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1
Burkhardt, Katrin, and Roland Strausz. "Accounting Transparency and the Asset Substitution Problem." Accounting Review 84, no. 3 (May 1, 2009): 689–712. http://dx.doi.org/10.2308/accr.2009.84.3.689.
Анотація:
ABSTRACT: We develop a model to show that transparent accounting can worsen the asset substitution effect of debt. This negative effect can outweigh the usual positive effect of transparency. We demonstrate this point by comparing pure historical cost accounting to the conservatively skewed accounting regime of lower-of-cost-or-market (LCM). In a market with asymmetric information, the two regimes lead to different degrees of transparency. The more transparent LCM regime produces more efficient results for firms with lower debt levels, while the opaque rule of pure historical cost accounting is preferable for higher debt levels. We explore the implications of this result for the firm's optimal capital structure.
2
Roberts, D. S. "'A nugget of pure truth': Woolf's Debt to De Quincey." Notes and Queries 52, no. 1 (March 1, 2005): 94–95. http://dx.doi.org/10.1093/notesj/gji138.
3
François, Pascal, Georges Hübner, and Nicolas Papageorgiou. "Strategic Analysis of Risk-Shifting Incentives with Convertible Debt." Quarterly Journal of Finance 01, no. 02 (June 2011): 293–321. http://dx.doi.org/10.1142/s2010139211000079.
Анотація:
Convertible debt eliminates asset substitution in a one-period setting (Green, 1984). But convertible debt terms are usually set before the asset substitution opportunity. This allows shareholders and convertible debtholders to play a strategic noncooperative game. Two risk-shifting Nash equilibria are attainable: pure asset substitution when, despite no conversion, shareholders benefit from shifting risk, and strategic conversion when, despite early conversion, convertible debtholders expropriate wealth from straight debtholders. Even when initial convertible debt is designed to minimize the risk-shifting likelihood, the risk of asset substitution remains economically substantial — contrasting with the agency theoretic rationale for issuing convertible debt.
4
Sihombing, Lambok Hermanto, Aditya K, Barik H, and Kerin A. "Debus Banten: In Between Myth, Belief, And Culture." MOMENTUM : Jurnal Sosial dan Keagamaan 10, no. 2 (October 30, 2021): 138–57. http://dx.doi.org/10.58472/mmt.v10i2.111.
Анотація:
Abstract Debus is one of the martial arts from the province of Banten, Indonesia.It is considered an art that is still controversial about its origin because this art shows the ability of people who are immune to sharp weapons, hydrochloric acid, and other dangerous materials that can be very harmful to human. It is still debatable that Debus is being associated with religion or belief for there is some ritual that is conducted during the practice. By using Cultural Identity as our main theory and encoding-decoding theory by Stuart Hall, the authors try to find out whether Debus Banten is still relevant in this current society and unpack the complexity of the diverse comments appearing on YouTube regarding the tradition. The data is taken from the comments from YouTube videos that use Debus Banten as the content. The result of this study suggests that topics appearing in the comments are not limited to the fight or the fighters. Interestingly, the topic is also about a debate that Debus Banten is a pure traditional martial arts or black magic.
5
Turaeva, Rano, and Zarina Adambussinova. "Relations of Debt and Credit Networks in Post-Soviet Uzbekistan, Russia and Kazakhstan." Journal of Extreme Anthropology 6, no. 1 (July 25, 2022): 26–47. http://dx.doi.org/10.5617/jea.9320.
Анотація:
Any relations and practices of debt within credit networks include not only pure economic exchange, such as barter or non-monetary exchange, but diverse kinds of social relations of debt. In this article, we consider case studies embedded in the particular context of early and late post-Soviet economic and political crisis, in which economic informalization was characterised by ‘wild capitalism’ or the absence of cash and livelihoods. We observe the coping strategies and mechanisms of economic survival adopted by ordinary people in response to these crises and to the absence of state social and economic institutions. We portray people’s concrete experiences of debt, solidary social relations, and economic exchange based on debt relationships in post-Soviet economies. The case studies are drawn from ethnographic material from Uzbekistan, Russia and Kazakhstan. Our case studies reveal that debt relations are not about two individuals who owe money but serve as the basis for debt-based trade, survival, and socializing networks, as well as part of moral economies. The article builds on scholarly works related to informal economies and survival mechanisms in post-Soviet space, to anthropology of debt, as well as discussion of (dis)trust.
6
Rayl, Nelson P., and Nitish R. Sinha. "Integrating Prediction and Attribution to Classify News." Finance and Economics Discussion Series, no. 2022-042 (July 2022): 1–44. http://dx.doi.org/10.17016/feds.2022.042.
Анотація:
Recent modeling developments have created tradeoffs between attribution-based models, models that rely on causal relationships, and “pure prediction models” such as neural networks. While forecasters have historically favored one technology or the other based on comfort or loyalty to a particular paradigm, in domains with many observations and predictors such as textual analysis, the tradeoffs between attribution and prediction have become too large to ignore. We document these tradeoffs in the context of relabeling 27 million Thomson Reuters news articles published between 1996 and 2021 as debt-related or non-debt related. Articles in our dataset were labeled by journalists at the time of publication, but these labels may be inconsistent as labeling standards and the relation between text and label has changed over time. We propose a method for identifying and correcting inconsistent labeling that combines attribution and pure prediction methods and is applicable to any domain with human-labeled data. Implementing our proposed labeling solution returns a debt-related news dataset with 54% more observations than if the original journalist labels had been used and 31% more observation than if our solution had been implemented using attribution-based methods only.
7
Eny Maryanti. "Determinan Profitabilitas Dengan Ukuran Perusahaan Sebagai Variabel Moderasi." Journal of Accounting Science 4, no. 2 (July 31, 2020): 86–98. http://dx.doi.org/10.21070/jas.v4i2.1099.
Анотація:
This study aims to determine whether company size moderates the effect of current ratio, environmental performance and debt to equity ratio on the profitability of consumer goods industry companies found on the Indonesia Stock Exchange (IDX). The period of this research is 2017-2019. The study population includes all consumer goods industry companies found on the Indonesia Stock Exchange (IDX) for the period of 2017-2019. The sampling technique used was purposive sampling. The research population data were 114 companies, and obtained a sample of 45 companies. The data analysis method used is SmartPLS 3 (Partial Least Square). The results of this study indicate: company size can moderate the effect of current ratio, environmental performance and debt to equiy ratio to profitability, firm size weakens the influence of current ratio to profitability, company size weakens the influence of environmental performance on profitability, firm size weakens the influence of debt to equity ratio to profitability. The moderation variable in this study is included in the pure moderation variable (pure moderation) because the moderating effect 1,2,3 has an effect on profitability while the moderating variable (company size) has no effect on profitability.
8
Liu, Wen-Chien. "Trade-off theory of capital structure: evidence from estimations of non-parametric and semi-parametric panel fixed effect models." Investment Management and Financial Innovations 14, no. 1 (March 31, 2017): 115–23. http://dx.doi.org/10.21511/imfi.14(1).2017.12.
Анотація:
A firm’s capital structure decisions constitute an essential research topic academically and practically. In this study, the author uses the data of US listed firms to test the traditional trade-off theory of capital structure, which posits that firms should balance the benefit of tax shields and costs of financial distress to purse an optimal debt ratio. Therefore, to determine the complex relationship between firm value and debt ratio and avoid the problem of model misspecification, the author adopts the non-parametric fixed effect model and semi-parametric (partially linear) fixed effect model. Our empirical results reveal that a nonlinear and asymmetric relationship exists between firm value and market debt ratio, thus, considerably supporting trade-off theory. Moreover, the use of different definitions of key variables and various kernel functions engenders robust results. Overall, the author suggests that firm managers should employ financial leverages appropriately to maximize firm value.
