Search results for: distress debt

Authors: Libena Cernohorska, Veronika Linhartova, Michal Sinka, Petr Teply

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The term private equity usually refers to any type of equity investment in an asset in which the equity is not freely tradable on a public stock market. Some researchers believe that private equity contributed to the extent of the crisis and increased the pace of its spread over the world. We do not agree with this. On the other hand, we argue that during the economic recession private equity might become an important source of funds for firms with special needs (e.g. for firms seeking buyout financing, venture capital, expansion capital or distress debt financing). However, over-regulation of private equity in both the European Union and the US can slow down this specific funding channel to the economy and deepen credit crunch during global crises.

Keywords: scredit lunch, distress debt, global crisis, private equity, regulation

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Authors: Sahbi Farhani

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This study investigates the relationship between external debt and military spending in case of India over the period of 1970–2012. In doing so, we have applied the structural break unit root tests to examine stationarity properties of the variables. The Auto-Regressive Distributed Lag (ARDL) bounds testing approach is used to test whether cointegration exists in presence of structural breaks stemming in the series. Our results indicate the cointegration among external debt, military spending, debt servicing, and economic growth. Moreover, military spending and debt servicing add in external debt. Economic growth helps in lowering external debt. The Vector Error Correction Model (VECM) analysis and Granger causality test reveal that military spending and economic growth cause external debt. The feedback effect also exists between external debt and debt servicing in case of India.

Keywords: External debt, military spending, ARDL approach, structural breaks, India.

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Authors: Chengxuan Geng, Haitao E, Yijie Jiang

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According to the theory of capital structure, this paper uses principal component analysis and linear regression analysis to study the relationship between the debt characteristics of the private listed companies in Jiangsu Province and their business performance. The results show that the average debt ratio of the 29 private listed companies selected from the sample is lower. And it is found that for the sample whose debt ratio is lower than 80%, its debt ratio is negatively related to corporate performance, while for the sample whose debt ratio is beyond 80%, the relationship of debt financing and enterprise performance shows the different trends. The conclusions reflect the drawbacks may exist that the debt ratio is relatively low and having not take full advantage of debt governance effect of the private listed companies in Jiangsu Province.

Keywords: private listed companies, debt financing, business performance

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Authors: Ho Yuan-Hong, Hunag Chiung-Ju

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This study conducts simulation analyses to find the optimal debt ceiling of Taiwan, while factoring in welfare maximization under a dynamic stochastic general equilibrium framework. The simulation is based on Taiwan's 2001 to 2011 economic data and shows that welfare is maximized at a debt/GDP ratio of 0.2, increases in the debt/GDP ratio leads to increases in both tax and interest rates and decreases in the consumption ratio and working hours. The study results indicate that the optimal debt ceiling of Taiwan is 20% of GDP, where if the debt/GDP ratio is greater than 40%, the welfare will be negative and result in welfare loss.

Keywords: Debt sustainability, optimal debt ceiling, dynamic stochastic general equilibrium, welfare maximization.

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Authors: Chiung-Ju Huang

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This study examines whether the Taiwan’s public debt is sustainable utilizing an unrestricted two-regime threshold autoregressive (TAR) model with an autoregressive unit root. The empirical results show that Taiwan’s public debt appears as a nonlinear series and is stationary in regime 1 but not in regime 2. This result implies that while Taiwan’s public debt was mostly sustainable over the 1996 to 2013 period examined in the study, it may no longer be sustainable in the most recent two years as the public debt ratio has increased cumulatively to 3.618%.

Keywords: Nonlinearity, public debt, sustainability, threshold autoregressive model.

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Authors: Zohreh Bang Tavakoli, Shuktika Chatterjee

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This study investigates the fiscal policy impact on countries’ economic growth in developing countries with a different external debt level. The fiscal policy effectiveness has been re-emphasized in the global financial crisis of 2008 with the external debt as its new contemporary driver. Different theories have proposed the economic consequence of fiscal policy, specifically for developing countries. However, fiscal policy literature is lacking research regarding the fiscal policy’s effectiveness with the external debt’s contributions through comprehensive study. Also, high levels of external debt will influence economic growth. Through foreign resources and channel of investment in which high level of debt decreases the amount of foreign investment in the developing countries. The finding of this study suggests that only countries with a low external debt level and appropriate fiscal policies and good quality institutions can gain the proper quantity and quality of foreign investors in which will help the economic growth. For this, this research is examining the impact of fiscal policy on developing countries' economic growth in the situation of different external debt levels.

