Immunization is a noteworthy and proven tool for eliminating lifethreating infectious diseases,child mortality and morbidity.Expanded Program on Immunization(EPI)is a nation-wide program in Pakistan to implement immun...Immunization is a noteworthy and proven tool for eliminating lifethreating infectious diseases,child mortality and morbidity.Expanded Program on Immunization(EPI)is a nation-wide program in Pakistan to implement immunization activities,however the coverage is quite low despite the accessibility of free vaccination.This study proposes a defaulter prediction model for accurate identification of defaulters.Our proposed framework classifies defaulters at five different stages:defaulter,partially high,partially medium,partially low,and unvaccinated to reinforce targeted interventions by accurately predicting children at high risk of defaulting from the immunization schedule.Different machine learning algorithms are applied on Pakistan Demographic and Health Survey(2017–18)dataset.Multilayer Perceptron yielded 98.5%accuracy for correctly identifying children who are likely to default from immunization series at different risk stages of being defaulter.In this paper,the proposed defaulters’prediction framework is a step forward towards a data-driven approach and provides a set of machine learning techniques to take advantage of predictive analytics.Hence,predictive analytics can reinforce immunization programs by expediting targeted action to reduce dropouts.Specially,the accurate predictions support targeted messages sent to at-risk parents’and caretakers’consumer devices(e.g.,smartphones)to maximize healthcare outcomes.展开更多
Background: Tuberculosis is second only to HIV/AIDS as the greatest killer worldwide, due to a single infectious agent. Directly Observed Treatment Short-Course (DOTS) is presently the WHO recommended programme to fig...Background: Tuberculosis is second only to HIV/AIDS as the greatest killer worldwide, due to a single infectious agent. Directly Observed Treatment Short-Course (DOTS) is presently the WHO recommended programme to fight tuberculosis worldwide. There is a need to understand the characteristics of patients who default from treatment for tuberculosis. This will help modify the strategies to reduce such default to the barest minimum and achieve higher levels of adherence. Objective: The aim of this study was to describe the characteristics of patients that defaulted from treatment for TB at Nnamdi Azikiwe University Teaching Hospital (NAUTH) Nnewi DOTS clinic for the period 1st January 2011 to 31st December 2012. Materials and Methods: This was a retrospective study conducted at the DOTS clinic at Nnamdi Azikiwe University Teaching Hospital Nnewi, Anambra State, Nigeria. The records of patients who received treatment from the clinic from 1st January 2011 to 31st December 2012 (2 years) were reviewed. The data collected include patients’ demographic characteristics, treatment category, patient type, baseline sputum smear result, and retroviral status. From the data, default rate was calculated and its relationship with other variables noted. Associations between patients’ characteristics were determined using chi square test of independence. The significance level was set at p = 0.05. Results: A total of 765 patients enrolled for TB treatment in the DOTS clinic of the study area within the study period of 1<sup>st</sup> January 2011 and December 31st 2012. The mean age at commencement of the treatment was 33.14 years (±18.09). The outcome of treatment showed that 260 (34%) had treatment completed, 230 (30.1%) cured, 120 (15.7%) defaulted, 103 (13.5%) died, 40 (5.2%) were transferred-out, and 12 (1.6%) failed in the treatment, giving a treatment success rate of 64.1%. Among the 120 (15.7%) patients that defaulted from treatment, majority 80 (66.7%) were males, and most 30 (25.0%) were in the 30 - 39 years age group. Conclusion: Defaulting starts with treatment interruption hence prompt management of interruption of treatment and default will largely help in preventing drug-resistant TB.展开更多
Attentional issues may affect acquiring new information, task performance, and learning. Cortical network activities change during different functional brain states, including the default mode network (DMN) and attent...Attentional issues may affect acquiring new information, task performance, and learning. Cortical network activities change during different functional brain states, including the default mode network (DMN) and attention network. We investigated the neural mechanisms underlying attentional functions and correlations between DMN connectivity and attentional function using the Trail-Making Test (TMT)-A and -B. Electroencephalography recordings were performed by placing 19 scalp electrodes per the 10 - 20 system. The mean power level was calculated for each rest and task condition. Non-parametric Spearman’s rank correlation was used to examine the correlation in power levels between the rest and TMT conditions. The most significant correlations during TMT-A were observed in the high gamma wave, followed by theta and beta waves, indicating that most correlations were in the parietal lobe, followed by the frontal, central, and temporal lobes. The most significant correlations during TMT-B were observed in the beta wave, followed by the high and low gamma waves, indicating that most correlations were in the temporal lobe, followed by the parietal, frontal, and central lobes. Frontoparietal beta and gamma waves in the DMN may represent attentional functions.展开更多
