The Cost and Benefits of the Strict Protection of Creditor Rights: Theory and Evidence

We first review the existing theories on the implications of the various regulations that protect creditors. We then empirically investigate the cost and benefits of the strict protection of creditors` rights. Building on the sample of 49 countries developed by La Porta et al. (1998), we study the impact on debt volume, interest rates and default rates of both an aggregate measure of the degree of protection of creditor rights and efficiency of the judicial system. We confirm previous results showing that an effective judicial system is crucial for the development and optimal performance of the credit market. Yet, in contrast to previous studies, we find no conclusive evidence on the sign and magnitude of the effect of creditors` rights protection on credit market efficiency. Instead, macroeconomic stability appears to be crucial for the outgrowth of wide debt markets.

Legal form and risk exposure in Spanish firms

It is well-known that the legal form adopted by a firm determines the type of legal responsibility borne by its owners in case of bankruptcy. In this paper we argue that a firm under a limited liability status should be characterized by a higher than average bankruptcy probability, which ultimately captures their risk exposure when output is affected by exogenous shocks. To test this prediction we extend Lee’s (1976) switching regressions model to a panel dataset of 1313 Spanish firms from 1990–1994, separating them into corporate and entrepreneurial forms (with/without limited liability, respectively). We consider both random effects and fixed effects panel data models, taking into account the potential endogeneity between risk exposure and the legal form choice. Our results confirm the hypothesis that firms under limited liability have significant higher risk exposure than firms under unlimited liability.Data and financial support provided by the Fundación Empresa Pública (Madrid)Publicad

Conflicts of interest, employment decisions, and debt restructuring: evidence from Spanish firms in financial distress

We examine the employment decisions of Spanish manufacturing firms in financial distress. Our sample comprises 4,566 firms operating during 1983-1994. We find that firms in distress reduce their employment significantly. These reductions are positively associated with asset sales, but cannot be fully explained by them. They are also negatively related to firm size and to firing costs. Our main finding, however, is that firms that restructure their debt in response to distress are more likely to reduce their employment. Employment falls as the firm's debt exposure is reduced, but also as a consequence of a bank debt restructuring involving exclusively an extension of maturity. These empirical findings provide a clear-cut quantitative illustration of the agency costs of debt emerging from stockholder-bondholder conflicts

Efecto en las propiedades físicas-mecánicas del concreto con resistencias 210 y 280 kg/cm² al sustituir material cementicio por costra producto de la elaboración del Clínker

La presente investigación tuvo como objetivo evaluar los efectos en las propiedades físicas - mecánicas de concretos 210 y 280 kg/cm2 al sustituir material cementicio por costra, la cual es un residuo que se produce en el interior del horno durante el proceso de la elaboración del clínker. Por lo cual, se comparó a un concreto patrón versus concretos experimentales. La investigación se centró en especímenes cilíndricos y prismáticos de concreto, los cuales fueron elaborados con Cemento Pacasmayo tipo I, agregados fino y grueso que fueron muestreados de la pila de agregados de Dino S.R.L y costra que fue recolectada de la zona de desmonte de la empresa Cementos Pacasmayo S.A.A, la misma que fue molida hasta llegar a una determinada finura. Asimismo, se evalúo la actividad puzolánica de la costra según las normas ASTM C311 y ASTM C989. Se realizaron 8 diferentes tipos de diseños (4 para concretos 210 kg/cm2 y 4 para concretos 280 kg/cm2 ) según el método Módulo de fineza combinación de los agregados, los mismos que fueron dosificados en proporciones de 0%, 20%, 35% y 50% de sustitución. Las muestras estuvieron conformadas por 96 especímenes cilíndricos de 4 x 8” a los que se les evaluó su resistencia a la compresión a 1, 3, 7 y 28 días; 24 especímenes cilíndricos de 6 x 12” a los que se les evaluó su permeabilidad al aire y resistividad eléctrica; y 16 especímenes prismáticos (vigas) de 22 x 6 x 6” a los que se les evaluó su resistencia a la flexión a los 28 días. Así mismo a cada diseño se les evalúo su temperatura, consistencia (asentamiento) y peso unitario, de los cuales se obtuvieron concretos del tipo normal con asentamientos entre 5” - 6” clasificándolos de esta manera como mezclas fluidas. Como conclusión, se obtuvo que el porcentaje de sustitución óptimo de costra por cemento es al 20%, ya que es ahí donde se halla un balance entre costo-desempeño, teniendo incrementos respecto a resistencia a la compresión, manteniendo la resistencia a la flexión, permeabilidad y resistividad eléctrica. Además, es un 10% más económico que los diseños patrón y contribuye de manera positiva al cuidado del medio ambiente como consecuencia de la reducción de emisión de C02 al ambiente al utilizar menor cantidad de cemento.The objective of this research was to evaluate the effects on the physical-mechanical properties of 210 and 280 kg / cm2 concrete when substituting cementitious material for crust, which is a residue that is produced inside the kiln during the process of making the clinker. Therefore, it was compared to a concrete pattern versus concrete experimental. The research focused on cylindrical and prismatic concrete specimens, which were made with Cemento Pacasmayo type I, fine and coarse aggregates that were sampled from the pile of aggregates of Dino S.R.L and crust that was collected from the company's clearing area. Cementos Pacasmayo S.A.A, the same one that was ground to a certain fineness. Likewise, the pozzolanic activity of the crust was evaluated according to the ASTM C311 and ASTM C989 standards. Eight different types of designs were made (4 for concretes 210 kg/cm2 and 4 for concretes 280 kg/cm2 ) according to the method Modulus of fineness combination of the aggregates, which were dosed in proportions of 0%, 20%, 35 % and 50% replacement. The samples consisted of 96 4 x 8” cylindrical specimens that were evaluated for their compressive strength at 1, 3, 7 and 28 days; 24 cylindrical specimens of 6 x 12” which were evaluated for their air permeability and electrical resistivity; and 16 prismatic specimens (beams) of 22 x 6 x 6" which were evaluated for their flexural strength at 28 days. Likewise, each design was evaluated for its temperature, consistency (settlement) and unit weight, from which normal-type concretes with settlements between 5 "- 6" were obtained, thus classifying them as fluid mixtures. As a conclusion, it was obtained that the optimum percentage of substitution of crust for cement is 20%, since it is there where there is a balance between cost-performance, having increases with respect to compressive strength, maintaining flexural strength, permeability and electrical resistivity. In addition, it is 10% cheaper than standard designs and contributes positively to caring for the environment as a consequence of the reduction of C02 emissions to the environment by using less cement.Tesi

