1,766 research outputs found
Concentration in corporate bank loans. What do we learn from European comparisons?
No full textThe aim of this paper is to empirically investigate the determinants of creditor concentration in the use of bank loans by firms in a European cross-country framework. We analyze the influence of loan and borrower characteristics but also banking market structure and legal enforcement country-specific variables that are expected to influence the financial and strategic decision relative to the number of bank lenders. We find that firms tend to diversify sources of financing by reducing bank concentration when their level of quality is higher and both asymmetric information and the risk of early liquidation are minimal (larger, older, transparent, liquid and profitable firms). Furthermore, lenders’ monitoring appears to be an important feature of lending concentration, particularly in order to prevent private benefits extraction by insiders in legal environment where shareholders benefit from better protections.Financial intermediation, bank lending, creditor concentration, information asymmetry, Europe.
Better borrowers, fewer banks?
No full textWe investigate the relationship between borrower quality and the structure of the pool of banks. First, we develop a theoretical model where the size of the banking pool is a credible signal of firm quality. We argue that better borrowers seek to disclose their quality in a credible way through the structure of the banking pool involving fewer banks. Second, we test our prediction using a sample of more than 3,000 loans from 19 European countries. We perform regressions of the number of bank lenders on various proxies of borrower quality. Our empirical tests corroborate the theoretical redictions. The size of the banking pool is a signal of borrower quality. Hence, good quality firms have fewer lenders in their banking pools.Bank lending, borrower quality, multiple banking, number of lenders, signaling, Europe.
Asymmetric Information and Loan Spreads in Russia: Evidence from Syndicated Loans
No full textThe objective of this paper is to investigate whether the participation of local banks exerts an impact on the spreads of syndicated loans in Russia. Following Berger, Klapper and Udell (2001), we aim to test whether local banks possess a superior ability to solve information asymmetries. In this aim, we use a sample of 528 syndicated loans to Russian borrowers. We perform regressions of the spread on a set of variables including information on the participation of local banks, loan and borrower characteristics. Unlike former papers, we consider separately foreign banks with and without a local presence, as this presence may influence their monitoring ability and their information. We observe no significant impact of the participation of local banks in syndicated loans on the spread. We also do not find any significant influence of the presence of domestic-owned banks or foreign-owned banks on the spread. Additional estimations considering subsamples for which information asymmetries are exacerbated provide similar results. Therefore our conclusion is that local banks do not benefit from an advantage in monitoring ability and in information in Russia.Bank, Information asymmetry, Loan, Syndication, Russia.
Paralabella chopardi
No full textParalabella chopardi (Hebard, 1920) Microvostox chopardi Hebard, 1920: 346. TYPE SPECIMEN. — French Guiana, male, MNHN [type examined]. MATERIAL EXAMINED. — 1 specimen (holotype). French Guiana • 1 adult; Saint-Laurent-du-Maroni (Nouveau Chan- tier); 1919; Le Moult rec.; L. Chopard leg., MNHN (holotype). DISTRIBUTION. — French Guiana (Brindle 1968b, 1971c; Steinmann 1989b). REMARK Apparently never collected since its description.Published as part of Girod, Christophe & Matzke, Danilo, 2020, Annotated checklist of the Dermaptera (Insecta) of French Guiana, pp. 57-76 in Zoosystema 42 (4) on page 72, DOI: 10.5252/zoosystema2020v42a4, http://zenodo.org/record/369530
Tradução de uma disputa : Christophe versus Pétion em La tragédie du roi Christophe, de Aimé Césaire
No full textEsta contribuição propõe a tradução comentada da primeira cena da peça de teatro La Tragédie du roi Christophe (A tragédia do rei Christophe), de Aimé Césaire. O texto foi publicado pelo autor martinicano em 1963 e encenado a partir de 1964. A história aborda o embate histórico entre os dois líderes revolucionários haitianos, Alexandre Pétion (1770-1818) e Henry Christophe (1767-1820), após o estabelecimento da independência do Haiti, em 1804. O ex-escravizado Henry Christophe I, autoproclamado rei do Haiti em 1811, protagoniza, na peça, os impasses políticos decorrentes do processo de descolonização para a constituição de um novo estado haitiano livre e democrático. Optamos por traduzir a cena que anuncia e ilustra, na abertura do primeiro Ato, o caráter trágico que permeia o desenrolar dos eventos.This contribution proposes the commented translation of the first scene of the play La Tragédie du roi Christophe (The tragedy of King Christophe), by Aimé Césaire. The text was published by the Martinican author in 1963 and staged from 1964 onwards. The story addresses the historical clash between the two Haitian revolutionary leaders, Alexandre Pétion (1770-1818) and Henry Christophe (1767-1820), after the establishment of Haitian independence in 1804. The ex-enslaved Henry Christophe I, self-proclaimed King of Haiti in 1811, stars, in the play, political impasses resulting from the decolonization process, for the constitution of a new free and democratic Haitian state. We chose to translate the scene that announces and illustrates, in the opening of the first Act, the tragic character that permeates the unfolding of events
Detecting HIV-1 Tat in Cell Culture Supernatants by ELISA or Western Blot
No full textThe author list was corrected for the ERRATUM.Rayne F, Debaisieux S, Tu A, Chopard C, Tryoen-Toth P, Beaumelle B. Methods Mol Biol.2016;1354:E1. doi: 10.1007/978-1-4939-3046-3_26. PMID: 27066967International audienceHIV-1 Tat is efficiently secreted by HIV-1 infected or Tat-transfected cells. Accordingly, Tat concentrations in the nanomolar range have been measured in the sera of HIV-1 infected patients, and this protein acts as a viral toxin on bystander cells. Nevertheless, assaying Tat concentration in media or sera is not that straightforward because extracellular Tat is unstable and particularly sensitive to oxidation. Moreover, most anti-Tat antibodies display limited affinity. Here, we describe methods to quantify extracellular Tat using a sandwich ELISA or Western blotting when Tat is secreted by suspension or adherent cells, respectively. In both cases it is important to capture exported Tat using antibodies before any Tat oxidation occurs otherwise it will become denatured and unreactive toward antibodies
Ariel Chopard a lu pour vous "La première femme nue" de Christophe Bouquerel
No full text► Lu pour vous ; ὁ λύχνος n° 142, novembre 2015, article neuf Phrynè n’est pas nue Phrynè se dévoilant devant l'Aréopage, Jean-Léon Gérôme, 1861, Kunsthalle, Hambourg (wikimédia) Christophe Bouquerel, La première femme nue, Actes Sud, Arles, 2015 Prévenons les lecteurs, c’est un gros roman : 1198 pages. Il faut donc du temps et être bien installé car le livre est lourd pour être lu au lit (à moins d’avoir une technique bien à soi). Ces détails réglés, on entre dans ce roman épique avec curi..
