Determinants of the development of corporate bond markets in Argentina: survey to firms and investors

Conventional theory leads to expect bonds to be a financing vehicle for large firms because of economies of scale and contracting costs. In this paper we present the results for Argentina of a survey of firms and of investors on the use of corporate bonds. The result of these surveys supports the idea that for Argentine firms, bonds are a financing vehicle of choice only for firms above a certain (large) size. This is independent of the criteria used for firm size. This result is similar to results in other countries such as the United Sates.debt structure, leverage, short-term debt, corporate bonds, firm size, firm value

Determinants of the development of corporate bond markets in Argentina: One size does not fit all

Conventional theory leads to expect bonds to be a financing vehicle for large firms because of economies of scale and contracting costs. We find both in our econometric evidence for firms quoted on Latin American stock exchanges, and in our survey results for Argentina, that size of assets is a robust determinant of the use of bond finance. This result, together with the fact that there are few firms that are large in terms of market value, can help understand why Argentina, as well as Latin America, has small bond markets in terms of the ratio of the stock of bonds to GDP. Since firm value represents the present value of the cash flows against which the firm borrows, the outstanding stock of corporate bonds is as small as the size of Argentine firms.debt structure, leverage, short term debt, corporate bonds, firm size, firm value

Novel tools integrating metabolic and gene function to study the impact of the environment on coral symbiosis

© 2014 Pernice and Levy. The symbiotic dinoflagellates (genus Symbiodinium) inhabiting coral endodermal tissues are well known for their role as keystone symbiotic partners, providing corals with enormous amounts of energy acquired via photosynthesis and the absorption of dissolved nutrients. In the past few decades, corals reefs worldwide have been increasingly affected by coral bleaching (i.e., the breakdown of the symbiosis between corals and their dinoflagellate symbionts), which carries important socio-economic implications. Consequently, the number of studies focusing on the molecular and cellular processes underlying this biological phenomenon has grown rapidly, and symbiosis is now widely recognized as a major topic in coral biology. However, obtaining a clear image of the interplay between the environment and this mutualistic symbiosis remains challenging. Here, we review the potential of recent technological advances in molecular biology and approaches using stable isotopes to fill critical knowledge gaps regarding coral symbiotic function. Finally, we emphasize that the largest opportunity to achieve the full potential in this field arises from the integration of these technological advances

Quantum-classical transition and quantum activation of ratchet currents in the parameter space

The quantum ratchet current is studied in the parameter space of the dissipative kicked rotor model coupled to a zero temperature quantum environment. We show that vacuum fluctuations blur the generic isoperiodic stable structures found in the classical case. Such structures tend to survive when a measure of statistical dependence between the quantum and classical currents are displayed in the parameter space. In addition, we show that quantum fluctuations can be used to overcome transport barriers in the phase space. Related quantum ratchet current activation regions are spotted in the parameter space. Results are discussed {based on quantum, semiclassical and classical calculations. While the semiclassical dynamics involves vacuum fluctuations, the classical map is driven by thermal noise.Comment: 6 pages, 3 figure

Sleeping Beauty on Monty Hall

Inspired by the Monty Hall Problem and a popular simple solution to it, we present a number of game-show puzzles that are analogous to the notorious Sleeping Beauty Problem (and variations on it), but much easier to solve. We replace the awakenings of Sleeping Beauty by contestants on a game show, like Monty Hall’s, and increase the number of awakenings/contestants in the same way that the number of doors in the Monty Hall Problem is increased to make it easier to see what the solution to the problem is. We show that these game-show proxies for the Sleeping Beauty Problem and variations on it can be solved through simple applications of Bayes’s theorem. This means that we will phrase our analysis in terms of credences or degrees of belief. We will also rephrase our analysis, however, in terms of relative frequencies. Overall, our paper is intended to showcase, in a simple yet non-trivial example, the efficacy of a tried-and-true strategy for addressing problems in philosophy of science, i.e., develop a simple model for the problem and vary its parameters. Given that the Sleeping Beauty Problem, much more so than the Monty Hall Problem, challenges the intuitions about probabilities of many when they first encounter it, the application of this strategy to this conundrum, we believe, is pedagogically useful

Loan and bond finance in Argentina, 1985-2005

Loan and bond finance during 1985-2005 can be divided into three sub-periods. After the 1982 debt crisis, which mainly involved domestic and foreign bank loans to both the corporate and government sectors, there was practically no credit. This situation of lack of credit persisted until the domestic economy was stabilized in 1991 with the Convertibility Plan, and foreign debt renegotiation was completed in 1993 with the Brady Plan. Loan finance recovered to unprecedented levels since the 1950s, and bond finance became for the first time an important financing vehicle for both the national government and large firms in the corporate sector. Credit came to a sudden stop in 2001, with widespread default on both corporate and government bonds. The 2001 debt crisis was not followed by runaway domestic inflation, and by 2005 Argentina was able to return to foreign capital markets.bank loans, sovereign bonds, provincial bonds, central bank bonds, corporate bonds, pension funds, yields, liquidity

Slow Excitation Trapping in Quantum Transport with Long-Range Interactions

Long-range interactions slow down the excitation trapping in quantum transport processes on a one-dimensional chain with traps at both ends. This is counter intuitive and in contrast to the corresponding classical processes with long-range interactions, which lead to faster excitation trapping. We give a pertubation theoretical explanation of this effect.Comment: 4 pages, 3 figure

Corporate bonds, asset-backed securities and deferred checks in Argentina

We describe the evolution of three types of corporate securities in Argentina, namely, corporate bonds, asset-backed securities and deferred checks. Corporate bonds (obligaciones negociables) were legally authorized in 1988, and after a tax reform in 1991 they became an important financing vehicle. Asset backed securities (fideicomisos), legally created in 1995, have been issued since 1996. They typically bundle together small credits of a similar category. Deferred checks (cheques de pago diferido) exist since 1993, alongside standard checks. They can be negotiated on the exchange since 2003, and are akin to commercial paper. Corporate bonds have been overwhelmingly issued by large firms and banks, with an average issue size of 53 million dollars. Asset backed securities have an average value of 9 million dollars. Deferred checks are typically used by smaller firms, and those traded on the exchange of the Buenos Aires board of trade have an average value of 9 thousand dollars.private securities, corporate bonds, asset-backed securities, deferred checks

Towards an integrated understanding of gut microbiota using insects as model systems

© 2014 Published by Elsevier Ltd. Metazoans form symbioses with microorganisms that synthesize essential nutritional compounds and increase their efficiency to digest and absorb nutrients. Despite the growing awareness that microbes within the gut play key roles in metabolism, health and development of metazoans, symbiotic relationships within the gut are far from fully understood. Insects, which generally harbor a lower microbial diversity than vertebrates, have recently emerged as potential model systems to study these interactions. In this review, we give a brief overview of the characteristics of the gut microbiota in insects in terms of low diversity but high variability at intra- and interspecific levels and we investigate some of the ecological and methodological factors that might explain such variability. We then emphasize how studies integrating an array of techniques and disciplines have the potential to provide new understanding of the biology of this micro eco-system