The determinants of trade credit: a study of portuguese industrial companies

Despite the relevance of trade credit as a source of business financing, the topic is far from being considered exhausted, especially because there is no general and integrated theory explaining the causes and consequences of trade credit.Our research aims to contribute towards the literature that studies the determinants for granting and receiving trade credit. In this sequence, the present study seeks to empirically test some theories about the reasons why companies grant and receive commercial credit. For this purpose we apply a fixed effect model to a panel of 11 040 Portuguese industrial companies, of which 360 are large companies and the majority 10 680 are Small and Medium Enterprises (SME) for the period between 2003 and 2009. We conclude that large companies (with greater access to credit market) serve as financial intermediaries to their clients with less access to finance. In addition, it was observed that the supplier companies use trade credit as a legal means of price discrimination. Finally, financially constrained enterprises, especially in times of financial crisis, use commercial credit as an alternative source of funding, endorsing the hypothesis of substitution between trade credit and bank credit.

Stochastic Framework for Strategic Decision-making of Load-serving Entities for Day-ahead Market

The deregulation of electricity markets has diversified the range of financial transaction modes between independent system operator (ISO), generation companies (GENCO) and load-serving entities (LSE) as the main interacting players of a day-ahead market (DAM). LSEs sell electricity to end-users and retail customers. The LSE that owns distributed generation (DG) or energy storage units can supply part of its serving loads when the nodal price of electricity rises. This opportunity stimulates them to have storage or generation facilities at the buses with higher locational marginal prices (LMP). The short-term advantage of this model is reducing the risk of financial losses for LSEs in DAMs and its long-term benefit for the LSEs and the whole system is market power mitigation by virtually increasing the price elasticity of demand. This model also enables the LSEs to manage the financial risks with a stochastic programming framework.

A real time pricing approach to deal with excessive wind power situations

The introduction of wind power generation in several countries around the world, including in European countries, where energy policy directives have encouraged the use of renewables, led to several changes in market and power systems operation. The intensive integration of these sources has led to situations in which the demand is lower than the available renewable resources. In these situations a part of the available generation is wasted if not used for storage or to supply additional demand. This paper proposes a real time demand response methodology based on changing the electricity price for the consumers expecting an increase in the demand in the periods in which that demand is lower than the available renewable generation. The consumers response to the changes in electricity price is characterized by their price elasticity of demand considered distinct for each consumer type. The proposed methodology is applied to the Portuguese power system, in the context of the Iberian electricity market (MIBEL). The renewable-based producers are considered as special producers, with special tariffs, and so it is important to use the energy available as it will be paid anyway. In this context, consumers are entities actively participating in the operation of the market.

Os determinantes do crédito comercial: um estudo sobre as empresas industriais portuguesas

O presente trabalho procura testar empiricamente algumas teorias sobre os motivos pelos quais as empresas concedem e recebem crédito comercial. Para este efeito usa- se um painel de 11040 empresas portuguesas, das quais 360 são grandes empresas e 10680 são PME, para o período compreendido entre 2003 e 2009. Apesar da relevância do crédito comercial como fonte de financiamento empresarial, o tema está longe de se considerar esgotado, sobretudo porque não existe uma teoria geral sobre este assunto. Assim, o nosso trabalho procura contribuir para a literatura que estuda os determinantes para a concessão e recebimento de crédito comercial. Adicionalmente, e porque esta temática não têm sido muito estudada em Portugal, pretendemos analisar o papel do crédito comercial como fonte de financiamento das empresas portuguesas. No presente trabalho conclui-se que as grandes empresas (com maior acesso ao mercado de crédito) servem como intermediários financeiros para os seus clientes com menor acesso ao financiamento. Para além disso, observou-se que as empresas fornecedoras utilizam o crédito comercial como um meio legal de discriminação de preços. Por fim, as empresas financeiramente constrangidas, principalmente em momentos de crise financeira, recorrem ao crédito comercial como fonte alternativa de financiamento, corroborando a hipótese de substituição entre o crédito comercial e o crédito bancário.

Incentive-based demand response programs designed by asset-light retailers for day-ahead market

Following the deregulation experience of retail electricity markets in most countries, the majority of the new entrants of the liberalized retail market were pure REP (retail electricity providers). These entities were subject to financial risks because of the unexpected price variations, price spikes, volatile loads and the potential for market power exertion by GENCO (generation companies). A REP can manage the market risks by employing the DR (demand response) programs and using its' generation and storage assets at the distribution network to serve the customers. The proposed model suggests how a REP with light physical assets, such as DG (distributed generation) units and ESS (energy storage systems), can survive in a competitive retail market. The paper discusses the effective risk management strategies for the REPs to deal with the uncertainties of the DAM (day-ahead market) and how to hedge the financial losses in the market. A two-stage stochastic programming problem is formulated. It aims to establish the financial incentive-based DR programs and the optimal dispatch of the DG units and ESSs. The uncertainty of the forecasted day-ahead load demand and electricity price is also taken into account with a scenario-based approach. The principal advantage of this model for REPs is reducing the risk of financial losses in DAMs, and the main benefit for the whole system is market power mitigation by virtually increasing the price elasticity of demand and reducing the peak demand.

