We quantify the role of financial leverage behind the sluggish post-crisis investment performance of European firms. We use a cross-country firm-bank matched database to identify separate roles for firm leverage, bank balance sheet weaknesses arising from sovereign risk, and aggregate demand conditions. We find that firms with higher debt levels reduce their investment more after the crisis. This negative effect is stronger for firms holding short-term debt in countries with sovereign stress, consistent with rollover risk being an important channel influencing investment. The negative effect of firm leverage on investment is persistent for several years after the shock in the countries with sovereign stress. The corporate leverage channel can explain 40 percent of the cumulative decline in aggregate investment over four years after the crisis.

The problematic use of social networking sites is becoming a major public health concern. Previous research has found that adolescents who engage in a problematic use of social networking sites are likely to show maladjustment problems. However, little is known about its links with peer aggression and victimization. The main goal of this study was to analyze the relationship between problematic use of online social networking sites, peer aggression –overt vs. relational and reactive vs. instrumental–, and peer victimization –overt physical and verbal, and relational–, taking into account gender and age (in early and mid-adolescence). Participants were selected using randomized cluster sampling considering school and class as clusters. A battery of instruments was applied to 1,952 adolescents' secondary students from Spain (Andalusia) (50.4% boys), aged 11 to 16 (M = 14.07, SD = 1.39). Results showed that girls and 14–16 adolescents were more involved in a problematic use of online social networking sites. Furthermore, adolescents with high problematic use of online social networking sites were more involved in overt—reactive and instrumental—and relational—reactive and instrumental—aggressive behaviors, and self-reported higher levels of overt—physical and verbal—and relational victimization. Even though boys indicated higher levels of all types of victimization, girls with high problematic use of online social networking sites scored the highest on relational victimization. Relating to age, early adolescents (aged 11–14) with higher problematic use of online social networking sites reported the highest levels of overt verbal and relational victimization. Overall, results suggested the co-occurrence of problematic use of online social networking sites, peer aggression and victimization. In addition, results showed the influence that gender and age had on peer victimization. This study highlights the continuity between offline and online domains with regard to maladjustment problems in adolescence.

We quantify the role of financial leverage behind the sluggish post-crisis investment performance of European firms. We use a cross-country firm-bank matched database to identify separate roles for firm leverage, bank balance sheet weaknesses arising from sovereign risk, and aggregate demand conditions. We find that firms with higher debt levels reduce their investment more after the crisis. This negative effect is stronger for firms holding short-term debt in countries with sovereign stress, consistent with rollover risk being an important channel influencing investment. The negative effect of firm leverage on investment is persistent for several years after the shock in the countries with sovereign stress. The corporate leverage channel can explain 40 percent of the cumulative decline in aggregate investment over four years after the crisis.

ObjectivePsoriatic arthritis (PsA) is a chronic inflammatory arthritis affecting up to 30% of patients with psoriasis (Ps). To date, most of the known risk loci for PsA are shared with Ps, and identifying disease-specific variation has proven very challenging. The objective of the present study was to identify genetic variation specific for PsA.MethodsWe performed a genome-wide association study in a cohort of 835 patients with PsA and 1558 controls from Spain. Genetic association was tested at the single marker level and at the pathway level. Meta-analysis was performed with a case–control cohort of 2847 individuals from North America. To confirm the specificity of the genetic associations with PsA, we tested the associated variation using a purely cutaneous psoriasis cohort (PsC, n=614) and a rheumatoid arthritis cohort (RA, n=1191). Using network and drug-repurposing analyses, we further investigated the potential of the PsA-specific associations to guide the development of new drugs in PsA.ResultsWe identified a new PsA risk single-nucleotide polymorphism at B3GNT2 locus (p=1.10e-08). At the pathway level, we found 14 genetic pathways significantly associated with PsA (pFDR<0.05). From these, the glycosaminoglycan (GAG) metabolism pathway was confirmed to be disease-specific after comparing the PsA cohort with the cohorts of patients with PsC and RA. Finally, we identified candidate drug targets in the GAG metabolism pathway as well as new PsA indications for approved drugs.ConclusionThese findings provide insights into the biological mechanisms that are specific for PsA and could contribute to develop more effective therapies.

