Financing obstacles among euro area firms: Who suffers the most?

In this study we investigate the determinants of financing obstacles using survey data on a sample of around 5000 firms from the euro area countries. This completely new survey – started at the end of 2009 - gives us the opportunity to test whether firm characteristics such as size, age, economic branch, financial autonomy and ownership are valid predictors of financing obstacles also during the recent financial crisis. Our results show that only age and ownership are robust explanatory variables for firms’ perceived financing obstacles while mixed results are found for size and economic branches. JEL Classification: E22, G30, G10, O16, K40financial crisis, Financing Constraints, Small and Medium-Sized Enterprises, survey data

Liquid-liquid equilibria for ternary systems acetic acid + n-butyl acetate + hydrocarbons at 293.15 K

Liquid-liquid equilibrium data for acetic acid + n-butyl acetate + hydrocarbons ternary systems at T = 293.15 K are reported in this work. The effect of hydrocarbon chain length on liquid-liquid equilibrium is determined and discussed. Aliphatic hydrocarbons such as hexadecane, dodecane and decane were particularly investigated. The organic chemicals (esters and hydrocarbons) were quantified by gas chromatography using a flame ionisation detector while acetic acid was quantified by titration with sodium hydroxide. Experimental tie-line data for the ternary mixtures were correlated using Othmer-Tobias, Bachman and Hand correlations in order to show the reliability of the experimental results. Finally, these experimental data were correlated with the UNIQUAC model. It appeared that this model provides a good correlation of the solubility curve with these three hydrocarbons

Repeated X-ray Flaring Activity in Sagittarius A*

Investigating the spectral and temporal characteristics of the X-rays coming from Sagittarius A* (Sgr A*) is essential to our development of a more complete understanding of the emission mechanisms in this supermassive black hole located at the center of our Galaxy. Several X-ray flares with varying durations and spectral features have already been observed from this object. Here we present the results of two long XMM-Newton observations of the Galactic nucleus carried out in 2004, for a total exposure time of nearly 500 ks. During these observations we detected two flares from Sgr A* with peak 2-10 keV luminosities about 40 times (L ~ 9x10^34 erg s−1) above the quiescent luminosity: one on 2004 March 31 and another on 2004 August 31. The first flare lasted about 2.5 ks and the second about 5 ks. The combined fit on the Epic spectra yield photon indeces of about 1.5 and 1.9 for the first and second flare respectively. This hard photon index strongly suggests the presence of an important population of non-thermal electrons during the event and supports the view that the majority of flaring events tend to be hard and not very luminous.Comment: 8 pages, 7 figures, Accepted for publication in the Astrophysical Journa

Pathways to Just, Equitable and Sustainable Trade and Investment Regimes

In this report we discuss what a Fair, Just and Equitable approach to the global, liberalized and hyper-competitive system of global trade and investments should be. The global market for goods and capital affect the life of producers and workers, stimulates the run towards cheaper products and puts farmers and workers against each other. The current vision of trade and investments is based on the silencing of gendered and reproductive labour and is responsible for the increase in inequality and relative poverty. Furthermore, it stimulates the extraction of commodities and contributes to the degradation of the planet, it has a significant impact on greenhouse gas emissions (GHG) due to transportation representing above 7% of the world total GHG, and it is closely linked with the appropriation of nature through patenting and the shift towards capital-intensive forms of production.In light of this, our report claims that the Fair Trade Movement shall not play ‘outside the market’ nor accept that the existing narrative and mechanisms will provide a solution that addresses the root causes of the problem. If the Fair Trade Movement was to play outside the market, it would create islands of fairness in a sea of degradation and violence, which sooner or later would also swallow those few bubbles (unless they can be reproduced thanks to the support of an elite interested in fair and sustainable products). This is because the global market is characterized by an inherent expansionist tendency and needs to stretch its frontiers, compete for resources and ensure a larger shares of consumers. If the approach was that of tweaking with current mechanisms and narratives, it would accept the historical violence and inequality of colonialism and uneven development that are at the basis of the global system of trade, it would dismiss the role that global trade has in piercing the planetary boundaries, and it would accept that contemporary social problems shall be addressed by making the pie larger rather than adequately redistributing what is already available.Given that the aim is that of implementing justice, equity and sustainability, we thus suggest ten principles/recommendations to be utilized by the Fair Trade movement when thinking about its approach to trade, its campaigns and where does it stand vis-à-vis concrete issues. The adoption of an intersectional and systemic approach to justice, equity and sustainability has concrete implications on the approach that the Fair Trade movement should adopt with regards to a set of trade and investments issues that are prominent in the contemporary international and regional debate. In the last part of this report we engage with five of these topics and present the main elements of a renew policy approach that follows the indications contained in our analysis

