por los préstamos en el caso de las empresas cotizadas, mientras el efecto no es significativo para las empresas no cotizadas. De forma similar, una distribución de la propiedad menos equilibrada entre los grandes accionistas está asociada con un mayor tipo de interés pagado por las empresas cotizadas. Los resultados ponen de manifiesto que los grandes accionistas expropian riqueza de otros inversores en las empresas cotizadas, en línea con la existencia de menores beneficios para los prestatarios de la existencia de grandes accionistas cuando disponen de otros mecanismos, tanto internos como externos, de control

Gender diversity on boards of directors and remuneration committees: The influence on listed companies in Spain

Women have traditionally been underrepresented on boards of companies, but after some social and legal pressure their presence has been increased during recent years. This paper examines the relation of the presence of female directors both at board meetings and at audit and remuneration committees, with CEO pay and the shareholders' consultative vote on managerial remuneration plans (“say on pay”). Using a large sample of Spanish firms listed between 2011 and 2015, our study reveals that firms with female representation on their remuneration committee, display lower levels of CEO pay and CEO pay growth. We also obtain evidence that this effect is attributable to the proprietary female directors. Additionally, from the “say on pay” perspective, female membership of the remuneration committee is associated with a lower number of votes in terms of director remuneration reports and related policies. Overall, our results indicate that female directors on the remuneration committee contribute to a moderation of executive remuneration growth and are consequently perceived by shareholders as valuable resources in the design of executive remuneration plans. This confirms the influence of the minority group, females, in the sustainable progress of these companies. Our results support the presence of female directors not only as a social measure or tokenism, but also as a contribution to good governance practice