Collateral Requirements of SMEs: The Evidence from Less–Developed Countries

A rating trigger is a particular type of debt covenant that mandates the borrower to maintain its own credit rating above a certain rating threshold, requiring in the event of a rating downgrade the adoption of specific enforceable actions aimed at securing the lender claims from the borrower's higher risk level. Rating triggers lower the cost of borrowing capital, but in case they are activated they exacerbate the borrower's need for liquidity just in the moment when its credit risk is higher, making the borrower's default more likely to occur. Despite the potential threat posed by rating triggers on debt markets, these contractual devices remain almost unregulated both in the U.S. and in Europe. The purpose of this paper is first to analyze the effects rating triggers can have on overall market risk and second to assess the proliferation of rating triggers among large U.S. companies in order to ensure whether these contractual devices need a stricter regulation. The article is divided in two parts. From section 2 to 5, I provide an overview on the different types of triggers and analyze the rationale behind their use in terms of advantages and disadvantages for both issuers and investors. From section 6 to 9 I perform an empirical analysis by assessing the rating triggers that have been used by Dow Jones Industrial Average index companies. I then examine the correlation between the use of rating triggers and the companies’ risk profiles by measuring their credit ratings and their Altman’s Z-Scores in order to find out whether triggers are mostly used by risky companies, capable of being impaired by the triggers’ activation and thus posing a threat to market stability. Then in section 10 I draw the conclusions suggesting the introduction by U.S. and European regulators of a specific duty to disclose all the rating triggers that listed companies include every year in bond indentures and in financial contract

Investigation of the usability of automotive industry chemical wastewater treatment sludge as an additive to brick raw material in terms of firing process stack gas emissions

The gradual decrease in the capacity of landfill sites necessitates the use of alternative disposal methods instead of the storage for disposal of industrial treatment sludges, which are not classified as hazardous and non-combustible wastes. The use of these wastes in other industrial areas as a raw material or raw material additive is an important research area, at the present time. By this usage, disposal cost reduction and landfill usage period increments will be provided. In this study, firing process stack emissions are investigated when using automotive industry treatment sludge as an additive to brick raw material. Chemical treatment sludge, which is categorized as non-hazardous according to the General Fundamentals Relating to Waste Management Regulation (GFRWMR) Appendix-3-B, does not adversely affect the product quality, with additive rates of 5% and 10 to raw material, according to experimental studies on field-scale experimental brick production. During the firing process, stack gas emissions were sampled and measured according to the Industry Originated Air Pollution Control Regulation (IOAPCR), and the Hazardous Waste Control Regulation (HWCR). According to the measurement results, chemical treatment sludge as an additive to the raw material was determined as a useful recycling option; however, it should be monitored according to variable process conditions

Collateral Requirements of SMEs: The Evidence from Less–Developed Countries

The main objective of this paper is to investigate the determinants of collateral requirements on loans that are extended to small and medium enterprises (SMEs) in less–developed countries. Our primary data source is the Business Environment and Enterprise Performance Survey (BEEPS) results from Eastern European and Central Asian countries. We observe that country–specific variables are more important than firm–specific variables for determining both the presence of collateral in loan contracts and the collateral to loan value ratios of these contracts. The strongest evidence in our paper addresses the important role that information sharing among lenders plays in the reduction of collateral requirements

Analysis of thrombosis and bleeding complications in patients with polycythemia vera: a Turkish retrospective study

The aims of this study are to determine the incidence and risk factors of thrombosis and bleeding in polycythemia vera (PV) patients and to research the effects of these risk factors on survival. The medical records of 155 PV patients were analyzed retrospectively. Patients were divided into groups according to whether or not thrombosis had developed in follow-up, and according to whether or not bleeding had occurred during follow-up. The mean age at diagnosis was 53 years, and the mean follow-up period was 66 months. The percentage of cases in which thrombosis events had occurred before diagnosis and during follow-up were 26 and 28 %, respectively. Comparisons of disease duration and average thrombosis risk score between groups with or without thrombosis drew statistically significant results. A patient's history of thrombosis and thrombocytosis at first visit was found to have a significant effect on thrombosis recurrence. The major bleeding rate was 8 %. Post-PV myelofibrosis was an independent risk factor for bleeding. The major cause of death among the patients in this study was primary thrombosis. The most important causes of mortality among PV patients are thrombosis, and the most prominent risk factors for thrombosis development are disease duration and high thrombosis risk scores. Thrombocytosis in patients with a history of thrombosis may cause thrombosis recurrence during the follow-up period

Mass size distribution and source identification of particulate matter metal components at four urban sites and a background site of Istanbul

In this study, the size distribution characteristics and metal contents of particulate matter (PM) have been determined. In this scope, PM sampling has been done at five stations in Istanbul. PM filter samples were collected for eight different sizes using the Anderson cascade impactor. PM filters were decomposed and analyzed for 20 metals. The highest median concentration for Fe, Ca, K, and Mg, known as soil metals, were observed as follows: Fe and Ca were observed at Goztepe station (1.20 and 8.28 mu g/m(3)), K was observed at Kilyos station (0.33 mu g/m(3)), and Mg was observed at Avcilar station (0.37 mu g/m(3)). The highest median concentrations for Zn, Cu, Pb, Ni, Cr, V, As, Se, Co, and Cd, known as anthropogenic metals, were observed at Avcilar, Goztepe, and Besiktas stations. Although the lowest metal concentrations was determined at Kilyos stations that was selected as the urban background. The enrichment factors (EFs) of most metals in the fine PM is higher than those in the coarse mode. According to the factor analyses, the most important emission source was observed to be industrial facilities at Avcilar; traffic at Besiktas; traffic and domestic heating at Goztepe; and domestic heating, sea salt aerosols, and ship traffic (in the Bosphorus Channel of Istanbul) at Rasathane