Estimation of the Probability of Default of Corporate Borrowers

Lending to the corporate sector represents a significant part of the activities of the Russian banking sector. At the beginning of 2014 the volume of lending to non-financial organizations amounted to about 56% of the value of the loan portfolio and 39% of the value of Russian banks' assets. Meanwhile, the level of outstanding debt of the corporate loan portfolio tends to increase. A further increase in the share of corporate defaults in the portfolios of banks may cause instability in the banking sector and the financial system as a whole. A large proportion of lending in the Russian market represented lending construction companies. The crises of 2007-2009, 2015-2016 shows that companies in this industry is largely affected by macroeconomic shocks, which leads to interest in the construction of a model / estimation of default probability is for construction industry. In this article we consider one of the approaches to modeling the probability of default of construction companies use logit-models of binary choice on the basis of financial reporting data, institutional characteristics, as well as macroeconomic indicators, as a tool for accounting effect of cyclic economy. Keywords: Probability of default, credit risk, logit model JEL Classifications: E50, L79, G3

Correlation of Structure, Function and Protein Dynamics in GH7 Cellobiohydrolases from \u3cem\u3eTrichoderma atroviride\u3c/em\u3e, \u3cem\u3eT. reesei\u3c/em\u3e and \u3cem\u3eT. harzianum\u3c/em\u3e

Background: The ascomycete fungus Trichoderma reesei is the predominant source of enzymes for industrial conversion of lignocellulose. Its glycoside hydrolase family 7 cellobiohydrolase (GH7 CBH) TreCel7A constitutes nearly half of the enzyme cocktail by weight and is the major workhorse in the cellulose hydrolysis process. The orthologs from Trichoderma atroviride (TatCel7A) and Trichoderma harzianum (ThaCel7A) show high sequence identity with TreCel7A, ~ 80%, and represent naturally evolved combinations of cellulose-binding tunnel-enclosing loop motifs, which have been suggested to influence intrinsic cellobiohydrolase properties, such as endo-initiation, processivity, and off-rate. Results: The TatCel7A, ThaCel7A, and TreCel7A enzymes were characterized for comparison of function. The catalytic domain of TatCel7A was crystallized, and two structures were determined: without ligand and with thio-cellotriose in the active site. Initial hydrolysis of bacterial cellulose was faster with TatCel7A than either ThaCel7A or TreCel7A. In synergistic saccharification of pretreated corn stover, both TatCel7A and ThaCel7A were more efficient than TreCel7A, although TatCel7A was more sensitive to thermal inactivation. Structural analyses and molecular dynamics (MD) simulations were performed to elucidate important structure/function correlations. Moreover, reverse conservation analysis (RCA) of sequence diversity revealed divergent regions of interest located outside the cellulose-binding tunnel of Trichoderma spp. GH7 CBHs. Conclusions: We hypothesize that the combination of loop motifs is the main determinant for the observed differences in Cel7A activity on cellulosic substrates. Fine-tuning of the loop flexibility appears to be an important evolutionary target in Trichoderma spp., a conclusion supported by the RCA data. Our results indicate that, for industrial use, it would be beneficial to combine loop motifs from TatCel7A with the thermostability features of TreCel7A. Furthermore, one region implicated in thermal unfolding is suggested as a primary target for protein engineering

The Eurasian Modern Pollen Database (EMPD), version 2

The Eurasian (née European) Modern Pollen Database (EMPD) was established in 2013 to provide a public database of high-quality modern pollen surface samples to help support studies of past climate, land cover, and land use using fossil pollen. The EMPD is part of, and complementary to, the European Pollen Database (EPD) which contains data on fossil pollen found in Late Quaternary sedimentary archives throughout the Eurasian region. The EPD is in turn part of the rapidly growing Neotoma database, which is now the primary home for global palaeoecological data. This paper describes version 2 of the EMPD in which the number of samples held in the database has been increased by 60 % from 4826 to 8134. Much of the improvement in data coverage has come from northern Asia, and the database has consequently been renamed the Eurasian Modern Pollen Database to reflect this geographical enlargement. The EMPD can be viewed online using a dedicated map-based viewer at https://empd2.github.io and downloaded in a variety of file formats at https://doi.pangaea.de/10.1594/PANGAEA.909130 (Chevalier et al., 2019)Swiss National Science Foundation | Ref. 200021_16959

The Eurasian Modern Pollen Database (EMPD), version 2

The Eurasian (nee European) Modern Pollen Database (EMPD) was established in 2013 to provide a public database of high-quality modern pollen surface samples to help support studies of past climate, land cover, and land use using fossil pollen. The EMPD is part of, and complementary to, the European Pollen Database (EPD) which contains data on fossil pollen found in Late Quaternary sedimentary archives throughout the Eurasian region. The EPD is in turn part of the rapidly growing Neotoma database, which is now the primary home for global palaeoecological data. This paper describes version 2 of the EMPD in which the number of samples held in the database has been increased by 60% from 4826 to 8134. Much of the improvement in data coverage has come from northern Asia, and the database has consequently been renamed the Eurasian Modern Pollen Database to reflect this geographical enlargement. The EMPD can be viewed online using a dedicated map-based viewer at https://empd2.github.io and downloaded in a variety of file formats at https://doi.pangaea.de/10.1594/PANGAEA.909130 (Chevalier et al., 2019).Peer reviewe