Reconstructing singly produced top partners in decays to Wb

Fermionic top partners are a feature of many models of physics beyond the standard model. We propose a search strategy for single production of top partners focusing specifically on the dominant decay to Wb . The enormous background can be reduced by exploiting jet substructure to suppress top-pair production and by requiring a forward jet. This simple strategy is shown to produce a sensitive search for single top-partner production, in the context of composite Higgs models, that has competitive mass reach with existing experimental searches for top-partner-pair production at the 8 TeV LHC

Proyecto básico para la construcción de un muelle para cruceros turísticos en el Puerto de Gandía (Valencia)

[ES] Debido al incremento del tráfico de cruceros en el Mediterráneo a lo largo de los últimos años, especialmente en la costa española, se proyecta la construcción de un muelle para cruceros en el Puerto de Gandía. Las obras se situarán en el trasdós del contradique del puerto, colindante al muelle Serpis. Se tratará, pues, de definir todas las operaciones necesarias para el correcto desarrollo de las obras. El buque de proyecto constará de 189 metros de eslora, 25 de manga y 6 metros de calado. En lo referente a la tipología de las obras se ha escogido un muelle de bloques prefabricados de hormigón debido a su facilidad constructiva, bajo coste económico y la idoneidad para calados inferiores a 10-12 metros[CA] Degut al increment en el volum de creuers por la Meditterànea en els últims anys, especialmente en la costa española, es projecta la construcció de un moll per a creuers turístics en el Port de Gandía. Ñes obres están situades al tradós del contradic y calindant el Moll Serpis. L'objectiu es definir totes les operacions necessàries per el correct desenvolupament de les obres. El creuer projectat tindría 189 metres d'eslora, 25 metres de manga y 6 metres de calat.Pel que fa a la construcció de l'obra de atrac, s'ha escollit la tipología de blocs de formigó en massa, a més, per la seua facilitat constructiva, el seu baix cost econòmic i per ser una tipología recomanable per calats de 10-12 metres[EN] Due to the growth in the volume of Mediterranean cruises in recent years, especially in the Mediterranean Sea, it is projected the construction of a dock for cruisesin the Port of Gandía.Works will be attached to the outer harbor wall and the loading bay Serpis. The Project pretend to define every required operation fo the proper development of the Works. The target cruise will have a length of 189 metres, a beam of 25 meters and hold depth of 6 meters. Regarding the construction of the dock work, it is chosen the mass concrete blocks typology owing to its ease of construction, low cost and suitability for 10-12 meters draft.Alegre Ferrando, JN. (2019). Proyecto básico para la construcción de un muelle para cruceros turísticos en el Puerto de Gandía (Valencia). http://hdl.handle.net/10251/124346Archivo delegad

Birth of baby universes from gravitational collapse in a modified-gravity scenario

