Purchase order finance: A conceptual model with economic insights

Purchase Order (PO) finance is a form of financial intermediation which can alleviate capital constraints in certain supply chains. PO finance is typically utilized by small and medium-sized enterprises (SMEs) that operate as importers, exporters, wholesalers, or distributors and have high sales growth. When applicable, PO finance creates value for the supply chain by providing capital that is not available through regular lending channels, due to informational problems. We provide a conceptual model that clarifies the value proposition of PO finance and describe how the transactions are carried out in practice. The conceptual model allows us to highlight the settings where economic conditions will favor the application of PO finance

Manufacturing and Supply Chain Flexibility: Building an Integrative Conceptual Model Through Systematic Literature Review and Bibliometric Analysis

The purpose of this study is twofold: first, to establish the current themes on the topic of manufacturing and supply chain flexibility (MSCF), assess their level of maturity in relation to each other, identify the emerging ones and reflect on how they can inform each other, and second, to develop a conceptual model of MSCF that links different themes connect and highlight future research opportunities. The study builds on a sample of 222 articles published from 1996 to 2018 in international, peer-reviewed journals. The analysis of the sample involves two complementary approaches: the co-word technique to identify the thematic clusters as well as their relative standing and a critical reflection on the papers to explain the intellectual content of these thematic clusters. The results of the co-word analysis show that MSCF is a dynamic topic with a rich and complex structure that comprises five thematic clusters. The value chain, capability and volatility clusters showed research topics that were taking a central role in the discussion on MSCF but were not mature yet. The SC purchasing practices and SC planning clusters involved work that was more focused and could be considered more mature. These clusters were then integrated in a framework that built on the competence–capability perspective and identified the major structural and infrastructural elements of MSCF as well as its antecedents and consequences. This paper proposes an integrative framework helping managers keep track the various decisions they need to make to increase flexibility from the viewpoint of the entire value chain

Anatomical characterization of Sarilop (Calimyrna) fig cultivar in pictures

1st International Symposium on Fig -- JUN 24-28, 1997 -- IZMIR, TURKEYWOS: 000079157300016The microtome sections cut from various organs and tissues of the Sarilop (Calimyrna) fig cultivar were examined in this study. Development of shoot tips, flowers and fruits, microscopic characteristics of cortex, phloem, cambium, xylem and pith tissue were determined. Findings are displayed with photographs.Int Soc Hort Sc

Forecasting electricity infeed for distribution system networks : an analysis of the Dutch case

Estimating and managing electricity distribution losses are the core business competencies of distribution system operators (DSOs). Since electricity demand is a major driver of network losses, it is essential for DSOs to have an accurate estimate of the electricity infeed in their network. In this paper, motivated by the operations of a Dutch electricity distribution system operator, we examine how to estimate the electricity infeed in distribution networks one year in advance with hourly forecasting intervals, so that the DSOs may effectively hedge for their physical losses in the wholesale markets. We identify the relevant factors for DSOs to forecast the electricity infeed in their networks, and to quantify their effects. We show that most of the calendar variables, such as national holidays, bridge days as well as days near holidays have a significant effect on electricity infeed. Our analysis reveals that the impact of calendar variables significantly depends on the hour of the day. On the other hand, economic and demographic factors do not seem to influence the electricity infeed for the planning horizon of DSOs. We also explore the influence of meteorological factors on the electricity infeed in the Netherlands. Finally, we develop and compare methods for electricity infeed forecasting, based on multiple regression and time series analysis. Our analysis reveals that the regression-based method outperforms the time series-based method on the average measures whereas the time series-based method is better in the worst case analysis. Hence, we point out that the forecasting methods used by DSOs may have significant implications on their financial hedging policies

Comparison of the effects of Aloe vera gel and coconut oil on the healing of open wounds in rats

In this study, the effects of Aloe vera gel and coconut oil on wound healing were investigated and compared in rats. Forty-two Wistar albino rats were used during the experiment, in which they were operated on under general anaesthesia to create two full-thickness open skin wounds (created with a 0.5 cm diameter punch biopsy apparatus) on both back sides of the median line. A total of 42 rats were divided into three groups of 14 animals each to receive the topical application of Aloe vera gel (AV group - n = 14), coconut oil (CO group - n = 14) and cold cream (CONT group - n = 14). The medical applications were performed twice a day in all the groups. The wound borders were marked on a transparent sheet every day. Afterwards, this sheet was transferred to the millimetre graph paper. On days 0, 7, and 14, the unhealed wound area was measured in all the groups. On days 7 and 14, seven rats in each group were euthanised. Then, skin samples including the intact skin were taken from the wound sites for histopathological and biochemical evaluations. The topical application of Aloe vera gel showed a significant increase in the healing process of the open wounds in terms of the clinical evaluation, histopathological and biochemical data averages when compared with the coconut oil and cold cream groups of rats (P < 0.05). The results obtained in the present study demonstrate that Aloe vera gel may provide a good alternative for the treatment of open wounds

Supporting small suppliers through buyer-backed purchase order financing

This paper considers a creditworthy buyer who has two supplies: a low-cost but capital-constrained unreliable SME (small and medium-sized enterprise), and a high-cost but reliable backup source. The buyer may consider a novel financing mechanism named BPOF (buyer-backed purchase order financing) for supporting the SME indirectly. Under the BPOF scheme, the buyer provides partial or full guarantee to share the bank’s financing risk thus facilitate the SME’s loan application. To balance the risk with the benefit due to BPOF, we specify the conditions under which BPOF works and identify the properties of the buyer’s optimal strategy for sourcing and guaranteeing jointly. Generally speaking, a rational buyer’s guarantee should positively correlate to her product margins and the suppliers’ reliability. Finally, we claim when the risk-adjusted wholesale price is sufficiently low, dual financing (BPOF and subsidy) should be suggested