Sharing Default Information as a Borrower Discipline Device

Creditors often share information about their customers' credit record. Besides helping them to spot bad risks, this informational exchange acts as a disciplinary device. If creditors are known to exchange data about defaults, borrowers must consider that default on a current lender would disrupt their credit rating with all the other lenders. This raises their incentive to perform. But sharing more detailed information can reduce this disciplinary effect: when lenders only disclose past defaults, borrowers' incentives to perform may be greater than when lenders share all their information. In some instances, by "fine-tuning" the type and accuracy of the information shared, lenders can raise borrowers' incentives to their first-best level.Fiscal policy, national saving, contractionary fiscal expansions

The Logic & Limits of the Exceptional Circumstances Test in Magill and IMS Health

In this Article, we show that, in contrast to the Commission\u27s balancing approach in Microsoft, the ECJ\u27s narrow construction of the obligation to license IP under Article 82 of the EC Treaty is based on sound economics and constitutes appropriate public policy. The set of “exceptional circumstances” listed in Magill and IMS Health constitutes a reasonable implementation of the optimal legal standard for the assessment of refusals to licence IP: modified per se legality. In the IP context, an obligation to make property available is a requirement for compulsory licensing. The ECJ test limits compulsory licensing to those situations in which the prospective social benefits of licensing are large, while the negative effects of reducing the incentives to innovate are small. The ECJ test ensures that intervention is restricted to cases where the intervention is still likely to increase social welfare. The Commission\u27s test in Microsoft, being a balancing test, does not. As noted by Professor Gerardin, “balancing ex ante vs. ex post efficiencies is obviously a very difficult process, which even the most sophisticated economists may find daunting. The risk of mistaken decisions is therefore high.

MIXED PRICING IN OLIGOPOLY WITH CONSUMER SWITCHING COSTS

In this paper we develop a two-period model of duopolistic competition with consumer switching costs. Our model extends previous results in these kind of models in a more natural framework where products are undifferentiated except by switching costs. We also allow for differently informed consumers and a dynamic consumer tumover. In this model the competitiveness of markets with consumer switching costs is determined by the proportion of price sensitive consumers, that is fully informed uncommitted consumers, in the market. In contrast with previous studies, firms have different (asymmetric) market shares in equilibrium. Our model supports the presence of action-reaction in the evolution of markets with consumer switching costs, the possibility of (accidental) price wars, price promotions, and the possible optimality of strategic commitment to a low market share as a way to deter entry in this type of market. JEL nos. 022. 611 Keywords: Market share, mixed strategies, switching costs.

Conflicts of interest, employment decisions, and debt restructuring: evidence from Spanish firms in financial distress

We examine the employment decisions of Spanish manufacturing firms in financial distress. Our sample comprises 4,566 firms operating during 1983-1994. We find that firms in distress reduce their employment significantly. These reductions are positively associated with asset sales, but cannot be fully explained by them. They are also negatively related to firm size and to firing costs. Our main finding, however, is that firms that restructure their debt in response to distress are more likely to reduce their employment. Employment falls as the firm's debt exposure is reduced, but also as a consequence of a bank debt restructuring involving exclusively an extension of maturity. These empirical findings provide a clear-cut quantitative illustration of the agency costs of debt emerging from stockholder-bondholder conflicts

Delegation in International Monetary Policy Games

In this paper, we show that delegation of monetary policy to an independent and more conservative central banker is an optimal policy in a multi-country framework with monetary spillovers among countries, even in the absence of time inconsistency (credibility) issues. We also study the welfare implications of delegating monetary policy and extend our analysis to the case of coordination of monetary policies.Publicad

Wage bargaining in industries with market power

En este trabajo se desarrolla una version del modelo de eleccion unilateral del empleo por parte de la empresa (right-to-manage) para la determinacion de salarios en situaciones donde existen interacciones estrategicas entre las empresas en el mercado de bienes. Con ello se trata de investigar como responden los salarios y el empleo de equilibrio a variaciones en diversas variables claves en los mercados de bienes y trabajo. Se demuestra que los resultados de estatica comparativa dependen crucialmente de la naturaleza estrategica del comportamiento de empresas y trabajadores, la cual, a su vez, depende del poder de negociacion relativo entre empresarios y sindicatos. (ajp) (sbc) (jdl) (mac

Degradación de hidrocarburos de petróleo por bacterias aisladas de manglares

The petroleum hydrocarbon contamination represents a worldwide problem, since its accumulation promotes a serious environmental impact. Thereby, the use of microorganisms, such as those from mangrove micro biota, as degrading agents of various carbon sources is poorly exploited in environmental remediation processes. Thus, this in vitro study evaluated the degrading potential of isolated bacteria from mangrove sediments in the degradation of petroleum hydrocarbons. Analysis of the genetic diversity using the 16S rRNA marker revealed closely related (99%) sequences with Proteobacterium, Pseudomonas and Exiguobacterium. Results showed the bacterial growth in the mineral saline medium (MSM) containing 1% petroleum or diesel, as carbon sources. This growth was determinated by optical density at 595 nm for 15 days, with sample withdrawal every 48 h. Bacterial growth indicated the hydrocarbon metabolization. However, bacteria were more efficient at degrading petroleum. Overall, experimental data displayed the potential application of these bacteria in bioremediation processes, due to their metabolic and adaptive capacities to grow in a rich hydrocarbon medium.Los hidrocarburos de petróleo representan un problema mundial, pues su acumulación promueve un serio impacto ambiental. Así, el uso de microorganismos, por ejemplo los de la microbiota de manglares, como agentes degradadores de diversas fuentes de carbono, es poco explotado en procesos de remediación ambiental. Así, este estudio evaluó in vitro el potencial degradador de bacterias aisladas de sedimento de manglar en la degradación de hidrocarburos. El análisis genético usando el marcador 16S rRNA reveló secuencias íntimamente relacionadas (99%) con Proteobacterium, Pseudomonas y Exiguobacterium. Los resultados mostraron el crecimiento de bacterias en medio salino mineral (MSM) conteniendo petróleo o diesel al 1%, como fuentes de carbono. Este crecimiento, determinado por densidad óptica (DO) a 595 nm durante 15 días, con toma de muestras a cada 48 h, indicó la matabolización de hidrocarburos. Sin embargo, las bacterias fueron más eficientes en degradarlos. Por lo tanto, los resultados muestran la potencial aplicación de las bacterias en procesos de biorremediación por su capacidad metabólica y adaptativa de crecimiento usando hidrocarburos

