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.

Eutrofização do reservatório Engenheiro Armando Ribeiro Gonçalves, no Rio Grande do Norte: implicações para o abastecimento público e para a piscicultura intensiva em tanques-rede

This study aimed to describe the spatial and temporal patterns of variation in trophic state and its relation with the structure and dynamics of planktonic community of a large reservoir located in semi-arid tropical region of Northeast Brazil. The reservoir Armando Ribeiro Gonçalves is the biggest reservoir of the Rio Grande do Norte State and is responsible for about 53% of all surface water accumulated in the State. The samples of water and plankton were taken monthly in 10 points distributed throughout the longitudinal axis of the reservoir and over a full hydrological cycle. The samples were collected to determine concentrations of total phosphorus, total nitrogen, chlorophyll a and suspended solids (fixed and volatile) and for determining the composition and abundance of phytoplanktonic and zooplanktonic species. During the study period, the reservoir was characterized as eutrophic and there was no trend of increasing the trophic state of the reservoir in the period of drought. The concentrations of total phosphorus and suspended fixed solids decreased towards the dam while the N:P ratios increased in the same direction due to the reduction in the phosphorus concentrations and relative constancy in the nitrogen concentrations. The N:P ratios observed were indicative of greater limitation by phosphorus than by nitrogen. However, as concentrations of both nutrients were high and the water transparency was very low, with secchi depth usually lower than one meter, it seems likely that the planktonic primary production of the reservoir is more limited by the availability of light than the availability of nutrients. High nutrient concentrations coupled with low availability of light may explain the continuing dominance of filamentous cyanobacteria such as Cylindrospermopsis raciborskii in the plankton of the reservoir.These cyanobacteria are potentially toxic and pose a serious environmental problem because it compromises the water quality for public supply, recreation and fishing when present in high densities as in this study. The mesozooplankton of the reservoir was dominated by the calanoid Notodiaptomus cearensis and the cladoceran Diaphanosoma spinulosum. In general, the structure of zooplankton community seems to be particularly influenced by the spatial variation of cyanobacteria. The results of the regression analyses show that both the chlorophyll a concentrations and the cyanobacteria biovolume were more strongly correlated with the nitrogen than with phosphorus and that the water transparency was more strongly correlated with algal biomass than with other sources of turbidity. The maximum load of phosphorus to attain the maximum permissible concentration of total P in the reservoir was estimated in 63.2 tonnes P/ year. The current external P load to the reservoir is estimated in 324 tonnes P / year and must be severely reduced to improve the water quality for water supply and allow the implementation of aquaculture projects that could contribute to the socio-economic development of the region

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.

Limnology of Macrobrachium amazonicum grow-out ponds subject to high inflow of nutrient-rich water and different stocking and harvest management

We evaluated the water characteristics and particle sedimentation in Macrobrachium amazonicum (Heller 1862) grow-out ponds supplied with a high inflow of nutrient-rich water. Prawns were subject to different stocking and harvesting strategies: upper-graded juveniles, lower-graded juveniles, non-graded juveniles + selective harvesting and traditional farming (non-grading juveniles and total harvest only). Dissolved oxygen, afternoon N-ammonia and N-nitrate and soluble orthophosphate were lower in the ponds in comparison with inflow water through the rearing cycle. Ponds stocked with the upper population fraction of graded prawns showed higher turbidity, total suspended solids and total Kjeldahl nitrogen than the remaining treatments. An increase in the chemical oxygen demand:biochemical oxygen demand ratio from inlet (4.9) to pond (7.1-8.0) waters indicated a non-readily biodegradable fraction enhancement in ponds. The sedimentation mean rate ranged from 0.08 to 0.16 mm day(-1) and sediment contained >80% of organic matter. The major factors affecting pond ecosystem dynamic were the organic load (due to primary production and feed addition) and bioturbation caused by stocking larger animals. Data suggest that M. amazonicum grow-out in ponds subjected to a high inflow of nutrient-rich water produce changes in the water properties, huge accumulation of organic sediment at the pond bottom and non-readily biodegradable material in the water column. However, the water quality remains suitable for aquaculture purposes. Therefore, nutrient-rich waters, when available, may represent a source of unpaid nutrients, which may be incorporated into economically valued biomass if managed properly.

Growth and body nutrient deposition of two broiler commercial genetic lines

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

Photoacoustics as a tool for the diagnosis of radicular stress: Measurements in eucalyptus seedlings

In reforesting companies (cellulose industry), eucalyptus is usually cultivated in small plastic containers (50 mL). As seedlings remain for about 120 days in these containers-until transplantation-their roots become space restricted, with consequent limitations in water and nutrient absorption. These restrictions may lead to plant stress, decreasing productivity. In this work, we used the photoacoustic technique to evaluate the photosynthetic activity of Eucalyptus grandis, E. urophylla and E. urograndis seedlings subjected to this limited space availability, seeking a correlation with morphological parameters and fluorescence measurements in these seedlings. Photoacoustic, fluorescence, and morphological analysis were conducted every 15 days, from 45 to 120 days after sowing. Fluorescence and photosynthetic rate were evaluated in vivo and in situ, the latter one using the open photoacoustic technique. Data show that root dry matter diminished markedly at 90 and 120 days after sowing; this behavior showed a high correlation with the gas exchange component of the photoacoustic signal, as well as with the fluorescence ratio Fv/Fm. These results indicate that the soil volume of the container becomes insufficient for the roots after 90 days, probably leading to a nutritional deficiency in plants, which explains the decrease observed in the photosynthetic rate of seedlings. (C) 2003 American Institute of Physics.