Keywords: fiscal policy, external debt, gross domestic product, developing countries

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Authors: Zulkufly Ramly

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This paper attempts to investigate the effect of corporate governance and shareholder monitoring mechanisms on cost of debt of Malaysian listed firms. We assess the quality of corporate governance using comprehensive corporate governance index, which consists of 139 items in six broad categories. We classify shareholder monitoring mechanisms into concentrated ownership, family, insider and government ownerships. Using panel sample from 2003 to 2007, regression results show that high corporate governance quality and concentrated ownership lower firm cost of debt. Debt issuers consider board structure and procedures, board compensation practices, accountability and audit, transparency and social and environmental activities as integral components of a good corporate governance framework.

Keywords: Corporate governance index, cost of debt, ownership structure, Malaysia.

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Authors: Ayşen Edirneligil, Mehmet Mucuk

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In developing countries, one of the most important restrictions about the economic growth is the lack of national savings which are supposed to finance the investments. In order to overcome this restriction and achieve the higher rate of economic growth by increasing the level of output, countries choose the external borrowing. However, there is a dispute in the literature over the correlation between external debt and economic growth. The aim of this study is to examine the effects of external debt on Turkish economic growth by using VAR analysis with the quarterly data over the period of 2002:01-2014:04. In this respect, Johansen Cointegration Test, Impulse- Response Function and Variance Decomposition Tests will be used for analyses. Empirical findings show that there is no cointegration in the long run.

Keywords: Economic growth, external debt, time series analysis, Turkish economy.

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Authors: Yuan-Hong Ho, Chiung-Ju Huang

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This article presents a monitoring indicators system that predicts whether a local government in Taiwan is heading for fiscal distress and identifies a suitable fiscal policy that would allow the local government to achieve fiscal balance in the long run. This system is relevant to stockholders’ interest, simple for national audit bodies to use, and provides an early warning of fiscal distress that allows preventative action to be taken.

Keywords: Fiscal distress, fiscal health, monitoring signals, 10-point scale.

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Authors: Mustafa Jahanara

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The purpose of the current study is to examine the relationships between hope, optimism and mental health (psychological well-being and psychological distress) among students. A total of 222 students (132 males and 90 females) at the University of Pune from India completed inventories Revision of the Life Orientation Test (LOT-R), the Trait Hope Scale (THS) and the Mental Health Inventory (MHI) that assessed their optimism, hope and psychological well-being and psychological distress. The results of the study showed that optimism and hope were significantly correlated with each other. Optimism is positively related to psychological well-being and optimism is negatively related to psychological distress. Also, hope was positively related to psychological well-being. However, the findings suggest that optimism and hope could influence on mental health.

Keywords: Hope, optimism, psychological distress, psychological well-being.

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Authors: Mustafa Jahanara

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The aim of present research was to study of the relationship between emotional intelligence, perceived stress, positive religious coping with psychological distress to in a sample of undergraduate students in Polytechnic University in Kabul. One hundred and fifty-tow students (102 male, 50 female) were included in this study. All participants completed the Emotional Intelligence Scale (EIS), General Health Questionnaire (GHQ 12), Perceived Stress Scale (PSS-10), and the Brief RCOPE. The results revealed that EI was negatively associated with perceived stress and psychological distress. Also emotional intelligence was positively correlated with positive religious coping. Perceived stress was positive related with psychological distress and negatively correlated with positive religious coping. Eventually positive religious coping was significantly and negatively correlated with psychological distress. However, emotional intelligence and positive religious coping could influence on mental health.

Keywords: Emotional intelligence, perceived stress, positive religious coping, psychological distress.