Background: Defaulting on antiretroviral therapy has been identified as the most important factor contributing to the antiretroviral therapy failure rate. This study aimed to investigate factors associated with defaul...Background: Defaulting on antiretroviral therapy has been identified as the most important factor contributing to the antiretroviral therapy failure rate. This study aimed to investigate factors associated with defaulting on antiretroviral therapy among adult patients receiving care at Chikankata Mission Hospital antiretroviral therapy clinic. Method: Cross-sectional analytical study on 385 participants selected by a computer generated random numbers technique of simple random sampling from among the patients receiving antiretroviral therapy at Chikankata Mission Hospital. Data collected were processed and analysed using Statistical Package for Social Science version 27. Univariate and backward multivariable logistic regression analysis was performed to identify factors associated with antiretroviral therapy defaulting. The level of significance was set at 5% with a confidence level of 95%. Results: Over half (58.4%) of the study participants defaulted on antiretroviral therapy. About 65.8% of study participants indicated improved health as the reason they defaulted on antiretroviral therapy. Most participants indicated that it was important to always go for antiretroviral therapy services (Adjusted Odds Ratio 1.95;95% Confidence Interval: [1.14 - 3.33], p = 0.015). Very few participants indicated poor family support for antiretroviral therapy services (Adjusted Odds Ratio 4.08;95% Confidence Interval: [2.02 - 8.23], p Conclusion: Defaulting on antiretroviral therapy continues to be a significant problem and needs to be addressed as a matter of priority. More counselling and awareness-raising programmes are required to improve knowledge and understanding on the importance of attending scheduled antiretroviral therapy clinics and services as well as the consequences of defaulting on antiretroviral therapy.展开更多
This paper investigates the theoretical relationship between corporate governance,fair value accounting,and debt contracts.It primarily examines the individual impacts of corporate governance and fair value accounting...This paper investigates the theoretical relationship between corporate governance,fair value accounting,and debt contracts.It primarily examines the individual impacts of corporate governance and fair value accounting on debt contracts,while also exploring the influence of corporate governance on fair value accounting.The study emphasizes the importance of considering the interests and legal status of creditors in the context of debt contracts.The findings indicate that strong corporate governance can reduce the likelihood of debt default and that the company’s restructuring costs in the event of a default determine whether improved corporate governance will increase or decrease debt costs.Additionally,the study reveals that the strength of corporate governance affects the value relevance of fair value accounting.However,the impact of fair value accounting on debt contracts is not inherently positive or negative;for instance,companies may use fair value adjustments with manipulative intent to enhance performance.Ultimately,the research highlights that discussions about corporate governance should not prioritize shareholder interests exclusively but also consider the legitimate position of creditors.展开更多
This paper investigates the macroeconomic impacts of Internet finance,highlighting its advantages and challenges.Internet finance,a fusion of Internet technology with traditional financial practices,introduces innovat...This paper investigates the macroeconomic impacts of Internet finance,highlighting its advantages and challenges.Internet finance,a fusion of Internet technology with traditional financial practices,introduces innovative models for global asset management,capital financing,payments,investments,and intermediary services.While it enhances the accessibility and efficiency of financial services,it also introduces new risks,such as higher credit default rates.This study explores how Internet finance contributes to financial inclusivity and macroeconomic growth yet poses potential threats to traditional financial stability.The dual aspects of Internet finance are analyzed:its application in existing processes and its capacity to generate novel business models.Furthermore,the paper proposes strategic responses to mitigate the negative impacts of Internet finance,mainly focusing on risk management and regulatory improvements to safeguard economic stability.展开更多
Between 2005 and 2007,the China Development Bank offered 1.66 billion yuan($237 million) worth of loans to 243,000 stu- dents from poor families in central China’s Henan Province.
