Financial Frictions, Firm Dynamics and the Aggregate Economy: Insights from Richer Productivity Processes

How do financial frictions affect firm dynamics, allocation of resources across firms, and aggregate productivity and output? Is the nature of productivity shocks that firms face primary for the effects of financial frictions? I first use a comprehensive dataset of Spanish firms from 1999 to 2014 to estimate non-parametrically the firm productivity dynamics. I find that the productivity process is non-linear, as persistence and shock variability depend on past productivity, and productivity shocks are non-Gaussian. These dynamics differ from the ones implied by a standard AR(1) process, commonly used in the firm dynamics literature. I then build a model of firm dynamics with financial frictions in which productivity shocks are non-linear and non-Gaussian. The model is consistent with a host of evidence on firm dynamics, financial frictions, and firms’ financial behaviour. In the model economy, financial frictions affect the firm life cycle. Without financial frictions, the size of an entrant firm will be three times larger. Furthermore, profit accumulation, which allows firms to overcome financial frictions, is slow, and it only speeds up when firms are mature. As a consequence, the average exiting firm is smaller than it would be without financial frictions. The aggregate consequences of financial frictions are significant. They result in misallocation of capital and reduce aggregate productivity by 16%. This figure is only 8% if productivity dynamics evolve according to a standard AR(1) process

The digital transformation of work: a relational view

Conversation about the current and potential effects of digital technologies on the nature of work is raging within scholarly and practitioner communities. Artificial intelligence, robotics, data analytics, digital platforms, and automation, among other technologies, are prompting a swift and profound transformation of work. Building on Pierpaolo Donati''s relational sociology, we examine the changes these technologies are likely to bring about in work as a human relation. Despite the very real threats of unemployment, job insecurity, precariousness, and surveillance, technology may also encourage the emergence of a work culture that shifts the scales toward a relational realm rather than a transactional one. To this end, we argue that work should be understood as a social relation with four dimensions: exchange value, intrinsic extra-economic purpose, communication for reciprocal services, and correspondence with primary human needs according to use values. Understanding the digital transformation of work from this point of view requires comprehending the differentiation and integration of these four dimensions

Myristic acid potentiates palmitic acid-induced lipotoxicity and steatohepatitis associated with lipodystrophy by sustaning de novo ceramide synthesis.

Palmitic acid (PA) induces hepatocyte apoptosis and fuels de novo ceramide synthesis in the endoplasmic reticulum (ER). Myristic acid (MA), a free fatty acid highly abundant in copra/palmist oils, is a predictor of nonalcoholic steatohepatitis (NASH) and stimulates ceramide synthesis. Here we investigated the synergism between MA and PA in ceramide synthesis, ER stress, lipotoxicity and NASH. Unlike PA, MA is not lipotoxic but potentiated PA-mediated lipoapoptosis, ER stress, caspase-3 activation and cytochrome c release in primary mouse hepatocytes (PMH). Moreover, MA kinetically sustained PA-induced total ceramide content by stimulating dehydroceramide desaturase and switched the ceramide profile from decreased to increased ceramide 14:0/ceramide16:0, without changing medium and long-chain ceramide species. PMH were more sensitive to equimolar ceramide14:0/ceramide16:0 exposure, which mimics the outcome of PA plus MA treatment on ceramide homeostasis, than to either ceramide alone. Treatment with myriocin to inhibit ceramide synthesis and tauroursodeoxycholic acid to prevent ER stress ameliorated PA plus MA induced apoptosis, similar to the protection afforded by the antioxidant BHA, the pan-caspase inhibitor z-VAD-Fmk and JNK inhibition. Moreover, ruthenium red protected PMH against PA and MA-induced cell death. Recapitulating in vitro findings, mice fed a diet enriched in PA plus MA exhibited lipodystrophy, hepatosplenomegaly, increased liver ceramide content and cholesterol levels, ER stress, liver damage, inflammation and fibrosis compared to mice fed diets enriched in PA or MA alone. The deleterious effects of PA plus MA-enriched diet were largely prevented by in vivo myriocin treatment. These findings indicate a causal link between ceramide synthesis and ER stress in lipotoxicity, and imply that the consumption of diets enriched in MA and PA can cause NASH associated with lipodystrophy

Nonlinear Interaction of Transversal Modes in a CO2 Laser

We show the possibility of achieving experimentally a Takens-Bogdanov bifurcation for the nonlinear interaction of two transverse modes ($l = \pm 1$) in a $CO_2$ laser. The system has a basic O(2) symmetry which is perturbed by some symmetry-breaking effects that still preserve the $Z_2$ symmetry. The pattern dynamics near this codimension two bifurcation under such symmetries is described. This dynamics changes drastically when the laser properties are modified.Comment: 16 pages, 0 figure

A non-perturbative approach to the scalar Casimir effect with Lorentz symmetry violation