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Authors: M. W. Siddiqi, M. Ilyas

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Availability and mobilization of revenue is the main essential with which an economy is managed and run. While planning or while making the budgets nations set revenue targets to be achieved. But later when the accounts are closed the actual collections of revenue through taxes or even the non-tax revenue collection would invariably be different as compared to the initial estimates and targets set to be achieved. This revenue-gap distorts the whole system and the economy disturbing all the major macroeconomic indicators. This study is aimed to find out short and long term impact of revenue gap on budget deficit, debt burden and economic growth on the economy of Pakistan. For this purpose the study uses autoregressive distributed lag approach to cointegration and error correction mechanism on three different models for the period 1980 to 2009. The empirical results show that revenue gap has a short and long run relationship with economic growth and budget deficit. However, revenue gap has no impact on debt burden.

Keywords: Revenue Gap, Economic Growth, Budget Deficit, Debt Burden

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Authors: Mazila Md-Yusuf, Fauziah Mohamad Yunus, Nur Zahraatul Lail Md Supaat

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Capital structure is one of the most important financial decisions in corporate financing strategy. It involves the choice of debt and equity level in financing a company-s operations. This study aims to investigate whether the capital structure choice of Malaysian electrical and electronic manufacturing companies that are listed in the Bursa Malaysia can be explained by factors that have been found by most studies as dominant determinants of capital structure (company size, profitability, asset tangibility, liquidity and growth). Using debt ratio as the proxy for capital structure and applying pooled ordinary least square multiple regression estimation, the results showed that on average, Malaysian electrical and electronic manufacturing companies used less debt in funding their business operations. The findings also showed that size and asset tangibility has a significant positive relationship with debt level, while liquidity has a negative significant relationship with leverage.

Keywords: Capital structure, capital structure theories, leverage, manufacturing companies.

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Authors: Bi-Huei Tsai

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Previous studies on financial distress prediction choose the conventional failing and non-failing dichotomy; however, the distressed extent differs substantially among different financial distress events. To solve the problem, “non-distressed”, “slightlydistressed” and “reorganization and bankruptcy” are used in our article to approximate the continuum of corporate financial health. This paper explains different financial distress events using the two-stage method. First, this investigation adopts firm-specific financial ratios, corporate governance and market factors to measure the probability of various financial distress events based on multinomial logit models. Specifically, the bootstrapping simulation is performed to examine the difference of estimated misclassifying cost (EMC). Second, this work further applies macroeconomic factors to establish the credit cycle index and determines the distressed cut-off indicator of the two-stage models using such index. Two different models, one-stage and two-stage prediction models are developed to forecast financial distress, and the results acquired from different models are compared with each other, and with the collected data. The findings show that the one-stage model has the lower misclassification error rate than the two-stage model. The one-stage model is more accurate than the two-stage model.

Keywords: Multinomial logit model, corporate governance, company failure, reorganization, bankruptcy.

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Authors: Sahar Modirzadehbami, Gholamreza Mansourfar

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Different types of Islamic debts have been increasingly utilized as preferred means of debt funding by Malaysian private firms in recent years. This study examines the impact of Islamic debts announcement on private firms- stock returns. Our sample includes forty five listed companies on Bursa Malaysia involved in issuing of Islamic debts during 2005 to 2008. The abnormal returns and cumulative average abnormal returns are calculated and tested using standard event study methodology. The results show that a significant, negative abnormal return occurs one day before announcement date. This negative abnormal return is representing market participant-s adverse attitude toward Islamic private debt announcement during the research period.

Keywords: Announcement effect, Event study, Islamic debts, Malaysia, Sukuk

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Authors: J. R. C. Kuntz, Katharina Näswall, Frances Walls

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This study sought to uncover the complex role of stress in the workplace by investigating both positive (eustress) and negative (distress) stress responses. In particular, the study tested a mediation model in which organisational stressors (person-job fit and role overload) influence employee affective wellbeing, both directly and indirectly through stress responses. Participants were recruited from retail and finance organisations in Australia and New Zealand, and asked to complete an anonymous online questionnaire. A total of 140 individuals returned completed questionnaires. The results show that person-job fit influenced eustress, which in turn had a positive effect on employee affective wellbeing; and role overload impacted distress, which in turn held a negative influence on affective wellbeing. These findings indicate that different organisational stressors have unique relationships with eustress and distress responses. Limitations and implications of the study are discussed.

