An Empirical Analysis of the Forecast of Corporate Financial Distress in the European Energy Sector

openExploring the causes of corporate financial distress has been a topic of extensive discussion and research in the field of finance. Over the years, scholars and experts have dedicated their efforts to unraveling the intricacies behind financial struggles faced by businesses. The enduring interest in this subject can be attributed to the profound consequences that corporate financial distress can bring. When a company finds itself in a state of financial distress, it often marks a critical turning point that could lead to insolvency or even bankruptcy. This represents the ultimate failure of the company and has wide-ranging impacts that go beyond its immediate boundaries. Employees are affected by potential job losses, stakeholders face financial losses, connected companies may experience disruptions in their operations, and the overall economy can suffer. The costs associated with corporate financial distress are substantial and can take different forms. Direct costs include expenses related to legal proceedings, asset liquidation, and settling outstanding debts. Indirect costs can arise from the erosion of the company's reputation, diminished investor confidence, restricted access to credit, and the ripple effect felt throughout the supply chain. Given the prevalence and far-reaching consequences of corporate financial distress, researchers and experts have delved into the topic with great fervor. Their aim is to develop models, methodologies, and strategies that can help identify early warning signs of financial distress and enable proactive measures to be taken. By doing so, they seek to protect companies from the brink of failure and promote stability and growth in the broader economy. The study of corporate financial distress has yielded valuable insights into the various factors that contribute to these challenges. Researchers have examined aspects such as poor financial management practices, ineffective governance structures, unfavorable economic conditions, industry-specific challenges, and vulnerabilities unique to individual companies. Ultimately, the research conducted in this field not only sheds light on the causes and consequences of corporate financial distress but also strives to provide guidance for companies, investors, and policymakers. By understanding the dynamics of financial distress, stakeholders can make informed decisions, implement preventive measures, and contribute to the resilience and success of businesses in the face of adversity.Exploring the causes of corporate financial distress has been a topic of extensive discussion and research in the field of finance. Over the years, scholars and experts have dedicated their efforts to unraveling the intricacies behind financial struggles faced by businesses. The enduring interest in this subject can be attributed to the profound consequences that corporate financial distress can bring. When a company finds itself in a state of financial distress, it often marks a critical turning point that could lead to insolvency or even bankruptcy. This represents the ultimate failure of the company and has wide-ranging impacts that go beyond its immediate boundaries. Employees are affected by potential job losses, stakeholders face financial losses, connected companies may experience disruptions in their operations, and the overall economy can suffer. The costs associated with corporate financial distress are substantial and can take different forms. Direct costs include expenses related to legal proceedings, asset liquidation, and settling outstanding debts. Indirect costs can arise from the erosion of the company's reputation, diminished investor confidence, restricted access to credit, and the ripple effect felt throughout the supply chain. Given the prevalence and far-reaching consequences of corporate financial distress, researchers and experts have delved into the topic with great fervor. Their aim is to develop models, methodologies, and strategies that can help identify early warning signs of financial distress and enable proactive measures to be taken. By doing so, they seek to protect companies from the brink of failure and promote stability and growth in the broader economy. The study of corporate financial distress has yielded valuable insights into the various factors that contribute to these challenges. Researchers have examined aspects such as poor financial management practices, ineffective governance structures, unfavorable economic conditions, industry-specific challenges, and vulnerabilities unique to individual companies. Ultimately, the research conducted in this field not only sheds light on the causes and consequences of corporate financial distress but also strives to provide guidance for companies, investors, and policymakers. By understanding the dynamics of financial distress, stakeholders can make informed decisions, implement preventive measures, and contribute to the resilience and success of businesses in the face of adversity

MOL-Eye: A New Metric for the Performance Evaluation of a Molecular Signal

Inspired by the eye diagram in classical radio frequency (RF) based communications, the MOL-Eye diagram is proposed for the performance evaluation of a molecular signal within the context of molecular communication. Utilizing various features of this diagram, three new metrics for the performance evaluation of a molecular signal, namely the maximum eye height, standard deviation of received molecules, and counting SNR (CSNR) are introduced. The applicability of these performance metrics in this domain is verified by comparing the performance of binary concentration shift keying (BCSK) and BCSK with consecutive power adjustment (BCSK-CPA) modulation techniques in a vessel-like environment with laminar flow. The results show that, in addition to classical performance metrics such as bit-error rate and channel capacity, these performance metrics can also be used to show the advantage of an efficient modulation technique over a simpler one

