Corporate Sector Financial Structure in Turkey : A Descriptive Analysis

This paper presents and discusses some stylised facts of the corporate sector financial structure in Turkey using the Company Sector Accounts compiled by the Central Bank of the Republic of Turkey (CBRT). The findings of the paper suggest that non-financial firms in Turkey have been heavily exposed almost all of the basic balance sheet risks. The corporate sector appears to be excessively leveraged with relatively lower asset tangibility creating also a credit risk for the lenders. The firms rely heavily on foreign currency denominated and short-term debt instruments making them vulnerable to both exchange rate and interest rate shocks through currency and maturity mismatches. The corporate sector can be characterised as financially constrained as the deepening of the Turkish bank-based financial system is rather low and the bank credits to the private sector tend to be crowded out by the mode of domestic debt finance. The corporate sector vulnerabilities to maturity, interest rate and currency risks are found to be improving with the firm size. With the relatively stable macroeconomic environment and stricter prudential regulation on the financial system, the corporate sector balance sheet risks, albeit still are at high levels, tend to be improving after the financial crisis of 2001.Balance sheets, Capital structure, Corporate sector, Debt composition, Financial crowding-out, Liability dollarisation, Turkey

New Limits on Radio Emission from X-ray Dim Isolated Neutron Stars

We have carried out a search for radio emission at 820 MHz from six X-ray dim isolated neutron stars with the Robert C. Byrd Green Bank Radio Telescope. No transient or pulsed emission was found using fast folding, fast Fourier transform, and single-pulse searches. The corresponding flux limits are about 0.01 mJy for pulsed emission, depending on the integration time for the particular source and assuming a duty cycle of 2%, and 20 mJy for single dispersed pulses. These are the most sensitive limits to date on radio emission from X-ray dim isolated neutron stars. There is no evidence for isolated radio pulses, as seen in a class of neutron stars known as rotating radio transients. Our results imply that either the radio luminosities of these objects are lower than those of any known radio pulsars, or they could simply be long-period nearby radio pulsars with high magnetic fields beaming away from the Earth. To test the latter possibility, we would need around 40 similar sources to provide a 1 sigma probability of at least one of them beaming toward us. We also give a detailed description of our implementation of the Fast Folding Algorithm.Comment: 16 pages, 8 figures, 3 tables, accepted to Ap

Using the Travertine Wastes in Denizli and its Surroundings as an Additive of Cement

It is intended to minimize the damage to agriculture of travertine wastes, which are one of the most important export products in Denizli, to reduce the waste piles, to minimize the waste costs of travertine factories and to improve the mechanical properties of concrete in this study. In this experimental study, travertine has been used in concrete instead of 5%, 10%, 15%, 20%, 25% and 30% of cement. Compressive strength and flexural strength has been tested after 28 days from the production of concrete. The travertine doped samples were compared with natural models. Through this study, optimum travertine percentages had found and a waste, which harms the agriculture, had used in concrete as an additive material. And producing concrete pavings and curbs with this optimum percentages is planned

An Experimental Study on XPS and Insulation Paint in Buildings

The depletion of energy resources consumed in all areas of daily life, the introduction of new energy sources, energy savings, research for the efficient use of energy became a priority. Made of thermal insulation for energy efficiency in buildings also has been made compulsory by the relevant standards. For energy efficiency; What kind of project would be implemented in an insulation material should be decided on and implemented in the construction phase. Thermal insulation materials used in building and developing diversity is increasing day by day. Containing ceramic thermal insulation coatings developed recently was able to take part in practice. There are lots of uncertainty since the new method found. Thermal performance of thermal insulation material widely used industry newcomer XPS heat insulation coating material made under this study is to shed light on these doubts were compared experimentally. Three model building was produced as a testing apparatus which has 2x2m2 floor area and 2.5m height. One of the models is applied no insulation to make reference. One of the other models; 5 cm thick thermal insulation made using the XPS, the other heat-insulating coating material is applied. Temperature changes in all models in a first stage of the experiment were recorded at 10 min intervals for 10 days. In the second step of the test series, the same power in all models was heated for 5 hours between 19:20 to 00:20 hours heat sources placed, then allowed to cool. External environment and temperature variations of the model were followed by periods of 10 minutes and recorded. As a result of experimental studies; XPS heat insulation thermal performance while expected, the model does not apply any paint applied to insulated thermal insulation of the model; led to nearly the same thermal performance values

Effect of electromagnetic field on whole blood, biochemical and hormone level in human