We consider equilibrium models of spherical boson stars in Palatini $f(\mathcal{R})=\mathcal{R}+\xi \mathcal{R}^2$ gravity and study their collapse when perturbed. The Einstein-Klein-Gordon system is solved using a recently established correspondence in an Einstein frame representation. We find that, in that frame, the endpoint is a nonrotating black hole surrounded by a quasi-stationary cloud of scalar field. However, the dynamics in the $f(\mathcal{R})$ frame is dramatically different. The innermost region of the collapsing object exhibits the formation of a finite-size, exponentially-expanding $\textit{ baby universe}$ connected with the outer (parent) universe via a minimal area surface (a throat or umbilical cord). Our simulations indicate that this surface is at all times hidden inside a horizon, causally disconnecting the baby universe from observers above the horizon. The implications of our findings in other areas of gravitational physics are also discussed

Numerical evolutions of boson stars in Palatini f(R)f(\mathcal{R}) gravity

We investigate the time evolution of spherically symmetric boson stars in Palatini $f(\mathcal{R})$ gravity through Numerical Relativity computations. Employing a novel approach that establishes a correspondence between modified gravity with scalar matter and General Relativity with modified scalar matter, we are able to use the techniques of Numerical Relativity to simulate these systems. Specifically, we focus on the quadratic theory $f(\mathcal{R})=\mathcal{R}+\xi\mathcal{R}^2$ and compare the obtained solutions with those in General Relativity, exploring both positive and negative values of the coupling parameter $\xi$. Our findings reveal that boson stars in Palatini $f(\mathcal{R})$ gravity exhibit both stable and unstable evolutions. The latter give rise to three distinct scenarios: migration towards a stable configuration, complete dispersion, and gravitational collapse leading to the formation of a baby universe structure

Modeling of mixed-solvent electrolyte systems

International audienceModels for mixed-solvent strong electrolytes, using an equation of state (EoS) are reviewed in this work. Through the example of ePPC-SAFT (that includes a Born term and ionic association), the meaning and the effect of each contribution to the solvation energy and the mean ionic activity coefficient are investigated. The importance of the dielectric constant is critically reviewed, with a focus on the use of a salt-concentration dependent function. The parameterization is performed using two adjustable parameters for each ion: a minimum approach distance () and an association energy (). These two parameters are optimized by fitting experimental activity coefficient and liquid density data, for all alkali halide salts simultaneously, in the range 298K to 423K. The model is subsequently tested on a large number of available experimental data, including salting out of Methane/Ethane/CO 2 /H 2 S. In all cases the deviations in bubble pressures were below 20% AADP. Predictions of vapor-liquid equilibrium of mixed solvent electrolyte systems containing methanol, ethanol are also made where deviations in bubble pressures were found to be below 10% (AADP)

Improving pH Prediction for High Pressure and High Temperature Applications in Oil and Gas Production

International audiencepH prediction represents a crucial step before selecting materials for use in sour oil and gas wells as regards weight loss corrosion and H 2 S cracking. Among the numerous parameters which determine the equilibrium pH, important ones are CO 2 and H 2 S partial pressures (P CO2 and P H2S respectively), the total pressure, the ionic strength and the chemical composition of the solution, and the temperature. Most models used by oil and gas operators present a too narrow range of validity for these parameters, which makes them inappropriate for high pressure and high temperature (HPHT) fields or for CO 2 reinjection. This paper presents modeling improvements which allows extending the prediction validity in temperature and pressure to respectively 200 °C and 1,000 bar of total pressure, and for an ionic strength up to 5 mol.kg-1. These improvements take into account the fugacities in gas phase of CO 2 and H 2 S as determined by the Soreide and Whitson formalism. The influence of water and CH 4 pressure is also taken into account up to several hundred bars. Activity coefficients in the water phase are calculated using the Pitzer model. The consistency of the model is verified by comparison with experimental measurements of pH under high pressure. It is then applied to oil and gas applications at high pressure and high temperature. The impact of the new calculation method is discussed both for pH evaluation and also for H 2 S activity, with strong implications for the evaluation of SSC risks