Why do households use different types of loans?Which factors cause borrowers to default?Using a comprehensive survey dataset from Chile,I estimate a partial information model of consumer debt access,lender choice,loan...Why do households use different types of loans?Which factors cause borrowers to default?Using a comprehensive survey dataset from Chile,I estimate a partial information model of consumer debt access,lender choice,loan amount and default.The model consists of a first-stage multinomial logit that explains the choice across the five loan types,plus the options of no access to debt due to credit constraints and a no wish for consumer debt.In the second and third stages,the model assumes a log-linear regression of the debt amount and a logit regression of the default behavior,accounting for the loan type selection probability.Identification is obtained using factors measured at different time periods for the default and the loan type choices.I find that households choose different lenders based on income,education and labor risks.Higher income and education decrease the probability of credit constraints,while increasing bank lending and debt amounts.Unemployment risk and household size increase the chances of all the loan types;however,unemployment decreases the debt amount.Age and wage volatility reduce the probability of all loans.Default decreases with income,education and age,whereas it increases with indebtedness,unemployment,household size,health shocks,and paying previous loans.Counterfactual exercises demonstrate that pension reform,higher requirements for borrowers’capacities,and financial literacy programs could substantially reduce default risk.Financial literacy could greatly reduce arrears,households with credit constraints,the number of debtors and the aggregate debt amounts,especially for non-bank lending.Highlights Chilean borrowers present heterogeneous adverse selection across lender types.No Debt Access decreases with income,age,education,but it increases with risk.Default is associated with income,unemployment,indebtedness and demographics.Paying past loans and health needs are associated with indebtedness and default.Financial literacy programs may be a powerful policy to improve the debt market.展开更多
Acquired immune deficiency syndrome infection can lead to cognitive dysfunction represented by changes in the default mode network.Most recent studies have been cross-sectional and thus have not revealed dynamic chang...Acquired immune deficiency syndrome infection can lead to cognitive dysfunction represented by changes in the default mode network.Most recent studies have been cross-sectional and thus have not revealed dynamic changes in the default mode network following acquired immune deficiency syndrome infection and antiretroviral therapy.Specifically,when brain imaging data at only one time point are analyzed,determining the duration at which the default mode network is the most effective following antiretroviral therapy after the occurrence of acquired immune deficiency syndrome.However,because infection times and other factors are often uncertain,longitudinal studies cannot be conducted directly in the clinic.Therefore,in this study,we performed a longitudinal study on the dynamic changes in the default mode network over time in a rhesus monkey model of simian immunodeficiency virus infection.We found marked changes in default mode network connectivity in 11 pairs of regions of interest at baseline and 10 days and 4 weeks after virus inoculation.Significant interactions between treatment and time were observed in the default mode network connectivity of regions of interest pairs area 31/V6.R and area 8/frontal eye field(FEF).L,area 8/FEF.L and caudal temporal parietal occipital area(TPOC).R,and area 31/V6.R and TPOC.L.ART administered 4 weeks after infection not only interrupted the progress of simian immunodeficiency virus infection but also preserved brain function to a large extent.These findings suggest that the default mode network is affected in the early stage of simian immunodeficiency virus infection and that it may serve as a potential biomarker for early changes in brain function and an objective indicator for making early clinical intervention decisions.展开更多
On June 3,U.S.President Joe Biden signed a debt ceiling bill,the“Fiscal Responsibility Act of 2023,”two days before the nation’s debt default deadline,temporarily averting a calamitous default on its debt.With the ...On June 3,U.S.President Joe Biden signed a debt ceiling bill,the“Fiscal Responsibility Act of 2023,”two days before the nation’s debt default deadline,temporarily averting a calamitous default on its debt.With the bill,the nation’s debt limit is officially suspended through January 1,2025.展开更多
We have shown that classic works of Modigliani and Miller, Black and Scholes, Merton, Black and Cox, and Leland making the foundation of the modern asset pricing theory, are wrong due to misinterpretation of no arbitr...We have shown that classic works of Modigliani and Miller, Black and Scholes, Merton, Black and Cox, and Leland making the foundation of the modern asset pricing theory, are wrong due to misinterpretation of no arbitrage as the martingale no-arbitrage principle. This error explains appearance of the geometric Brownian model (GBM) for description of the firm value and other long-term assets considering the firm and its assets as self-financing portfolios with symmetric return distributions. It contradicts the empirical observations that returns on firms, stocks, and bonds are skewed. On the other side, the settings of the asset valuation problems, taking into account the default line and business securing expenses, BSEs, generate skewed return distributions for the firm and its securities. The Extended Merton model (EMM), taking into account BSEs and the default line, shows that the no-arbitrage principle should be understood as the non-martingale no arbitrage, when for sufficiently long periods both the predictable part of returns and the mean of the stochastic part of returns occur negative, and the value of the return deficit depends on time and the states of the firm and market. The EMM findings explain the problems with the S&P 500 VIX, the strange behavior of variance and skewness of stock returns before and after the crisis of 1987, etc.展开更多