Keywords: Distress, Eustress, Role Overload, Wellbeing.

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Authors: Jindřiška Šedová

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The Czech Republic is a country whose economy has undergone a transformation since 1989. Since joining the EU it has been striving to reduce the differences in its economic standard and the quality of its institutional environment in comparison with developed countries. According to an assessment carried out by the World Bank, the Czech Republic was long classed as a country whose institutional development was seen as problematic. For many years one of the things it was rated most poorly on was its bankruptcy law. The new Insolvency Act, which is a modern law in terms of its treatment of bankruptcy, was first adopted in the Czech Republic in 2006. This law, together with other regulatory measures, offers debtridden Czech economic subjects legal instruments which are well established and in common practice in developed market economies. Since then, analyses performed by the World Bank and the London EBRD have shown that there have been significant steps forward in the quality of Czech bankruptcy law. The Czech Republic still lacks an analytical apparatus which can offer a structured characterisation of the general and specific conditions of Czech company and household debt which is subject to current changes in the global economy. This area has so far not been given the attention it deserves. The lack of research is particularly clear as regards analysis of household debt and householders- ability to settle their debts in a reasonable manner using legal and other state means of regulation. We assume that Czech households have recourse to a modern insolvency law, yet the effective application of this law is hampered by the inconsistencies in the formal and informal institutions involved in resolving debt. This in turn is based on the assumption that this lack of consistency is more marked in cases of personal bankruptcy. Our aim is to identify the symptoms which indicate that for some time the effective application of bankruptcy law in the Czech Republic will be hindered by factors originating in householders- relative inability to identify the risks of falling into debt.

Keywords: bankruptcy law, household debt, consumer bankruptcy, business bankruptcy

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Authors: Mojtaba Rezaei, Elham Heydari

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This paper highlights the empirical results of analyzing the correlation between accounting information and systematic risk. This association is analyzed among financial ratios and systematic risk by considering the financial statement of 39 companies listed on the Tehran Stock Exchange (TSE) for five years (2014-2018). Financial ratios have been categorized into four groups and to describe the special features, as representative of accounting information we selected: Return on Asset (ROA), Debt Ratio (Total Debt to Total Asset), Current Ratio (current assets to current debt), Asset Turnover (Net sales to Total assets), and Total Assets. The hypotheses were tested through simple and multiple linear regression and T-student test. The findings illustrate that there is no significant relationship between accounting information and market risk. This indicates that in the selected sample, historical accounting information does not fully reflect the price of stocks.

Keywords: Accounting information, market risk, systematic risk, efficient market hypothesis, EMH, Tehran Stock Exchange, TSE.

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Authors: Tessy Treesa Jose, Sripathy M. Bhat

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Nursing is recognized as a stressful occupation and has indicated a probable high prevalence of distress. It is a helping profession requiring a high degree of commitment and involvement. If stress is intense, continuous and repeated, it becomes a negative phenomenon or "distress," which can lead to physical illness and psychological disorders. The frequency of common psychosomatic symptoms including sleeping problems, tension headache, chronic fatigue, palpitation etc. may be an indicator of nurses’ work-related stress level. Objectives of the study were to determine psychiatric morbidity among nurses and to find its association with selected variables. The study population consisted of 1040 registered nurses working in selected medical college hospitals and government hospitals of Udupi and Mangalore districts. Descriptive survey design was used to conduct the study. Subjects were selected by using purposive sampling. Data were gathered by administering background proforma and General Health questionnaire. Severe distress was experienced by 0.9% of nurses and 5.6% had some evidence of distress. Subjects who did not have any distress were 93.5%. No significant association between psychiatric morbidity in nurses and demographic variables was observed. With regard to work variables significant association is observed between psychiatric morbidity and total years of experience (z=10.67, p=0.03) and experience in current area of work (z=9.43, p=0.02).

Keywords: Psychiatric morbidity, nurse, selected hospitals, working.

