#### Capital market inefficiencies, credit rationing and lending relationship in SME's

• Cardone Riportella, Clara
• Longarela, Iñaki R.
• Camino Blasco, David
The financing of small-medium enterprises (SME' s) shows a great dependence on short term borrowing from banking institutions and savings banks. The causes of this situation are basically due to low credit availability at the stage of the firm' s life cycle when it requires the greatest access. A seminal paper by Fazzari, Hubbard and Petersen (1988) has served as the basis for important subsequent research. In Spain conclusions drawn by studies in this area mostly agree that the basic reason for the aboye mentioned low credit availability is high borrowing costs due to market imperfections which inevitably lead to credit ratioIÚng. The aim of this paper is twofold. First, to study the roles of firm-creditor relationships (Berger and Udell, 1992,1995; Petersen and Rajan, 1994, 1995) and Loan Guarantee Associations [LGA] in reducing information asymmetries in loan contracts and, second, to attempt to ascertain whether these factors are among the determining factors of loan rates for SME's.
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#### Accountability and organizational survival: a study of the Spanish newspaper industry (1966-1993)

• Núñez-Nickel, Manuel
• Gutiérrez, Isabel
The prediction that external accountability has a positive effect on organizational survival has been suggested by several organizational studies. Empirical testing of this proposition, however, has been overlooked by organizational analysts. The conceptual analysis of the notions of accountability and organizational survival has led to a set of a hypotheses that are supported by lifetime data models, estimated using primary archival data. These data describe accountability practices of the entire newspaper industry of Spain during the period 1966-1993. During that period, the country witnessed arare combination of radical and peaceful changes in its economic, social, and political structures. This setting constitutes a unique social laboratory to investigate organizational responses to environmental pressures. The findings show support for the notion that organizations that render accounts of their activities are invested of legitimacy, and this in tum increases their access to resources and extends their life chances.
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#### Geodesic excursions into cusps in finite-volume hyperbolic manifolds

• Melián, M. Victoria
• Pestana, Domingo
18 pages, no figures.-- MSC1991 codes: Primary: 53C22; Secondary: 30F40, 58F17., MR#: MR1214056 (94d:53067), Zbl#: Zbl 0793.53052, The main goal of the paper is to prove that, for a given non-compact hyperbolic $n$-manifold $M$ of finite volume, $p\in M$, and a number $\alpha$, $0\leq\alpha \leq 1$, the Hausdorff dimension of the set $\{v\in T\sb p\sp 1(M)$: $\lim\sb{t\to\infty} \sup (\text{dist} (\gamma\sb v(t),p)/t)\geq \alpha\}$ is equal to $n(1-\alpha)$, where $\gamma\sb v(t)$ is the geodesic in $M$ emanating from $p$ in the direction of $v$. This generalize a result of [Acta Math. 149, 215-237 (1982)] that, for almost every direction $v$, such a limit is $1/n$, and it is one for just a countable set of directions $v$.\par However we remark that one has to restrict this claim to the class of hyperbolic manifolds with only Abelian parabolic cusps because the authors assume in fact such property for all considered manifolds $M$ [source: Zentralblatt MATH]., Research supported by a grant from CICYT, Ministerio de Educación y Ciencia, Spain., Publicado
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#### Desarrollo de un prototipo de gestión de herramientas de rehabilitación cognitiva

• Prieto Martínez, Fernando Enrique
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#### Patterson measure and ubiquity

• Dodson, M. M.
• Melián, M. Victoria
• Pestana, Domingo
• Velani, S.L.
24 pages, no figures.-- MSC1991 codes: Primary 11K55; Secondary 11K60, 11F99., MR#: MR1304105 (95j:11074), Zbl#: Zbl 0816.11043, Let $L$ be a closed subset of $\bbfR\sp k$, with Hausdorff dimension $\delta$, which supports a probability measure $m$ for which the $m$- measure of a ball of radius $r$ and centred at a point in $L$ is comparable to $r\sp \delta$. By extending the notion of ubiquity from $k$-dimensional Lebesgue measure to $m$, a natural lower bound for the Hausdorff dimension of a fairly general class of $\limsup$ subsets of $L$ is obtained. This is applied to Patterson measure supported on the limit set of a convex co-compact group to obtain the Hausdorff dimension of the set of 'well-approximable' points associated with the limit set of a convex co-compact group. The equivalent geometric result in terms of geodesic excursions on the quotient manifold is also obtained. These results are counterparts of the Jarník's theorem on simultaneous diophantine approximation., Research partially supported by the Royal Society European Programme., Publicado
Proyecto:

• Camino Blasco, David
• Cardone Riportella, Clara
Reciprocal trade agreements, usually known under the generic name of countertrade (CT) have been traditionally seen as a form of bilateralism, and thus as an inefficient form of international exchange. Although contemporary trade theories do not fully explain the increasing prevalence of CT transactions, we will argue that it is possible to construct and use a third (hybrid) institutional form, which is congruent with the transaction-cost theories, and we will show how — under market imperfections — countertrade can reduce transaction costs while conserving the efficiency gains generated by these specific arrangements., Publicado
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#### ONDAS : aplicación de gestión de alertas sobre información extraída de la Web

• Toledo Barrera, Raúl
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#### Análisis y rediseño de un portal Web

• Ávila Sánchez, Jessica
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#### Distortion of boundary sets under inner functions and applications

• Fernández, José L.
• Pestana, Domingo
10 pages, no figures.-- MSC2000 codes: 30C85, 30D50., MR#: MR1183352 (93k:30014), Zbl#: Zbl 0765.30011, An inner function is a bounded holomorphic function from the unit disc $\Delta$ of the complex plane such that the radial boundary values have modulus 1 a.e. . If $E$ is a Borel subset of $\partial\Delta$ we also define $f(E)=\{e\sp{i\theta}/\lim\sb{r\to 1} f(re\sp{i\theta})$ exists and belongs to $E\}$. Let $M\sb \alpha$, $\text{cap}\sb \alpha$ and dim denote respectively the $\alpha$-dimensional content, $\alpha$- dimensional capacity and the Hausdorff dimension. In relation to the available results the authors in this paper prove that if $f$ is inner, $f(0)=0$, and $E$ is a Borel subset of $\partial\Delta$ then $M\sb \alpha(f\sp{-1}(E)) \geq C\sb \alpha M\sb \alpha(E)$ and for $0\leq\alpha<1$, $\text{cap}\sb \alpha(f\sp{-1}(E)) \geq C\sb \alpha \text{cap}\sb \alpha(E)$. An immediate consequence of course is $\dim(f\sp{-1}(E))\geq \dim E$. They also give examples to show that the inequalities cannot be reversed [source: Zentralblatt MATH]., The first author was supported in part by a grant from CICYT, Ministerio de Educación y Ciencia, Spain., Publicado
Proyecto:

• Núñez Fernández, Javier