Mejora de la Arquitectura de una Baliza Ultrasónica basada en un Dispositivo FPGA para un Sistema Local de Posicionamiento

Los sistemas de posicionamiento local o LPS se han convertido en una solución común para estimar la posición de un objeto o una persona en espacios interiores tales como una institución u organización, cubriendo las limitaciones de sistemas de posicionamiento más extendidos, como puede ser la tecnología GPS. A su vez el avance de dispositivos electrónicos de bajo coste se está viendo aumentado y mejorado en los últimos años, permitiendo una reducción de las infraestructuras de algunos proyectos. Por todo esto, el interés de este Trabajo Fin de Grado se centra en mejorar la arquitectura de un sistema LPS basado en tecnología ultrasónica, también conocido como ULPS, para que éste tenga integrado en un dispositivo FPGA, en el que se desarrolla la aplicación, un periférico de bajo coste que consiga una comunicación WiFi con otros elementos externos, como un PC.Local positioning systems or LPS have become a common solution to estimate the position of an object or a person in indoorspaces,such as institutionsor organizations, covering the limitations of more widespread positioning systems, such as GPS technology. At the same time, the advancement of low-cost electronic devices has been increasing and improving in recent years, allowing a reduction in the infrastructure of some projects. For all this, the interest of this Final Degree Thesisfocuses on improving the architecture of an LPS system based on ultrasonic technology, also known as ULPS, so that aFPGA device, in which the application is developed, integrates a low-cost peripheral that achieves WiFi communication with other external elements, such as a PC.Grado en Ingeniería Electrónica de Comunicacione

Involvement of executive functions, emotional intelligence, and study habits in mathematical problem-solving and calculation in elementary school

