HOW SME UNIQUENESS AFFECTS CAPITAL STRUCTURE: EVIDENCE FROM A 1994-1998 SPANISH DATA PANEL

The principal aim of this paper is to test how firm characteristics affect Small and Medium Enterprise (SME) capital structure. We carry out an empirical analysis over a panel data of 6482 non?financial Spanish SMEs along the five-year period 1994?1998, modelling the leverage ratio as a function of firm specific attributes hypothesized by capital structure theory. Our results suggest that non?debt tax shields and profitability are both negatively related to SME leverage, while size, growth options and asset structure influence positively on SME capital structure; they also confirm a maturity matching behaviour in this firm group. El principal objetivo de este trabajo reside en estudiar cómo determinadascaracterísticas empresariales afectan a la estructura de capital de la Pequeña y MedianaEmpresa (PYME). Para lograr este objetivo, se lleva a cabo un análisis empírico sobre unpanel de 6482 PYMEs no financieras españolas a lo largo del lustro 1994¿1998. El ratio deendeudamiento se contempla como una función de aquellos atributos específicos de lasempresas que han sido identificados por la teoría de la estructura de capital. Los resultadosobtenidos sugieren que, tanto los escudos fiscales alternativos a la deuda como la rentabilidadempresarial, se encuentran negativamente relacionados con el endeudamiento de las PYMEs,mientras que el tamaño, las oportunidades de crecimiento y la estructura de los activosinfluyen de forma positiva en la estructura de capital de las PYMEs. Estos resultados tambiénconfirman un comportamiento tendente a la conciliación de vencimientos de activos y pasivosen este grupo empresarial.Financing, Capital Structure, Trade ¿ Off Theory, Pecking Order Theory, SME, Panel Data. Financiación, estructura de capital, ¿Trade-off Theory¿, ¿Pecking Order Theory¿, PYME, Panel de Datos.

PECKING ORDER VERSUS TRADE-OFF: AN EMPIRICAL APPROACH TO THE SMALL AND MEDIUM ENTERPRISE CAPITAL STRUCTURE

In this paper, we explore two of the most relevant theories that explain financial policy in small and medium enterprises (SMEs): pecking order theory and trade-off theory. Panel data methodology is used to test the empirical hypotheses over a sample of 6482 Spanish SMEs during the five-year period 1994?1998. The results suggest that both theoretical approaches contribute to explain capital structure in SMEs. However, while we find evidence that SMEs attempt to achieve a target or optimum leverage (trade-off model), there is less support for the view that SMEs adjust their leverage level to their financing requirements (pecking order model). En este trabajo, exploramos dos de las teorías más relevantes que explican lapolítica de financiación de la pequeña y mediana empresa: la selección jerárquica y elequilibrio estático. El contraste de hipótesis se lleva a cabo con metodología de datos depanel, a partir de una muestra de 6482 pymes españolas, que presentan informaciónfinanciera a lo largo del periodo 1994-1998. Los resultados indican que ambos enfoquescontribuyen a explicar la estructura de capital de las pymes, si bien mientras que seconfirma la existencia de un endeudamiento objetivo u óptimo que estas empresas tratande alcanzar (modelo de equilibrio estático), no parece quedar claro que ajusten su nivelde deuda a sus necesidades de financiación (modelo de selección jerárquica).selección jerárquica, equilibrio estático, estructura de capital, pymes, datos de panel. Pecking Order, Trade-off, Capital Structure, Small and Medium Enterprises, Panel Data.

La prestación por maternidad. Su evolución y la aparición de nuevos casos

El trabajo de fin de grado se desarrolla en dos grandes bloques. El primero es un análisis referente a la evolución histórica sobre la legislación española de la prestación por maternidad y el segundo está basado en las sentencias de los Tribunales Superiores de Justicia y Tribunal Supremo acerca de la novedosa protección sobre la prestación de maternidad por gestación subrogada

A recollimation shock 80 mas from the core in the jet of the radio galaxy 3C120: Observational evidence and modeling

We present Very Long Baseline Array observations of the radio galaxy 3C120 at 5, 8, 12, and 15 GHz designed to study a peculiar stationary jet feature (hereafter C80) located ~80 mas from the core, which was previously shown to display a brightness temperature ~600 times lager than expected at such distances. The high sensitivity of the images -- obtained between December 2009 and June 2010 -- has revealed that C80 corresponds to the eastern flux density peak of an arc of emission (hereafter A80), downstream of which extends a large (~20 mas in size) bubble-like structure that resembles an inverted bow shock. The linearly polarized emission closely follows that of the total intensity in A80, with the electric vector position angle distributed nearly perpendicular to the arc-shaped structure. Despite the stationary nature of C80/A80, superluminal components with speeds up to ~3 c have been detected downstream from its position, resembling the behavior observed in the HST-1 emission complex in M87. The total and polarized emission of the C80/A80 structure, its lack of motion, and brightness temperature excess are best reproduced by a model based on synchrotron emission from a conical shock with cone opening angle \eta=10 degrees, jet viewing angle \theta=16 degrees, a completely tangled upstream magnetic field, and upstream Lorentz factor \gamma=8.4. The good agreement between our observations and numerical modeling leads us to conclude that the peculiar feature associated with C80/A80 corresponds to a conical recollimation shock in the jet of 3C120 located at a de-projected distance of ~190 pc downstream from the nucleus.Comment: Accepted for publication in Ap

Case study: Is bisphenol S safer than bisphenol A in thermal papers?

