Evidence on the dynamics of investment-cash flow sensitivity

An important debate in the literature relates to the use of investment-cash flow sensitivity (ICFS) to measure finance constraint faced by firms. This debate is grounded on four prominent issues: a priori sorting of firms, treatment of distressed firms, use of cash flow to represent only internal liquidity of firms and restricting firms to a single regime. In this paper we investigate these issues using a sample of 2676 Indian manufacturing firms over the period 1994 to 2009. We use firm level estimates of ICFS to sort firms into positively cash flow sensitive (PCF-sensitive) group, cash flow insensitive (CF-insensitive) group and, negatively cash flow sensitive (NCF-sensitive) group. We find that all three group of firms start with high levels of investment. But, only the PCF-sensitive firms have high level of cash flows. With age, the investment of all three groups of firms remains stationary. But, for CF-insensitive firms only the cash flow rises with age. Further, we use a multinomial logistic regression to study the determinants of ICFS in the three groups. The results suggest that the interpretation of NCF-sensitive, PCF-sensitive and CF-insensitive as distressed, financially constrained and financially unconstrained, respectively, can be contested by the data

Evidence on the dynamics of investment-cash flow sensitivity

An important debate in the literature relates to the use of investment-cash flow sensitivity (ICFS) to measure finance constraint faced by firms. This debate is grounded on four prominent issues: a priori sorting of firms, treatment of distressed firms, use of cash flow to represent only internal liquidity of firms and restricting firms to a single regime. In this paper we investigate these issues using a sample of 2676 Indian manufacturing firms over the period 1994 to 2009. We use firm level estimates of ICFS to sort firms into positively cash flow sensitive (PCF-sensitive) group, cash flow insensitive (CF-insensitive) group and, negatively cash flow sensitive (NCF-sensitive) group. We find that all three group of firms start with high levels of investment. But, only the PCF-sensitive firms have high level of cash flows. With age, the investment of all three groups of firms remains stationary. But, for CF-insensitive firms only the cash flow rises with age. Further, we use a multinomial logistic regression to study the determinants of ICFS in the three groups. The results suggest that the interpretation of NCF-sensitive, PCF-sensitive and CF-insensitive as distressed, financially constrained and financially unconstrained, respectively, can be contested by the data.investment-cash flow sensitivity; finance constraint; distress; multinomial logistic regression

Asset sales by manufacturing firms in India

In this paper we study 325 large scale asset sale transactions by Indian manufacturing firms in the period 1996 to 2008. We find that the likelihood of asset sales increases with the firm’s low capacity of debt utilisation and decreases with size, profitability, operating performance and solvency. We also find that the performance of firms after they sell assets do not improve in profitability, solvency or operations. The only difference the episodes of asset sales make is some reduction in leverage. We contrast with the existing episodes of asset sales in developed countries as the performance of firms there, after they sell assets, improves in all parameters.asset sales; focus; low capacity of debt utilisation; size; profitability; operating performance; solvency; leverage

Asset sales by manufacturing firms in India

In this paper we study 325 large scale asset sale transactions by Indian manufacturing firms in the period 1996 to 2008. We find that the likelihood of asset sales increases with the firm’s low capacity of debt utilisation and decreases with size, profitability, operating performance and solvency. We also find that the performance of firms after they sell assets do not improve in profitability, solvency or operations. The only difference the episodes of asset sales make is some reduction in leverage. We contrast with the existing episodes of asset sales in developed countries as the performance of firms there, after they sell assets, improves in all parameters

Asset sales by manufacturing firms in India

In this paper we study 325 large scale asset sale transactions by Indian manufacturing firms in the period 1996 to 2008. We find that the likelihood of asset sales increases with the firm’s low capacity of debt utilisation and decreases with size, profitability, operating performance and solvency. We also find that the performance of firms after they sell assets do not improve in profitability, solvency or operations. The only difference the episodes of asset sales make is some reduction in leverage. We contrast with the existing episodes of asset sales in developed countries as the performance of firms there, after they sell assets, improves in all parameters

Efficient Implementation of Multilevel inverter with new modulation scheme for Reducing THD

This paper proposed an improved phase disposition pulse width modulation (PDPWM) for a modular multilevel inverter which is used for Photovoltaic grid connection. This new modulation method is based on selective virtual loop mapping, to achieve dynamic capacitor voltage balance without the help of an extra compensation signal. The concept of virtual submodule (VSM) is first established, and by changing the loop mapping relationships between the VSMs and the real sub-modules, the voltages of the upper/lower arm?s capacitors can be well balanced. This method does not requiring sorting voltages from highest to lowest, and just identify the MIN and MAX capacitor voltage?s index which makes it suitable for a modular multilevel converter with a large number of sub-modules in one arm. Compared to carrier phase-shifted PWM (CPSPWM), this method is more easily to be realized in field-programmable gate array and has much stronger dynamic regulation ability, and is conducive to the control of circulating current and Power quality injected into the grid. The maximum power point tracking is achieved with a fuzzy logic controller. The validity of the proposed system is confirmed by simulations

