An Empirical Investigation of Debt Contract Design: The Determinants of the Choice of Debt Terms in Eurobond Issues

This paper provides a comprehensive analysis of the determinants for the optimal choice of contract terms on Eurobonds issued by UK companies. We examine predictions of extant theories that associate the choice of debt features namely, maturity, call options, convertible options, and protective covenants to firm and market characteristics. Like in Correia (2003), a simultaneous equations approach is adopted to test the alternative use of contract features for mitigating debt-contracting costs. The evidence provides strong support to the prediction that both callable and short-term debt and convertible and debt with protective covenants are used as alternative control devises to mitigate agency costs. Further evidence suggests, however, that contrary to the fundamentals guiding the choice of maturity and callability structures, the use of conversion options and protective covenants in Eurobond contracts seems to be determined by equity agency costs rather than debt agency costs. Also, some support is found for the risk uncertainty theory underlying the use of convertibles and for liquidity risk arguments regarding the choice to include protective covenants.

ABC Traffic Light: A Health Education Tool

It is during the childhood period of one’s life trajectory that the exponential increase of vocabulary acquisition occurs. In Portugal, language disorders are the most frequently seen child development impairments, affecting 3 to 15 per cent of children under six years. Because delays in the acquisition of basic vocabulary can compromise inter-peer relational communication, a timely therapeutic assessment and intervention becomes all the more crucial. A speech therapy ludic-pedagogic intervention tool—the ABC Traffic Light—was created so as to aid in promoting basic vocabulary acquisition in children aged between three and six years. It consists in a traffic light with three built-in pouches, each of which containing cards suggestive of activities of varying difficulty levels. The empirical range of the proposed tool in the context of speech therapy assessment and intervention sessions should be highlighted

Marketing y consumo: dimensiones afectivas y racionales de compra

Los comportamientos de compra son resultado de procesos racionales y emocionales, así como de una multitud de factores que interactúan, lo que justifica la necesidad de comprender las características de compra racional, impulsiva y excesiva y sus determinantes psicosociales. Los determinantes identificados en la literatura incluyen la discrepancia del self, los valores materialistas y sociales, las actitudes hacia la frente a la publicidad y frente al dinero. La revisión de la literatura sobre la compra racional justifica su estudio a la luz de las variables psicosociales, poco abordadas. Es cierto que hay estudios sobre el papel de los valores materialistas y de la discrepancia del self, en la compra impulsiva y excesiva, es necesario estudiar su relación con otras dimensiones de análisis, como las actitudes (frente a la publicidad y al dinero), y su papel en la compra racional. El estudio, a la vez, de los valores materialistas más específicos y asociados a la adquisición de bienes materiales, y de los valores sociales, más genéricos y amplios, proporciona una visión más alargada sobre su influencia en los tipos de compra.Se adoptó el método cuantitativo mediante un cuestionario con datos recogidos online. La muestra es constituida por 858 participantes, de los cuales 395 son hombres (46%) y 463 son mujeres (54%), con edades entre los 20 y 78 años que viven en Portugal.Los resultados han permitido 1) identificar diferentes perfiles de comprador, obtenidos a partir del análisis de clusters para cada tipo de compra, y caracterizados por variables sociodemográficas y psicosociales e 2) identificar los determinantes psicosociales para cada tipo de compra, obtenidos a partir de path analysis. En estos modelos, las variables independientes son los valores materiales y sociales y las variables mediadoras son la discrepancia del yo, la actitud hacia la publicidad y la actitud hacia al dinero..

