Liquid Reserve Research Articles

Role of Conventional Pap Smear in Current Times

Abstract Cervical cancer is the fourth most common malignancy among females after breast, colon, and lung cancers and a leading cause of mortality among gynecologic malignancies. Over 85% of new cases are diagnosed in resource-limited countries. Several screening techniques have been developed to detect precancerous changes timely. The most common of which is conventional Pap smear (CPS). It is based on the cytological and morphology assessment of exfoliated cervical cells to detect preinvasive lesions of the cervix. Despite high specificity, a single Pap test has a low-to-moderate sensitivity. CPS can have false-negative and false-positive results because of inadequate sampling and slide preparation and errors in laboratory detection and interpretation. To overcome these shortcomings, liquid-based cytology (LBC) was introduced. LBC can be a better alternative to CPS because of a lower rate of unsatisfactory smears. The liquid reserve can be used for ancillary testing, such as human papillomavirus DNA tests (as reflex test and co-test). The cost of this technique is a limiting factor. In most of the developed countries, CPS is replaced by the LBC. There are several studies with conflicting results, and no method has been shown to be superior in terms of all parameters. Relevant studies were searched using PubMed/MEDLINE and Google Scholar. This article puts forward the results of various studies comparing the efficacy of CPS and LBC and highlights the advantages and disadvantages of both methods.

Numerical method for a compound Poisson risk model with liquid reserves and proportional investment

<abstract><p>In this paper, a classical risk model with liquid reserves and proportional investment is considered, and the expected total discounted dividend before ruin of insurance companies under the threshold dividend strategy is studied. First, the integral differential equations of the expected total discounted dividend before ruin satisfying certain boundary conditions is derived. Second, since the explicit solutions of the equations cannot be obtained, the numerical approximation solutions are obtained by the sinc approximation method. Finally, we discuss the effects of parameters such as risk capital ratio and liquid reserve on the expected total discounted dividend before ruin by some examples.</p></abstract>

Banking industry stability and investment dynamics

PurposeThis paper aims to evaluate how strands of differing investments influence stability in the banking industry using data from 37 countries in Sub-Sahara Africa from 2000 to 2018.Design/methodology/approachEmpirical analyses in the study were carried out using a two-step system Generalized Method of Moments estimation methodology.FindingsEmpirical results suggest that generally, growth in investments by governments, foreign investments and private domestic investments have a significant positive impact in stabilizing the banking industry. The empirical estimates further suggest that macroeconomic conditions such as macroeconomic uncertainty adversely affects the liquid reserve position of banks even during periods of appreciable growth in investments.Originality/valueThe authors present a different approach to the banking industry discourse. Instead of surmise the relationship with the direction of impact often emanating from the banking industry to other variables of interest or conditions, this study rather examines how investment dynamics among economies influence the stability of the banking industry overtime. In contrast to related studies, this study examines how strands of investment variables influence the stability of the banking industry. Specifically, this study is modeled to examine the extent to which variability in investment growth (using different investment variables) affect stability in the banking industry.

Optimal investment strategies for an insurer with liquid constraint

In the present paper, we investigate the optimal investment strategies for an insurer with the liquid constraint. The insurer’s surplus is modeled by a Lévy process. The insurer can invest in N risky assets and a risk-free asset. However, in reality, the insurer needs to keep partial amount of his wealth as liquid reserves to meet with the management, which is called as the liquid constraint. We assume that the liquid reserve is a proportion of the insurer’s wealth. Using the martingale approach, we derive the explicit optimal investment strategies for both CARA and quadratic utilities.

Optimal investment for an insurer under liquid reserves

<p style='text-indent:20px;'>In this paper, we study the optimal investment problem for an insurer, who is allowed to invest in a financial market which consists of <inline-formula><tex-math id="M1">\begin{document}$ N $\end{document}</tex-math></inline-formula> risky securities modeled by an <inline-formula><tex-math id="M2">\begin{document}$ N $\end{document}</tex-math></inline-formula>-dimensional Itô process. The surplus of the insurer is modeled by a general risk model. For the insurer's wealth, some money (called liquid reserves) can only be used to cope with risk, and can not be invested in the financial market. We suggest that the liquid reserve is a proportion of the total claim amount. By the martingale approach, we derive the optimal strategies for the CARA and the quadratic utilities, respectively.

