The Altman’s Revised Z’-Score Model, Non-financial Information and Macroeconomic Variables: Case of Slovak SMEs

In this paper, we assess the classification performance of the re-estimated Altman’s Z’-Score model for a large sample of private SMEs in Slovakia. More specifically, we assess transferability of the revised Z’-Score model (Altman, 1983) and explore the impact of the non-financial company-specific and macroeconomic variables. The dataset covers the period from 2009 to 2016 and contains 661 622 company-year observations about 149 618 individual companies with 1 575 failures. The discriminatory power of models is tested in out-of-sample period. We find that even though the model with re-estimated coefficients achieves better discrimination performance, it is not statistically different from the revised Z’-Score model. The non-financial variables improve the discriminatory performance significantly, whereas the macroeconomic variables do not. The latter even worsen the out-of-sample and out-of-time discriminatory performance

Kinetic study of the selective hydrogenation of styrene over a Pd egg-shell composite catalyst

This is a study on the kinetics of the liquid-phase hydrogenation of styrene to ethylbenzene over a catalyst of palladium supported on an inorganic–organic composite. This support has a better mechanical resistance than other commercial supports, e.g. alumina, and yields catalysts with egg-shell structure and a very thin active Pd layer. Catalytic tests were carried out in a batch reactor by varying temperature, total pressure and styrene initial concentration between 353–393 K, 10–30 bar, and 0.26–0.60 mol L−1. Kinetic models were developed on the assumptions of dissociative hydrogen chemisorption and non-negligible adsorption of hydrogen and styrene. Final chemical reaction expressions useful for reactor design were obtained. The models that best fitted the experimental data were those ones that considered the surface reaction as the limiting step. In this sense, a two-step Horiuti–Polanyi working mechanism with half hydrogenation intermediates gave the best fit of the experimental data. The heats of adsorption of styrene and ethylbenzene were also estimated.The authors are gratefully indebted to CONICET, ANPCyT and Universidad Nacional del Litoral for financially sponsoring this research work

Landslide hazard mapping : Slovakia case study

The British Geological Survey has undertaken a programme of research on landslide hazard mapping under support from the Department for International Development. The aim of the studies has been to develop a generic approach to landslide hazard modelling that can be applied and adapted in developing countries worldwide. The overall goal of the research is to prevent or minimise the loss of life and damage to property, infrastructure and livelihoods caused by landslides. To this end, case studies in four countries have been used to develop a rapid, inexpensive method for the production of regional landslide hazard maps. This report presents specific results and findings from the Slovakian study area in the Javorniky Mountains. The report is aimed at people and organisations in Slovakiathat are concerned with, or affected by, landslides. It discusses local issues that affect the development of landslide hazard preparedness strategies in individual countries. The accompanying map is a first attempt at mapping the regional landslide hazard in this part of Slovakia. It can be improved through additional local knowledge and the incorporation of more data on possible controlling factors, for example. Ultimately, the success of the project can only be judged by the take up, use and development of the hazard map in Slovakia

Predicting future default on the Covid-19 bounce back loan scheme: The 46.5 billion question

The UK has had a commitment to loan guarantee schemes since 1981 when it introduced the Small Firms Loan Guarantee (SFLG) scheme to address access to debt finance issues for smaller firms. Over the last 40 years its’ support has been unwavering and in the Covid-19 crisis it once again turned to loan guarantees as a means of supporting smaller firms through the crisis induced slump in trading activities. Of its three core Covid-19 guarantee schemes, the Bounce Back Loan scheme was the most numerous with 1,531,095 loans issued amounting to a total of £46.5bn in lending. The BBL scheme provided a 100% capital guarantee on loans between £2,000 and £50,000, and firms were allowed to borrow up to 25% of their trading income, with a fixed interest rate of 2.5% of which the first years interest was paid by the government to the lending bank. Our findings suggest that the government losses may range between £7bn and £12bn depending on the underlying assumptions. But we estimate Covid-19 guarantee schemes may have protected 118,639 businesses and 1,117,849 jobs. Looking to the future we suggest that a new loan guarantee is justified which is more like the former SFLG than the restrictive EFG as more than 1 million small businesses will be heavily indebted and unable to borrow to invest in future growth opportunities. This would support the 'levelling-up' agenda and help prevent a post-Covid-19 low investment - low growth scenario.N/

Vyber prac z aplikovanej klimatologie a meteorologie

Short abstracts in EnglishAvailable from Slovak Centre of Scientific and Technical Information, under signature: A558335 / Slovenska Technicka Univerzita v BratislaveSIGLESKSlovak Republi