Audit fees and cost of debt: differences in the credibility of voluntary and mandatory audits

Despite the extensive research on audit fees, few studies have examined the effect of audit fees on the cost of debt. Based on the credence goods theory, we examine whether the effect of audits on the cost of debt is affected by the type of audit (voluntary or mandatory) and the audit fees, as well as whether there is a combined effect of voluntary audits and audit fees, so that the effect of voluntary audits on the cost of debt is affected by audit fees. Using a sample of Spanish SMEs, we find an asymmetric effect of audit fees on the cost of debt: higher audit fees are associated with a lower cost of debt for voluntarily audited companies, while the association is not significant for mandatory audits. Results suggest that, although the type of audit and the audit fees do not have a direct effect on the credibility of audits, the combination of both factors has relevance for lenders, so that higher audit fees in the voluntary setting are positively valued by them. The study contributes to the literature on auditing by showing that voluntary audits are relevant for capital providers as long as audits are perceived of quality

Hormonal differences in intimate partner violence perpetrators when they cope with acute stress: A pilot study

Background: Only a few studies have paid attention to the ability of perpetrators of intimate partner violence (IPVAW) against women to cope with acute stress, including hormonal pa-rameters. In fact, previous studies assessed how salivary testosterone (Tsal) and cortisol (Csal) changed after coping with an acute emotional stressor (directly related to IPVAW), and they con-cluded that an imbalance between the two hormones might be characteristic of these men. Never-theless, they neglected to examine the role of other hormones, such as salivary oxytocin (OXsal), which also seemed to play an important role in behavioral regulation, and whether this response could be generalized to other types of stress not directly related to IPVAW. Methods: This study aims to assess whether IPVAW perpetrators (n = 19) present differential hormonal (Tsal, Csal, OXsal and their ratios) and psychological state (anxiety, anger, and general affect) responses when coping with an acute cognitive laboratory stressor (a set of neuropsychological tests performed in front of an expert committee) in comparison with non-violent men (n = 16). This quasi-experimental study also assessed whether the psychological state variables drive this different hormonal response. Re-sults: Our results revealed that IPVAW perpetrators had lower Csal and higher Tsal/Csal ratio levels during the post-task period, as well as higher total levels (average) of OXsal than controls. We also found that, only in IPVAW perpetrators, high levels of baseline anxiety and negative affect were related to high rises in Csal during the stress task. Conclusions: These data present a background showing that IPVAW perpetrators and non-violent men cope differently with stress. These findings might help to identify idiosyncratic profiles of IPVAW perpetrators that can then be employed to establish their therapeutic needs. Moreover, we reinforced the importance of combining biological markers with self-reports, thus increasing the reliability of these forensic assessments. © 2021 by the authors. Licensee MDPI, Basel, Switzerland

Preferential oxidation of CO over Au/CuOx-CeO2 catalyst in microstructured reactors studied through CFD simulations

A computational fluid dynamics (CFD) simulation study of the preferential oxidation of CO (CO-PROX) in microstructured reactors consisting in square and semicircular microchannels coated with anAu/CuOx¿CeO2catalyst is presented. The CO content of the feed stream was set at 1 vol.%. A parametricsensitivity analysis has been performed under isothermal conditions revealing that an optimal reactiontemperature exists that leads to a minimum CO content at the microreactor exit. The influence of thespace velocity, CO2concentration and oxygen-to-CO molar ratio in the feed stream (), catalyst loading,and microchannel characteristic dimension (d) on the microreactor performance has been investigated.Under suitable conditions, the CO concentration can be reduced below 10 ppm at relatively low tem-peratures within the 155¿175¿C range. A negative effect of the increase of d from 0.35 mm to 2.8 mmon the CO removal efficiency has been found and attributed to a more detrimental effect of the masstransport limitations on the oxidation of CO than that of H2. Non-isothermal CFD simulations have beenperformed to investigate the cooling of the CO-PROX reactor with air or a fuel cell anode off gas surrogatein parallel microchannels. Due to the very rapid heat transfer allowed by the microreactor and the stronginfluence of the reaction temperature on the exit CO concentration, a careful control of the coolant flowrate and inlet temperature is required for proper reactor operation. The microreactor behavior is virtuallyisothermal.Peer Reviewe

Preferential oxidation of CO over Au/CuOx-CeO2 catalyst in microstructured reactors studied through CFD simulations