Methane production improvement by modulation of solid phase immersion in dry batch anaerobic digestion process: Dynamic of methanogen populations

Several 60L dry batch anaerobic digestion (AD) reactors were implemented with or without liquid reserve on cattle manure. The immersed part modulation of cattle manure increased the methane flow of about 13%. The quantitative real time PCR and the optimized DNA extraction were implemented and validated to characterize and quantify the methanogen dynamic in dry batch AD process. Final quantities of methanogens converged toward the same level in several inocula at the end of AD. Methanogen dynamic was shown by dominance of Methanosarcinaceae for acetotrophic methanogens and Methanobacteriales for the hydrogenotrophic methanogens. Overall, methanogens populations were stabilized in liquid phase, except Methanosaetaceae. Solid phase was colonized by Methanomicrobiales and Methanosarcinaceae populations giving a support to biofilm development. The methane increase could be explained by a raise of Methanosarcinaceae population in presence of a total contact between solid and liquid phases. Methanosarcinaceae was a bio-indicator of the methane production.

Is “not‐real” price lawful?

PurposeThe purpose of this paper is to discuss some unique phenomena on Islamic fixed (sukuk) mutual fund price during financial global crisis in Indonesia. It aims to show that the sukuk mutual fund did not adopt the actual price of sukuk which may contradict Islamic teaching with regards to transparency and could cause investors to make wrong decisions. In addition the paper also aims to analyse correlation analysis, dependency of sukuk price to conventional bond and proposed recommendations.Design/methodology/approachThe study applies benchmarking graph analysis, Pearson correlation as well as Correlogram Granger Causality test and Response to Cholesky. To show that sukuk did not adopt the actual price, benchmarking analysis and correlation analysis were conducted as additional tools.FindingsThe paper finds that the sukuk price movements were affected by the conventional bond and have a strong correlation, while the Islamic fixed mutual fund did not apply the actual price, which was unstabler. This has caused the fund to remain in a steadily increasing trend and stable; in addition, this has brought about good performance which actually did not show the real price.Practical implicationsThis research is practically of benefit because it helps to show the correlation of price movement in sukuk and conventional bond. Fund managers should be transparent in marking the real price and prudent in managing the liquid reserve of the sukuk mutual fund.Originality/valueThis case may only occur in Indonesia as decreasing price of stocks and bonds in the USA has habitually caused the same to be seen as very expensive in some countries. Thus, bond price in Indonesia was affected significantly; this was actually caused by panic action. Foreign investors withdrew their funds because of liquidity and currency depreciation. On the other hand, an Islamic market that might be based on a conventional system was indirectly affected with benchmarking price problems. Sukuk mutual fund performance would look nice and stable as it did not adopt the actual price, this could mislead the performance analysis of the fund.

Determination of liquid water content and reserve of cumulonimbus cloudiness from meteorological radar information

The study of the liquid water content and reserve of convective cloudiness accompanied by the rain showers, thunderstorms, and hail is carried out. The values of liquid water content and reserve were obtained by means of computations on the basis of the radar characteristics of cumulonimbus cloudiness as well as with the aid of a number of empirical dependences. It was demonstrated that the use of meteorological radar information for the purpose of computation of the microphysical cloud characteristics such as liquid water content and reserve enables to supplement and specify the data of the ground-based meteorological and aerological observations.

Dual Mechanical Environment Simulations on Liquid Reserve Batteries

Dual mechanical environment simulators are usually used to supply recoil force and centrifugal force for simulation of liquid reserve batteries during artillery projection. When the vehicle with fuze batteries impacts the wooden block rotating with high speed, whether the transient impact parameters and the time required for the vehicle reaching the rated revolution are in accordance with the test conditions of fuze batteries is one of the key technologies. Finite element simulations are implemented for the transient vehicle impact process, the variation of vehicle acceleration under different projection velocities, the variations of vehicle acceleration and impulse duration with different wooden block thicknesses, and the time required to achieve stable rotational speed are discussed in this paper, which can be a reference for the simulator design.

Analysis of the Compound Poisson Surplus Model with Liquid Reserves, Interest and Dividends

AbstractThe paper incorporates liquid reserves, interest and dividends in the compound Poisson surplus model. When an insurer's surplus is below a certain level, it is kept as liquid reserves. As the surplus attains the level, the excess of the surplus above the level will earn interest at a constant interest rate. If the surplus continues to surpass a higher level, the excess of the surplus above this higher level will be paid out as dividends to the insurer's shareholders at a constant dividend rate or by the threshold strategy. The lower and higher levels are called the liquid reserve level and the threshold level, respectively.This paper is to discuss the interactions of the liquid reserve level, the interest rate, the threshold level, and the dividend rate in the proposed risk model by studying the expected discounted penalty function and the expected present value of dividends paid up to the time of ruin. We derive expressions for the solutions to both quantities via the approach of integro-differential equation systems. We show that the dividend-penalty identity (Gerber et al. 2006, ASTIN Bulletin) still holds for the threshold strategy with liquid reserves and interest. We illustrate these results by deriving explicit solutions to the probability of ultimate ruin under the threshold strategy when claim sizes are exponentially distributed. In the end, we also discuss the impact of the liquid reserve level, the interest rate, the threshold level, and the dividend rate on the ruin probability by numerical examples.