Myxoid liposarcoma presenting like a cystic neck swelling

Soft tissue sarcomas are rare and unusual neoplasm’s, accounting for approximately 1% of adult human cancers and 15% of pediatric malignancies. Most liposarcomas occur in deep soft tissues of the extremities and retroperitoneum; only a very small percentage (as low as 2%) occurs in the head and neck. Here we present a case of a 48yr old male with a painless mass in the neck clinically presenting as a cystic swelling. The CT neck was suggestive of cystic lesion in the neck representing benign cystic lesion. The swelling was excised and sent for histopathology which was suggestive of myxoid liposarcoma. The patient was planned for wide excision of the edges and scar and adjuvant chemo and radio therapy

Visual evoked potentials’ responses in hypothyroidism and hyperthyroidism

Background: Visual Evoked Potentials (VEP) provides important diagnostic and prognostic information regarding the functional integrity of the visual system. This study, describes the effects of less or excess thyroid hormones of adults in visual conduction that helps to know the progression to neurological functional defects.Methods: The study was done in 75 consenting subjects (hypothyroid = 24, hyperthyroid = 25, euthyroid = 26). The VEP parameters N75, P100, N145 latencies and its amplitudes within different thyroid status (hypothyroidism, hyperthyroidism and euthyroidism) were compared. One way ANOVA was used to compare VEP parameters among three groups and Pearson’s correlation to find relation between thyroid hormones and VEP parameters.Results: There was positive correlation of 0.335, 0.338 and 0.301 between amplitudes of N75, P100 and N145 waves and fT3 hormone respectively. Furthermore, fT4 showed a positive correlation of 0.186 and 0.185 with the wave amplitudes of N75 and N145 waves respectively and negative correlation of TSH levels of -0.492, -0.280, -0.397 with amplitudes of N75, P100, N145 waves respectively. Hyperthyroid group had higher in VEP latency than euthyroid group in N75 (73±5.77 vs. 68.54±4.32), P100 (106.42±9.74 vs. 100.94±8.17) and N145 (153.03±16.39 vs. 144.37±7.02) waves. Similarly, hypothyroid group had higher in VEP latency than euthyroid group in N75 (72.12±6.34 vs. 68.54±4.32) wave.Conclusions: Both hypothyroidism and hyperthyroidism led to conduction delay in adults, possibly adversely affecting function of myelin. The prominent visual evoked potential abnormalities in hyperthyroidism and less change in hypothyroidism show that the visual neuropathy is more common in hyperthyroidism

Sigmoid perforation post laser ablation of fistula in ano

Laser ablation of fistula tract is a safe, effective, sphincter-preserving therapy that can be successfully performed by surgeons. Various studies and papers have been published advocating the use of lasers. However clinical experience and technical expertise is necessary for the use of lasers. Here we present a case of a 45 year old male presenting with acute abdomen following laser ablation of fistula in ano. The patients X-Ray abdomen showed free gas under the diaphragm and was explored. The exploration revealed a pyoperitoneum and a sigmoid perforation for which closure of perforation and a diverting colostomy was done. The patient was further operated for fistula excision and Seton suturing and is planned for colostomy closure

Vascular complications and outcomes following transcatheter aortic valve replacement in patients on chronic steroid therapy: a meta-analysis

Background: Chronic steroid (CS) therapy was reportedly linked to increased vascular complications following percutaneous coronary intervention. However, its association with vascular complications after transcatheter aortic valve replacement (TAVR) remained uncertain, with conflicting results being reported. Objective: The authors aimed to compare the rate of vascular complications and outcomes between patients with and without CS use after TAVR. Methods: The authors conducted a comprehensive literature search in PubMed, Embase, and Cochrane databases from their inception until 18th April 2022 for relevant studies. Endpoints were described according to Valve Academic Research Consortium-2 definitions. Effect sizes were pooled using DerSimonian and Laird random-effects model as risk ratio (RR) with 95% CI. Results: Five studies with 6136 patients undergoing TAVR were included in the analysis. The included studies were published between 2015 and 2022. The mean ages of patients in both study groups were similar, with the CS group averaging 80 years and the nonsteroid group averaging 82 years. Notably, a higher proportion of patients in the CS group were female (56%) compared to the nonsteroid group (54%). CS use was associated with a significantly higher risk of major vascular complications (12.5 vs. 6.7%, RR 2.32, 95% CI: 1.73–3.11, P \u3c 0.001), major bleeding (16.8 vs. 13.1%, RR 1.61, 95% CI: 1.27–2.05, P \u3c 0.001), and aortic annulus rupture (2.3 vs. 0.6%, RR 4.66, 95% CI: 1.67–13.01, P \u3c 0.001). There was no significant difference in terms of minor vascular complications (RR 1.43, 95% CI: 1.00–2.04, P = 0.05), in-hospital mortality (2.3 vs. 1.4%, RR 1.86, 95% CI: 0.74–4.70, P = 0.19), and 30-day mortality (2.9 vs. 3.1%, RR 1.14, 95% CI: 0.53–2.46, P = 0.74) between both groups. Conclusion: Our study showed that CS therapy is associated with increased major vascular complications, major bleeding, and annulus rupture following TAVR. Further large multicenter studies or randomized controlled trials are warranted to validate these findings