RISK-SHARING AS A DETERMINANT OF CAPITAL STRUCTURE: INTERNAL FINANCING, DEBT, AND (OUTSIDE) EQUITY

This paper proposes a historically-grounded mechanism-design model of corporate finance, with two-side risk aversion under limited contract enforceability, where (inside) equity held by entrepreneurs, debt and (outside) equity coexist. This capital structure shares optimally the non-diversifiable risk associated with costly and risky ventures. Furthermore, it uniquely sustains the optimal risk allocation if agents' personal wealth is contractible at a higher enforcement cost than the projects' returns. Otherwise, the irrelevance theorem of Modigliani and Miller applies. Consistent with the theoretical predictions, we observe that (i) risk-averse merchants-entrepreneurs financed part of their ventures (hold inside equity) and raised additional funds from risk-averse investors through debt-like sea loan and equity-like commenda contracts when long-distance medieval trade was indeed highly costly and risky and that (ii) maritime insurance, with higher protection against the non-diversifiable "risk of loss at sea or from the action of men" but higher enforcement costs, did not develop until the mid-fourteenth century, when the ventures' costs and risk had decreased significantly. Whereas the model emphasizes the entrepreneurs' equity holdings and the limited-liability aspects of debt and equity, the choice between debt or equity derives from simple, although historically backed, information assumptions. The analysis is therefore complementary to other capital-structure theories based on agency costs, information asymmetries, signalling, transaction costs and incomplete contracting.debt contracts, capital structure, creditworthiness, enforceability, inside and outside equity, insurance, limited liability, private information, risk-sharing

THE SECRET OF VENETIAN SUCCESS: THE ROLE OF THE STATE IN FINANCIAL MARKETS

The commercial success of Venice hinged on her merchants¿ ability to do business with borrowed money. However, to raise other people¿s capital, merchants needed to commit not to embezzle the capital received. Despite this commitment problem, the evidence indicates an active financial market through which the Venetians, by and large, mobilized their savings to investments. What were the institutional foundations of this market? This paper claims that neither reputation-based institutions that did not rely on the state nor a coercive legal system provided such foundations. Instead, the state generated the rents and information required to induce merchants to refrain from acting opportunistically.Institutions for Contract Enforcement; State Formation; Financial Markets; Late Medieval Venice

Confidence-Based Learning in Investment Analysis

The aim of this study is to determine the effectiveness of using multiple choice tests in subjects related to the administration and business management. To this end we used a multiple-choice test with specific questions to verify the extent of knowledge gained and the confidence and trust in the answers. The tests were performed in a group of 200 students at the bachelor's degree in Business Administration and Management. The analysis made have been implemented in one subject of the scope of investment analysis and measured the level of knowledge gained and the degree of trust and security in the responses at two different times of the course. The measurements have been taken into account different levels of difficulty in the questions asked and the time spent by students to complete the test. The results confirm that students are generally able to obtain more knowledge along the way and get increases in the degree of trust and confidence in the answers. It is confirmed as the difficulty level of the questions set a priori by the heads of the subjects are related to levels of security and confidence in the answers. It is estimated that the improvement in the skills learned is viewed favourably by businesses and are especially important for job placement of students

La factura en el Derecho mercantil proyectado

La regulación de la factura en cuanto documento privado emitido por un empresario o profesional en el ejercicio de su actividad para dejar constancia de una determinada transacción sigue fundamentalmente contemplada extramuros de la normativa mercantil. Sin embargo, los textos proyectados nos han sorprendido con la inclusión de la denominada en los mismos “factura aceptada”, prevista como título-valor con función de crédito. En el presente trabajo se lleva a cabo precisamente una aproximación al análisis de la factura aceptada en cuanto título cambiario, con especial interés en las peculiaridades que el documento presenta respecto de los tradicionales, especialmente pagaré y letra.Este trabajo se inscribe en el marco del Proyecto de Investigación titulado “Operaciones bancarias de activo y pasivo en el contexto de crisis económica: hacia la unificación de la contratación privada” dirigido por la profesora Mª Ángeles Egusquiza Balmaseda, Catedrática de Derecho Civil de la Universidad Pública de Navarra, y financiado por el Ministerio de Ciencia e Innovación. Número de referencia DER2011-23281

Polímeros inteligentes para aplicaciones en seguridad y control alimentario

Este trabajo describe el diseño de materiales poliméricos con diferentes aplicaciones en el campo de la alimentación. En primer lugar, de polímeros inteligentes como sensores colorimétricos para el análisis de diversas sustancias de interés en alimentación (aminas biógenas, polifenoles totales y nitritos). En segundo lugar, de materiales con potencial antimicrobiano, capaces de incrementar hasta en un 50% la vida útil de alimentos cárnicos envasados. Por último, de polímeros capaces de retener almidón y fenoles en su estructura, utilizados como parte del análisis de actividad diastásica en el caso del almidón y actividad glucosa oxidasa y catalasa en el caso de los fenoles. Todos los materiales desarrollados se han probado en matrices alimentarias, demostrando así su correcto funcionamiento y, por consiguiente, su potencial utilidad en la industria alimentaria.This work describes the design of polymeric materials, which are widely used in the food industry. Firstly, the use of smart polymers as colorimetric sensors for substances of interest such as biogenic amines, total polyphenols and nitrites is described. Secondly the antimicrobial capacity of a material is studied. This can increase the shelf-life of packaged meat foods by up to 50%. Finally, polymers able to keep starch and phenols in their structure are analyzed as part of the study of diastasic activity in the case of starch and glucose oxidase and catalase activity in the case of phenols. Every material developed, has been tested in food matrices in order to prove its effectiveness and therefore its potential use in the food industr

