Value relevance of troubled debt restructurings and policy implications

This paper investigates the beneficial economic consequences and market and accounting based valuation effects of troubled debt restructurings (TDR) in financially distressed debtor firms. Relying on the implications of prior research and extant valuation theories, some empirical evidence on the beneficial outcomes and informativeness of TDR is first provided: significantly positive restructuring interval excess returns and higher excess returns to subsequently consummated restructurings and subsequent survivors. The market reaction to “full-settlement” and “modification of terms” types of TDR are also measured to evaluate the consistency of the FASB's binary classification and recognition criteria with the market participants' assessments. Finally, a valuation model conditional on book values and earnings is used to test the value relevance of the reported financial statement bottom lines and TDR related disclosure. The findings suggest that modifications are at least as beneficial and informative as full settlements. Hence, the recognition of the reduction in the liability and the related gain in the financial statements of firms that undertake modifications would be more congruent with the valuation effects assessed by market participants. Key words: Private workouts, Financial distress, Debt restructuring, Valuation, Capital markets, SFAS No.15. JEL: G14, G33, G38, M4

Improvement in transparency and disclosure in the ISE: Did IFRS adoption and corporate governance principles make a difference

The purpose of this study is to investigate if the transparency and disclosure level of a sample of Istanbul Stock Exchange firms is enhanced by the promulgation of a set of local Corporate Governance (CG) Principles and by the voluntary adoption of the International Financial Reporting Standards (IFRS), an international best-practice. The Capital Market Board’s CG principles are promulgated on a “comply or explain” basis and have been effective since the fiscal year 2004. Fırst, the year 2003 Transparency & Disclosure (TD) index previously created in collaboration with Standard and Poor’s is replicated for the fiscal year 2004. Using this short panel data of transparency and disclosure scores for our sample of 52 large and liquid Istanbul Stock Exchange firms, the improvement in the scores over the two years is measured. Second, with appropriate control variables in the model, we analyze the determinants of the significant improvement. We use the voluntary adoption of IFRS as an indicator of and commitment to TD, and find that the scores and their relationship with performance are higher in early adaptors. We then create a parsimonious 3-attribute Commitment-to-Better-Disclosure Index and observe a high correlation between the two indices. Finally, using a matched pairs design and controlling for IFRS adoption, we are able to attribute the improvement in the TD scores to the CG principles. The paper finally scores the sample firms’ Compliance Report and presents some preliminary statistics on the first year compliance level of ISE firms with these local CG principles. The study should be of interest to researchers, managers, analysts, boards, policy makers and regulators at a time when debate on convergence to IFRS and the impact of local CG guidelines has become intense

Sociodemographic characteristics and diagnoses of individuals referred to a child and adolescent psychiatry outpatient clinic of a university hospital

