Revisiting the Altman Definition of Distressed Debt and a New Mechanism for Measuring the Liquidity Premium of the High-Yield Market

CFA Digest ◽  
2011 ◽  
Vol 41 (1) ◽  
pp. 46-48
Author(s):  
Billyana Kuncheva

The designer’s primary aims are avoidance of collapse and of unserviceability, generally through excessive deformation. These aims require knowledge of load extension characteristics. Structural strength depends on tangent modulus and deflexion on secant modulus so that premature departures from elasticity and proportionality are of importance. Definition of yield stress by the drop of beam method, while satisfactory for mild steel, may not be so for high yield materials particularly when structural stability is critical. The present definition of yield may have to be replaced by 0.2 % proof stress as has been common for light alloys. The influence of the limit of proportionality on structural strength has been observed in developing the design rules for plate girders for BS: 153, in the course of which tests undertaken on full-scale samples showed the proportional limit to be as low as 50 % of the nominal yield stress. The Tl steels in the U.S.A. exhibit major reduction in tangent modulus at about 85 % of their yield stress in compression.


2021 ◽  
Vol 19 (1) ◽  
pp. 1-7
Author(s):  
Pedro Fernando Avalone Athayde ◽  
David Rodrigues Viegas

INTRODUÇÃO: Iniciada ainda na década de 1930, a interface entre Estado e setor esportivo no Brasil, historicamente, caracteriza-se por um predomínio das ações voltadas ao alto rendimento. Nesse sentido, este artigo versa sobre a política de esporte de alto rendimento brasileira em tempos recentes. OBJETIVO: Mais especificamente, o objeto de pesquisa é o Programa Bolsa-Atleta (PBA). O texto tem como objetivo identificar os impactos da definição do Brasil como sede das Olimpíadas de 2016 na política pública brasileira para o esporte de alto rendimento, a partir da análise da abrangência e financiamento do PBA nos anos de 2009 a 2016. MÉTODOS: Trata-se de uma pesquisa predominantemente qualitativa e de dimensão exploratória. Para coleta dos dados foi empregada a técnica de análise documental em fontes primárias e secundárias. RESULTADOS: Os resultados confirmam a concentração da distribuição do PBA na região Sudeste e Sul, demonstram um comportamento oscilante do financiamento para o Programa, bem como apontam para uma relação entre mudanças na política nacional de esporte influenciadas pelos Jogos Olímpicos RIO 2016, considerando a concentração dos benefícios em modalidades olímpicas e naqueles atletas com maiores chances de medalha na competição.CONCLUSÃO: De forma mais geral, a análise do financiamento e gestão do PBA confirma a mudança na política nacional de esporte, tendo os megaeventos esportivos como princípio organizador da agenda de esporte e lazer do país. Mais especificamente, observa-se que o PBA reproduz comportamento oscilante do financiamento público para o esporte no Brasil, bem como reproduz a concentração do benefício em locais específicos e nos atletas mais desenvolvidos, o que evidencia a necessidade de maior aporte na formação esportiva para o surgimento de novos esportistas.ABSTRACT. High performance sport in Brazil: an analysis of the bolsa atleta program from 2009 to 2016BACKGROUND: Since the 1930s, the interface between the State and the Brazilian sports sector, historically, has been characterized by a predominance of high yield performance. In this sense, this article deals with a Brazilian sports policy of high performance recently. OBJECTIVE: More specifically, either the research object is the “Bolsa-Atleta” Program (PBA). The text aims to identify the impacts of the definition of Brazil as host of the 2016 Olympics in Brazilian public policies to support high performance, based on the analysis of the PBA abbreviation and funding in the years 2009 to 2016. METHODS: This is a Research predominantly qualitative and exploratory. For data collection, it was performed using a document analysis technique in primary and secondary sources. RESULTS: The results confirm the concentration of PBA distribution in the Southeast and South regions, demonstrating an oscillating behavior in the financing of the Program, as support for a relationship between changes in national sports policy influenced by the RIO 2016 Olympic Games, considering the concentration two benefits. In the Olympic sports and athletes, athletes with greater chances of medals in the competition. CONCLUSION: More generally, the analysis of PBA financing and management confirms the change in national sports policy, with mega sporting events as the organizing principle of the country’s sports and leisure agenda. More specifically, it is observed that the PBA reproduces oscillating behavior of public funding for sport in Brazil, as well as reproducing the concentration of the benefit in specific locations and in the more developed athletes, which highlights the need for a greater contribution to sports training for the sport. emergence of new sportsmen.


2021 ◽  
Vol 4 (1) ◽  
Author(s):  
Melodie Christensen ◽  
Lars P. E. Yunker ◽  
Folarin Adedeji ◽  
Florian Häse ◽  
Loïc M. Roch ◽  
...  

AbstractAutonomous process optimization involves the human intervention-free exploration of a range process parameters to improve responses such as product yield and selectivity. Utilizing off-the-shelf components, we develop a closed-loop system for carrying out parallel autonomous process optimization experiments in batch. Upon implementation of our system in the optimization of a stereoselective Suzuki-Miyaura coupling, we find that the definition of a set of meaningful, broad, and unbiased process parameters is the most critical aspect of successful optimization. Importantly, we discern that phosphine ligand, a categorical parameter, is vital to determination of the reaction outcome. To date, categorical parameter selection has relied on chemical intuition, potentially introducing bias into the experimental design. In seeking a systematic method for selecting a diverse set of phosphine ligands, we develop a strategy that leverages computed molecular feature clustering. The resulting optimization uncovers conditions to selectively access the desired product isomer in high yield.


