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The goal of this paper is twofold. First, to examine the role of expectations in shaping agents' behaviour within an extended time frame which incorporates a prolonged harsh downturn of economic activity. Therefore, the authors allow for an indirect impact of economy-wide expectations operating via their coexistence with firms' balance sheet factors. Second, it is tested whether the behaviour of listed firms as regards to debt follows the pecking order theory.

The authors use the panel data methodology in the estimation of the financial structure models since unobservable heterogeneity is an important determinant towards the target leverage. A fixed effects estimation procedure, with robust intercepts allowed to vary across firms, was employed to examine the relationship between leverage and performance.

The findings offer evidence of patterns of pecking order behaviour and thus for the necessity of internal financing over external debt. The authors also extended the set of determinants by investigating the effect of macroeconomic conditions on the debt decision of firms. Contrary to the authors’ expectations, short-run beliefs of economic agents appear to play a negative role in leverage.

This paper contributes to the literature in a number of ways. First, following the growing literature of loan dynamics, the findings provide useful insights into corporate capital structure decisions in an economy in which businesses were almost excluded from external financing for over a decade. Second, in order to better understand corporate financing decisions, it is necessary to consider the overall economic framework in which companies and especially the listed ones operate.

Despite the increasing evidence on the effects of the economic crisis and austerity policies on the health of the population, we lack knowledge of how the young population is being affected. High unemployment rates, labour instability, high housing costs and cuts in public policies have placed the young in a vulnerable situation. We explore changes (2006–2017) in the both physical and mental health of young people in Spain using a selection of health indicators. By doing so we draw the reader’s attention to three elements with a close relationship to neoliberalism: the prominence of social determinants of health, the importance of inequalities and the accumulation of multiple sources of disadvantage in certain groups and individuals which ultimately condition the course of their lives; and the use of medicalization as a common and legitimised response to poor mental health.

This paper aims to report the study of a fluid buoy system that includes wave effects, with particular emphasis on validating the numerical results with experimental data.

A fluid–solid coupled algorithm is proposed to describe the motion of a rigid buoy under the effects of waves. The Navier–Stokes equations are solved with the open-source finite volume package Code Saturne, in which a free-surface capture technique and equations of motion for the solid are implemented. An ad hoc experiment on a laboratory scale is built. A buoy is placed into a tank partially filled with water; the tank is mounted into a shake table and subjected to controlled motion that promotes waves. The experiment allows for recording the evolution of the free surface at the control points using the ultrasonic sensors and the movement of the buoy by tracking the markers by postprocessing the recorded videos. The numerical results are validated by comparison with the experimental data.

The implemented free-surface technique, developed within the framework of the finite-volume method, is validated. The best-obtained agreement is for small amplitudes compatible with the waves evolving under deep-water conditions. Second, the algorithm proposed to describe rigid-body motion, including wave analysis, is validated. The numerical body motion and wave pattern satisfactorily matched the experimental data. The complete 3D proposed model can realistically describe buoy motions under the effects of stationary waves.

The novel aspects of this study encompass the implementation of a fluid–structure interaction strategy to describe rigid-body motion, including wave effects in a finite-volume context, and the reported free-surface and buoy position measurements from experiments. To the best of the authors’ knowledge, the numerical strategy, the validation of the computed results and the experimental data are all original contributions of this work.