The Role of Financial Ratios to Predict Financial Distress: A Case Study of Sample Small and Medium Enterprises Algerians in the Period (2009-2014)

This study aims to obtain the best collection of financial ratios from the financial list which can be used to forecast the failure or success of the establishments, using the statistics method known by the Factorial Discriminant Analysis “FDA” to build a model predictable about the financial failure. The sample contains 54 small and medium enterprises under the period 2009 to 2014. Results confirm the exiting of 22 failed 22 establishments, while the rest are good. Tow financial ratios from 18 indicate their ability to distinguish between the failed and good establishment. The ratios of profit before taxation to the total debts and the ratios are able to build a predictable model with quality of grading %76, 2. Keywords: The risk of failure, failure ratios, forecast, analysis, factorial discrimination analysis

Otites externes nécrosantes: Apport de l’imagerie isotopique

Objective : the Necrotizing (malignant) External Otitis is a very serious, potentially lethal affection. It touches exclusively a debilitated population, where from the necessity of a premature and reliable diagnosis for a beam of cliniquo-biological, radiological and isotopic arguments. Its care as well as its treatment are heavy and require a better definition of themoment of cure. The purpose of our work is to specify the place of the isotopic explorations in the care of the NEO.Materials and methods : we report a retrospective study bringing together 29 patients hospitalized for suspicion of necrotizing external otitis of period going from 2003 till 2009.Résultats : the Middle Age of our population is 64.2 years, with a clear male prevalence. The majority of our patients are diabetics (90% of the cases) with a cardiac and hypertensive Co-morbidity among 19 patients. All our patients consulted, within 47 average days. An assessment of imagery was carried out, comprising a scanner for 16 of our patients. It wasnormal in 4 cases and had shown lesions of osteitis in 12 cases. The osseous scintigraphy marked in MDP-Tc99 was carried out among 24 patients, within 9.69 average day. It was positive for all our patients, objectifying an osseous hyperfixation. All our patients received an adapted treatment. After amendment of the clinico-biological signs, a scintigraphy in Ga67 was practiced for 16 patients within 74 average days. It confirmed the cure among 12 patients, at which one decided to stop the antibiotic therapy. In the other cases, it objectified an osseous hyperfixation translating the persistence of the active infectious process, from where prolongation of the treatment.Conclusion : it comes out from our work that the imagery is essential to confirm the diagnosis and to specify the extent of the osteitis. Indeed, the scanner and the MRI offer an excellent resolution and evaluate the extension of the infection perfectly. However, because of their poor sensitivity, they have little interest to the early phase of the diagnosis and for the therapeutic follow-up. The osseous scintigraphy has the advantage of an excellent sensitivity, approximately 100% in particular at the early stage, but is not specific. The tomographic techniques (SPECT) and the quantification improve however its specificity. The scintigraphy with gallium 67 seems quite as sensitive as and more specific than the osseousscintigraphy, especially if it is quantified, and appears essential with the therapeutic follow-up. Its standardization would have an excellent predictive value of cure, allowing the stop of the antibiotic therapyKeywords : Necrotizing External Otitis, scintigraphy with gallium, the osseous scintigraphy

Behavioral factors on investment Behavior Analysis of In active Algeria Banks

       تعالج هذه الدراسة مدى تأثير العوامل السلوكية في عملية اتخاذ القرارات لدى المستثمرين، وتستهدف الدراسة بحث اهم الجوانب النفسية والسلوكية لدى المتعاملين ،والوقوف على مدى تفسير المالية السلوكية في هذا الجانب، وقد اعتمدت الدراسة على تحليل آراء عينة من زبائن بنوك التجارية حول سبعة أبعاد رئيسة، تؤثر في القرارات والتعاملات المالية والاستثمارية لدى المتعاملين.        وقد توصلت الدراسة إلى أن كل من الرشاد والمواقف و الثقة في السوق المالي، تأثر علي سلوك المتعاملين اتجاه القرارات الاستثمارية وأن السوق المالي كلما اتسم بالكفاءة والشفافية في توفير المعلومة، كلما كان سلوك المستثمر عقلاني وأخيرا أوصت الدراسة بضرورة إعطاء الأهمية لشفافية البيانات ومصداقية التداولات المالية، والتي من شأنها ان تقوم وتعزز الجوانب السلوك لدى المتعاملين فيما يخص الرشاد والعقلانية.This study deals with the impact of behavioral factors in the decision-making process of investors. The study aims to study the most important psychological and behavioral aspects of the clients and to determine the extent of the behavioral financial interpretation in this aspect. The study relied on analyzing the opinions of a sample of commercial banks' clients, Financial and investment decisions and transactions.      The study concluded that all of the rationality, attitudes and confidence in the financial market were affected by the behavior of the traders in the direction of investment decisions and that the financial market is efficient and transparent in providing information whenever the investor's behavior is rational.      Finally, the study recommended that the importance of transparency of data and credibility of financial transactions effect on the behavior of clients in terms of rationality should be strengthened

