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

Availability of fertiliser sulphate and elemental sulphur to canola in two consecutive crops

Aims: We compared elemental sulphur (ES) and sulphate fertilisers in terms of yield and S uptake. Methods: Two consecutive canola crops were grown on 35S-labelled soil amended with ammonium sulphate, ES-bentonite pastilles (90 % ES), or S-fortified ammonium phosphate (NP) fertilisers containing both sulphate-S and ES (5–8 % ES). The shoot yield, S concentration and specific activity of S in the shoot were determined. Results: In the first crop, the yield was significantly lower in the control (without added ES) and ES pastille treatments than in the other treatments. Sulphur uptake was highly correlated with the added sulphate rate. In the second crop, the yield and S uptake was highest for the S-fortified NP fertilizers. The contribution of ES to the S uptake was circa 20 % in the first crop and 43 % in the second crop for the S-fortified NP fertilisers, but was negligible for the ES pastilles. Modelling indicated an oxidation rate of 0.6 − 0.7 % per day for the S-fortified NP fertilisers and 0.03 % per day for the ES pastilles. Conclusions: The contribution of ES pastilles to S uptake was negligible in both crops. In contrast, S-fortified NP fertilisers showed a significant contribution of ES and higher S availability than sulphate-only fertiliser in the second crop.Fien Degryse, Babasola Ajiboye, Roslyn Baird, Rodrigo C. da Silva, Mike J. McLaughli

An old problem in a new light: elemental and lead isotopic analysis of Luristan Bronzes

Material Culture Studie

Graphene oxide a new carrier for slow release of plant micronutrients

The environmental problems and low efficiency associated with conventional fertilizers provides an impetus to develop advanced fertilizers with slower release and better performances. Here we report of development of a new carrier platform based on graphene oxide (GO) sheets that can provide a high loading of plant micronutrients with controllable slow release. To prove this concept two micronutrients zinc (Zn) and copper (Cu) were used to load on GO sheets and hence formulate GO-based micronutrients fertilizer. The chemical composition and successful loading of both nutrients on GO sheets were confirmed by X-ray photoelectron spectroscopy (XPS), thermal gravimetric analysis (TGA) and X-ray diffraction (XRD). The prepared Zn-graphene oxide (Zn-GO) and Cu-graphene oxide (Cu-GO) fertilizers showed a biphasic dissolution behaviour compared to commercial zinc sulphate and copper sulphate fertilizer granules, displaying desirable fast- and slow-release micronutrient release. A visualization method and chemical analysis were used to assess the release and diffusion of Cu and Zn in soil from GO-based fertilizers compared with commercial soluble fertilizers to demonstrate the advantages of GO carriers and show their capability to be used as generic platform for macro- and micro-nutrients delivery. A pot trial demonstrated that Zn and Cu uptake by wheat was higher when using GO-based fertilizers compared to standard zinc or copper salts. This is a first report on the agronomic performance of GO-based slow-release fertilizer.Shervin Kabiri, Fien Degryse, Diana N. H. Tran, Rodrigo C. da Silva, Mike J. McLaughlin and Dusan Losi

Bioavailability in soils

The consumption of locally-produced vegetables by humans may be an important exposure pathway for soil contaminants in many urban settings and for agricultural land use. Hence, prediction of metal and metalloid uptake by vegetables from contaminated soils is an important part of the Human Health Risk Assessment procedure. The behaviour of metals (cadmium, chromium, cobalt, copper, mercury, molybdenum, nickel, lead and zinc) and metalloids (arsenic, boron and selenium) in contaminated soils depends to a large extent on the intrinsic charge, valence and speciation of the contaminant ion, and soil properties such as pH, redox status and contents of clay and/or organic matter. However, chemistry and behaviour of the contaminant in soil alone cannot predict soil-to-plant transfer. Root uptake, root selectivity, ion interactions, rhizosphere processes, leaf uptake from the atmosphere, and plant partitioning are important processes that ultimately govern the accumulation ofmetals and metalloids in edible vegetable tissues. Mechanistic models to accurately describe all these processes have not yet been developed, let alone validated under field conditions. Hence, to estimate risks by vegetable consumption, empirical models have been used to correlate concentrations of metals and metalloids in contaminated soils, soil physico-chemical characteristics, and concentrations of elements in vegetable tissues. These models should only be used within the bounds of their calibration, and often need to be re-calibrated or validated using local soil and environmental conditions on a regional or site-specific basis.Mike J. McLaughlin, Erik Smolders, Fien Degryse, and Rene Rietr

Isotopic signatures reveal zinc cycling in the natural habitat of hyperaccumulator Dichapetalum gelonioides subspecies from Malaysian Borneo

