Bank relationships: effect on the availability and marginal cost of credit for firms in Argentina

The paper provides evidence on what affects at the margin the cost and availability of bank credit for firms in Argentina. We study in particular how banks use different pieces of private and public information to screen firms and overcome informational asymmetries in the credit market. Some private information is transferable, like balance sheet data. Private information generated in relationships is not. To capture the closeness of bank relationships, we resort to the concentration of bank credit and the number of credit lines in a bank. We also consider public information available in the Central de Deudores. The cost of credit is measured using overdrafts, the most expensive line of credit, at the bank that charges the highest rate for overdrafts. We find that the cost of credit is smaller for a firm with a close relationship to the marginal bank. Firms with large assets, a high sales/assets ratio, and a low debt/assets ratio pay a lower interest rate at the margin. A good credit history (no debt arrears and no bounced checks) and collateral also reduce the marginal interest rate. The availability of credit is measured by unused credit lines as a proportion of total liabilities with the main bank. The availability of credit depends positively on a close relationship with the main bank. Large assets, a high return over assets, a high sales/assets ratio, a low debt/assets ratio, a good credit history, and collateral lead to higher credit availability. Our measure of unused credit lines is less ambiguous than traditional measures like leverage, which may indicate financial distress rather than availability of credit.

High-growth SMEs and the availability of private equity and venture capital in Brazil

This chapter discusses private equity and venture capital (PE/VC) in Brazil. Firstly, it is shown that PE/VC has a strong impact in the Brazilian capital markets, with PE/VC-backed companies representing close to half the amount raised by initial public offerings (IPOs) in the stock exchanges. By examining two of these deals, which involved small and mediumsized enterprises (SMEs), it is argued that PE/VC managers have acted as catalysts of the impressive growth rates experienced before these companies entered the stock markets. Indeed, PE/VC firms represent an important segment of the capital market, with specialization to invest in high-growth innovative SMEs. PE/VC managers exercise superior selection, monitoring and governance that mitigate the uncertainty and risks of investing in such companies. Despite its successes in Brazil, PE/VC is still very much restrained by the challenging local economic and institutional environment. Thus, changes in the legal and fiscal system, simplification in bureaucratic procedures, and other such improvements will most likely result in a sensible growth in the Brazilian PE/VC industry, with positive impact in the SME access to finance in Brazil. Since most countries in Latin America share similar economic and institutional traits with Brazil, the path followed by the local PE/VC industry can serve as an example for other countries to learn with its successes and failures.

Cadmium availability and accumulation by lettuce and rice

Among the toxic elements, Cd has received considerable attention in view of its association with a number of human health problems. The objectives of this study were to evaluate the Cd availability and accumulation in soil, transfer rate and toxicity in lettuce and rice plants grown in a Cd-contaminated Typic Hapludox. Two simultaneous greenhouse experiments with lettuce and rice test plants were conducted in a randomized complete block design with four replications. The treatments consisted of four Cd rates (CdCl2), 0.0; 1.3; 3.0 and 6.0 mg kg(-1), based on the guidelines recommended by the Environmental Agency of the State of São Paulo, Brazil (Cetesb). Higher Cd rates increased extractable Cd (using Mehlich-3, Mehlich-1 and DTPA chemical extractants) and decreased lettuce and rice dry matter yields. However, no visual toxicity symptoms were observed in plants. Mehlich-1, Mehlich-3 and DTPA extractants were effective in predicting soil Cd availability as well as the Cd concentration and accumulation in plant parts. Cadmium concentration in rice remained below the threshold for human consumption established by Brazilian legislation. on the other hand, lettuce Cd concentration in edible parts exceeded the acceptable limit.

Distribution of Ra-226, Th-232 and K-40 in soils and sugar cane crops at Corumbatai river basin, São Paulo State, Brazil

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

The status of soil phosphate fractions and the ability of fungi to dissolve hardly soluble phosphates

Brazilian soils predominantly consist of iron and aluminum oxides and have a low phosphorus content. The present study was carried out in order to assess the status of phosphate fractions in pasture, forest and agricultural soils and the ability of soil fungi to solubilize iron and aluminum phosphates. The abundance of P fractions in the soils studied occurred in the following order: Fe-P > reductant-soluble Fe-P > occluded Fe-P > occluded Al-P > Al-P > Ca-P. of the 481 fungi isolated, 33 showed the ability to solubilize the inorganic phosphates in culture. of these, 14 were considered to be high or very high solubilizers based on a solubilization capacity > 1000 mu g PO43- ml(-1). Isolate F-111 was the only one that dissolved all the insoluble phosphates used. Nine isolates solubilized both Al-P and Ca-P, and four other isolates only solubilized Ca-P. The highest number of isolates with high solubilization capacity were detected in pasture soil, followed by tropical rain forest and forest patch soils. Pasture soil presented both the largest contents of insoluble phosphates and the largest number of fungal isolates with phosphate-solubilizing ability. The range and size of P fractions influenced the number of fungi and their ability to solubilize hardly soluble phosphates. (c) 2004 Elsevier B.V. All rights reserved.

