Storm water overflows have an important impact on the environment in many European countries. Nowadays, a better knowledge of combined sewer overflows (CSOs) pollution is required for implementing ...measures to reduce these emissions. In this work, pollution flows mobilized during rainy events have been monitored and modeled in two urban catchments located in the city of Murcia (southeast Spain). For each analyzed event, rainfall volume, in-sewer turbidity and water flow depth have been continuously measured. Therefore, sets of pollutographs and hydrographs have been obtained for each event analyzed. Characteristic variables have been defined and obtained for each event such as the maximum concentration of turbidity, the total event rainfall, the previous dry weather period, the time to the peak of the hydrograph and to the peak of the pollutograph, among others. Relations between variables have been adjusted through a statistical model. The adjusted parameters are used to generate pollutographs that are compared with those measured in field. The present work provides tools to assist in the knowledge of pollution transported through sewer network during stormy events, suggesting the creation of design pollutographs which may facilitate the evaluation of measures to reduce urban runoff pollution.
Accruals quality and corporate cash holdings García-Teruel, Pedro J.; Martínez-Solano, Pedro; Sánchez-Ballesta, Juan Pedro
Accounting and finance (Parkville),
March 2009, Letnik:
49, Številka:
1
Journal Article
Recenzirano
This Work Uses Panel Data For Firms Listed In The Spanish Stock Exchange Over The Period From 1995 To 2001 To Analyse The Effect Of Accounting Quality On Cash Holdings. The Results Show That Firms ...With Good Accruals Quality Hold Lower Cash Levels Than Firms With Poor Accruals Quality. This Finding Suggests That The Quality Of Accounting Information May Reduce The Negative Effects Of Information Asymmetries And Adverse Selection Costs, Allowing Firms To Reduce Their Level Of Corporate Cash Holdings. The Results Also Show That Cash Holdings Decrease When Firms Increase Their Use Of Bank Debt And In The Presence Of Cash Substitutes. In Contrast With This, Firms With Higher Cash Flow Hold Higher Levels Of Cash.
The main objective of this paper is to extend the literature on the granting of trade credit. The focus is to test whether the accounts receivable decisions follow a model of partial adjustment. To ...do that, we use a sample of 2,922 Spanish SMEs. Using a dynamic panel data model and employing the GMM method of estimation we control for unobservable heterogeneity and for potential endogeneity problems. The results reveal that firms have a target level of accounts receivable and take decisions in order to achieve that level. In addition, we find that sales growth (if positive), the size of the firms, their capacity to generate internal funds and get short term financing, and economic growth are important in determining trade credit granted by firms.
This article examines the relationship between supplier financing and small- and medium-sized firms' value as well as the variation in the marginal value of supplier financing that arises from ...differences in access to financial markets and internal financing. We employ a sample of Spanish small- and medium-sized enterprises from the period 1998-2014. The results show a positive relationship between supplier financing and firm value. Furthermore, the findings reveal that the marginal value of supplier financing declines with leverage, short-term financial debt and cash flow, whereas it increases with financial costs. Also, the results show a higher marginal value of accounts payable during the financial crisis period when bank credit is reduced, for all firms, regardless of their access to finance. These results are in agreement with the financing motive for trade credit use. Firms with better availability of financial resources (internal and external) and with a lower financial cost place less value on supplier financing.