On the origins of bread cultures in the Near East: a new archaeobotanical study of charred meals and cooking practices from Neolithic Çatalhöyük (Turkey) and Jarmo (Iraqi Kurdistan)

This PhD study integrates unstudied plant evidence from the Neolithic site of Çatalhöyük East (Turkey) and Jarmo (Iraqi Kurdistan), such as charred residues and amorphous charred organic material which were originally identified as “food” and “bread,” combined with the study of artefact assemblages (clay balls, pots and grinding stones), ethnographical studies and experimental food preparation and charring experiments. The main aim of this thesis is to assess the extent to which these early sites can be characterised as a bread culture (e.g. Fuller & Rowlands 2011) and how much diversity of cereal preparation techniques were employed in the past and how these diversified over time. The methods developed in this research project have provided a new means of characterising archaeobotanical assemblages with charred food fragments as representative of Neolithic “recipes” the chaîne opératoire, which links harvested cereals to cooked products for consumption. The intention of this study is to characterise how these recipes changed over time and might have varied across the Neolithic Çatalhöyük and Jarmo communities, shedding light on socio-economical differences

Study of the infocomercials in the printed newspaper from an ethical approach: the case of Diario Información

Uno de objetivos de la empresa privada periodística es ganar dinero, ya que bajo esa premisa ha sido concebida. En este contexto, la publicidad se ha convertido en el oxígeno de los medios y constituye su principal aporte económico. No obstante, en el caso excepcional del entramado informativo, con una clara función de servicio público, la meta del beneficio ha de estar equilibrada con la responsabilidad social. En este sentido, se ha detectado una notable proliferación de contenidos a caballo entre la publicidad y la información: suplementos comerciales, especiales institucionales y publirreportajes no identificados como ‘publicidad’, que incrementan la paginación de los diarios, pero no necesariamente su calidad. En la presente comunicación se parte de un enfoque ético para analizar cómo este tipo de contenidos rebasa los límites éticos y legales de la práctica periodística. El trabajo se centra en el estudio de los publirreportajes y especiales comerciales publicados durante el año 2009 en el Diario Información –el periódico con mayor tirada y difusión de Alicante-. El objetivo principal es ofrecer una serie de pautas y límites de actuaciónOne of the goals of media company is obtaining economical profit. Advertising has become the oxygen of the media. However, in the exceptional cases of media enterprises, the goal of the benefit must be balanced with social responsibility, which has an important public service. In this regard, we detected a remarkable proliferation of persuasive contents: commercial supplements, institucional features and unidentified infomercials. These contents increase the size of the journal, but not always emproving the quality of the paper. In this article, we study from an ethical approach, how this type of content exceeds the legal and ethical limits of journalistic practice. The work focuses on the study of advertorials and infocomercials published in 2009 in the Diario Información -the largest circulation newspaper in Alicante-. The main objective is to provide guidelines and limits for the publication of this kind of hybrid content to improve the quality of the papers

