Credit lines: The other side of corporate liquidity

In this paper we offer the first large sample evidence on the availability and usage ofcredit lines in U.S. public corporations and use it to re-examine the existing findings oncorporate liquidity. We show that the availability of credit lines is widespread and thataverage undrawn credit is of the same order of magnitude as cash holdings. We test thetrade-off theory of liquidity according to which firms target an optimum level of liquidity,computed as the sum of cash and undrawn credit lines. We provide support for the existenceof a liquidity target, but also show that the reasons why firms hold cash and credit linesare very different. While the precautionary motive explains well cash holdings, the optimumlevel of credit lines appears to be driven by the restrictions imposed by the credit line itself,in terms of stated purpose and covenants. In support to these findings, credit line drawdownsare associated with capital expenditures, acquisitions, and working capital.

The persistence of inflation in OECD countries: A fractionally integrated approach

The statistical properties of inflation and, in particular, its degree of persistence and stability over time is a subject of intense debate and no consensus has been achieved yet. The goal of this paper is to analyze this controversy using a general approach, with the aim of providing a plausible explanation for the existing contradictory results. We consider the inflation rates of 21 OECD countries which are modelled as fractionally integrated (FI) processes. First, we show analytically that FI can appear in inflation rates after aggregating individual prices from firms that face different costs of adjusting their prices. Then, we provide robust empirical evidence supporting the FI hypothesis using both classical and Bayesian techniques. Next, we estimate impulse response functions and other scalar measures of persistence, achieving an accurate picture of this property and its variation across countries. It is shown that the application of some popular tools for measuring persistence, such as the sum of the AR coefficients, could lead to erroneous conclusions if fractional integration is present. Finally, we explore the existence of changes in inflation inertia using a novel approach. We conclude that the persistence of inflation is very high (although non-permanent) in most post-industrial countries and that it has remained basically unchanged over the last four decades.

Minimum distance estimation of stationary and non-stationary ARFIMA processes

A new parametric minimum distance time-domain estimator for ARFIMA processes is introduced in this paper. The proposed estimator minimizes the sum of squared correlations of residuals obtained after filtering a series through ARFIMA parameters. The estimator iseasy to compute and is consistent and asymptotically normally distributed for fractionallyintegrated (FI) processes with an integration order d strictly greater than -0.75. Therefore, it can be applied to both stationary and non-stationary processes. Deterministic components are also allowed in the DGP. Furthermore, as a by-product, the estimation procedure provides an immediate check on the adequacy of the specified model. This is so because the criterion function, when evaluated at the estimated values, coincides with the Box-Pierce goodness of fit statistic. Empirical applications and Monte-Carlo simulations supporting the analytical results and showing the good performance of the estimator in finite samples are also provided.

Control de 6 respiròmetres i anàlisi de les dades

L’aplicació de tècniques respiromètriques és de recent innovació dins l’estudi dels tractaments d’aigües residuals. Aquest conjunt de tècniques ens permeten analitzar dos processos importants dins una planta de tractament biològic: el creixement de la biomassa i el consum del substrat. Això fa que siguin una eina amb gran potencial en l’avaluació dels sistemes de tractament biològic d’aigües residuals. L’objectiu principal d’aquest treball es la realització d’una aplicació capaç de controlar el funcionament de 6 respiròmetres, gestionant el procés del mostreig de les respirometries i l’anàlisi de les dades obtingudes, per obtenir el substrat ràpidament biodegradable (Ss) per a mostres d’aigua residual, i la taxa màxima de creixement específic per a mostres de compost. L’aplicació s’ha desenvolupat sobre l’entorn Microsoft Access, on s’integren la base de dades amb les mostres i els resultats de les respirometries, i els formularis de control que ens permeten gestionar i controlar els processos de mostreig i anàlisi. L’aplicació es comunica amb els sensors i actuadors dels respiròmetres a través del control ActiveX, ADS-OCX, subministrat per TwinCAT, que ens permet capturar les lectures dels sensors i controlar el funcionament dels actuadors. Aquests elements estan connectats a mòduls descentralitzats d’entrades i sortides, comunicats mitjançant el bus Ethernet amb el PC-Industrial, on s’executa l’aplicació. Un cop finalitzada l’aplicació, aquesta controla correctament el mostreig de les respirometries, registrant les lectures de les sondes a la base de dades i controlant l’activació de les vàlvules del respiròmetre. Partint de les mostres obtingudes, o de respirometries externes, importades des de Microsoft Excel, s’ha comprovat el correcte funcionament en el càlcul del substrat ràpidament biodegradable (Ss) i la taxa màxima de creixement específic. Amb l’aplicació desenvolupada, s’ha comprovat el funcionament i les possibilitats que ens ofereix TwinCAT alhora de controlar mòduls d’entrades i sortides, així com la seva comunicació amb aplicacions com Microsoft Access. Això pot afavorir a la utilització d’aquest tipus de tecnologia, per aplicacions futures.

