Trade credit, the Financial Crisis and Firms Access to Finance

We analyse for the first time whether trade credit provided an alternative source of external finance to SMEs during the credit crisis. Using firm level panel data on over 40,000 Spanish SMEs we find that credit constrained SMEs depend on trade credit, but not bank loans, to finance capital expenditures and that the intensity of this dependence increased during the financial crisis. Unconstrained firms, in contrast, are dependent on banks loans not trade credit. Overall, this suggests substitution between bank loans and trade credit that is conditional on the level of financing constraints and is more intense during the crisi

A general Markov chain approach for disease and rumour spreading in complex networks

Spreading processes are ubiquitous in natural and artificial systems. They can be studied via a plethora of models, depending on the specific details of the phenomena under study. Disease contagion and rumour spreading are among the most important of these processes due to their practical relevance. However, despite the similarities between them, current models address both spreading dynamics separately. In this article, we propose a general spreading model that is based on discrete time Markov chains. The model includes all the transitions that are plausible for both a disease contagion process and rumour propagation. We show that our model not only covers the traditional spreading schemes but that it also contains some features relevant in social dynamics, such as apathy, forgetting, and lost/recovering of interest. The model is evaluated analytically to obtain the spreading thresholds and the early time dynamical behaviour for the contact and reactive processes in several scenarios. Comparison with Monte Carlo simulations shows that the Markov chain formalism is highly accurate while it excels in computational efficiency. We round off our work by showing how the proposed framework can be applied to the study of spreading processes occurring on social networks

Fabrication of sub-100 nm IDT SAW devices on insulating, semiconducting and conductive substrates

This work describes the electron-beam (e-beam) lithography process developed to manufacture nano interdigital transducers (IDTs) to be used in high frequency (GHz) surface acoustic wave (SAW) applications. The combination of electron-beam (e-beam) lithography and lift-off process is shown to be effective in fabricating well-defined IDT finger patterns with a line width below 100 nm with a good yield. Working with insulating piezoelectric substrates brings about e-beam deflection. It is also shown how a very thin organic anti-static layer works well in avoiding this charge accumulation during e-beam lithography on the resist layer. However, the use of this anti-static layer is not required with the insulating piezoelectric layer laying on a semiconducting substrate such as highly doped silicon. The effect of the e-beam dose on a number of different layers (of insulating, insulating on semiconducting, semiconducting, and conductive natures) is provided. Among other advantages, the use of reduced e-beam doses increases the manufacturing time. The principal aim of this work is to explain the interrelation among e-beam dose, substrate nature and IDT structure. An extensive study of the e-beam lithography of long IDT-fingers is provided, in a wide variety of electrode widths, electrode numbers and electrode pitches. It is worthy to highlight that this work shows the influence of the e-beam dose on five substrates of different conductive natur

A cohort study of post-weaning multisystemic wasting syndrome and PCV2 in 178 pigs from birth to 14 weeks on a single farm in England

Our hypothesis was that pigs that develop post-weaning multisystemic wasting syndrome (PMWS) are detectable from an early age with signs of weight loss and other clinical and serological abnormalities. Therefore, the objective of this study was to investigate the temporally varying and fixed events linked with the clinical incidence of PMWS by comparing affected and unaffected pigs in a cohort of 178 male piglets. Piglets were enrolled at birth and examined each week. Samples of blood were collected at regular intervals. The exposures measured were porcine circovirus type 2 (PCV2) antibody titres in all 178 and PCV2 antigen in a subset of 75 piglets. We also observed piglet health and measured their weight, and a post-mortem examination was performed by an external laboratory on all pigs between 6 and 14 weeks of age that died. From the cohort, 14 (8%) pigs died from PMWS and 4% from other causes. A further 37 pigs between 6 and 14 weeks of age died from PMWS (30) and ileitis and other causes (7). PMWS was only apparent in pigs from 1 to 2 weeks before death when they wasted rapidly. There were no other characteristic clinical signs and no obvious gross clinical lesions post-mortem. There was no strong link with PCV2 antibody throughout life but PCV2 antigen level was higher from 4 to 6 weeks of age in pigs that died from PMWS compared with pigs that died from other causes

An investigation of Digoxin by Cyclic Voltammetry using Gold and Silver Solid Electrodes and Chemometric Analysis

Digoxin, one of the main cardiac glycosides medication, has shown to have a strong analytical response under investigation by voltammetric analysis using mercury electrodes, achieving nanomole sensitivity. In this study we investigated the suitability of solid electrodes as gold and silver electrodes in voltammetric analysis of this active pharmaceutical ingredient. The scope of the investigation was to evaluate if the use of these solid electrodes, more practical and especially less dangerous, under an operative and environmental aspects could represent a valid further possibility to add to the use of the mercury ones. Both of the solid electrodes have been tested at different pH of 5, 7.4, 10, and 11. PCA analysis has been performed and specific responses achieved. Micromole sensitivity has been achieved for both of the electrodes, showing that the use of these sensors could represent a preliminary analytical approach when the more accurate alternative choice is not necessary, being more practical and less environmental impacting than using mercury

Adjusting the Neel relaxation time of Fe3O4/ZnxCo1-xFe2O4 core/shell nanoparticles for optimal heat generation in magnetic hyperthermia

