Outstanding Amount Research Articles

Predicting the cure of a defaulted company: Nonlinear relationships between loan-related variables and the cure probability

The potential cure of a defaulted company affects the estimation of the loss given default (LGD), as specific LGD values are associated with defaulted and subsequently cured companies. This study estimates the probability of a defaulted company being cured on the basis of data from a large international sample of defaulted companies. In particular, this study examines which of the characteristics of a defaulted company and its loan might help predict whether that company is likely to be cured or not. The results of the present analysis provide clear empirical evidence that the relationship between the probability of cure and the total volume of the loan is U-shaped. The results also show that the probability of cure linearly decreases in the drawn percentage in the lender limit and that the probability of cure increases if the outstanding amount is either almost completely collateralized or not collateralized.

Analysis on the Determinants of Republic of Indonesia Sovereign Sukuk Liquidity in Secondary Market

This study investigates the determinants of liquidity in Sharia Securities (SBSN) by analyzing the impact of bond-specific and macroeconomic factors on the bid-ask spread as a proxy for liquidity. Using panel data regression analysis, the study examines 62 tradable series of SBSN from 2013 to 2022, considering factors such as outstanding amount, time to maturity, yield to maturity, Rupiah exchange rate, inflation rate, reference interest rate, Indonesia Stock Exchange Composite Index (IHSG), and Indonesia Credit Default Swap (CDS). Results indicate that time to maturity, yield to maturity, central bank reference interest rate (BIRate), IHSG, and CDS significantly influence the bid-ask spread of SBSN, while outstanding amount, Rupiah exchange rate, and inflation rate do not. Additionally, analysis reveals that a strengthening IHSG and higher CDS widen the bid-ask spread, indicating reduced liquidity. These findings provide insights for stakeholders including issuers, investors, and regulators in managing SBSN liquidity in the Indonesian market.

Risk management for barter exchange policy under retail industry

Nowadays, barter exchange has become growingly popular in the national and global industries as an alternative to excessive inventory transfers. Many companies exchange their surplus products on barter platforms for products they need without using money. In a traditional supply chain, the retailer holds unsold products that hinder the supply chain's profitability from reaching its maximum level. This paper solves this issue by proposing a stochastic model of two players (single manufacturer, single retailer) with trade-credit (delayed payment) and barter exchange policy under a supply chain management. In this work, to entice the retailer and increase sales, the manufacturer grants a credit payment facility to the retailer on the items ordered for a specified period, and the manufacturer does not charge any interest on the outstanding amount during this credit period. The concept of a credit period raises the possibility of default risk. In this case, some interest is charged. Several investments are made here to diminish setup and ordering costs and improve the product quality of the system. This work focuses on the flexible production to manage the demand uncertainty and the marginal reduction technology to lessen carbon emissions that occur during the production and inventory holding. In contrast, a retailer can exchange unsold items in the barter market for its required products, which is extensively discussed in this study. Finally, the maximum profit is assessed in terms of credit period, investments, quality improvement, and production rate. The result numerically and graphically proves a huge impact of the barter platform for any business industry on overstock transfers, conserving cash, managing unpredictable demand, and reaching the maximum profit. Moreover, the significant finding is observed in the proposed work that the idea of the flexible production, barter exchange policy, and several investments increase the system profit up to 50.55%.

Public Sector Banks and the Deendayal Antyodaya Yojana-National Rural Livelihood Mission (DAY-NRLM): Assessing their Role in Rural Financial Inclusion in Sagar District of Madhya Pradesh

The Deendayal Antyodaya Yojana-National Rural Livelihood Mission (DAY-NRLM) stands as a significant initiative aimed at alleviating poverty and fostering sustainable livelihoods in rural India. Central to the success of DAY-NRLM is the collaboration with different sectors banks, which play a pivotal role in providing financial services and support to the rural poor. This research seeks to evaluate the role of public sector banks in the implementation of DAY-NRLM, examining their contributions to rural financial inclusion and the challenges they encounter in effectively supporting the mission's objectives. The study analyses the total disbursement amount and total outstanding amount (loans due with Banks) by the public sectors banks in Sagar district under DAY-NRLM scheme. The study utilized mixed method includes qualitative data from stakeholders of DAY-NRLM and secondary data available on official websites. To analyse data descriptive as well as inferential statistical tools were used in this study. To compare the total disbursement amount and total outstanding uses paired t- test has been conducted with the help of SPSS version 27. The study will explore the experiences of public sector banks in DAY-NRLM implementation, identify key success factors, and propose recommendations to enhance their impact in driving inclusive growth and sustainable development in rural communities.

