Company failure prediction with limited information: newly incorporated companies

Developing ‘Internal Rating Systems’ (IRB) for corporate risk management requires building risk (PD) models geared to the specific characteristics of corporate sub-populations (eg small and medium-sized enterprises (SMEs), private companies, listed companies, sector specific models), tuned to changes in the macro environment, and, of course, tailored to the available data. Tracking the risk of ‘newly incorporated companies’ provides a particular challenge since there is very limited publically available data in the time period from incorporation date until the submission of the first accounts. Yet a large number of these companies fail (via bankruptcy). We employ a substantial database to estimate discrete time hazard models (DHM) over the period 2000–2008 (4?427?896 firm-year observations and 34?903 incidences of insolvency), inclusive of macro and regional economic conditions, that capture early indicators of financial stress and measure aspects of the characteristics of board of directors in order to assess the utility of this type of non-financial information in failure prediction models.     

One-Parameter Homothetic Motions and Euler-Savary Formula in Generalized Complex Number Plane $${\mathbb{C}_{J}}$$

In this paper, we introduce one-parameter homothetic motions in the generalized complex number plane (\({\mathfrak{p}}\)-complex plane)

$$\mathbb{C}_{J}=\left\{x+Jy:\,\,\, x,y \in \mathbb{R},\quad J^2=\mathfrak{p},\quad \mathfrak{p} \in \{-1,0,1\} \right\} \subset \mathbb{C}_\mathfrak{p}$$

where

$$\mathbb{C}_\mathfrak{p}=\{x+Jy:\,\,\, x,y \in \mathbb{R}, \quad J^2=\mathfrak{p}\}$$

such that \({-\infty < \mathfrak{p} < \infty}\). The velocities, accelerations and pole points of the motion are analysed. Moreover, three generalized complex number planes, of which two are moving and the other one is fixed, are considered and a canonical relative system for one-parameter planar homothetic motion in \({\mathbb{C}_{J}}\) is defined. Euler-Savary formula, which gives the relationship between the curvatures of trajectory curves, during the one-parameter homothetic motions, is obtained with the aim of this canonical relative system.

     

Synthesis,characterization and control of eight process-related and two genotoxic fingolimod impurities by a validated RP-UPLC method

An HPLC method has been described in the European Pharmacopoeia and United States Pharmacopeia for the determination of nine organic impurities (imp A–I) in fingolimod hydrochloride, a synthetic sphingosine-1-phosphate receptor modulator. The manufacturing process of fingolimod hydrochloride consists of multistep chemical synthesis wherein controls of precursors, intermediates and process steps should be performed to assure the final quality of the drug substance. We synthesized and isolated eight process-related impurities (FINI imp A–H) of fingolimod, which were different from the pharmacopoeial impurities. One unknown process-related impurity was found as a key intermediate (FINI) and was identified by LC–MS. Characterization of all of the impurities were done using spectroscopic techniques (¹H and ¹³C NMR, FTIR, MS), and the mechanistic pathways to the formation of these impurities were also discussed. Two of these impurities were evaluated as potential genotoxic impurities owing to their alerting structures and alkylating properties (alkyl sulfonates and alkyl halides, class 3, ICH M7). We also developed and validated an RP-UPLC method in line with ICH Q2 guidelines for control these impurities (FINI imp A–H) and to assure the pharmacopoeial quality drug substance.     

Numerical investigation of a water flow in a rib-roughened channel by using Reynolds stress model

In this paper, water flow in a rib-roughened channel is investigated numerically by using Reynolds stress turbulence models (RSM) on a three-dimensional (3-D) domain. Computational results for mean streamwise velocity component and turbulent kinetic energy show good agreements with available experimental data. Five rib pitch-to-height ratios (p/h) of 1, 5, 10, 15 and 20 are analysed for six different Reynolds numbers (Re) of 3000, 7000, 12,000, 20,000, 40,000 and 65,000. Velocity vectors, streamlines and Reynolds stresses are showed for these ratios and Re numbers. Streamlines revealed that Reynolds numbers do not affect flowfield but play an important role in the Reynolds stresses.     

Mass and energy flow management in the sector of surface treatment

Vehicle refinishing body shops are concerned by the environmental policy against photochemical air pollution caused by VOC emissions. For supporting these small enterprises the mass and energy flow model IMPROVE has been developed. Based on an LCA-approach, the process steps of vehicle refinishing are modelled. The model IMPROVE helps to disseminate the consequences of product substitution in comparison to so far used products and techniques in the body shop. For the dissemination of experiences practical guidelines have been developed. Moreover, a comprehensible tool for the Solvent Balance is being offered. Thus, various means are available for consulting and also for strategic production planning for the SME in the sector.     

A preliminary approach to the separation of Leishmania cell-surface antigens

The purpose of the current study was to characterize Leishmania cell-surface antigens by two different methods established for the purification of glycoproteins and proteins, and to point out a useful approach to define their size and mass heterogeneity. L. tropica parasites were initially isolated from patients with active cutaneous leishmaniasis and were then cultured in vitro. The parasite-cell layer was solubilised with 6 M guanidinium chloride (GuHCl) and subsequently prepared for the purification procedure. The methods used in this work were gel filtration chromatography and isopycnic density-gradient centrifugation. Because of the presence of a substantial amount of non-specific proteins in the culture medium, these methods were not effective alone in distinguishing these antigens. However, a good idea of their N-glycosylated structures could be obtained by using Periodic acid-Schiffs (PAS) and Con A lectin, and also size and mass heterogeneity. A combination of these methods effected a clear separation of the antigens. Amino acid analysis of the purified antigens was performed to positively identify them as well-known Leishmania cell-surface antigen gene products. The results confirmed the presence of more than one cell-surface antigen on the Leishmania parasite and the combination of gel chromatography and density-gradient centrifugation could be useful for their isolation.