The Compound Poisson Surplus Model with Interest and Liquid Reserves: Analysis of the Gerber–Shiu Discounted Penalty Function

We modify the compound Poisson surplus model for an insurer by including liquid reserves and interest on the surplus. When the surplus of an insurer is below a fixed level, the surplus is kept as liquid reserves, which do not earn interest. When the surplus attains the level, the excess of the surplus over the level will receive interest at a constant rate. If the level goes to infinity, the modified model is reduced to the classical compound Poisson risk model. If the level is set to zero, the modified model becomes the compound Poisson risk model with interest. We study ruin probability and other quantities related to ruin in the modified compound Poisson surplus model by the Gerber–Shiu function and discuss the impact of interest and liquid reserves on the ruin probability, the deficit at ruin, and other ruin quantities. First, we derive a system of integro-differential equations for the Gerber–Shiu function. By solving the system of equations, we obtain the general solution for the Gerber–Shiu function. Then, we give the exact solutions for the Gerber–Shiu function when the initial surplus is equal to the liquid reserve level or equal to zero. These solutions are the key to the exact solution for the Gerber–Shiu function in general cases. As applications, we derive the exact solution for the zero discounted Gerber–Shiu function when claim sizes are exponentially distributed and the exact solution for the ruin probability when claim sizes have Erlang(2) distributions. Finally, we use numerical examples to illustrate the impact of interest and liquid reserves on the ruin probability.

A Model of Corporate Liquidity

We study a continuous time model of a levered flrm with flxed assets generating a cash ∞ow which ∞uctuates with business conditions. Since external flnance is costly, the flrm holds a liquid (cash) reserve to help survive periods of poor business conditions. Holding liquid assets inside the flrm is costly as some of the return on such assets is dissipated due to agency problems. We solve for the flrms optimal dividend, share issuance, and liquid asset holding policies. The flrm optimally targets a level of liquid assets which is a non-monotonic function of business conditions. In good times, the flrm does not need a high liquidity reserve, but as conditions deteriorate, it will target higher reserve. In very poor conditions, the flrm will declare bankruptcy, usually after it has depleted its liquidity reserve. Our model can predict liquidity holdings, leverage ratios, yield spreads, expected default probabilities, expected loss given default and equity volatilities all in line with market experience. We apply the model to examine agency con∞icts associated with the liquidity reserve, and some associated debt covenants. We see that a restrictive covenant applied to the liquidity reserve will often enhance the debt value as well as the equity value.

Risk vs. profit potential: A model for corporate strategy

Abstract A firm whose net earnings are uncertain, and that is subject to the risk of bankruptcy, must choose between paying dividends and retaining earnings in a liquid reserve. Also, different operating strategies imply different combinations of expected return and variance. We model the firm's cash reserve as the difference between the cumulative net earnings and the cumulative dividends. The first is a diffusion (additive), whose drift/volatility pair is chosen dynamically from a finite set, A . The second is an arbitrary nondecreasing process, chosen by the firm. The firm's strategy must be nonclairvoyant . The firm is bankrupt at the first time, T , at which the cash reserve falls to zero ( T may be infinite), and the firm's objective is to maximize the expected total discounted dividends from 0 to T , given an initial reserve, x ; denote this maximum by V ( x ). We calculate V explicitly, as a function of the set A and the discount rate. The optimal policy has the form: 1. (1) pay no dividends if the reserve is less than some critical level, a , and pay out all of the excess above a ; 2. (2) choose the drift/volatility pairs from the upper extreme points of the convex hull of A , between the pair that minimizes the ratio of volatility to drift and the pair that maximizes the drift; furthermore, the firm switches to successively higher volatility/drift ratios as the reserve increases to a . Finally, for the optimal policy, the firm is bankrupt in finite time, with probability one.