Crescimento e nutrição de plantas de leucena (Leucaena leucocephala (Lam.) R. de Vit) sob salanidade

Excessive salt can to promote water soil retention, reducing your availability to plants. Besides, they can interfere in protoplasm metabolism. The plants ability to survive in salinity conditions is an important factor to geographic distribution and agriculture in salinized regions. The objective of this work was to verify the effects of the NaCl in the growth, dry matter distribution and N, K, Ca, Mg, Na, and Cl content in young plants. The experiment was conducted in 'Leonard' pots, with nutrient solutions, with NaCl ( 0, 25, 50 and 100 mmol L(-1)). Increasing of NaCl concentration reduces growth and total dry matter. There was an increase of N and K content, in shoots, and N and Mg content in roots. There was an reduction in Mg content in shoots, and reduction of Ca content in roots with increasing of NaCl. Leucaena plants were inefficient to exclude Na and Cl, in shoots principally.

Efeitos do enriquecimento com nutrientes (N e P) em diferentes condições de luz sobre o crescimento do fitoplâncton em um reservatório eutrófico no semi-árido brasileiro

The increasing of pollution in aquatic ecosystems in the last decades has caused an expansion of eutrophication and loss of water quality for human consumption. The increase of frequency and intensity of cyanobacteria blooms have been recognized as a major problem connected to water quality and eutrophication. The knowledge of environmental factors controlling these blooms is a key step towards the management for recovering aquatic ecosystems from eutrophic conditions. Primary productivity in aquatic ecosystems is dependent on light and nutrients availability. In the present work we evaluated the relative importance of the concentration of major nutrients, such as phosphorus and nitrogen, and light for phytoplankton growth in the main water reservoir of Rio Grande do Norte State, named Engenheiro Armando Ribeiro Gonçalves (EARG), which is an eutrophic system, dominated by potentially toxic cyanobacteria populations. Limitation of phytoplankton growth was evaluated through bioassays using differential enrichment of nutrients (N and/or P) under two light conditions (low light and high light) and monthly monitoring of chlorophyll-a and nutrients (total nitrogen and phosphorus) concentrations, and water transparency (Secchi depth) at the pelagic region. Our results confirm that EARG reservoir is an eutrophic system with a low water quality. Results of bioassays on the growth of phytoplankton limitation (N or P) were conflicting with the results predicted by the TN:TP ratios, which indicates that these ratios were not a good indicator of algal growth limitation. Nitrogen was the limiting nutrient, considering both frequency and magnitude. Light and hidrology affected phytoplankton response to nutrient enrichment. The extreme eutrophic conditions of this reservoir, dominated by cyanobacteria blooms, demand urgent managing strategies in order to guarantee the multiple uses for this system, including water supply for human population. Although nitrogen is the limiting nutrient, an effective management program must focus on the reduction of both phosphorus and nitrogen input

Determinantes locais da decomposição foliar e de raízes finais em um ecossistema semiárido do nordeste brasileiro

The decomposition process exercises an extensive control over the carbon cycle, affecting its availability and nutrient cycling in terrestrial ecosystems. The understanding of leaf decomposition patterns above the soil and fine roots decomposition below the soil is necessary and essential to identify and quantify more accurately the flow of energy and matter in forest systems. There is still a lack of studies and a large gap in the knowledge about what environmental variables act as local determinants over decomposition drivers. The knowledge about the decomposition process is still immature for Brazilian semiarid region. The aim of this study was to analyze the decomposition process (on leaves and fine roots) of a mixture of three native species for 12 months in a semiarid ecosystem in Northeast Brazil. We also examined whether the rate of decomposition can be explained by local environmental factors, specifically plant species richness, plant density and biomass, soil macro-arthropods species richness and abundance, amount of litterfall and fine root stock. Thirty sampling points were randomly distributed within an area of 2000 m x 500 m. To determine the decomposition rate, the litterbag technique was used and the data analysis were made with multiple regressions. There was a high degradation of dead organic matter along the experiment. Above ground plant biomass was the only environmental local factor significantly related to leaf decomposition. The density of vegetation and litter production were positively and negatively related to decay rates of fine roots, respectively. The results suggest that Caatinga spatial heterogeneity may exert strong influences over the decomposition process, taking into account the action of environmental factors related to organic matter exposure of and the consequent action of solar radiation as the decomposition process main controller in this region

Nutrient contents and production of rocket as affected by nitrogen concentrations in the nutritive solution

