Corporate equity and fi nancial stability: An approach based on net worth at risk.

This article is based on a study conducted jointly by the Deutsche Bundesbank, the Banco d’Espana, the Centrale dei Bilanci (Italy) and the Banque de France under the aegis of the European Committee of Central Balance Sheet Offi ces.1 It looks at companies’ resilience in the event of an exceptional cyclical shock. The article starts by outlining the economic role of equity capital, which lies at the heart of the relationship between risk and return. It can be examined from two main angles, either as a financing instrument or as a buffer in the event of a shock. This study focuses on this second function, looking at it from a meso-economic perspective for which the use of central balance sheet offices is particularly well suited. It sets out to describe the implications of a crisis situation in terms of minimum capital requirements. A comparison is drawn between the situation of manufacturing sector companies in the four countries under review over the period 1987-2002 by means of several traditional indicators (income, equity capital), which resulted in the computation of a Net Worth at Risk (NWaR) indicator. The NWaR figures are calibrated on the basis of an analysis of the distribution of accounting losses (in particular at the 90th and 95th percentiles) calculated using company samples. They indicate the minimum capital that would be required in order to absorb any losses in the event of very unfavourable economic conditions. The difference between NWaR and the observed level of equity capital gives us an indication of the number of companies for which the default rate is likely to increase significantly in a crisis situation. The proportion of companies that appear fragile in the event of a severe economic downturn is around 40%, as against 20% in a “normal” situation. However, this statistical analysis needs to be put into perspective. In practice, only a minority of companies default, since the majority of them benefit from protective measures implemented by their shareholders, managers and creditors to enable them to weather the downturn and revive their activity. In spite of the limitations of this indicator (which are also discussed in the study), these findings will draw the attention of bank and company managers to the need to make financial projections and credit risk assessments both in normal business conditions and crisis situations. An approach based on net worth at risk sheds light on the determinants of a sound financing structure and encourages the development of an active approach to preventing corporate financing problems.

Polarization observables of the gamma d --> PiNN reaction in the Delta(1232)-resonance region

Polarization observables of the three charge states of the pion for the $\gamma d\to\pi NN$ reaction with polarized photon beam and/or oriented deuteron target are evaluated over the whole $\Delta$(1232)-resonance region adopting a nonrelativistic model based on time-ordered perturbation theory. Results for the $\pi$-meson spectra, linear photon asymmetry, vector and tensor target asymmetries are presented. Particular attention is given, for the first time, to double polarization asymmetries for which we present results for $T_{20}^{\ell}$ and $T_{2\pm 2}^{\ell}$. We found that all other double polarization asymmetries of photon and deuteron target are vanished.Comment: 17 Pages, 8 Figures, accepted for publication in Int. J. Mod. Phys.

Towards intelligent diabetes knowledge management and knowledge discovery : a data mining approach

Self-monitoring and self-management play an increasingly vital role in the management of prevalent diseases afflicting millions of people worldwide. Conditions such as cardiovascular disease or diabetes mellitus can be managed with pharmaceuticals. However, lifestyle factors and behaviour modifications also play a crucial part in controlling outcomes. If carried out effectively, self-monitoring and management techniques can benefit the patient from a health point of view, empowering them to take control of their disease, and also support the health sector economically. A recent report showed that almost four fifths of the NHS diabetes budget was spent on managing preventable complications. Although applicable to any medical conditions with lifestyle control elements, this thesis will be using diabetes mellitus as a recurring theme to highlight research conducted. Diabetes is a rapidly growing epidemic disease with global implications impacting humans socially and economically. By 2025 it is estimated that five million people in the UK will be diagnosed with diabetes., This research will therefore, be relevant for a large proportion of the population.Knowledge Management (KM) has demonstrated to be a valuable approach to sharing knowledge and providing users with the information necessary to help self-manage their symptoms. Although, KM has not yet been applied sufficiently to support the growing number of diabetics in the UK. In this thesis, KM is merged with Knowledge Discovery (KD) to combat that and address the specific needs of the diabetic population. The integrated framework is implemented using data mining techniques within the proposed e-Toolkit to elicit useful knowledge encountered by patients regardless of their disease, such as adverse drug reactions. The knowledge is then disseminated through the proposed modified SECI Model for knowledge creation via the e-Toolkit.The second part of this research investigates which patient data is necessary to disseminate to healthcare professionals. This help to bridge any communications gap that may exist between patients and health care professionals. In theory, the e-toolkit will provide patients with one place to record every important health factor, whilst simultaneously allowing the medical team with real-time monitoring. Thus, enabling doctors and patients to work together to find effective ways to reduce the damaging effects of this disease, including determining the common side effects through medication reviews. Keywords: Diabetes, Knowledge Management, Knowledge Discovery, British National Health Service Web System, Doctor, Patient, Data Mining

Growth and nutrient uptake of maize plants as affected by elemental sulfur and nitrogen fertilizer in sandy calcareous soil

