The Effect of relationship lending on firm performance

We examine how relationship lending affects firm performance using a panel dataset of about 70,000 small and medium Spanish firms in the period 1993-2004. We model firm performance jointly with the firm's choice of the number of bank relationships. Controlling for firm fixed effects and using instrumental variables for the decision on the number of bank relationships, we find that firms maintaining exclusive bank relationships have lower profitability. The result is consistent with the view that banks appropriate most of the value generated through close relationships with its borrowers as long as they do not face competition from other lenders.

Human capital in export-based internationalisation. "Managerial determinants and their influence upon the export behaviour of the firm: four case-studies of catalan exporting SMEs"

Export activities are a major source of economic growth and are considered important both at the national level and for individual businesses. Moreover, in the case of SMEs, they gain particular relevance, exporting being the most common foreign market entry mode for these firms. The decision maker’s role in the export activity is crucial, particularly in the case of SMEs. However, the extant literature on internationalization is characterized by a lack of consensus among scholars as to what constitutes the managerial factor in determining exporting. Therefore, this study focuses on the following issue: Which are the decision maker’s characteristics and perceptions that may influence the export behaviour of Catalan SMEs? To address this question a multiple case study method is applied across four Catalan exporting SMEs. The methodology chosen for analysing the empirical data is relying on the proposition testing approach while the investigation is conducted including both within and cross-case analysis. The findings show that high educational level, language skills, high risk tolerance, innovativeness as well as strongly perceived export stimuli as compared to low and easy to overcome export barriers positively influence the export involvement and development of SMEs. The study provides further insights into the research topic by jointly studying managerial characteristics and perceptions. Additionally, the majority of research on exporting topics has been carried out in the USA, so there is a clear need of investigation in the field in other countries, moreover in Spain where the exporting activities have not been as widely studied.

An instrumental analysis of the European Union's capability to act in conflict response

Descripció i anàlisi dels instruments polítics, econòmics, civils i militars de la Unió Europea per enfrontar qualsevol conflicte.

Microbial spoilage and quality of marinated dark, firm, dry meat

Estudi elaborat a partir d’una estada al Royal Veterinary and Agricultural University of Denmark entre els mesos de Març a Juny del 2006. S’ha investigat l’efecte dels envasats amb atmosferes modificades (MAP), així com la marinació amb vi tint, sobre l’evolució de la contaminació bacteriològica de carns fosques, dures i seques (DFD). Les carns DFD es troben a les canals d’animals que, abans del sacrifici, han estat exposades a activitats musculars prolongades o estrès. Les carns DFD impliquen importants pèrdues econòmiques degut a la contaminació bacteriològica i als problemes tecnològics relacionats amb la alta capacitat de retenció d’aigua. A més a més, és crític per la indústria investigar la diversitat de la contaminació bacteriana, identificar les espècies bacterianes i controlar-les. Però és difícil degut a la inhabilitat per detectar algunes bactèries en medis coneguts, les interaccions entre elles, la complexitat dels tipus de contaminació com són aigua, terra, femtes i l’ambient. La Polymerasa chain reaction- Denaturating Electrophoresis Gel (PCR-DGEE ) pot sobrepassar aquests problemes reflectint la diversitat microbial i les espècies bacterianes. Els resultants han indicat que la varietat bacteriana de la carn incrementava amb els dies d’envasat independentment del mètode d’envasat, però decreixia significativament amb el tractament de marinació amb vi tint. La DGEE ha mostrat diferències en les espècies trobades, indicant canvis en la contaminació bacteriana i les seves característiques en la carn DFD sota els diferents tractaments. Tot i que la marinació és una bona alternativa i solució a la comercialització de carn DFD , estudis de seqüenciació són necessaris per identificar les diferents tipus de bactèries.