Diseño de filtros de canal elípticos y autoEcualizados en banda Ka implementados en guía rectangular plano H

En esta comunicación se presenta un proceso sistemático de diseño de filtros de canal elípticos y autoecualizados en guía de onda rectangular y configuración plano-H en banda Ka. Se pretende desarrollar una alternativa a la configuración clásica dual-mode en guía de onda circular, con el objetivo de abaratar el coste y simplificar el proceso de producción. Para validar la metodología presentada se ha diseñado, fabricado y medido un filtro de orden seis con dos ceros de transmisión a frecuencias finitas para mejorar el rechazo y dos ceros de ecualización para el retardo de grupo. Los resultados experimentales validan el método propuesto

A Sugarcane G-Protein-Coupled Receptor, ShGPCR1, Confers Tolerance to Multiple Abiotic Stresses

Sugarcane (Saccharum spp.) is a prominent source of sugar and serves as bioenergy/biomass feedstock globally. Multiple biotic and abiotic stresses, including drought, salinity, and cold, adversely affect sugarcane yield. G-protein-coupled receptors (GPCRs) are components of G-protein-mediated signaling affecting plant growth, development, and stress responses. Here, we identified a GPCR-like protein (ShGPCR1) from sugarcane and energy cane (Saccharum spp. hybrids) and characterized its function in conferring tolerance to multiple abiotic stresses. ShGPCR1 protein sequence contained nine predicted transmembrane (TM) domains connected by four extracellular and four intracellular loops, which could interact with various ligands and heterotrimeric G proteins in the cells. ShGPCR1 sequence displayed other signature features of a GPCR, such as a putative guanidine triphosphate (GTP)-binding domain, as well as multiple myristoylation and protein phosphorylation sites, presumably important for its biochemical function. Expression of ShGPCR1 was upregulated by drought, salinity, and cold stresses. Subcellular imaging and calcium (Ca2+) measurements revealed that ShGPCR1 predominantly localized to the plasma membrane and enhanced intracellular Ca2+ levels in response to GTP, respectively. Furthermore, constitutive overexpression of ShGPCR1 in sugarcane conferred tolerance to the three stressors. The stress-tolerance phenotype of the transgenic lines corresponded with activation of multiple drought-, salinity-, and cold-stress marker genes, such as Saccharum spp. LATE EMBRYOGENESIS ABUNDANT, DEHYDRIN, DROUGHT RESPONSIVE 4, GALACTINOL SYNTHASE, ETHYLENE RESPONSIVE FACTOR 3, SALT OVERLY SENSITIVE 1, VACUOLAR Na+/H+ ANTIPORTER 1, NAM/ATAF1/2/CUC2, COLD RESPONSIVE FACTOR 2, and ALCOHOL DEHYDROGENASE 3. We suggest that ShGPCR1 plays a key role in conferring tolerance to multiple abiotic stresses, and the engineered lines may be useful to enhance sugarcane production in marginal environments with fewer resources

Development and evaluation of a nanofiber membrane in vitro as a therapeutic alternative for the post treatment in breast cancer cell in a murine model

Worldwide female breast cancer is the most commonly diagnosed cancer, with an estimated 2.3 million new cases in 2020, reason for the need of targeted therapies that can maximize treatment success and minimize toxicity. Nanoparticles of gold (AuNps) exhibit cytotoxic properties against certain types of cancer cell lines. Nanofibers have been use in the drug delivery systems due to its degradability and high surface area. We proposed a membrane with nanometric fibers using polivinilic alcohol (PVA) and chitosan (Qts) loaded with AuNps and Doxorubicin (Doxo) with the purpose of diminish tumor regression. PVA-Qts membrane was develop with electrospinning, the injection, voltage, distance and relative humidity parameters were standardized and it were characterized by Microscopic Atomic Force. The cytotoxicity with a median lethal dose (DL50) in two cell lines, breast adenocarcinoma murine (4T1) and murine fibroblast (NiH3T3) as a healthy control were evaluated. AuNps had a size of 3 nanometers (nm) with a Z potential of 13.2 mVolts and a DL50 of 75 µM in the cell line 4T1. Doxo was decrease in 95% with a final concentration of 0.03 mg/cm2. Both doses were loaded in the PVA-Qts solution. PVA-Qts-Doxo and PVA-Qts-AuNps-Doxo decrease the viability in 4T1 in 24 hours with a 15%, 72 hours with a 28%, the first with 60% and the latter with 82%. PVA-Qts-Doxo and PVA-Qts-AuNps-Doxo in NiH3T3 diminish incrementing with the time reaching a 40% in 120 hours. Finally, The viability for 4T1 cultured on PVA-Qts-Doxo was minor than in NiH3T3. The amount of Doxo in the membrane synthetized was 95% less than the employ doses, demonstrating that the fiber improves the delivery of the chemotherapeutic in a palatine time