Financing of SME's: an asset side story

The main sources of financing for small and medium sized enterprises (SMEs) are equity (internally generated cash), trade credit paid on time, long and short term bank credits, delayed payment on trade credit and other debt. The marginal costs of each financing instrument are driven by asymmetric information (cost of gathering and analysing information) and transactions costs associated with non-payment (costs of collecting and selling collateral). According to the Pecking Order Theory, firms will choose the cheapest source in terms of cost. In the case of the static trade-off theory, firms choose finance so that the marginal costs across financing sources are all equal, thus an additional Euro of financing is obtained from all the sources whereas under the Pecking Order Theory the source is determined by how far down the Pecking Order the firm is presently located. In this paper, we argue that both of these theories miss the point that the marginal costs are dependent of the use of the funds, and the asset side of the balance sheet primarily determines the financing source for an additional Euro. An empirical analysis on a unique dataset of Portuguese SME's confirms that the composition of the asset side of the balance sheet has an impact of the type of financing used and the Pecking Order Theory and the traditional Static Trade-off theory are rejected.

'Tell me Your story applied': ethics in narrative research with young fathers

There has been a significant increase of interest in parents who are considered to be outside of normative discourses; specifically the 'moral panic' relating to an increase in the demography of teenage mothers in the UK (SEU, 1999, 2003; Swann et al., 2003). Recently research has turned to the experiences of parenting from the father's perspective (Daniel and Taylor, 1999, 2001) although there remains a significant gap focusing on the experiences of young fathers. It is argued by Swann et al. (2003) that young fathers are a difficult group to access and this has limited the amount and type of studies conducted with many studies on young parents looking at the role of the father through the eyes of the mother. This contribution focuses on the use of narrative interviews with a small group of young, vulnerable, socially excluded fathers who are users of the statutory social services in the UK. The article looks specifically at the ethics and practical challenges of working with this group and offers insights into the use of the narrative method and the ethical dilemmas resulting from it.

The consequences of child-parent violence reflected in a life story

A process of social transformation allied with ongoing changes to the family has made possible the existence of a relatively little-known phenomenon: that of child-parent violence, which is raised as one of the most commonly experienced forms of violence in the family environment. Based on the study of this phenomenon, in our research we have used the qualitative technique of a life story, making use of a field diary in which we have taken notes on our daily work in the therapeutic context, for the purposes of mitigating the effects of such a process. The following research objectives were set: establishing the connection existing between family education style and the use of violence by the minor; and evaluating the extent to which family therapy mitigates the use of violence by the minor. The family education model, together with other dimensions, results in situations of child-parent violence occurring repeatedly, with continuing negative reinforcement from both parties in order to maintain a recurrent cycle of conduct, from which it is difficult to «escape» other than through a process of ongoing psychological therapy.

Digital Literacy in Story Spaces

This paper describes a study of digital literacy where the researcher worked with one group of English language arts teacher candidates and one of adolescents, reading and writing hypertext fiction. The findings suggest that the adolescent readers/writers brought a more flexible and multiliterate approach to their digital literacy processes than the teacher candidates.

La influencia de las nuevas tecnologías en los hábitos de lectura: análisis de las noticias de "El País", "El Mundo" y "ABC" (2011)

En este texto se explica el cambio de hábitos que ha supuesto la lectura en formato digital. Se indican los factores que determinan la selección un formato u otro, al igual que la situación en la que se encuentra la lectura digital en España. Para ello, se analizan las noticias sobre este tema encontradas en los periódicos: ABC, El País y El Mundo durante el año 2011 -período relevante para la lectura digital- y se comparan con los resultados de las encuestas de AIMC, FGEE, etc., con el fin de sacar conclusiones certeras.

N-terminal His(7)-modification of glucagon-like peptide-1(7-36) amide generates dipeptidyl peptidase IV-stable analogues with potent antihyperglycaemic activity

Glucagon-like peptide-1(7-36)amide (GLP-1) possesses several unique and beneficial effects for the potential treatment of type 2 diabetes. However, the rapid in-activation of GLP-1 by dipeptidyl peptidase IV (DPP IV) results in a short half-life in vivo (less than 2 min) hindering therapeutic development. In the present study, a novel His(7)-modified analogue of GLP-1, N-pyroglutamyl-GLP-1, as well as N-acetyl-GLP-1 were synthesised and tested for DPP IV stability and biological activity. Incubation of GLP-1 with either DPP IV or human plasma resulted in rapid degradation of native GLP-1 to GLP-1 (9-36),amide, while N-acetyl-GLP-1 and N-pyroglutamyl-GLP-1 were completely resistant to degradation. N-acetyl-GLP-1 and N-pyroglutamyl-GLP-1 bound to the GLP-1 receptor but had reduced affinities (IC50 values 32(.)9 and 6(.)7 nM, respectively) compared with native GLP-1 (IC50 0(.)37 nM). Similarly, both analogues stimulated cAMP production with EC50 values of 16(.)3 and 27 nM respectively compared with GLP-1 (EC50 4(.)7 nM). However, N-acetyl-GLP-1 and N-pyroglutamyl-GLP-1 exhibited potent insulinotropic activity in vitro at 5(.)6 mM glucose (P