The trade credit in the Spanish agrofood industry

Selling on credit is rather frequent in Mediterranean countries. Its generalized use can lead to excessive enlargements of the payment periods and consequently can deteriorate the profitability of firms. In spite of the relevance of this problem there are few empirical researches. This work intends to fill this gap and to shed light on the factors related to the extension of trade credit. In the theoretical and empirical literature, different motives have been proposed to explain this issue: a mechanism to reduce transaction costs, a financial alternative to the bank system and an additional tool to improve commercial activities. To contrast these ideas a panel of 388 firms of the Spanish agrofood industry has been taken, and static and dynamic regression models have been estimated by using robust methods to heteroskedasticity, autocorrelation and endogeneity of the explanatory variables. The results confirm that trade credit receivable is associated with more active firms and with cheaper bank financing. Other factors with positive relationships are short-term bank debts and accounts payable. These findings are consistent with commercial motives, rather than a pure financial view, in the sense that financial distressed producers extend trade credit as a way of promoting their products and in turn increasing their sales.

Measurement of transmitted power in untapered multifibre unions oscillatory spectral behaviour

Shows a new structure, the untapered multifibre union, with similar oscillation behaviour to that of tapered single-mode fibres. As a consequences conical regions are not relevant to the final results. This oscillatory behaviour opens the way to low-cost all-fibre devices such as optical filters

Spectral behavior of a low-cost all-fiber component based on untapered multifiber unions

Untapered multifiber unions are reported to show a spectral behavior similar to the tapered ones. Their oscillatory behavior does not depend on the biconical regions. This suggests a novel way to make low-cost all-fiber devices with applications as passive components such as optical filters and wavelength multiplexers/demultiplexers. Two types of multimode fibers have been studied and information about the index profile influence has been obtained. Polarization insensitivity and temperature stability have been observed.