We analyzed the effects of accruals-based earnings management practices and institutional-financial qualities of countries on the financing policy of Latin American companies. We used panel data on a ...sample of 983 companies between 1995 and 2017. Our results indicate that positive discretionary accruals reduce leverage and increase debt maturity. These findings suggest that accounting manipulation activities favor managerial entrenchment and seek to avoid external supervision and liquidity risk. The institutional and financial development of countries promotes leverage and long-term debt issuances. However, its effects do not mitigate the impact of accounting manipulation activities on this policy. The IFRS adoption is an effective means of control that attenuates the effects of earnings management on capital structure. These results are relevant for investors and policymakers due to their implications for firms' corporate governance and financial policy design.
Nature uses molecular motors and machines in virtually every significant biological process, but demonstrating that simpler artificial structures operating through the same gross mechanisms can be ...interfaced with-and perform physical tasks in-the macroscopic world represents a significant hurdle for molecular nanotechnology. Here we describe a wholly synthetic molecular system that converts an external energy source (light) into biased brownian motion to transport a macroscopic cargo and do measurable work. The millimetre-scale directional transport of a liquid on a surface is achieved by using the biased brownian motion of stimuli-responsive rotaxanes ('molecular shuttles') to expose or conceal fluoroalkane residues and thereby modify surface tension. The collective operation of a monolayer of the molecular shuttles is sufficient to power the movement of a microlitre droplet of diiodomethane up a twelve-degree incline.
Este artículo analiza el ajuste de la estructura de capital a través de las teorías de Pecking Order y Trade-off utilizando 975 empresas latinoamericanas no financieras para el período 2000-2017. Los ...resultados respaldan la existencia de una estructura de capital objetivo. Las velocidades de ajuste oscilaron entre 48,9% y 74,3%, y generaron una rápida convergencia hacia su nivel objetivo. Los déficits financieros explicaron menos de la mitad de los cambios en la deuda, lo que contradice la teoría de financiación jerarquizada. Los resultados del modelo de corrección de errores indicaron que las empresas se desvian dinámicamente de su estructura de capital de largo plazo, en cuyo caso las velocidades de convergencia aumentaron entre 69,5% y 91,7%. Estos resultados son relevantes para empresas e inversores.
•We analyze the impact of using automatic bill payments on household debt.•An intertemporal consumption model with inattention effect was developed.•Automatic payments would increase debt and could ...cause well-being loss due to inattention.•Empirical evidence is found for Chilean households.
In this article we analyze the impact of automatic bill payment (ABP) on household debt. We present a theoretical intertemporal consumption model that shows an inattention effect when individuals subscribe an ABP for their debts. This effect causes a higher level of indebtedness (beyond optimal) and, therefore, well-being loss. Furthermore, we empirically test this theory for Chile, an emerging economy. We estimate a Tobit-Probit conditional mixed process (CMP) model, using data from the Central Bank of Chile’s Household Financial Survey (HFS). The results confirm the existence of a positive and significant effect of the use of ABP on the financial burden of households.
In this study cut, pineapple slices of 1 cm thick were packaged and stored at different temperatures and equilibrium modified atmosphere packages (EMAPs) to determine changes of color and firmness ...over time to represent physicochemical shelf life. From the experimental data, a variance analysis was performed to determine the effect of temperature and O2 level on the evolution of color (CIELAB coordinates) and firmness. It was observed that the evolution in L*, a*, and b* coordinates is independent on O2 concentration in the EMAP system. After that, suitable models were adjusted to represent the change of the quality properties as a function of temperature by using first‐order models to represent color and a power model for firmness. Likewise, a modified normal distribution function was adjusted to represent the coefficient of firmness loss depending on the O2 level besides the temperature effect. The firmness model was used to obtain a suitable equation to predict shelf life of the pineapple slices for different EMAP systems. Finally, a validation experiment was performed at 8 °C obtaining a high capacity of prediction (R2adj > 0.90) compared with the experimental data. The adjusted model can be used to configure a satisfactory EMAP system for the best preservation of minimally processed pineapple from the predicted evolution of color, firmness, and shelf life depending on temperature and O2 concentration.
Practical Application
In this work, we built a mathematical model to simulate the shelf life of pineapple cut into slices based on changes in color and firmness and as a function of temperature and oxygen level. These properties are truly relevant because they are very clear evidence of the fruit deterioration, and for that reason, we chose them for the model. The model we developed can be applied in retail and supermarket systems to determine precisely how long the product on the shelf can last before being disposed of, reducing material losses.
