The Role of Stakeholders in Accounting of Private Patrimonies The Management Of The Osuna Ducal Estate (1590-1633)

The main aim of this paper is to test the validity of the stakeholder approach in a historical context (16th and 17th century), very different to the one in which the theory was originally developed and has normally been used. For this purpose, the paper deals with management in the Osuna Ducal Estate at the end of the 16th century and beginning of the 17th century. In that period, the Ducal Estate reached such a high level of indebtedness that creditors could not even collect the interest on their loans. This led them to lodge a complaint with the Crown and consequently, as of 1590, the Ducal Estate patrimony was seized by the Government. Since the changes that occurred in the ODE patrimony were promoted by creditors and the Crown, the stakeholder approach has been applied to analyse the case. We can conclude that stakeholder approach is sufficiently able to explain the changes that took place in the management of the Osuna Ducal Estate in the 16th and 17th century and, mainly, the role of accounting in these changes.Accounting History, Stakeholder Approach, Aristocratic Accounting, 16th and 17th century

MAPS OF CONTINUOUS SPATIAL DEPENDENCE

Heterogeneity is one of the distinguishing features in spatial econometric models. It is a frequent problem in applied work and can be very damaging for statistical inference. In this paper, we focus on the problems implied by the existence of instabilities in the mechanism of spatial dependence in a spatial lag model, assuming that the other terms of the specification remain stable. We begin the discussion with the role played by the algorithms of local estimation in detecting the instabilities. Problems appear when one must decide what to do once the existence of heterogeneity has been confirmed. The logical reaction is trying to parameterize this lack of stability. However, the solution is not obvious. Assuming that a set of indicators related to the problem has been identified, we propose a simple technique to deal with the unknown functional form. In the final part of the paper, we present some Monte Carlo evidence and an application to evaluate the instability in the mechanisms of spatial dependence in the convergence process of the European Regions.DEPENDENCE, LOCAL ESTIMATION, MONTE-CARLO, SPATIAL INSTABILITY

EAD calibration for corporate credit lines

Managing the credit risk inherent to a corporate credit line is similar to that of a term loan, but with one key difference. For both instruments, the bank should know the borrower's probability of default (PD) and the facility's loss given default (LGD). However, since a credit line allows the borrowers to draw down the committed funds according to their own needs, the bank must also have a measure of the line's exposure at default (EAD). Our study, which is based on a census of all corporate lending within Spain over the last 20 years, provides the most comprehensive overview of corporate credit line use and EAD calculations to date. Our analysis shows that defaulting firms have significantly higher credit line usage rates and EAD values up to five years prior to their actual default. Furthermore, we find that there are important variations in EAD values due to credit line size, collateralization, and maturity. While our results are derived from data for a single country, they should provide useful benchmarks for further academic, business and policy research into this underdeveloped area of credit risk management.Commercial loans ; Bank loans ; Credit

How does competition impact bank risk-taking?

A common assumption in the academic literature and in the actual supervision of banking systems worldwide is that franchise value plays a key role in limiting bank risk-taking. As the underlying source of franchise value is assumed to be market power, reduced competition has been considered to promote banking stability. Boyd and De Nicolo (2005) propose an alternative view where concentration in the loan market could lead to increased borrower debt loads and a corresponding increase in loan defaults that undermine bank stability. Martinez-Miera and Repullo (2007) encompass both approaches by proposing a nonlinear relationship between competition and bank risk-taking. Using unique datasets for the Spanish banking system, we examine the empirical nature of that relationship. After controlling for macroeconomic conditions and bank characteristics, we find that standard measures of market concentration do not affect the ratio of non-performing commercial loans (NPL), our measure of bank risk. However, using Lerner indexes based on bank-specific interest rates, we find a negative relationship between loan market power and bank risk. This result provides evidence in favor of the franchise value paradigm.Bank competition

Determinants of access to external finance: evidence from Spanish firms

Access to external finance is a key determinant of a firm's ability to develop, operate and expand. To date, the literature has examined a variety of macroeconomic and microeconomic factors that influence firm financing. In this paper, we examine access by Spanish firms to external financing, both from bank and non-bank sources. We use dynamic panel data estimation techniques to estimate our models over a sample of 60,000 firms during the period from 1992 to 2002. We find that Spanish firms are quite dependent on short-term non-bank financing (such as trade credit), which makes up about 65 percent of total firm debt. Our results indicate that this type of financing is less sensitive to firm characteristics than short-term bank financing. However, we also find that short-term bank debt seems to be accessed more during economic expansions, which may suggest a substitution away from non-bank financing as firm conditions improve. Short-term bank debt also seems to be accessed more as funding rates rise, possibly again suggesting a substitution away from higher-priced non-bank alternatives. Using data from the Spanish Credit Register maintained by the Banco de Espana, we find that the impact of funding costs on access to external financing, whether from banks or non-banks, is affected by the nature of borrowing firms' bank relationships and collateral. In particular, we provide evidence of a potential hold-up problem in loan markets. Moreover, collateral plays a key role in making long-term finance available to firms.Bank competition

Parametric assessment of a building active façade by means of a combined metallic sandwich panel with an unglazed solar collector

