Costs and Recovery Rates in the Dutch Liquidation-Based Bankruptcy System

We present evidence on the efficiency of the resolution of financial distress in bankruptcy in The Netherlands. We employ a unique data set based on the files of the trustees and court offices, which includes the characteristics of the firms before and in the bankruptcy procedures, the details of the bankruptcy process and the outcomes. This data allows us to measure the costs and recovery rates in the Dutch liquidation-based bankruptcy system, and to investigate the determinants of these costs and recoveries. We find that direct costs are on average 16%. The costs are lower in larger firms and firms with more bank debt. Costs increase with the time it takes to sell assets and the number of disputes the trustee has to deal with. The firm recovery rate is on average 37%, while the bank recovers on average 80%. The firm recovery rate is influenced by the asset structure and the capital structure. Moreover, an opportunity to continue operations in bankruptcy is chosen by about half the firms and this has a positive effect on recoveries.Bankruptcy;Direct costs;Liquidation;Recovery rates

La investigación activa como herramienta para mejorar la enseñanza de la química : nuevos enfoques

In many European countries, chemistry education faces a number of important recurrent difficulties. For example, at the secondary school level, students' interest in chemistry is decreasing and teachers complain that repeated explanation and demonstration are not very effective, which frustrates them. At university level, lecture courses and laboratory courses are often disconnected and many student experiments are considered as boring «cookbook» problems. These and other recurrent difficulties have evoked the need to improve the quality of chemistry education at both levels. In this article, the contribution of educational research to an improvement of chemistry education is discussed. This research is considered as a tool for analysing teaching and learning problems, for elucidating backgrounds of these difficulties and for developing and evaluating new approaches in chemistry education. Special attention is focused on two promising new research approaches. First, a new research instrument is presented: protocols of discussions during real classroom and laboratory sessions. Second, a new research design is presented: the developmental research approach. Both research approaches can contribute to the improvement of chemistry classroom/laboratory practices and chemistry teacher training

Los experimentos que plantean problemas en las aulas de química : dilemas y soluciones

The importance of classroom experiments in school science curricula is accepted generally. Nevertheless, a broad variety of difficulties in laboratory teaching as well as difficulties in learning from practical experiences is reported. In this contribution, laboratory work in secondary school science is considered from a «constructivist» perspective. From this perspective, a particular kind of school science experiment, so-called problem-posing experiment, is described. Chemistry teachers' experiences of these experiments are reported. A number of dilemmas (and resolutions) in using problem-posing experiments is discussed

Snowmelt and sublimation: field experiments and modelling in the High Atlas Mountains of Morocco

International audienceSnow in the High Atlas Mountains is a major source for freshwater renewal and for water availability in the semi-arid lowlands of south-eastern Morocco. Snowfall- and snow-ablation monitoring and modelling is important for estimating potential water delivery from the mountain water towers to the forelands. This study is part of GLOWA-IMPETUS, an integrated management project dealing with scarce water resources in West Africa. The Ameskar study area is located to the south of the High Atlas Mountains, in their rain shadow. As a part of the M'Goun river basin within the upper Drâa valley, the study area is characterised by high radiation inputs, low atmospheric humidity and long periods with sub-zero temperatures. Its altitude ranges between 2000 m and 4000 m, with dominant north- and south-facing slopes. Snowfall occurs mainly from November to April but even summit regions can become repeatedly devoid of snow cover. Snow cover maps for the M'Goun basin (1240 km2) are derived from calculations of NDSI (Normalized Difference Snow Index) from MODIS satellite images and snow depth is monitored at four automatic weather stations between 2000?4000 m. Snowfall events are infrequent at lower altitudes. The presence of snow penitentes at altitudes above 3000 m indicates that snow sublimation is an important component of snow ablation. Snow ablation was modelled with the UEB Utah Energy Balance Model (Tarboton and Luce, 1996). This single layer, physically-based, point energy and mass balance model is driven by meteorological variables recorded at the automatic weather stations at Tounza (2960 m) and Tichki (3260 m). Data from snow pillows at Tounza and Tichki are used to validate the model's physical performance in terms of energy and water balances for a sequence of two snowfall events in the winter of 2003/4. First UEB modelling results show good overall performance and timing of snowmelt and sublimation compared to field investigations. Up to 44% of snow ablation is attributed to snow sublimation in typical winters with subzero temperatures and low atmospheric humidity at an altitude of 3000 m. At altitudes below 3000 m snowmelt generally dominates over sublimation. Unfortunately, the highest altitude zones suffer long periods with direct water loss into the atmosphere by sublimation in the course of which they cannot contribute to direct runoff or groundwater formation in the southern High Atlas Mountains. Keywords: sublimation, snow ablation modelling, energy balance model, High Atlas Mountain

Рецензия на руководство для врачей «Профессиональные заболевания у работников железнодорожного транспорта»

Рецензія на посібник: Профессиональные заболевания у работников железнодорожного транспорта: учебное пособие / С.И. Ткач, А.И. Гоженко, А.Е. Лукьяненко, Е.Я. Николенко. -Одесса: Пальмира,2008. - 168 с

Histocompatibility and Hematopoietic Transplantation in the Zebrafish

The zebrafish has proven to be an excellent model for human disease, particularly hematopoietic diseases, since these fish make similar types of blood cells as humans and other mammals. The genetic program that regulates the development and differentiation of hematopoietic cells is highly conserved. Hematopoietic stem cells (HSCs) are the source of all the blood cells needed by an organism during its lifetime. Identifying an HSC requires a functional assay, namely, a transplantation assay consisting of multilineage engraftment of a recipient and subsequent serial transplant recipients. In the past decade, several types of hematopoietic transplant assays have been developed in the zebrafish. An understanding of the major histocompatibility complex (MHC) genes in the zebrafish has lagged behind transplantation experiments, limiting the ability to perform unbiased competitive transplantation assays. This paper summarizes the different hematopoietic transplantation experiments performed in the zebrafish, both with and without immunologic matching, and discusses future directions for this powerful experimental model of human blood diseases

Lepton-pair production in virtual Compton scattering off the proton

We show that lepton-pair production in Virtual Compton Scattering offers, through interference with the well-known Bethe-Heitler process, a sensitive probe to learn the longitudinal response of resonances and the electromagnetic nucleon form factors. This interference can be measured directly in terms of an asymmetry. The role of off-shell effects in the N-N-$\gamma$ vertices is investigated as well. An additional N-N-$\gamma -\gamma$ contact term in the amplitude, included to ensure gauge invariance of the model, cancels a substantial part of the off-shell effects.Comment: 8 pages, LaTeX , 2 figures. To appear in Phys. Lett.

Exposure to violence and PTSD symptoms among Somali women

Posttraumatic stress disorder (PTSD) symptoms, exposure to traumatic stressors, and health care utilization were examined in 84 women attending a primary health care clinic in Mogadishu, Somalia. The Somalia-Posttraumatic Diagnostic Scale was used in this active warzone to measure symptoms. Nearly all women reported high levels of confrontations with violence; half described being exposed to a potentially traumatizing event. Nearly one third had significant PTSD symptoms. Compared to those who did not, women who reported exposure to a traumatic stressor reported more confrontations with violence (7.1 vs. 3.3; p < . 001), health complaints (3.8 vs. 2.9; p = .03), and nearly 3 times as much (p = .03) health service utilization. A potentially traumatizing event was found to be a simplified proxy for assessing mental health distress in women attending a primary health care facility in highly insecure, unpredictable, resource-limited settings