9
Kyrylenko, Olha, and Andrii Derlytsia. "Debt finance as a public phenomenon: conceptual basics and prospects of democratization." Herald of Ternopil National Economic University, no. 3(93) (July 7, 2019): 35–50. http://dx.doi.org/10.35774/visnyk2019.03.035.
Анотація:
Introduction. Issues of budget deficits, public credit and debt form the sphere of debt finance – a model established in a particular country for ensuring the balance of the budget, the organization of government borrowings, the system of public debt management in order to influence the development of the economy and the functioning of public finance. Methods. The methods of abstraction, comparison, institutional analysis and idealization have been used. Results. The study draws attention to the microeconomic fundamentals of debt finance, considering them through the prism of the individual interests. It has been found out that the developed Western countries are characterized by the public nature of debt finances as a result of the evolutionary democratization of public debt – the accessibility of government debt operations to the general public. It is revealed that due to a number of institutional restrictions, the democratization of this sphere in Ukraine has not been fully implemented yet. It is proved that the public debt manifests the same power as pure public goods: the indivisibility in consumption and the impossibility to exclude from the debt burden, which enable its study as public bads. The key features that determine the social nature of debt finance in developed democratic countries are revealed. It is proved that the determinants of debt finance are both economic and political and institutional imbalances, not only in the area of public finance, but also at the level of economic entities. The key components of the institutional environment of the functioning of debt finance are considered: political decision- making mechanisms, procedures of the budget process, the institutional organization of the financial market. It is argued that one of the key shortcomings of the domestic practice of servicing domestic public debt is the insignificant share of debt owned by citizens. Conclusions. The disadvantages and obstacles of democratization of the model of borrowing in Ukraine are studied in the paper. A promising mechanism of financial inclusion of the population in transactions with government debt is proposed.
10
Osawa, Toshiro. "Kant’s Debt to Baumgarten in His Religious (Un‐)Grounding of Ethics." Kant Yearbook 10, no. 1 (October 4, 2018): 105–23. http://dx.doi.org/10.1515/kantyb-2018-0006.
Анотація:
AbstractAlexander Gottlieb Baumgarten’s ethics had a significant influence on the formation of Kant’s ethics. The extent of this influence, however, has not been sufficiently investigated by existing Kant scholarship. Filling this gap, this paper aims to reveal Baumgarten’s substantial influence on the formation of Kant’s ethics, particularly the complex ways in which Kant’s ethics retains the concept of God as crucial for ensuring that his ethics persist under the scrutiny of reason. In a systematic comparison of the ethics of the two philosophers, I argue that Kant alters and yet accommodates several aspects of Baumgarten’s ethics in his own version of the system of ethics more thoroughly than has previously been perceived. More specifically, I argue, first, that Kant’s rejection of Baumgarten’s conception of “duties towards God” and his alternative notion that duties are recognized as if they were divine commands unveil his criticism of Baumgarten’s conception of how religion is situated in ethics. Second, I argue that Kant’s argument for the extension of pure reason for practical purposes discloses his critical response to Baumgarten’s optimistic assumption about the entirety of pure reason.
11
Miao, Jing Yi, and Cheng Wei Cai. "The Study on the Technical Efficiency of the Listed Coal Companies." Advanced Materials Research 616-618 (December 2012): 528–32. http://dx.doi.org/10.4028/www.scientific.net/amr.616-618.528.
Анотація:
This paper analyses China's listed coal companies based on Tobit-DEA model. DEA model results show that these companies have low technical efficiency level, containing the high scale efficiency and low pure technical efficiency. Then dig the factors to the pure technical efficiency and scale efficiency with Tobit regression model, and the result shows the increasing of management fee rate and debt capital ratio of technical efficiency has some negative effects, and the increasing of sales rate, asset turnover and P/E ratio is beneficial to technical efficiency. Then analyzes the possible reasons for these results and gives suggestions.
12
Giordano, Raffaela, Marcello Pericoli, and Pietro Tommasino. "Pure or Wake-up-Call Contagion? Another Look at the EMU Sovereign Debt Crisis." International Finance 16, no. 2 (June 2013): 131–60. http://dx.doi.org/10.1111/j.1468-2362.2013.12033.x.
13
Shkvarchuk, L., and R. Slav`yuk. "PRIVATE DEBT AND ECONOMIC GROWTH: TRENDS AND CHARACTERISTICS FOR UKRAINE." Journal of Lviv Polytechnic National University. Series of Economics and Management Issues 5, no. 1 (June 1, 2021): 112–20. http://dx.doi.org/10.23939/semi2021.01.112.
Анотація:
Purpose. The purpose of the article is to determine the effects on economic activity of a pure temporary change in private debt and the relationship between the debt multiplier and the level of economic growth in Ukraine. Design/methodology/approach. In the article, the authors used the function of exponential growth for determining the GDP sensibility to the debt movements. There are also using the Granger approach for determining the direction of the relation between private debt and GPD. Rather than testing whether private debt causes GDP, the Granger causality has tested whether private debt forecasts GDP. The authors provided the calculation in the direct and indirect methods. The model of the direct method was based on the assumption that the GDP growth in the current period depends on the dynamics of GDP and increase of private debt in the previous period. The model of indirect correlation was based on the assumption that the increase of the amounts of private debt depends on the former dynamics of GDP and the amount of private debt accumulated in the previous period. Findings. The hypothesis that the GDP sensibility to the private debt movements is individual for every economy is proven. The households’ debt to GDP ratio and non-financial firms’ debt to GDP ratio for the conditions of economy of Ukraine is one of the lowest in Europe, which proves the low attractiveness of debt financing of the private sector growth. The authors show that elevated private debt sentiment in year t+3 is associated with a rising in economic activity in year t. Such conclusion is fair as for the sensitivity to the households’ debt movements and so to the firms’ debt movements. The increase in private debt causes the insufficient influence on the GDP increasing, so we cannot consider the debt market growth as a stimulator of the economy growth in Ukraine. The authors showed the existence of a relation between the GDP growth and increase of private debt only in indirect model. Private sector debt cycle more correlated with the business cycles: in the case of GDP growth the private debt rises also. But, the strength of influence of the GDP growth on the private debt growth is temperate: while the increase in the GDP by 1 % in the medium predicts 0.055 % subsequent private debt growth. Practical implications. The debt-growth nexus has received renewed interest among academics and policy makers. The results of this research are of interest to the government in its way of economic reform and generating effective tools to overcome the economic downturn. Also, the findings can help the financial market regulators to realize the effective monetary policy. Originality/value. This study represents a new evidence of relations between private debt and the real economy. In contrast to existing research the authors argued the reality of indirect impact of economical cycles to the private debt dynamic. But, the strength of influence of the GDP growth on the private debt growth is temperate. So it’s wrong to consider the debt market development as a stimulator of the economic growth in Ukraine. In contrast to the developed countries in Ukraine the main part of private debt belongs to firms.
14
Lanzavecchia, Alberto, Eugenio Pavarani, and Giulio Tagliavini. "How EURO shrinks democracy: Insights from the Greek crisis." Journal of Governance and Regulation 4, no. 4 (2015): 135–46. http://dx.doi.org/10.22495/jgr_v4_i4_c1_p1.