AMAÇ: Çalışmamızda çocuk ve ergen psikiyatrisi polikliniğine başvuran olguların sosyodemografik özelliklerinin, geliş şikayetlerinin ve aldıkları tanılarının değerlendirilmesi amaçlanmıştır. GEREÇ VE YÖNTEMLER: Adnan Menderes Üniversitesi Çocuk ve Ergen Psikiyatrisi polikliniğine 01 Şubat-31 Temmuz 2014 tarihleri arasında başvuran olguların dosya verileri geriye dönük olarak incelenmiştir. BULGULAR: Çocuk psikiyatrisi polikliniğine altı aylık zaman diliminde başvuran toplam 832 olgunun %41,8’i kız, %58,2’si erkekti. Kızların ve erkeklerin yaş ortalaması sırasıyla 10,8±4,9 ve 8,5±4,7 iken, en sık başvuru 12-18 yaş aralığında idi. Olguların annesi ve babası birlikte olanlar %81,1 iken, yetiştirme yurdundan gelenler %0,8 oranındaydı. Akraba evliliği oranı %13,7 olarak saptandı. Anne ve baba eğitim seviyesi en sık ilkokul mezunu idi (sırası ile %47, %45,6). Annelerin %15,6’sında, babaların %7,6’sında psikiyatrik öykü mevcuttu. Polikliniğe başvuru nedenleri incelendiğinde %21,9’unun sağlık kurulu, %13,8’inin adli değerlendirme ve %11,2’sinin konsültasyon amaçlı başvurduğu, kalan %52,9 olgunun genel poliklinik değerlendirmesi için başvurduğu saptandı. Genel polikliniğe en sık sinirlilik (%15,7), dikkat eksikliği/hareketlilik (%14,8), konuşmada gecikme (%10,5), korkular/kaygılar (%5,9) ve ders başarısızlığı (%5,7) şikayetleri ile başvuruların yapıldığı belirlendi. Hastaların aldıkları tanılar ise en sık olarak dikkat eksikliği hiperaktivite bozukluğu (DEHB) (%20,6), diğer yıkıcı davranış bozuklukları (%12,4) ve anksiyete bozukluğu (%10,2) olarak saptandı. SONUÇ: Çalışmamızda en sık başvuru şikayetinin sinirlilik, en sık alınan tanının ise DEHB olması bu alanda yapılan diğer çalışmalarla benzer niteliktedir. Sonuçlarımıza göre, çocuk psikiyatrisine başvuran ailelerde ebeveynlerde düşük eğitim seviyesi ve yüksek psikiyatrik hastalık yükü mevcuttur. Bu veriler koruyucu ruh sağlığı hizmetlerinin geliştirilmesi için risk faktörleri olarak değerlendirilebilir.OBJECTIVE: The aim of this study is to evaluate the sociodemographic characteristics, complaints, and diagnoses of individuals who were admitted to a child and adolescent psychiatry outpatient clinic. MATERIALS AND METHODS: Medical charts of the patients who were admitted to the child and adolescent psychiatry unit of Adnan Menderes University between February 1st and July 31st, 2014 were retrospectively studied. RESULTS: The rate of girls and boys from a total of 832 cases who were referred to the child and adolescent psychiatry outpatient clinic in the six month period was 41.8% and 58.2%, respectively. The mean age of the girls and boys was 10.8±4.9 and 8.5±4.7 years, respectively. The most common age range was between 12 and 18 years. The proportion of patients who lived with both parents was 81.1%; however, the proportion of individuals brought in by institutional caregivers was 0.8%. The proportion of consanguineous marriages was 13.7%. The education level of mothers and fathers was mostly a primary school degree (47% and 45.6%, respectively). A positive psychiatric history was present in 13.7% of the mothers and 7.6% of the fathers. Reasons for child psychiatric assessments were as follows: 21.9% for disability report, 13.8% for forensic evaluation, 11.2% for consultation, and 52.9% for general psychiatric evaluation. Referral complaints were irritability/anger (15.7%), attention deficit/hyperactivity (14.8%), delay in speech (10.5%), fear/anxiety (5.9%), and poor school performance (5.7%). The diagnoses were as follows: attention deficit hyperactivity disorder (ADHD) (20.6%), other disruptive behaviors (12.4%), and anxiety disorder (10.2%). CONCLUSION: We revealed that the most common referring complaint was irritability/ anger and that the most common diagnosis was ADHD in our patient group, which was similar to previous studies. Our results showed that a low parental educational level and a positive history for parental psychopathology were common in child psychiatry referrals. These data may be considered as risk factors for developing protective mental health service

Primary catastrophic antiphospholipid syndrome in an 8 year-old girl

Antiphospholipid syndrome (APS) is a disease characterized by recurrent arterial and venous thromboses. Rapidly progressive multiple thromboses leading to multiorgan failure occur in less than 1% of patients and named as catastrophic antiphospholipid syndrome (CAPS). We, hereby, describe an 8 year-old-girl with erythematous skin lesions progressing into purpura fulminans. The patient developed CAPS with the findings including proteinuria, microangiopathic hemolytic anemia, thrombocytopenia, arterial and venous thromboses demonstrated on skin biopsies. She was admitted to intensive care unit and received empirical antibiotics, anticoagulants, antiaggregants, steroids and intravenous immunoglobulins. The diagnosis of APS was confirmed by positive lupus anticoagulants, elevated anti beta-2 glycoprotein IgG and antiphospholipid IgG titers. Moreover, other than MTHFRA1298C, MTHFR-C677T, factor V H1299R, beta fibrinogen-455 G>A heterozygosity indicating low risk for thrombophilia, no infectious, rheumatological or malignant etiologies were identified. Family history revealed Raynaud’s phenomenon in a sister, interstitial lung disease, proteinuria and hematuria in paternal grandmother in addition to lupus anticoagulant positivity in father and 2 elder sisters. Her treatment included debridement of necrotic skin tissue, grefting and local mesenchymal stem cell application to upper thigh and lower leg region following oral azathioprine administration

Theoretical investigation of elastohydrodynamic film thickness in cylindrical roller bearings

