Accounting-based variables as an early warning indicator of financial distress in crisis and non-crisis periods

Financial integration in the Association of Southeast Asian Nations (ASEAN) region is a key focus of the ASEAN Economic Community. Whereas many studies focus on modelling corporate default, this paper identifies early warning indicators of financial distress before a default, using multiple discriminant analysis (MDA) models with a sample of listed and delisted companies in the ASEAN region. The analysis examines 720 companies in 10 different industries across six ASEAN countries from 1997 to 2016. The study constructs individual models for each country as well as an overall model for the entire region, using both in-sample and out-of-sample approaches. This overall model could be useful for an integrated banking system. To ensure robustness, the study also separately examines the predictive performance of the MDA models across different economic crises: the Asian financial crisis (AFC) from 1997 to 2000, the global financial crisis (GFC) from 2007 to 2009 and their pre- and post-crisis periods. We find that profitability ratios are the best indicators of financial distress in the ASEAN region, followed by liquidity and leverage ratios. In addition, our findings reveal common indicators that can be used to predict financial distress across ASEAN countries. The single model performs reasonably well in predicting financial distress 1 year ahead. In addition, the model is extended to incorporate a market-based indicator into the MDA models, the distance to default. However, the inclusion of this indicator does not significantly improve the accuracy of the models in predicting financial distress at listed firms in the ASEAN region

DEWATS dissemination in Vietnam: achievements and lessons learnt

The speedy economic development and rapid growth of population and urbanization in Vietnam have created great pressure on the environment by its manufacturing process and human activities. Thus, it is necessary to protect the environment through policies and appropriate technology for the sustainable development of the country. The DEcentralized WAstewater Treatment Solutions (DEWATS) dissemination in Vietnam is one of the measures contributing to address this issue

Validation of Mesocyclops (Copepoda) and community participation as an effective combination for Dengue control in Northern Vietnam

The “Programme Meso-Vietnam” was implemented in Vietnam from October 2007 to December 2010 to reduce dengue and dengue hemorrhagic fever incidence and to improve the quality of life in the four project communes. This dengue control project was based on biological control using Mesocyclops, a larvivorous micro-crustacean, as well as on the establishment of a strong community involvement to educate the population on dengue transmission and to reduce Aedes breeding by removal of containers. During three years, a network of collaborators was responsible for introducing Mesocyclops in all the containers defined as key breeding-sites, and regular activities such as community training workshops, school programmes, clean-up campaigns and health promotion through IEC programmess were performed. To make this programme sustainable, local leadership has been strengthened as well. The use of these larvivorous micro-crustaceans as a biological control strategy against dengue over the medium and long term, when combined with community participation and effective health promotion, demonstrated a significant reduction in dengue vector populations and dengue cases.  In Vietnam, this study reconfirms that there is an ecological alternative to systematic use of insecticides to control dengue vector population. (Abstract word count: 186)Le " Programme Meso-Vietnam " a été mis en œuvre au Vietnam entre octobre 2007 et décembre 2010. Ce programme vise à réduire l'incidence de la dengue et de la fièvre hémorragique de la dengue et à améliorer la qualité de vie dans les quatre communes sélectionnées pour le projet. Ce projet de lutte contre la dengue était basé sur un contrôle biologique assuré par des Mésocyclopes, micro-crustacés larvivores, et sur l'établissement d'une forte implication de la communauté pour éduquer la population sur la transmission de la dengue et pour réduire la reproduction des moustiques Aedes par élimination des conteneurs leur servant de site de ponte. Pendant trois ans, un réseau de collaborateurs a été chargé d'introduire des Mésocyclopes dans tous les conteneurs définis comme des sites de reproduction clés, et des activités régulières telles que des ateliers de formation communautaires, des programmes scolaires, des campagnes de nettoyage et des activités de promotion de la santé via les programmes IEC ont été mises en place. En outre, pour assurer la pérennité de ce programme, le leadership local a été renforcé. L'utilisation de ces micro-crustacés larvivores comme stratégie de contrôle biologique de la dengue à moyen et long terme, associée à une participation communautaire et à une promotion efficace de la santé, a permis d'aboutir à une réduction significative des populations vecteurs de la dengue et des cas de dengue. Au Vietnam, cette étude confirme une fois de plus qu'il existe une alternative écologique à l'utilisation systématique d'insecticides pour lutter contre les vecteurs de la dengue.El “Programa Meso-Vietnam” se implementó en Vietnam desde octubre de 2007 hasta diciembre de 2010 para reducir la incidencia del dengue y la fiebre hemorrágica del dengue y para mejorar la calidad de vida en los cuatro municipios del proyecto. Este proyecto de control del dengue se basaba en el control biológico usando Mesocyclops, un microcrustáceo larvívoro, así como en el establecimiento de una fuerte implicación comunitaria para educar a la población sobre la transmisión del dengue y para reducir la cría de Aedes mediante la eliminación de recipientes. Durante tres años, una red de colaboradores fue responsable de la introducción de Mesocyclops en todos los recipientes definidos como sitios clave para la cría, y se realizaron actividades regulares tales como talleres de formación comunitaria, programas escolares, campañas de limpieza y promoción de la salud a través de programas de IEC. Para hacer sostenible este programa, también se reforzó el liderazgo local. El uso de estos microcrustáceos larvívoros como estrategia de control biológico contra el dengue a medio y largo plazo demostró una reducción significativa de las poblaciones de vectores del dengue y los casos de dengue cuando se combinaba con la participación comunitaria y la promoción eficaz de la salud. En Vietnam, este estudio vuelve a confirmar que existe una alternativa ecológica al uso sistemático de insecticidas para controlar la población de vectores del dengue

