Steps on Fe3O4(100): STM measurements and theoretical calculations

Scanning tunneling microscopy (STM) measurements of the step structure on natural single-crystal samples of Fe3O4(100) have been performed. Step edges are found to occur along both [110] and [1 (1) over bar0] directions. For step heights of 4.2 +/- 0.3 angstrom, the step edges are found to be straight, whereas for step heights of 2.1 +/- 0.2 angstrom, alternate step edges are straight and jagged. The straight (jagged) step edges are parallel (perpendicular) to the octahedral iron rows on the upper terrace. The concepts of coordinative unsaturation and excess surface charge are used to predict which atomic geometries are likely to be most stable along step edges. Our calculations show that steps parallel to the octahedral iron rows on the upper terrace are expected to be more stable than those perpendicular to them, in agreement with our STM observations. This step stability is found to be independent of both terrace structure and step height

Risk scoring models for trade credit in small and medium enterprises

Trade credit refers to providing goods and services on a deferred payment basis. Commercial credit management is a matter of great importance for most small and medium enterprises (SMEs), since it represents a significant portion of their assets. Commercial lending involves assuming some credit risk due to exposure to default. Thus, the management of trade credit and payment delays is strongly related to the liquidation and bankruptcy of enterprises. In this paper we study the relationship between trade credit management and the level of risk in SMEs. Despite its relevance for most SMEs, this problem has not been sufficiently analyzed in the existing literature. After a brief review of existing literature, we use a large database of enterprises to analyze data and propose a multivariate decision-tree model which aims at explaining the level of risk as a function of several variables, both of financial and non-financial nature. Decision trees replace the equation in parametric regression models with a set of rules. This feature is an important aid for the decision process of risk experts, as it allows them to reduce time and then the economic cost of their decisions

Basel II and fostering the disclosure of banks\' internal credit ratings

ISSN:1566-7529ISSN:1741-620

Pharmacy sales data versus ward stock accounting for the surveillance of broad-spectrum antibiotic use in hospitals

<p>Abstract</p> <p>Background</p> <p>Antibiotic consumption in hospitals is commonly measured using the accumulated amount of drugs delivered from the pharmacy to ward held stocks. The reliability of this method, particularly the impact of the length of the registration periods, has not been evaluated and such evaluation was aim of the study.</p> <p>Methods</p> <p>During 26 weeks, we performed a weekly ward stock count of use of broad-spectrum antibiotics <b>- </b>that is second- and third-generation cephalosporins, carbapenems, and quinolones <b>- </b>in five hospital wards and compared the data with corresponding pharmacy sales figures during the same period. Defined daily doses (DDDs) for antibiotics were used as measurement units (WHO ATC/DDD classification). Consumption figures obtained with the two methods for different registration intervals were compared by use of intraclass correlation analysis and Bland-Altman statistics.</p> <p>Results</p> <p>Broad-spectrum antibiotics accounted for a quarter to one-fifth of all systemic antibiotics (ATC group J01) used in the hospital and varied between wards, from 12.8 DDDs per 100 bed days in a urological ward to 24.5 DDDs in a pulmonary diseases ward. For the entire study period of 26 weeks, the pharmacy and ward defined daily doses figures for all broad-spectrum antibiotics differed only by 0.2%; however, for single wards deviations varied from -4.3% to 6.9%. The intraclass correlation coefficient, pharmacy versus ward data, increased from 0.78 to 0.94 for parenteral broad-spectrum antibiotics with increasing registration periods (1-4 weeks), whereas the corresponding figures for oral broad-spectrum antibiotics (ciprofloxacin) were from 0.46 to 0.74. For all broad-spectrum antibiotics and for parenteral antibiotics, limits of agreement between the two methods showed, according to Bland-Altman statistics, a deviation of ± 5% or less from average mean DDDs at 3- and 4-weeks registration intervals. Corresponding deviation for oral antibiotics was ± 21% at a 4-weeks interval.</p> <p>Conclusions</p> <p>There is a need for caution in interpreting pharmacy sales data aggregated over short registration intervals, especially so for oral formulations. Even a one-month registration period may be too short.</p

Monitoring credit risk in the social economy sector by means of a binary goal programming model

The final publication is available at Springer via http://dx.doi.org/10.1007/s11628-012-0173-7Monitoring the credit risk of firms in the social economy sector presents a considerable challenge, since it is difficult to calculate ratings with traditional methods such as logit or discriminant analysis, due to the relatively small number of firms in the sector and the low default rate among cooperatives. This paper intro- duces a goal programming model to overcome such constraints and to successfully manage credit risk using economic and financial information, as well as expert advice. After introducing the model, its application to a set of Spanish cooperative societies is described.García García, F.; Guijarro Martínez, F.; Moya Clemente, I. (2013). Monitoring credit risk in the social economy sector by means of a binary goal programming model. 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Sources of pro-cyclicality in east Asian financial systems

Procyclicality is a normal feature of economic systems, but financial sector weaknesses can exacerbate it sufficiently to pose a threat to macroeconomic and financial stability. These include shortcomings in bank risk management and governance, in supervision and in terms of dependence on volatile sources of funds. The paper tests econometrically for the importance of such features leading to pro-cyclicality in the financial systems of 11 East Asian countries. This analysis makes it possible to identify specific policy measures for East Asian countries that could limit the extent to which financial systems exacerbate pro-cyclicality

Measuring efficiency and productivity in professional football teams: Evidence from the English Premier League

Professional football clubs are unusual businesses, their performance judged on and off the field of play. This study is concerned with measuring the efficiency of clubs in the English Premier League. Information from clubs’ financial statements is used as a measure of corporate performance. To measure changes in efficiency and productivity the Malmquist non-parametric technique has been used. This is derived from the Data Envelopment Analysis (DEA) linear programming approach, with Canonical Correlation Analysis (CCA) being used to ensure the cohesion of the input-output variables. The study concludes that while clubs operate close to efficient levels for the assessed models, there is limited technological advance in their performance in terms of the displacement of the technological frontier