a b s t r a c tRecent asset pricing studies demonstrate the relevance of incorporating coskewness in asset pricing mod els, and illustrate how this component helps to explain the time variation of ex ante market risk premi ums. This paper analyzes the role of coskewness in mutual fund performance evaluation and finds evidence that adding a coskewness factor is economically and statistically significant. It documents that coskewness is sometimes managed and shows persistence of the coskewness policy over time. One of the most striking results is that many negative (positive) alpha funds, measured relative to the CAPM risk adjustments, would be reclassified as positive (negative) alpha funds using a model with coskewness. Therefore, performance ranking based on risk adjusted returns without considering coskewness could generate an erroneous classification. Moreover, some fund characteristics, such as turnover ratio or cat egory, are related to the likelihood of managing coskewness. Ó

In this paper, we apply nonlinear techniques (Self Organizing Maps, k nearest neighbors and the k means algorithm) to evaluate the official Spanish mutual funds classification. The methodology that we propose allows us to identify which mutual funds are misclassified in the sense that they have historical performances which do not conform to the invest ment objectives established in their official category. According to this, we conclude that, on average, over 40% of mutual funds could be misclassified. Then, we propose an alternative classification, based on a double step methodology, and we find that it achieves a significantly lower rate of misclassifications. The portfolios obtained from this alternative classi fication also attain better performances in terms of return/risk and include a smaller number of assets.

Previous studies have identified two subgroups of school violence victims: submissive and aggressive. Submissive victims are characterized by their withdrawal in violent situations, while aggressive victims combine hostile behavior with victimization. This study focuses on the second subgroup and aims to analyze possible factors influencing the transition from passive victimization to involvement in aggressive behaviors within the school context. To test these relationships, 1319 adolescents between 12 and 16 years of age were recruited from seven secondary schools in various Spanish provinces. Structural equation modeling techniques were used to analyze the data. Results supported Emler's theory, which posits that the victim's helplessness in situations of intimidation, along with disappointment resulting from a lack of expected protection from adult authority figures, may result in adolescents searching and developing an antisocial and non-conformist reputation that helps them defend themselves against future attacks. Practical implications of these results are further discussed.

Estudios previos han identificado dos subgrupos de víctimas de violencia escolar: víctimas sumisas y víctimas agresivas. Las víctimas sumisas se caracterizan por su retraimiento ante la situación de violencia, mientras que las víctimas agresivas presentan un comportamiento hostil combinado con la situación de victimización. El presente estudio se centra en el segundo subgrupo y tiene como objetivo analizar posibles factores influyentes en el proceso que conduce del estado de victimización a la implicación en conductas agresivas en la escuela. La asunción de partida se fundamenta en la teoría de Emler que sostiene que el sentimiento de indefensión producido por la situación de victimización, junto con la decepción en las figuras adultas de autoridad ante su fracaso en la protección esperada, generan en el adolescente la necesidad de buscar una reputación antisocial y no conformista que le permita defenderse de los ataques venideros. Para poner a prueba estas relaciones, se ha utilizado una muestra compuesta por 1.319 adolescentes de entre 12 y 16 años. Los análisis estadísticos mediante un modelo de ecuaciones estructurales muestran resultados en la línea de la argumentación de Emler. En la discusión se comentan las implicaciones prácticas de estos resultados.Palabras clave: Adolescencia, victimización, violencia escolar, reputación, actitud hacia la autoridad. When victims of school violence become the aggressors: Who is going to defend me?Previous studies have identified two subgroups of victims of school violence: submissive victims and aggressive victims. Submissive victims are characterized by their withdrawal in the situation of violence, whilst aggressive victims present an hostile behavior combined with the victimization situation. The present study is focused on the second subgroup, and the objective is to analyze potential influential factors in the process that leads from the victimization status to involving in aggressive behaviors at school. The starting premise is based on Emler"s theory supporting that the feeling of lack of defense produced by the victimization situation, together with the deception on adult authority figures due to their failure in the expected protection, generate a need in the adolescent to search for an antisocial and non-conformist reputation that allows them to defend themselves from future attacks. To test these relationships, a sample of 1.319 adolescents from 12 to 16 years was used. Statistical analyses by means of a structural equation model show results that are in line with Emler"s argument. Practical implication from findings are commented in the discussion section.