Old and New Methods of Risk Measurements for Financial Stability Amid the Great Outbreak

CORPORATE BANKRUPTCY AND INSOLVENCY PREDICTION MODEL

Technological and Economic Development of Economy ◽

10.3846/tede.2021.15106 ◽

2021 ◽

Vol 27 (5) ◽

pp. 1039-1056

Author(s):

Alina Daniela Voda ◽

Gabriela Dobrotă ◽

Diana Mihaela Țîrcă ◽

Dănuț Dumitru Dumitrașcu ◽

Dan Dobrotă

Keyword(s):

Financial Stability ◽

Predictive Power ◽

Balance Sheet ◽

Financial Indicators ◽

Insolvency Risk ◽

New Methods ◽

Financial Difficulties ◽

Score Model ◽

Classification Information ◽

Competitive Economy

In any competitive economy, the risk of bankruptcy is pervasive. The research aims to contribute in improving the predictive power of bankruptcy and insolvency risk among companies by introducing new methods of processing and validation. This paper investigates the extensive application of the Z score model for predicting the economic-financial stability of Romanian companies in the manufacturing and extractive industries. A list of 37 financial indicators determined on the basis of the balance sheet data of 80 companies for the period 2015–2018 was used. Stepwise Least Squares Estimation through the Forward method allowed the identification of the most relevant ones. Canonical discriminant analysis and sensitivity analyzes were introduced to test the predictive power of the model. The new model identified allows both the prediction of bankruptcy and insolvency risk. This study contributes to the literature by testing variables in relation to financial difficulties and by including other classification information. The robustness of the determined canonical discriminant function was verified by testing the model on two other samples.

Download Full-text

On some nonlinear dependence structure in portfolio design

Science & Technology Development Journal - Economics - Law and Management ◽

10.32508/stdjelm.v2i1.505 ◽

2018 ◽

Vol 2 (1) ◽

pp. 91-97

Author(s):

Nguyen Phuc Son ◽

Pham Hoang Uyen ◽

Nguyen Dinh Thien

Keyword(s):

Value At Risk ◽

Stock Exchange ◽

Correlation Coefficients ◽

Risk Tolerance ◽

Nonlinear Dependence ◽

Dependence Structure ◽

New Methods ◽

Investment Portfolios ◽

Risk Measurements ◽

Dependence Structures

Constructing portfolios with high returns and low risks is always in great demand. Markowitz (1952) utilized correlation coefficients between pairs of stocks to build portfolios satisfying different levels of risk tolerance. The correlation coefficient describes the linear dependence structure between two stocks, but cannot capture a lot of nonlinear independence structures. Therefore, sometimes, portfolio performances are not up to investors' expectations. In this paper, based on the theory of copula by Sklar (see [19]), we investigate several new methods to detect nonlinear dependence structures. These new methods allow us to estimate the density of the portfolio which leads to calculations of some popular risk measurements like the value at risk (VaR) of investment portfolios. As for applications, making use of the listed stocks on the Ho Chi Minh city Stock Exchange (HoSE), some Markowitz optimal portfolios are constructed together with their risk measurements. Apparently, with nonlinear dependence structures, the risk evaluations of some pairs of stocks have noticeable twists. This, in turn, may lead to changes of decisions from investors.

Download Full-text

METHODICAL SET OF INSTRUMENTS FOR ESTIMATING FINANCIAL STABILITY OF LOCAL BUDGETS IN UKRAINE

WORLD OF FINANCE ◽

10.35774/sf2019.02.060 ◽

2019 ◽

pp. 60-72

Author(s):

Taisiia BONDARUK ◽

Ihor BONDARUK ◽

Maksym DUBYNA

Keyword(s):

Financial Stability ◽

Modern Science ◽

Research Purpose ◽

Structural Reforms ◽

Integral Index ◽

Dynamic Information ◽

Financial Capability ◽

Financial Autonomy ◽

New Methods ◽

Constituent Elements

Introduction. In Ukraine, substantial structural reforms have been realized for last years. The necessity to provide financial stability of local budgets sets up new demands for their management. In this way the problem of searching new methods and tools to estimate financial stability of local budgets under the conditions of decentralization becomes of a great importance. Research purpose is to extend the theoretical and methodical bases and to prove methodical set of instruments for estimating financial stability of local budgets in Ukraine. Results. It proves that in the sphere of modern science there are many problems connected with the methods for estimating financial stability of local budgets. Not all these problems have studied thoroughly. It proposes the set of instruments for estimating present financial stability of local budgets. This set of instruments includes the system of indices of present financial stability of local budgets: financial capability, financial autonomy, effectiveness, and debts obligations as well as indicating its integral index. It develops the accounting algorithm of these indices that outlines the order to analyse the dynamic information body of statistic data for estimating the groups of indices of financial stability of local budgets. It helps to characterize particular constituent elements of present financial stability of local budgets in Ukraine and to indicate its integral index. Conclusions. It develops the set of methodical instruments for estimating the level of present financial stability of local budgets that includes the system of indices and the algorithm of its calculation. The approbation of methodology for estimating the level of present financial stability of local budgets in Ukraine proved the possibility of its use for analyzing the financial stability of local budgets.

