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

Nanophotonic boost of intermolecular energy transfer

We propose a scheme for efficient long-range energy transfer between two distant light emitters separated by more than one wavelength of light, i.e. much beyond the classical Forster radius. A hybrid nanoantenna-waveguide system mediates the transmission of energy, showing enhancements up to 10^8 as compared to vacuum. Our model shows how energy transfer in nanostructured media can be boosted, beyond the simple donor Purcell enhancement, and in particular for large donor-acceptor separations. The scheme we propose connects realistic emitters and could lead to practical on-chip implementations.Comment: 9 pages, 4 figure

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

First Record Of Sclerocarpus Africanus Jacq. (asteraceae, Heliantheae) For South America

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)Sclerocarpus, a genus belonging to subtribe Helianthinae (Asteraceae, Heliantheae), is recognized by the pales surrounding its ovary and sometimes part of the corolla and becoming thickened and hardened at maturity, usually developing tubercles on the surface. The genus comprises eight species from which seven are American mainly distributed in Mexico and Central America. This work provides the first register of the genus for South America, by recording Sclerocarpus africanus in the Bahia state, northeast of Brazil. The results include description and illustration for the species. © 2016 Check List and Authors.126CNPq, Conselho Nacional de Desenvolvimento Científico e TecnológicoBOL0565/2015, FAPESB, Fundação de Amparo à Pesquisa do Estado da BahiaConselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq

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