Exit and Failure of Credit Unions in Brazil: A Risk Analysis

This study aims to investigate the factors that affect the market exit of Brazilian singular credit unions from 1995 to 2009; it also identifies and lists the determinants of various types of market exits and analyzes whether profitability is a significant factor for credit union survival. This study was conducted with accounting data provided by the Central Bank of Brazil, which derives only from individual cooperatives, i.e. singular credit unions. Quarterly financial statements from these credit unions that were active from 1995 to the second quarter of 2009 were employed, totaling 71,325 observations for 1,929 credit unions. Based on survival and the model of competing risks (such as the Cox, Exponential, Weibull, Gompertz, and Competing Risk models), the results show that there is no statistical evidence to ensure a correlation between profitability and credit union survival. The results also suggest that the size of credit unions plays a key role in their survival and longevity and that their funding and investment management are related to their survival and risk of market exit. In conclusion, the results confirm the initial idea that the duality inherent to credit unions - cooperative principles versus economic efficiency - might influence the stability, survival, and longevity of these institutions. Such results may also imply that a credit union embracing the rationale of a private bank will become more estranged from its members, something which will hinder its future operations and increase the likelihood of its exit from the market

Influence of yeast strain, immobilisation and ageing time on the changes of free amino acids and amino acids in peptides in bottle-fermented sparkling wines obtained from Vitis vinifera cv. Emir

This paper reports the influence of yeast strain, immobilisation and ageing time on the free amino acids and amino acids in peptides of sparkling wine made by the traditional method from the Emir grape variety over a period of 365days in vintages 2004 and 2005. Four sparkling wines were obtained from the same base wine using yeast strains (both immobilised and free Saccharomyces bayanus and Saccharomyces oviformis). The analysis of variance and cluster revealed that there were significant differences between free amino acids and amino acids in peptides due to ageing time. However, the yeast strain affected most of the free amino acids and amino acids in peptides in only the 2004 vintage. The total amount of free amino acids was higher in the wine made with the S. oviformis compared to S. bayanus. Furthermore, there were no significant differences between the use of immobilised and free yeast in cases of free amino acids and amino acids in peptides. © 2011 The Authors. International Journal of Food Science and Technology © 2011 Institute of Food Science and Technology

Effect of sulphur dioxide, ethyl alcohol, maceration temperature and time on extraction of phenolic compounds of vitis vinifera L. cvs Öküzgözü and Bogazkere Grapes in model wine solutions

The effect of sulphur dioxide (S02), ethyl alcohol, maceration temperature and time on the extraction of phenolic compounds of Öküzgözü and Bogazkere grapes in model wine solution was investigated. Data was evaluated using variance analysis technique. Significant differences were observed among all of the variables according to SO 2, ethyl alcohol, maceration temperature and time. Quantity of non-coloured phenolic compounds with increasing the temperature was higher than that of anthocyanin. Furthermore, extraction of anthocyanin from grape pomace was more than that of non-coloured phenolic compounds in model wine solutions which contained S02 and alcohol. The extraction of non- coloured phenolic compounds continued during maceration. In contrast, anthocyanin content reached maximum between day 3 and 5 for Bogazkere and between day 2 and 5 for Öküzgözü and then decreased

The effect of skin contact on the aromatic composition of the white wine of Vitis vinifera L. cv. Muscat of Alexandria grown in Southern Anatolia

Free and bound aroma (precursors) compounds of the Muscat of Alexandria wines and the effect of skin contact (7 h, at 15°C) on aroma composition have been investigated. The aroma compounds, extracted with the pentan-dichloromethane (2:1) method and Amberlite XAD-2 resin, were analysed by gas chromatography (GC) and gas chromatography-mass spectrometry (GC-MS). A total of 41 free volatile compounds (12 esters, 8 acids, 7 terpenes, 5 alcohols, 4 phenols, 3 C-6 compounds, 2 carbonyl compounds) and 28 bound compounds (10 terpenes, 2 alcohols, 2 C-6 compounds, 5 fatty acids, 6 phenols, 2 C-13 norisoprenoids, 1 carbonyl compound) were identified in Muscat of Alexandria wines. Skin contact treatment increased the total free and bound aroma compound levels, and improved the wine quality by affecting the intensity as well as the quality of aroma

Effects of variety and extraction methods on phenolic compounds and chemical composition of olive oils

This work was carried out to assess the influence of two extraction methods (three phase centrifugation system and solvent extraction) on oil quality from three olive varieties (Gemlik, Halhali and Sari Hasebi) cultivated at Hatay, Turkey. Analysis of variance showed that extraction systems were significant (p ? 0.05) and affected on some quality parameters mainly in phenolic compounds, total tocopherol, chlorophyll, carotenoid contents and bitter index of olive oil. Varieties were also significant and many of the analytical parameters and fatty acids varied among olive varieties. Solvent extracted oil from Halhali variety had the highest values of oleic acid, whereas Sari Hasebi has the highest total phenolic and pigment contents