The Risk Assessment Committee of the European Chemical Agency released a scientific opinion alerting that the risk associated with dermal occupational exposure to bisphenol A (BPA) via thermal paper might not be adequately controlled because the estimated exposure was around twice the Derived No Effect Level (DNEL) and the European Commission will effectively restrict BPA in thermal paper as soon as 2020. Bisphenol S (BPS) is currently being used as a BPA surrogate and is already widespread in thermal paper receipts. Based on publically available information in the scientific literature, we assessed the risk associated with dermal BPS exposure via thermal paper for the general and occupational populations to compare with BPA situation. We developed two exposure scenarios; one based on the total excreted BPS and another on exposure estimations by transferring BPS from the thermal paper matrix to skin. Both scenarios yielded similar exposures for the general population (0.016–0.013 µg/kg bw/day), but the exposure estimated for the workers in the second scenario (0.96 µg/kg bw/day) was around 17-fold higher than that estimated for the workers in the first scenario. The systemic DNELs for the general and workers populations were 0.45 and 0.91 µg BPS/kg bw/day, respectively, which were 4.6- and 19-fold higher than the respective dermal DNELs. Risk Characterisation Ratio (RCR) (estimated exposure through urinary excretion compared with the systemic DNEL) in the first and most reliable scenario suggested that the risk was adequately controlled. In the second scenario, however, the RCR suggests that the risk might not be adequately controlled for both the general population and workers. This work raises the necessity of generate more toxicodynamic and toxicokinetic information, specially using dermal exposures, to properly assess the risk associated to dermal BPS exposure because the situation might presumably get worse after 2020

Hydrodynamical Simulations of Recollimation Shocks within Relativistic Astrophysical Jets

Abstract: Astrophysical jets launched from active galactic nuclei can remain tightly collimated over large distances due, in part, to recollimation shocks. Formed within the jets due to their supersonic nature, recollimation shocks are predicted to leave signatures in the observed radio emission due to magnetic flux freezing and the geometric relationship between magnetic fields and the polarization of synchrotron radiation. In the course of this work, we will compare how predictions of emission from recollimation shocks change when the flow is modelled using a hydrodynamical code, as opposed to semi-dynamical and magnetohydrodynamical codes. Jets generally exhibit low levels of polarization, which implies a substantially disordered magnetic field. It is difficult to model such fields using magnetohydrodynamics, hence this work uses hydrodynamical code and a statistical treatment of the magnetic field (c.f. Scheuer and Matthews, 1990). It should then be possible to assess whether certain radio jet phenomena, such as knots and radio-cores, may be modelled as singular or multiple recollimation shocks. To date, the hydrodynamical code has been successfully built and executed on UCLan’s supercomputer cluster, and parallelepiped vector triads have been included to monitor the fluid deformation within the simulation, so that the emergent flux and polarization may be calculated. The parallelepiped advection is currently being verified and some results are discussed. Code for radiative transfer throughout the jet is also being implemented, in order to simulate images for comparison with previous works and observations

¿Qué determina la financiación mediante deuda intragrupo? Evidencia en España

In this paper, we examine the determinants of internal or intragroup debt financing and its relationship with other debt funding alternatives, especially external debt. We perform a panel data analysis with a sample of 787 non-financial Spanish companies actively financing their operations with intragroup debt during the six-year period between 2013 and 2018. Our results show that intragroup debt positively depends on size and assets tangibility, but it is negatively related to profitability, age, and growth. We also find that greater intragroup debt funding substitutes a reduction in external debt of as much as a quarter. Furthermore, weidentify a hierarchy of preferences in the selection of different financing pathways, with intragroup debtmuch supporting the pecking order theory than external debt.En este trabajo, examinamos los determinantes de la financiación mediante deuda intragrupo y su relación con otras alternativas de financiación, especialmente la deuda externa. Realizamos un análisis de datos de panel con una muestra de 787 empresas no financieras españolas, que financian sus operaciones de manera recurrente mediante deuda intragrupo durante el periodo que abarca entre 2013 y 2018. Nuestros resultados muestran como la deuda intragrupo depende positivamente del tamaño y la tangibilidad de los activos, mientras que la rentabilidad, la edad y el crecimiento mantienen una relación negativa. También observamos como tener una mayor financiación mediante deuda intragrupo supone reducir hasta en una cuarta parte la financiación con deuda externa. Además, identificamos la existencia de una jerarquía de preferencias en la selección de distintas fuentes de financiación, donde la deuda intragrupo cumple mejor con la teoría de la jerarquía de preferencias que la deuda externa