Анотація:
The adoption of a single currency in Europe is a pure political project. What we have learned from Greek crisis is that being in the Eurozone means that creditors can destroy a national economy and seize public assets if the government steps out of line. To keep the European project alive, we here call for a fundamental reform on sovereign debt: switching from a goal to which policy is constrained, back to a tool to serve policy aims. In a distressed country, lenders has the power to forces the borrower to accept and to adopt restrictive spending policies that defend their interest at the expense of citizen’s ones. Eventually, this leads inevitably to the loss of autonomy in borrower’s decisions on fiscal policy, spending policy, public properties. If the cause for this degenerative process is the privilege on sovereign debt, then we need to find a new framework that reclassifies the public debt as functional to human development rather than individual profits. A country shall not be allowed to repay a debt that goes beyond its repayment capacity. The maximum payback capacity shall be settled before the credit is granted as a fraction of its primary balance. As such, the amount of primary balance not pledged to the repayment of the debt shall be always available to the government to undertake investments, social or security expenses and to face unexpected events. If this rule were implemented, the capital market would be automatically regulated: the debt that exceeds that threshold would be automatically written-off.
15
Pang, Chao, and Yuejun Gai. "Research on Efficiency in Financing of Small and Medium Companies Based on DEA Method." Discrete Dynamics in Nature and Society 2022 (February 9, 2022): 1–13. http://dx.doi.org/10.1155/2022/4914151.
Анотація:
At this stage, SMEs cannot survive and grow without the support of large amounts of capital, and the issue of financing efficiency has always been a bottleneck for different types of SMEs. This paper studies the financial data of relevant enterprises by constructing variable index evaluation systems such as anti-risk ability, internal management, financial system, market competitiveness, short-term debt, long-term debt, paid-in capital to property right ratio, comprehensive efficiency, pure technical efficiency, and scale efficiency and takes manufacturing, service, high-tech, and community-based small-sized and medium-sized enterprises as the research points. The DEA model is used to analyze the financing efficiency of enterprises. The results show that small-sized and medium-sized enterprises in high-tech and manufacturing industries are in the stage of increasing returns to scale. In a homogeneous environment, internal financing environment variables, total assets, asset liability ratio, debt service ratio, current ratio, and other variables have an impact on liquidity efficiency. External financing environment variables, science and technology investment, and economic level have a good and significant impact on enterprise financing.
16
Ali Keya Anami. "Financial inclusion through Islamic financial instruments: A catalyst for small and medium enterprises (SMEs)." Open Access Research Journal of Multidisciplinary Studies 7, no. 1 (March 30, 2024): 134–41. http://dx.doi.org/10.53022/oarjms.2024.7.1.0008.
Анотація:
The term Islamic finance is used to refer to financial activities conforming to Islamic Law (Sharia). One of the main principles of the Islamic finance system is the prohibition of the payment and the receipt of riba (interest) in a financial transaction. The term riba covers all forms of interest and is not limited to usury or excessive interest only. The most critical and significant implication of banning interest is the indirect prohibition of a “pure” debt security. The key point to bear in mind is that Islamic law does not recognize money and money instruments as a commodity but merely as a medium of exchange. Hence any return must be tied to an asset, or participation and risk-taking in a joint enterprise (such as partnerships). A pure debt security is replaced with an “asset-linked” security, direct financing of a real asset, and different forms of partnerships of which equity financing is the most desirable. In addition to prohibition of riba, there are several other important provisions which may affect financial transactions. These include the prohibition of ‘gharar’ (uncertainty or asymmetrical information), ‘maysir’ (gambling, speculation), hoarding, as well as trading in prohibited commodities (for example, pork and alcohol).
17
Sámano, Reyna, Luis Ortiz-Hernández, Hugo Martínez-Rojano, Oralia Nájera-Medina, Gabriela Chico-Barba, Bernarda Sánchez-Jiménez, Jessica Cruz-Cruz, and María José Echenique-González. "Disordered Eating Behaviors Are Associated with Gestational Weight Gain in Adolescents." Nutrients 13, no. 9 (September 13, 2021): 3186. http://dx.doi.org/10.3390/nu13093186.
Анотація:
Disordered eating behaviors (DEBs) and adolescent pregnancy are public health problems. Among adolescents, there is little evidence concerning the relationship of DEB with gestational weight gain (GWG) and the birth weight and length of their offspring. We aimed to determine the association between DEB with GWG and the weight and length of adolescents’ offspring. We conducted a study with 379 participants. To evaluate DEB, we applied a validated scale. We identified three factors from DEB by factorial analysis: restrictive, compensatory, and binge–purge behaviors. The main events were GWG and offspring’s birth weight and length. We performed linear regression models. We found that 50% of adolescents have at least one DEB. Excessive and insufficient GWG were 37 and 34%, respectively. The median GWG was 13 kg; adolescents with restrictive behaviors had higher GWG (13 vs. 12 kg, p = 0.023). After adjusting for pregestational body mass index and other covariables, the restrictive (β = 0.67, p = 0.039), compensatory (β = 0.65, p = 0.044), and binge–purge behaviors (β = 0.54, p = 0.013) were associated with higher GWG. We did not find an association between the birth weight and length of newborns with DEB, and suggest that DEB is associated with GWG but not with the birth weight or length of the offspring.
18
Gómez-Puig, Marta, and Simón Sosvilla-Rivero. "Causes and hazards of the euro area sovereign debt crisis: Pure and fundamentals-based contagion." Economic Modelling 56 (August 2016): 133–47. http://dx.doi.org/10.1016/j.econmod.2016.03.017.
19
Matsutani, Ryosuke, Nobuo Nakada, and Susumu Onaka. "Increase in Total Elongation Caused by Pure Shear Deformation in Ultra-Fine-Grained Cu Processed by Equal-Channel Angular Pressing." Metals 10, no. 5 (May 19, 2020): 654. http://dx.doi.org/10.3390/met10050654.
Анотація:
Ultra-fine-grained (UFG) Cu shows little total elongation in tensile tests because simple shear deformation is concentrated in narrow regions during the initial stage of plastic deformation. Here, we attempted to improve the total elongation of UFG Cu obtained by equal-channel angular pressing. By making shallow dents on the side surfaces of the plate-like specimens, this induced pure shear deformation and increased their total elongation. During the tensile tests, we observed the overall and local deformation of the dented and undented UFG Cu specimens. Using three-dimensional digital image correlation, we found that the dented specimens showed suppression of thickness reduction and delay in fracture by enhancement of pure shear deformation. However, the dented and undented specimens had the same ultimate tensile strength. These results provide us a new concept to increase total elongation of UFG materials.
20
Clouse, James A. "Price Level Risk and Some Long-Run Implications of Alternative Monetary Policy Strategies." Finance and Economics Discussion Series 2020, no. 093 (November 9, 2020): 1–54. http://dx.doi.org/10.17016/feds.2020.094.