In recent years, a lot of corporate defaults have had an impact on the capital market. How to prevent corporate default risks has become an important topic of concern for the academic community, enterprises and the go...In recent years, a lot of corporate defaults have had an impact on the capital market. How to prevent corporate default risks has become an important topic of concern for the academic community, enterprises and the government. We took China’s A-share listed companies from 2012 to 2018 as a sample, and used the double difference method to analyze the impact of supply-side structural reforms on corporate default risks. We found that supply-side structural reforms have reduced the risk of corporate default, and the inhibitory effect has gradually increased. In the relationship between supply-side structural reforms and corporate default risks, corporate financing capabilities have played an intermediary role. Supply-side structural reforms can improve the company’s endogenous financing capabilities, thereby reducing the risk of corporate default. However, we also found that the mediating effect of a company’s exogenous financing capability is not significant. At the same time, the regression results show that the digital economy can play a regulatory role. It can not only actively regulate the relationship between supply-side structural reforms and corporate default risks, but also mediate the mediating effect of corporate endogenous financing capabilities. The results of this article provide some evidence for the synergy between supply-side structural reforms and the digital economy.展开更多
presented The conceptions of abstract default reasoning frameworks (ADRFs) and D-consequence relations are Based on representation properties of D-consequence relations, it proves that any cumulative nonmonotonic co...presented The conceptions of abstract default reasoning frameworks (ADRFs) and D-consequence relations are Based on representation properties of D-consequence relations, it proves that any cumulative nonmonotonic consequence relation with the connective-free form can be represented by ADRFs.展开更多
Objective:To judge for reasons of interrupting the treatment as told by patient himself/herself and see for adherence to therapy and treatment outcome after counselling.Methods:All patients with history of interruptin...Objective:To judge for reasons of interrupting the treatment as told by patient himself/herself and see for adherence to therapy and treatment outcome after counselling.Methods:All patients with history of interrupting the treatment presenting to chest OPD were included in this study.Counselling was done by medical officer on first interaction and by health care worker(as guidance of medical officer) subsequently.Reasons for interrupting the treatment were noted.Patients and their relatives were counselled about the urgent need for strict adherence to therapy with special focus on reasons for which that particular patient had defaulted.Results:Total 56 patients were included in the study during First Quarter of year 2007.Treatment outcomes of 40 patients were available.6 out of them had interrupted the treatment(15%)(National figures;19%and Maharashtra: 21%),13 patients died during the treatment(5 of them were Cat 2 defaulters).Multiple reasons for interrupting the treatment were present.Most common reasons were alcoholism and feeling of relief with treatment (46.4%).Conclusion:There is an urgent need for stressing upon counselling during Revised National Tuberculosis Control Programme(RNTCP) sensitization and training.Medical officers can play an important role in reducing the defaulter rate by counselling of patient and their relatives.展开更多
<b>Background:</b><b> </b>A high level of adherence to treatment is essential for cure and prevention of tuberculosis (TB) treatment resistance. <b>Methods:</b><b> </b>A...<b>Background:</b><b> </b>A high level of adherence to treatment is essential for cure and prevention of tuberculosis (TB) treatment resistance. <b>Methods:</b><b> </b>A Systematic review of 53 studies addressing the patient characteristics associated with TB medication non-adherence was performed. The publications were identified by searching the PubMed, World Health Organization (WHO), and Centers for Disease Control and Prevention (CDC) database, EmBase, Scopus database Arts, Humanities, Social Science database and Google scholar. Only English language publications were eligible. Potentially eligible studies were retrieved and the full articles were assessed. The potentially eligible studies were included if they concerned patients treated for tuberculosis, reported non adherence and reported on potential risk factors associated with non-adherence. <b>Results:</b> Factors that were most frequently consistently and statistically significantly related to non-adherence to tuberculosis treatment were: family income, patient movement and changing address or giving wrong address, tuberculosis relapse or multidrug-resistant TB (MDRTB), during intensive phase of treatment, history of default, treatment regimen (long course), response to treatment, homeless, stigma, seeking traditional healers, staff receptiveness, lack of directly observed therapy short course (DOTS), poor knowledge or lack of health education, side effects of drugs, feeling better, alcohol intake and lack of family and social support. <b>Conclusions:</b> Non-adherence to tuberculosis treatment was influenced by several factors.展开更多
In the relevance-theoretic framework,translation is an act of communication carried out between two cultures through the medium of language,which involves the cognition of three parts;the original writer,the translato...In the relevance-theoretic framework,translation is an act of communication carried out between two cultures through the medium of language,which involves the cognition of three parts;the original writer,the translator,and the target reader.Since it is a culture-specific phenomenon and the cognitive environment of the original writer and the target reader are different,cultural default often results in misreading or incoherent understanding in cross-cultural communication.展开更多
基金This research was supported by Korea Institute for Advancement of Technology(KIAT)grant funded by the Korea Government(MOTIE)(P0012724,The Competency DevelopmentProgram for Industry Specialist)the Soonchunhyang University Research Fund.
