Effect of rollover risk on default risk: evidence from bank financing

We study the effect of rollover risk on the risk of default using a comprehensive database of U.S. industrial firms during 1986–2013. Dependence on bank financing is the key driver of the impact of rollover risk on default risk. Default risk and rollover risk present a significant positive relation in firms dependent on bank financing. In contrast, rollover risk is uncorrelated with default probability in the case of firms that do not rely on bank financing. Our measure of rollover risk is the amount of long-term debt maturing in one year, weighted by total assets. In the case of a firm that depends on bank financing, an increase of one standard deviation in this measure leads to a significant increase of 3.2% in its default probability within one year. Other drivers affecting the interaction between rollover risk and default risk are whether a firm suffers from declining profitability and has poor credit. Additionally, rollover risk's impact on default probability is stronger during periods when credit market conditions are tighter

On the Role of Industry-Level Structural Constraints and the Timing of Accounting Reports in Bankruptcy Predictions

This study uses a hazard model with data on 3392 corporate bankruptcies by U.S. public companies during 1983–2008 to determine the effect of industry-based structural constraints on bankruptcy predictions. The probability of bankruptcy is significantly higher for firms in highly concentrated industries and with relatively stronger customer dependency. Most bankruptcy predictions reflect the variation of a firm’s characteristics relative to its industry, but industry-specific characteristics have negligible impacts. The investigation also includes a comparison of the relative performance of accounting and market-based variables, in terms of both in-sample fit and out-of-sample forecasting accuracy. For yearly data, the best model includes both accounting and market-based variables. However, for monthly market data and quarterly accounting reports, the best model features only market data. The usefulness of accounting measures in bankruptcy prediction models thus may be contingent on sampling frequency.We acknowledge financial support from MCI grant ECO2009-12551

Charge-Trapping Devices Using Multilayered Dielectrics for Nonvolatile Memory Applications

Charge-trapping devices using multilayered dielectrics were studied for nonvolatile memory applications. The device structure is Al/Y2O3/Ta2O5/SiO2/Si (MYTOS). The MYTOS field effect transistors were fabricated using Ta2O5 as the charge storage layer and Y2O3 as the blocking layer. The electrical characteristics of memory window, program/erase characteristics, and data retention were examined. The memory window is about 1.6 V. Using a pulse voltage of 6 V, a threshold voltage shift of ~1 V can be achieved within 10 ns. The MYTOS transistors can retain a memory window of 0.81 V for 10 years

Functional response of the soil microbial community to biochar applications

Biochar has the potential to mitigate the impacts of climate change and soil degradation by simultaneously sequestering C in soil and improving soil quality. However, the mechanism of biochar's effect on soil microbial communities remains unclear. Therefore, we conducted a global meta-analysis, where we collected 2,110 paired observations from 107 published papers and used structural equation modeling (SEM) to analyze the effects of biochar on microbial community structure and function. Our result indicated that arbuscular mycorrhizal fungal abundance, microbial biomass C, and functional richness increased with biochar addition regardless of loads, time since application, and experiment types. Results from mixed linear model analysis suggested that soil respiration and actinomycetes (ACT) abundance decreased with biochar application. With the increase of soil pH, the effect of biochar on fungal abundance and C metabolic ability was lessened. Higher biochar pH associated with higher pyrolysis temperatures reduced the abundance of bacteria, fungi, ACT, and soil microbes feeding on miscellaneous C from Biolog Eco-plate experiments. SEM that examined the effect of biochar properties, load, and soil properties on microbial community indicated that fungal abundance was the dominant factor affecting the response of the bacterial abundance to biochar. The response of bacterial abundance to biochar addition was soil dependent, whereas fungi abundance was mostly related to biochar load and pyrolysis temperature. Based on soil conditions, controlling biochar load and production conditions would be a direct way to regulate the effect of biochar application on soil microbial function and increase the capacity to sequester C

Emotion and Concentration Integrated System: Applied to the Detection and Analysis of Consumer Preference

With the expansion of consumer market, the appearance becomes an important issue when consumers make decisions under the situation of similar qualities and contents. Accordingly, to attract consumers, companies cost and take much attention on product appearance. Compared to using questionnaires individually, obtaining humans’ thoughts directly from their brains can accurately grasp the actual preference of consumers, which can provide effective and precious decisions for companies. \ In this study, consumers’ brainwaves which are related to concentration and emotion are extracted by wearing a portable and wireless Electroencephalography (EEG) device. The extracted EEG data are then trained by using perceptron learning algorithm (PLA) to make the judgments of concentration and emotion work well with each subject. They are then applied to the detection and analysis of consumer preference. Finally, the questionnaires are also performed and used as the reference on training process. They are integrated with brainwaves data to create one prediction model which can improve the accuracy significantly. The Partial Least Squares is used to compare the correlation between different factors in the model, to ensure the test can accurately meet consumers’ thoughts

Self‐potential ambient noise and spectral relationship with urbanization, seismicity, and strain rate revealed via the Taiwan Geoelectric Monitoring Network

AbstractGeoelectric self‐potential (SP) signals are sensitive to natural and anthropogenic factors. The SP spectral characteristics under the different factors in Taiwan were investigated, and the SP spectral scalings were correlated with urbanization level, seismicity, and crustal deformation. The ambient SP noise models were first established by estimating the probability density functions of the spectrograms at each frequency. The effects of the natural and anthropogenic factors on the SP signals are understood by comparing the SP noise models under various conditions, such as precipitation, urbanization, and electric trains. Results show that the SP signals in areas of high industrialization and human activity and areas close to train stations behave as white noises and exhibit a distinct spectral ripple at frequencies around 1 Hz. On the other hand, the SP spectral power law parameters, Gutenberg‐Richter b values, and dilation strain rates were estimated by using the SP, earthquake catalog, and GPS data, respectively, during 2012–2017. By investigating the correlations of the SP spectral parameters with the Gutenberg‐Richter b value, dilation strain rates, and urbanization level, the SP optimal frequency band is found between 0.006 and 1 Hz due to the high correlation between the SP and seismicity data and between the SP and dilation data and the low correlation between the SP and urbanization data. Hence, this study may help the filtering and screening of the SP data and facilitate the understanding of the mechano‐electric behavior in the crust