Extreme temperature impairs growth and productivity in a common tropical marine copepod

Abstract Shallow, tropical marine ecosystems provide essential ecosystem goods and services, but it is unknown how these ecosystems will respond to the increased exposure to the temperature extremes that are likely to become more common as climate change progresses. To address this issue, we tracked the fitness and productivity of a key zooplankton species, the copepod Pseudodiaptomus annandalei, acclimated at two temperatures (30 and 34 °C) over three generations. 30 °C is the mean temperature in the shallow water of the coastal regions in Southeast Asia, while 34 °C simulated a temperature extreme that occurs frequently during the summer period. For each generation, we measured the size at maturity and reproductive success of individuals. In all three generations, we found strong negative effects of warming on all measured fitness-related parameters, including prolonged development time, reduced size at maturity, smaller clutch sizes, lower hatching success, and reduced naupliar production. Our results suggest that P. annandalei are already exposed to temperatures that exceed their upper thermal optimum. Increased exposure to extreme temperatures may reduce the abundance of these tropical marine copepods, and thus reduce the availability of resources to higher trophic levels

Energy-loss Function for Lead

We study the energy-loss function for lead in the framework of the time-dependent density functional theory, using the full-potential linearized augmented plane-wave plus local orbitals method. The ab initio calculations are performed in the adiabatic local density approximation. The comparison between the obtained energy-loss function for zero momentum transfer with those from reflection electron energy loss spectroscopy measurements and from first-principles calculations shows good agreement