文摘Immunization is a noteworthy and proven tool for eliminating lifethreating infectious diseases,child mortality and morbidity.Expanded Program on Immunization(EPI)is a nation-wide program in Pakistan to implement immunization activities,however the coverage is quite low despite the accessibility of free vaccination.This study proposes a defaulter prediction model for accurate identification of defaulters.Our proposed framework classifies defaulters at five different stages:defaulter,partially high,partially medium,partially low,and unvaccinated to reinforce targeted interventions by accurately predicting children at high risk of defaulting from the immunization schedule.Different machine learning algorithms are applied on Pakistan Demographic and Health Survey(2017–18)dataset.Multilayer Perceptron yielded 98.5%accuracy for correctly identifying children who are likely to default from immunization series at different risk stages of being defaulter.In this paper,the proposed defaulters’prediction framework is a step forward towards a data-driven approach and provides a set of machine learning techniques to take advantage of predictive analytics.Hence,predictive analytics can reinforce immunization programs by expediting targeted action to reduce dropouts.Specially,the accurate predictions support targeted messages sent to at-risk parents’and caretakers’consumer devices(e.g.,smartphones)to maximize healthcare outcomes.
文摘Background: Tuberculosis is second only to HIV/AIDS as the greatest killer worldwide, due to a single infectious agent. Directly Observed Treatment Short-Course (DOTS) is presently the WHO recommended programme to fight tuberculosis worldwide. There is a need to understand the characteristics of patients who default from treatment for tuberculosis. This will help modify the strategies to reduce such default to the barest minimum and achieve higher levels of adherence. Objective: The aim of this study was to describe the characteristics of patients that defaulted from treatment for TB at Nnamdi Azikiwe University Teaching Hospital (NAUTH) Nnewi DOTS clinic for the period 1st January 2011 to 31st December 2012. Materials and Methods: This was a retrospective study conducted at the DOTS clinic at Nnamdi Azikiwe University Teaching Hospital Nnewi, Anambra State, Nigeria. The records of patients who received treatment from the clinic from 1st January 2011 to 31st December 2012 (2 years) were reviewed. The data collected include patients’ demographic characteristics, treatment category, patient type, baseline sputum smear result, and retroviral status. From the data, default rate was calculated and its relationship with other variables noted. Associations between patients’ characteristics were determined using chi square test of independence. The significance level was set at p = 0.05. Results: A total of 765 patients enrolled for TB treatment in the DOTS clinic of the study area within the study period of 1<sup>st</sup> January 2011 and December 31st 2012. The mean age at commencement of the treatment was 33.14 years (±18.09). The outcome of treatment showed that 260 (34%) had treatment completed, 230 (30.1%) cured, 120 (15.7%) defaulted, 103 (13.5%) died, 40 (5.2%) were transferred-out, and 12 (1.6%) failed in the treatment, giving a treatment success rate of 64.1%. Among the 120 (15.7%) patients that defaulted from treatment, majority 80 (66.7%) were males, and most 30 (25.0%) were in the 30 - 39 years age group. Conclusion: Defaulting starts with treatment interruption hence prompt management of interruption of treatment and default will largely help in preventing drug-resistant TB.