Bacterial diversity in soil in response to different plans, phosphate fertilizers and liming

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Availability of soil water under tillage systems, mulch management and citrus rootstocks

The increased availability of soil water is important for the management of non-irrigated orange orchards. The objective of this study was to evaluate the availability of soil water in a Haplorthox (Rhodic Ferralsol) under different tillage systems used for orchard plantation, mulch management and rootstocks in a "Pera" orange orchard in northwest Parana, Brazil. An experiment in a split-split-plot design was established in 2002, in an area cultivated with Brachiaria brizantha grass in which three tillage systems (no tillage, conventional tillage and strip-tillage) were used for orchard plantation. This grass was mowed twice a year between the rows, representing two mulch managements in the split plots (no mulching and mulching in the plant rows). The split-split-plots were represented by two rootstocks ("Rangpur" lime and "Cleopatra" mandarin). The soil water content in the plant rows was evaluated in the 0-20 cm layer in 2007 and at 0-20 and 20-40 cm in 2008-2009. The effect of soil tillage systems prior to implantation of orange orchards on soil water availability was less pronounced than mulching and the rootstocks. The soil water availability was lower when "Pera" orange trees were grafted on "Cleopatra" mandarin than on "Rangpur" lime rootstocks. Mulching had a positive influence on soil water availability in the sandy surface layer (020 cm) and sandy clay loam subsurface (20-40 cm) of the soil in the spring. The production of B. brizantha between the rows and residue disposal in the plant rows as mulch increased water availability to the "Pera" orange trees.

Effectiveness of fused magnesium potassium phosphate for marandu grass

O alto custo atual do KCl e a grande dependência de sua importação para suprir a demanda nacional sugerem a necessidade de estudos que procurem avaliar a eficiência de outras fontes de K, principalmente aquelas baseadas em matéria-prima nacional. Nesse sentido, foi conduzido um experimento em casa de vegetação com amostras de um Latossolo Vermelho distrófico textura média, adotando-se o delineamento inteiramente casualizado em esquema fatorial 4 x 3 x 2, sendo quatro doses de K (0, 60, 120 e 180 mg kg-1 de K), três fontes [(cloreto de potássio (KCl)], termofosfato magnesiano potássico (FMPP) e a mistura de 70 % FMPP + 30 % KCl) e duas granulometrias (100 e 60 mesh), com três repetições. Verificou-se que a adubação potássica promoveu incrementos significativos na produção de matéria seca (parte aérea) e nos teores de K no solo e na planta, não havendo diferenças entre as fontes e suas granulometrias. Os níveis críticos de K no solo e na parte aérea das plantas foram de 1,53 mmol c dm-3 e 19,1 g kg-1, respectivamente.

Carbohydrate metabolism of Xylella fastidiosa: Detection of glycolytic and pentose phosphate pathway enzymes and cloning and expression of the enolase gene

The objective of this work was to assess the functionality of the glycolytic pathways in the bacterium Xylella fastidiosa. To this effect, the enzymes phosphoglucose isomerase, aldolase, glyceraldehyde-3-phosphate dehydrogenase and pyruvate kinase of the glycolytic pathway, and glucose 6-phosphate dehydrogenase of the Entner-Doudoroff pathway were studied, followed by cloning and expression studies of the enolase gene and determination of its activity. These studies showed that X. fastidiosa does not use the glycolytic pathway to metabolize carbohydrates, which explains the increased duplication time of this phytopatogen. Recombinant enolase was expressed as inclusion bodies and solubilized with urea (most efficient extractor), Triton X-100, and TCA. Enolase extracted from X. fastidiosa and from chicken muscle and liver is irreversibly inactivated by urea. The purification of enolase was partial and resulted in a low yield. No enzymatic activity was detected for either recombinant and native enolases, aldolase, and glyceraldehyde-3-phosphate dehydrogenase, suggesting that X. fastidiosa uses the Entner-Doudoroff pathway to produce pyruvate. Evidence is presented supporting the idea that the regulation of genes and the presence of isoforms with regulation patterns might make it difficult to understand the metabolism of carbohydrates in X. fastidiosa.