Business-science research collaboration under moral hazard

I analyze, in the context of business and science research collaboration, how the characteristics of partnership agreements are the result of an optimal contract between partners. The final outcome depends on the structure governing the partnership, and on the informational problems towards the efforts involved. The positive effect that the effort of each party has on the success of the other party, makes collaboration a preferred solution. Divergence in research goals may, however, create conflicts between partners. This paper shows how two different structures of partnership governance (a centralized, and a decentralized ones) may optimally use the type of project to motivate the supply of non-contractible efforts. Decentralized structure, however, always choose a project closer to its own preferences. Incentives may also come from monetary transfers, either from partners sharing each other benefits, or from public funds. I derive conditions under which public interventio

Sobre a variação intra-específica em Triatoma dimidiata (Latreille) e Triatoma infestans (Klug) (Hemiptera, Reduviidae)

A observação de oito exemplares de Triatoma dimidiata (Latreille, 1811) de procedência diversas, com vistas a procurar caracterizar as estruturas da genitália externa dos machos (processo do endosoma, suporte do falosoma, falosoma e visica) levou-nos a constatar a mesma variabilidade que a espécie demonstra em relação aos seus caracteres externos de colorido e relações da cabeça e do rosto. Por associação de idéias, ampliamos um estudo anterior sobre a genitália masculina de Triatoma infestans (Klug, 1834), também espécie de larga distribuição geográfica, porém com caracteres externos estáveis. Encontramos assim mesmo, embora em percentagem pequena, que os espinhos do processo do endosoma, habitualmente em número reduzido, podiam não existir. Desta espécie observamos quinze exemplares, de procedências diversas.

Inter-group conflict and intra-group punishment in an experimental contest game

We study how conflict in a contest game is influenced by rival parties being groups and by group members being able to punish each other. Our main motivation stems from the analysis of socio-political conflict. The relevant theoretical prediction in our setting is that conflict expenditures are independent of group size and independent of whether punishment is available or not. We find, first, that our results contradict the independence of group-size prediction: conflict expenditures of groups are substantially larger than those of individuals, and both are substantially above equilibrium. Towards the end of the experiment material losses in groups are 257% of the predicted level. There is, however, substantial heterogeneity in the investment behaviour of individual group members. Second, allowing group members to punish each other after individual contributions to the contest effort are revealed leads to even larger conflict expenditures. Now material losses are 869% of the equilibrium level and there is much less heterogeneity in individual group members' investments. These results contrast strongly with those from public goods experiments where punishment enhances efficiency and leads to higher material payoffs.

The occurrence of intra-operative hypotension varies between hospitals: observational analysis of more than 147,000 anaesthesia.

BACKGROUND: Hypotension, a common intra-operative incident, bears an important potential for morbidity. It is most often manageable and sometimes preventable, which renders its study important. Therefore, we aimed at examining hospital variations in the occurrence of intra-operative hypotension and its predictors. As secondary endpoints, we determined to what extent hypotension relates to the risk of post-operative incidents and death. METHODS: We used the Anaesthesia Databank Switzerland, built on routinely and prospectively collected data on all anaesthesias in 21 hospitals. The three outcomes were assessed using multi-level logistic regression models. RESULTS: Among 147,573 anaesthesias, hypotension ranged from 0.6% to 5.2% in participating hospitals, and from 0.3% up to 12% in different surgical specialties. Most (73.4%) were minor single events. Age, ASA status, combined general and regional anaesthesia techniques, duration of surgery and hospitalization were significantly associated with hypotension. Although significantly associated, the emergency status of the surgery had a weaker effect. Hospitals' odds ratios for hypotension varied between 0.12 and 2.50 (P < or = 0.001), even after adjusting for patient and anaesthesia factors, and for type of surgery. At least one post-operative incident occurred in 9.7% of the procedures, including 0.03% deaths. Intra-operative hypotension was associated with a higher risk of post-operative incidents and death. CONCLUSION: Wide variations remain in the occurrence of hypotension among hospitals after adjustment for risk factors. Although differential reporting from hospitals may exist, variations in anaesthesia techniques and blood pressure maintenance may also have contributed. Intra-operative hypotension is associated with morbidities and sometimes death, and constant vigilance must thus be advocated.

The role of thymic accessory cells in cytokine production and in the intra-thymic T cell differentiation pathway

Intrathymic T lymphocyte differentiation proceeds from complex interactions between prothymocytes of bone marrow origin and cells of the thymic stroma, epithelial cells and "acessory" cells (macrophages and/or interdigitating cells). The present paper describes the role of the accessoty cell compartment in this intrathymic process. Acessory cells produce factors which are involved in thymocyte proliferation (interleukin 1, prostaglandins, deoxynucleosides). Cell-cell interaction between "accessory" cells and thymocytes is required for the regulation of interleukin production. Prothymocytes, the precursors of all thymocyte subsets, need the accessory cell compartment for their IL2 dependent proliferation and their differentiation. Accessory cells of the thymic stroma may be involved in the intrathymic selection process at the prothymocyte level.