O empirismo no uso das soluções nutritivas é freqüente. Muitas vezes a mesma solução nutritiva é usada para diferentes espécies baseando-se apenas em semelhanças morfológicas. No entanto esta situação pode proporcionar desequilíbrio nutricional prejudicando tanto a produção quanto a qualidade do produto face o acúmulo de nitrato. Foi conduzido um trabalho em sistema hidropônico - NFT, com o objetivo de avaliar o efeito da concentração de nitrogênio na solução nutritiva na produção, nos teores de nutrientes e de nitrato em folhas de rúcula (Eruca sativa). O trabalho foi conduzido na primavera de 2003. Foram avaliadas quatro concentrações de nitrogênio na solução nutritiva (60,8; 121,6; 182,5; 243,5 mg L-1) e três cultivares de rúcula (Cultivada, Folha Larga e Selvática), sob delineamento de blocos ao acaso, fatorial 4 x 3, com quatro repetições. A cv. Cultivada apresentou maior estatura e fitomassa fresca de folhas, não diferindo da 'Folha Larga' quanto a número de folhas, teor de nitrato nas folhas e fitomassa seca e fresca da raiz. Houve incremento de NO3-, N, Ca e P e diminuição de Mg, K e S com o aumento da concentração de N na solução nutritiva. O cultivo da cv. Cultivada na concentração de 93 mg L-1 é a mais recomendada em função da maior produtividade e baixo teor de nitrato.

Influência de silicato e calcário na nutrição, produtividade e qualidade da batata sob deficiência hídrica

A aplicação de silicato de Ca e Mg pode diminuir a acidez do solo e aumentar a disponibilidade de Ca, Mg, P e Si às plantas. O Si, mesmo não sendo essencial do ponto de vista fisiológico, traz inúmeros benefícios para o crescimento e o desenvolvimento vegetal, especialmente sob estresse. Este trabalho teve por objetivo avaliar a nutrição, a produtividade e a qualidade de tubérculos e batata cultivada em solo corrigido com calcário ou silicato sob dois níveis de umidade no solo. Os tratamentos foram constituídos pela aplicação de calcário dolomítico ou silicato de Ca e Mg, visando elevar a saturação por bases do solo a 60 %, e por duas tensões de água no solo: 0,020 MPa (sem deficiência hídrica) e 0,050 MPa (com deficiência hídrica). O experimento foi conduzido em casa de vegetação, em vasos contendo 50 kg dm-3 de Latossolo Vermelho de textura média. O delineamento foi inteiramente ao acaso em fatorial 2 x 2, com oito repetições. A deficiência hídrica teve pouca influência na nutrição da batateira, porém reduziu a produção de tubérculos comercializáveis. O silicato de Ca e Mg proporcionou os mesmos níveis de correção do solo e de fornecimento desses nutrientes que o calcário dolomítico, além de maior disponibilidade de P e Si no solo e maior absorção desses elementos pelas plantas de batata, podendo ser utilizado em substituição ao calcário. O fornecimento de Si à cultura da batata, mediante a aplicação de silicato, proporcionou maior altura de plantas, menor acamamento das hastes e maior produção de tubérculos comercializáveis.

Soil, water and nutrient losses by interrill erosion from green cane cultivation

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.

Biomass and minerals distribution in family of banana 'prata-ana' fertilized with zinc through thinned sprout

In the North of Minas Gerais it is cultivated basically 'Prata-Ana' banana, a cultivar that requires mainly Zn. The possibility of zinc supply, without this nutrient getting in contact with the soil, it is important for the region, since several factors take to the low availability of the element supplied by the soil, as: elevated organic matter content on the surface (from cultural residues); maintenance of high pH of the soil - above 6,00 - as strategy contrary to the proliferation of the causal agent of the Fusarium Wilt; frequent fertilizations with potassium and magnesium that, besides converting the medium into base, they reduce the participation of Zn in the balance cation/anion of the soil, hindering the absortion of this micronutrient by the plant. For determining the distribution of biomass and minerals in the Prata-Ana" banana, cultivated under irrigation in the North of Minas Gerais, when the zinc was supplied through thinned sprout, an experiment was carried out in the Irrigated Perimeter of Jaiba. The plants were fertilized with 0,00; 1,66 and 3,33 g.family-(1) of Zn, through thinned sprout. One month after the fertilizations from October 2007 and February 2008, the production of fresh mass (FM) and dry mass (DM) were evaluated, the contents and meanings of minerals in all the bananas "family" bodies composed by mother-plant with bunch + tall daughter-plant + granddaughter-plant. The doses of Zn did not influence on the production of FM and DM of the plants in the first evaluation, while in the second evaluation positive effect of the treatment was observed just for MF accumulated in the inferior leaves, in the portions of the medium third and inferior of the pseudostem, and in the mother-plant's rhizome. As much the content as the accumulation of nutrients in the mother-plants presented the following decreasing order: K > N > Ca > Mg > P > S > Fe > Zn > B > Cu. The Zn contents were affected by the dose of that micronutrient in the most of the studied situations. The zinc supplied through thinned sprout increased in the mother-plant, and then it was redistributed in the banana's "family".