20 research outputs found

    Modern methods for hedging the market risk

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    The 2008 financial crisis is affecting millions of companies (from small ones up to big corporations) and is one of the hottest topics in all TV deadlines and step by step it starts to be part of our daily reality. The daily reality can be called as “Market instability”: The recent market instability was caused by many factors, chief among them a dramatic change in the ability to create new lines of credit, which dried up the flow of money and slowed new economic growth and the buying and selling of assets. The weapon against market instability is only one and can be defined in generic terms as “Hedge”. In finance, a hedge is a position established in one market in an attempt to offset exposure to the price risk of an equal but opposite obligation or position in another market — usually, but not always, in the context of one's commercial activity. The study presents a set of innovative hedging products that can be built based on the instruments traded by commercial banks allowing the customers to hedge efficiently the underlying risks of adverse movements of market parameters (especially FX rate and interest rates). These structures are also more accessible for customers in relationship with the commercial banks than the instruments traded across different stock exchanges.market risk, hedging, financial crisis, bank, options

    EVA – Advanced method for performance evaluation in banks

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    EVA (Economic Valued Added) is a modern financial measurement tool that determines if a business is earning more than its true cost of capital. Including a cost for the use of equity capital sets EVA apart from more popular measures of bank performance, such as return on assets (ROA), return on equity (ROE), net banking income and the efficiency ratio, which do not consider the cost of equity capital employed. As a result, these measures may suggest a bank is performing well, when in fact it may be diminishing its value to its shareholders. EVA is a tool that focuses on maximizing shareholder wealth. EVA is an appropriate tool for motivation system and in this way it motivates managers to think like owners; and provides a common language within the corporate culture. The EVA application in banks is relatively new (it started to be implemented in U.S. in 1994) and is not as well known as other measures of bank performance. As in the Romanian Banking system this measurement method is not familiar or used, the purpose of this study is to introduce EVA and its advantages compared to other performance indicators and based on this study to try to implement it in one of the Romanian banks.performance measures, EVA, shareholder value, banks, motivation system

    Project manager’s pocket guide

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    Today, organizations are becoming leaner, extra layers of middle managers are requiring specialists from marketing, engineering, accounting, and other departments to work together in ad-hoc project teams. Having no full-time, dedicated managers, these teams are often led by one of these specialists who may excel at his or her specialty, but does not necessarily have management experience. Typically, such team leaders must simultaneously make project contributions in their specialty while they try to manage the project. These “instant” project managers need help defining the project; initiating, planning, executing, and controlling project events; and figuring out how to bring project events to a timely conclusion. And they can't stop working for the many weeks it would take to acquire extensive management training.project, project team, project management, project cycle, project plan, key success indicators, quality, deliverable, deadlines, communication, feedback, scope.

    Global disparities in surgeons’ workloads, academic engagement and rest periods: the on-calL shIft fOr geNEral SurgeonS (LIONESS) study

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    : The workload of general surgeons is multifaceted, encompassing not only surgical procedures but also a myriad of other responsibilities. From April to May 2023, we conducted a CHERRIES-compliant internet-based survey analyzing clinical practice, academic engagement, and post-on-call rest. The questionnaire featured six sections with 35 questions. Statistical analysis used Chi-square tests, ANOVA, and logistic regression (SPSS® v. 28). The survey received a total of 1.046 responses (65.4%). Over 78.0% of responders came from Europe, 65.1% came from a general surgery unit; 92.8% of European and 87.5% of North American respondents were involved in research, compared to 71.7% in Africa. Europe led in publishing research studies (6.6 ± 8.6 yearly). Teaching involvement was high in North America (100%) and Africa (91.7%). Surgeons reported an average of 6.7 ± 4.9 on-call shifts per month, with European and North American surgeons experiencing 6.5 ± 4.9 and 7.8 ± 4.1 on-calls monthly, respectively. African surgeons had the highest on-call frequency (8.7 ± 6.1). Post-on-call, only 35.1% of respondents received a day off. Europeans were most likely (40%) to have a day off, while African surgeons were least likely (6.7%). On the adjusted multivariable analysis HDI (Human Development Index) (aOR 1.993) hospital capacity > 400 beds (aOR 2.423), working in a specialty surgery unit (aOR 2.087), and making the on-call in-house (aOR 5.446), significantly predicted the likelihood of having a day off after an on-call shift. Our study revealed critical insights into the disparities in workload, access to research, and professional opportunities for surgeons across different continents, underscored by the HDI

