Comparison between the financial structure of SMES and that of large enterprises (LES) using the BACH database.

This study examines the financial structures and the performances of small and medium-sized enterprises (SMEs) as opposed to large enterprises (LEs) on the basis of the BACH database, which is the most advanced publicly available database for comparisons in this field. It covers the period 1990-1996 and concerns 9 countries: Austria, Belgium, France, Germany, Italy, Portugal, Spain, Japan and the United States. It deals with manufacturing only since this industry provides the best-quality data.SMES, LES, BACH Database, capitcal structures, financial structure and capital, profitability

Credit Rationing with Symmetric Information

Without denying the importance of asymmetric information, this article purports the view that credit rationing may also originate from a lender's inability to classify loan applicants in proper risk categories. This effect is particularly strong when novel technologies are involved. Furthermore, its relevance may increase with the importance assigned to internal rating systems by the Basel accord. This article presents a measure of the inadequacy of a lender's classification criteria to the qualitative features of prospective borrowers. Even without information asymmetries, credit rationing may occur if this quantity reaches too high a value. Furthermore, some general principles are outlined, that may be used by lenders in order to change their classification criteria

PRETRANSITION PHENOMENA

Quatre types de fluctuations — 1) classiques, 2) anti-phasés, 3) hétéro-phasées et 4) critiques — sont décrits et sont utilisés pour passer en revue plusieurs larges aspects des phénomènes de pré-transmission qui ont été signalés près des transitions de premier et de second ordre dans des systèmes réels aussi bien que dans des systèmes modèles. Des observations directes des phénomènes de pré-transition faites au microscope électronique ont révélé des fluctuations critiques dans un alliage de Fe-26,5 at. % Al et des fluctuations hétéro-phasées dans un alliage de Cu-Au. Ces dernières semblent interagir d'une manière forte avec des dislocations et avec la surface libre de la feuille de métal. La mise en évidence des fluctuations hétéro-phasées de Cu3Au a été aussi récemment rapportée, sur la base d'une dépendance de l'ordre à courte distance en fonction de la température près de la température critique. Des expériences sur les pics centraux observés pendant les transitions de phase structurelle suggèrent qu'ils ont une double origine intrinsèque-extrinsèque résultant d'un mélange d'ondes de groupes dynamiques et de groupes statiques, issues des localisations d'impuretés et de défauts. Des expériences par ordinateur sur des systèmes modèles sont passées en revue car elles donnent un aperçu des transitions de phase et permettent un essai précis des formulations théoriques sans les nombreux effets perturbateurs qui se rencontrent dans des systèmes réels.Four types of fluctuations — 1) classical, 2) antiphase, 3) heterophase and 4) critical — are described and used to review several broad aspects of pretransition phenomena that have been reported near second- and first-order transitions in both real and model systems. Direct observations of pretransition phenomena in the electron microscope have revealed critical fluctuations in an Fe-26.5 a/o Al alloy and heterophase fluctuations in a CuAu alloy. The latter appear to be interacting strongly with dislocations and the free surface of the foil. Evidence for heterophase fluctuations in Cu3Au has also recently been reported based on the temperature dependence of the short range order intensity near the transformation temperature. Experiments on the central peaks observed at structural phase transitions suggest that they have a dual intrinsic-extrinsic origin resulting from a mix of dynamical cluster waves and static clusters formed at impurities and defects. Computer experiments on model systems are reviewed as they give an insight into phase transitions and allow an exacting test of theoretical formulations without the many complicating effects found in real systems

Pretransition Phenomena(Metallurgy)

Four types of fluctuations-1) classical, 2) antiphase, 3) heterophase and 4) critical-are described and used to review several broad aspects of pretransition phenomena that have been reported near second- and first-order transitions in both real and model systems. Direct observations of pretransition phenomena in the electron microscope have revealed critical fluctuations in an Fe-26.5 a/o Al alloy and heterophase fluctuations in a CuAu alloy. The latter appear to be interacting strongly with dislocations and the free surface of the foil. Evidence for heterophase fluctuations in Cu_3Au has also recently been reported based on the temperature dependence of the short range order intensity near the transformation temperature. Experiments on the central peaks observed at structural phase transitions suggest that they have a dual intrinsic-extrinsic origin resulting from a mix of dynamical cluster waves and static clusters formed at impurities and defects. Computer experiments on model systems are reviewed as they give an insight into phase transitions and allow an exacting test of theoretical formulations without the many complicating effects found in real systems

Picrasin K, a new quassinoid from Quassia amara L. (Simaroubaceae)

A new quassinoid Picrasin K 1 was isolated from a decoction made of Quassia amara leaves, traditionally used in French Guiana to treat malaria. The structure and relative stereochemistry of 1 was determined through extensive NMR analysis. Picrasin K showed a low activity against Plasmodium falciparum in vitro (IC50 = 8 mu M), and a similar low activity on human cancerous cells line (IC50 = 7 mu M on MCF-7 cells line)