The electromagnetic field is increasing in our environment and these exposures cause concern. The aim of our study is to investigate the effects of magnetic fields generated by the hairdryer devices used by women working in the same job on their serum biochemistry, whole blood, and hormone values. The sixteen women working continuously in hairdressing salons were included in the study. Two groups of studies were designed: control (n:8, mean age: 22.25±6.04) and experimental group (n:8, mean age:23,62±6.67). The biochemical (median values of alanine aminotransferase, aspartate aminotransferase, triglycerides, and very-low-density lipoprotein were found high) and hormonal results of the experimental group were compared with the biochemical (cholesterol, low-density lipoprotein, and very high-density lipoprotein had high median values) and hormonal results of the control group and no significant difference was found (p>0.05). When the whole blood parameters were examined, the white blood cells and mean platelet volume results of the experimental group were significant (p<0.05), while there was a meaningless difference between red blood cell, hemoglobin, hematocrit, mean corpuscular volume, red cell distribution width and platelet values (p>0.05). It is evident from the results that occupational exposure to magnetic fields constantly leads to changes in the biochemistry, hormone and whole blood parameters of the female

Paracrine IL-2 Is Required for Optimal Type 2 Effector Cytokine Production

IL-2 is a pleiotropic cytokine that promotes the differentiation of Th cell subsets, including Th1, Th2, and Th9 cells, but it impairs the development of Th17 and T follicular helper cells. Although IL-2 is produced by all polarized Th subsets to some level, how it impacts cytokine production when effector T cells are restimulated is unknown. We show in this article that Golgi transport inhibitors (GTIs) blocked IL-9 production. Mechanistically, GTIs blocked secretion of IL-2 that normally feeds back in a paracrine manner to promote STAT5 activation and IL-9 production. IL-2 feedback had no effect on Th1- or Th17-signature cytokine production, but it promoted Th2- and Th9-associated cytokine expression. These data suggest that the use of GTIs results in an underestimation of the presence of type 2 cytokine-secreting cells and highlight IL-2 as a critical component in optimal cytokine production by Th2 and Th9 cells in vitro and in vivo

Hemodynamic Monitoring Using A Pulse Counter Vigileo Flotrac Cardiac Output System In Transapical Off-Pump Minimally Invasive Mitral Valve Repair

The aim of this study was to present our anesthetic management and early hemodynamic recovery after transapical off-pump neochords implantation. Observational prospective study. The perioperative records of 13 patients who underwent mitral valve repair using the Neochord DS1000 system were analyzed. Hemodynamic measurements recorded with the Vigileo Flotrac invasive arterial cardiac output system were evaluated. Thirteen patients were included in the study. Transfusions of a total of 2 U of erythrocytes and 11 U of plasma were performed. After Neochord implantation, the mean cardiac output increased at a statistically significant level according to the values measured after induction p = 0.003. Increased cardiac output measurement after placement of the neochordaes and elimination of insufficiency have emerged as indications of early hemodynamic recover

The importance of costoclavicular space on possible compression of the subclavian artery in the thoracic outlet region: a radio-anatomical study

OBJECTIVES: The purposes of this study were to identify possible compression points along the transit route of the subclavian artery and to provide a detailed anatomical analysis of areas that are involved in the surgical management of the thoracic outlet syndrome (TOS). The results of the current study are based on measurements from cadavers, computed tomography (CT) scans and dry adult first ribs. METHODS: The width and length of the interscalene space and the width of the costoclavicular passage were measured on 18 cervical dissections in 9 cadavers, on 50 dry first ribs and on CT angiography sections from 15 patients whose conditions were not related to TOS. RESULTS: The average width and length of the interscalene space in cadavers were 15.28 ± 1.94mm and 15.98 ± 2.13 mm, respectively. The widths of the costoclavicular passage (12.42 ± 1.43mm) were significantly narrower than the widths and lengths of the interscalene space in cadavers (P < 0.05). The average width and length of the interscalene space (groove for the subclavian artery) in 50 dry ribs were 15.53 ± 2.12mm and 16.12 ± 1.95mm, respectively. In CT images, the widths of the costoclavicular passage were also significantly narrower than those of the interscalene space (P 0.05). CONCLUSIONS: Our results showed that the costoclavicular width was the narrowest space along the passage route of the subclavian artery. When considering the surgical decompression of the subclavian artery for TOS, this narrowest area should always be kept in mind. Since measurements from CT images and cadavers were significantly similar, CT measurements may be used to evaluate the thoracic outlet region in patients with TOS