Financial constraints on R&D projects and Minsky moments: Containing the credit cycle

This paper tests Minsky?s financial instability hypothesis (FIH) for a panel of Spanish manufacturing firms. We find that the probability of a firm being financially constrained externally in terms of undertaking innovation projects moves inversely with the business and credit cycle, which is consistent with Minsky?s FIH. We provide evidence that the credit and business cycles strengthen each other. These results highlight the importance of implementing polices designed to contain the financial cycle

A note on computing Murphy-Topel corrected variances in a heckprobit model with endogeneity in Stata

We outline a fairly simple method to obtain in Stata Murphy-Topel corrected variances for a two-step estimation of a heckprobit model with endogeneity in the main equation. The procedure utilizes the score option and the powerful matrix tool accum in Stata and builds on previous works by Hardin (2002) and Hole (2006)

A note on computing Murphy-Topel corrected variances in a heckprobit model with endogeneity in Stata

We outline a fairly simple method to obtain in Stata Murphy-Topel corrected variances for a two-step estimation of a heckprobit model with endogeneity in the main equation. The procedure utilizes the score option and the powerful matrix tool accum in Stata and builds on previous works by Hardin (2002) and Hole (2006)

Framing vulnerability and coffee farmers' behaviour in the context of climate change adaptation in Nicaragua

This paper analyses coffee producer"s vulnerability and adaptive capacity to climate change in Nicaragua. By its geographical position, Nicaragua is one of the countries most affected by climate change, and coffee production is expected to vastly shrink in some critical areas, suitability being reduced by up to 40% in the country. This paper analyses farmer"s perceptions and vulnerability indicators to find which indicators are linked to farmers" perceived capacity to adapt to climate change, paying special attention to the issue of whether farmers perceive they have any capacity at all to adapt. The analysis was conducted through a survey to 212 representative farmers jointly with an analysis of vulnerability indicators. A Heckman selection model was estimated to jointly analyse the probability of being able to cope with climate change and the level of adaptive capacity that farmers perceive. We have simulated different policy scenarios considering the sustainable development goals of United Nations in terms of poverty reduction and education concerns. We also analysed the effects of specific programs on education about climate change awareness. Finally, we extend our analysis to a geographical evaluation of the farmer"s perceived vulnerability. The analysis shows that aspects such as farm size or education levels are relevant for modulating farmers" perceptions on their own adaptive capacity. Large farm managers find themselves more often able to cope with climate change impacts though they find their capacity to be limited. Farmers that could not rely on rainfall water for their plantations also reported being less able to cope with climate change impacts. Poverty was also found to be correlated to perceptions, as regions lower proportions of inhabitants under poverty levels showed higher levels of confidence in adaptive capacit

Does it pay more to be green in family firms than in non-family firms?

The contradictory empirical evidence about whether the effect of companies' environmental investments on financial results is positive, negative or not significant has been explained by the different conditions and contexts that facilitate or hinder the ability to generate a win–win situation. This explanation has gradually led the academic debate to consider the factors and conditions that moderate such a relationship. In this document, we analyse the relevant but scarcely studied moderating effect of the condition of being a family firm, by integrating the socioemotional wealth (SEW) perspective into the natural-resource-based view (NRBV). Based on the analysis of panel data from 2936 Spanish manufacturing firms, covering the period 2009–2016, we offer empirical evidence showing that the financial benefits derived from environmental investment are positive and significant in family firms, while this is not so in non-family firms. Furthermore, our results show that intrinsic characteristics such as the sector, size or age of the company also condition the financial results of environmental investments

Cuckoo Search Algorithm with Lévy Flights for Global-Support Parametric Surface Approximation in Reverse Engineering