    Optic nerve sheath meningioma

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    Optic nerve sheath meningiomas (ONSM) are rare, frequently unilateral, benign, slowly growing tumors, arising from the meningo-epithelial cells surrounding the optic nerve intraorbital or intercanalicular. Their localization directly impair vision and indirectly impair aesthetics, making a safe classical surgical intervention very difficult and recommending stereotactic fractionated radiotherapy. Women are more affected, the survival rate is good and imaging can sustain differential diagnosis with optic neuroglioma or orbital schwannoma, lymphoma or pseudo tumor

    Phytochemical investigation of Crataegi folium cum flos (hawthorn leaves and flowers) and Hyperici herba (st johns wort aerial parts) hydroalcoholic extracts

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    Hawthorn (Crataegus monogyna) hydroalcoholic extract was prepared by extraction of powdered dried leaves and flowers with ethanol 70% v/v (1:10), by reflux for two hours. St Johns Wort (Hypericum perforatum) hydroalcoholic extract was prepared by extraction of powdered dried flowering aerial parts with ethanol 70% v/v (1:10), by reflux for two hours. Both extracts were qualitative and quantitative analyzed. The qualitative analysis consisted in phytochemical screening and spectroanalytical profile by HPTLC and UV/VIS absorption spectroscopy. Quantitative analyses consisted in determination of total flavonoid content (as rutin) by following colorimetric aluminum chloride method, and total polyphenol content (as gallic acid) by Folin- Ciocalteu method. Results were evaluated statistically and presented as mean of three determinations ± SD (standard deviation). These analyses revealed their complex composition and either some similarities and differences between these two extracts

    Some effects induced by the hydroalcoholic extract of Trifolii rubri flos (red clover flowers) on Triticum aestivum l. plants

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    Red clover (Trifolium pratense) hydroalcoholic extract was prepared by extraction of powdered dried flowers with ethanol 70% v/v (1:13.33), by reflux for two hours. This was diluted with distilled water to give the final concentrations of 0.5, 1 and 5% (v/v) (TPEx1, TPEx2 and TPEx3). These concentrations were tested for their effects on seed germination and seedlings growth of wheat (Triticum aestivum) in a laboratory experiment. Distilled water was used as a control (C). After the 10 days of experiment, we evaluated seed germination and seedling growth (root and shoot length, fresh and dry biomass) of wheat

    Toothpaste Composition Effect on Enamel Chromatic and Morphological Characteristics: In Vitro Analysis

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    The aim of this in vitro study was to assess the effect of toothpastes, with different compositions, on optical and morphological features of sound and demineralized enamel. We selected twenty-five teeth, recently extracted for orthodontic purposes, for this in vitro study. The teeth were caries free, without stains, fissures, filling or hypoplasia observed at inspection under standard conditions. Teeth were brushed (for 2–3 min, twice a day, for 21 days), with five different toothpastes (four commercially available and an experimental one) containing fluoride and hydroxyapatite. After that, teeth were demineralized with 37% orthophosforic acid (Ultra Etch®, Ultradent Products Inc., South Jordan, UT, USA) for 60 s. We repeated the brushing protocol for another 21 days on demineralized enamel. Enamel vestibular surfaces were examined using a spectrophotometer (Vita EasyShade -Vita Zahnfabrik, Bad Sackingen, Germany) and a Scanning Electron Microscope (Inspect S®, FEI Company, Hillsboro, OR, USA). Differences were statistically significant for colour parameters L* and ΔE*. SEM evaluation reveals demineralized enamel mineral gain after brushing with selected toothpastes. Toothpastes with specific ingredients can represent a balance between aesthetic and mineralization, and an oral hygiene correct algorithm is able to preserve enamel characteristics during ortodontic treatement with fixed appliances
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