A Dynamic Analysis of the Determinants of the Greek Credit Default Swaps

Abstract. There is a consensus in finance literature that credit default swap spreads can be used to calculate the default probability of a government bond. The question is therefore what determines the credit default swap spreads and also what is a good indicator that predicts the future behaviour of this security spreads. In this paper, we investigate several variables which have been used in the past to predict the CDS spreads. We do this by analysing the behaviour of credit swaps spreads of Greek sovereign debt over the recent financial crisis. We take into account the changes on the data generating process as the crisis evolves. Moreover, we also investigate which part of the dynamic process of CDS spreads is explained by each possible determinant. In order to do so, we use a time-frequency approach. As it turns out, some determinants are better in explaining the short term behaviour of the CDS spreads whilst others explain the long term behaviour. We can also say by how many months one factor determines the behaviour of the CDS spreads for Greek sovereign debt. With this information we are able to determine the probability of default and what it depends upon..Keywords. Eurozone crisis, Government default, Greek default, Credit default swap, Default probability.JEL. C22, C58, G14, G15, H63, H68

PROCESSO SUCESSÓRIO EM EMPRESAS FAMILIARES:: uma leitura comunicacional, a partir do pensamento sistêmico

O artigo teórico, exploratório, qualitativo, interpretao processo sucessório em empresa familiar a partirdo arcabouço teórico do Pensamento Sistêmico, emNiklas Luhmann, que tem como viés a construção darealidade com base na interação e na comunicação.O processo sucessório familiar é um tema de amplainvestigação na Administração, mas em Comunicaçãoainda é pouco estudado. A empresa familiar possuicontratos reificados na Cultura Organizacional quesão colocados em cheque em processos de trocade lideranças, fusões, transição de forma jurídica(responsabilidade limitada, sociedade anônimas,capital aberto) e profissionalização da gestão.O planejamento para a sucessão de geraçõescostuma ter desafios a serem enfrentados porempresas familiares locais, regionais, nacionais emultinacionais. No artigo, analisamos o fenômenoa partir de variáveis como nepotismo, paternalismo,protecionismo, comodismo, relacionamento compúblicos, circulação de informação organizacional,presença (ou não) de planejamento, identificadas emRosário (2016). Utilizamos a baliza da ComunicaçãoOrganizacional como fenômeno, como processo ecomo sistema (CURVELLO, 2009). O objetivo é o deofertar uma interpretação da comunicação e dasorganizações como sistemas complexos: uma leituracomunicacional da estratégia (GOMES, 2014) nessesprocessos sucessórios

Rhinitis associated with asthma is distinct from rhinitis alone: TARIA‐MeDALL hypothesis

Asthma, rhinitis, and atopic dermatitis (AD) are interrelated clinical phenotypes that partly overlap in the human interactome. The concept of “one-airway-one-disease,” coined over 20 years ago, is a simplistic approach of the links between upper- and lower-airway allergic diseases. With new data, it is time to reassess the concept. This article reviews (i) the clinical observations that led to Allergic Rhinitis and its Impact on Asthma (ARIA), (ii) new insights into polysensitization and multimorbidity, (iii) advances in mHealth for novel phenotype definitions, (iv) confirmation in canonical epidemiologic studies, (v) genomic findings, (vi) treatment approaches, and (vii) novel concepts on the onset of rhinitis and multimorbidity. One recent concept, bringing together upper- and lower-airway allergic diseases with skin, gut, and neuropsychiatric multimorbidities, is the “Epithelial Barrier Hypothesis.” This review determined that the “one-airway-one-disease” concept does not always hold true and that several phenotypes of disease can be defined. These phenotypes include an extreme “allergic” (asthma) phenotype combining asthma, rhinitis, and conjunctivitis.info:eu-repo/semantics/publishedVersio

Cabbage and fermented vegetables : From death rate heterogeneity in countries to candidates for mitigation strategies of severe COVID-19

