How do market imperfections affect working capital management?

This paper examines whether Working Capital Management (WCM) is sensitive to market imperfections such as asymmetric information, agency conflicts or financial distress. We find that firms have a target investment in working capital and that they take decisions in order to achieve this. In addition, the results appear to support the hypothesis that the working capital competes with investment in fixed assets for the funds of the firms when they have financial constraints. Finally, we also find that WCM depends on bargaining power and other financial factors such as the availability of internal finance, cost of financing and access to capital markets. Este artículo analiza si la gestión del capital circulante está afectada por las imperfecciones de mercado tales como la asimetría informativa, los conflictos de agencia o las dificultades financieras. Los resultados muestran que las empresas tienen un nivel de inversión en capital circulante objetivo y toman decisiones con el fin de alcanzarlo. Además, los resultados parecen apoyar la hipótesis de que el capital circulante compite con los activos fijos por los fondos de las empresas cuando éstas tienen restricciones financieras. Finalmente, la gestión del capital circulante depende del poder de negociación y otros factores financieros tales como la disponibilidad de financiación interna, el coste de financiación y el acceso a los mercados de capitales.ciclo de efectivo, gestión del capital circulante, imperfecciones de mercado, datos de panel net trade cycle, working capital management, market imperfections, panel data

Internal Communication in the Network Enterprise and in Cooperative Social Systems

Neste artigo teórico, a autora relaciona a concepção de Sociedade de Informação Participativa, Cooperativa, Sustentável de Fuchs (2008) com o papel do profissional de Relações Públicas, no estabelecimento e coordenação da Comunicação Interna no seio da Empresa em Rede, onde os colaboradores (público interno) desempenham um papel activo, colaborativo e decisivo na estrutura de negócios com vista ao cumprimento dos objectivos organizacionais. O artigo está dividido em duas partes fundamentais. Na primeira apresentamos a teoria social de Fuchs, caracterizando a Sociedade de Informação Participativa, Cooperativa, Sustentável e a Empresa em Rede. De seguida, argumentamos sobre o papel das relações públicas no seio destes sistemas sociais focando o seu contributo para o especialismo da Comunicação Interna.Instituto de Investigación en Relaciones Pública

Determinants of working capital management

This paper analyzes the determinants of working capital management (WCM) for a sample of Spanish firms during the period 1997-2004. We find that firms have a target investment in working capital and that they take decisions in order to achieve this. The results appear to support the hypothesis that the working capital competes with investment in fixed assets for the funds of the firms when they have financial constraints. Finally, we also find that WCM depends on bargaining power and other financial factors such as the availability of internal finance, cost of financing and financial constraints.Research Agency of the Spanish Government ECO2008-06179/ECO

Modulation instability-induced fading in phase-sensitive optical time-domain reflectometry

Phase-sensitive optical time-domain reflectometry (?OTDR) is a simple and effective tool allowing the distributed monitoring of vibrations along single-mode fibers. We show in this Letter that modulation instability (MI) can induce a position-dependent signal fading in long-range ?OTDR over conventional optical fibers. This fading leads to a complete masking of the interference signal recorded at certain positions and therefore to a sensitivity loss at these positions. We illustrate this effect both theoretically and experimentally. While this effect is detrimental in the context of distributed vibration analysis using ?OTDR, we also believe that the technique provides a clear and insightful way to evidence the Fermi?Pasta?Ulam recurrence associated with the MI process

Simetrias e assimetrias no contexto do Povo Kadiwéu

O corpo humano apresenta uma assimetria entre a frente e o dorso. Essa assimetria natural é responsável pelo fato de que as ações orientadas para trás sejam geralmente desajeitadas e menos efetivas. Assim, a ação e percepção ativas sempre se orientam para a frente. Considerando-se o corpo de uma vista frontal, observamos que o lado esquerdo não se apresenta exatamente si métrico ao direito. A ssimetria é uma característica dos seres humanos. Se um rosto fosse exatamente espelhado, seria o de um boneco ou robô. Os povos indígenas brasileiros possuem ideais de beleza corporal e valores estéticos que só podem ser compreendidos por meio de sua cultura. Entre eles, o povo Kadiwéu possui pinturas corporais particularmente interessantes pois trazem simetrias e assimetrias mais elaboradas. Elas são diferenciados de acordo com a hierarquia dos status, possuindo assim uma função sociológica. Os desenhos Kadiwéu são geométricos, de grande beleza e equilíbrio. Esses desenhos aparecem não só no corpo, mas também na cerâmica, couros, esteiras e objetos de uso doméstico, como potes para água, moringas ou tigelas com formas exóticas

Corporatism and Order of Communication Consultants:advantages and weaknesses

Atendendo à natureza pioneira deste artigo, o mesmo assenta na recolha de informação, através de entrevista, junto de consultores de comunicação e relações públicas sobre a importância do associativismo no sector e a criação de uma Ordem profissional que sirva de regulador ao exercício da profissão. O objectivo deste trabalho é evidenciar as vantagens e as fraquezas do associativismo profissional, lançando o repto para uma reflexão crítica e alargada sobre o mesmo, no contexto português

On derivatives and norms of generalized matrix functions and respective symmetric powers

In recent papers, the authors obtained formulas for directional derivatives of all orders, of the immanant and of the m-th xi-symmetric tensor power of an operator and a matrix, when xi is a character of the full symmetric group. The operator norm of these derivatives was also calculated. In this paper, similar results are established for generalized matrix functions and for every symmetric tensor power

Financing of working capital requirement, financial flexibility and SME performance

This paper investigates the relation between the financing strategies of working capital requirement and firm performance for the period 1997 to 2012. Using the two-step generalized method of moments estimator, we find that a suitable financing strategy can help firms improve their performance. Moreover, the results indicate that the working capital requirement financing-performance relation changes during a financial crisis. Finally, we also find that this relation depends on a firm’s financial flexibility. The findings are of interest for managers and researchers and show that managers should not only be concerned about investing in working capital requirement but also consider how this investment is to be financed. To the best of our knowledge, this is the first paper to analyse how the financing strategy selected by firms to finance their working capital requirement affects their performance

9q21.13q21.31 deletion in a patient with intellectual disability severe speech delay and and dysmorphic features a newly recognized microdeletion syndrome

The increased use of chromosomal microarray analysis has led to the identification of new microdeletion/microduplication syndromes, enabling better genotype-phenotype correlations. Interstitial deletions involving the long arm of chromosome 9 are rare but recently a microdeletion syndrome at 9q21.13 was suggested, with mental retardation, speech delay, epilepsy, autistic behaviour and moderate facial dysmorphism as the main characteristics. Here we present a male child with intellectual disability, severe speech delay, microcephaly and dysmorphic features carrying an interstitial deletion, detected by the Affymetrix Cytoscan HD microarray, of 6.56 Mb at 9q21.13q21.31 region encompassing 16 OMIM genes (arr[GRCh37] 9q21.13q21.31(76551542_83116342)x1). Among the genes in the deleted region the PRUNE2, PCSK5, RORB and TRPM6 genes are expressed in the nervous system and have been describe as being candidate genes to play a role in mental retardation or neurological disorders. Although the cohort of patients identified with deletions in this region is still small our patient phenotype partially overlaps the others described in the literature. The collection of more cases with deletion of the 9q21.13 region will help establishing a clear classification for this CNV, finding the real weight in the patient’s phenotype, delineating the genetic counseling for their families, and clearly establishing this microdeletion as a syndrome.N/