The meteorological background of floods, and correlations between precipitation events: the 2013 Danube flood

The prelude to the Danube flood in June 2013 was an outstanding amount of precipitation that fell in only a few days’ period. The meteorological conditions for the formation of the falling precipitation are examined, the rain falling between May 30 and June 2, corresponding to two and a half months’ amount, plays the main role. The cause of the formation of the precipitation was the cyclone that formed above Central Europe, that its temperature was an advantage in that the amount of water stored in the snow did not start to melt.

Neanderthal bones collected by hyena at Grotta Guattari, central Italy, 66–65 ka: U/Th chronology and paleoenvironmental setting

After eight decades since its discovery in 1939, new investigations have been undertaken at Grotta Guattari (Latium, central Italy), a coastal cave by the Tyrrhenian Sea coast and one of the iconic sites of the Italian prehistory, as it yielded an almost complete skull and other remains of Neanderthals. The new excavations of the innermost and untouched cave deposits resulted in an outstanding amount of mammal bones, 40 out of which attributable to Neanderthal, including new large portions of cranial remains. Preliminary taphonomic hints and the collected stratigraphic evidence strongly indicate that the impressive accumulation of the large mammal bones was the work of spotted hyena, in a period in which human frequentation was really sporadic or even completely absent. The new acquired U/Th chronology of Grotta Guattari speleothems provided new constraints for reconstructing the sedimentary and paleoenvironmental history of the archaeological successions and human remains. The accumulation of terrestrial sediments started at ∼112 ka, immediately after the end of the Last Interglacial sea-level highstand (∼116 ka). However, the hyena frequentation, and thus the bone accumulations, occurred several thousands of years after and lasted for a very short time interval, precisely between slightly before 66 ka and 65 ka. The cave became abandoned by hyena after ∼65 ka and before ∼59 ka, because of the cave obstruction and/or the altered environmental conditions related to the Heinrich Event 6 (∼64–60 ka). The regional paleoclimatic records indicate severe conditions during the short interval of the hyena frequentation. In contrast, though providing evidence of open and arid environments, the faunal assemblage and the pollen from Grotta Guattari reveal that the local conditions were less severe, likely because of the mitigating effect of the Tyrrhenian Sea. In the framework of the Italian findings, Grotta Guattari results the richest and better chronologically constrained site of Neanderthal remains, posing it as one of the rare sites of the European prehistory that allows putting into the context an extraordinary large sample of the population of Neanderthals, and of other large mammals, in a very narrow and precisely dated temporal interval of the early Pleniglacial.

The effects of central bank extraordinary measures on financial conditions: Evidence from Mexico

ABSTRACT This paper analyses the effects of the extraordinary measures implemented by the Central Bank of Mexico during the COVID-19 pandemic on financial conditions. For this purpose, we estimate a factor-augmented vector autoregressive model for the period 2001–2021. Based on this model, we construct a Financial Conditions Index, estimate the response of this indicator and its components from a shock to the outstanding amount of these measures, and conduct a counterfactual exercise to further analyse the effect of the aforementioned measures. The main results indicate that these extraordinary measures seem to have contributed to improve financial conditions. In particular, we find that if these measures had not been implemented, the sovereign risk premium, the 10-year government bond yield, the slope of the yield curve, and the long- and short-term yield spreads between Mexico and the US would have been higher by around 56, 31, 27, 37, and 49 basis points in December 2020, respectively. At the same time, the Mexican peso/US dollar exchange rate and its volatility would have been higher by 5 and 2 percentage points, respectively. In turn, the Mexican stock market index would have been lower by 10 percentage points.

Financing American Higher Education: Reviewing the Trend in Student’s Perceptions of Their Student Debt

This paper reviews existing pieces of literature on student debt, specifically perceptions of student debt and debt repayment strategies in the USA. The policy decision to shift from need-based grants as a means of financing college education to student loans in the 1990s changed the trajectory of higher education, especially for low-income families. Most American college students now have to rely significantly on student loan debt to finance higher education, especially among those who see these loans as an investment. While in school, most college students seem to be unrealistically optimistic about paying their debt upon graduation, which may be an explanation for the huge debt delinquency rate we record in the US. Many graduate colleges today with an unbearable outstanding amount of student loan debt. This explains the consistent correlation between student debt and financial anxiety or stress reported in most studies as student debt and credit card debt have become a significant part of the American college student. There is, therefore, a need for the incorporation of accurate financial literacy programs in our curriculums starting from high school.