2014 ◽  
Vol 20 (13) ◽  
pp. 1753-1760 ◽  
Author(s):  
Glenn A Phillips ◽  
Kathleen W Wyrwich ◽  
Shien Guo ◽  
Rossella Medori ◽  
Arman Altincatal ◽  
...  

Background: The 29-item Multiple Sclerosis Impact Scale (MSIS-29) was developed to examine the impact of multiple sclerosis (MS) on physical and psychological functioning from a patient’s perspective. Objective: To determine the responder definition (RD) of the MSIS-29 physical impact subscale (PHYS) in a group of patients with relapsing–remitting MS (RRMS) participating in a clinical trial. Methods: Data from the SELECT trial comparing daclizumab high-yield process with placebo in patients with RRMS were used. Physical function was evaluated in SELECT using three patient-reported outcomes measures and the Expanded Disability Status Scale (EDSS). Anchor- and distribution-based methods were used to identify an RD for the MSIS-29. Results: Results across the anchor-based approach suggested MSIS-29 PHYS RD values of 6.91 (mean), 7.14 (median) and 7.50 (mode). Distribution-based RD estimates ranged from 6.24 to 10.40. An RD of 7.50 was selected as the most appropriate threshold for physical worsening based on corresponding changes in the EDSS (primary anchor of interest). Conclusion: These findings indicate that a ≥7.50 point worsening on the MSIS-29 PHYS is a reasonable and practical threshold for identifying patients with RRMS who have experienced a clinically significant change in the physical impact of MS.


1966 ◽  
Vol 24 ◽  
pp. 3-5
Author(s):  
W. W. Morgan

1. The definition of “normal” stars in spectral classification changes with time; at the time of the publication of theYerkes Spectral Atlasthe term “normal” was applied to stars whose spectra could be fitted smoothly into a two-dimensional array. Thus, at that time, weak-lined spectra (RR Lyrae and HD 140283) would have been considered peculiar. At the present time we would tend to classify such spectra as “normal”—in a more complicated classification scheme which would have a parameter varying with metallic-line intensity within a specific spectral subdivision.


1975 ◽  
Vol 26 ◽  
pp. 21-26

An ideal definition of a reference coordinate system should meet the following general requirements:1. It should be as conceptually simple as possible, so its philosophy is well understood by the users.2. It should imply as few physical assumptions as possible. Wherever they are necessary, such assumptions should be of a very general character and, in particular, they should not be dependent upon astronomical and geophysical detailed theories.3. It should suggest a materialization that is dynamically stable and is accessible to observations with the required accuracy.


1979 ◽  
Vol 46 ◽  
pp. 125-149 ◽  
Author(s):  
David A. Allen

No paper of this nature should begin without a definition of symbiotic stars. It was Paul Merrill who, borrowing on his botanical background, coined the termsymbioticto describe apparently single stellar systems which combine the TiO absorption of M giants (temperature regime ≲ 3500 K) with He II emission (temperature regime ≳ 100,000 K). He and Milton Humason had in 1932 first drawn attention to three such stars: AX Per, CI Cyg and RW Hya. At the conclusion of the Mount Wilson Ha emission survey nearly a dozen had been identified, and Z And had become their type star. The numbers slowly grew, as much because the definition widened to include lower-excitation specimens as because new examples of the original type were found. In 1970 Wackerling listed 30; this was the last compendium of symbiotic stars published.


Author(s):  
K. T. Tokuyasu

During the past investigations of immunoferritin localization of intracellular antigens in ultrathin frozen sections, we found that the degree of negative staining required to delineate u1trastructural details was often too dense for the recognition of ferritin particles. The quality of positive staining of ultrathin frozen sections, on the other hand, has generally been far inferior to that attainable in conventional plastic embedded sections, particularly in the definition of membranes. As we discussed before, a main cause of this difficulty seemed to be the vulnerability of frozen sections to the damaging effects of air-water surface tension at the time of drying of the sections.Indeed, we found that the quality of positive staining is greatly improved when positively stained frozen sections are protected against the effects of surface tension by embedding them in thin layers of mechanically stable materials at the time of drying (unpublished).


Author(s):  
W. A. Shannon ◽  
M. A. Matlib

Numerous studies have dealt with the cytochemical localization of cytochrome oxidase via cytochrome c. More recent studies have dealt with indicating initial foci of this reaction by altering incubation pH (1) or postosmication procedure (2,3). The following study is an attempt to locate such foci by altering membrane permeability. It is thought that such alterations within the limits of maintaining morphological integrity of the membranes will ease the entry of exogenous substrates resulting in a much quicker oxidation and subsequently a more precise definition of the oxidative reaction.The diaminobenzidine (DAB) method of Seligman et al. (4) was used. Minced pieces of rat liver were incubated for 1 hr following toluene treatment (5,6). Experimental variations consisted of incubating fixed or unfixed tissues treated with toluene and unfixed tissues treated with toluene and subsequently fixed.


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