Rapid fabrication of versatile omni-directional and long-distance three-dimensional flow paper-fluidic analytical devices using a cut-and-insert method for biomedical applications

Paper fluidics has recently offered an approach to precisely guide liquid flow in analytical devices with a low-cost regime.

Valuation of the Prepayment Option of a Perpetual Corporate Loan

We investigate in this paper a perpetual prepayment option related to a corporate loan. The default intensity of the firm is supposed to follow a CIR process. We assume that the contractual margin of the loan is defined by the credit quality of the borrower and the liquidity cost that reflects the funding cost of the bank. Two frameworks are discussed: firstly a loan margin without liquidity cost and secondly a multiregime framework with a liquidity cost dependent on the regime. The prepayment option needs specific attention as the payoff itself is an implicit function of the parameters of the problem and of the dynamics. In the unique regime case, we establish quasianalytic formulas for the payoff of the option; in both cases we give a verification result that allows for the computation of the price of the option. Numerical results that implement the findings are also presented and are completely consistent with the theory; it is seen that when liquidity parameters are very different (i.e., when a liquidity crisis occurs) in the high liquidity cost regime, the exercise domain may entirely disappear, meaning that it is not optimal for the borrower to prepay during such a liquidity crisis. The method allows for quantification and interpretation of these findings.

Organizational Decline and Turnaround Management

A panel of turnaround leaders, consultant, and academia responded to the theme on Organizational Decline and Turnaround Management. The panel members addressed the following issues: What are the causes of organizational decline? How do stakeholders respond to organizational decline? What are the turnaround challenges? The salient features of the responses are as follows: There is a divide among the turnaround leaders regarding the causes of decline. Some view the decline purely as the result of the failure of management to anticipate and act appropriately in time. For others, the decline is caused primarily due to external changes. People in academia and consulting view the problem as a mix of the two. According to them, a complex mix of variables-organizational processes, structure, leadership, vision, and technologies-lead to organizational decline. To safeguard against decline, organizations must carefully monitors difficulties in adapting changes and rigidity of systems declining profitability shift in customer preferences working capital problems like inventory build-up; dumping products on dealers; and increasing receivables from customers inability to plough back into the business lack of vision and explicit direction for the future frequent labour unrest regular plant breakdowns. The response of stakeholders to organizational decline becomes hostile. Often, financial institutions include compound interest and increase penal charges to secure their dues. The employees and union members tend to become aggressive owing to loss of credibility of management. Suppliers tend to evaluate the risk of their dues. Their hostility reduces if the management assures them of payment. Managers experience erosion of pride in their company. It leads to low individual initiatives. The turnaround challenges include the following: Leadership that provides a vision, induces creativity, challenges the existing business assumptions, and shows willingness to take tough decisions. The support of financial institutions by way of loan restructuring. Industry is experiencing a definite shift in the approach of financial institutions and banks; they are now tending to support the turnaround effort. Gaining the trust of the suppliers to seek their support. Internally, management needs to be concerned about: maximizing productivity of all resources and capacity utilization manpower rationalization stringent working capital management stretching the targets and making assets ‘sweat’ streamlining systems investing in technology upgradation through internal generation financial restructuring in low interest cost regime.