Анотація:
This note focuses on the longer-run implications of alternative monetary policy strategies for the evolution of the price level. The analysis compares the properties of optimal policy in regimes ranging from pure inflation targeting (IT), to a form of weighted-average inflation targeting (WAIT), to pure price level targeting (PLT). Strategies such as WAIT and PLT tend to limit the downward drift in the path of the price level and also mitigate the uncertainty surrounding the expected path of the price level. The influence of alternative monetary policy strategies on the evolution of the price level may have some important long-run implications for entities or groups that rely heavily on long-term nominal debt. Some simple empirical estimates suggest the real value of existing Treasury debt could be boosted significantly in moving from a world in which the ZLB constraint rarely binds to one in which it regularly binds. Similarly, data from the Survey of Consumer Finances indicate that households at lower income levels, and particularly those with mortgage or educational loans outstanding, are exposed to significant price level risk. As a result, such households can experience a significant reduction in their real wealth, on average, in the transition to a world with frequently binding ZLB constraints. The WAIT and PLT regimes significantly mitigate these potential costs for these groups.
21
Moore, Ian Alexander. "The (Anarchic) Gift of Gelassenheit: On an Undeveloped Motif in Derrida's Donner le temps II." Derrida Today 17, no. 2 (June 2024): 155–65. http://dx.doi.org/10.3366/drt.2024.0337.
Анотація:
In his recently published Donner le temps II, Derrida raises, but does not develop, the possibility that Heidegger's notion of Gelassenheit (‘releasement’, ‘letting-be’) might escape the economic confines of exchange, debt, and repayment and therefore qualify as a pure gift. In this paper, I explore this possibility, explaining that Gelassenheit would have to be understood, first, not primarily as a human comportment but at the level of being itself, second, beyond appropriation, and third, as ‘without why’. If Heidegger's focus on appropriation in ‘Time and Being’ remains entangled in the economy of exchange (as Derrida insinuates in the final session of Donner le temps II), Heidegger's anarchic treatment of ‘letting’ ( laisser, Lassen) in the final session of his 1969 seminar in Le Thor opens instead onto a ‘pure giving’ ( pur donner, reines Geben).
22
Silma, Nazma Alaika, and Anita Handayani. "The Influence Current Ratio, Return on Equity and Debt to Equity Ratio toward Price Book Value." INNOVATION RESEARCH JOURNAL 4, no. 2 (January 7, 2024): 178. http://dx.doi.org/10.30587/innovation.v4i2.6797.
Анотація:
The purpose of this study was to determine and analyze the effect of Current Ratio, Return on Equity and Debt to Equity Ratio on Price to Book Value in service companies in the Hotel, Restaurant and Tourism sub-sector which are listed on the Indonesia Stock Exchange for the 2017- 2021 period. This study uses the theory of Financial Management related to the current ratio, Return On Equity debt to equity ratio and Price to Book Value. The approach used in this study is to use an associative approach and the type of data used is quantitative. The population in this study were 49 service companies in the hotel, restaurant and tourism sub-sector. The number of samples is 13 service companies in the Hotel, Restaurant and Tourism sub-sector using pure positive sampling technique. The data analysis method used multiple linear regression analysis techniques, with the SPSS 27.0 application tool. The results showed that the current ratio has a negative and insignificant effect on Price to Book Value, Return on Equity has a positive and significant effect on Price to Book Value and the Debt to equity ratio has a negative and insignificant effect on Price to Book Value, in Service companies in the Hotel, Restaurant and Tourism sub-sector which are listed on the Indonesia Stock Exchange.
Keywords : Current Ratio, Return on Equity, Debt To Equity Ratio, Price to Book Value.
23
Orlova, O. S., N. B. Pavlov, and E. A. Praskurnichiy. "The Use of Hyperbaric Oxygenation in The Treatment of Therapeutic Pathologye." A.I. Burnasyan Federal Medical Biophysical Center Clinical Bulletin, no. 1 (April 2022): 40–44. http://dx.doi.org/10.33266/2782-6430-2022-1-40-44.
Анотація:
Hyperbaric oxygenation (HBO) is a method based on breathing pure oxygen under high pressure, which makes it possible to eliminate any forms of oxygen debt by delivering oxygen to organs and tissues by dissolving it in the body’s liquid media. The list of indications for HBO is constantly expanding, and a number of studies prove the effectiveness of its use in the treatment of various kinds of therapeutic pathologies. Within the framework of this article, the author analyzes the features of the use of HBO in the treatment of a number of diseases.
24
Baugh, Brian, Itzhak Ben-David, Hoonsuk Park, and Jonathan A. Parker. "Asymmetric Consumption Smoothing." American Economic Review 111, no. 1 (January 1, 2021): 192–230. http://dx.doi.org/10.1257/aer.20181735.
Анотація:
Analyzing account-level data from an account aggregator, we find that households increase consumption when they receive expected tax refunds, as if they face liquidity constraints. However, these same households smooth consumption when making payments in other years, primarily by transferring funds among liquid accounts. Even households carrying credit card debt smooth consumption when making payments, and even highly liquid households spend out of refunds. This behavior is inconsistent with pure liquidity constraints or hand-to-mouth behavior and is most consistent with a mental accounting life-cycle model. (JEL D12, E21, G51, H24, H31)
25
Dierkes, Stefan, and Imke de Maeyer. "Valuation with mixed financing strategies." Business Research 13, no. 3 (October 15, 2020): 1317–41. http://dx.doi.org/10.1007/s40685-020-00126-w.
Анотація:
AbstractIn corporate valuation, it is common to assume either passive or active debt management. However, it is questionable whether these pure financing policies reflect the real financing policies of firms with a sufficient degree of accuracy. This shortcoming has led to the development of mixed financing strategies as combinations of pure financing strategies. Whereas hybrid financing is directly linked to the two-phase model, it is unclear how to apply discontinuous financing in such a setting. In this study, according to the two versions of hybrid financing, we analyze the implementation of discontinuous financing in a two-phase model. Thereby, we present a simpler and more intuitive derivation of the valuation equation for discontinuous financing to increase its acceptance and its use for corporate valuation practice. Moreover, we compare the different mixed financing strategies with each other theoretically, and we conduct simulations to elucidate the impact on market values and the sensitivities of input parameters. The study concludes that the presented mixed financing strategies can help in the attempt to reflect the real financing behavior of firms more accurately and, therefore, constitute a valuable alternative to pure financing strategies for valuation.
26
CHIU, Ching-Ren, Chen-Ling FANG, Seng-Su TSANG, and Yi-Fen CHEN. "PERFORMANCE EVALUATION OF THE SEMICONDUCTOR INDUSTRY BASED ON A METAFRONTIER APPROACH." Technological and Economic Development of Economy 24, no. 3 (May 11, 2018): 825–43. http://dx.doi.org/10.3846/20294913.2016.1218372.
Анотація:
The semiconductor industry has been regarded as one of the most important industries by Taiwan due to the market share of Taiwan’s semiconductor industry in 2011 ranked second worldwide. However, the European debt crisis triggered a global economic recession in 2011, causing Taiwan’s output of semiconductors in 2010 and 2011 to show negative growth. This paper will mainly explore, from the performance evaluation perspective, the Malmquist productivity index of the Taiwan’s semiconductor industry based on a metafrontier approach. The empirical results show that the European debt crisis in 2011 had an impact on Integrated circuit (IC) design companies and IC manufacturing companies, but that there was no influence on IC packaging and testing companies when measuring static efficiency. From the viewpoint of dynamic productivity performance, the paper finds that the main reason for the negative growth of IC packaging and testing companies and IC design companies came from a backward movement in technical change, but the main reason for the negative growth of IC manufacturing companies derived from a decline in pure technical efficiency.
27
Wicker, Elmus. "Colonial Monetary Standards Contrasted: Evidence from the Seven Years' War." Journal of Economic History 45, no. 4 (December 1985): 869–84. http://dx.doi.org/10.1017/s0022050700035142.