The maximun and the addition of assigment games

[cat] En el context dels mercats a dues bandes, considerem, en primer lloc, que els jugadors poden escollir on dur a terme les seves transaccions. Mostrem que el joc corresponent a aquesta situació, que es representa pel màxim d’un conjunt finit de jocs d’assignació, pot ser un joc no equilibrat. Aleshores proporcionem condicions per a l’equilibri del joc i, per aquest cas, analitzem algunes propietats del core del joc. En segon lloc, considerem que els jugadors poden fer transaccions en diversos mercats simultàniament i, llavors, sumar els guanys obtinguts. El joc corresponent, representat per la suma d’un conjunt finit de jocs d’assignació, és equilibrat. A més a més, sota certes condicions, la suma dels cores dels dos jocs d’assignació coincideix amb el core del joc suma.

Linear least squares estimation of the first order moving average parameter

We propose an iterative procedure to minimize the sum of squares function which avoids the nonlinear nature of estimating the first order moving average parameter and provides a closed form of the estimator. The asymptotic properties of the method are discussed and the consistency of the linear least squares estimator is proved for the invertible case. We perform various Monte Carlo experiments in order to compare the sample properties of the linear least squares estimator with its nonlinear counterpart for the conditional and unconditional cases. Some examples are also discussed

Elastic scattering of fast electrons and positrons by atoms

Elastic scattering of relativistic electrons and positrons by atoms is considered in the framework of the static field approximation. The scattering field is expressed as a sum of Yukawa terms to allow the use of various approximations. Accurate phase shifts have been computed by combining Bühring¿s power-series method with the WKB and Born approximations. This combined procedure allows the evaluation of differential cross sections for kinetic energies up to several tens of MeV. Numerical results are used to analyze the validity of several approximate methods, namely the first- and second-order Born approximations and the screened Mott formula, which are frequently adopted as the basis of multiple scattering theories and Monte Carlo simulations of electron and positron transport.

Exact lower bounds to the ground-state energy of spin systems: The two-dimensional S=1/2 antiferromagnetic Heisenberg model

We present a very simple but fairly unknown method to obtain exact lower bounds to the ground-state energy of any Hamiltonian that can be partitioned into a sum of sub-Hamiltonians. The technique is applied, in particular, to the two-dimensional spin-1/2 antiferromagnetic Heisenberg model. Reasonably good results are easily obtained and the extension of the method to other systems is straightforward.

Linear least squares estimation of the first order moving average parameter

We propose an iterative procedure to minimize the sum of squares function which avoids the nonlinear nature of estimating the first order moving average parameter and provides a closed form of the estimator. The asymptotic properties of the method are discussed and the consistency of the linear least squares estimator is proved for the invertible case. We perform various Monte Carlo experiments in order to compare the sample properties of the linear least squares estimator with its nonlinear counterpart for the conditional and unconditional cases. Some examples are also discussed

The maximun and the addition of assigment games

[cat] En el context dels mercats a dues bandes, considerem, en primer lloc, que els jugadors poden escollir on dur a terme les seves transaccions. Mostrem que el joc corresponent a aquesta situació, que es representa pel màxim d’un conjunt finit de jocs d’assignació, pot ser un joc no equilibrat. Aleshores proporcionem condicions per a l’equilibri del joc i, per aquest cas, analitzem algunes propietats del core del joc. En segon lloc, considerem que els jugadors poden fer transaccions en diversos mercats simultàniament i, llavors, sumar els guanys obtinguts. El joc corresponent, representat per la suma d’un conjunt finit de jocs d’assignació, és equilibrat. A més a més, sota certes condicions, la suma dels cores dels dos jocs d’assignació coincideix amb el core del joc suma.

Determinants of the omega-3 index in a Mediterranean population at increased risk for CHD.