文摘Attentional issues may affect acquiring new information, task performance, and learning. Cortical network activities change during different functional brain states, including the default mode network (DMN) and attention network. We investigated the neural mechanisms underlying attentional functions and correlations between DMN connectivity and attentional function using the Trail-Making Test (TMT)-A and -B. Electroencephalography recordings were performed by placing 19 scalp electrodes per the 10 - 20 system. The mean power level was calculated for each rest and task condition. Non-parametric Spearman’s rank correlation was used to examine the correlation in power levels between the rest and TMT conditions. The most significant correlations during TMT-A were observed in the high gamma wave, followed by theta and beta waves, indicating that most correlations were in the parietal lobe, followed by the frontal, central, and temporal lobes. The most significant correlations during TMT-B were observed in the beta wave, followed by the high and low gamma waves, indicating that most correlations were in the temporal lobe, followed by the parietal, frontal, and central lobes. Frontoparietal beta and gamma waves in the DMN may represent attentional functions.
文摘Background: Defaulting on antiretroviral therapy has been identified as the most important factor contributing to the antiretroviral therapy failure rate. This study aimed to investigate factors associated with defaulting on antiretroviral therapy among adult patients receiving care at Chikankata Mission Hospital antiretroviral therapy clinic. Method: Cross-sectional analytical study on 385 participants selected by a computer generated random numbers technique of simple random sampling from among the patients receiving antiretroviral therapy at Chikankata Mission Hospital. Data collected were processed and analysed using Statistical Package for Social Science version 27. Univariate and backward multivariable logistic regression analysis was performed to identify factors associated with antiretroviral therapy defaulting. The level of significance was set at 5% with a confidence level of 95%. Results: Over half (58.4%) of the study participants defaulted on antiretroviral therapy. About 65.8% of study participants indicated improved health as the reason they defaulted on antiretroviral therapy. Most participants indicated that it was important to always go for antiretroviral therapy services (Adjusted Odds Ratio 1.95;95% Confidence Interval: [1.14 - 3.33], p = 0.015). Very few participants indicated poor family support for antiretroviral therapy services (Adjusted Odds Ratio 4.08;95% Confidence Interval: [2.02 - 8.23], p Conclusion: Defaulting on antiretroviral therapy continues to be a significant problem and needs to be addressed as a matter of priority. More counselling and awareness-raising programmes are required to improve knowledge and understanding on the importance of attending scheduled antiretroviral therapy clinics and services as well as the consequences of defaulting on antiretroviral therapy.
文摘This paper investigates the theoretical relationship between corporate governance,fair value accounting,and debt contracts.It primarily examines the individual impacts of corporate governance and fair value accounting on debt contracts,while also exploring the influence of corporate governance on fair value accounting.The study emphasizes the importance of considering the interests and legal status of creditors in the context of debt contracts.The findings indicate that strong corporate governance can reduce the likelihood of debt default and that the company’s restructuring costs in the event of a default determine whether improved corporate governance will increase or decrease debt costs.Additionally,the study reveals that the strength of corporate governance affects the value relevance of fair value accounting.However,the impact of fair value accounting on debt contracts is not inherently positive or negative;for instance,companies may use fair value adjustments with manipulative intent to enhance performance.Ultimately,the research highlights that discussions about corporate governance should not prioritize shareholder interests exclusively but also consider the legitimate position of creditors.
文摘This paper investigates the macroeconomic impacts of Internet finance,highlighting its advantages and challenges.Internet finance,a fusion of Internet technology with traditional financial practices,introduces innovative models for global asset management,capital financing,payments,investments,and intermediary services.While it enhances the accessibility and efficiency of financial services,it also introduces new risks,such as higher credit default rates.This study explores how Internet finance contributes to financial inclusivity and macroeconomic growth yet poses potential threats to traditional financial stability.The dual aspects of Internet finance are analyzed:its application in existing processes and its capacity to generate novel business models.Furthermore,the paper proposes strategic responses to mitigate the negative impacts of Internet finance,mainly focusing on risk management and regulatory improvements to safeguard economic stability.
文摘Between 2005 and 2007,the China Development Bank offered 1.66 billion yuan($237 million) worth of loans to 243,000 stu- dents from poor families in central China’s Henan Province.