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Authors: Siti Raihana Hamzah

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This paper elaborates risk shifting in debt financing system as the ultimate cause of the global financial crisis. In contrast, risk sharing in equity financing like sukuk helps the economic system to be better sustained. Nevertheless, some types of sukuk are haunted by the issue of imitation with bonds. The critics on the imitation issue not only have raised doubt on the ability of sukuk to diminish risk shifting behavior but also the ability of this Islamic financial instrument to ensure better future financial stability. Through that, this paper provides discussion on the possibility of sukuk to induce risk shifting and how equity financing may help sukuk to be free from risk shifting. This paper is important in the sense that sukuk receives a significant demand from investors throughout the world. For this instrument to be supportive in the future economic stability, the issue of imitation needs to be identified and addressed. Furthermore, critics cannot be focused on debts and its ability to gauge the financial flux but also to sukuk due to their structures similarity.

Keywords: Global financial crisis, debt, risk-shifting, risk sharing, equity, sukuk, bonds.

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Authors: Manish Kumar

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Reinforced cement concrete is getting extensively used for construction of different type of structures for the last one century. During this period, we have constructed many structures like buildings, bridges, industrial structures, pavement, water tanks etc. using this construction material. These structures have been created with huge investment of resources. It is essential to maintain those structures in functional condition. Since deterioration in RCC Structures is a common and natural phenomenon it is required to have a detailed plan, methodology for structural repair and rehabilitation shall be in place for dealing such issues. It is important to know exact reason of distress, type of distress and correct method of repair concrete structures. The different methods of repair are described in paper according to distress category which can be refereed for repair. Major finding of the study is that to protect our structure we need to have maintenance frequency and correct material to be chosen for repair. Also workmanship during repair needs to be taken utmost care for quality repair.

Keywords: Deterioration, functional condition, reinforced cement concrete, resources.

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Authors: Nicole Scott, Emily Dwyer, Cara Patrissy, Samantha Bonventre, Lina Begdache

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Across North America, the use and abuse of Attention Deficit Hyperactivity Disorder (ADHD) medication, cannabis, nicotine, and other psychoactive substances across college campuses have become an increasingly prevalent problem. Students frequently use these substances to aid their studying or deal with their mental health issues. However, it is still unknown what psychoactive substances are likely to be abused when college students illicitly use ADHD medication. In addition, it is not clear which psychoactive substance is associated with mental distress. Thus, the purpose of this study is to fill these gaps by assessing the use of different psychoactive substances when illicit ADHD medication is used; and how this association relates to mental stress. A total of 702 undergraduate students from different college campuses in the US completed an anonymous survey distributed online. Data were self-reported on demographics, the use of ADHD medications, cannabis, nicotine, other psychoactive drugs, and mental distress, and feelings and opinions on the use of illicit study drugs were all included in the survey. Mental distress was assessed using the Kessler Psychological Distress 6 Scale. Data were analyzed in SPSS, Version 25.0, using Pearson’s Correlation Coefficient. Our results show use of ADHD medication, cannabis use (non-frequent and very frequent), and nicotine use (non-frequent and very frequent); there were both statistically significant positive and negative correlations to specific psychoactive substances and their corresponding frequencies. Along the same lines, ADHD medication, cannabis use (non-frequent and very frequent), and nicotine use (non-frequent and very frequent) had statistically significant positive and negative correlations to specific mental distress experiences. As these findings are combined, a vicious loop can initiate a cycle where individuals who abuse psychoactive substances may or may not be inclined to use other psychoactive substances. This may later inhibit brain functions in those main areas of the brain stem, amygdala, and prefrontal cortex where this vicious cycle may or may not impact their mental distress. Addressing the impact of study drug abuse and its potential to be associated with further substance abuse may provide an educational framework and support proactive approaches to promote awareness among college students.

Keywords: Stimulant, depressant, nicotine, ADHD medication, psychoactive substances, mental health, illicit, ecstasy, adrenochrome.