The omega-3 index, defined as the sum of EPA and DHA in erythrocyte membranes expressed as a percentage of total fatty acids, has been proposed as both a risk marker and risk factor for CHD death. A major determinant of the omega-3 index is EPA þ DHA intake, but the impact of other dietary fatty acids has not been investigated. In a cross-sectional study on 198 subjects (102 men and 96 women, mean age 66 years) at high cardiovascular risk living in Spain, the country with low rates of cardiac death despite a high prevalence of cardiovascular risk factors, dietary data were acquired from FFQ and blood cell membrane fatty acid composition was measured by GC. The average consumption of EPA þ DHA was 0·9 g/d and the mean omega-3 index was 7·1%. In multivariate models, EPA þ DHA intake was the main predictor of the omega-3 index but explained only 12% of its variability (P,0·001). No associations with other dietary fatty acids were observed. Although the single most influential determinant of the omega-3 index measured here was the intake of EPA þ DHA, it explained little of the former"s variability; hence, the effects of other factors (genetic, dietary and lifestyle) remain to be determined. Nevertheless, the high omega-3 index could at least partially explain the paradox of low rates of fatal CHD in Spain despite a high background prevalence of cardiovascular risk factors.

Determinants of the omega-3 index in a Mediterranean population at increased risk for CHD.

The omega-3 index, defined as the sum of EPA and DHA in erythrocyte membranes expressed as a percentage of total fatty acids, has been proposed as both a risk marker and risk factor for CHD death. A major determinant of the omega-3 index is EPA þ DHA intake, but the impact of other dietary fatty acids has not been investigated. In a cross-sectional study on 198 subjects (102 men and 96 women, mean age 66 years) at high cardiovascular risk living in Spain, the country with low rates of cardiac death despite a high prevalence of cardiovascular risk factors, dietary data were acquired from FFQ and blood cell membrane fatty acid composition was measured by GC. The average consumption of EPA þ DHA was 0·9 g/d and the mean omega-3 index was 7·1%. In multivariate models, EPA þ DHA intake was the main predictor of the omega-3 index but explained only 12% of its variability (P,0·001). No associations with other dietary fatty acids were observed. Although the single most influential determinant of the omega-3 index measured here was the intake of EPA þ DHA, it explained little of the former"s variability; hence, the effects of other factors (genetic, dietary and lifestyle) remain to be determined. Nevertheless, the high omega-3 index could at least partially explain the paradox of low rates of fatal CHD in Spain despite a high background prevalence of cardiovascular risk factors.

Utilization of dietary glucose in the metabolic syndrome

This review is focused on the fate of dietary glucose under conditions of chronically high energy (largely fat) intake, evolving into the metabolic syndrome. We are adapted to carbohydrate-rich diets similar to those of our ancestors. Glucose is the main energy staple, but fats are our main energy reserves. Starvation drastically reduces glucose availability, forcing the body to shift to fatty acids as main energy substrate, sparing glucose and amino acids. We are not prepared for excess dietary energy, our main defenses being decreased food intake and increased energy expenditure, largely enhanced metabolic activity and thermogenesis. High lipid availability is a powerful factor decreasing glucose and amino acid oxidation. Present-day diets are often hyperenergetic, high on lipids, with abundant protein and limited amounts of starchy carbohydrates. Dietary lipids favor their metabolic processing, saving glucose, which additionally spares amino acids. The glucose excess elicits hyperinsulinemia, which may derive, in the end, into insulin resistance. The available systems of energy disposal could not cope with the excess of substrates, since they are geared for saving not for spendthrift, which results in an unbearable overload of the storage mechanisms. Adipose tissue is the last energy sink, it has to store the energy that cannot be used otherwise. However, adipose tissue growth also has limits, and the excess of energy induces inflammation, helped by the ineffective intervention of the immune system. However, even under this acute situation, the excess of glucose remains, favoring its final conversion to fat. The sum of inflammatory signals and deranged substrate handling induce most of the metabolic syndrome traits: insulin resistance, obesity, diabetes, liver steatosis, hyperlipidemia and their compounded combined effects. Thus, a maintained excess of energy in the diet may result in difficulties in the disposal of glucose, eliciting inflammation and the development of the metabolic syndrome

Nanomechanical properties of molecular organic thin films

Using atomic force microscopy we have studied the nanomechanical response to nanoindentations of surfaces of highly oriented molecular organic thin films (thickness¿1000¿nm). The Young¿s modulus E can be estimated from the elastic deformation using Hertzian mechanics. For the quasi-one-dimensional metal tetrathiafulvalene tetracyanoquinodimethane E~20¿GPa and for the ¿ phase of the p-nitrophenyl nitronyl nitroxide radical E~2GPa. Above a few GPa, the surfaces deform plastically as evidenced by discrete discontinuities in the indentation curves associated to molecular layers being expelled by the penetrating tip.