DeepNVM++: Cross-Layer Modeling and Optimization Framework of Non-Volatile Memories for Deep Learning

Non-volatile memory (NVM) technologies such as spin-transfer torque magnetic random access memory (STT-MRAM) and spin-orbit torque magnetic random access memory (SOT-MRAM) have significant advantages compared to conventional SRAM due to their non-volatility, higher cell density, and scalability features. While previous work has investigated several architectural implications of NVM for generic applications, in this work we present DeepNVM++, a framework to characterize, model, and analyze NVM-based caches in GPU architectures for deep learning (DL) applications by combining technology-specific circuit-level models and the actual memory behavior of various DL workloads. We present both iso-capacity and iso-area performance and energy analysis for systems whose last-level caches rely on conventional SRAM and emerging STT-MRAM and SOT-MRAM technologies. In the iso-capacity case, STT-MRAM and SOT-MRAM provide up to 3.8x and 4.7x energy-delay product (EDP) reduction and 2.4x and 2.8x area reduction compared to conventional SRAM, respectively. Under iso-area assumptions, STT-MRAM and SOT-MRAM provide up to 2x and 2.3x EDP reduction and accommodate 2.3x and 3.3x cache capacity when compared to SRAM, respectively. We also perform a scalability analysis and show that STT-MRAM and SOT-MRAM achieve orders of magnitude EDP reduction when compared to SRAM for large cache capacities. Our comprehensive cross-layer framework is demonstrated on STT-/SOT-MRAM technologies and can be used for the characterization, modeling, and analysis of any NVM technology for last-level caches in GPUs for DL applications.Comment: 12 pages, 10 figure

Investigating the Effect of Light Reaction Exercises on Agility-Quickness and Reaction Time of the U-20 Football Players

The aim of this study is to investigate the effect of light reaction exercises on agility-quickness and reaction time of the U-20 Eootball Players. 20 male football players from the YeniMalatyaspor participated in this study voluntarily. T-test for agility-quickness, foot reaction test with Light-Trainer device for foot reaction speed were done before and after trainings. While the control group continued with the standard training, the exercise group performed the standard training exercises with Light-Trainer device for eight weeks. According to the results, the exercise group improved statistically (p<0.05). İt was observed that the exercises performed with Light-Trainer device had positive effects on agility-quickness and reaction speed over U-20 football players and  improved their features. İt was thought that such education would be very useful in the cognitive training of young athletes

Antimicrobial resistance among migrants in Europe: a systematic review and meta-analysis