Анотація:
The Seven Years' War warrants a reinterpretation of the colonial paper-money experiment. Pennsylvania, New York, and South Carolina with fiduciary standards issued large quantities of paper money to finance the war accompanied by only moderate increases in the rate of inflation. Massachusetts with its pure specie standard financed the war with interest-bearing debt and fared little better, if not a little worse. Success of war finance in Pennsylvania, New York, and South Carolina can be attributed to paper-money issues that financed government expenditures and were matched by imposition of tax labilities for early redemption.
28
Gürkaynak, Refet S., Brian Sack, and Jonathan H. Wright. "The TIPS Yield Curve and Inflation Compensation." American Economic Journal: Macroeconomics 2, no. 1 (January 1, 2010): 70–92. http://dx.doi.org/10.1257/mac.2.1.70.
Анотація:
For over ten years, the Treasury has issued index-linked debt. This paper describes the methodology for fitting a smoothed yield curve to these securities that is used at the Federal Reserve Board every day, and makes the estimates public. Comparison with the corresponding nominal yield curve allows measures of inflation compensation to be computed. We discuss the interpretation of inflation compensation, and provide evidence that it is not a pure measure of inflation expectations being distorted by inflation risk premium and liquidity premium components. We attempt to estimate the TIPS liquidity premium and to extract underlying inflation expectations. (JEL E31, E43, H63)
29
Niyitegeka, Olivier. "Testing Financial Contagion in Emerging Countries: Evidence From BRICS Countries." International Journal of Financial Research 13, no. 1 (February 10, 2022): 42. http://dx.doi.org/10.5430/ijfr.v13n1p42.
Анотація:
This study uses a Multivariate Generalised Autoregressive Conditional Heteroskedasticity (MGARCH) model to examine the pure form of financial contagion in BRICS countries (Brazil, Russia, India, China, and South Africa) in the wake of two major international financial crises namely the U.S. sub-prime and Eurozone sovereign debt crises (EZDC). The pure form of contagion refers to the spread of shocks that are unrelated to macroeconomic fundamentals and are simply the product of irrational phenomena like panics, herd behaviour, loss of confidence, and risk aversion. To investigate contagion the present study analyses the pairwise dynamic cross-correlation between the US and Eurozone equity markets as ‘source’ (ground zero) markets and individual BRICS stock markets as ‘target’ markets.For the each of the two crises that are examined the sets of data used, were divided into two sub-periods (1) the crisis period and (2) the stable period. For the Sub-prime crisis, the findings of the present study indicate the presence of cross-conditional volatility between the US and BRICS stock markets. The results also showed that the cross-conditional volatility coefficient is high in magnitude during periods of financial upheaval compared to a tranquil period, hence the conclusion that there was financial contagion during in BRICs stock markets (except in Chinese market) following the U.S. sub-prime crisis. As for the EZDC, equity markets in Brazil, India and China seemed to react equally (in both the ‘crisis’ and ‘post-crisis’ periods) from shocks emanating from European equity market. Hence the conclusion that there was no contagion in Brazil, India and China following the Eurozone sovereign debt crisis.
30
Gale, Douglas, and Piero Gottardi. "Bankruptcy, Finance Constraints, and the Value of the Firm." American Economic Journal: Microeconomics 3, no. 2 (May 1, 2011): 1–37. http://dx.doi.org/10.1257/mic.3.2.1.
Анотація:
We study a competitive model in which market incompleteness implies that debt-financed firms may default in some states of nature, and default may lead to the sale of the firms' assets at fire sale prices when a finance constraint is binding. The anticipation of such “losses” alone may distort firms' investment decisions. We characterize the conditions under which fire sales occur in equilibrium, and their consequences on firms' investment decisions. We also show that endogenous financial crises may arise in this environment, with asset prices collapsing as a result of pure self-fulfilling beliefs. Finally, we examine alternative interventions to restore the efficiency of equilibria. (JEL D83, G31, G32, G33)
31
Vasileiou, Evangelos. "The New Bail-in Regime and the Need for Stronger Market Discipline." International Journal of Finance & Banking Studies (2147-4486) 3, no. 1 (July 21, 2014): 85–113. http://dx.doi.org/10.20525/ijfbs.v3i1.171.
Анотація:
Effective Market Discipline (MD) puzzles financial economists and regulators for decades, while the recent bail-in legislation for European banks extremely raises the need for even stronger MD. It may not be exaggeration to say that a new regime for the European banking market is born after the aforementioned decision. This paper’s objective is the broader MD examination, using variables that are not usually included in MD studies, but concern the European Union (EU) and the European Monetary Union (EMU) in the last years. In particular, apart from banking, deposit insurance and pure macroeconomic indicators, we also include governance and sovereign debt indices. The new regime may need a new MD approach. We choose Greece to implement our assumptions, because it is the country with the most severe economic, sovereign and governance problems in the EU. We employ data for the period 2002-10. The empirical evidence supports that market discipline is superficial, while there is ample evidence that MD is directly influenced by the poor governance performance and the excessive government debt. Greek authorities have to make major structural reforms in order to create the conditions for long-term stability, while our analysis points out some EMU’s shortfalls.
32
O'Callaghan, Patrick. "Collective memory in law and policy: the problem of the sovereign debt crisis." Legal Studies 32, no. 4 (December 2012): 642–60. http://dx.doi.org/10.1111/j.1748-121x.2012.00251.x.
Анотація:
The idea of ‘collective memory’ features prominently in several disciplines but rarely in legal scholarship. Drawing on the work of Henri Bergson, Maurice Halbwachs and GWF Hegel, this paper seeks to present an account of collective memory that is relevant to discourse on law and policy. The paper uses the example of the policy response to the European sovereign debt crisis as a means of illustrating how collective memory of events in the distant past can shape individual behaviour and thinking. It argues that the current policy response can be explained, at least in part, by the influence on policy makers of the standard historical narrative of the Great Inflation of Weimar Germany. When, however, collective memory takes the form of Bergsonian ‘habit memory’, it can inhibit our efforts to resolve hard cases and the German government's opposition to the European Central Bank acting as a lender of last resort in the government bond markets neatly illustrates this point. If the debt crisis is to be managed effectively, policy makers must draw on Bergsonian ‘pure memory’ to explore the bounds of political and economic possibility.
33
Batondo, Musumba, and Josine Uwilingiye. "Comovement across BRICS and the US Stock Markets: A Multitime Scale Wavelet Analysis." International Journal of Financial Studies 10, no. 2 (April 12, 2022): 27. http://dx.doi.org/10.3390/ijfs10020027.
Анотація:
During the past two decades, financial markets across the globe have experienced sporadic waves of crashes. Such waves raise concerns about the vulnerability of global financial markets and the transmission mechanisms of shocks beyond borders. The current study examines the co-movement of stock markets in BRICS (Brazil, Russia, India, China and South Africa) countries and the United States of America (US). It unfolds their exposure to contagion effects during the major financial crises, which have flared up since 2000. Daily close price indices of selected stock markets were used in this endeavour. These data spanned from 5 January 2000 to 10 March 2021. A wavelet decomposition on stock return series was performed on these data to determine the multihorizon nature of comovement (pure contagion or interdependence) and the dynamics of market integration. It emerges that before the 2006-US-housing-bubble and after the 2011/13-EU-sovereign-debt crises, some shocks caused pure contagion. Such transmission generated short-term shocks. Most of the earlier shocks, particularly the US subprime and the EU Sovereign Debt crises, were spread via interdependence. Trade linkages and economic integration improvements enhanced such interdependence. In addition, when analysing the episodes of market integration, it arises that, in general, the short- and long-term integration strengthened and deepened comovement among equity markets. From the portfolio diversification and risk management perspectives, these results indicate that the market in China provided lucrative grounds for short-run investors from the other countries covered in the current study. These results can be helpful for investors interested in portfolio diversification in the BRICS region. They might also help policymakers in the region mitigate the exposure to external shocks of markets.
