Credit risk mitigation and SMEs bank financing in Basel II : the case of the Loan Guarantee Associations

The objective of this paper is to analyse the impact of the techniques foreseen in the Basel Agreement II (BII) for mitigating the risk of default on bank loans to small and medium enterprises (SMEs). In particular, we will conduct an analysis of the effect of the guarantees that the Loan Guarantee Association (LGA) offer to the SMEs on the assignment of capital requirements of the financial entities under BII. At the same time, the study will examine the effect of this guarantee on the credit risk premium that the financial entities should charge their clients, and whether this foreseeable decrease in the interest rates applicable to the SMEs is compensated by the cost of the guarantee. The results show that, considering that the cost of the LGA guarantee in Spain is around 0.68%, it will be advantageous for an SME with the annual sales of less than or equal to €5 million to request this guarantee whenever the probability of default (PD) of the LGA is <1.1%, if the approach utilised by the financial entity is the Internal Ratings-Based (IRB) and the SME is considered as corporate; however, if the SME is included in a regulatory retail portfolio, then the limit for the PD of the LGA decreases to 0.71%. On the other hand, when the approach utilised is the Standardised one, then will be profitable for an SME treated as retail to request this guarantee whenever the PD of the LGA is <3.35% (3.95% for corporate exposures)

Residus de carxofes per a ovelles lleteres

Els subproductes del cultiu i processament de la carxofa han estat aprofitats tradicionalment per a l'alimentació d'animals. Aquesta pràctica, a més de reduir la demanda de cereals, proporciona una alternativa econòmica per a l'alimentació animal i per al maneig sostenible de residus. No obstant això, cal avaluar si la inclusió d'aquests subproductes en la dieta dels animals afecta negativament la qualitat físico-química i sensorial dels aliments derivats. Els resultats d'aquesta investigació indiquen que les propietats organolèptiques dels productes làctics resultants no es veuen afectades.Los subproductos del cultivo y procesamiento de la alcachofa han sidoaprovechados tradicionalmente para la alimentación de animales. Esta ráctica además de reducir la demanda de cereales, proporciona una alternativa económica para la alimentación animal y para el manejo sostenible de residuos. No obstante, es necesario evaluar si la inclusión de estos subproductos en la dieta de los animales afecta negativamente la calidad físico-química y sensorial de los alimentos derivados. Los resultados de esta investigación indican que las propiedades organolépticas de los productos lácteos resultantes no se ven afectadas

Acid and Rennet Coagulation Properties of A2 Milk

This study investigated the acid and rennet milk coagulation properties of A2 milk (β-casein (CN) A2A2 genotype), in comparison to a control milk (blend of A2A1/A1A1/A2A2 genotypes). Acid and rennet coagulation were evaluated using the Optigraph system, measuring the coagulation time, aggregation rate, and gel density or curd firmness. The acidification kinetics were monitored using a CINAC system, evaluating the time to reach pH 4.6, the acidification rate, the maximum acidification rate, the time required to reach it, and the latency time. The water-holding capacity of acid milk gels and the potential yield, total solids, and syneresis of enzymatic gels were also evaluated. Some variables were highly influenced by the farm factor, showing the importance of the effect of extrinsic parameters. Acid and enzymatic coagulation times were not affected in either milk. The A2 milk presented higher acid gel density and latency time than the control milk. Although the differences in water-holding capacity were not statistically significant, the A2 milk presented lower values, related with the higher gel density. The A2 milk also showed higher rennet aggregation rate and curd firmness than the control milk. Potential yield and syneresis were higher in the A2 milk, which is in accordance with the higher firmness of curd. Coagulation results and gel and curd properties indicate that it is possible to manufacture acid and rennet coagulation dairy products from A2 milk with no major differences when compared with a control milk

A financial analysis of born-global firms: evidence from Spain

From the beginning of the 1970s to the present day, significant changes have taken place in the competitive and organizational behavior of small and medium-sized companies (SMEs). Recently, some of these factors have applied more intensively, and this has given rise to growth in the number of new companies that undertake overseas operations almost immediately (known as born globals). The phenomenon of early internationalization is relatively recent, so there are still many aspects that need to be studied. The objective of this study is to contribute to the scarce empirical literature existing in Spain on this topic, by providing evidence on the possible differences in character of the born-global firms compared with the rest of exporting companies. To this end, the focus of the study is on the analysis of variables such as the size and sector of activity of these companies, and their principal economic and financial magnitudes. A sample of 1,324 Spanish SMEs that were exporting in 2007 was surveyed; of this total approximately 12% identified themselves as having adopted early internationalization. The results obtained indicate that the born-global firms are, on average, smaller; they are classified mostly to the services sector; and they are much more leveraged than the rest of Spanish SMEs that export

The Effect of Salt Reduction and Partial Substitution of NaCl by KCl on Physicochemical, Microbiological, and Sensorial Characteristics and Consumers' Acceptability of Semi-Hard and Hard Lactose-Free Cow's Milk Cheeses