文摘Why do households use different types of loans?Which factors cause borrowers to default?Using a comprehensive survey dataset from Chile,I estimate a partial information model of consumer debt access,lender choice,loan amount and default.The model consists of a first-stage multinomial logit that explains the choice across the five loan types,plus the options of no access to debt due to credit constraints and a no wish for consumer debt.In the second and third stages,the model assumes a log-linear regression of the debt amount and a logit regression of the default behavior,accounting for the loan type selection probability.Identification is obtained using factors measured at different time periods for the default and the loan type choices.I find that households choose different lenders based on income,education and labor risks.Higher income and education decrease the probability of credit constraints,while increasing bank lending and debt amounts.Unemployment risk and household size increase the chances of all the loan types;however,unemployment decreases the debt amount.Age and wage volatility reduce the probability of all loans.Default decreases with income,education and age,whereas it increases with indebtedness,unemployment,household size,health shocks,and paying previous loans.Counterfactual exercises demonstrate that pension reform,higher requirements for borrowers’capacities,and financial literacy programs could substantially reduce default risk.Financial literacy could greatly reduce arrears,households with credit constraints,the number of debtors and the aggregate debt amounts,especially for non-bank lending.Highlights Chilean borrowers present heterogeneous adverse selection across lender types.No Debt Access decreases with income,age,education,but it increases with risk.Default is associated with income,unemployment,indebtedness and demographics.Paying past loans and health needs are associated with indebtedness and default.Financial literacy programs may be a powerful policy to improve the debt market.
基金supported by the National Natural Science Foundation of China,Nos.82271963(to HJL),81771806(to HJL),61936013(to HJL),82001914(to ZCT),81871511(to HZ)National Key R&D Program of China,No.2021YFA1301603(to ZCT)the Natural Science Foundation of Beijing,No.7212051(to HJL).
文摘Acquired immune deficiency syndrome infection can lead to cognitive dysfunction represented by changes in the default mode network.Most recent studies have been cross-sectional and thus have not revealed dynamic changes in the default mode network following acquired immune deficiency syndrome infection and antiretroviral therapy.Specifically,when brain imaging data at only one time point are analyzed,determining the duration at which the default mode network is the most effective following antiretroviral therapy after the occurrence of acquired immune deficiency syndrome.However,because infection times and other factors are often uncertain,longitudinal studies cannot be conducted directly in the clinic.Therefore,in this study,we performed a longitudinal study on the dynamic changes in the default mode network over time in a rhesus monkey model of simian immunodeficiency virus infection.We found marked changes in default mode network connectivity in 11 pairs of regions of interest at baseline and 10 days and 4 weeks after virus inoculation.Significant interactions between treatment and time were observed in the default mode network connectivity of regions of interest pairs area 31/V6.R and area 8/frontal eye field(FEF).L,area 8/FEF.L and caudal temporal parietal occipital area(TPOC).R,and area 31/V6.R and TPOC.L.ART administered 4 weeks after infection not only interrupted the progress of simian immunodeficiency virus infection but also preserved brain function to a large extent.These findings suggest that the default mode network is affected in the early stage of simian immunodeficiency virus infection and that it may serve as a potential biomarker for early changes in brain function and an objective indicator for making early clinical intervention decisions.
文摘On June 3,U.S.President Joe Biden signed a debt ceiling bill,the“Fiscal Responsibility Act of 2023,”two days before the nation’s debt default deadline,temporarily averting a calamitous default on its debt.With the bill,the nation’s debt limit is officially suspended through January 1,2025.
文摘We have shown that classic works of Modigliani and Miller, Black and Scholes, Merton, Black and Cox, and Leland making the foundation of the modern asset pricing theory, are wrong due to misinterpretation of no arbitrage as the martingale no-arbitrage principle. This error explains appearance of the geometric Brownian model (GBM) for description of the firm value and other long-term assets considering the firm and its assets as self-financing portfolios with symmetric return distributions. It contradicts the empirical observations that returns on firms, stocks, and bonds are skewed. On the other side, the settings of the asset valuation problems, taking into account the default line and business securing expenses, BSEs, generate skewed return distributions for the firm and its securities. The Extended Merton model (EMM), taking into account BSEs and the default line, shows that the no-arbitrage principle should be understood as the non-martingale no arbitrage, when for sufficiently long periods both the predictable part of returns and the mean of the stochastic part of returns occur negative, and the value of the return deficit depends on time and the states of the firm and market. The EMM findings explain the problems with the S&P 500 VIX, the strange behavior of variance and skewness of stock returns before and after the crisis of 1987, etc.