In this work it is shown a precise way to optimize the heat generation in high viscosity magnetic colloids, by adjusting the Neel relaxation time in core/shell bimagnetic nanoparticles, for magnetic fluid hyperthermia (MFH) applications. To pursue this goal, Fe3O4/ZnxCo1-xFe2O4 core/shell nanoparticles were synthesized with 8.5 nm mean core diameter, encapsulated in a shell of similar to 1.1 nm of thickness, where the Zn atomic ratio (Zn/(Zn + Co) at%) changes from 33 to 68 at%. The magnetic measurements are consistent with a rigid interface coupling between the core and shell phases, where the effective magnetic anisotropy systematically decreases when the Zn concentration increases, without a significant change of the saturation magnetization. Experiments of MFH of 0.1 wt% of these particles dispersed in water, in Dulbecco modified Eagles minimal essential medium, and a high viscosity butter oil, result in a large specific loss power (SLP), up to 150 W g(-1), when the experiments are performed at 571 kHz and 200 Oe. The SLP was optimized adjusting the shell composition, showing a maximum for intermediate Zn concentration. This study shows a way to maximize the heat generation in viscous media like cytosol, for those biomedical applications that require smaller particle sizes

Counter-propagating radiative shock experiments on the Orion laser and the formation of radiative precursors

We present results from new experiments to study the dynamics of radiative shocks, reverse shocks and radiative precursors. Laser ablation of a solid piston by the Orion high-power laser at AWE Aldermaston UK was used to drive radiative shocks into a gas cell initially pressurised between $0.1$ and $1.0 \ bar with different noble gases. Shocks propagated at {80 \pm 10 \ km/s} and experienced strong radiative cooling resulting in post-shock compressions of { \times 25 \pm 2}. A combination of X-ray backlighting, optical self-emission streak imaging and interferometry (multi-frame and streak imaging) were used to simultaneously study both the shock front and the radiative precursor. These experiments present a new configuration to produce counter-propagating radiative shocks, allowing for the study of reverse shocks and providing a unique platform for numerical validation. In addition, the radiative shocks were able to expand freely into a large gas volume without being confined by the walls of the gas cell. This allows for 3-D effects of the shocks to be studied which, in principle, could lead to a more direct comparison to astrophysical phenomena. By maintaining a constant mass density between different gas fills the shocks evolved with similar hydrodynamics but the radiative precursor was found to extend significantly further in higher atomic number gases (\sim$$4$ times further in xenon than neon). Finally, 1-D and 2-D radiative-hydrodynamic simulations are presented showing good agreement with the experimental data.Comment: HEDLA 2016 conference proceeding

Physical properties of FeSe0.5_{0.5}Te0.5_{0.5} single crystals grown under different conditions

We report on structural, magnetic, conductivity, and thermodynamic studies of FeSe$_{0.5}$Te$_{0.5}$ single crystals grown by self-flux and Bridgman methods. The samples were prepared from starting materials of different purity at various temperatures and cooling rates. The lowest values of the susceptibility in the normal state, the highest transition temperature $T_c$ of 14.5 K, and the largest heat-capacity anomaly at $T_c$ were obtained for pure (oxygen-free) samples. The critical current density $j_c$ of $8 \times 10^4$ A/cm$^2$ (at 2 K) achieved in pure samples is attributed to intrinsic inhomogeneity due to disorder at the cation and anion sites. The impure samples show increased $j_c$ up to $2.3 \times 10^5$ A/cm$^2$ due to additional pinning centers of Fe$_3$O$_4$. The upper critical field $H_{c2}$ of $\sim 500$ kOe is estimated from the resistivity study in magnetic fields parallel to the \emph{c}-axis. The anisotropy of the upper critical field $\gamma_{H_{c2}} = H_{_{c2}}^{ab}/H_{_{c2}}^{c}$ reaches a value $\sim 6$ at $T\longrightarrow T_c$. Extremely low values of the residual Sommerfeld coefficient for pure samples indicate a high volume fraction of the superconducting phase (up to 97%). The electronic contribution to the specific heat in the superconducting state is well described within a single-band BCS model with a temperature dependent gap $\Delta_0 = 27(1)$ K. A broad cusp-like anomaly in the electronic specific heat of samples with suppressed bulk superconductivity is ascribed to a splitting of the ground state of the interstitial Fe$^{2+}$ ions. This contribution is fully suppressed in the ordered state in samples with bulk superconductivity.Comment: 11 pages, 11 figures, 3 table

Determination of ππ\pi\pi scattering lengths from measurement of π+π−\pi^+\pi^- atom lifetime

The DIRAC experiment at CERN has achieved a sizeable production of $\pi^+\pi^-$ atoms and has significantly improved the precision on its lifetime determination. From a sample of 21227 atomic pairs, a 4% measurement of the S-wave $\pi\pi$ scattering length difference $|a_0-a_2| = (.0.2533^{+0.0080}_{-0.0078}|_\mathrm{stat}.{}^{+0.0078}_{-0.0073}|_\mathrm{syst})M_{\pi^+}^{-1}$ has been attained, providing an important test of Chiral Perturbation Theory.Comment: 6 pages, 6 figure

A Measurement of the Branching Fraction for the Inclusive B --> X(s) gamma Decays with the Belle Detector

We have measured the branching fraction of the inclusive radiative B meson decay B --> X(s) gamma to be Br(B->X(s)gamma)=(3.36 +/- 0.53(stat) +/- 0.42(sys) +0.50-0.54(th)) x 10^{-4}. The result is based on a sample of 6.07 x 10^6 BBbar events collected at the Upsilon(4S) resonance with the Belle detector at the KEKB asymmetric e^+e^- storage ring.Comment: 14 pages, 6 Postsript figures, uses elsart.cl