The financial sustainability of Microcredit in Portugal

Microcredit and microfinance emerged in the 1970’s in Bangladesh and other developing countries and expanded rapidly worldwide as a business model financially sustainable and able to fight poverty and social exclusion. Empirical evidence confirms microcredit ability to mitigate poverty but its financial sustainability is controversial. Using 2006-2009 Portuguese micro-level data, we estimate the failure rate of Portuguese micro-credit projects as 20,6%/year that, to be financially sustainable, would require a real interest rate by 25%/year. Using a territorial variable on a discrete Cox proportional hazard model with censured data, we estimate that the failure rate of those micro-credit projects located in the worst-case NUTS II Portuguese regions (Alentejo and Centro) and promoted by lower schooling people is significantly higher than best-case.Microcredit, Firms failure rate, Poverty, Financial sustainability

Information entropy of classical versus explosive percolation

We study the Shannon entropy of the cluster size distribution in classical as well as explosive percolation, in order to estimate the uncertainty in the sizes of randomly chosen clusters. At the critical point the cluster size distribution is a power-law, i.e. there are clusters of all sizes, so one expects the information entropy to attain a maximum. As expected, our results show that the entropy attains a maximum at this point for classical percolation. Surprisingly, for explosive percolation the maximum entropy does not match the critical point. Moreover, we show that it is possible determine the critical point without using the conventional order parameter, just analysing the entropy's derivatives.Comment: 6 pages, 6 figure

Limits on dark matter proton scattering from neutrino telescopes using micrOMEGAs

Limits on dark matter spin dependent elastic scattering cross section on protons derived from IceCube data are obtained for different dark matter annihilation channels using micrOMEGAs. The uncertainty on the derived limits, estimated by using different neutrino spectra, can reach a factor two. For all dark matter annihilation channels except for quarks, the limits on the spin dependent cross section are more stringent than those obtained in direct detection experiments. The new functions that allow to derive those limits are described.Comment: 23 pages, 7 figures; v2: references added; v3 and v4: clarifications added; The code can be downloaded from https://lapth.cnrs.fr/micromega

Strong Reduction of the Field-Dependent Microwave Surface Resistance in YBCO with BaZrO_3 Inclusions

We present measurements of the magnetic field dependent microwave surface resistance in laser-ablated YBa$_2$Cu$_3$O$_{7-\delta}$ films on SrTiO$_3$ substrates. BaZrO$_3$ crystallites were included in the films using composite targets containing BaZrO$_3$ inclusions with mean grain size smaller than 1 $\mu$m. X-ray diffraction showed single epitaxial relationship between BaZrO$_3$ and YBa$_2$Cu$_3$O$_{7-\delta}$. The effective surface resistance was measured at 47.7 GHz for 60$< T <$90 K and 0$< \mu_0H <$0.8 T. The magnetic field had a very different effect on pristine YBa$_2$Cu$_3$O$_{7-\delta}$ and YBa$_2$Cu$_3$O$_{7-\delta}$/BaZrO$_3$, while for $\mu_0H=$0 only a reduction of $T_c$ in the YBa$_2$Cu$_3$O$_{7-\delta}$/BaZrO$_3$ film was observed, consistent with dc measurements. At low enough $T$, in moderate fields YBa$_2$Cu$_3$O$_{7-\delta}$/BaZrO$_3$ exhibited an intrinsic thin film resistance lower than the pure film. The results clearly indicate that BaZrO$_3$ inclusions determine a strong reduction of the field-dependent surface resistance. From the analysis of the data in the framework of simple models for the microwave surface impedance in the mixed state we argue that BaZrO$_3$ inclusions determine very steep pinning potentials.Comment: LaTeX, 6 pages, 4 figures, uses jpconf.cls and jpconf11.clo class files, talk given at EUCAS 2007, submitted to J. Phys.: Conf. Serie