The influence of over-distraction on biomechanical response of cervical spine post anterior interbody fusion: a comprehensive finite element study

Introduction: Anterior cervical discectomy and fusion (ACDF) has been considered as the gold standard surgical treatment for cervical degenerative pathologies. Some surgeons tend to use larger-sized interbody cages during ACDF to restore the index intervertebral disc height, hence, this study evaluated the effect of larger-sized interbody cages on the cervical spine with ACDF under both static and cyclic loading.Method: Twenty pre-operative personalized poro-hyperelastic finite element (FE) models were developed. ACDF post-operative models were then constructed and four clinical scenarios (i.e., 1) No-distraction; 2) 1 mm distraction; 3) 2 mm distraction; and 4) 3 mm distraction) were predicted for each patient. The biomechanical responses at adjacent spinal levels were studied subject to static and cyclic loading. Non-parametric Friedman statistical comparative tests were performed and the p values less than 0.05 were reflected as significant.Results: The calculated intersegmental range of motion (ROM) and intradiscal pressure (IDP) from 20 pre-operative FE models were within the overall ranges compared to the available data from literature. Under static loading, greater ROM, IDP, facet joint force (FJF) values were detected post ACDF, as compared with pre-op. Over-distraction induced significantly higher IDP and FJF in both upper and lower adjacent levels in extension. Higher annulus fibrosus stress and strain values, and increased disc height and fluid loss at the adjacent levels were observed in ACDF group which significantly increased for over-distraction groups.Discussion: it was concluded that using larger-sized interbody cages (the height of ≥2 mm of the index disc height) can result in remarkable variations in biomechanical responses of adjacent levels, which may indicate as risk factor for adjacent segment disease. The results of this comprehensive FE investigation using personalized modeling technique highlight the importance of selecting the appropriate height of interbody cage in ACDF surgery

High ERCC1 expression predicts cisplatin-based chemotherapy resistance and poor outcome in unresectable squamous cell carcinoma of head and neck in a betel-chewing area

<p>Abstract</p> <p>Background</p> <p>This study was to evaluate the effect of excision repair cross-complementation group 1(ERCC1) expression on response to cisplatin-based induction chemotherapy (IC) followed by concurrent chemoradiation (CCRT) in locally advanced unresectable head and neck squamous cell carcinoma (HNSCC) patients.</p> <p>Methods</p> <p>Fifty-seven patients with locally advanced unresectable HNSCC who received cisplatin-based IC followed by CCRT from January 1, 2006 through January 1, 2008. Eligibility criteria included presence of biopsy-proven HNSCC without a prior history of chemotherapy or radiotherapy. Immunohistochemistry was used to assess ERCC1 expression in pretreatment biopsy specimens from paraffin blocks. Clinical parameters, including smoking, alcohol consumption and betel nuts chewing, were obtained from the medical records.</p> <p>Results</p> <p>The 12-month progression-free survival (PFS) and 2-year overall survival (OS) rates of fifty-seven patients were 61.1% and 61.0%, respectively. Among these patients, thirty-one patients had low ERCC1 expression and forty-one patients responded to IC followed by CCRT. Univariate analyses showed that patients with low expression of ERCC1 had a significantly higher 12-month PFS rates (73.3% vs. 42.3%, p < 0.001) and 2-year OS (74.2 vs. 44.4%, p = 0.023) rates. Multivariate analysis showed that for patients who did not chew betel nuts and had low expression of ERCC1 were independent predictors for prolonged survival.</p> <p>Conclusions</p> <p>Our study suggest that a high expression of ERCC1 predict a poor response and survival to cisplatin-based IC followed by CCRT in patients with locally advanced unresectable HNSCC in betel nut chewing area.</p

Continuous epidermal growth factor receptor-tyrosine kinase inhibitor administration in primary lung adenocarcinoma patients harboring favorable mutations with controlled target lung tumors dose not hinder survival benefit despite small new lesions

AbstractBackgroundIn this study, we investigated the efficacy of continuous epidermal growth factor receptor (EGFR) tyrosine kinase inhibitors (TKIs) administration in lung adenocarcinoma patients harboring favorable mutations regarding the progressive disease (PD) status with appearance of indolent new lesions.MethodsFrom June 2010 to October 2012, 102 patients with lung adenocarcinoma, harboring favorable EGFR mutations and treated with EGFR-TKI were analyzed. Definite new lesions were detected during EGFR-TKI therapy, even though the primary target tumors were controlled.ResultsOf the 102 patients, 57 continued and 45 discontinued EGFR-TKI therapy. The median overall survival was 529 days for the discontinuation group and 791 days for the continuation group (p = 0.0197). Median survival time after the discontinuation of EGFR-TKI was 181 days and 115 days in the discontinuation and continuation groups, respectively (p = 0.1776), whereas median survival time after the appearance of indolent new lesions was 204 days and 262 days, respectively (p = 0.0237).ConclusionContinuous EGFR-TKI administration in favorable EGFR-mutative lung adenocarcinoma patients with controlled primary tumors did not hinder the survival benefit, despite the appearance of new lesions