99 research outputs found
Hungary's bankruptcy experience, 1992-93
No full textHungary adopted a tough new bankruptcy law in late 1991 that took effect on January 1, 1992. It required managers of firms with arrears over 90 days to any creditor to file for either reorganization or liquidation within eight days (the so-called"automatic trigger") and provided a rather sympathetic framework in which to do so. The result: since January 1992, more than 25,000 cases have been filed - far beyond lawmakers'expectations. Both positive and negative views about the law have been expressed, but details about how the process has actually worked have been scarce. The authors help fill this information gap by providing detailed data on a randomly selected stratified sample of actual cases filed in 1992-93, supplemented by information gained through interviews with judges, liquidations, and firms involved in bankruptcy. Their conclusions are as follows. First, the bankruptcy process appears to have had some degree of economic logic in 1992 and 1993. Better firms were more likely to enter and emerge"successfully"from reorganization, while worse firms were more likely either to fail in reorganization or to file directly for liquidation. Second, judicial reorganization need not be slow and costly. The first wave of reorganizations was handled surprisingly quickly, especially considering the sheer number of cases, the novelty of the process, and the shortage of trained judges. This quickness was possible largely because of the decentralized design of the process. Once the court approved a case, the court had little role. (Amendments added in 1993 may have made the process more bureaucratic and expensive). Third, in this sample, major delays occurred not in reorganization but in liquidation. Creditors will do almost anything to avoid filing for liquidation, and once firms enter liquidation they are still likely to be kept alive indefinitely. In the end, this lack of a viable creditor-led"exit"and debt collection mechanism harms firms by increasing the cost and reducing the flow of credit. Fourth, although the bankruptcy process displays some degree of economic logic, one should not assume that it operates as a similar law would in a market economy. In particular, a likely source of private gain in Hungary appears to be asset or other value diversion (or"value-stripping) before bankruptcy. Fifth, the main need is to strengthen the incentives of creditors to monitor the process closely and to improve their ability to do so.Banks&Banking Reform,International Terrorism&Counterterrorism,Strategic Debt Management,Small Scale Enterprise,Small and Medium Size Enterprises,Banks&Banking Reform,Strategic Debt Management,Legal Products,International Terrorism&Counterterrorism,Economic Theory&Research
Agricultural trade liberalization in the Uruguay Round : one step forward, one step back?
No full textAfter evaluating the Uruguay Round's impact on agriculture and border protection in the next decade, the author concludes that while there was significant reform of the rules - particularly the conversion of nontariff barriers into tariffs and the reduction and binding of all tariffs - in practice, trade will probably be liberalized less than expected. The objective of the Round was to reverse protectionism and remove trade distortions. This may not be achieved in practice, at least not until further reductions are carried out in future rounds of negotiations. The major exception to this conclusion is in high-income Asian countries, where protection for major commodities will be significantly reduced. The tariffication and binding of all tariffs on agricultural products represents a significant step forward. Liberalization is implicit because countries are prohhibited from arbitrarily raising tariffs to new higher levels. But many of the newly established tariffs are so high in many countries as to effectively prohibit trade. Patterns of liberalization vary considerably by commodity and by country. Generally, the extent of liberalization was diminished by binding tariffs to the base period of 1986-88, when border protection was at a high point. In most OECD countries, this was worsened by"dirty tariffication:"the new base tariffs offered even greater protection than the nontariff barriers they replaced. Even after the commitments to tariff reductions in the Round, the ad valorem measure of the final binding tariffs will remain higher than the average rate of protection in 1982-93. A number of developing countries in East Asia, Latin America, and the Middle East chose to lock in prior liberalization efforts on some products. But for most commodities, there will be little actual liberalization, since most developing countries chose to bind their tariffs at a maximum level. Even when countries reduced already-bound rates, bound tariffs remained significantly higher than current applied rates, giving countries the flexibility to raise tariffs later. The high level of bound tariffs may allow countries to apply variable tariffs below the bound level, thus failing to stabilize tariffs and improve market access. Moreover, the Round did not touch many of the worst distortions in developing countries, such as import subsidies, export taxes, state-trading monopolies, and domestic policies that implicitly tax agriculture.Trade Policy,Environmental Economics&Policies,Economic Theory&Research,Export Competitiveness,Rules of Origin,Trade Policy,Rules of Origin,TF054105-DONOR FUNDED OPERATION ADMINISTRATION FEE INCOME AND EXPENSE ACCOUNT,Environmental Economics&Policies,Economic Theory&Research