RESTRUCTURING DOMESTIC SOVEREIGN DEBT: FISCAL SAVINGS AND FINANCIAL STABILITY CONSIDERATIONS

Sovereign domestic debt restructurings (DDRs) have become more common in recent years and touched upon a growing share of total public debt. This, however, should not come as a surprise. While the market for international (i.e., foreign law) sovereign debt securities has a volume of roughly $1 trillion, the total outstanding amount of domestic securities is about 40 times as large. In Emerging markets and developing economies, where debt restructuring is likelier to happen, the share of domestic debt in total debt has risen from 31 to 46 percent from 2000 to 2020. During 1990–2020, there were roughly as many DDRs (30 episodes) as stand-alone external debt restructurings (EDRs) (27 episodes).

The Impact of FASB Staff Position APB 14-1 on Corporate Financing: A Debt Contracting Perspective

Using a set of hand-collected data, we study the economic consequences of FASB Staff Position APB 14-1, which was adopted in 2008 and intended to increase reported interest expense and decrease reported leverage. First, we document that issuers are more likely to respond to APB 14-1 by reducing the outstanding amount of cash-settled convertible debt when they are more able to bear the cost of repurchase. Second, we explore the debt contracting explanations for issuers’ repurchase decisions. In particular, we focus on the contracting practice for GAAP changes and the inclusion of financial covenants related to interest coverage ratios. We find that issuers are less likely to repurchase the outstanding cash-settled convertibles when their bank loan contracts allow them to request a freeze on GAAP provisions to exclude mandatory GAAP changes in calculating accounting-based covenants. Further, when firms’ bank loan contracts contain financial covenants related to interest coverage ratios, issuers are more likely to repurchase outstanding cash-settled convertibles to avoid technical default due to the higher reported interest expense resulting from requirements under APB 14-1. These empirical results are consistent with the notion that firms do respond to mandatory GAAP changes when they are more able to afford the cost of such responses. Furthermore, debt contracting practices can help explain firms’ decisions to respond to mandatory GAAP changes.

Cold-adapted culturing of the microalga Monoraphidium sp. in thin-layer raceway pond for biomass production

Three cultivation regimes were tested in cold-adapted cultures of the green microalga Monoraphidium in an outdoor thin-layer raceway pond: cultivation under sunlight; its combination with continuous supplementary illumination; and nitrogen depletion using both light sources. The highest volumetric and areal productivity, 0.16 g L−1 d−1 and 3.22 g m−2 d−1, respectively corresponding to the specific growth rate μ of 0.191 d−1 were achieved when sunlight was combined with supplementary illumination. The maximum total fatty acid content, 20.29 % of DW, rich in oleic acid, 54 % of total fatty acid content, was achieved under nitrogen depletion stress. An outstanding amount of lutein, 26.39 mg lutein g−1 DW, was detected grown under sunlight in the first trial. From the harvested and fermented biomass in the second trial 236 mLN g−1oTS of methane was generated.

Magnetic Nanocomposites Based on Thermoset Polymers with Outstanding Amount of Green Carbon

Magnetic Nanocomposites Based on Thermoset Polymers with Outstanding Amount of Green Carbon

Deployment and surface operations of the SEIS instrument onboard the InSight mission

On November 26th, 2018, the InSight spacecraft successfully landed on Mars after a 6-month journey. After a long deployment and commissioning phase, the SEIS (Seismic Experiment for Interior Structure) instrument was ready to monitor seismic events on the Elysium Planitia plain on the surface of Mars, coupled with the APSS (Auxiliary Payload Sensor Suite) weather station equipped with a magnetometer, wind sensors, and a pressure sensor. The InSight mission goal is to characterize the deep interior structure of Mars, including the thickness and structure of the crust, the composition and structure of the mantle, and the size of the core. Its nominal duration of two years (2019–2020) has yielded unprecedented results with the detection of the first Martian seismic events ever recorded, and the in-depth characterization of its atmosphere with the best weather station ever deployed on Mars. InSight has collected an outstanding amount of high-quality measurements that the scientific community will spend many years analyzing.The extended mission has started and covers the years 2021 and 2022. This paper will describe the operations of the SEIS experiment on Mars since landing, as well as the challenges of operating this instrument. Energy becomes increasingly limited for payloads on Mars due to a significant amount of dust accumulated on the solar panels and the many dust storms in the Martian atmosphere. A new activity was decided for the extended mission in 2021 which consisted in burying the seismometer cable (or tether) with Martian regolith collected locally using the robotic arm, in order to reduce the seismic noise from that subsystem. Preparation activities, testing, results, associated challenges and lessons learned will be presented. Moreover, the paper will address the challenges faced in carrying out operations with COVID-related constraints, as finding oneself operating a seismometer on Mars from home can be challenging. Finally, management of periods of solar conjunctions, during which communication between Earth and Mars is unavailable, will be addressed.