The objective of this article is to determine the effects of foreign ownership and International Financial Reporting Standards (IFRS) on debt maturity in Chilean companies. The study uses a ...fractional response model (FRM) on 20,586 companies. The results show foreign ownership has a negative and non-linear effect. Foreign ownership in Chilean firms is a substitute control means in relation to long-term debt. IFRS reduces maturity in large companies and extends them in small and medium enterprises (SMEs). These results suggest it is more important for large firms to control agency conflicts, while it is more important for SMEs to reduce information asymmetry.
We report a study of acid-terminated self-assembled monolayers of alkanethiols of different length, 11-mercaptoundecanoic acid (11-MUA) and 16-mercaptohexadecanoic acid (16-MHDA), on Au(111). ...Scanning tunneling microscopy (STM), X-ray photoelectron spectroscopy (XPS), cyclic voltammetry (CV), electrochemical impedance spectroscopy (EIS), and contact angle techniques were used for characterization, and the results were compared with those obtained from n-alkanethiols of similar chain length, providing a detailed description of the two-dimensional crystalline structure. Molecular resolution STM images show that 11-MUA forms a dense-packed monolayer arranged in a (√3 × √3)R30° structure with a c(2 × 4) superlattice, where the simple hexagonal phase, the c(2 × 4) superlattice, and nonordered areas coexist. 16-MHDA assembles in a uniform monolayer with similar morphology to that of 11-MUA, but molecular resolution could not be reached in STM due to both the hydrophilicity of the acid groups and the poor conductivity of the thick monolayer. Nevertheless, the monolayer thicknesses estimated by XPS and electrochemistry and the highly blocking character of the film observed by electrochemistry as well as the low water contact angle are consistent with 16-MHDA molecules forming a compact monolayer on the Au(111) substrate with fully extended alkyl chains and acid groups pointing away from the surface. The results obtained for 16-MHDA were reproducible under different preparation conditions such as the addition or omission of acetic acid to the ethanolic solution. Contrary to other reports, we demonstrate that ordered acid-terminated self-assembled monolayers are obtained with the same preparation conditions as those of the methyl-terminated ones, without any additional treatment.
Cognitive Linguistics Cervel, M. Sandra Peña; Ibáñez, Francisco J. Ruiz de Mendoza
2008, 2005, 2005-12-15, Letnik:
32
eBook
"The book testifies of the great tolerance of Cognitive Linguists towards internal variety within itself and towards external interaction with major linguistic subdisciplines. Internally, it opens up ...the broad variety of CL strands and the cognitive unity between convergent linguistic disciplines. Externally, it provides a wide overview of the connections between cognition and social, psychological, pragmatic, and discourse-oriented dimensions of language, which will make this book attractive to scholars from different persuasions. The book is thus expected to raise productive debate inside and outside the CL community. Furthermore, the book examines interdisciplinary connections from the point of view of the internal dynamics of CL research itself. CL is rapidly developing into different compatible frameworks with extensions into levels of linguistics description like discourse, pragmatics, and sociolinguistics among others that have only recently been taken into account in this orientation. The book covers two general topics: (i) the relationship between the embodied nature of language, cultural models, and social action, (ii) the role of metaphor and metonymy in inferential activity and as generators of discourse ties. More specific topics are the nature and scope of constructional meaning, language variation and cultural models, discourse acts, the relationship between communication and cognition, the argumentative role of metaphor in discourse, the role of mental spaces in linguistic processing, and the role of empirical work in CL research. These features endow the book with internal unity and consistency while preserving the identity of each of the contributions therein."
The boron removal capacity from an aqueous solution using MgAlFe mixed oxides from layered double hydroxides (LDH) was studied. They were synthesized by the coprecipitation method at 70 °C and were ...characterized as potential filter materials. The Fe3+ analyzed by X-ray photoelectron spectroscopy and UV–visible diffuse reflectance showed their tetrahedral and octahedral coordination. Scanning electron microscopy micrographs and thermogravimetric and differential scanning calorimetry analysis evidenced the presence of clusters and particles aggregates and decreased dehydroxylation temperature when the iron content increased. Mixed oxides and boron solution in a ratio of 20:1 Mg/B were put in a batch reactor at different contact times. The borate removal process was due to the memory effect of the mixed oxides and superficial adsorption by electrostatic attraction. This fact is directly related to the specific surface area, Fe content, and surface charge. The maximum boron removals were achieved with the CS25 and CS50 samples with values higher than 85%.
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