34
FARIA, LAURO VIEIRA DE. "Financial Markets, External Shocks and Policy Responses: The Case of Brazil 2001." Brazilian Journal of Political Economy 23, no. 4 (December 2003): 547–62. http://dx.doi.org/10.1590/0101-31572004-0638.
Анотація:
ABSTRACT This paper evaluates the macroeconomic response of the Brazilian government in 2001 following the emergence of sharp negative events in both the external and internal sectors with particular focus on monetary and exchange rate policies. It points out that the kind of macroeconomic reaction depicted by the standard Mundell-Fleming model is of little practical importance in a small open economy engulfed in dollar denominated debts and experiencing a confidence crisis like Brazil’s. The Brazilian economy operates as if there were some sorts of ceilings for the exchange rate and for interest rates, in a clear departure from the assumptions embodied in the “pure” model. In this kind of environment another set of actions is required to fight a dangerous exchange rate overshooting and that is proven by the events of 2001. Whilst the actions taken by the monetary authorities proved successful at that moment the paper shows that they came with sizeable real and financial costs as collateral. Therefore, the paper argues in favour of another set of macroeconomic responses which should have been preferred if we were to avoid such costs.
35
Freitas, Fabio, and Rodrigo Christianes. "A baseline supermultiplier model for the analysis of fiscal policy and government debt." Review of Keynesian Economics 8, no. 3 (July 21, 2020): 313–38. http://dx.doi.org/10.4337/roke.2020.03.02.
Анотація:
The article presents a basic Sraffian supermultiplier model for the analysis of fiscal policy and government debt. First, we discuss the assumptions and the equilibrium and stability properties of the model. Next, we investigate the effects on the main endogenous variables of the model (including the primary government deficit and debt ratios) of changes in the rate of growth and composition of autonomous demand, in the tax rates on profits and wages, and in the rate of interest. The analysis of the impacts of changes in the interest rate is conducted according to two possible closures for the Classical/Sraffian theory of income distribution. In the first closure the changes in the rate of interest do not affect income distribution between wages and profits, which implies that its influence over the endogenous variables operates only through the financial component of total government deficit. The second closure is the monetary theory of distribution, according to which there is an inverse relationship between the rate of interest and the wage share. In this case, besides the pure financial effect, we show that the change in the rate of interest affects the economy through the equilibrium value of the supermultiplier and the tax burden.
36
Bernat, Lukáš, Radka Michlová, and Helena Mitwallyová. "Pattern classification on specifics of public sector investments and budgeting principles." International Journal of Economic Sciences 12, no. 1 (May 1, 2023): 32–54. http://dx.doi.org/10.52950/es.2023.12.1.002.
Анотація:
The aim of the study is to find patterns in an exact complete data set containing the annual budget of all municipal subjects in the Czech Republic over the past 20 years. The focus of the analysis is on which resources could enable the development of and investment in municipal assets, especially estate property. The financial and real estate analysis (FAMA) method was chosen, which provides comparable indicators to calculate the debt service and other related features of subject performance on a municipal level. These indicators demonstrate whether municipal subjects follow responsible budgeting principles and/or how they utilize their own resources. Comparing similar studies using mentioned data and methodology there is a gap between context of data in time a relation chosen indicators. The reason of obstacle is to put data in time-series and properly analyze them. This appropriate items of indicators are aggregated so all the connections between them and other items are lost. In enormous amount of data study uses classification tools to unfold hidden patterns how does municipal budgeting develop in time without knowing details about each case in context of debt and assets. Study convert time dimension to static indicator of its dynamics a using pure K-Means classification conclude having 6 different clusters which differ each other in some of indicators. Within broader context of those clusters we propose an overview of municipal budgeting strategies. In big cities dominates financing of investment by debt and the rest of clusters differs usually significantly with small impact of their population size that is one of determinants budget income therefore essential budget part.
37
Орсаг, Силвије. "Нека питања финансирања реиндустријализације // Some Questions of Funding Reindustrialization". ACTA ECONOMICA 13, № 22 (25 жовтня 2018): 31. http://dx.doi.org/10.7251/ace1522031o.
Анотація:
Резиме: Предмет овог чланка су нека питања финансирања реиндустријализације. Чланак расправља о проблемима са облицима, методама и инструментима финансирања у малој транзицијској земљи, са доминантним сектором пословног банкарства у финансијској индустрији. Чињенице показују недостатак потписника за спровођење јавних понуда нове главнице, исто као и институција ризичног капитала за спровођење приватног пласмана главнице. Слично је и са јавном понудом дугова. Такође, недостатак осталих финансијских институција и слабе перформансе индустрије осигурања препреке су могућим облицима нестандардних дугова, као што су синдицирани кредити или приватно емитоване обвезнице. На тај се начин у чланку препознаје развојна банка као једина финансијска институција за спровођење реиндустријализације.Summary: The subjects of this paper are some questions about reindustrialization financing. Paper discussed problems with forms, methods and instruments of financing in small transition country with dominant commercial banking sector in financial industry. The facts showed lack of underwriters for providing public offering of new equity, as well as venture capital institutions for providing private placement of equity. Similar is with public debt offerings. In additions, lack of other financial institutions and pure performances of insurance industry are barriers potentials forms of nonstandard debt, like syndicate credits and private issued bonds. In this way paper recognizes bank form development as only financial institution for providing reindustrialization.
38
Kucheriava, Karina, and Veronika Kostrjukova. "Currency Exchange Rate Formation in Ukraine: Problems and Ways of Optimization." SSP Modern Economics, State and Public Administration 3, no. 1 (February 16, 2024): 1–12. http://dx.doi.org/10.53933/mespa.v3i1.128.
Анотація:
The conducted analysis proved the presence of quite diverse trends in the foreign exchange market of Ukraine: the national currency is undervalued, the exchange rate is unstable, a significant burden on the financial system as a whole due to the growth of public debt, a high level of dollarization of the economy. That is, on the one hand, there are destructive processes, including those of a chronic nature. On the other hand, the national currency market quickly and easily picks up new opportunities that come to all spheres of economic life, related to digitization and electronic means of trade.
It was revealed that of the key macroeconomic variables that determine the exchange rate: gross domestic product, government debt, gold and foreign exchange reserves, balance of payments, inflation, it is inflation that has the greatest influence on the exchange rate.
Key macroeconomic parameters determining the state of the foreign exchange market can have a destabilizing effect on the foreign exchange market both at a fixed and at a floating exchange rate. It has been proven that the use of any of these regimes in their "pure" form is particularly risky for the economy. An algorithm for making a decision on softening/increasing course flexibility was proposed.
39
CHATEAU, JEAN, XAVIER CHOJNICKI, and RICCARDO MAGNANI. "Disparities in pension systems and financial flows among European countries." Journal of Pension Economics and Finance 8, no. 1 (April 24, 2008): 1–33. http://dx.doi.org/10.1017/s1474747208003569.