Measuring concentration in the Japanese loan and deposit markets

This study is the first to exhaustively calculate the degree of concentration in regional banking markets using the outstanding amount of loans and deposits at branches and headquarters of financial institutions in Japan. Calculating the Herfindahl-Hirschman Index (HHI) for loans and deposits for each prefecture and for each urban employment area for the period 2005–2019, we show differences in the HHI across regions and developments in these differences over time. Furthermore, we decompose the level of and changes in the HHI into two components: the contribution of the number of financial institutions and the contribution of the deviation of individual financial institutions’ market share from the mean. We also examine the extent of the increase in the HHI caused by mergers of financial institutions and its persistence. The main results obtained are as follows. First, while the HHIs for loans and deposits show an upward trend, the HHI for loans in large metropolitan areas, which was already low, continued to further decline, indicating that competition among financial institutions in large metropolitan regions, which already was severe, has continued to intensify. Second, increases in the HHI are not only due to reductions in the number of financial institutions but also to the growing variation in financial institutions’ market share. And third, while an increase in the loan HHI due to a merger of financial institutions is sustained for a certain period, the duration of such an increase tends to be shorter in regions with a low market concentration.

Cobalt Recovery from Li-Ion Battery Recycling: A Critical Review

The increasing demand for Li-ion batteries for electric vehicles sheds light upon the Co supply chain. The metal is crucial to the cathode of these batteries, and the leading global producer is the D.R. Congo (70%). For this reason, it is considered critical/strategic due to the risk of interruption of supply in the short and medium term. Due to the increasing consumption for the transportation market, the batteries might be considered a secondary source of Co. The outstanding amount of spent batteries makes them to a core of urban mining warranting special attention. Greener technologies for Co recovery are necessary to achieve sustainable development. As a result of these sourcing challenges, this study is devoted to reviewing the techniques for Co recovery, such as acid leaching (inorganic and organic), separation (solvent extraction, ion exchange resins, and precipitation), and emerging technologies—ionic liquids, deep eutectic solvent, supercritical fluids, nanotechnology, and biohydrometallurgy. A dearth of research in emerging technologies for Co recovery from Li-ion batteries is discussed throughout the manuscript within a broader overview. The study is strictly connected to the Sustainability Development Goals (SDG) number 7, 8, 9, and 12.

Intensification of catalytic CO2 methanation mediated by in-situ water removal through a high-temperature polymeric thin-film composite membrane

Catalytic CO2 methanation technology can be improved by process intensification, i.e. enabling higher energy efficiency and process sustainability. Here, thin-film composite membranes (TFCM) were developed for in-situ water removal in a catalytic membrane reactor (CMR) for the Sabatier process. The selective separation layer (1.4 μm-thick) of the composite membrane is made of the polyimide 6FDA-6FpDA, a glassy polyimide, which exhibits high permeability and selectivity together with stable function at unprecedented high temperatures (>200 °C), compared to polyimides reported until now (90 °C), thus matching the temperature range of Sabatier reactors. Remarkably, TFCM developed in this work, allow to extract an outstanding amount of water up to 1 m3/(m2·h·bar) at 260 °C. TFCM was implemented for the water removal from the methanation reaction in a CMR operated at 260 °C and using Ni-Todorokite as catalyst. The TFCM-mediated water-extraction enabled to raise both catalytic stability and activity during CMR operation. CO2 conversion stability was greatly improved exhibiting a conversion value of 72 % during the course of the reaction (21 % increase in CO2 conversion), with a water removal of 12.5 % and specific flux of ∼100 g·h−1 m−2.