Bu tezde aynı boyuttaki silindirik makaralı rulman için, 3 farklı malzeme kombinasyonunda 3 farklı yük altında eliptik temas ve dikdörtgen temas yöntemleriyle boyutsuz film parametreleri ve minimum film kalınlıkları hesaplanmıştır. Eliptik temas yöntemi ve dikdörtgen temas metodu arasında karşılaştırmalar yapılmıştır. Malzemeden bağımsız olarak eliptik temas yöntemine göre elde edilen sonuçlara göre, yük yaklaşık 2 kat artırıldığında hesaplanan minimum film kalınlığı iç bilezik-makara temasında yaklaşık %5,18 dış bilezik-makara temasında yaklaşık %5 oranında azalmaktadır. Dikdörtgen temas yönteminde ise iç bilezik-makara %8,5 ve dış bilezik-makara teması film kalınlığında %7,3 azalmaktadır.Yük 2,5 kat artırıldığında hesaplanan minimum film kalınlığı iç bilezik-makara temasında yaklaşık %6,2 dış bilezik-makara temasında yaklaşık %6,5 oranında azalmaktadır. Dikdörtgen temas yönteminde ise iç bilezikmakara %11 ve dış bilezik-makara teması film kalınlığında %8,5 azalmaktadır. Malzeme kombinasyonundan bağımsız olarak, eliptik temas ve dikdörtgensel temas yöntemine göre, iç temas yüzeyindeki boyutsuz film parametresi dış temas yüzeyindekinden yaklaşık % 21 küçük bulunmuştur.In this thesis, dimensionless film parameters and minimum film thicknesses were calculated by using elliptical contact and rectangular contact methods under 3 different material combinations in 3 different material combinations for cylindrical roller bearing of the same size. Comparisons were made between the elliptical contact method and the rectangular contact method. According to the results obtained according to the elliptical contact method independent of the material, the calculated minimum film thickness decreases by approximately 5,18% in the inner ring-roller contact when the load is increased by 2 times, and by 5% in the outer ring-roller contact. In the rectangular contact method, inner ring-pulley and outer ring-pulley contact decreased by 8.5% and 7.3% in film thickness. When the load is increased by 2.5 times, the calculated minimum film thickness decreases by approximately 6.2% at the inner ring-to-roller contact and by approximately 6.5% at the outer ring-to-roller contact. In the rectangular contact method, inner ring-spool 11% and outer ring-spool contact decreased by 8.5% in film thickness. Regardless of the combination of materials, according to the elliptical and rectangular contact method, the dimensionless film parameter on the iner contact surface was about 21% smaller than on the outer contact surface

Zkoumání původu trhlin v částech železničních výhybek

This diploma thesis deals with origin of hydrogen provoked cracks in the part of railway turnouts. The theoretical part is focused on the description of railway turnouts and examples were given about steel types commonly used in this engineering part . Furthermore, more information is provided about manganese steels and low alloy wear resistance steels in the following chapters. Also, their chemical compositions and mechanical properties were described in detail with supporting documentations in the subchapters. In the last chapter of the theoretical part, factors that cause hydrogen embrittlement formation in steels were given. This documentation includes mechanism of hydrogen embrittlement, source of hydrogen, hydrogen trapping mechanisms and types of hydrogen embrittlement. Within the experimental (practical) part chemical composition analysis, structure analysis, fractography analysis and as a lastly hardness measurements were performed. The special type of wear resistance steels which are used in railway turnouts was delivered to us. For comparison of results all analysis done in the experimental part were applied to sample without damage to obtain reasons that might be cause to hydrogen embrittlement problem in that kind of steels. Closure of the practical part done by under the following chapter as a results and discussions. In the conclusion part, all results and possible reasons causing to this problem were brought up together.Předložená diplomová práce je věnována zkoumání příčin vzniku trhlin v částech výhybek železniční trati. Teoretická část se zaměřuje na popis ocelí, které jsou pro jednotlivé díly používány, přičemž jsou podrobně rozebrány materiály pro výrobu srdcovek, jednak vysokouhlíkové austenitické oceli na bázi manganu, jednak nízkolegované otěruvzdorné oceli. Poslední kapitola teoretické části popisuje nejdůležitější aspekty vodíkové křehkosti ocelí. Experimentální část je věnována analýze příčin vzniku trhlin ve speciální nízkolegované oceli, použité pro výrobu srdcovek výhybek. V experimentální části byly využity metody strukturní analýzy, fraktografie, lokální mikroanalýzy chemického složení, měření tvrdosti apod. Výsledky získané na porušeném dílu byly srovnávány s dílem bez vad. Všechny výsledky jsou shrnuty v závěru. Bylo zjištěno, že k porušení pošlo primárně mechanismem vodíkové křehkosti, samozřejmě za spoluúčasti dalších negativních faktorů.636 - Katedra materiálového inženýrstvívýborn