This paper concerns several important topics of the Symmetry journal, namely, computer-aided design, computational geometry, computer graphics, visualization, and pattern recognition. We also take advantage of the symmetric structure of the tensor-product surfaces, where the parametric variables u and v play a symmetric role in shape reconstruction. In this paper we address the general problem of global-support parametric surface approximation from clouds of data points for reverse engineering applications. Given a set of measured data points, the approximation is formulated as a nonlinear continuous least-squares optimization problem. Then, a recent metaheuristics called Cuckoo Search Algorithm (CSA) is applied to compute all relevant free variables of this minimization problem (namely, the data parameters and the surface poles). The method includes the iterative generation of new solutions by using the Lévy flights to promote the diversity of solutions and prevent stagnation. A critical advantage of this method is its simplicity: the CSA requires only two parameters, many fewer than any other metaheuristic approach, so the parameter tuning becomes a very easy task. The method is also simple to understand and easy to implement. Our approach has been applied to a benchmark of three illustrative sets of noisy data points corresponding to surfaces exhibiting several challenging features. Our experimental results show that the method performs very well even for the cases of noisy and unorganized data points. Therefore, the method can be directly used for real-world applications for reverse engineering without further pre/post-processing. Comparative work with the most classical mathematical techniques for this problem as well as a recent modification of the CSA called Improved CSA (ICSA) is also reported. Two nonparametric statistical tests show that our method outperforms the classical mathematical techniques and provides equivalent results to ICSA for all instances in our benchmark.This research work has received funding from the project PDE-GIR (Partial Differential Equations for Geometric modelling, Image processing, and shape Reconstruction) of the European Union’s Horizon 2020 research and innovation programme under the Marie Sklodowska-Curie Grant agreement No. 778035, the Spanish Ministry of Economy and Competitiveness (Computer Science National Program) under Grant #TIN2017-89275-R of the Agencia Estatal de Investigación and European Funds FEDER (AEI/FEDER, UE), and the project #JU12, jointly supported by public body SODERCAN of the Regional Government of Cantabria and European Funds FEDER (SODERCAN/FEDER UE). We also thank Toho University, Nihon University, and the Symmetry 2018, 10, 58 23 of 25 University of Cantabria for their support to conduct this research wor

Social inequalities in multimorbidity patterns in Europe: A multilevel latent class analysis using the European Social Survey (ESS)

Multimorbidity is associated with lower quality of life, greater disability and higher use of health services and is one of the main challenges facing governments in Europe. There is a need to identify and characterize patterns of chronic conditions and analyse their association with social determinants not only from an individual point of view but also from a collective point of view. This paper aims to respond to this knowledge gap by detecting patterns of chronic conditions and their social determinants in 19 European countries from a multilevel perspective. We used data from the ESS round 7. The final sample consisted of 18,933 individuals over 18 years of age, and patterns of multimorbidity from 14 chronic conditions were detected through Multilevel Latent Class Analysis, which also allows detecting similarities between countries. Gender, Age, Housing Location, Income Level and Educational Level were used as individual covariates to determine possible associations with social inequalities. The goodness-of-fit indices derived in a model with six multimorbidity patterns and five countries clusters. The six patterns were "Back, Digestive and Headaches", "Allergies and Respiratory", "Complex Multi -morbidity", "Cancer and Cardiovascular", "Musculoskeletal" and "Cardiovascular"; the five clusters could be associated with some geographical areas or welfare states. Patterns showed significant differences in the cova-riates of interest, with differences in education and income being of particular interest. Some significant dif-ferences were found among patterns and the country groupings. Our findings show that chronic diseases tend to appear in a combined and interactive way, and socioeconomic differences in the occurrence of patterns are not only of the individual but also of group importance, emphasising how the welfare states in each country can influence in the health of their inhabitants

Multimorbidity Patterns and Their Association with Social Determinants, Mental and Physical Health during the COVID-19 Pandemic

Background: The challenge posed by multimorbidity makes it necessary to look at new forms of prevention, a fact that has become heightened in the context of the pandemic. We designed a questionnaire to detect multimorbidity patterns in people over 50 and to associate these patterns with mental and physical health, COVID-19, and possible social inequalities. Methods: This was an observational study conducted through a telephone interview. The sample size was 1592 individuals with multimorbidity. We use Latent Class Analysis to detect patterns and SF-12 scale to measure mental and physical quality-of-life health. We introduced the two dimensions of health and other social determinants in a multinomial regression model. Results: We obtained a model with five patterns (entropy = 0.727): ‘Relative Healthy’, ‘Cardiometabolic’, ‘Musculoskeletal’, ‘Musculoskeletal and Mental’, and ‘Complex Multimorbidity’. We found some differences in mental and physical health among patterns and COVID-19 diagnoses, and some social determinants were significant in the multinomial regression. Conclusions: We identified that prevention requires the location of certain inequalities associated with the multimorbidity patterns and how physical and mental health have been affected not only by the patterns but also by COVID-19. These findings may be critical in future interventions by health services and governments17 página