Background: Some subspecies of Dichapetalum gelonioides are the only tropical woody zinc (Zn)-hyperaccumulator plants described so far and the first Zn hyperaccumulators identified to occur exclusively on non-Zn enriched 'normal' soils. The aim of this study was to investigate Zn cycling in the parent rock-soil-plant interface in the native habitats of hyperaccumulating Dichapetalum gelonioides subspecies (subsp. pilosum and subsp. sumatranum). We measured the Zn isotope ratios (δ66Zn) of Dichapetalum plant material, and associated soil and parent rock materials collected from Sabah (Malaysian Borneo). Results: We found enrichment in heavy Zn isotopes in the topsoil (δ66Zn 0.13 ‰) relative to deep soil (δ66Zn -0.15 ‰) and bedrock (δ66Zn -0.90 ‰). This finding suggests that both weathering and organic matter influenced the Zn isotope pattern in the soil-plant system, with leaf litter cycling contributing significantly to enriched heavier Zn in topsoil. Within the plant, the roots were enriched in heavy Zn isotopes (δ66Zn ~ 0.60 ‰) compared to mature leaves (δ66Zn ~ 0.30 ‰), which suggests highly expressed membrane transporters in these Dichapetalum subspecies preferentially transporting lighter Zn isotopes during root-to-shoot translocation. The shoots, mature leaves and phloem tissues were enriched in heavy Zn isotopes (δ66Zn 0.34–0.70 ‰) relative to young leaves (δ66Zn 0.25 ‰). Thisindicates that phloem sources are enriched in heavy Zn isotopes relative to phloem sinks, likely because of apoplastic retention and compartmentalization in the Dichapetalum subspecies. Conclusions: The findings of this study reveal Zn cycling in the rock-soil-plant continuum within the natural habitat of Zn hyperaccumulating subspecies of Dichapetalum gelonioides from Malaysian Borneo. This study broadens our understanding of the role of a tropical woody Zn hyperaccumulator plant in local Zn cycling, and highlights the important role of leaf litter recycling in the topsoil Zn budget. Within the plant, phloem plays key role in Zn accumulation and redistribution during growth and development. This study provides an improved understanding of the fate and behaviour of Zn in hyperaccumulator soil-plant systems, and these insights may be applied in the biofortification of crops with Zn.Antony van der Ent, Philip Nti Nkrumah, Mark G. M. Aarts, Alan J. M. Baker, Fien Degryse, Chris Wawryk, and Jason K. Kirb

Capital structure revisited. Do crisis and competition matter in a Keiretsu corporate structure?

The file attached to this record is the author's final peer reviewed version.open accessWe investigate firm-level determinants of capital structure using a large sample of 4,284 Japanese firms over a nineteen-year period (i.e., over 61,000 firm-year observations), a hitherto less examined sample for this purpose. We conduct our analysis and interpret our findings predominantly within the pecking order, the trade-off and the agency theoretical frameworks. We uncover three new findings. First, our evidence indicates that insights derived from the extant literature on capital structure are cross-national and are applicable in the context of Japan, despite the unique characteristics of Japanese firms. Second, financial crisis significantly impacts the relationship between leverage and firm-level determinants, particularly accentuating the effect of asset tangibility and growth. Third, product market competition significantly impacts the observed relationship between firm-level determinants and leverage. Our results are robust, controlling for the joint effects of competition and crisis

Histopathological cutaneous alterations in systemic sclerosis: a clinicopathological study

Introduction: The aims of the present study were to identify histopathological parameters which are linked to local clinical skin disease at two distinct anatomical sites in systemic sclerosis (SSc) patients with skin involvement (limited cutaneous systemic sclerosis (lcSSc) or diffuse cutaneous systemic sclerosis (dcSSc)) and to determine the sensitivity of SSc specific histological alterations, focusing on SSc patients without clinical skin involvement (limited SSc (lSSc)). Methods: Histopathological alterations were systematically scored in skin biopsies of 53 consecutive SSc patients (dorsal forearm and upper inner arm) and 18 controls (upper inner arm). Clinical skin involvement was evaluated using the modified Rodnan skin score. In patients with lcSSc or dcSSc, associations of histopathological parameters with local clinical skin involvement were determined by generalised estimation equation modelling. Results: The hyalinised collagen score, the myofibroblast score, the mean epidermal thickness, the mononuclear cellular infiltration and the frequency of focal exocytosis differed significantly between biopsies with and without local clinical skin involvement. Except for mononuclear cellular infiltration, all of the continuous parameters correlated with the local clinical skin score at the dorsal forearm. Parakeratosis, myofibroblasts and intima proliferation were present in a minority of the SSc biopsies, but not in controls. No differences were found between lSSc and controls. Conclusions: Several histopathological parameters are linked to local clinical skin disease. SSc-specific histological alterations have a low diagnostic sensitivity