Chimiothérapie intra-artérielle super-sélective dans l'artère ophtalmique en cas de rétinoblastome avancé chez l'enfant.

Objectifs: Etude prospective sur l'efficacité de la chimio-perfusion super-sélective avec Melphalan dans l'artère ophtalmique en tant qu'agent tumoricide chez l'enfantatteint de rétinoblastome avancé, pour éviter l'énucléation chirurgicale et/ou la radiothérapie externe. Matériels et méthodes: 19 enfants (âge moyen 25 mois) atteints de rétinoblastome de groupe D ont reçu 1 à 3 séances d'administration intra-artérielle de Melphalan (0,35 mg/kg) dans l'artère ophtalmique sous anesthésie générale. Au total 48 procédures ont été réalisées. Chaque séance était associée à une injection intra-vitréenne deMelphalan, ainsi qu'à une thermothérapie et/ou une cryothérapie. Résultats: Le traitement a été effectué avec succès chez 17/19 enfants avec une régression importante du volume tumoral. L'énucléation ainsi que la radiothérapie externeont pu être évitées dans 15/17 enfants, sur un suivi moyen d'une année. Aucune complication systémique ou thromboembolique n'a été observée. Lescomplications locales ont comporté 2 décollements de la rétine, 5 oedèmes conjonctivaux et palpébraux, 1 cas de pigmentation cutanée locale, 1 vasospasmetransitoire de l'artère carotide interne et 2 cas d'artériopathie occlusive choroïdienne sectorielle . Conclusion: L'administration intra-artérielle de Melphalan s'avère être très efficace dans les cas avancés de rétinoblastome chez l'enfant, aussi bien comme techniquecurative que pour éviter l'énucléation et/ou la radiothérapie externe.

Immigration and Firm Growth: Evidence from Spanish cities

This article analyses the effect of immigration flows on the growth and efficiency of manufacturing firms in Spanish cities. To date, most studies have tended to focus on the effect immigrants have on labour markets at an aggregate level. Here, however, we undertake an exhaustive analysis at the firm level and report conclusive empirical findings. Ten years ago, Spain began to register massive immigration flows, concentrated above all on its most dynamic and advanced regions. Here, therefore, rather than focusing on the impact this has had on Spain’s labour market (changes to the skill structure of the workforce, increase in labour supply, the displacement of native workers, etc.), we examine the arrival of immigrants in terms of the changes this has meant to the structure of the country’s cities and their amenities. Thus, we argue that the impact of immigration on firm performance should not only be considered in terms of the labour market, but also in terms of how a city’s amenities can affect the performance of firms. Employing a panel data methodology, we show that the increasing pressure brought to bear by immigrants has a positive effect on the evolution of labour productivity and wages and a negative effect on the job evolution of these manufacturing firms. In addition, both small and new firms are more sensitive to the pressures of such immigrant inflows, while foreign market oriented firms report higher productivity levels and a less marked impact of immigration than their counterparts. In this paper, we also present a set of instruments to correct the endogeneity bias, which confirms the effect of local immigration flows on the performance of manufacturing firms.

Evaluating the impact of public subsidies on a firm's performance: A quasi-experimental approach

Many regional governments in developed countries design programs to improve the competitiveness of local firms. In this paper, we evaluate the effectiveness of public programs whose aim is to enhance the performance of firms located in Catalonia (Spain). We compare the performance of publicly subsidised companies (treated) with that of similar, but unsubsidised companies (non-treated). We use the Propensity Score Matching (PSM) methodology to construct a control group which, with respect to its observable characteristics, is as similar as possible to the treated group, and that allows us to identify firms which retain the same propensity to receive public subsidies. Once a valid comparison group has been established, we compare the respective performance of each firm. As a result, we find that recipient firms, on average, change their business practices, improve their performance, and increase their value added as a direct result of public subsidy programs.

Tax differentials and agglomeration economies in intraregional firm location

This paper analyses empirically how differences in local taxes affect the intraregional location of new manufacturing plants. These effects are examined within the random profit maximization framework while accounting for the presence of different types of agglomeration economies (localization/ urbanization/ Jacobs’ economies) at the municipal level. We look at the location decision of more than 10,000 establishments locating between 1996 and 2003 across more than 400 municipalities in Catalonia, a Spanish region. It is necessary to restrict the choice set to the local labor market and, above all, to control for agglomeration economies so as to identify the effects of taxes on the location of new establishments.