Анотація:
AbstractWe present a quantitative analysis of the impact of differential ageing and pension reforms on capital and labor market and, in particular, on intra-European capital flows. To this end, we develop a stylized general equilibrium model with overlapping generations of heterogeneous agents for the three largest European countries: France, Germany and the United Kingdom. The model presents a structure halfway between pure general equilibrium models with rigorous microeconomic foundations and accounting models where the macroeconomic environment remains exogenous. We show that the dynamics of capital accumulation and pension system sustainability are totally different depending on the assumption concerning economic openness. Finally, in the long run, resorting to debt financing seems to be a dead end to finance retirement systems.
40
Putriyanti, Erma Defiana. "Legal Status of Credit Bank Guarantee in Indonesia’s Legal Guarantee." Sriwijaya Law Review 1, no. 2 (July 31, 2017): 128. http://dx.doi.org/10.28946/slrev.vol1.iss2.38.pp128-141.
Анотація:
The aim of this research is to analyze about the legal status of the letter hiring as collateral for bank loans in the Indonesian security law. The method of this research is a normative juridical. The results of this research indicate that the decree hiring is not included in the objects that can be bound by pledge, fiduciary, and mortgage then hiring decree hiring is not included in the personal guarantee and corporate guarantee. Although the hiring decree is issued by a legitimate institution, the institution is not bound by an agreement between the debtor debts with the bank but when the decree was used as security for the bank. Hiring letter is not also included in the general collateral. Decree hiring is not an object and does not qualify as material that can be used as general collateral. The conclusion of this research is that the position of the decree hiring as collateral for bank loans is a new form of guarantee which is not included in the general guarantees and the specific ones. This shows that the system of legal guarantees in Indonesia is not pure anymore embrace a closed system, but has started shifting into an open system.
41
Levratto, Nadine. "Implications of insolvency laws on firms’ governance. An analysis from the relationships with creditors in France." Corporate Ownership and Control 6, no. 2 (2008): 33–46. http://dx.doi.org/10.22495/cocv6i2p3.
Анотація:
This paper aims at showing that ex post consequences of insolvency law are not the only one visible after a judge states that the amount of equity is not enough to repay all the debts. On the opposite, the judicial system that defines bankruptcy shapes the relationship between a firm and its stakeholders among which lenders play a specific role. Thus, the expectations of failure that are generally considered from a pure statistic point of view have to be enriched by the introduction of legal elements to understand fully the strategic behavior of lenders and borrowers. Such is the point we want to present here taking the French case. Section 1 reminds that insolvency law is not only a tool implemented and improved to maximize creditors’ wealth but also to protect others stakeholders. Having state this multiplicity of goals, section 2 shows the influence of insolvency laws on bank-borrowers relationships according to the institutional context. Section 3 considers insolvency law as a governance device that structures the need of information and behavior of creditors in the firm’s ordinary life. We conclude reminding that if that law matters in crisis but also as a milestone economic actors refer to determine their preferred situation.
42
Lestari, D. Lili, and Mudjilah Rahayu. "Debt Policy, Institutional Ownership, Company Values, and Assets Utilization as Intervening Variables in Manufacturing Companies in Indonesia." Jurnal Manajemen Teori dan Terapan | Journal of Theory and Applied Management 11, no. 2 (November 29, 2018): 147. http://dx.doi.org/10.20473/jmtt.v11i2.10486.
Анотація:
Separation of functions between owners and management creates agency conflicts where the manager's decision is not necessarily in line with the owner. The manager no longer prioritizes the interests of the owner over his personal interests. Management as an insider effectively controls the company and knows more information than the owner as an outsider. In Asian countries, there is a tendency for majority ownership to take control in management. So that the agency conflict that occurs is no longer pure between managers and capital owners, but between majority and minority shareholders. This management system allows for expropriation by majority shareholders against minorities. The control mechanism is needed to suppress agency conflicts that exist within the company so that shareholders remain prioritized over the manager's personal interests.This study uses a sample of 123 manufacturing companies listed on the Indonesia Stock Exchange in 2013-2016. The results of the study show that debt has a significant negative effect on the utilization of assets and company value. While institutional ownership has a significant positive effect on asset utilization and company value.
43
Pang, Ilsun, Sungsoo Kim, and Jaegab Lee. "Significantly Improved Adhesion of Poly(3,4-ethylenedioxythiophene) Nanofilms to Amino-Silane Monolayer Pre-Patterned SiO2 Surfaces." Journal of Nanoscience and Nanotechnology 7, no. 11 (November 1, 2007): 3792–94. http://dx.doi.org/10.1166/jnn.2007.028.
Анотація:
This study reports a novel patterning method for highly pure poly(3,4-ethylenedioxythiophene) (PEDOT) nanofilms having a particularly strong adhesion to a SiO2 surface. An oxidized silicon wafer substrate was micro-contact printed with n-octadecyltrichlorosilane (OTS) monolayer, and subsequently its negative pattern was self-assembled with three different amino-functionalized alkylsilanes, (3-aminopropyl)trimethoxysilane (APS), N-(2-aminoethyl)-3-aminopropyltrimethoxy silane (EDAS), and (3-trimethoxysilylpropyl) diethylenetriamine (DETS). Then, PEDOT nanofilms were selectively grown on the aminosilane pre-patterned areas via the vapor phase polymerization method. To evaluate the adhesion and patterning, the PEDOT nanofilms and SAMs were investigated with a Scotch® tape test, contact angle analyzer, optical and atomic force microscopes. The evaluation revealed that the newly developed bottom-up process can successfully offer a strongly adhered and selectively patterned PEDOT nanofilm on an oxidized Si wafer surface.
44
Pang, Ilsun, Sungsoo Kim, and Jaegab Lee. "Significantly Improved Adhesion of Poly(3,4-ethylenedioxythiophene) Nanofilms to Amino-Silane Monolayer Pre-Patterned SiO2 Surfaces." Journal of Nanoscience and Nanotechnology 7, no. 11 (November 1, 2007): 3792–94. http://dx.doi.org/10.1166/jnn.2007.18074.
Анотація:
This study reports a novel patterning method for highly pure poly(3,4-ethylenedioxythiophene) (PEDOT) nanofilms having a particularly strong adhesion to a SiO2 surface. An oxidized silicon wafer substrate was micro-contact printed with n-octadecyltrichlorosilane (OTS) monolayer, and subsequently its negative pattern was self-assembled with three different amino-functionalized alkylsilanes, (3-aminopropyl)trimethoxysilane (APS), N-(2-aminoethyl)-3-aminopropyltrimethoxy silane (EDAS), and (3-trimethoxysilylpropyl) diethylenetriamine (DETS). Then, PEDOT nanofilms were selectively grown on the aminosilane pre-patterned areas via the vapor phase polymerization method. To evaluate the adhesion and patterning, the PEDOT nanofilms and SAMs were investigated with a Scotch® tape test, contact angle analyzer, optical and atomic force microscopes. The evaluation revealed that the newly developed bottom-up process can successfully offer a strongly adhered and selectively patterned PEDOT nanofilm on an oxidized Si wafer surface.
45
Crouch, Colin. "Privatised Keynesianism: An Unacknowledged Policy Regime." British Journal of Politics and International Relations 11, no. 3 (August 2009): 382–99. http://dx.doi.org/10.1111/j.1467-856x.2009.00377.x.