We determine the effect of Lorentz invariance violation in the vacuum energy and stress between two parallel plates separated by a distance $L$, in the presence of a massive real scalar field. We parametrize the Lorentz-violation in terms of a symmetric tensor $h^{\,\mu\nu}$ that represents a constant background. Through the Green's function method, we obtain the global Casimir energy, the Casimir force between the plates and the energy density in a closed analytical form without resorting to perturbative methods. With regards to the pressure, we find that $\mathcal{F}_c(L)=\mathcal{F}_0(\tilde{L})/\sqrt{-{\rm det}\, h^{\,\mu\nu}}$, where $\mathcal{F}_0$ is the Lorentz-invariant expression, and $\tilde{L}$ is the plate separation rescaled by the component of $h^{\,\mu\nu}$ normal to the plates, $\tilde{L}=L/\sqrt{-h^{nn}}$. We also analyze the Casimir stress including finite-temperature corrections. The local behavior of the Casimir energy density is also discussed.Comment: 6 pages, No figure

Molecular Gastronomy in Spain

[EN] Beyond the overwhelming international success of Ferrán Adria, Spain has been one of the countries with a more active implication in molecular gastronomy as a scientific discipline but also in the use of ingredients, technologies, and equipment from the scientificand technological universe in the culinary area. Nowadays, this is a well-established discipline in Spain, with a number of research groups covering related topics, several companies commercializing appliances and additives worldwide, and renowned international chefs and many restaurants and companies committed to the collaboration with scientists for facing the future of Spanish gastronomyThe authors would like to thank the Ministerio de Ciencia e Innovación (Spain) for funding the Collaborative Network “INDAGA” (AGL2007-28589- E/ALI; AGL2009-05765-E), which enabled their collaboration.García Segovia, P.; Garrido, MD.; Vercet Tormo, A.; Arboleya, JC.; Fiszman Dal Santo, S.; Martínez Monzó, J.; Laguarda, S.... (2014). Molecular Gastronomy in Spain. Journal of Culinary Science and Technology. 12(4):279-293. https://doi.org/10.1080/15428052.2014.914813S27929312

An extreme event between the Little Ice Age and the 20th century: the snow avalanche cycle of 1888 in the Asturian Massif (Northern Spain)

Between the late Little Ice Age (LIA) cold stage and the early 20th century warmer scenario, a transitional regime characterized by an unstable climatic pattern generated a series of climate extremes affecting mid-latitude mountainous areas, as the Asturian Massif. There, the 1888 snow avalanche cycle appears as the most significant event, standing out among the rest of avalanche cycles recorded in this area during the 1800-2015 period both in terms of the number of damaging avalanches and damages caused by them. Among the factors that explain this event stands out the orographic precipitation phenomenon; the interaction of a cold and wet air mass originating from the North Atlantic with the relief of the Massif, which led to extraordinary snow thicknesses (>2 m) at very low altitudes (500 m a.s.l.), especially in the north-facing, Asturian versant of the Cantabrian Mountains. This allowed the triggering of avalanches in slopes gentler and in lower altitudes than usual, covering longer distances; consequently, avalanches reached more easily the settlements, generally placed at the bottom of the valley or in middle slope positions. The greater impact on the settlements, which suffered 84% of the damages, was the cause of this episode’s high socioeconomic impact (29 people dead, 34 injured, 123 heads of cattle dead, 124 buildings destroyed). These events occurred at a time when the mountain villages were highly populated and subjected to intense exploitation, coinciding with the development of new communication infrastructures in the upper parts of the Massif. Therefore, the 1888 episode constitutes a good example of both the impact of hydrometeorological events in mountain environments under high demographic pressure, and of climate extremes involved in a transition period from cold to warmer weather conditions.Entre la Pequeña Edad de Hielo (PEH) y las primeras décadas del siglo XX, un régimen de transición climática caracterizado por su inestabilidad generó una serie de eventos extremos que afectaron a las zonas montañosas de latitudes medias, como el Macizo Asturiano. Allí, el ciclo de aludes de 1888 fue el acontecimiento más significativo, destacando entre el resto de ciclos de avalanchas registrados en esta área entre 1800 y 2015 tanto por el número de avalanchas dañinas que se registraron como por los daños que estas causaron. Entre los factores que explican este acontecimiento destaca el fenómeno de las precipitaciones orográficas; la interacción de una masa de aire frío y húmedo (procedente del Atlántico Norte) con el relieve del Macizo, condujo a espesores de nieve extraordinarios (> 2 m) a muy bajas altitudes (500 m s.n.m.), especialmente en la vertiente asturiana (orientada al norte). Esto permitió el desencadenamiento de avalanchas en pendientes más suaves y a altitudes más bajas de lo habitual, cubriendo distancias más largas que en otros episodios. En consecuencia, estas avalanchas alcanzaron más fácilmente los asentamientos, tradicionalmente situados en el fondo del valle o en posiciones de media ladera. El mayor impacto en los asentamientos, que sufrieron el 84% de los daños, fue la causa del alto coste socioeconómico de este episodio (29 personas muertas, 34 heridas, 123 cabezas de ganado muertas, 124 edificios destruidos). Estos acontecimientos ocurrieron en un momento en que los núcleos de montaña estaban muy poblados y sometidos a una intensa explotación, coincidiendo además con el desarrollo de nuevas infraestructuras de comunicación en las partes altas del Macizo. Por lo tanto, el episodio de 1888 constituye un buen ejemplo tanto del impacto de los eventos hidrometeorológicos en ambientes montañosos bajo alta presión demográfica, como de los eventos extremos propios de un período de transición de condiciones climáticas frías a más cálidas.info:eu-repo/semantics/publishedVersio