Estudo de Argamassas com Cinza de Casca de Amêndoa

Perante o elevado consumo de materiais naturais no processo e produtos na área da construção civil, o reaproveitamento de resíduos é uma das soluções a ser estudada. As cinzas agroindustriais têm lugar de destaque entre estes resíduos, pois têm a possibilidade de aplicação em materiais cimentícios, reduzindo assim o consumo de cimento de Portland. O presente estudo debruça-se sobre a substituição parcial (1,5% e 5%) de cimento de Portland por cinzas de casca de amêndoa. Realizaram-se provetes com diferentes tipos de argamassas: (i) uma de controlo sem substituição de cimento (ARF); (ii) uma com 1,5% de substituição parcial de cimento por cinzas de casca de amêndoa (CCA 1,5%); (iii) e uma com 5% de substituição parcial de cimento por cinza de casca de amêndoa (CCA 5%). Executaram-se ensaios para resistências mecânicas aos 3, 7, 14, 28 e 41 dias de idade. A nível químico pode-se concluir que esta cinza de casca de amêndoa não apresentou qualquer potencial pozolânico. A trabalhabilidade na generalidade diminui ligeiramente, contendo cinza de casca de amêndoa, mas ainda assim considerando-se de fácil manuseamento. Em relação às resistências mecânicas, pode-se concluir que o ideal é a substituição parcial de cimento com 1,5%, pois as resistências diminuem com o uso de uma maior percentagem de substituição, ou seja, o ideal é substituir em pequenas percentagens. Com os dados obtidos, conclui-se que as cinzas testadas não apresentam características necessárias para serem consideradas pozolanas e se será viável a sua utilização mesmo como filer.

Lipid content and fatty acid profile of Senegalese sole (Solea senegalensis Kaup, 1858) juveniles as affected by feed containing different amounts of plant protein sources

A growth trial with Senegalese Sole (Solea senegalensis Kaup, 1858) juveniles fed with diets containing increasing replacement levels of fishmeal by mixtures of plant protein sources was conducted over 12 weeks. Total fat contents of muscle, liver, viscera, skin, fins and head tissues were determined, as well as fatty acid profiles of muscle and liver (GC-FID analysis). Liver was the preferential local for fat deposition (5.5–10.8% of fat) followed by fins (3.4–6.7% fat). Increasing levels of plant protein in the diets seems to be related to increased levels of total lipids in the liver. Sole muscle is lean (2.4–4.0% fat), with total lipids being similar among treatments. Liver fatty acid profile varied significantly among treatments. Plant protein diets induced increased levels of C16:1 and C18:2 n -6 and a decrease in ARA and EPA levels. Muscle fatty acid profile also evidenced increasing levels of C18:2 n 6, while ARA and DHA remained similar among treatments. Substitution of fishmeal by plant protein is hence possible without major differences on the lipid content and fatty acid profile of the main edible portion of the fish – the muscle.

Electrochemical oxidation of propanil and related N-substituted amides

The electrochemical behaviour of propanil and related N-substituted amides (acetanilide and N,N-diphenylacetamide) was studied by cyclic and square wave voltammetry using a glassy carbon electrode. Propanil has been found to have chemical stability under the established analytical conditions and showed an oxidation peak at +1.27V versus Ag/AgCl at pH 7.5. N,N-diphenylacetamide has a higher oxidation potential than the other compounds of +1.49V versus Ag/AgCl. Acetanilide oxidation occurred at a potential similar to that of propanil, +1.24V versus Ag/AgCl. These results are in agreement with the substitution pattern of the nitrogen atom of the amide. A degradation product of propanil, 3,4-dichloroaniline (DCA), was also studied, and showed an oxidation peak at +0.66V versus Ag/AgCl. A simple and specific quantitative electroanalytical method is described for the analysis of propanil in commercial products that contain propanil as the active ingredient, used in the treatment of rice crops in Portugal.