Анотація:
There have now been two successive policy regimes since the Second World War that have temporarily succeeded in reconciling the uncertainties and instabilities of a capitalist economy with democracy's need for stability for people's lives and capitalism's own need for confident mass consumers. The first of these was the system of public demand management generally known as Keynesianism. The second was not, as has often been thought, a neo-liberal turn to pure markets, but a system of markets alongside extensive housing and other debt among low- and medium-income people linked to unregulated derivatives markets. It was a form of privatised Keynesianism. This combination reconciled capitalism's problem, but in a way that eventually proved unsustainable. After its collapse there is debate over what will succeed it. Most likely is an attempt to re-create it on a basis of corporate social responsibility.
46
Steemers, Koen. "Research into practice: Potsdamer Platz, Berlin." Architectural Research Quarterly 1, no. 1 (1995): 76–81. http://dx.doi.org/10.1017/s1359135500000130.
Анотація:
The purpose of the research project described in part here was to inform strategic environmental and architectural issues in the design of three buildings for Potsdamer Platz, Berlin. The design team consists of Richard Rogers Partnership (architects), the Martin Centre (research consultants), RP+K Sozietät (environmental engineers), debis Immobilienmanagement mbH (client), and Drees & Sommer AG (project manager). The research element of the project was funded by the European Union's JOULE II Solar House Programme (JOU2-CT93-0436) and the Mitsubishi Corporation Fund for Europe and Africa. Our role in the design development was as daylighting and sunlighting research consultants with the aim of informing building form, façade design and the interior to improve environmental performance. This paper focuses particularly on the research and development of the façade, briefly describing the role of research activities in design. The purpose of this paper is thus not to describe new or pure research, but rather to investigate the architectural potential of environmental issues and analysis techniques.
47
Sjaiful, Muhammad. "Studi kritis model perjanjian mudarabah pada perbankan syariah di Indonesia." IJTIHAD Jurnal Wacana Hukum Islam dan Kemanusiaan 15, no. 1 (January 21, 2016): 119. http://dx.doi.org/10.18326/ijtihad.v15i1.119-136.
Анотація:
The presence of Islamic Banking in Indonesia on the one hand it should be welcomed because it is aproof of the excitement of the majority of Muslims in the country to attempt to practice the teachingsof Islam in the life of the muamalah each other. But very unfortunate if the concept of Islamic Bankingis still graft the principles of usury-based conventional banks. As shown in the mudaraba agreementscheme practiced by some Islamic Bank is still causing some problems from the viewpoint of Sharia,including Islamic Banking legal standing as related parties in the mudaraba agreement itself, the dualstatus, on the one side and the other side as mud}a>rib as s}ahib al mal. Held dual status that Islamic Bankingcourse diametrically opposed to the principles of sharia. Another serious problem that was seized inMud}arabah current agreement scheme is a scheme which is essentially an agreement contract debtsbetween Islamic Bank is positioning itself as a cahib al-mal with customers who position themselves asmud}a>rib. Being stuck mud}arabah made Islamic Bank debts into the scheme of course is very dangerousfrom the point of view of sharia because it would trap the usury-based parties in the transaction. For thereconstruction of the model that needs to be done mudaraba agreement on Islamic banking thatmodels the agreement actually purely on the basis of pure sharia upright.
48
Nsouli, Zaher F. "Is Ppp the New Firepower For Islamic Finance That Will Accelerate Progress Towards (SDGS)?" Financial Markets, Institutions and Risks 6, no. 4 (2022): 125–33. http://dx.doi.org/10.21272/fmir.6(4).125-133.2022.
Анотація:
Having access to essential infrastructure services is pivotal in creating economic opportunities and bringing social services to the poor. Their deficiency leads to a number of negative consequences and lost opportunities (the World Bank indicates that currently 1 billion people live without electricity, 663 million people lack access to safe drinking water, 840 million people are located more than 2 kilometers from all-weather roads, and 4 billion people cannot access the Internet). The systematization of the results of World Bank research proved that lower-and middle-income countries need to spend on average 4.5 percent of GDP to deliver infrastructure services and achieve the infrastructure-related Sustainable Development Goals (SDGs). The urgency of solving this problem lies in the fact that in many countries, the high levels of investment required for infrastructure cannot be financed by the public purse alone. Therefore, the governments of these countries should pay attention to private investments as a tool for additional fundraising. The article presents the results of the analysis, which proved that the Private-Public Partnership has increasingly become a common structure for the delivery of public infrastructure. It offers the opportunity for governments and nongovernmental bodies to achieve more efficient projects by sharing risks and giving the private sector a chance to bring innovation to the design, construction, operation, and maintenance of public infrastructure. The study theoretically proves that public-private partnership offers monetary and non-monetary advantages for the public sector, in particular: allowing the allocation of public funds for other local priorities, distributing project risks to both public and private sectors, improved efficiency and project implementation processes in delivering services to the public, emphasizes Value for Money (VfM) – focusing on reduced costs, better risk allocation, faster implementation, improved services and possible generation of additional revenue. In the paper, based on a comparative analysis of conventional bonds and Sukuk (Islamic bonds), it was concluded that conventional bonds represent the issuer’s pure debt, while the latter offers multiple benefits: lower costs of funds due to higher rating via credit enhancement, access to the capital markets, diversification of funding sources, off-balance sheet financing (via securitization), improvement of financial ratios, and potential risk reduction.
49
Olasupo, Musa A., Caroline A. Afolami, and Adebayo M. Shittu. "PERFORMANCE AND PRODUCTIVITY CHANGES OF MICROFINANCE BANKS IN SOUTH-WEST, NIGERIA." International Journal for Innovation Education and Research 2, no. 1 (January 31, 2014): 43–51. http://dx.doi.org/10.31686/ijier.vol2.iss1.136.
Анотація:
The Nigerian Microfinance sub-sector is yet to attain the desired level of global best practice. This paper thus investigates the performance and productivity changes of MFBs in South-West Nigeria, from 2006 to 2010, having had the Microfinance Policy launched in 2005. The study revealed that only 16.28% of the sampled MFBs met the recommended maximum PAR value of 5% in 2006 and that was the highest throughout the sample period. It was also revealed that 31.14% of the sampled MFBs reported a debt/equity ratio of above the recommended value of 2 in 2006, while 32.56% had gearing of over 2 in 2010. The MFBs experienced fluctuating performances in their productivity changes, with pure technical efficiency improvements in 2007 and 2009. However, the MFBs suffered technological decline throughout the study period. Overall, the MFBs experienced Total Factor Productivity improvement in 2007, while there were productivity deteriorations in 2008, 2009 and 2010.
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Milevsky, Moshe A. "Portfolio choice and longevity risk in the late seventeenth century: a re-examination of the first English tontine." Financial History Review 21, no. 3 (October 22, 2014): 225–58. http://dx.doi.org/10.1017/s0968565014000158.
Анотація:
Tontines and life annuities both insure against longevity risk by guaranteeing (pension) income for life. The optimal choice between these two mortality-contingent claims depends on personal preferences for consumption and risk. And, while pure tontines are unavailable in the twenty-first century, the first longevity-contingent claim (and debt) issued by the English government in the late seventeenth century offered a choice between the two. This article analyzes financial and economic aspects of King William's 1693 tontine that have not received attention in the literature. In particular, it compares the stochastic present value (SPV) of the tontine vs the life annuity and discusses characteristics of investors who selected one versus the other. Finally, the article examines the issue of whether high reported tontine survival rates should be attributed to anti-selection or fraud. In sum, this article is an empirical examination of annuitization decisions made by actual investors in the late seventeenth century.