Increasing consumer demand for healthier foods prompts the development of cheeses reduced in salt. The aim of his study was to assess the effect of reducing the level of sodium chloride (NaCl) and their partial substitution by potassium chloride (KCl) on the biochemical, microbiological, and sensorial characteristics and consumer's acceptability of semi-hard and hard lactose-free cow's milk cheeses. To improve the possible lower salty taste or the development of bitter taste, the addition to yeast extract, as a flavor enhancer, was also checked. Different brining times and brine conditions were tested to obtain a reduction of >25% of salt with respect to conventional cheese. Reduced-salt cheeses were elaborated by reducing half the salting time used in conventional cheeses, and a ratio of 60 Na + :40 K + was used to reduce Na concentration in substituted cheeses. The results obtained in this study show that the reduction of salt by both methods in semi-hard and hard lactose-free cheeses could be an alternative for the production of healthier and sensorial acceptable cheeses, without significantly affecting their physicochemical characteristics. The addition of yeast extract, as a flavor enhancer, increased the free amino acids (FAAs) levels but decreased the acceptability of cheeses

Procesos de proteolisis primaria que intervienen en la maduración del queso de cabra

Consultable des del TDXTítol obtingut de la portada digitalitzad

Manual De Operaciones Para La Gestión Logistica En La Empresa Melamueble – Chiclayo

Se da a señalar que el presente Manual de Operaciones tiene como finalidad proporcionar un documento de gestión que servirá como guía para mejorar la gestión logística en la línea de producción y compras de la empresa Melamueble – Chiclayo. El presente Manual de operaciones tiene como finalidad optimizar y agilizar el proceso de compras de la empresa realizado a los proveedores, la empresa no maneja un adecuado filtro de selección y evaluación de proveedores y esto genera muchas veces retraso de entrega de la orden de compra, el proceso de compra es de forma empírica o burocrática ya que dicho proceso no se encuentra documentado y esto hace que se genere graves problemas en cuanto a gastos y riesgos de poder detener el proceso productivo; también se tiene por conocimiento que la empresa no tiene documentado el proceso de producción ya que es realizado de manera empírica y esto genera que no se sigua una secuencia correcta desde que entra la mercadería a la empresa, la documentación de estos procesos servirá para alcanzar una óptima eficiencia operativa. Este Manual, entre otros aspectos técnicos hace de conocimiento la situación actual de cómo se encuentra la empresa, la problemática que tiene, las actividades que realizan, recursos humanos, etc. Dota las alternativas de solución a la problemática existencial en la empresa Melamueble

Sostenibilidad y resiliencia socioecológica en el delta del Ebro

En este artículo, se presenta el delta del Ebro como un ejemplo de sistema socioecológico costero frágil que se encuentra expuesto no sólo a las consecuencias del cambio climático actual, sino también a las actuaciones humanas que amenazan a la propia sostenibilidad del delta. El artículo empieza realizando una breve presentación conceptual entorno a la resiliencia socioecológica y su relación con la sostenibilidad, en tanto que conceptos clave para interpretar la evolución y las adaptaciones recientes y futuras del territorio analizado. A continuación, se ofrece una presentación del territorio deltaico y su transformación, destacando los retos y los problemas socioecológicos a los que deberá hacer frente el delta a lo largo de las próximas décadas. Le sigue el análisis de los planes y de los instrumentos de carácter territorial y ambiental desarrollados e implementados durante las tres últimas décadas en el delta del Ebro, para finalizar con la discusión en torno a la sostenibilidad y la resiliencia futura de este socioecosistema.En aquest article, es presenta el delta de l'Ebre com un exemple de sistema socioecològic costaner fràgil que es troba exposat no només a les conseqüències del canvi climàtic actual, sinó també a les actuacions humanes que amenacen la pròpia sostenibilitat del delta. L'article comença realitzant una breu presentació conceptual entorn de la resiliència socioecològica i la seva relació amb la sostenibilitat, com a conceptes clau per interpretar l'evolució i les adaptacions recents i futures del territori analitzat. A continuació, s'ofereix una presentació del territori deltaic i la transformació que ha sofert, destacant els reptes i els problemes socioecològics als quals haurà de fer front el delta al llarg de les pròximes dècades. Li segueix l'anàlisi dels plans i dels instruments de caràcter territorial i ambiental desenvolupats i implementats al delta de l'Ebre durant les tres últimes dècades, per finalitzar amb la discussió entorn de la sostenibilitat i la resiliència futura d'aquest socioecosistema.Cet article présente le delta de l'Ebre comme un exemple de système socio-écologique côtière fragile exposé non seulement aux conséquences du changement climatique actuel, mais aussi aux actions humaines qui menacent la viabilité même du delta. L'article commence par une brève présentation conceptuelle de la résilience socio-écologique et sa relation à la durabilité, comme les concepts clés pour interpréter l'évolution et les adaptations récentes et futures de ce territoire. Suit une introduction à la région du delta et de ses transformations qui souligne les principaux changements socio-écologiques attendus et les défis et problèmes de ceux qui y seront confrontés au cours des prochaines décennies. Finalement les plans et instruments de caractère territorial et environnemental développé et mis en oeuvre au cours des trois dernières décennies dans le delta de l'Ebre sont analysés, ainsi que la durabilité et la résilience futures de ce socio-écosystème.This article presents the Ebro delta as an example of a fragile coastal social-ecological system that is exposed not only to the consequences of the current climate change, but also to human actions that threaten the sustainability of the delta itself. The article begins with a brief conceptual overview of social-ecological resilience and its relationship to sustainability as key concepts to better understand the recent and future evolution and adaptations of the delta. An introduction to the delta area and its transformation is then presented, emphasizing current anthropogenic changes and social-ecological challenges and problems that the delta will have to address in the coming decades. This is followed by an analysis of the spatial and environmental plans and instruments developed and implemented over the past three decades in the Ebro delta. The article concludes with a discussion about the future sustainability and resilience of this socio-ecological system