Metal Organic Frameworks for Gas-phase Capacitive Sensing
No full textOLD ChemE/Organic Materials and Interface
Design of Low-Threshold Comparator for Improved Timing-Resolution Analog/Digital SiPM
No full textCoincidence time resolution (CTR) in time-of-flight (TOF) positron emission tomography (PET) determines the signal-to-noise ratio (SNR) in iterative image reconstruction algorithms. In PET detectors, the photodetector's single-photon timing resolution (SPTR) influences the CTR by adding uncertainty to the single photoelectron time-of-arrivals. This effect can be modelled as the convolution of the scintillation pulse shape function and the total photodetector jitter at single-photon level, before following an order statistics process. Particularly in Cherenkov-based PET detectors, SPTR has a direct impacton the CTR due to the low number of detected photons. In this thesis, the research is focussed on the design of low thresh-old comparators for two specific purposes in PET. Firstly, the design of in-pixel (SPAD-cell) low-threshold comparator that improves SPAD jitter at the pixel level, since it allows the detection of photo-electron triggered avalanche at the earliest possible time, thus minimizing statistical fluctuations. The design is targeted for Cherenkov-based PET, where improvement in SPTR directly results in improvement of CTR. Secondly, for the integration of analog silicon photomultiplier (A-SiPM) on-chip. Such integration helps in realizing a high Photon Detection Effciency (PDE) and low Dark Count Rate (DCR) A-SiPM with integrated readout electronics. A high speed comparator with a direct connection to the fast terminal of A-SiPM has been realized.Electrical Engineering | Microelectronic
Sachdeva’s Ark: The imminent deluge of space crimes
No full textDeviation from accepted social standards of living has been a concern since the inception of society. Society, through its laws, has set a threshold of deviations, the crossing of which, whatsoever be the motivation for such imprudence, becomes behaviour that warrant attention and correction. G S Sachdeva, the author of the book under review, echoes this social truth about human nature, in the same vein and grandeur as David Hume, at the outset of his exposition, ‘Humans are after all human and wherever they go (…) And under stress or provocation, these [their human instincts] may burst open, criminally’ (p. vii). Does Sachdeva maintain this Humeanist elegance and eloquence that he displays at the start of his discourse through the rest of the book? In fact, Sachdeva, of everything he is and he is not, is thoroughly philosophical in his approach to things, which manifests as an irresistible desire to explore meanings and to provide explanations for the same. That perhaps qualifies him as a Humeanist
Effect of the optimisation time interval on the performance of mobile networks
No full textThis thesis project researches the effect of the optimisation time interval on the performance of a self-optimised mobile network. The goal of the thesis is to ascertain if there exists an optimal time interval for the self-optimisation of the KPN network, and what that interval is. In order to research this question, the project uses data from the KPN network as input, and sets up a simulation study in MATLAB. Two areas in the Netherlands are considered in this study – Friesland and Purmerend. The self-optimisation of the network is carried out through the modification of three optimisation parameters – antenna tilt, RS power, and Cell Individual Offset. The scope of the study is limited to LTE in the downlink, for the 800 MHz band. The bandwidth used in this study is 10 MHz. The performance of the mobile network has been studied using KPIs such as 10th throughput percentile, coverage failure rate, call drop rate, and load. In the end, the study analyses the results for each area, for the self-optimisation carried out by modifying the three parameters over several different optimisation time intervals, and discusses their impact on the performance of the network. A comparison has also been drawn between the performance of a self-optimised network and an un-optimised network, to highlight the gains achieved with SON. Finally, recommendations are made regarding a suitable time interval, and a relative comparison between suitability of the three optimisation parameters has been drawn. The study finds that a suitable time interval for optimisation does exist, and is 240 minutes, for both the simulation areas. The study finds RS power to be the most suitable parameter for self-optimisation, in both the areas. However, the research runs into some unexpected results with respect to the optimisations using tilt angle, and has been discussed in detail in the report. Significant gains are observed with SON, as compared to the case of ‘No SON’ or an un-optimised network. Electrical Engineering | Network Architectures and Service