A self-referenced optical intensity sensor network using POFBGs for biomedical applications

This work bridges the gap between the remote interrogation of multiple optical sensors and the advantages of using inherently biocompatible low-cost polymer optical fiber (POF)-based photonic sensing. A novel hybrid sensor network combining both silica fiber Bragg gratings (FBG) and polymer FBGs (POFBG) is analyzed. The topology is compatible with WDM networks so multiple remote sensors can be addressed providing high scalability. A central monitoring unit with virtual data processing is implemented, which could be remotely located up to units of km away. The feasibility of the proposed solution for potential medical environments and biomedical applications is shown

L'importance et le rôle du financement et de l´assurance des crédits à l’exportation dans le cadre de la promotion des exportations hors hydrocarbures en Algérie: Etude de cas "FSPE" et "CAGEX" durant la période (1998-2009)

La promotion des exportations dans les pays en voie de développement est considérée comme un élément essentiel pour la croissance d´économique en ce qu'elle induit comme effet positif sur la balance commerciale et sur la balance des paiements et aussi sur PIB. Comme elle constitue aussi le constituant principal du bilan de l'Etat en devises et contribue aux remboursement des crédits et dettes extérieurs qui sont contractés pour financer les programmes économiques. L'opération d'exportation vise à gagner la confiance des nouveaux clients et de nouveaux marchés et ceci ne peut aboutir que par les avantages que présentent les exportateurs et leur capacité à affronter la concurrence des autres Etats. L'avantage principal que présente la source d'importation et le rallongement du délai de paiement ou ce que l'on appelle facilité de paiement. Mais cet avantage peut présenter des difficultés et des problèmes pour le trésor de l'exportateur dans le sens où ce dernier sera dans l'incapacité de rembourser les tiers. Pour solutionner ce genre de problèmes, les banques et les institutions financières spécialisées ont mis en place des outils et des moyens pour financer et assurer les crédits à l'exportation. L'Algérie en tant que pays en voie de développement et pays exportateur d'hydrocarbures essaye de diversifier les exportations et de promouvoir les exportations hors hydrocarbures. Dans ce cadre, elle a mis en place deux institutions; la première est liée au financement des exportations et représentée principalement par le fonds spécial de promotion des exportations (FSPE) et la deuxième est liée à l'assurance et représentée par la compagnie des assurances et de garantie des exportations (CAGEX)

The Algerian Constitution revised by the Law of March 6, 2016 : the limits of Algerian constitutionalism

La révision de la Constitution algérienne par la loi n° 16-01 du 6 mars 2016 a été l’occasion d’introduire dans la Loi fondamentale le contrôle de constitutionnalité par voie d’exception (article 188) et le principe de séparation des pouvoirs (préambule, paragraphe 13 et article 15, alinéa 1er). L’extension de la saisine du Conseil constitutionnel permet, en principe, de rendre plus effectifs les droits et libertés garantis par la Constitution. Elle interroge à cette occasion le pluralisme des sources qui caractérise l’ordre juridique algérien. Quant au principe de séparation des pouvoirs, cette révision l’a pour la première fois inscrit dans le texte de la Loi fondamentale, tandis que le Conseil constitutionnel l’avait déjà reconnu dans son avis n° 1.A.L.CC.89 du 28 août 1989, suite à la Constitution du 28 février 1989 qui avait supprimé toute mention au parti unique. Néanmoins, les pouvoirs du président de la République n’ont pas fondamentalement changé depuis la Constitution présidentialiste du 22 novembre 1976 où ce principe avait été ouvertement rejeté au profit du parti unique. Si la Constitution algérienne s’inscrit désormais formellement dans le constitutionnalisme, les limites constitutionnelles aux principes nouvellement proclamés en interrogent la réalité.The revision of the Algerian Constitution by the law n° 16-01 of March 6, 2016 gave the opportunity to introduce in the Basic Law the verification of constitutionality by way of exception (article 188) and the principle of separation of powers (Preamble, paragraph 13 and Article 15, paragraph 1). The extension of the referral of the Constitutional Council allows, in principle, to make the rights and freedoms guaranteed by the Constitution more effective. On this occasion, it questions the pluralism of sources that characterizes the Algerian legal order. With regard to the principle of the separation of powers, this revision has, for the first time, included it in the text of the Basic Law whereas the Constitutional Council had already recognized it in its opinion n° 1.ALCC.89 of 28 August 1989, following the Constitution of 28 February 1989, which removed all references to the one party system. Nevertheless, the powers of the President of the Republic have not fundamentally changed since the Presidentialist Constitution of November 22, 1976 where this principle had been openly rejected in favor of the one party. If the Algerian Constitution is now formally part of constitutionalism, the constitutional limits to the newly proclaimed principles question its reality