This study was carried out to investigate the effect of elemental sulfur (S0) combined with or without N fertilizer on the growth and nutrient uptake such as nitrogen (N), phosphorus (P), sulfur (S), iron (Fe), zinc (Zn) and manganese (Mn) by maize plants grown in sandy calcareous soils. Elemental S at rates of 0, 1, 5 and 10 t ha-1 were tested combined with or without N fertilizer at rates of 0 and 0.34 t ha-1 in pots using normal irrigation water (pH >7.5) under Al Zaid and Al Semaih soils in evaporative cooled greenhouse conditions. Electrical conductivity (EC) increased (2.50 to 2.95 dSm-1) significantly and decreased (5.07 to 6.06 dSm-1) with application of S0 at rates of 5 and 10 t ha-1 combined with N fertilizer in both Al Zaid and Al Semaih soils, respectively. Soil acidity improved by decreasing soil pH (1.41 to1.52 unit) with application of S0 at the rate of 10 t ha-1 combined with N fertilizer. Addition of S0 at the rate of 5 t ha-1 combined with N fertilizer recorded superior total dry matter (TDM) and maximum uptake of all nutrients in both soils. Total dry matter accumulation and nutrient uptake had positive correlation, while soil pH showed negative correlation with TDM and uptake of all nutrients. Based on experimental findings, S0 at the rate of 5 t ha-1 combined with N fertilizer is suitable for growth of maize in both soils. Collectively, the results indicate that Al Zaid soil is more favorable due to higher nutrient uptake and growth of maize than Al Semaih soil.Key words: Elemental sulfur, nutrient uptake, maize, sandy calcareous soil

ICH guidelines-compliant HPLC-UV method for pharmaceutical quality control and therapeutic drug monitoring of the multi-targeted tyrosine kinase inhibitor pazopanib

In this study, an HPLC method with ultraviolet (UV) detection was developed and validated for determination of pazopanib (PAZ), a multi-targeted tyrosine kinase (TK) inhibitor in bulk drug, tablets formulation, and in human plasma. Oxamniquine (OXA) was used as internal standard (IS). The analytical column used for the separation was Nucleosil CN with dimensions (i.d. 250 × 4.6 mm and particle size 5 μm). The separation was carried out in isocratic mode with mobile phase constituting acetonitrile:100 mM sodium acetate buffer (pH 4.5); 40:60, v/v. The developed method was linear in the concentration range of 2–12 μg mL–1 and had a correlation coefficient (r = 0.9998, n = 6). The limits of detection and quantitation (LOD and LOQ) were 0.27 and 0.82 μg mL–1, respectively. The relative standard deviations for the inter- and intra-assay precisions were below 3.61 % and the accuracy of the method was 96.69–104.15 %. The degradation products were resolved from the intact drug, proving the stability-indicating property of the proposed method. The recovery values were 100.17–103.98 % (± 1.81–4.02) for determination of PAZ in human plasma. The results indicated the versatility of the new method in estimation of PAZ during pharmaceutical quality control (QC) and therapeutic drug monitoring (TDM).Keywords: Tyrosine kinase inhibitors, pazopanib, HPLC, UV detection, quality control, therapeutic drug monitorin

In-Vitro Investigation Of The Effect Of A Dysfunctional Bileaflet Mechanical Aortic Valve On Flow Characteristics In The Ascending Aorta

Heart valve replacement is still the optimal solution in young patients with severe symptomatic heart valve disease. In those patients, bileaflet mechanical heart valves (BMHV) are preferred to biological valves because of their higher durability. However, thrombus formation has been reported as a common complication following BMHV implantation despite a permanent anticoagulation therapy. Thrombus formation can lead to valve leaflet dysfunction, a lifethreatening event that requires immediate surgical intervention. This study aims to investigate the fluid dynamics downstream of a dysfunctional bileaflet mechanical aortic valve. A bileaflet ON-X mechanical aortic valve is used with different dysfunctional configurations. In this study, partially and totally blocked configurations of one of the leaflets is investigated relative to its orientation with the sinus of Valsalva. Time-resolved two-dimensional particle image velocimetry measurements are performed to investigate flow field characteristics in the ascending aorta in terms of velocity and vorticity fields and circulation. Vorticity and circulation in the aorta are significantly affected by the valve orientation with respect to the sinus of Valsalva

Single-molecule electrical contacts on silicon electrodes under ambient conditions

The ultimate goal in molecular electronics is to use individual molecules as the active electronic component of a real-world sturdy device. For this concept to become reality, it will require the field of single-molecule electronics to shift towards the semiconducting platform of the current microelectronics industry. Here, we report silicon-based single-molecule contacts that are mechanically and electrically stable under ambient conditions. The single-molecule contacts are prepared on silicon electrodes using the scanning tunnelling microscopy break-junction approach using a top metallic probe. The molecular wires show remarkable current–voltage reproducibility, as compared to an open silicon/nano-gap/metal junction, with current rectification ratios exceeding 4,000 when a low-doped silicon is used. The extension of the single-molecule junction approach to a silicon substrate contributes to the next level of miniaturization of electronic components and it is anticipated it will pave the way to a new class of robust single-molecule circuits