Patent collateral, investor commitment, and the market for venture lending

This paper investigates the market for lending to technology startups (i.e., venture lending) and examines two mechanisms that may facilitate trade within it: (1) the ‘salability’ of patent collateral; and (2) the credible commitment of existing equity investors. We find that intensified trading in the secondary patent market is strongly related to the annual rate of startup lending, particularly for startups with more redeployable patent assets. Moreover, we show that the credibility of venture capitalist commitments to reinvest in their startups’ next round of financing can be critical for startup debt provision. Utilizing the crash of 2000 as a severe and unexpected capital supply shock for VCs, we show that lenders continue to finance startups with recently funded investors better able to credibly commit to refinance their portfolio companies, but withdraw from otherwise-promising projects that may have needed their funds the most. The findings are consistent with predictions of incomplete contracting and financial intermediation theory.Accepted manuscrip

Variation propagation of bench vises in multi-stage machining processes

Comunicación presentada a MESIC 2019 8th Manufacturing Engineering Society International Conference (Madrid, 19-21 de Junio de 2019)Variation propagation has been successfully modeled by the Stream of Variation (SoV) approach in multistage machining processes. However, the SoV model basically supports 3-2-1 fixtures based on punctual locators and other workholding systems such as conventional vises are not considered yet. In this paper, the SoV model is expanded to include the fixture- and datum-induced variations on workholding devices such as bench vises. The model derivation is validated through assembly and machining simulations on Computer Aided Design software. The case study analyzed shows an average error of part quality prediction between the SoV model and the CAD simulations of 0.26%

The Spanish food industry on global supply chains and its impact on water resources

The study of the impact of economic activities on natural resources through global supply chains is increasingly demanded in the context of the growing globalization of economies and product fragmentation. Taking Spain as a case study and a sector with significant economic and environmental impacts, the agri-food industry, the objective of this work is two-fold. First, we estimate the associated water impact, both from the production and consumption perspectives, paying special attention to the water embodied in production exchanges among countries and sectors. To that aim, we use an environmentally-extended multiregional input-output model (MRIO). Second, we assess the main driving factors behind changes in direct and embodied water consumption between the years 1995 and 2009 by means of a structural decomposition analysis. The MRIO model provides a comprehensive estimate of the economic linkages among regions and economic sectors and, therefore, allows calculating the environmental impacts over international value chains. The results indicate that the food industry exerts large impacts on global water resources, particularly given the remarkable interactions with the domestic and foreign agricultural sectors, These growing linkages show how consumption patterns, and, therefore, lifestyles, involve large environmental impacts through the whole and global supply chains

Income, economic structure and trade: Impacts on recent water use trends in the European Union

From the mid-1990s to the recent international economic crisis, the European Union (EU27) experienced a significant economic growth and a flat population increase. During these years, the water resources directly used by the EU countries displayed a growing but smooth trend. However, European activities intensively demanded water resources throughout the whole global supply chain. The growth rate of embodied water use was three times higher than the growth in water directly used by these economies. This was mainly due to the large upsurge of virtual water imports in the EU (e.g., about 25% of the change in water imports in the world was directly linked to the increasing imports in the EU27 countries). In this context, we analyze water use changes in the EU27 from 1995 to 2009, combining the production and consumption perspectives. To that aim, we use the environmentally extended input-output approach to obtain the volume of water embodied in domestic production and in trade flows at the sector and country levels. In the empirical analysis, we utilize multi-regional input-output data from the World Input Output Database. In addition, by means of a structural decomposition analysis we identify and quantify the factors explaining changes in these trends. We focus both on the role of domestic production and trade and estimate the associated intensity, technology and scale effects. This analysis is done for different clusters, identifying singular patterns depending on income criteria. Our results confirm the boost of demand growth in that period, the positive but negligible effect of structural change, and the decline in water intensity which, however, was not enough to compensate the effects on water associated to the economic expansion in the period. These findings also point at a gradual substitution of domestic water use for virtual water imports. More concretely, in most countries the food industry tended to reduce its backward linkages with the domestic agricultural sector, increasing the embodied water in agricultural imports from non-European regions

Venturing the Definition of Green Energy Transition:A systematic literature review

The issue of climate change has become increasingly noteworthy in the past years, the transition towards a renewable energy system is a priority in the transition to a sustainable society. In this document, we explore the definition of green energy transition, how it is reached, and what are the driven factors to achieve it. To answer that firstly, we have conducted a literature review discovering definitions from different disciplines, secondly, gathering the key factors that are drivers for energy transition, finally, an analysis of the factors is conducted within the context of European Union data. Preliminary results have shown that household net income and governmental legal actions related to environmental issues are potential candidates to predict energy transition within countries. With this research, we intend to spark new research directions in order to get a common social and scientific understanding of green energy transition

Globalization and natural resources: the expansion of the Spanish agrifood trade and its impact on water consumption, 1965–2010

Beginning in 1960, the Spanish agricultural sector underwent an intensive process of development, resulting in important structural changes, not only in the sector itself, but also in the relationship of the agrarian system to natural resources. These changes were closely related to the growth of per capita income and Spain’s increasing integration into international markets. In the last five decades, the volume of Spanish agricultural trade has increased strongly, with a concomitant increase in the consumption of domestic water resources, requiring the construction of water infrastructure for irrigation. This paper examines the impact on water use in Spain during a period of economic modernization and trade liberalization. More specifically, we are interested in obtaining virtual water trade flow trends and identifying the major drivers responsible for these trajectories, via a decomposition analysis. Our results point to a large increase in virtual water exports and imports, primarily driven by the scale effect, that is, by the growing integration into international markets. The composition effect and changes in water intensity entailed a moderation in water consumption