Ariel Chopard a lu pour vous "La première femme nue" de Christophe Bouquerel
No full text► Lu pour vous ; ὁ λύχνος n° 142, novembre 2015, article neuf Phrynè n’est pas nue Phrynè se dévoilant devant l'Aréopage, Jean-Léon Gérôme, 1861, Kunsthalle, Hambourg (wikimédia) Christophe Bouquerel, La première femme nue, Actes Sud, Arles, 2015 Prévenons les lecteurs, c’est un gros roman : 1198 pages. Il faut donc du temps et être bien installé car le livre est lourd pour être lu au lit (à moins d’avoir une technique bien à soi). Ces détails réglés, on entre dans ce roman épique avec curi..
Arbitrating between Renegotiation and Bankruptcy: The Case of French Banks Facing Distressed SMEs
No full textThis empirical paper investigates the determinants of the arbitration taking place after a corporate default. Two ways of resolving financial distress are conceivable: either the creditors privately renegotiate with the debtor, or a formal bankruptcy procedure is triggered off. This arbitration depends on the legal context and, more specifically, on the national bankruptcy code. No study has been done on the French Civil Law. Yet, this legal system has inspired other important legislations in continental Europe. We use original data coming from the recovery units of five French commercial banks. Our sample gathers 735 credit lines allocated to 386 distressed companies (233 of them are used in our econometric regressions). Our variables encompass the profile of the company, the origin of the default (with a specific focus on faulty management), the nature of the credit relationship, and the type of borrowings. We test four hypotheses. Hypothesis H1 focuses on a tradeoff between the arguments based on coordination issues and the counterarguments based on the stakeholders’ bargaining power. Such tradeoff may depend on the legal environment. Hypothesis H2 suggests that, to support renegotiation, a bank needs information on the project’s profitability (adverse selection), and on the managers’ reliability (moral hazard). To reach an agreement, the bank must believe both conditions prevail. Hypothesis H3 predicts the likelihood of renegotiation increases with the bank’s financial involvement (size effect). Hypothesis H4 focuses on the level of collateralization (when the bank has inclination for liquidation, collaterals may increase the occurrence of bankruptcy, provided the law facilitates such liquidation and protects the bank’s priority on junior claims). To test H1 to H4, we use sequential LOGIT modeling to split between the variables explaining the decision to engage (or not) renegotiation and the variables explaining the success (or the failure) of renegotiation. Regarding H1, we find the “coordination argument” is of secondary importance compared to the “bargaining power counterargument”. Indeed, whatever the coordination issues, a major bank may not wish to renegotiate simply because the competition with the other minor creditors is expected to be weak under bankruptcy, and/or because the debtor cannot survive without the bank’s financial support. Consequently, even a court-administered procedure (as in France) may not have dissuasive effects provided the bank’s bargaining power is strong enough. Regarding H2, we show the project profitability and the managers’ reliability are two essential conditions to escape bankruptcy, but it needs time to discover them. Consequently, the first step of the arbitration (i.e. renegotiation attempt vs. direct bankruptcy ) does not depend on these conditions. Regarding H3, our results suggest that, when the lending is bigger and/or when the debt contract is longer, the chance of undertaking renegotiation is higher, but this does not predict such renegotiation shall be successful. Last, regarding H4, we do not find any evidence that the level of collateralization significantly influence the tradeoff between informal renegotiation and formal bankruptcy. Indeed, in France, liquidation is viewed as a secondary objective, and the social claims outrank the secured ones.Bankruptcy, Renegotiation, Banks, SME, Sequential LOGIT.
Intensification of Ester Production in a Continuous Reactor
No full textNumerous continuous intensified reactors are now accessible on the market that offer enhanced thermal performances in a continuous reactor. Such reactors are then particularly suited to fast and highly exothermic reactions. In this paper, the ability to also manage a slow and equilibrated system, the methyl acetate esterification reaction, on condition of intensification in terms of design and operating conditions is presented. To achieve this purpose, a new kinetics model has been developed and validated from experiments carried out in a lab scale batch reactor.
Implemented in a simulation framework, this model leads to an intensified design of the reactor and the associated operating conditions. All this intensification methodology has been supported and validated by experimental studies
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