Techno-Economic feasibility analysis of Solid-Oxide Fuel Cell-Gas Turbine based hybrid propulsion system fueled by Hydrogen: How a Solid-Oxide Fuel Cell can impact the performance of the propulsion system and the economics of the aircraft
No full textThe world is moving towards sustainability and there is immense pressure on Aerospace Industry to reduce its emissions to contribute to a carbon-neutral world. However, maturing gas turbine technology is a big bottleneck towards this goal and hence, this project focuses on the technical and economic feasibility of a new type of propulsion system, called Solid-Oxide Fuel Cell- Gas Turbine or SOFC-GT hybrid propulsion system. SOFC- GT, even though being a low TRL technology, has the potential to reduce fuel consumption, emissions, and operation costs, making it a suitable candidate for a future propulsion system.This research concludes that in order to achieve the full potential of the SOFC-GT hybrid, engine parameters like BPR, FPR and cooling air requirements need to be changed. The Thrust-Specific Fuel Consumption (TSFC) for the propulsion system has decreased by 6.03% and 19.89% for 1 MW and 4 MW fuel cell power output in Off-Design (Cruise) condition. Along with this, core mass flow rate or size, cooling air requirement and Turbine Inlet Temperature for Cruise condition has decreased. The emission results show that the NOx emissions have been reduced by 29.11% and 78.05% respectively. Sensitivity analysis shows that the thermodynamic efficiency is most sensitive to engine parameters but the impact of fuel cell parameters is increasing as the fuel cell power output is increased. The economic analysis done in this study shows that the SOFC-GT hybrid is not feasible for the commercially available fuel cell because of the substantial increase in weight of the propulsion system. However, the propulsion system will become feasible at the fuel cell system specific power of 2.30 kW/kg and 2.10 kW/kg for no emission tax and highest emission tax scenario respectively at a fuel price of $ 6/kg. Along with this, increasing the fuel cell power output leads to the increase in required specific power for fuel cell or has a negative impact on the overall economics. The overall economics of the aircraft is most sensitive to aircraft parameters but increasing the fuel cell power output decreases sensitivity substantially. In the end, the emission has a low impact on the overall economics of the aircraft. This research shows that it is possible to integrate a SOFC with the turbofan if the fuel cell technology improves in the future. Along with this, the research provides multiple novel methodologies for technical and economic analysis of the SOFC-GT hybrid.Aerospace Engineering | Flight Performance and Propulsio
Are partner-country statistics useful for estimating"missing"trade data?
No full textBecause many developing countries fail to report trade statistics to the United Nations, there has been an interest in using partner-country data to fill these information gaps. The author used partner-country statistics for 30 developing countries to"estimate"actual (concealed) trade data and analyzed the magnitude of the resulting errors. The results indicate that partner-country data are unreliable even for estimating trade in broad aggregate product groups such as foodstuffs, fuels, or manufactures. Moreover, tests show that the reliability of partner-country statistics degenerates sharply as one moves to more finely distinguished trade categories (lower-level SITCs). Equally disturbing, about one-quarter of the partner-country comparisons take the wrong sign. That is, one country's reported free-on-board (f.o.b.) exports exceed the reported cost-insurance-freight (c.i.f.) value of partners'imports. Aside from product composition, tests show that partner-country data are equally inaccurate for estimating the direction of trade. Why are partner-country data so unreliable for approximating"missing"data? Evidence shows: 1) problems in reporting or processing COMTRADE data; 2) valuation differences (f.o.b. versus c.i.f.) for imports and exports; 3) problems relating to entrepot trade, or exports originating in export processing zones; 4) problems associated with exchange-rate changes; 5) intentional or unintentional misclassification of products; 6) efforts to"conceal"trade data for proprietary reasons; and 7) financial incentives to purposely falsify trade data. The author concludes that efforts to improve the general quality, or availability, of trade statistics using partner-country data holds little or no promise, although this information may be useful in specific cases where the trade statistics of a certain country are known to incorporate major errors. Significant progress in ugrading the accuracy, and coverage, of trade statistics can be achieved only by improving each country's procedures for data collection.ICT Policy and Strategies,Trade Policy,Economic Theory&Research,Environmental Economics&Policies,Statistical&Mathematical Sciences,TF054105-DONOR FUNDED OPERATION ADMINISTRATION FEE INCOME AND EXPENSE ACCOUNT,Trade Policy,Environmental Economics&Policies,Economic Theory&Research,ICT Policy and Strategies
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