Trade credit linkages along the supply chain: evidence for the Italian textile sector

We examine the trade credit linkages among firms within a supply chain to reckon the effect of such linkages on the propagation of liquidity shocks from downstream to upstream firms. We choose a sample appropriate for this task, consisting of a large data set of Italian firms from the textile industry, a well known example of a comprehensive manufacturing cluster featuring a large number of small and specialized firms at each level of the supply chain. The results of the analysis indicate that the level of trade credit that firms provide to their suppliers is positively related to the level of trade credit granted to their clients: when the level of trade credit granted to clients divided by sales goes up by 1, the level of trade credit provided to suppliers divided by cost-of goods-sold goes up by an amount that varies between 0,22 and 0,52. Since all firms along the chain are linked by trade credit relationships, an increase in the level of trade credit granted by wholesalers generates a liquidity cascade throughout the chain. We designate the overall increase in the level of trade credit among all firms in the chain as a result of a unitary impulse in the level of trade credit granted by wholesalers as the multiplier effect of trade credit for the industry chain. We estimate such multiplier to vary between 1.28 and 2.04. We also investigate the effect of final demand on the level of trade credit sourced by firms at various levels of the chain and, in particular, whether such effect is amplified for firms further up in the chain as a result of liquidity propagation via trade credit linkages. We uncover evidence of such amplification when the links of liquidity transmission along the chain are individually modeled and estimated. An unitary increase in wholesalers’ sales is found to produce an effect on trade payables among firms at the top of the chain (i.e., Preparers and Spinners) that is more than twice as big as the corresponding effect among firms at the bottom of the chain (i.e., Wholesalers).

Coccolithophore species as indicators of surface oceanographic conditions in the vicinity of Azores islands

During summer 2008 and spring 2009, surface oceanographic surveys were carried out around three islands of the Azores archipelago (Terceira, Sao Miguel and Santa Maria) to assess the phytoplankton distribution and associated physico-chemical processes. The Azores archipelago is a major feature in the biogeochemical North Atlantic Subtropical Gyre (NAST) province although its influence on the productivity of the surrounding ocean is poorly known. Surface phytoplankton was studied by microscopy and HPLC (High Precision Liquid Chromatography). The mean values for biomass proxy Chlorophyll a (Chla) ranged from 0.04 to 0.55 mu g L-1 (Chla maximum = 0.86 mu g L-1) and coccolithophores were the most abundant group, followed by small flagellates, Cyanobacteria, diatoms and dinoflagellates being the least abundant group. The distribution of phytoplankton and coccolithophore species in particular presented seasonal differences and was consistent with the nearshore influence of warm subtropical waters from the south Azores current and colder subpolar waters from the north. The satellite-derived circulation patterns showed southward cold water intrusions off Terceira and northward warm water intrusions off Santa Maria. The warmer waters signal was confirmed by the subtropical coccolithophore assemblage, being Discosphaera tubifera a constant presence under these conditions. The regions of enhanced biomass, either resulting from northern cooler waters or from island induced processes, were characterized by the presence of Emiliania huxleyi. Diatoms and dinoflagellates indicated coastal and regional processes of nutrient enrichment and areas of physical stability, respectively.

En los inicios del Renacimiento. La cúpula brunelleschiana y reflexiones sobre Paolo Uccello

Tomando como eje el año 1436 en que es inaugurada solemnemente, a falta de su linterna, la cúpula de la catedral de Florencia y, siendo además este año el de la realización del Acuto de Paolo Uccello, se trata de glosar y reflexionar, unos quinientos ochenta años después, tanto sobre la paradigmática construcción de Brunelleschi, como sobre Uccello y su importante contribución a la historia del arte.

Extruder Melt Temperature Control with Fuzzy Logic

In polymer extrusion, the delivery of a melt which is homogenous in composition and temperature is paramount for achieving high quality extruded products. However, advancements in process control are required to reduce temperature variations across the melt flow which can result in poor product quality. The majority of thermal monitoring methods provide only low accuracy point/bulk melt temperature measurements and cause poor controller performance. Furthermore, the most common conventional proportional-integral-derivative controllers seem to be incapable of performing well over the nonlinear operating region. This paper presents a model-based fuzzy control approach to reduce the die melt temperature variations across the melt flow while achieving desired average die melt temperature. Simulation results confirm the efficacy of the proposed controller.

Model Selection in SVMs Using Differential Evolution

To improve the performance of classification using Support Vector Machines (SVMs) while reducing the model selection time, this paper introduces Differential Evolution, a heuristic method for model selection in two-class SVMs with a RBF kernel. The model selection method and related tuning algorithm are both presented. Experimental results from application to a selection of benchmark datasets for SVMs show that this method can produce an optimized classification in less time and with higher accuracy than a classical grid search. Comparison with a Particle Swarm Optimization (PSO) based alternative is also included.

Fatigue Damage of Composite Structures Applying a Micromechanical Approach

Fatigue damage calculations of unidirectional polymer composites is presented applying micromechanics theory. An orthotropic micromechanical damage model is integrated with an isotropic fatigue evolution model to predict the micromechanical fatigue damage of the composite structure. The orthotropic micromechanical damage model is used to predict the orthotropic damage evolution within a single cycle. The isotropic fatigue model is used to predict the magnitude of fatigue damage accumulated as a function of the number of cycles. The advantage of using this approach is the cheap determination of model parameters since the orthotropic damage model parameters can be determined using available data from quasi-static loading tests. Decomposition of the state variables down to the constituent scale is accomplished by micromechanics theory. Phenomenological damage evolution models are then postulated for each constituent and for interphase among them. Comparison between model predictions and experimental data is presented.