BACKGROUND: Rates of antimicrobial resistance (AMR) are rising globally and there is concern that increased migration is contributing to the burden of antibiotic resistance in Europe. However, the effect of migration on the burden of AMR in Europe has not yet been comprehensively examined. Therefore, we did a systematic review and meta-analysis to identify and synthesise data for AMR carriage or infection in migrants to Europe to examine differences in patterns of AMR across migrant groups and in different settings. METHODS: For this systematic review and meta-analysis, we searched MEDLINE, Embase, PubMed, and Scopus with no language restrictions from Jan 1, 2000, to Jan 18, 2017, for primary data from observational studies reporting antibacterial resistance in common bacterial pathogens among migrants to 21 European Union-15 and European Economic Area countries. To be eligible for inclusion, studies had to report data on carriage or infection with laboratory-confirmed antibiotic-resistant organisms in migrant populations. We extracted data from eligible studies and assessed quality using piloted, standardised forms. We did not examine drug resistance in tuberculosis and excluded articles solely reporting on this parameter. We also excluded articles in which migrant status was determined by ethnicity, country of birth of participants' parents, or was not defined, and articles in which data were not disaggregated by migrant status. Outcomes were carriage of or infection with antibiotic-resistant organisms. We used random-effects models to calculate the pooled prevalence of each outcome. The study protocol is registered with PROSPERO, number CRD42016043681. FINDINGS: We identified 2274 articles, of which 23 observational studies reporting on antibiotic resistance in 2319 migrants were included. The pooled prevalence of any AMR carriage or AMR infection in migrants was 25·4% (95% CI 19·1-31·8; I2 =98%), including meticillin-resistant Staphylococcus aureus (7·8%, 4·8-10·7; I2 =92%) and antibiotic-resistant Gram-negative bacteria (27·2%, 17·6-36·8; I2 =94%). The pooled prevalence of any AMR carriage or infection was higher in refugees and asylum seekers (33·0%, 18·3-47·6; I2 =98%) than in other migrant groups (6·6%, 1·8-11·3; I2 =92%). The pooled prevalence of antibiotic-resistant organisms was slightly higher in high-migrant community settings (33·1%, 11·1-55·1; I2 =96%) than in migrants in hospitals (24·3%, 16·1-32·6; I2 =98%). We did not find evidence of high rates of transmission of AMR from migrant to host populations. INTERPRETATION: Migrants are exposed to conditions favouring the emergence of drug resistance during transit and in host countries in Europe. Increased antibiotic resistance among refugees and asylum seekers and in high-migrant community settings (such as refugee camps and detention facilities) highlights the need for improved living conditions, access to health care, and initiatives to facilitate detection of and appropriate high-quality treatment for antibiotic-resistant infections during transit and in host countries. Protocols for the prevention and control of infection and for antibiotic surveillance need to be integrated in all aspects of health care, which should be accessible for all migrant groups, and should target determinants of AMR before, during, and after migration. FUNDING: UK National Institute for Health Research Imperial Biomedical Research Centre, Imperial College Healthcare Charity, the Wellcome Trust, and UK National Institute for Health Research Health Protection Research Unit in Healthcare-associated Infections and Antimictobial Resistance at Imperial College London

Correction to: Two years later: Is the SARS-CoV-2 pandemic still having an impact on emergency surgery? An international cross-sectional survey among WSES members

Background: The SARS-CoV-2 pandemic is still ongoing and a major challenge for health care services worldwide. In the first WSES COVID-19 emergency surgery survey, a strong negative impact on emergency surgery (ES) had been described already early in the pandemic situation. However, the knowledge is limited about current effects of the pandemic on patient flow through emergency rooms, daily routine and decision making in ES as well as their changes over time during the last two pandemic years. This second WSES COVID-19 emergency surgery survey investigates the impact of the SARS-CoV-2 pandemic on ES during the course of the pandemic. Methods: A web survey had been distributed to medical specialists in ES during a four-week period from January 2022, investigating the impact of the pandemic on patients and septic diseases both requiring ES, structural problems due to the pandemic and time-to-intervention in ES routine. Results: 367 collaborators from 59 countries responded to the survey. The majority indicated that the pandemic still significantly impacts on treatment and outcome of surgical emergency patients (83.1% and 78.5%, respectively). As reasons, the collaborators reported decreased case load in ES (44.7%), but patients presenting with more prolonged and severe diseases, especially concerning perforated appendicitis (62.1%) and diverticulitis (57.5%). Otherwise, approximately 50% of the participants still observe a delay in time-to-intervention in ES compared with the situation before the pandemic. Relevant causes leading to enlarged time-to-intervention in ES during the pandemic are persistent problems with in-hospital logistics, lacks in medical staff as well as operating room and intensive care capacities during the pandemic. This leads not only to the need for triage or transferring of ES patients to other hospitals, reported by 64.0% and 48.8% of the collaborators, respectively, but also to paradigm shifts in treatment modalities to non-operative approaches reported by 67.3% of the participants, especially in uncomplicated appendicitis, cholecystitis and multiple-recurrent diverticulitis. Conclusions: The SARS-CoV-2 pandemic still significantly impacts on care and outcome of patients in ES. Well-known problems with in-hospital logistics are not sufficiently resolved by now; however, medical staff shortages and reduced capacities have been dramatically aggravated over last two pandemic years

Goodbye Hartmann trial: a prospective, international, multicenter, observational study on the current use of a surgical procedure developed a century ago