The building sector has a poor performance in terms of energy efficiency and is looking for alternatives to reduce the use of fossil fuels on building use stage. Renewables are unlimited and solar thermal energy is a technology with a demonstrated potential. The façade is a key element able to harness renewable energy coming from the sun becoming in an Active Solar Thermal Façade (ASTF). The main purpose of this study is the development of a parametric study using a numerical model to analyze the behavior of an unglazed solar collector. Thus, evaluating different design and meteorological parameters to show their influence on the heat transfer and the efficiency. The study shows that solar irradiation and mass flow are the most influential on thermal difference. However, for the efficiency ambient temperature and inlet temperature both are the most influencing ones. In brief, a set of parameters have a significant influence on the behavior of the ASTF that are fully governed by environmental conditions. Nevertheless, there are some other parameters that can be controlled during the operation. The challenge is to make a continuous configuration of this adaptable values depending on the external situation to achieve a higher performance for the ASTF

Healthy lifestyle: relationship between mediterranean diet, body composition and physical fitness in 13 to 16-years old icelandic students

Childhood and adolescent obesity are currently among the greatest challenges for public health. Physical activity, physical fitness, and adherence to the Mediterranean diet (MD), representing powerful indicators of healthy lifestyles, are shown as determinant factors in the prevention and treatment of obesity. The aim of the present study has been to analyse the relationship between health-related physical fitness components, body composition, and adherence to MD in 387 Icelandic adolescents of 13–16-years old (54% boys). The ALPHA Fitness Test was used to measure physical fitness and body composition. The KIDMED questionnaire was used to assess the adherence to MD among participants. Associations between variables were tested according to gender and age using linear regression models and analysis of variance. Participants with high/medium adherence to MD showed significantly higher endurance scores in both the boys and the girls. Gender differences were found. The boys in high/medium MD categories had significantly lower fat percentages and ran a 4 × 10 m sprint faster than the girls. The girls scored higher than the boys in endurance and speed-agility tests. It can be concluded that a high and medium adherence to MD is associated with high and very high endurance in both the girls and the boys

β7 Integrin Inhibition Can Increase Intestinal Inflammation by Impairing Homing of CD25hiFoxP3+ Regulatory T Cells.

Background & aimsIntegrin α4β7 mediates lymphocyte trafficking to the gut and gut-associated lymphoid tissues, a process critical for recruitment of effector lymphocytes from the circulation to the gut mucosa in inflammatory bowel disease (IBD) and murine models of intestinal inflammation. Antibody blockade of β7 integrins generally is efficacious in IBD; however, some patients fail to respond, and a few patients can experience exacerbations. This study examined the effects of loss of β7 integrin function in murine models of IBD.MethodsIn a mouse IBD model caused by lack of interleukin 10, a cytokine important in CD25hiFoxP3+ regulatory T cell (Treg) function, genetic deletion of β7 integrin or antibody blockade of α4β7-mucosal addressin cell adhesion molecule-1 interaction paradoxically exacerbated colitis.ResultsLoss of β7 impaired the capacity of Tregs homing to the gut and therefore suppress intestinal inflammation in an adoptive T-cell transfer model; however, the intrinsic suppressive function of β7-deficient Tregs remained intact, indicating that the β7 deficiency selectively impacts gut homing. Deletion of β7 integrin did not worsen colitis in an acute dextran sodium sulfate model in which Treg number and function were normal.ConclusionsIn Integrin subunit beta (Itgb)7-/-Il10-/- mice, loss of β7-dependent Treg homing to gut-associated lymphoid tissues combined with loss of intrinsic Treg function exacerbated intestinal inflammation. These results suggest that IBD patients with reduced CD25hiFoxP3+ Treg numbers or function or lack of interleukin 10 could be at risk for failure of α4β7 blocking therapy

The Potential of Specialized Media in Public Health: Analysis of Health-Related Content in Sports Newspapers

This article belongs to the Collection Physical Activity and Public HealthSports-specialized newspapers are one of the print media with the highest number of readers in Spain. However, little is known about the health coverage in this type of print press. The aim of the study was to analyze any health-related material in sports newspaper coverage and describe the main characteristics. This is an observational and cross-sectional study, performed in relation to the three most read daily Spanish sports newspapers (MARCA, AS, SPORT). A descriptive analysis was conducted to assess the health-related materials selected after a careful search over a period of 30 days. During this time, a total of 815 units of analysis were identified. On average, 14.79% (n = 645 pages) of the full content (n = 4362) included health-related material. The Liga BBVA section was the most frequent to contain health-related content by a significant margin (p = 0.01). The main covered topics were injuries to soccer players (52%), doping (21%), and other diseases in athletes or their relatives (8.6%) with no significant differences (p = 0.10). Photographs (87.4%) were the most frequent visual material used in the health content, followed by infographics (12.6%). Press releases were the most frequent source of information (58%). Spanish sports newspapers include a high proportion of health-related material, especially in terms of providing detailed descriptions of athletes' sport injuries, mainly related to soccer.This publication was partially supported by the General Secretariat for Research, Development and Innovation, Regional Government of Andalusia (Spain), under Grant PI/0256/2017. The funder had no role in the study design, data collection and analysis, decision to publish or preparation of the manuscript

On the Number of Periodic Inspections During Outbreaks of Discrete-Time Stochastic SIS Epidemic Models

This paper deals with an infective process of type SIS, taking place in a closed population of moderate size that is inspected periodically. Our aim is to study the number of inspections that find the epidemic process still in progress. As the underlying mathematical model involves a discrete time Markov chain (DTMC) with a single absorbing state, the number of inspections in an outbreak is a first-passage time into this absorbing state. Cumulative probabilities are numerically determined from a recursive algorithm and expected values came from explicit expressions