A computational fluid dynamics (CFD) simulation study of the preferential oxidation of CO (CO-PROX) in microstructured reactors consisting in square and semicircular microchannels coated with anAu/CuOx¿CeO2catalyst is presented. The CO content of the feed stream was set at 1 vol.%. A parametricsensitivity analysis has been performed under isothermal conditions revealing that an optimal reactiontemperature exists that leads to a minimum CO content at the microreactor exit. The influence of thespace velocity, CO2concentration and oxygen-to-CO molar ratio in the feed stream (), catalyst loading,and microchannel characteristic dimension (d) on the microreactor performance has been investigated.Under suitable conditions, the CO concentration can be reduced below 10 ppm at relatively low tem-peratures within the 155¿175¿C range. A negative effect of the increase of d from 0.35 mm to 2.8 mmon the CO removal efficiency has been found and attributed to a more detrimental effect of the masstransport limitations on the oxidation of CO than that of H2. Non-isothermal CFD simulations have beenperformed to investigate the cooling of the CO-PROX reactor with air or a fuel cell anode off gas surrogatein parallel microchannels. Due to the very rapid heat transfer allowed by the microreactor and the stronginfluence of the reaction temperature on the exit CO concentration, a careful control of the coolant flowrate and inlet temperature is required for proper reactor operation. The microreactor behavior is virtuallyisothermal.Ministerio de Ciencia e Innovación ENE2009-14522-C04Ministerio de Economía y Competitividad ENE2012-37431-C0

Influence of the O2/CO ratio and the presence of H2O and CO2 in the feed-stream during the preferential oxidation of CO (PROX) over a CuOx/CeO2-coated microchannel reactor

The catalytic performance of a CuOx/CeO2 powder catalyst and that of a microchannel reactor or microreactor (MR) coated with the same solid was determined and compared. The catalytic activity measurements were carried out with varying O2/CO molar ratios in the feed-stream. In addition, the influence of the presence of CO2 and H2O in the reaction mixture was studied. Some discrepancies were observed between the performances of the powder catalyst and the MR depending on the O2/CO ratio. The MR presented a very good performance with a superior selectivity for CO conversion. This behaviour was due to a more efficient heat removal in the case of the MR that inhibited the H2 oxidation reaction and the r-WGS. The isothermicity of the microreactor during the process was demonstrated through the monitoring of the MR inlet and outlet temperatures. Concerning the presence of CO2 or H2O in the feed-stream, both compounds gave rise to a decrease of the CO conversion. The negative effect on the catalytic performance was more marked when both compounds were fed together, although the principal inhibitor effect was associated to the CO2. This seems to be related with the formation of stable carbonates at the catalyst surface.Ministerio de Ciencia e Innovación ENE2009-14522-C05-01Junta de Andalucía P09-TEP-545

Selective CO removal over Au/CeFe and CeCu catalysts in microreactors studied through kinetic analysis and CFD simulations

A kinetic study of the preferential oxidation of CO in H2 rich streams (CO-PrOx) over a cerium-copper oxide (CeCu) and a gold catalyst supported on cerium-iron oxide (Au/CeFe) is presented. The gold catalyst is very active but the CeCu oxide is more selective. A kinetic model describing the CO-PrOx system with CO2 and H2O in the feed has been formulated considering the oxidation of CO and H2 and the reverse water-gas shift reaction. The rate equations have been implemented in computational fluid dynamics codes to study the influence of the operating variables on the CO-PrOx in microchannels and microslits. The CeCu catalyst is the only one capable of achieving final CO contents below 10-100ppmv. Due to the opposite effect of temperature on activity and selectivity there is an optimal temperature at which the CO content is minimal over CeCu. This temperature varies between 170 and 200°C as the GHSV increases from 10,000 to 50,000h-1. Simulations have evidenced the very good heat transfer performance of the microdevices showing that the CO-PrOx temperature can be controlled using air as cooling fluid although the inlet temperature and flow rate should be carefully controlled to avoid reaction extinction. Both microchannels and microslits behaved similarly. The fact that the microslits are much easier to fabricate may be an interesting advantage in favour of that geometry in this case.Ministerio de Ciencia e Innovación MAT2006-12386-C05, ENE2009-14522-C0

Gramine derivatives targeting Ca2+ channels and Ser/Thr phosphatases: A new dual strategy for the treatment of neurodegenerative diseases