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Authors: Maha Salah Abdullah Ismail, Mahmoud M. Alsagheir, Mohammed Salah Abd Allah

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Acute respiratory distress syndrome (ARDS) is characterized by permeability pulmonary edema and refractory hypoxemia. Lung-protective ventilation is still the key of better outcome in ARDS. Prone position reduces the trans-pulmonary pressure gradient, recruiting collapsed regions of the lung without increasing airway pressure or hyperinflation. Prone ventilation showed improved oxygenation and improved outcomes in severe hypoxemic patients with ARDS. This study evaluates the effect of prone positioning on mechanically ventilated patients with ARDS. A quasi-experimental design was carried out at Critical Care Units, on 60 patients. Two tools were utilized to collect data; Socio demographic, medical and clinical outcomes data sheet. Results of the present study indicated that prone position improves oxygenation in patients with severe respiratory distress syndrome. The study recommended that use prone position in patients with severe ARDS, as early as possible and for long sessions. Also, replication of this study on larger probability sample at the different geographical location is highly recommended.

Keywords: Acute respiratory distress syndrome, Critical care, Mechanical ventilation and Prone position.

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Authors: Haitham A. Haloush

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Debtors' imprisonment in Jordan is a problematic issue since it impinges upon required financial guarantees that are presumably offered by debtors on the one hand, and infringes flagrantly the International Covenant on Civil and Political Rights on the other hand. Jordan lacks regulatory provisions in this respect and debtors' imprisonment is indirectly exercised in Jordan without giving a special legal attention to this concern. From this perspective, this research reviews the available regulations, standard laws and codes of conduct that might guide the implementation of the International Covenant on Civil and Political Rights in the Jordanian context. Furthermore, this article will examine the suitability of the Jordanian legal system in providing sufficient protection for debtors. The author argues that there are serious obstacles in this aspect.

Keywords: The Jordanian Civil Code, the Jordanian Execution Law, imprisonment for debt, good faith, the Jordanian Constitution, the International Covenant on Civil and Political Rights.

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Authors: Gulnara Moldasheva

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The research explores the relationship between management responsibility and corporate governance of listed companies in Kazakhstan. This research employs firm level data of selected listed non-financial firms and firm level data “operational” financial sector, consisted from banking sector, insurance companies and accumulated pension funds using multivariate regression analysis under fixed effect model approach. Ownership structure includes institutional ownership, managerial ownership and private investor’s ownership. Management responsibility of the firm is expressed by the decision of the firm on amount of leverage. Results of the cross sectional panel study for non-financial firms showed that only institutional shareholding is significantly negatively correlated with debt to equity ratio. Findings from “operational” financial sector show that leverage is significantly affected only by the CEO/Chair duality and the size of financial institutions, and insignificantly affected by ownership structure. Also, the findings show, that there is a significant negative relationship between profitability and the debt to equity ratio for non-financial firms, which is consistent with pecking order theory. Generally, the found results suggest that corporate governance and a management responsibility play important role in corporate performance of listed firms in Kazakhstan.

Keywords: Corporate governance, corporate performance, debt to equity ratio, ownership.

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Authors: Mohamed M. Elsherbiny

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Social Avoidance is one of the most important problems that face a good number of disabled students. It results from the negative attitudes of non-disabled students, teachers and others. Some of the past research has shown that non-disabled individuals hold negative attitudes toward persons with disabilities. The present study aims to alleviate Social Avoidance by applying the Cognitive Behavioral Intervention. 24 Blind students aged 19–24 (university students) were randomly chosen we compared an experimental group (consisted of 12 students) who went through the intervention program, with a control group (12 students also) who did not go through such intervention. We used the Social Avoidance and Distress Scale (SADS) to assess social anxiety and distress behavior. The author used many techniques of cognitive behavioral intervention such as modeling, cognitive restructuring, extension, contingency contracts, selfmonitoring, assertiveness training, role play, encouragement and others. Statistically, T-test was employed to test the research hypothesis. Result showed that there is a significance difference between the experimental group and the control group after the intervention and also at the follow up stages of the Social Avoidance and Distress Scale. Also for the experimental group, there is a significance difference before the intervention and the follow up stages for the scale. Results showed that, there is a decrease in social avoidance. Accordingly, cognitive behavioral intervention program was successful in decreasing social avoidance for blind students.

Keywords: Social avoidance, cognitive behavioral intervention, blind disability, disability.

