Conflicts of interest, employment decisions, and debt restructuring: evidence from Spanish firms in financial distress

We examine the employment decisions of Spanish manufacturing firms in financial distress. Our sample comprises 4,566 firms operating during 1983-1994. We find that firms in distress reduce their employment significantly. These reductions are positively associated with asset sales, but cannot be fully explained by them. They are also negatively related to firm size and to firing costs. Our main finding, however, is that firms that restructure their debt in response to distress are more likely to reduce their employment. Employment falls as the firm's debt exposure is reduced, but also as a consequence of a bank debt restructuring involving exclusively an extension of maturity. These empirical findings provide a clear-cut quantitative illustration of the agency costs of debt emerging from stockholder-bondholder conflicts

Anthelmintic resistance in nematode parasites from goats in Spain

In a flock of cashmere goats sited in Asturias (NW, Spain) diminished efficacy was observed following treatment with netobimin and consequently a study to demonstrate the existence of anthelmintic resistance and the species of nematode involved was conducted. Results from faecal egg count reduction tests before and after treatment with netobimin or ivermectin showed efficacies of 89.4 (81.8-94.8) and 99.7% (93.9-99.9%), respectively. Teladorsagia circumcincta was found to be the dominant species involved in netobimin resistance. Effective dose (ED50) values in the egg hatch assay of 0.22 microgram thiabendazole ml-1 confirmed the existence of benzimidazole carbamate resistant nematodes. To the best of our knowledge, this is the first report on the existence of anthelmintic resistant nematodes from ruminants in Spain

Stability and robustness analysis of cooperation cycles driven by destructive agents in finite populations

The emergence and promotion of cooperation are two of the main issues in evolutionary game theory, as cooperation is amenable to exploitation by defectors, which take advantage of cooperative individuals at no cost, dooming them to extinction. It has been recently shown that the existence of purely destructive agents (termed jokers) acting on the common enterprises (public goods games) can induce stable limit cycles among cooperation, defection, and destruction when infinite populations are considered. These cycles allow for time lapses in which cooperators represent a relevant fraction of the population, providing a mechanism for the emergence of cooperative states in nature and human societies. Here we study analytically and through agent-based simulations the dynamics generated by jokers in finite populations for several selection rules. Cycles appear in all cases studied, thus showing that the joker dynamics generically yields a robust cyclic behavior not restricted to infinite populations. We also compute the average time in which the population consists mostly of just one strategy and compare the results with numerical simulations.Financial support from the Ministerio de Ciencia y Tecnología (Spain) under Projects No. FIS2009-13730-C02-02 (A.A.) and No. FIS2009-13370-C02-01 (J.C. and R.J.R.), MOSAICO, PRODIEVO, and Complexity-NET RESINEE (J.A.C.); from the Barcelona Graduate School of Economics and the government of Catalonia (A.A.); from the Generalitat de Catalunya under Projects No. 2009SGR0838 (A.A.) and No. 2009SGR0164 (J.C. and R.J.R.); and from Comunidad de Madrid under Project MODELICO-CM (J.A.C.) is appreciated. R.J.R. acknowledges the financial support of the Universitat Autònoma de Barcelona and the Spanish government

The Joker effect: cooperation driven by destructive agents

Understanding the emergence of cooperation is a central issue in evolutionary game theory. The hardest setup for the attainment of cooperation in a population of individuals is the Public Goods game in which cooperative agents generate a common good at their own expenses, while defectors "free-ride" this good. Eventually this causes the exhaustion of the good, a situation which is bad for everybody. Previous results have shown that introducing reputation, allowing for volunteer participation, punishing defectors, rewarding cooperators or structuring agents, can enhance cooperation. Here we present a model which shows how the introduction of rare, malicious agents -that we term jokers- performing just destructive actions on the other agents induce bursts of cooperation. The appearance of jokers promotes a rock-paper-scissors dynamics, where jokers outbeat defectors and cooperators outperform jokers, which are subsequently invaded by defectors. Thus, paradoxically, the existence of destructive agents acting indiscriminately promotes cooperation.Comment: Accepted for publication in the Journal of Theoretical Biology (JTB