This document is the unedited author's version of a Submitted Work that was subsequently accepted for publication in Journal of Medicinal Chemistry , copyright © American Chemical Society after peer review. To access the final edited and published work, see http://pubs.acs.org/doi/abs/10.1021/acs.jmedchem.6b00478We describe the synthesis of gramine derivatives and their pharmacological evaluation as multipotent drugs for the treatment of Alzheimer’s disease. An innovative multitarget approach is presented, targeting both voltage-gated Ca2+ channels, classically studied for neurodegenerative diseases, and Ser/Thr phosphatases, which have been marginally aimed, even despite their key role in protein τ dephosphorylation. Twenty-five compounds were synthesized, and mostly their neuroprotective profile exceeded that offered by the head compound gramine. In general, these compounds reduced the entry of Ca2+ through VGCC, as measured by Fluo-4/AM and patch clamp techniques, and protected in Ca2+ overload-induced models of neurotoxicity, like glutamate or veratridine exposures. Furthermore, we hypothesize that these compounds decrease τ hyperphosphorylation based on the maintenance of the Ser/Thr phosphatase activity and their neuroprotection against the damage caused by okadaic acid. Hence, we propose this multitarget approach as a new and promising strategy for the treatment of neurodegenerative diseasesThis work was supported by the following grant: Proyectos de Investigación en Salud (PI13/00789, IS Carlos III). R.L.C is granted by Universidad Autónoma de Madri

Design and testing of a microchannel reactor for the PROX reaction

The different steps for manufacturing a microchannel reactor for the PROX reaction are discussed. Transient Liquid Phase bonding (TLP) using a Ni-B-Si amorphous melt spun is used for joining micromilled Al-alloyed ferritic stainless steel plates followed by recrystallization at 1200°C for 5h. A CuOx-CeO2 catalyst synthesized by the coprecipitation method was washcoated on the microchannel block resulting in a homogenous 20-30μm thick layer. The catalytic activity for CO-PROX reaction is similar in both the powder catalyst and the microchannel coated reactor but the selectivity is higher in the microchannel reactor. © 2010 Elsevier B.V.Ministerio de Ciencia e Innovación MAT-2006-12386-C05, ENE-2009-14522-C05-01, BES-2007-14409, BES-2007-15297Junta de Andalucía P06-TEP-0848

Theoretical Determination of the pK a Values of Betalamic Acid Related to the Free Radical Scavenger Capacity: Comparison Between Empirical and Quantum Chemical Methods

Health benefits of dietary phytochemicals have been suggested in recent years. Among 1000s of different compounds, Betalains, which occur in vegetables of the Cariophyllalae order (cactus pear fruits and red beet), have been considered because of reducing power and potential to affect redox-modulated cellular processes. The antioxidant power of Betalains is strictly due to the dissociation rate of the acid moieties present in all the molecules of this family of phytochemicals. Experimentally, only the pK a values of betanin were determined. Recently, it was evidenced it was evidenced as the acid dissociation, at different environmental pHs, affects on its electron-donating capacity, and further on its free radical scavenging power. The identical correlation was studied on another Betalains family compound, Betalamic Acid. Experimental evidences showed that the free radical scavenging capacity of this compound drastically decreases at pH > 5, but pK a values were experimentally not measured. With the aim to justify the Betalamic Acid behavior as free radical scavenger, in this paper we tried to predict in silico the pK a values by means different approaches. Starting from the known experimental pK as of acid compounds, both phytochemicals and small organic, two empirical approaches and quantum-mechanical calculation were compared to give reliable prediction of the pK as of Betalamic Acid. Results by means these computational approaches are consistent with the experimental evidences. As shown herein, in silico, the totally dissociated species, at the experimental pH > 5 in solution, is predominant, exploiting the higher electron-donating capability (HOMO energy). Therefore, the computational estimated pK a values of Betalamic Acid resulted very reliable

Development of subtype-selective photoswitchable positive allosteric modulators for mGlu receptors

Positive allosteric modulators (PAMs) for metabotropic glutamate receptors have been postulated to treat neuropsychiatric diseases. Besides, obtaining a reversible and efficient spatiotemporal control of mGlu activity would be therapeutically advantageous. Photopharmacology may provide a solution on this topic, since it is based on the use of light and photoswitchable ligands to modulate a protein activity. This approach offers new perspectives for drug discovery and promises a better drug action control reducing side effects to unattained levels.Peer reviewe