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Authors: Khadiga Kahwa, Aniza Ismail

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Depression, anxiety, and stress are associated with decreased role functioning, productivity, and quality of life. International students are more prone to psychological distress as they face many stressors while studying abroad. The objectives of the study were to determine the prevalence and associated factors of depression, anxiety, and stress among international students, their help-seeking behavior, and their awareness of the available on-campus mental support services. A cross-sectional study with a purposive sampling method was performed on 280 international students at Universiti Kebangsaan Malaysia (UKM) between the age of 18 and 35 years. The Depression Anxiety Stress Scale-21 (DASS-21) questionnaire was used anonymously to assess the mental health of students. Socio-demographic, help-seeking behavior, and awareness data were obtained. Independent sample t-test, one-way ANOVA test, and multiple linear regression were used to explore associated factors. The overall prevalence of depression, anxiety, and stress among international students were 58.9%, 71.8%, and 53.9%, respectively. Age was significantly associated with depression and anxiety. Ethnicity showed a significant association with depression and stress. No other factors were found to be significantly associated with psychological distress. Only 9.6% of the international students had sought help from on-campus mental support services. Students who were aware of the presence of such services were only 21.4% of the participants. In conclusion, this study addressed the gap in the literature on the mental health of international students and provided data that could be used in intervention programs to improve the mental health of the increasing number of international students in Malaysia.

Keywords: Anxiety, depression, stress, help-seeking behavior, students.

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Authors: Timothée Bligny, Clément Codron, Antoine Estruch, Nicolas Girodet, Clément Ginet

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Collateralized Debt Obligations are not as widely used nowadays as they were before 2007 Subprime crisis. Nonetheless there remains an enthralling challenge to optimize cash flows associated with synthetic CDOs. A Gaussian-based model is used here in which default correlation and unconditional probabilities of default are highlighted. Then numerous simulations are performed based on this model for different scenarios in order to evaluate the associated cash flows given a specific number of defaults at different periods of time. Cash flows are not solely calculated on a single bought or sold tranche but rather on a combination of bought and sold tranches. With some assumptions, the simplex algorithm gives a way to find the maximum cash flow according to correlation of defaults and maturities. The used Gaussian model is not realistic in crisis situations. Besides present system does not handle buying or selling a portion of a tranche but only the whole tranche. However the work provides the investor with relevant elements on how to know what and when to buy and sell.

Keywords: Synthetic Collateralized Debt Obligation (CDO), Credit Default Swap (CDS), Cash Flow Optimization, Probability of Default, Default Correlation, Strategies, Simulation, Simplex.

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Authors: D. A. Farinde

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One of the most significant threats to the economy of a nation is the bankruptcy of its banks. This study evaluates the susceptibility of Nigerian banks to failure with a view to identifying ratios and financial data that are sensitive to solvency of the bank. Further, a predictive model is generated to guide all stakeholders in the industry. Thirty quoted banks that had published Annual Reports for the year preceding the consolidation i.e. year 2004 were selected. They were examined for distress using the Multilayer Perceptron Neural Network Analysis. The model was used to analyze further reforms by the Central Bank of Nigeria using published Annual Reports of twenty quoted banks for the year 2008 and 2011. The model can thus be used for future prediction of failure in the Nigerian banking system.

Keywords: Bank, Bankruptcy, Financial Ratios, Neural Network, Multilayer Perceptron, Predictive Model

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Authors: Surakan Payakkhabut

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Studies of vocal communication in Sooty-headed Bulbul were carried out from January to December 2011. Vocal recordings and behavioral observations were made in their natural habitats at some localities of Lampang, Thailand. After editing, cuts of high quality recordings were analyzed with the help of Avisoft- SASLab Pro (version 4.40) software. More than one thousand element repertoires in five groups were found within two vocal structures. The two structures were short sounds with single element and phrases composed of elements, the frequency ranged from 1-10 kHz. Most phrases were composed of 2 to 5 elements that were often dissimilar in structure, however, these phrases were not as complex as song phrases. The elements and phrases were combined to form many patterns. The species used ten types of calls; i.e. alert, alarm, aggressive, begging, contact, courtship, distress, exciting, flying and invitation. Alert and contact calls were used more frequently than other calls. Aggressive, alarm and distress calls could be used for interspecific communication among some other bird species in the same habitats.

Keywords: Vocal communication, Call, Bird, Sooty-headed Bulbul

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