Cationic exchange in nanosized ZnFe2O4 spinel revealed by experimental and simulated near-edge absorption structure

The non-equilibrium cation site occupancy in nanosized zinc ferrites (6-13 nm) with different degree of inversion (0.2 to 0.4) was investigated using Fe and Zn K-edge x-ray absorption spectroscopy XANES and EXAFS, and magnetic measurements. The very good agreement between experimental and ab-initio calculations on the Zn K-edge XANES region clearly show the large Zn2+(A)--Zn2+[B] transference that takes place in addition to the well-identified Fe3+[B]--Fe3+(A) one, without altering the long-range structural order. XANES spectra features as a function of the spinel inversion were shown to depend on the configuration of the ligand shells surrounding the absorbing atom. This XANES approach provides a direct way to sense cationic inversion in these spinel compounds. We also demonstrated that a mechanical crystallization takes place on nanocrystalline spinel that causes an increase of both grain and magnetic sizes and, simultaneously, generates a significant augment of the inversion.Comment: 5 pages, 5 eps figures, uses revtex4, corrected table

Structure of Extremely Nanosized and Confined In-O Species in Ordered Porous Materials

Perturbed-angular correlation, x-ray absorption, and small-angle x-ray scattering spectroscopies were suitably combined to elucidate the local structure of highly diluted and dispersed InOx species confined in porous of ZSM5 zeolite. These novel approach allow us to determined the structure of extremely nanosized In-O species exchanged inside the 10-atom-ring channel of the zeolite, and to quantify the amount of In2O3 crystallites deposited onto the external zeolite surface.Comment: 4 pages, 5 postscript figures, REVTEX4, published in Physical Review Letter

Diagnostic Potential of Cosmic-Neutrino Absorption Spectroscopy

Annihilation of extremely energetic cosmic neutrinos on the relic-neutrino background can give rise to absorption lines at energies corresponding to formation of the electroweak gauge boson $Z^{0}$. The positions of the absorption dips are set by the masses of the relic neutrinos. Suitably intense sources of extremely energetic ($10^{21}$ -- $10^{25}$-eV) cosmic neutrinos might therefore enable the determination of the absolute neutrino masses and the flavor composition of the mass eigenstates. Several factors--other than neutrino mass and composition--distort the absorption lines, however. We analyze the influence of the time-evolution of the relic-neutrino density and the consequences of neutrino decay. We consider the sensitivity of the lineshape to the age and character of extremely energetic neutrino sources, and to the thermal history of the Universe, reflected in the expansion rate. We take into account Fermi motion arising from the thermal distribution of the relic-neutrino gas. We also note the implications of Dirac vs. Majorana relics, and briefly consider unconventional neutrino histories. We ask what kinds of external information would enhance the potential of cosmic-neutrino absorption spectroscopy, and estimate the sensitivity required to make the technique a reality.Comment: 25 pages, 26 figures (in 46 files), uses RevTe

Guia per al Professorat de Pràctiques 1 del Grau de Mestre d’Educació Primària. Curs 2015-2016 (versió 1.6)

Recopilat i elaborat per la Comissió de Pràctiques del Grau de Mestre d’Educació Primària de la Facultat d’Educació de la Universitat de Barcelona.Podeu consultar la Guia pels centres formadors a: http://hdl.handle.net/2445/6831

Provision of medical supply kits to improve quality of antenatal care in Mozambique: a stepped-wedge cluster randomised trial