The clinical features of osteogenesis imperfecta in Vietnam

Purpose Osteogenesis imperfecta (OI) has not been studied in a Vietnamese population before. The aim of this study was to systematically collect epidemiological information, investigate clinical features and create a clinical database of OI patients in Vietnam for future research and treatment strategy development. Method Participants underwent clinical and physical examinations; also medical records were reviewed. Genealogical information was collected and family members’ phenotypical manifestations recorded. Cases were classified according to the Sillence classification. Results In total, 146 OI patients from 120 families were studied: 46 with OI Type I, 46 with Type III and 54 with Type IV. Almost patients had skeletal deformations. One hundred and forty-two had a history of fractures, 117 blue sclera, 89 dentinogenesis imperfecta and 26 hearing loss. The total number of fractures was 1,932. Thirty-four patients had intra-uterine fractures and nine had perinatal fractures. Surgery was performed 163 times in 58 patients; 100 osteosyntheses and 63 osteotomies. Bisphosphonate treatment was used in 37 patients. The number of affected individuals and predominance of severe forms of OI indicate that the disease is under diagnosed in Vietnam, especially in cases without a family history or with mild form of OI. Deformities appeared in all patients with different severity and localisation, affecting mostly the lower limbs. OI medical and surgical treatment rates are low and in most cases surgery was performed due to fractures. Conclusions Compared to previous studies, our results indicate a lower OI prevalence and greater severity of symptoms in the Vietnamese population when compared with other areas. Further investigation, improved diagnosis and treatment are needed to increase the patients’ quality of life

High efficient electrical stimulation of hippocampal slices with vertically aligned carbon nanofiber microbrush array

Long-term neuroprostheses for functional electrical stimulation must efficiently stimulate tissue without electrolyzing water and raising the extracellular pH to toxic levels. Comparison of the stimulation efficiency of tungsten wire electrodes (W wires), platinum microelectrode arrays (PtMEA), as-grown vertically aligned carbon nanofiber microbrush arrays (VACNF MBAs), and polypyrrole coated (PPy-coated) VACNF MBAs in eliciting field potentials in the hippocampus slice indicates that, at low stimulating voltages that preclude the electrolysis of water, only the PPy-coated VACNF MBA is able to stimulate the CA3 to CA1 pathway. Unlike the W wires, PtMEA, as-grown VACNF MBA, and the PPy-coated VACNF MBA elicit only excitatory postsynaptic potentials (EPSPs). Furthermore, the PPy-coated VACNF MBA evokes somatic action potentials in addition to EPSPs. These results highlight the PPy-coated VACNF’s advantages in lower electrode impedance, ability to stimulate tissue through a biocompatible chloride flux, and stable vertical alignment in liquid that enables access to spatially confined regions of neuronal cells

Nationwide Investigation of the Pyrethroid Susceptibility of Mosquito Larvae Collected from Used Tires in Vietnam

Pyrethroid resistance is envisioned to be a major problem for the vector control program since, at present, there are no suitable chemical substitutes for pyrethroids. Cross-resistance to knockdown agents, which are mainly used in mosquito coils and related products as spatial repellents, is the most serious concern. Since cross-resistance is a global phenomenon, we have started to monitor the distribution of mosquito resistance to pyrethroids. The first pilot study was carried out in Vietnam. We periodically drove along the national road from the north end to the Mekong Delta in Vietnam and collected mosquito larvae from used tires. Simplified susceptibility tests were performed using the fourth instar larvae of Aedes aegypti, Aedes albopictus, and Culex quinquefasciatus. Compared with the other species, Ae. aegypti demonstrated the most prominent reduction in susceptibility. For Ae. aegypti, significant increases in the susceptibility indices with a decrease in the latitude of collection points were observed, indicating that the susceptibility of Ae. aegypti against d-allethrin was lower in the southern part, including mountainous areas, as compared to that in the northern part of Vietnam. There was a significant correlation between the susceptibility indices in Ae. aegypti and the sum of annual pyrethroid use for malaria control (1998–2002). This might explain that the use of pyrethroids as residual treatment inside houses and pyrethroid-impregnated bed nets for malaria control is attributable to low pyrethroid susceptibility in Ae. aegypti. Such insecticide treatment appeared to have been intensively administered in the interior and along the periphery of human habitation areas where, incidentally, the breeding and resting sites of Ae. aegypti are located. This might account for the strong selection pressure toward Ae. aegypti and not Ae. albopictus