Использование модели Альтмана Z” при прогнозировании финансового положения компаний, зарегистрированных на турецкой фондовой бирже

For measuring financial performances of companies and identifying financial failure, there are a lot of models in the literature. Among these models, Z Score model is of the most used in terms of its being an accounting-based model and simple applicability. The purpose of this paper is found out whether the Z” Score model, which was revised by Altman, could be useful in making financial decisions about long-term firm value. For this purpose, panel cointegration analyzes were carried out among the variables, with the firm values of the publicly traded companies listed on the Turkish BIST (Istanbul Stock Exchange) as the independent variable and the Z” Score values as the dependent variable. Although the research is specific to Turkey, the results of the research are considered to be applicable globally, as Altman states that the Z” Score model can also be used by developing country companies. It has been proven that Altman Z” Score Model, applied in public company, has a high prediction power directed to financial success of the firms. According to the results of the analysis, 1 unit increase in the Z” Score values of the companies cause an increase of 0.353 units in the logarithmic return calculated over the firm value. Z” Score Model can be a precious indicator for heads of companies, accounting and financial managers, auditors, creditors, investors to make accurate decisions directed to assessing financial structures of companies in advance.Для измерения финансовых показателей компаний и выявления их финансового кризиса в научной литературе существует множество моделей. Среди них модель Z” Score является одной из наиболее используемых, поскольку она основана на бухгалтерском учете и проста в применении. Цель данного исследования — выяснить, применима ли модель Z” Score, усовершенствованная Альтманом, для оценки стоимости фирмы в долгосрочной перспективе. Проведен панельный анализ коинтеграции между переменными, где в качестве независимой переменной выступала стоимость компании, акции которой котируются на турецкой фондовой бирже BIST (istanbul stock exchange), а в качестве зависимой переменной — Z” Score. Несмотря на то, что исследование проводилось конкретно в Турции, его результаты считаются применимыми во всем мире, так как Альтман утверждает, что модель Z” Score может также использоваться компаниями из развивающихся стран. Доказано, что модель Altman Z” Score, примененная в отношении публичной компании, имеет высокую способность прогнозировать финансовый успех фирм. Согласно результатам анализа увеличение на 1 единицу значения Z” баллов компаний приводит к увеличению на 0,353 единицы логарифмического дохода, рассчитанного по стоимости фирмы. Модель Z Score может быть полезна для руководителей компаний, бухгалтерских и финансовых менеджеров, аудиторов, кредиторов, инвесторов при принятии верных решений, связанных с предварительной оценкой финансовых показателей компаний

A novel procedure to measure the antioxidant capacity of Yerba maté extracts

Yerba maté extracts have in vitro antioxidant capacity attributed to the presence of polyphenolic compounds, mainly chlorogenic acids and dicaffeoylquinic acid derivatives. DPPH is one of the most used assays to measure the antioxidant capacity of pure compounds and plant extracts. It is difficult to compare the results between studies because this assay is applied in too many different conditions by the different research groups. Thus, in order to assess the antioxidant capacity of yerba maté extracts, the following procedure is proposed: 100 µL of an aqueous dilution of the extracts is mixed in duplicate with 3.0 mL of a DPPH 'work solution in absolute methanol (100 µM.L-1), with an incubation time of 120 minutes in darkness at 37 ± 1 °C, and then absorbance is read at 517 nm against absolute methanol. The results should be expressed as ascorbic acid equivalents or Trolox equivalents in mass percentage (g% dm, dry matter) in order to facilitate comparisons. The AOC of the ethanolic extracts ranged between 12.8 and 23.1 g TE % dm and from 9.1 to 16.4 g AAE % dm. The AOC determined by the DPPH assay proposed in the present study can be related to the total polyphenolic content determined by the Folin-Ciocalteu assay

Modelling climate and societal resilience in the Eastern Mediterranean in the last Millennium