Feasibility of an Assessment of the Capital in the Categories of Russian and International Standards of Accounting

For the credible and realistic analysis of liquidity of assets, balance, solvency, diagnostics and forecasting of bankruptcy, as well as in anti-crisis management situations, the top necessity is the reliable assessment of assets. The cost of assets which is reflected in the account, credibility of an assessment of net assets define the possibilities of calculations to track liabilities and solvency. The article scrutinises the ways of achievement of a reliable assessment of assets in relation to their real price in case of their possible sale. By means of integration of the provisions RAS and IFRS, and by assessing their similarities and distinctions, the authors consider the possibilities of improvement of quality of information in accounting and the reporting. The article discloses different types of costs which exist according to the Russian and international standards of accounting and the reporting. Net assets are used in the estimation of cost of assets as well as the concepts of fair value. The order of formation of reliable cost at sale of the fixed assets is considered by a method of comparison; upon the purchase of the fixed assets with a payment delay - by a method of discounting; when receiving a loan - on the basis of an effective rate of interest and according to the sum of the actually received money; and in case of determination of cost of stocks - the calculation is according to the net sale price. The offered examples of an assessment of assets and liabilities can be used when choosing the ways of an assessment of the capital in accounting and the reporting, in the financial analysis, in the determination of net assets taking into account a fair assessment, in the diagnostics of bankruptcy and anti- crisis management, when planning and forecasting, when searching for the solutions to the problems of improvement of the quality of information for the economic analysis in the conditions of market uncertainty and variability of the prices. The article might be of interest for students, postgraduates, undergraduates, teachers, scientific and practical workers of the sphere of economy

System zarządzania przedsiębiorstwem : ocena wykorzystania technologii informacyjnej i systemów informacyjnych

The purpose of this study is to complement the existing approaches towards the evaluation of the quality of ITS use in enterprise management. This article explores the point of using information technologies and systems in enterprise management and articulates an evaluation approach that can be applied to it. In this article, a Technology Acceptance Model is used to evaluate the use of information systems and technologies. According to this model, the use of any technology will be effective only if the Perceived Usefulness and the Perceived Ease of Use are high. The study surveys 120 industry experts. The survey sample is composed in accordance with the compatible criteria (competence, area of engagement, and experience of work in the leading companies). The Enterprise-Resource Planning, Customer Relationships Management, and Supplier Relationships Management systems have the highest scores, with the reliability coefficient of 0.89. A comparative assessment has been conducted on information technologies, which are used in operations management. The proposed approach can be used in any enterprise.Celem tego badania jest uzupełnienie istniejących podejść do oceny jakości wykorzystania ITS w zarządzaniu przedsiębiorstwem. W tym artykule bada się zastosowanie technologii i systemów informatycznych w zarządzaniu przedsiębiorstwem oraz przedstawia podejście ewaluacyjne, które można do niego zastosować. W tym artykule zastosowano model akceptacji technologii do oceny wykorzystania systemów i technologii informatycznych. Zgodnie z tym modelem korzystanie z dowolnej technologii będzie skuteczne tylko wtedy, gdy postrzegana użyteczność i odczuwalna łatwość użytkowania będą wysokie. W badaniu wzięło udział 120 ekspertów branżowych. Próbka ankiety składa się zgodnie z kompatybilnymi kryteriami (kompetencje, obszar zaangażowania i doświadczenie w pracy w wiodących firmach). Systemy planowania przedsiębiorstwa i zarządzania relacjami z klientami oraz zarządzania relacjami z dostawcami mają najwyższe wyniki, a współczynnik niezawodności wynosi 0,89. Przeprowadzono ocenę porównawczą technologii informatycznych wykorzystywanych w zarządzaniu operacjami. Proponowane podejście można zastosować w dowolnym przedsiębiorstwie

6,6′-{[Ethane-1,2-diylbis(azaneylylidene)]bis(methaneylylidene)}bis[2-(hexyloxy)phenolato] Nickel(II)

Polymeric nickel complexes of salen ligands meet a wide range of applications in catalysis and electrochemistry. Because these polymers usually form very rigid films, the introduction of the conformationally flexible fragments in the corresponding monomers favors the amorphization and, thus, the mass transport. Herein we report a preparation of the hexyloxy-substituted monomeric NiSalen complex by the direct alkylation of the hydroxy-substituted complex. The resulting product was characterized by the 1H and 13C nuclear magnetic resonance (NMR), ESI-high resolution mass spectrometry (ESI-HRMS, and Fourier-transform infrared spectroscopy (FTIR). The crystal structure of the product was examined by an XRD, indicating the formation of the solvate with dichloromethane. The obtained product was found to be highly soluble in non-polar solvents, in contrast to typical NiSalens