Estimating Loss Given Default Based on Beta Regression

Loss given default (LGD) is a key parameter in credit risk management to calculate the required regulatory minimum capital. The internal ratings-based (IRB) approach under the Basel II allows institutions to determine the loss given default (LGD) on their own. In this study, we have estimated LGD for a credit portfolio data by using beta regression with precision parameter (∅) and mean parameter (μ). The credit portfolio data was obtained from a banking institution in Jordan; for the period of January 2010 until December 2014. In the first stage, we have used the “outstanding amount” and “amount of borrowing” to find LGD of each default borrower (494 out of 4393 borrower). In the second stage, we fit univariate parametric distributions to the LGD data to obtain the beta distribution. After that, we have estimated the values of ∅ based on microeconomic variables (SPP, OE and LR). Moreover, we have estimated the values of μ based on macroeconomic variables (GDP and Inflation rate). Finally, we have compared between six different link functions (Logit, loglog, probit, cloglog, cauchit, and log), which have used with ∅ and μ. The results show that Beta regression with probit link function has the highest R-squared with accepted measurements for logL, AIC and BIC.

Using Supra-Covered Bonds to Enhance Liquidity in the Euro Area: Assessment of Advantages for the Banking Sector

The discussion on the necessity of a larger volume of very highly quality liquid assets (VHQLA) in the euro area has been very extensive. The debate on expanding the pool of comparable euro area assets focuses on “safe assets”, often on various combinations of government bonds, most of which would not entail a strong increase in euro VHQLA. This paper explores a different option, complementary to the existing ones, based on the creation of a safe European asset backed by fully private assets. The paper proposes the issuance of supra-covered bonds by a central European institution. The latter are bonds issued by the central issuer and backed by covered bonds, which banks would have created using their mortgages as their cover pool. The aim is to increase substantially the outstanding amount of euro VHQLA. Such an asset would also be very beneficial during crisis periods, such as the current COVID19 crisis, by allowing banks to transform mortgages into very high quality liquid assets that can be used for funding and as a collateral in operations with the Eurosystem, thus enhancing the possible credit to sustain small and medium-sized enterprises (SMEs). This paper assesses the main effects of such a proposal on banks under different possible scenarios.

Ginger Beer: An Overview of Health Benefits and Recent Developments

Since time immemorial, ginger has been widely used as a food spice, providing aromatic odor and pungent taste, and as a medicinal plant, with various therapeutic effects such as antioxidant, anti-inflammatory, and analgesic, among others. It has long been an integral constituent of most herbal medicines in Africa, China and India. Its medicinal properties are largely attributed to its outstanding amount of phenolics which include gingerols, paradols, zingerones, and many others. With consumer preference gradually and remarkably shifting from high-calorie towards low-calorie and functional beverages, the demand for ginger beer is flourishing at a faster rate. Currently, the ginger beer market is dominated by the United States. The demand for ginger beer is, however, debilitated by using artificial ingredients. Nonetheless, the use of natural ginger extract enriches beer with putative bioactive phytoconstituents such as shagaol, gingerone, zingerone, ginger flavonoids and essential oils, as well as essential nutritional components including proteins, vitamins and minerals, to promote general wellbeing of consumer. This paper presents an overview of the phytoconstituents of ginger as well as the overall biological activities they confer to the consumer. In addition, the market trend as well as the production technology of ginger beer using natural ginger extract is described here.

Chronic stepwise cerebral hypoperfusion differentially induces synaptic proteome changes in the frontal cortex, occipital cortex, and hippocampus in rats

During chronic cerebral hypoperfusion (CCH), the cerebral blood flow gradually decreases, leading to cognitive impairments and neurodegenerative disorders, such as vascular dementia. The reduced oxygenation, energy supply induced metabolic changes, and insufficient neuroplasticity could be reflected in the synaptic proteome. We performed stepwise bilateral common carotid occlusions on rats and studied the synaptic proteome changes of the hippocampus, occipital and frontal cortices. Samples were prepared and separated by 2-D DIGE and significantly altered protein spots were identified by HPLC–MS/MS. We revealed an outstanding amount of protein changes in the occipital cortex compared to the frontal cortex and the hippocampus with 94, 33, and 17 proteins, respectively. The high alterations in the occipital cortex are probably due to the hypoxia-induced retrograde degeneration of the primary visual cortex, which was demonstrated by electrophysiological experiments. Altered proteins have functions related to cytoskeletal organization and energy metabolism. As CCH could also be an important risk factor for Alzheimer’s disease (AD), we investigated whether our altered proteins overlap with AD protein databases. We revealed a significant amount of altered proteins associated with AD in the two neocortical areas, suggesting a prominent overlap with the AD pathomechanism.