PCJ River Basins' Water Availability Caused by Water Diversion Scenarios to Supply Metropolitan Areas of So Paulo

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Phosphorus sources and fractions in an oxisol under no-tilled soybean

A dinâmica do P no solo pode ser modificada em sistemas com semeadura direta. Os agricultores brasileiros vêm aplicando fósforo na superfície do solo para otimizar a operação de máquinas, embora não seja uma prática recomendada pela pesquisa. Foi conduzido um experimento para estudar os efeitos da aplicação de duas fontes de fósforo na superfície do solo e no sulco de semeadura da soja. Os tratamentos consistiram da aplicação ou não de 80 kg ha-1 de P total como fosfato natural reativo e superfosfato, aplicados na superfície do solo, sobre os resíduos da cultura anterior. Na semeadura da soja, tratamentos adicionais (80 kg ha-1 de fosfato natural ou superfosfato) foram aplicados ao sulco de semeadura. O solo foi amostrado até 40 cm de profundidade, antes da semeadura da soja e após a colheita. Uma amostra controle foi tomada de área adjacente, sem cultivo. Houve aumento nos teores de P até 40 cm de profundidade, após a colheita da soja, de modo que o aumento foi observado principalmente no P ligado ao Ca e no P orgânico. Entretanto houve decréscimo nos teores de P ligado ao Fe. A adubação com ambas as fontes de fosfato levaram a um decréscimo nos teores de P ocluso na superfície do solo quando comparada com a área sem cultivo.

Nutrition, dry matter accumulation and partitioning and phosphorus use efficiency of potato grown at different phosphorus levels in nutrient solution

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Phosphorus fractions in Brazilian Cerrado soils as affected by tillage

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Disponibilidade de nutrientes no solo: decomposição e liberação de compostos orgânicos de resíduos vegetais

O objetivo principal desta revisão foi reunir informações a respeito da ação de compostos orgânicos produzidos por plantas na disponibilidade de nutrientes nos solos, principalmente sobre os cátions Ca, Mg e K e sobre o ânion fosfato. O sistema de cultivo adotado ocasiona mudanças nas propriedades químicas e físicas do solo, especialmente na disponibilidade de nutrientes e condicionamento físico do solo. Tem-se observado o acúmulo de nutrientes nas camadas superficiais do solo no sistema de semeadura direta, pelo não-revolvimento do solo e pela deposição de resíduos de culturas na superfície. Os ácidos orgânicos provenientes de plantas podem interagir com a fase sólida e ocupar os sítios de adsorção de nutrientes, competindo diretamente com eles e aumentando sua disponibilidade no solo. A adição de resíduos vegetais pode promover, antes da humificação, a elevação do pH, por promover complexação de H e Al com compostos do resíduo vegetal, deixando Ca, Mg e K mais livres em solução, o que pode ocasionar aumento na saturação da CTC por estes cátions de reação básica. Também é normal observar o aumento na disponibilidade de P no solo com a adição de resíduos vegetais, tanto pelo P presente no resíduo como por competição de compostos orgânicos dos resíduos pelos sítios de troca no solo. A persistência dos compostos orgânicos também é fator que tem grande interferência nos processos de sorção/dessorção de cátions e ânions, dependendo da atividade microbiana, da disponibilidade metabólica do substrato carbonado e da sorção aos colóides do solo.

Extraction methods and availability of phosphorus for soybean in soils from Parana State, Brazil

In studies on the evaluation of methodologies for the analysis of soil, phosphorus (P) has been the single most studied aspect, due to the complexity of this dynamic element in soil. However, these studies have been limited regarding soil conditions in Paranaa. The present study aimed to evaluate the efficiency of the Mehlich-1, Mehlich-3 and ion exchange resin methods in the evaluation of available P for soybean (Glycine max) in the soils of Paranaa State. Twelve soil samples collected from the upper 0-20 cm were planted with soybean for a period of 42 days in the greenhouse. The ability to extract soil P followed the order of decreasing average amount of extracted P: Mehlich-3 > resin > Mehlich-1. The correlation coefficients between the content of P extracted by Mehlich-1, Mehlich-3 and resin and the amount of P accumulated in the plants were 0.86, 0.90 and 0.93, respectively. Mehlich-1, Mehlich-3 and resin showed similar efficiency in the evaluation of P availability to plants and, under conditions of natural fertility and in soils that had received no application of poorly natural reactive phosphates, can be used to quantify the concentrations of P in the soils of Parana State.