This article analyses high-quality hydroclimate proxy records and spatial reconstructions from the Central and Eastern Mediterranean and compares them with two Earth System Model simulations (CCSM4, MPI-ESM-P) for the Crusader period in the Levant (1095–1290 CE), the Mamluk regime in Transjordan (1260–1516 CE) and the Ottoman crisis and Celâlî Rebellion(1580–1610 CE). During the three time intervals, environmental and climatic stress tested the resilience of complex societies.We find that the multidecadal precipitation and drought variations in the Central and Eastern Mediterranean cannot be explained by external forcings (solar variations, tropical volcanism); rather they were driven by internal climate dynamics. Our research emphasises the challenges, opportunities and limitations of linking proxy records, palaeoreconstructions and model simulations to better understand how climate can affect human history

narrating traditional iranian carpet merchants

Iranian carpet merchants developed a collective identitary narrative to enhance their capital creation in the social field of the German market, the field of Iranian foreign trade, and transnational bazari networks. This chapter goes beyond the practicalities of juggling resources across social fields: it explains the motivation behind this agency. Building on David Graeber's anthropology of value, as well as on studies about identity marketing and ethnic entrepreneurship, I show how the merchants' resources were evaluated between the 1950s and today to explain by which systems of value these social fields were shaped. From the confrontation between changing systems of value emerges Iranian carpet merchants' potential to increase the efficiency of their capital creation by—collectively—trying to redefine the meaning of their resources

Pharmacological targeting of MTHFD2 suppresses acute myeloid leukemia by inducing thymidine depletion and replication stress

The folate metabolism enzyme MTHFD2 (methylenetetrahydrofolate dehydrogenase/cyclohydrolase) is consistently overexpressed in cancer but its roles are not fully characterized, and current candidate inhibitors have limited potency for clinical development. In the present study, we demonstrate a role for MTHFD2 in DNA replication and genomic stability in cancer cells, and perform a drug screen to identify potent and selective nanomolar MTHFD2 inhibitors; protein cocrystal structures demonstrated binding to the active site of MTHFD2 and target engagement. MTHFD2 inhibitors reduced replication fork speed and induced replication stress followed by S-phase arrest and apoptosis of acute myeloid leukemia cells in vitro and in vivo, with a therapeutic window spanning four orders of magnitude compared with nontumorigenic cells. Mechanistically, MTHFD2 inhibitors prevented thymidine production leading to misincorporation of uracil into DNA and replication stress. Overall, these results demonstrate a functional link between MTHFD2-dependent cancer metabolism and replication stress that can be exploited therapeutically with this new class of inhibitors

Antibiotic-impregnated xenografts in the treatment of chronic osteomyelitic cavities. Seven cases followed for 3 to 5 years

We describe seven patients with chronic osteomyelitis which developed in 3 following operation and in 4 after trauma. The treatment consisted of removal of dead tissue and filling the resulting cavities with gentamicin-impregnated xenografts. No antibiotics were used postoperatively. Urine gentamicin levels were above 0.5 μg/ml for 8 days. The patients were followed up for at least 3.5 years and neither clinical nor laboratory signs of infection were detected. These results lead us the conclusion that gentamicin-impregnated xenografts may have a place in the treatment of chronic osteomyelitis

Accelerator mass spectrometry dating at Catalhoyuk

Several charred plant and charcoal samples from various stratigraphic levels of the Neolithic Site, 1 Catalhtoyuk - Turkey, were dated in the AMS facility of Purdue University (PRIME Lab). Radiocarbon dates reveal a complicated chronology, as was foreseen from archeological investigations. Our measurements suggest that this unique Neolithic town may have been initiated at the East mound around 8390 BP

Temperature increases on the external root surface during endodontic treatment using single file systems

Aims: The aim of this study is to evaluate increases in temperature on the external root surface during endodontic treatment with different rotary systems.Materials and Methods: Fifty human mandibular incisors with a single root canal were selected. All root canals were instrumented using a size 20 Hedstrom file, and the canals were irrigated with 5% sodium hypochlorite solution. The samples were randomly divided into the following three groups of 15 teeth: Group 1: The OneShape Endodontic File no.: 25; Group 2: The Reciproc Endodontic File no.: 25; Group 3: The WaveOne Endodontic File no.: 25. During the preparation, the temperature changes were measured in the middle third of the roots using a noncontact infrared thermometer. The temperature data were transferred from the thermometer to the computer and were observed graphically. Statistical analysis was performed using the Kruskal–Wallis analysis of variance at a significance level of 0.05.Results: The increases in temperature caused by the OneShape file system were lower than those of the other files (P < 0.05). The WaveOne file showed the highest temperature increases. However, there were no significant differences between the Reciproc and WaveOne files.Conclusions: The single file rotary systems used in this study may be recommended for clinical use.Key words: Infrared thermometer, one file systems, reciprocating motion, root canal preparation, rotational motio