High submicellar liquid chromatography

Surfactant addition above the critical micellar concentration (CMC), in reversed-phase liquid chromatography (RPLC), was proposed as a way to modify the selectivity and analysis time, giving rise to a chromatographic mode called micellar liquid chromatography (MLC). However, solutions containing only surfactant are too weak and yield poor peak shape. This was remediated by the addition of a small amount of organic solvent. To preserve the existence of micelles, in MLC high contents of organic solvent are avoided. Nevertheless, there is no reason to neglect the potentiality of mobile phases containing a surfactant above its CMC in water and a high organic solvent content (without micelles). This chromatographic mode has been called high submicellar liquid chromatography (HSLC). Several reported procedures show that the combination of stronger elution strength, larger selectivity and improved peak shape, with respect to MLC and conventional RPLC, makes HSLC a promising chromatographic mode to achieve in practical times separations of compounds unresolved or highly retained with other RPLC modes. Some insights on the interactions that occur inside the chromatographic column, the modification of the stationary and mobile phases, retention modeling, and chromatographic performance in HSLC are here offered, in comparison to MLC and conventional RPLC

Phytoplankton, bacterioplankton and nitrate reductase activity distribution in relation to physical structure in the northern Alborán Sea and Gulf of Cadiz (southern Iberian Peninsula)

The IctioAlborán-Cadiz 95 cruise (July 1995) covered the northwest sector of the Alborán Sea, the Straits of Gibraltar and the Gulf of Cadiz. We present and discuss the distribution of phytoand bacterioplankton abundance, nitrate concentration and nitrate reductase (NR) activity according to circulation patterns described previously in the literature. The water-column integrated values of chlorophyll-a in the Alborán Sea were higher and more variable (12 to 318 mg m⁻³) than in the Gulf of Cadiz (3 to 49 mg m⁻³). This reflects the higher dynamism of the Alborán sector, related to the existence of characteristic mesoscale physical structures. The plankton (2-80 μm equivalent spherical diameter) in the upwelling region of the Alborán Sea had a biovolume 30 times higher than in the nutrient-poorer water of the Gulf of Cadiz. Large organisms were abundant and dominated the size spectrum of one coastal station in the Alborán zone, whereas the slope of the size spectrum became more negative at the Gulf of Cadiz station, as a consequence of the dominance of small cells. Bacterial abundance maxima ( 3 X 10⁶ bact ml⁻¹) also occurred in the upwelling region. We found relatively high nitrate and chlorophyll a concentrations in Cape Trafalgar's cold surface waters, probably due to the interaction between topography and strong tidal currents. The spatial pattern of the NR activity is discussed according to chlorophyll a, nitrate and bacteria distributions. The existence of high NR activity but low chlorophyll a and bacterial abundance suggests that this could be related with dissimilatory activity in large-sized particles.La campaña IctioAlborán-Cádiz 95 (julio de 1995) cubrió el sector noroeste del mar de Alborán, estrecho de Gibraltar y golfo de Cádiz. En este trabajo se presentan y discuten las distribuciones de abundancia de fitoplancton y bacterioplancton, concentración de nitrato y actividad nitrato reductasa (NR) de acuerdo con los patrones de circulación descritos en la bibliografía. Los valores de clorofila a integrados en la columna de agua en Alborán fueron mayores y más variables (12 a 318 mg/m³) que en el golfo de Cádiz (3 a 49 mg/m³). Esto refleja el mayor dinamismo de la zona de Alborán, relacionado con la existencia de estructuras físicas características a mesoescala. El análisis de la comunidad nano-microplanctónica (2-80 μm, diametro esférico equivalente) de la región de afloramiento del mar de Alborán mostró un biovolumen 30 veces mayor que el de aguas más pobres en nutrientes del golfo de Cádiz. Por otro lado, el espectro de tamaños en una estación costera de Alborán está dominado por organismos planctónicos grandes, mientras que la pendiente del espectro de tamaño se hace más negativa en una estación del golfo de Cádiz, como consecuencia de la mayor abundancia de plancton de pequeño tamaño. En la región de afloramiento se dieron también máximos de abundancia bacteriana ( 3 X 10⁶ bact ml⁻¹). Se han encontrado valores relativamente altos de nitrato y clorofila a en las frías aguas superficiales cercanas al cabo de Trafalgar, lo que se debe, probablemente, a la interacción entre topografía y fuertes corrientes mareales. Se discute el patrón espacial de la actividad NR en relación con las distribuciones de clorofila a, nitrato y bacterias. En muestras con valores elevados de actividad NR pero bajos de clorofila y abundancia de bacterias, se sugiere que esta actividad se relaciona con actividad disimilatoria en agregados de gran tamaño.Instituto Español de Oceanografí