Background: Literature suggests colonic resection and primary anastomosis (RPA) instead of Hartmann's procedure (HP) for the treatment of left-sided colonic emergencies. We aim to evaluate the surgical options globally used to treat patients with acute left-sided colonic emergencies and the factors that leading to the choice of treatment, comparing HP and RPA. Methods: This is a prospective, international, multicenter, observational study registered on ClinicalTrials.gov. A total 1215 patients with left-sided colonic emergencies who required surgery were included from 204 centers during the period of March 1, 2020, to May 31, 2020. with a 1-year follow-up. Results: 564 patients (43.1%) were females. The mean age was 65.9 ± 15.6&nbsp;years. HP was performed in 697 (57.3%) patients and RPA in 384 (31.6%) cases. Complicated acute diverticulitis was the most common cause of left-sided colonic emergencies (40.2%), followed by colorectal malignancy (36.6%). Severe complications (Clavien-Dindo ≥ 3b) were higher in the HP group (P &lt; 0.001). 30-day mortality was higher in HP patients (13.7%), especially in case of bowel perforation and diffused peritonitis. 1-year follow-up showed no differences on ostomy reversal rate between HP and RPA. (P = 0.127). A backward likelihood logistic regression model showed that RPA was preferred in younger patients, having low ASA score (≤ 3), in case of large bowel obstruction, absence of colonic ischemia, longer time from admission to surgery, operating early at the day working hours, by a surgeon who performed more than 50 colorectal resections. Conclusions: After 100&nbsp;years since the first Hartmann's procedure, HP remains the most common treatment for left-sided colorectal emergencies. Treatment's choice depends on patient characteristics, the time of surgery and the experience of the surgeon. RPA should be considered as the gold standard for surgery, with HP being an exception

Infected pancreatic necrosis: outcomes and clinical predictors of mortality. A post hoc analysis of the MANCTRA-1 international study

: The identification of high-risk patients in the early stages of infected pancreatic necrosis (IPN) is critical, because it could help the clinicians to adopt more effective management strategies. We conducted a post hoc analysis of the MANCTRA-1 international study to assess the association between clinical risk factors and mortality among adult patients with IPN. Univariable and multivariable logistic regression models were used to identify prognostic factors of mortality. We identified 247 consecutive patients with IPN hospitalised between January 2019 and December 2020. History of uncontrolled arterial hypertension (p = 0.032; 95% CI 1.135-15.882; aOR 4.245), qSOFA (p = 0.005; 95% CI 1.359-5.879; aOR 2.828), renal failure (p = 0.022; 95% CI 1.138-5.442; aOR 2.489), and haemodynamic failure (p = 0.018; 95% CI 1.184-5.978; aOR 2.661), were identified as independent predictors of mortality in IPN patients. Cholangitis (p = 0.003; 95% CI 1.598-9.930; aOR 3.983), abdominal compartment syndrome (p = 0.032; 95% CI 1.090-6.967; aOR 2.735), and gastrointestinal/intra-abdominal bleeding (p = 0.009; 95% CI 1.286-5.712; aOR 2.710) were independently associated with the risk of mortality. Upfront open surgical necrosectomy was strongly associated with the risk of mortality (p &lt; 0.001; 95% CI 1.912-7.442; aOR 3.772), whereas endoscopic drainage of pancreatic necrosis (p = 0.018; 95% CI 0.138-0.834; aOR 0.339) and enteral nutrition (p = 0.003; 95% CI 0.143-0.716; aOR 0.320) were found as protective factors. Organ failure, acute cholangitis, and upfront open surgical necrosectomy were the most significant predictors of mortality. Our study confirmed that, even in a subgroup of particularly ill patients such as those with IPN, upfront open surgery should be avoided as much as possible. Study protocol registered in ClinicalTrials.Gov (I.D. Number NCT04747990)

Surgical site infection after gastrointestinal surgery in high-income, middle-income, and low-income countries: a prospective, international, multicentre cohort study