文摘In recent years, a lot of corporate defaults have had an impact on the capital market. How to prevent corporate default risks has become an important topic of concern for the academic community, enterprises and the government. We took China’s A-share listed companies from 2012 to 2018 as a sample, and used the double difference method to analyze the impact of supply-side structural reforms on corporate default risks. We found that supply-side structural reforms have reduced the risk of corporate default, and the inhibitory effect has gradually increased. In the relationship between supply-side structural reforms and corporate default risks, corporate financing capabilities have played an intermediary role. Supply-side structural reforms can improve the company’s endogenous financing capabilities, thereby reducing the risk of corporate default. However, we also found that the mediating effect of a company’s exogenous financing capability is not significant. At the same time, the regression results show that the digital economy can play a regulatory role. It can not only actively regulate the relationship between supply-side structural reforms and corporate default risks, but also mediate the mediating effect of corporate endogenous financing capabilities. The results of this article provide some evidence for the synergy between supply-side structural reforms and the digital economy.
文摘presented The conceptions of abstract default reasoning frameworks (ADRFs) and D-consequence relations are Based on representation properties of D-consequence relations, it proves that any cumulative nonmonotonic consequence relation with the connective-free form can be represented by ADRFs.
文摘Objective:To judge for reasons of interrupting the treatment as told by patient himself/herself and see for adherence to therapy and treatment outcome after counselling.Methods:All patients with history of interrupting the treatment presenting to chest OPD were included in this study.Counselling was done by medical officer on first interaction and by health care worker(as guidance of medical officer) subsequently.Reasons for interrupting the treatment were noted.Patients and their relatives were counselled about the urgent need for strict adherence to therapy with special focus on reasons for which that particular patient had defaulted.Results:Total 56 patients were included in the study during First Quarter of year 2007.Treatment outcomes of 40 patients were available.6 out of them had interrupted the treatment(15%)(National figures;19%and Maharashtra: 21%),13 patients died during the treatment(5 of them were Cat 2 defaulters).Multiple reasons for interrupting the treatment were present.Most common reasons were alcoholism and feeling of relief with treatment (46.4%).Conclusion:There is an urgent need for stressing upon counselling during Revised National Tuberculosis Control Programme(RNTCP) sensitization and training.Medical officers can play an important role in reducing the defaulter rate by counselling of patient and their relatives.
文摘<b>Background:</b><b> </b>A high level of adherence to treatment is essential for cure and prevention of tuberculosis (TB) treatment resistance. <b>Methods:</b><b> </b>A Systematic review of 53 studies addressing the patient characteristics associated with TB medication non-adherence was performed. The publications were identified by searching the PubMed, World Health Organization (WHO), and Centers for Disease Control and Prevention (CDC) database, EmBase, Scopus database Arts, Humanities, Social Science database and Google scholar. Only English language publications were eligible. Potentially eligible studies were retrieved and the full articles were assessed. The potentially eligible studies were included if they concerned patients treated for tuberculosis, reported non adherence and reported on potential risk factors associated with non-adherence. <b>Results:</b> Factors that were most frequently consistently and statistically significantly related to non-adherence to tuberculosis treatment were: family income, patient movement and changing address or giving wrong address, tuberculosis relapse or multidrug-resistant TB (MDRTB), during intensive phase of treatment, history of default, treatment regimen (long course), response to treatment, homeless, stigma, seeking traditional healers, staff receptiveness, lack of directly observed therapy short course (DOTS), poor knowledge or lack of health education, side effects of drugs, feeling better, alcohol intake and lack of family and social support. <b>Conclusions:</b> Non-adherence to tuberculosis treatment was influenced by several factors.
文摘In the relevance-theoretic framework,translation is an act of communication carried out between two cultures through the medium of language,which involves the cognition of three parts;the original writer,the translator,and the target reader.Since it is a culture-specific phenomenon and the cognitive environment of the original writer and the target reader are different,cultural default often results in misreading or incoherent understanding in cross-cultural communication.