Polarisation and Electoral Realignment: The Case of the Right-Wing Parties in Spain

The article analyses the consequences of elite polarisation at the mass level. We study the electoral re-alignment within the right-wing Spanish electorate in recent years, whereby support for the long-predominant Partido Popular has been eroded dramatically to the benefit of new challengers. Measuring ideological polarisation at the party system level and at the individual level, we show how the polarising strategy implemented by the liberal Ciudadanos - and imitated by PP - to gain support from the right-wing electorate paved the way for a massive transfer of conservative voters to the radical-right Vox. The results provide counter-intuitive evidence about the electoral effects of elite polarisation: those individuals who perceived party polarisation less tended to vote more for the radical right party, while those who perceived greater polarisation among parties were more likely to vote for moderate forces

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

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

The scorpion fauna of Mona Island, Puerto Rico (Scorpiones: Buthidae, Scorpionidae)

The scorpion fauna of the small Mona Island (= Isla de Mona), located roughly midway between Hispaniola and Puerto Rico and administratively belonging to the latter, is herein revised. Three species are confirmed to occur: the buthids Centruroides bani Armas et Marcano Fondeur, 1987 and Heteroctenus abudi (Armas et Marcano Fondeur, 1987), plus the diplocentrine scorpionid Cazierius garridoi Armas, 2005. The previously recorded Heteronebo sp. is reexamined and deemed a mislabeled specimen of Heteronebo portoricensis Francke, 1978 from adjacent Puerto Rico. Also, Centruroides mariaorum Santiago-Blay, 2009 is demonstrated to be a junior synonym of C. bani (implying the first demonstrable records of the latter from both Mona Island and Puerto Rico) and Rhopalurus virkkii Santiago-Blay, 2009 is confirmed as a junior synonym of H. abudi. A thorough photographic complement and supplementary ecological and distributional data are provided for every species

First record of the genus \u3cem\u3eMicrotityus\u3c/em\u3e Kjellesvig-Waering, 1966, from Puerto Rico, with description of two new species (Scorpiones: Buthidae)

In the present note, we report for the first time the genus Microtityus Kjellesvig-Waering, 1966, from Puerto Rico, on the basis of two new species belonging to the subgenus Parvabsonus Armas, 1974. One of them occurs in the southwest of the main island and is morphologically most similar to Microtityus virginiae Armas, 1999, from Hispaniola, while the other occurs in a small satellite islet offshore the northeast coast and somewhat resembles Microtityus waeringi Francke & Sissom, 1980, from the Virgin Islands

Two new scorpions from the Puerto Rican island of Vieques, Greater Antilles (Scorpiones: Buthidae)

Two new scorpion species of the family Buthidae are described herein: Microtityus vieques sp. n. (a member of the subgenus Parvabsonus Armas, 1974) and Tityus alejandroi sp. n. (belonging to the “quisqueyanus” species-group). Both were collected from pitfall traps in the Puerto Rican satellite island of Vieques, in the Greater Antilles, and the former represents the first official record of the occurrence there of the gens Microtityus Kjellesvig-Waering, 1966. As expected, the new species have their closest relatives in Puerto Rico. Fully illustrated descriptions and detailed comparisons are provided. Additionally, two other Puerto Rican species of Tityus currently not assigned to any group are herein formally transferred to the “quisqueyanus” species group: Tityus angelesae Santiago-Blay, 2009 and Tityus juliorum Santiago-Blay, 2009. After this contribution, the scorpion fauna of Puerto Rico is now com-posed of 19 species

LA TESORERIA EN LA EMPRESA Y SUS DETERMINANTES

This paper analyzes the determinants of the corporate cash holding for a sampleof companies listed in the Spanish stock market. The results show that the firms have acorporate cash holding target level, and that this level is greater in companies withgreater cash flows. On the other hand, cash holding is negatively related to size, growthoptions, leverage, bank debt and liquid assets. Finally, the ownership structure alsoseems to affect the cash holdings. Este trabajo analiza los factores explicativos de la tesorería para una muestra de empresas cotizadas en el mercado continuo español. Los resultados obtenidos revelan que las empresas poseen un nivel de tesorería objetivo al que pretenden converger, y que dicho nivel es mayor en las sociedades con mayores flujos de caja. Por el contrario, el nivel de efectivo se ve reducido con el tamaño, con las oportunidades de crecimiento, con el nivel de endeudamiento, con el uso de deuda bancaria y con la liquidez de la empresa. Además, la estructura de propiedad también parece influir sobre los niveles de efectivo.Tesorería, liquidez, datos de panel. cash, liquidity, panel data

ENDEUDAMIENTO A CORTO PLAZO EN LAS PYMES ESPAÑOLAS

This paper analyses the debt maturity structure of the small and middle sizedfirms using the trade-off reward risk associated to the use of short-term loans.Therefore, a sample of 11.533 small and middle Spanish manufacturing firms from year1997 through 2001 was used. The results of our study show that short-term loans aremore frequent in firms with greater financial strength and greater financial flexibility,major growth options and when the interest cost differential between short-long terms ismore pronounced. Also, the firm size seems to have an influence on the level of shorttermloans, it being higher in the smaller firms. Este trabajo analiza la estructura de vencimiento de la deuda en las PYMEs a partir del trade-off rentabilidad riesgo asociado al uso de recursos ajenos a corto plazo. Para ello, se ha utilizado una muestra de 11.533 pequeñas y medianas empresas manufactureras españolas durante el periodo 1997-2001. Los resultados obtenidos muestran que el endeudamiento a corto plazo es mayor en aquellas empresas que presentan una mayor solvencia y flexibilidad financiera, mayores oportunidades de crecimiento y cuando el diferencial de tipos de interés corto-largo es más acentuado. Así mismo, el tamaño de las sociedades también parece influir en los niveles de endeudamiento a corto plazo, siendo mayor en las empresas más pequeñas.Pymes, vencimiento de la deuda, solvencia financiera, flexibilidad financiera. SMEs, debt maturity, financial solvency, financial flexibility.