Systematic review of parp inhibitors in pancreatic cancer

Traballo Fin de Grao en Medicina. Curso 2020-2021BACKGROUND: PARP inhibitors (PARPi) have shown activity in epithelial ovarian cancer harbouring homologous recombination repair (HRR) deficiency. A small subgroup of pancreatic cancer (PC) carries HRR deficiencies, being candidates to treatment with PARPi. OBJECTIVE: To perform a systematic review to summarize all available evidence with PARPi in advanced PC to assess its efficacy and safety. MATERIAL AND METHODS: An electronic search of clinical trials with HRR deficient advanced PC, published as a research article or in abstract form between 2010 and 2020, was performed. No language restrictions were applied. A predefined protocol was followed in accordance with the PRISMA guidelines. Population was defined as HRR deficient, mBRCA1/2, advanced PC. Intervention was defined as poly(ADP-ribose) polymerase inhibitors, PARPi, olaparib, niraparib, rucaparib, talazoparib, veliparib, clinical trial, advanced PC. RESULTS: The search identified 135 records, with 14 additional through reference section and grey literature. After screening phase and eligibility process, ten phase I/II-III trials were included for final analysis, namely six monotherapy trials (four as treatment lines and two as maintenance strategy) and four in combination with chemotherapy. All but one of the four monotherapy studies were negative trials, specifically the one enrolling patients on progression to gemcitabine. The two PARPi trials as maintenance strategy, showed improved progression free survival (PFS). Combination trials yield severe toxicity in two out of four studies. Interesting data were reported in one trial testing fractionated low dose cisplatin-gemcitabine regimen plus veliparib, whit increased PFS and overall survival (OS) in an exploratory analysis where veliparib was continued as maintenance. Combination of veliparib with FOLFOX also showed a 57% overall response rate (ORR) in platinum naïve patients harboring pathogenic HR-DDR mutations. CONCLUSION: PARPi showed activity in mBRCA advanced PC as maintenance strategy, some of which being long lasting. Future investigation is needed to circumvent resistance and improve resultsINTRODUCCIÓN: Los inhibidores de PARP (PARPi) han mostrado actividad en cánceres de ovario epiteliales con déficit de recombinación homóloga (HRD). Un subgrupo de cáncer de páncreas (CP) también alberga HRD, siendo así candidatos al tratamiento con PARPi. OBJETIVO: Revisión sistemática para resumir la evidencia disponible sobre el uso de PARPi en CP avanzado y evaluar su eficacia y seguridad. MATERIAL Y MÉTODOS: Se realizó una búsqueda electrónica, sin restrcción de idioma, de ensayos clínicos de CP avanzado con HRD, publicados como artículos de investigación o resúmenes entre 2010-2020. Se siguió un protocolo predefinido, de acuerdo con la declaración PRISMA. La población fue descrita como HRD, mBRCA1/2 y CP avanzado y la intervención como inhibidores poli(ADP-ribosa) polimerasa, PARPi, olaparib, niraparib, rucaparib, talazoparib, veliparib, ensayo clínico, CP avanzado. RESULTADOS: Se identificaron 135 registros, con 14 adicionales encontrados en secciones de referencias y literatura gris. Tras fase de cribado y elegibilidad, diez ensayos en fases I/II-III fueron incluidos en el análisis final (seis como monoterapia (cuatro líneas de tratamiento y dos como estrategia de mantenimiento) y cuatro con quimioterapia). Uno de los ensayos de monoterapia, cuyos pacientes no habían progresado con gemcitabina, no era negativo. Los estudios como estrategia de mantenimiento mostraron mejoría de la supervivencia libre de progresión (SLP). Los combinados produjeron toxicidad severa en dos de ellos. Se comunicaron datos relevantes en un ensayo con régimen fraccionado de cisplatino-gemcitabina a dosis bajas más veliparib, observándose aumento de la SLP y la supervivencia global en un análisis en el cual se continuó con veliparib como mantenimiento. La combinación de veliparib-FOLFOX mostró una tasa de respuesta objetiva del 57% en pacientes platino-naïve, portadores de HDR. CONCLUSIÓN: Los PARPi mostraron actividad en PC avanzado con BRCAm, como terapia de mantenimiento, siendo algunas duraderas. Es necesaria más investigación para evitar resistencias y mejorar resultadosINTRODUCCIÓN: Os inhibidores da PARP (PARPi) mostraron actividade en cancros epiteliais de ovario cun déficit de recombinación homóloga (HRD). Un subgrupo de cancro de páncreas (CP) tamén presenta HRD, sendo así candidatos ao tratamento con PARPi. OBXECTIVO: Levar a cabo unha revisión sistemática para resumir a evidencia dispoñible sobre o uso de PARPi no CP avanzado e avaliar a súa eficacia e seguridade. MATERIAL E MÉTODOS: Realizouse unha procura electrónica, sen restrición de lingua, de ensaios clínicos de CP avanzado con HRD, publicados como artigos de investigación ou resumos entre 2010 e 2020. Seguiuse un protocolo predefinido, de acordo coa declaración PRISMA. A poboación foi descrita como HRD, mBRCA1/2 e CP avanzado e a intervención como inhibidores poli(ADP-ribosa) polimerasa, PARPi, olaparib, niraparib, rucaparib, talazoparib, veliparib, ensaio clínico, CP avanzado. RESULTADOS: Identificáronse 135 rexistros, con 14 adicionais atopados en seccións de referencias e literatura gris. Tras fase de cribado e elixibilidade, dez ensaios en fases I/II-III foron incluídos na análise final (seis como monoterapia (catro liñas de tratamento e dous como estratexia de mantemento) e catro con quimioterapia). Un dos ensaios de monoterapia, cuxos pacientes non progresaran con gemcitabina, non era negativo. Os estudos como estratexia de mantemento mostraron melloría da supervivencia libre de progresión (SLP). Os combinados produciron toxicidade severa en dous de eles. Comunicáronse datos relevantes nun ensaio con réxime fraccionado de cisplatino-gemcitabina a doses baixas máis veliparib, observándose aumento da SLP e da supervivencia global nunha análise na cal se continuou con veliparib como mantemento. A combinación de veliparib-FOLFOX mostrou unha taxa de resposta obxectiva (ORR) do 57% en pacientes platino-naïve, portadores de HDR. CONCLUSIÓN: Os PARPi mostraron actividade no PC avanzado con BRCAm, como terapia de mantemento, sendo algunhas delas duradeiras. É necesaria máis investigación para evitar resistencias e mellorar os resultado