Download Full-text

Replication of Wet Objects and Cells

Proceedings, annual meeting, Electron Microscopy Society of America ◽

10.1017/s0424820100050524 ◽

1974 ◽

Vol 32 ◽

pp. 102-103

Author(s):

S. Basu ◽

D. F. Parsons

Keyword(s):

Water Vapor Pressure ◽

High Vacuum ◽

Polystyrene Latex ◽

Vacuum System ◽

Saturated Water Vapor ◽

Replication Method ◽

New Methods ◽

Saturated Water ◽

Water Vapors ◽

Intermediate Chamber

We are approaching the invasiveness of cancer cells from the studies of their wet surface morphology which should distinguish them from their normal counterparts. In this report attempts have been made to provide physical basis and background work to a wet replication method with a differentially pumped hydration chamber (Fig. 1) (1,2), to apply this knowledge for obtaining replica of some specimens of known features (e.g. polystyrene latex) and finally to realize more specific problems and to improvize new methods and instrumentation for their rectification. In principle, the evaporant molecules penetrate through a pair of apertures (250, 350μ), through water vapors and is, then, deposited on the specimen. An intermediate chamber between the apertures is pumped independently of the high vacuum system. The size of the apertures is sufficiently small so that full saturated water vapor pressure is maintained near the specimen.

Download Full-text

A Freeze Shadow Technique for the Preparation of Soft Paint Latexes for Electron Microscopy

Proceedings, annual meeting, Electron Microscopy Society of America ◽

10.1017/s0424820100079097 ◽

1977 ◽

Vol 35 ◽

pp. 314-315

Author(s):

Earl R. Walter ◽

Glen H. Bryant

Keyword(s):

Sample Preparation ◽

High Vacuum ◽

Vacuum System ◽

Latex Particles ◽

New Methods ◽

Diffusion Pump ◽

Film Forming ◽

Routine Basis ◽

Distribution Studies ◽

Preparation Techniques

With the development of soft, film forming latexes for use in paints and other coatings applications, it became desirable to develop new methods of sample preparation for latex particle size distribution studies with the electron microscope. Conventional latex sample preparation techniques were inadequate due to the pronounced tendency of these new soft latex particles to distort, flatten and fuse on the substrate when they dried. In order to avoid these complications and obtain electron micrographs of undistorted latex particles of soft resins, a freeze-dry, cold shadowing technique was developed. The method has now been used in our laboratory on a routine basis for several years.The cold shadowing is done in a specially constructed vacuum system, having a conventional mechanical fore pump and oil diffusion pump supplying vacuum. The system incorporates bellows type high vacuum valves to permit a prepump cycle and opening of the shadowing chamber without shutting down the oil diffusion pump. A baffeled sorption trap isolates the shadowing chamber from the pumps.

Download Full-text

Directional observation on lipid of male nectary of Lindera megaphylla hemsl. by the rapid embedding method with polyethylene glycol (PEG)

Proceedings, annual meeting, Electron Microscopy Society of America ◽

10.1017/s0424820100161151 ◽

1990 ◽

Vol 48 (3) ◽

pp. 718-719

Author(s):

Dai Dalin ◽

Guo Jianmin

Keyword(s):

Electron Microscope ◽

Polyethylene Glycol ◽

Chemical Reaction ◽

Traditional Method ◽

Osmium Tetroxide ◽

Unsaturated Lipid ◽

Embedding Method ◽

Long Period ◽

New Methods

Lipid cytochemistry has not yet advanced far at the EM level. A major problem has been the loss of lipid during dehydration and embedding. Although the adoption of glutaraldehyde and osmium tetroxide accelerate the chemical reaction of lipid and osmium tetroxide can react on the double bouds of unsaturated lipid to from the osmium black, osmium tetroxide can be reduced in saturated lipid and subsequently some of unsaturated lipid are lost during dehydration. In order to reduce the loss of lipid by traditional method, some researchers adopted a few new methods, such as the change of embedding procedure and the adoption of new embedding media, to solve the problem. In a sense, these new methods are effective. They, however, usually require a long period of preparation. In this paper, we do research on the fiora nectary strucure of lauraceae by the rapid-embedding method wwith PEG under electron microscope and attempt to find a better method to solve the problem mentioned above.

Download Full-text

Confronting the grey zone after severe brain injury

Emerging Topics in Life Sciences ◽

10.1042/etls20190115 ◽

2019 ◽

Vol 3 (6) ◽

pp. 707-711 ◽

Cited By ~ 1

Author(s):

Andrew Peterson ◽

Adrian M. Owen

Keyword(s):

Brain Injury ◽

Ethical Issues ◽

Vegetative State ◽

Clinical Care ◽

Grey Zone ◽

Severe Brain Injury ◽

New Methods ◽

Legal Decision Making ◽

Technological Developments ◽

The Brain

In recent years, rapid technological developments in the field of neuroimaging have provided several new methods for revealing thoughts, actions and intentions based solely on the pattern of activity that is observed in the brain. In specialized centres, these methods are now being employed routinely to assess residual cognition, detect consciousness and even communicate with some behaviorally non-responsive patients who clinically appear to be comatose or in a vegetative state. In this article, we consider some of the ethical issues raised by these developments and the profound implications they have for clinical care, diagnosis, prognosis and medical-legal decision-making after severe brain injury.

Download Full-text