As mathematics is the most difficult subject for students from an early age, it is necessary to understand the underlying processes. Thus, the aim of this study was to analyze the relationship between calculation and mathematical problem-solving (MPR) skills with Executive Functions (EF), Emotional Intelligence (EI), and Study Habits and Techniques (SHT) in children aged 9-12 years. The study was carried out with 70 students (40 girls) from five schools in the Autonomous Community of the Basque Country of Spain. The results showed that MPR was significantly related to EF, SHT, and EI, while calculation was only related to EF and SHT, all this controlling the effect of IQ. Furthermore, MPR has correlated with a greater number of EF, EI, and SHT subscales than calculation. Along with this, significant differences have been observed in EF and EI depending on the level of performance in MPR, while in calculation the significant differences have been found in EF and SHT. Therefore, different neuropsychological processes underlie each mathematical skill, which implies the need for differential intervention with each of them. All of this through programs that encourage the mathematical learning of all students indiscriminately or that promote the development of mathematical skills according to the specific difficulty of the student.Dado que matemáticas es la asignatura más difícil para el alumnado desde edades tempranas, es necesario comprender los procesos subyacentes. Así, con el presente estudio se ha pretendido analizar la relación entre las habilidades de cálculo y resolución de problemas matemáticos (RPM) con las funciones ejecutivas (FE), la inteligencia emocional (IE) y los hábitos y técnicas de estudio (HTE) en estudiantes de 9-12 años. El estudio se ha llevado a cabo con 70 estudiantes (40 niñas) de cinco escuelas de la Comunidad Autónoma del País Vasco de España. Los resultados han mostrado que la RPM se relaciona significativamente con las FE, la IE y los HTE, mientras que el cálculo sólo ha correlacionado con las FE y los HTE, todo ello controlando el efecto del CI. Además, la RPM ha correlacionado con un mayor número de subescalas de las EF, la EI y los HTE que el cálculo. Junto a ello, se han observado diferencias significativas en las EF y la EI en función del nivel de rendimiento en RPM, mientras que en cálculo se han encontrado diferencias significativas en las EF y los HTE. Por tanto, diferentes procesos neuropsicológicos subyacen a cada habilidad matemática, lo que implica la necesidad de una intervención diferencial con cada una de ellas. Todo ello a través de programas que fomenten el aprendizaje matemático de todo el alumnado indistintamente o que promuevan el desarrollo de las habilidades matemáticas en función de la dificultad específica del estudiante

Production of pulp and energy using orange tree prunings

The aim of this work was to chemically characterize orange tree prunings and use it in pulping and combustion processes. Soda-anthraquinone pulping of the main fraction of orange pruning (stems with a diameter >0.5 cm) was simulated with polynomial and neurofuzzy models, that predicted pulp properties as a function of operating variables (155–185 C, 40–90 min, soda concentration, 10–16%) with errors less than 20%. The heating values (16,870 kJ/kg), the flame temperature (1150–2150 C) and dew point temperature of fuel gas (47–53 C) for the residual fraction from orange pruning (stems diameter <0.5 cm and leaves) was determined and compared with other non-wood lignocellulosic materials. As a consequence the price of kJ obtained by combustion of this residual fraction is less than other lignocellulosic materials, much lower than those of fossil fuels

TOTAL USE OF OLIVE TREE PRUNINGS BY MEANS OF HYDROTHERMAL AND COMBUSTION PROCESSES

The aim of this work is to chemically characterize olive tree prunings and use the material in hydrothermal and combustion processes. The influence of the hydrothermal treatment conditions, with and without acid catalyst, of the main fraction of olive tree prunings (stems with a diameter > 1 cm) (temperature 150 to 190ºC, time 0 to 20 minutes after reaching the operation temperature, liquid/solid ratio 6 to 8, and sulphuric acid concentration -0.1 to 0.5%), on the composition of resulting liquid fraction and on the solid yield of resulting solid fraction were studied. A polynomial model was found to reproduce the glucose and arabinose concentration, as well as the experimental results for solid yield with errors less than 20% at worst (< 10-12% in 90-95% of all cases). Good content values of glucose (5.33%) and arabinose (2.76%), and an acceptable value of the solid fraction yield (57.96%) were obtained operating with following values of temperature, time, liquid/solid ratio, and sulfuric acid concentration: 186ºC, 18 min, 7:1, and 0.1%, respectively. With these values are saved, with respect to the use of higher values for operating variables, 2.1% energy, 80% sulfuric acid, and more than 10% of capital facilities. Residual fraction of olive tree prunings (leaves and stems with a diameter < 1 cm) had a heating value of 18699 kJ/kg, a flame temperature of 1207-2234 ºC, and a dew point temperature of combustion gasses of 45-53 ºC

Perception of Green Product Consumption in the Context of the COVID-19 Pandemic in an Emerging Economy

The COVID-19 pandemic has resulted in changes in consumer behavior and has created new opportunities and challenges for the provisioning of green products in emerging economies. The objective of this study was to identify how perceptions on COVID-19 affected the variables of planned behavior and responsible purchase intention during the pandemic in Colombia. A total of 320 consumers participated in an online survey, and the responses were analyzed using a structural equation model (SEM) and AMOS 24 statistical software. The results were positive regarding the development of better environmental awareness, indicating that COVID-19 (COV) influenced the attitude (ATT) of individuals and contributed to subjective norms (SNs) and perceived behavioral control (PBC), and that SNs and ATT influence eco-friendly purchase intention (EFPI). However, PBC does not contribute to EFPI. Colombian consumers have become aware of the importance to society of buying eco-friendly products, and planned behavior is an opportunity for organizations to formulate new portfolios relevant to the needs of the market. This is an important opportunity to sensitize consumers to the purchase of environmentally friendly products and for the identification of commercial strategies by companies that bet on the formulation and commercialization of eco-friendly portfolios that generate value for society