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

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

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

Efectos Económicos de la Constitución de los Comités de Auditoría

El propósito de este trabajo consiste en analizar la valoración del mercado bursátil español respecto a la constitución del comité de auditoría en las empresas cotizadas, teniendo en cuenta que esta reacción puede diferir de la observada en mercados del ámbito anglosajón debido a las peculiaridades que presenta la auditoría de cuentas en España. Para ello, aplicando la metodología del estudio de eventos, se analizan las rentabilidades anormales próximas a la creación del comité, considerando factores como su voluntariedad, las opiniones previas del auditor o el tamaño de la firma auditora. Los resultados confirman que el mercado reacciona negativamente ante el establecimiento voluntario del comité y cuando éste se implanta en sociedades que venían recibiendo informes de auditoría favorables. No obstante, dicho anuncio no parece tener efecto cuando la compañía es receptora de informes calificados ni parece diferir por el hecho de ser auditada por una gran firma frente a otros auditores.The aim of this paper is to analyze the Spanish market reactions arising from the formation of the audit committees in the listed companies. This reaction could reasonably differ from that observed in Anglo-Saxon markets given the peculiarities of the audit process in Spain. With this aim, using the event study methodology, we have measured the abnormal returns surrounding the constitution of the audit committee, taking into account factors such as its voluntary formation, the auditor’s previous opinion and the auditor’s firm size. Our results confirm the existence of negative market reactions in the case of a voluntary formation of the committee and when this formation corresponds to a firm that has received a favourable audit report. However, we have observed no significant market reactions when the firm has received a qualified opinion and these reactions did not differ when the company was audited by one of the big audit firms or by other auditor

Sensibilidad y especificidad del registro de observación de variables asociadas con el lenguaje y su desarrollo (Rol)

[Resumen] Ante la falta de instrumentos que permitirían la evaluación rápida y sencilla de las dificultades del lenguaje infantil en el contexto escolar, en un trabajo anterior se diseñó a modo de prueba piloto un Registro de Observación de Variables Asociadas con L enguaje y su Desarrollo (ROL) en el que se incluyeron siete grandes áreas objeto de evaluación. L as áreas incluidas fueron aquellas que, en caso de alteración, podrían incidir directa o indirectamente en la aparición de dificultades en el desarrollo del lenguaje infantil. En el presente trabajo se trató de comprobar si el ROL resultaba un instrumento válido y fiable para la detección de dificultades del lenguaje en educación infantil. Para ello, se determinó la sensibilidad y especificidad del ROL a la hora de evaluar determinadas áreas similares a las evaluadas por la Prueba de Lenguaje Oral de N avarra Revisada (PLON-R). Para ello fueron evaluados 98 niños (54 niños y 44 niñas) de segundo ciclo de educación infantil. Los resultados indicaron que el ROL presentaba una elevada sensibilidad y especificidad respecto a tres (fonología/forma, categorías/semántica, órdenes sencillas/atención y reconocimiento visual) de las cinco áreas analizadas[Abstract] In the absence of tools for quick and easy assessment of child language difficulties in the school context, in a previous paper was designed as a pilot test a record to assess oral language which included seven major areas. Areas involved were those that, when altered, could either directly or indirectly affect the occurrence of difficulties in child language development. This paper checks if the Observational Record Variables A ssociated with Developmental L anguage (ROL) was a valid and reliable tool for detecting language difficulties in early childhood education. For this, the sensitivity and specificity of the ROL to evaluate specific areas similar to those assessed by the For this, the sensitivity and specificity of ROL was determined assessing specific similar to those assessed by the Test of Oral L anguage N avarra Revised (PLON-R) areas. The assessment was performed at 98 children (54 boys and 44 girls) second cycle early childhood education. The results indicated that the ROL had a high sensitivity and specificity for three (phonology/form, categories/semantics, simply orders/ attention and visual recognition) of the five areas analyzed

The effectiveness of the audit committee in Spain: Implications of its existence on the auditor's opinion

This research work is aimed at determining the effectiveness of the Audit Committee (AC), analyzing its impact on the reliability of accounting information issued by spanish listed companies. With this aim, we study whether certain features such as its voluntary or otherwise compulsory formation, its independence and activity lead to an improvement of financial reporting quality, which is defined as the removal of avoidable qualifications in the audit report. We considered the periods where ACs were voluntary (1998-2002) and compulsory (2003 onwards). The results obtained suggest that: (a) compulsory ACs are more effective than voluntary ones; (b) ACs with a higher proportion of independent members do not lead to greater improvements in the quality of accounting information; and (c) the number of meetings of the AC is directly related to improvements in the quality of accounting information