Case study: risk associated to wearing silver or graphene nanoparticle‑coated facemasks for protection against COVID‑19

The world is living a pandemic situation derived from the worldwide spreading of SARS-CoV-2 virus causing COVID- 19. Facemasks have proven to be one of the most effective prophylactic measures to avoid the infection that has made that wearing of facemasks has become mandatory in most of the developed countries. Silver and graphene nanoparticles have proven to have antimicrobial properties and are used as coating of these facemasks to increase the effectivity of the textile fibres. In the case of silver nanoparticles, we have estimated that in a real scenario the systemic (internal) exposure derived from wearing these silver nanoparticle facemasks would be between 7.0 × 10– 5 and 2.8 × 10– 4 mg/kg bw/day. In addition, we estimated conservative systemic no effect levels between 0.075 and 0.01 mg/kg bw/day. Therefore, we estimate that the chronic exposure to silver nanoparticles derived form facemasks wearing is safe. In the case of graphene, we detected important gaps in the database, especially regarding toxicokinetics, which prevents the derivation of a systemic no effect level. Nevertheless, the qualitative approach suggests that the risk of dermal repeated exposure to graphene is very low, or even negligible. We estimated that for both nanomaterials, the risk of skin sensitisation and genotoxicity is also negligibl

Investigation of the Effects of Metallic Nanoparticles on Fertility Outcomes and Endocrine Modification of the Hypothalamic-Pituitary-Gonadal Axis

first_pagesettingsOrder Article Reprints Open AccessArticle Investigation of the Effects of Metallic Nanoparticles on Fertility Outcomes and Endocrine Modification of the Hypothalamic-Pituitary-Gonadal Axis by Miguel A. SogorbORCID,Héctor CandelaORCID,Jorge Estévez andEugenio Vilanova *ORCID Instituto de Bioingeniería, Universidad Miguel Hernández de Elche, Avenida de la Universidad s/n, 03202 Elche, Spain * Author to whom correspondence should be addressed. Int. J. Mol. Sci. 2023, 24(14), 11687; https://doi.org/10.3390/ijms241411687 Submission received: 30 May 2023 / Revised: 11 July 2023 / Accepted: 13 July 2023 / Published: 20 July 2023 (This article belongs to the Special Issue Molecular Mechanisms of Reproductive and Developmental Toxicology) Downloadkeyboard_arrow_down Browse Figures Review Reports Versions Notes Abstract Nanotechnology is a very disruptive twenty-first-century revolution that will allow social and economic welfare to increase although it also involves a significant human exposure to nanoparticles. The aim of the present study was to contribute to the elucidation on whether metallic nanoparticles have a potential to induce fertility impairments. Regulatory studies that observed official OECD guidelines 415, 416 and 422 have failed to detect any fertility alterations caused by nanoparticle exposure. However, the scientific literature provides evidence that some nanoparticles may cause gonad impairments although the actual impact on fertility remains uncertain. This aim of the present study is to revisit the previously published RNAseq studies by analyzing the effects of several nanoparticles on the transcriptome of T98G human glioblastoma cells given that glial cells are known to play a pivotal role in the regulation of gonadotropin releasing hormone neurons. We found evidence that nanoparticles impair the gonadotropin releasing hormone receptor pathway and several related biological process like, among others, the cellular response to follicular stimulating hormone, cellular response to gonadotropin stimulus, cellular response to hormone stimulus, response to steroid hormone, ovulation cycle and response to estradiol. We propose that nanoparticles interfere with the ability of glial cells to regulate gonadotropin-releasing hormone neurons and, subsequently, the hypothalamic-pituitary-gonadal axis, potentially leading to fertility impairments. To our knowledge, this is the first proposal of a mode of action based on endocrine disruption for explaining the possible effects of nanoparticles on fertility. Whether these finding can be extended to other types of nanoparticles requires further investigation

Shortening and Improving the Embryonic Stem Cell Test through the Use of Gene Biomarkers of Differentiation

The embryonic Stem cell Test (EST) is a validated assay for testing embryotoxicity in vitro. The total duration of this protocol is 10 days, and its main end-point is based on histological determinations. It is suggested that improvements on EST must be focused toward molecular end-points and, if possible, to reduce the total assay duration. Five days of exposure of D3 cells in monolayers under spontaneous differentiation to 50 ng/mL of the strong embryotoxic 5-fluorouracil or to 75 μg/mL of the weak embryotoxic 5,5-diphenylhydeantoin caused between 20 and 74% of reductions in the expression of the following genes: Pnpla6, Afp, Hdac7, Vegfa, and Nes. The exposure to 1 mg/mL of nonembryotoxic saccharin only caused statistically significant reductions in the expression of Nes. These exposures reduced cell viability of D3 cells by 15, 28, and 34%. We applied these records to the mathematical discriminating function of the EST method to find that this approach is able to correctly predict the embryotoxicity of all three above-mentioned chemicals. Therefore, this work proposes the possibility of improve EST by reducing its total duration and by introducing gene expression as biomarker of differentiation, which might be very interesting for in vitro risk assessment embryotoxicity