Background: Surgical site infection (SSI) is one of the most common infections associated with health care, but its importance as a global health priority is not fully understood. We quantified the burden of SSI after gastrointestinal surgery in countries in all parts of the world. Methods: This international, prospective, multicentre cohort study included consecutive patients undergoing elective or emergency gastrointestinal resection within 2-week time periods at any health-care facility in any country. Countries with participating centres were stratified into high-income, middle-income, and low-income groups according to the UN's Human Development Index (HDI). Data variables from the GlobalSurg 1 study and other studies that have been found to affect the likelihood of SSI were entered into risk adjustment models. The primary outcome measure was the 30-day SSI incidence (defined by US Centers for Disease Control and Prevention criteria for superficial and deep incisional SSI). Relationships with explanatory variables were examined using Bayesian multilevel logistic regression models. This trial is registered with ClinicalTrials.gov, number NCT02662231. Findings: Between Jan 4, 2016, and July 31, 2016, 13 265 records were submitted for analysis. 12 539 patients from 343 hospitals in 66 countries were included. 7339 (58·5%) patient were from high-HDI countries (193 hospitals in 30 countries), 3918 (31·2%) patients were from middle-HDI countries (82 hospitals in 18 countries), and 1282 (10·2%) patients were from low-HDI countries (68 hospitals in 18 countries). In total, 1538 (12·3%) patients had SSI within 30 days of surgery. The incidence of SSI varied between countries with high (691 [9·4%] of 7339 patients), middle (549 [14·0%] of 3918 patients), and low (298 [23·2%] of 1282) HDI (p < 0·001). The highest SSI incidence in each HDI group was after dirty surgery (102 [17·8%] of 574 patients in high-HDI countries; 74 [31·4%] of 236 patients in middle-HDI countries; 72 [39·8%] of 181 patients in low-HDI countries). Following risk factor adjustment, patients in low-HDI countries were at greatest risk of SSI (adjusted odds ratio 1·60, 95% credible interval 1·05–2·37; p=0·030). 132 (21·6%) of 610 patients with an SSI and a microbiology culture result had an infection that was resistant to the prophylactic antibiotic used. Resistant infections were detected in 49 (16·6%) of 295 patients in high-HDI countries, in 37 (19·8%) of 187 patients in middle-HDI countries, and in 46 (35·9%) of 128 patients in low-HDI countries (p < 0·001). Interpretation: Countries with a low HDI carry a disproportionately greater burden of SSI than countries with a middle or high HDI and might have higher rates of antibiotic resistance. In view of WHO recommendations on SSI prevention that highlight the absence of high-quality interventional research, urgent, pragmatic, randomised trials based in LMICs are needed to assess measures aiming to reduce this preventable complication

Effects of a novel biodegredable implant system on a rat tibia fracture model

Objective: This study aimed to determine the effects of a novel biodegradable implant releasing platelet-derived growth factor (PDGF) at the fracture site on fracture healing in a rat tibia fracture model. Methods: In this study, 35 male Sprague-Dawley rats weighing between 300 and 350g were used. The rats were divided into four groups: Group A (control group without any treatment, n=10), Group B (spacer without PDGF Group, n=10), Group C (spacer with PDGF group, n=10), and Group D (healthy rat Group, n=5). Standardized fractures were created in the right tibias of rats, and then biodegradable implants made of poly-?-hydroxybutyrate-co-3-hydroxy valerate were implanted at the fracture sites in Groups B and C. In Group C, implants were loaded with 600 ng of PDGF. Animals were sacrificed 30 days after the operation, and fracture healing in each group was assessed radiologically based on the Goldberg score. Furthermore, the anteroposterior (AP) and mediolateral (ML) callus diameters were measured macroscopically, and fracture sites were mechanically tested. Results: In the radiological assessment, Group C showed higher fracture healing rate than Groups A and B (p=0.001), whereas no significant difference was found between group C and Group D (p>0.05). In the macroscopic assessment, while Group C exhibited the thickest AP callus diameter (p=0.02), no significant differences in ML callus diameters existed among the groups (p>0.05). Mechanical testing revealed that Group C had higher torsional strength (p=0.001) and stiffness than Groups A and B (p=0.001) while there was no significant difference between Groups C and D (p>0.05)