The effect of skin contact on the aromatic composition of the white wine of Vitis vinifera L. cv. Muscat Of Alexandria grown in Southern Anatolia

Free and bound aroma (precursors) compounds of the Muscat of Alexandria wines and the effect of skin contact (7 h, at 15 °C) on aroma composition have been investigated. The aroma compounds, extracted with the pentan-dichloromethane (2:1) method and Amberlite XAD-2 resin, were analysed by gas chromatography (GC) and gas chromatography-mass spectrometry (GC-MS). A total of 41 free volatile compounds (12 esters, 8 acids, 7 terpenes, 5 alcohols, 4 phenols, 3 C-6 compounds, 2 carbonyl compounds) and 28 bound compounds (10 terpenes, 2 alcohols, 2 C-6 compounds, 5 fatty acids, 6 phenols, 2 C-13 norisoprenoids, 1 carbonyl compound) were identified in Muscat of Alexandria wines. Skin contact treatment increased the total free and bound aroma compound levels, and improved the wine quality by affecting the intensity as well as the quality of aroma

Production of tartaric acid from pomace of some Anatolian grape cultivars

Production of tartaric acid from pomace of some Anatolian grape cultivators was investigated. Two different extraction methods based on either hot water or dilute acid were used. Based on the chemical analysis the amounts of CaCO3 and CaCI2 to be added into the extract were calculated and, the tartaric acid salts were precipitated as calcium tartrate. Calcium tartrate was first converted into tartaric acid by sulfuric acid treatment then, the tartaric acid was decolorized by means of active carbon and finally, crystallized under vacuum at 70°C. It was found that the calcium tartrate contents using dilute acid extraction were 1.3%, 1.7%, and 2.0% whereas in hot water extraction they were 2.1%, 2.5%, and 3.1% from Emir, Okuzgozu, and Bogazkere pomaces respectively. Tartaric acid contents corresponding to these calcium tartrates were 43.9%, 43.8%, and 44.1% from Emir, Okuzgozu, and Bogazkere grape pomaces, respectively. Tartaric acid amounts recovered from Emir, Okuzgozu, and Bogazkere grape pomaces processed with dilute acid extraction were 0.4%, 0.5%, and 0.6% and from hot water extraction were 0.6%, 0.8%, and 1.1%, respectively. Of two extraction methods hot water extraction was more efficient

Prediction of commercial bank failure via multivariate statistical analysis of financial structures: The Turkish case

The objective of this paper is to propose a methodological framework for constructing the integrated early warning system (IEWS) that can be used as a decision support tool in bank examination and supervision process for detection of banks, which are experiencing serious problems. Sample and variable set of the study contains 40 privately owned Turkish commercial banks (21 banks failed during the period 1997-2003) and their financial ratios. Well known multivariate statistical technique (principal component analysis), was used to explore the basic financial characteristics of the banks, and discriminant, logit and probit models were estimated based on these characteristics to construct IEWS. Also, importance of early warning systems in bank examination was evaluated with respect to cost of failure. Results of the study show that, if IEWS was effectively employed in bank supervision, it can be possible to avoid from the bank restructuring costs at a significant amount of rate in the long run. © 2004 Elsevier B.V. All rights reserved

Determination of phenolic composition and antioxidant capacity of blood orange juices obtained from cvs. Moro and Sanguinello (Citrus sinensis (L.) Osbeck) grown in Turkey

The phenolic compounds and antioxidant capacities of orange juices obtained from cvs. Moro and Sanguinello (Citrus sinensis (L.) Osbeck) were determined. A high-performance liquid chromatographic method coupled with diode-array detection was used to identify and quantify phenolic compounds of the orange juices. A total of 18 phenolic compounds were identified and quantified in Moro and Sanguinello orange juices, including hydroxybenzoic acids (2), hydroxycinnamic acids (5), flavanones (5), and anthocyanins (6). It was observed that total phenolic content of Moro juice was higher than that of Sanguinello juice. Ferulic acid was the most dominant hydroxycinnamic acid and cyanidin 3-(6¨-malonyl glucoside) and cyanidin 3-glucoside were the most dominant anthocyanins in both cultivars. Antioxidant activities of orange juices were measured using the DPPH· (2,2-diphenyl-1-picrylhydrazyl) method. According to DPPH· assays, the antioxidant capacity of Moro juice was found to be higher than that of Sanguinello juice. © 2007 Elsevier Ltd. All rights reserved.The authors would like to thank the University of Cukurova for financial support to this research project (Project no. ZF-2006-BAP-8)