Hydrogen sulfide (H2S) generated in sewer networks induces corrosion which today constitutes the main cause of deterioration of concrete pipes. Information regarding the H2S concentration inside ...sewer networks, as well as its control and reduction, has become one of the most important concerns in sanitation systems management nowadays. Modeling sulfide dynamics is the key to understanding corrosion processes. A dynamic model (called EMU-SANETSUL) was developed to calculate the H2S concentration in both the water and the gas phases of the main sewers of the city of Murcia (Spain). The model was calibrated with data from field measurements taken from both the gas phase and wastewater. Samples were taken in the network from 2016 to 2019. The model achieved an accuracy index and error index in the ranges of 57% and 15%, respectively. Empirical equations of reaction are used, and calibration parameters are detailed. The code uses an explicit discretization technique, named the Discrete Volume Element Method (DVEM). A map with the annual average concentration of H2S at the gas phase inside each pipe of the simulated network is presented. Values are compared with the mechanical deterioration inventory from closed-circuit television (CCTV) inspections performed by the Municipal Sanitation Company of the city of Murcia (EMUASA). Mechanical deterioration of pipes has diverse causes, including corrosion of pipes by H2S. Sections with high H2S concentrations that match with mechanical wear can be considered susceptible to being prioritized when rehabilitation works are being planned. Therefore, H2S concentration modeling provides valuable information for asset management of the sewer network.
This paper investigates how the choice between single or multiple banking relationships affects credit availability for a complete panel of small and medium-sized Spanish firms. The results seem to ...indicate the existence of rationing, since a substitution relation has been found between trade and bank credit. We also analyse the relationship between the level of indebtedness and the interest rate for each group of firms. The results show that those SMEs that work with fewer financial intermediaries obtain fewer funds for the same increase in the interest rate, which indicates that these companies have more financial restraints.
This paper analyzes the determinants of working capital requirement (WCR) and examines the speed with which firms adjust toward their target WCR. The findings indicate that firms adjust relatively ...quickly, which supports the hypothesis that current balance sheet items are easier to manipulate and could be changed quite easily, even in the short run. Moreover, we find that the speed of adjustment is not equal across all firms and varies according to their external finance constraints and their bargaining power. Firms with better access to external capital markets and greater bargaining power adjust faster due to their lower costs of adjustment.
This paper analyzes the effect of banking relationships on interest rates and the probability that guarantees must be provided in a sample of small and medium-sized enterprises (SMEs). The results ...indicate that SMEs that work with fewer banks obtain debt at a lower cost. This seems to suggest that concentrated banking relationships reduce the uncertainty of lending to risky firms, which translates into lower interest rates. Reduction in risk could come from greater flexibility in negotiations, increased control over the investment, and mitigation of the free-rider problem. When the relationship is exclusive, which would represent the maximum concentration, a bank can take advantage of its monopoly position and require more guarantees from a firm. SMEs that have longer-term relationships with their bank are more likely to be required to provide guarantees. This result seems to suggest that SMEs involved in longer-term relationships are subject to the information monopoly of the lender.
Companies can use supplier financing as a source of short-term finance. The main objective of this paper is to extend the literature on the determinants of accounts payable and to test whether the ...accounts payable follow a model of partial adjustment. To do this, we use a sample of 3,589 small and medium sized firms in the UK. Using a dynamic panel data model and employing GMM method of estimation we control for unobservable heterogeneity and for potential endogeneity problems. The results reveal that firms have a target level of accounts payable. In addition, we find that larger firms, with better access to alternative internal and external financing and with a lower cost, use less credit from suppliers. Moreover, firms with higher growth opportunities use more trade credit for financing sales growth.
Accruals Quality and Debt Maturity Structure GARCÍA-TERUEL, PEDRO J.; MARTÍNEZ-SOLANO, PEDRO; SÁNCHEZ-BALLESTA, JUAN P.
Abacus (Sydney),
June 2010, Letnik:
46, Številka:
2
Journal Article
Recenzirano
In this paper we use panel data and GMM estimation to examine the effect of accounting quality on debt maturity structure in a bank‐based financial system and show that, even after controlling for ...unobservable heterogeneity, endogeneity, variables reflecting operating volatility and the cost of debt, firms with poor accounting quality face a shorter debt term than firms with higher accounting quality. This association between accounting quality and debt maturity is consistent with accounting quality as a means of reducing information asymmetry problems and improving the monitoring of managers.
PDF