Evaluation of dynamic pass-through of carbon prices into electricity prices – a cointegrated VECM analysis

This paper addresses the impact of the CO2 opportunity cost on the wholesale electricity price in the context of the Iberian electricity market (MIBEL), namely on the Portuguese system, for the period corresponding to the Phase II of the European Union Emission Trading Scheme (EU ETS). In the econometric analysis a vector error correction model (VECM) is specified to estimate both long–run equilibrium relations and short–run interactions between the electricity price and the fuel (natural gas and coal) and carbon prices. The model is estimated using daily spot market prices and the four commodities prices are jointly modelled as endogenous variables. Moreover, a set of exogenous variables is incorporated in order to account for the electricity demand conditions (temperature) and the electricity generation mix (quantity of electricity traded according the technology used). The outcomes for the Portuguese electricity system suggest that the dynamic pass–through of carbon prices into electricity prices is strongly significant and a long–run elasticity was estimated (equilibrium relation) that is aligned with studies that have been conducted for other markets.

Demand Response Programs Definition Using Demand Price Elasticity to Define Consumers Aggregation for an Improved Remuneration Structure

The positioning of the consumers in the power systems operation has been changed in the recent years, namely due to the implementation of competitive electricity markets. Demand response is an opportunity for the consumers’ participation in electricity markets. Smart grids can give an important support for the integration of demand response. The methodology proposed in the present paper aims to create an improved demand response program definition and remuneration scheme for aggregated resources. The consumers are aggregated in a certain number of clusters, each one corresponding to a distinct demand response program, according to the economic impact of the resulting remuneration tariff. The knowledge about the consumers is obtained from its demand price elasticity values. The illustrative case study included in the paper is based on a 218 consumers’ scenario.

Rapid Evolution of the Sequences and Gene Repertoires

Proteins secreted to the extracellular environment or to the periphery of the cell envelope, the secretome, play essential roles in foraging, antagonistic and mutualistic interactions. We hypothesize that arms races, genetic conflicts and varying selective pressures should lead to the rapid change of sequences and gene repertoires of the secretome. The analysis of 42 bacterial pan-genomes shows that secreted, and especially extracellular proteins, are predominantly encoded in the accessory genome, i.e. among genes not ubiquitous within the clade. Genes encoding outer membrane proteins might engage more frequently in intra-chromosomal gene conversion because they are more often in multi-genic families. The gene sequences encoding the secretome evolve faster than the rest of the genome and in particular at non-synonymous positions. Cell wall proteins in Firmicutes evolve particularly fast when compared with outer membrane proteins of Proteobacteria. Virulence factors are over-represented in the secretome, notably in outer membrane proteins, but cell localization explains more of the variance in substitution rates and gene repertoires than sequence homology to known virulence factors. Accordingly, the repertoires and sequences of the genes encoding the secretome change fast in the clades of obligatory and facultative pathogens and also in the clades of mutualists and free-living bacteria. Our study shows that cell localization shapes genome evolution. In agreement with our hypothesis, the repertoires and the sequences of genes encoding secreted proteins evolve fast. The particularly rapid change of extracellular proteins suggests that these public goods are key players in bacterial adaptation.

Mechanical properties of chemically modified portuguese pinewood

To turn wood into a construction material with enhanced properties, many methods of chemical modification have been developed in the last few decades. In this work, mechanical properties of pine wood were chemically modified, compared and evaluated. Maritime pine wood (Pinus pinaster) was modified with four chemical processes: 1,3-dimethylol-4,5- dihydroxyethyleneurea, N-methylol melamine formaldehyde, tetra-alkoxysilane and wax. The following mechanical properties were assessed experimentally: Modulus of elasticity measured statically, stiffness stabilization efficiency in different climates (30 and 87% of relative humidity), modulus of rupture, work maximum load, impact bending strength, compression, tensile and shear strength at indoor conditions (65% of relative humidity). In both types of active principle of modification, cell wall or lumen fill, no significant changes on the bending stiffness (modulus of elasticity) were found. In the remaining properties analysed significant changes in the modified wood-material took place compared to unmodified wood control: - Cell wall modification was the most effective method to achieve high stiffness stabilization efficiency (up to 60%) and also increased compression strength (up to 230%). However, modulus of rupture, tensile, shear and the impact bending strength were reduced by both resins, but in a varying extent, where the N-methylol melamine formaldehyde endured less reduction than 1,3-dimethylol-4,5-dihydroxyethyleneurea resin. In the latter, reduction up to 60% can take place. - In the lumen fill modification: tetra-alkoxysilane has no effect in the mechanical properties. Although, a slight increase in shear strength parallel to the grain was found. Wax specimens have shown a slight increase in bending strength, compression, tensile and shear strength as well as in the absorption energy capacity.