Background High levels of maternal and newborn mortality and morbidity remain a daunting reality in many low-income countries. Several interventions delivered during antenatal care have been shown to improve maternal and newborn outcomes, but stockouts of medical supplies at point of care can prevent implementation of these services. We aimed to evaluate whether a supply chain strategy based on the provision of kits could improve quality of care. Methods We did a pragmatic, stepped-wedge, cluster-randomised controlled trial at ten antenatal care clinics in Mozambique. Clinics were eligible if they were not already implementing the proposed antenatal care package; they served at least 200 new pregnant women per year; they had Maternal and Child Health (MCH) nurses; and they were willing to participate. All women attending antenatal care visits at the participating clinics were included in the trial. Participating clinics were randomly assigned to shift from control to intervention on prespecified start dates. The intervention involved four components (kits with medical supplies, a cupboard to store these supplies, a tracking sheet to monitor stocks, and a one-day training session). The primary outcomes were the proportion of women screened for anaemia and proteinuria, and the proportion of women who received mebendazole in the first antenatal care visit. The intervention was delivered under routine care conditions, and analyses were done according to the intention-to-treat principle. This trial is registered with the Pan African Clinical Trial Registry, number PACTR201306000550192. Findings Between March, 2014, and January, 2016, 218 277 antenatal care visits were registered, with 68 598 first and 149 679 follow-up visits. We found significant improvements in all three primary outcomes. In first visits, 5519 (14·6%) of 37 826 women were screened for anaemia in the control period, compared with 30 057 (97·7%) of 30 772 in the intervention period (adjusted odds ratio 832·40; 99% CI 666·81–1039·11; p<0·0001); 3739 (9·9%) of 37 826 women were screened for proteinuria in the control period, compared with 29 874 (97·1%) of 30 772 in the intervention period (1875·18; 1447·56–2429·11; p<0·0001); and 17 926 (51·4%) of 34 842 received mebendazole in the control period, compared with 24 960 (88·2%) of 28 294 in the intervention period (1·88; 1·70–2·09; p<0·0001). The effect was immediate and sustained over time, with negligible heterogeneity between sites. Interpretation A supply chain strategy that resolves stockouts at point of care can result in a vast improvement in quality during antenatal care visits, when compared with the routine national process for procurement and distribution of supplies. Funding Government of Flanders and the UNDP/UNFPA/UNICEF/WHO/World Bank Special Programme of Research, Development and Research Training in Human Reproduction.Fil: Betrán, Ana Pilar. Organizacion Mundial de la Salud; ArgentinaFil: Bergel, Eduardo. World Health Organization; Suiza. Instituto de Efectividad Clínica y Sanitaria; ArgentinaFil: Griffin, Sally. International Centre For Reproductive Health; MozambiqueFil: Melo, Armando. Mozambique Ministry Of Health; MozambiqueFil: Nguyen, My Huong. World Health Organization; SuizaFil: Carbonell, Alicia. World Health Organization; SuizaFil: Mondlane, Santos. Consultório de Estatística E Serviço de Soluções; MozambiqueFil: Merialdi, Mario. World Health Organization; SuizaFil: Temmerman, Marleen. World Health Organization; SuizaFil: Gülmezoglu, A Metin. World Health Organization; SuizaFil: Aleman, Alicia. World Health Organization; SuizaFil: Althabe, Fernando. World Health Organization; Suiza. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Biza, Adriano. World Health Organization; SuizaFil: Crahay, Beatrice. World Health Organization; SuizaFil: Chavane, Leonardo. World Health Organization; SuizaFil: Colomar, Mercedes. World Health Organization; SuizaFil: Delvaux, Therese. World Health Organization; SuizaFil: Dique Ali, Ussumane. World Health Organization; SuizaFil: Fersurela, Lucio. World Health Organization; SuizaFil: Geelhoed, Diederike. World Health Organization; SuizaFil: Jille-Taas, Ingeborg. World Health Organization; SuizaFil: Malapende, Celsa Regina. World Health Organization; SuizaFil: Langa, Célio. World Health Organization; SuizaFil: Osman, Nafissa Bique. World Health Organization; SuizaFil: Requejo, Jennifer. World Health Organization; SuizaFil: Timbe, Geraldo. World Health Organization; Suiz

Toward the clinical application of time-domain fluorescence lifetime imaging

High-speed (video-rate) fluorescence lifetime imaging (FLIM) through a flexible endoscope is reported based on gated optical image intensifier technology. The optimization and potential application of FLIM to tissue autofluorescence for clinical applications are discussed. (c) 2005 Society of Photo-Optical Instrumentation Engineers