A POST KEYNESIAN PERSPECTIVE ON COMMERCIAL BANK BEHAVIOR AND REGULATION

ABSTRACTThe purpose of this paper is to present a post Keynesian perspective on commercial bank behaviour and regulation. It is assumed that: i) the quantity of loans is endogenous; ii) banks are dual purpose institutions whose functions are to create credit and supply means of payment and liquidity; iii) uncertainty pervades decision making; and iv) banks are price setters in retail markets, but price takers in wholesale markets. The effects of a number of instruments of regulation are analysed including lender of last resort, liquid reserve requirements, deposit insurance, capital adequacy and open market operations.

How Near the Edge?

Many common financial measures do not indicate the likelihood that a company can meet its obligations over a given period of time. But a relatively new measure, Emery's Lambda, can indicate whether a company will lose its liquidity over a specific time horizon. The mea- sure is a calculation based on a company's initial liquid reserve, plus its anticipated cash flow, divided by the uncertainty about that cash flow. Essentially a coverage ratio, Emery's Lambda can be used to assess how effectively a company is using its working capital. The liquidity prospects of seven companies are analyzed in this article-and Lambda correctly indicated those that were in questionable liquidity positions.

A Pure Financial Explanation for Trade Credit

This paper provided a pure financial explanation for the existence of trade credit and for the values of the credit terms offered to customers. Two motives for extending trade credit were identified. The pure operating flexibility motive arises because the opportunity to change credit policy provides the seller an efficient way to respond to fluctuations in demand. This motive was eliminated from consideration in this paper by assuming constant demand. The seller must hold a liquid reserve when the financial markets are imperfect and the desire to earn an excess rate of return on this reserve explains the pure financial intermediary motive for trade credit.The pure financial incentive to lend this liquid reserve to customers was examined by viewing a market borrowing rate of interest that exceeds the market lending rate of interest as a hindrance to trade or, equivalently, as a financial market tariff. This tariff imposes a wedge between the market prices paid and received for the product plus a loan and thereby inflicts a loss of surplus on the seller and buyers. Trade credit lending enables the seller and/or the buyers to recapture at least part of this loss when the source of the tariff does not apply to direct loans to customers. Financial market tariffs caused by transactions costs fulfill this requirement because the trade credit lender's familiarity with its customers and product provide it with information and collection cost advantages over financial intermediaries. Tariffs caused by financial intermediary rents fulfill this requirement as well because the parties to a trade credit loan do not employ the services of a financial intermediary.Increasing opportunity costs and financial market imperfections in addition to the ones described above establish the limits of credit policy. The optimal amount of accounts receivable is derived from the condition that the marginal revenue of trade credit lending is equal to the marginal cost. This condition combined with factoring costs produces a unique, finite optimal credit period. Accrual accounting for income tax purposes imposes an additional restriction because the firm is taxed on the recovery of its opportunity costs. These limitations on credit policy were examined separately in this paper for clarity but they are in effect simultaneously in practice.

Effect of mesh characteristics of mesh degasifier on the upper limit of steady operation and liquid reserve of bubble tray

In this work we studied the hydraulic mechanisms of operation of trays with overflow devices having mesh degasifiers. The effect of equivalent diameter of a mesh hole d h (at effective mesh cross section ~m =26%) and effective mesh cross section of 26-53% (at d h = 0.00037 m) on the upper limit of steady operation of the tray was studied. The requisite value of ~m was ensured by closing a part of the mesh degasifier with vertical strips placed all over the degasifier. The overflow device (Fig. i) was placed at the center of the sieve tray with a diameter of 0.215 m and a free cross section mt =4.75%. The investigations were carried out in the water--air system at irrigation densities L = 20-70 m3/m2.h and effective gas velocities in the free column cross section Wc = 0.3-1.2 m/sec. The upper limit of steady operation was determined from the effective gas velocity through the holes of the tray sieve Wh which corresponds to the beginnin$ of the rapid rise of liquid reserve hst on the tray at definite weight loads due to liquid L and to gas G. In the study of the effect of mesh characteristics of mesh degasifier on the liquid reserve hst on the bubble tray we used air as the gas phase and liquids whose characteristics are given in Table 1 as the liquid phase. The effect of viscosity of the liquid phase ~L on hst was studied making use of aqueous glycerin solutions because their surface tension changes negligibly within wide limits of viscosity of these solutions. Water and water mixed with the surface-active agent SV-102 and a microquantity of a defoaming agent, viz., tributyl sulfate, were used in the study of the effect of surface tension of the liquid phase OL on hst. Meshes with m m =48.6-62% and d h = 0.00037-0.00159 m were used in the experiments. The effective gas velocity in the column Wc. ef f referred to the bubbling zone was calculated by the equation