Large differences in COVID-19 death rates exist between countries and between regions of the same country. Some very low death rate countries such as Eastern Asia, Central Europe, or the Balkans have a common feature of eating large quantities of fermented foods. Although biases exist when examining ecological studies, fermented vegetables or cabbage have been associated with low death rates in European countries. SARS-CoV-2 binds to its receptor, the angiotensin-converting enzyme 2 (ACE2). As a result of SARS-CoV-2 binding, ACE2 downregulation enhances the angiotensin II receptor type 1 (AT(1)R) axis associated with oxidative stress. This leads to insulin resistance as well as lung and endothelial damage, two severe outcomes of COVID-19. The nuclear factor (erythroid-derived 2)-like 2 (Nrf2) is the most potent antioxidant in humans and can block in particular the AT(1)R axis. Cabbage contains precursors of sulforaphane, the most active natural activator of Nrf2. Fermented vegetables contain many lactobacilli, which are also potent Nrf2 activators. Three examples are: kimchi in Korea, westernized foods, and the slum paradox. It is proposed that fermented cabbage is a proof-of-concept of dietary manipulations that may enhance Nrf2-associated antioxidant effects, helpful in mitigating COVID-19 severity.Peer reviewe

Nrf2-interacting nutrients and COVID-19 : time for research to develop adaptation strategies

There are large between- and within-country variations in COVID-19 death rates. Some very low death rate settings such as Eastern Asia, Central Europe, the Balkans and Africa have a common feature of eating large quantities of fermented foods whose intake is associated with the activation of the Nrf2 (Nuclear factor (erythroid-derived 2)-like 2) anti-oxidant transcription factor. There are many Nrf2-interacting nutrients (berberine, curcumin, epigallocatechin gallate, genistein, quercetin, resveratrol, sulforaphane) that all act similarly to reduce insulin resistance, endothelial damage, lung injury and cytokine storm. They also act on the same mechanisms (mTOR: Mammalian target of rapamycin, PPAR gamma:Peroxisome proliferator-activated receptor, NF kappa B: Nuclear factor kappa B, ERK: Extracellular signal-regulated kinases and eIF2 alpha:Elongation initiation factor 2 alpha). They may as a result be important in mitigating the severity of COVID-19, acting through the endoplasmic reticulum stress or ACE-Angiotensin-II-AT(1)R axis (AT(1)R) pathway. Many Nrf2-interacting nutrients are also interacting with TRPA1 and/or TRPV1. Interestingly, geographical areas with very low COVID-19 mortality are those with the lowest prevalence of obesity (Sub-Saharan Africa and Asia). It is tempting to propose that Nrf2-interacting foods and nutrients can re-balance insulin resistance and have a significant effect on COVID-19 severity. It is therefore possible that the intake of these foods may restore an optimal natural balance for the Nrf2 pathway and may be of interest in the mitigation of COVID-19 severity

Azimuthal anisotropy of charged jet production in root s(NN)=2.76 TeV Pb-Pb collisions

We present measurements of the azimuthal dependence of charged jet production in central and semi-central root s(NN) = 2.76 TeV Pb-Pb collisions with respect to the second harmonic event plane, quantified as nu(ch)(2) (jet). Jet finding is performed employing the anti-k(T) algorithm with a resolution parameter R = 0.2 using charged tracks from the ALICE tracking system. The contribution of the azimuthal anisotropy of the underlying event is taken into account event-by-event. The remaining (statistical) region-to-region fluctuations are removed on an ensemble basis by unfolding the jet spectra for different event plane orientations independently. Significant non-zero nu(ch)(2) (jet) is observed in semi-central collisions (30-50% centrality) for 20 <p(T)(ch) (jet) <90 GeV/c. The azimuthal dependence of the charged jet production is similar to the dependence observed for jets comprising both charged and neutral fragments, and compatible with measurements of the nu(2) of single charged particles at high p(T). Good agreement between the data and predictions from JEWEL, an event generator simulating parton shower evolution in the presence of a dense QCD medium, is found in semi-central collisions. (C) 2015 CERN for the benefit of the ALICE Collaboration. Published by Elsevier B.V. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).Peer reviewe

Forward-central two-particle correlations in p-Pb collisions at root s(NN)=5.02 TeV

Two-particle angular correlations between trigger particles in the forward pseudorapidity range (2.5 2GeV/c. (C) 2015 CERN for the benefit of the ALICE Collaboration. Published by Elsevier B. V.Peer reviewe