Role of age and comorbidities in mortality of patients with infective endocarditis

[Purpose]: The aim of this study was to analyse the characteristics of patients with IE in three groups of age and to assess the ability of age and the Charlson Comorbidity Index (CCI) to predict mortality. [Methods]: Prospective cohort study of all patients with IE included in the GAMES Spanish database between 2008 and 2015.Patients were stratified into three age groups:<65 years,65 to 80 years,and ≥ 80 years.The area under the receiver-operating characteristic (AUROC) curve was calculated to quantify the diagnostic accuracy of the CCI to predict mortality risk. [Results]: A total of 3120 patients with IE (1327 < 65 years;1291 65-80 years;502 ≥ 80 years) were enrolled.Fever and heart failure were the most common presentations of IE, with no differences among age groups.Patients ≥80 years who underwent surgery were significantly lower compared with other age groups (14.3%,65 years; 20.5%,65-79 years; 31.3%,≥80 years). In-hospital mortality was lower in the <65-year group (20.3%,<65 years;30.1%,65-79 years;34.7%,≥80 years;p < 0.001) as well as 1-year mortality (3.2%, <65 years; 5.5%, 65-80 years;7.6%,≥80 years; p = 0.003).Independent predictors of mortality were age ≥ 80 years (hazard ratio [HR]:2.78;95% confidence interval [CI]:2.32–3.34), CCI ≥ 3 (HR:1.62; 95% CI:1.39–1.88),and non-performed surgery (HR:1.64;95% CI:11.16–1.58).When the three age groups were compared,the AUROC curve for CCI was significantly larger for patients aged <65 years(p < 0.001) for both in-hospital and 1-year mortality. [Conclusion]: There were no differences in the clinical presentation of IE between the groups. Age ≥ 80 years, high comorbidity (measured by CCI),and non-performance of surgery were independent predictors of mortality in patients with IE.CCI could help to identify those patients with IE and surgical indication who present a lower risk of in-hospital and 1-year mortality after surgery, especially in the <65-year group

Treatment with tocilizumab or corticosteroids for COVID-19 patients with hyperinflammatory state: a multicentre cohort study (SAM-COVID-19)

Objectives: The objective of this study was to estimate the association between tocilizumab or corticosteroids and the risk of intubation or death in patients with coronavirus disease 19 (COVID-19) with a hyperinflammatory state according to clinical and laboratory parameters. Methods: A cohort study was performed in 60 Spanish hospitals including 778 patients with COVID-19 and clinical and laboratory data indicative of a hyperinflammatory state. Treatment was mainly with tocilizumab, an intermediate-high dose of corticosteroids (IHDC), a pulse dose of corticosteroids (PDC), combination therapy, or no treatment. Primary outcome was intubation or death; follow-up was 21 days. Propensity score-adjusted estimations using Cox regression (logistic regression if needed) were calculated. Propensity scores were used as confounders, matching variables and for the inverse probability of treatment weights (IPTWs). Results: In all, 88, 117, 78 and 151 patients treated with tocilizumab, IHDC, PDC, and combination therapy, respectively, were compared with 344 untreated patients. The primary endpoint occurred in 10 (11.4%), 27 (23.1%), 12 (15.4%), 40 (25.6%) and 69 (21.1%), respectively. The IPTW-based hazard ratios (odds ratio for combination therapy) for the primary endpoint were 0.32 (95%CI 0.22-0.47; p < 0.001) for tocilizumab, 0.82 (0.71-1.30; p 0.82) for IHDC, 0.61 (0.43-0.86; p 0.006) for PDC, and 1.17 (0.86-1.58; p 0.30) for combination therapy. Other applications of the propensity score provided similar results, but were not significant for PDC. Tocilizumab was also associated with lower hazard of death alone in IPTW analysis (0.07; 0.02-0.17; p < 0.001). Conclusions: Tocilizumab might be useful in COVID-19 patients with a hyperinflammatory state and should be prioritized for randomized trials in this situatio