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Political frictions significantly affect both pricing and supply in the long-term care insurance (LTCI) market. Comparing the same insurer's requests submitted for the same policy at the same time to different state regulators, we find that they are 13% more likely to be approved and receive 4% more of the requested amount after an election year. Over time, regulatory pushback on premium increase requests leads to persistently lower cash reserves and increases the probability of company dropout. An insurer who receives one-standard-deviation less of their requested increase is 20% more likely to leave the market next year. [ABSTRACT FROM AUTHOR]

In order to improve the effect of injection–production coupling development to improve crude oil recovery in complex fault-block reservoirs, we carried out a physical simulation experiment based on a sandpack model of transforming water-driven development into injection–production coupling development and quantitatively evaluated the influence of rounds of injection pressure coupling on the crude oil mobilization in reservoirs with different permeability levels and on oil recovery. Meanwhile, the characteristics of residual oil were studied via a numerical simulation method. The mechanism of increased oil production via injection–production coupling development was revealed by analyzing the water and oil contents, formation pressure, and streamline fields through the establishment of mechanism models. The results of the physical experiment show that injection–production coupling can improve the recovery effect of medium- and low-permeability reservoirs by 55.66%. With an increase in the injection pressure, the oil recovery percentage of the low-permeability sandpack model at 20 MPa is 100%, and this study finds that injection–production coupling is the main way to develop the recoverable oil in a low-permeability reservoir. The numerical simulation results show that among the four remaining oil distribution types (interwell-enriched, low-permeability zone-enriched, well network imperfection, and mismatch between injection and production), the interwell-enriched type of the remaining oil reserves accounts for the highest proportion (48.52%). The simulation results of the mechanism model show that water-driven development easily leads to streamline solidification, resulting in ineffective circulation of the injected water. Compared with conventional water-driven development, the pressure propagation range is significantly increased in injection–production coupling development. The reservoir streamline distribution is more continuous and uniform, and the flooding wave is wider in volume and range. This research provides a theoretical basis for the injection–production coupling technology policy in complex fault-block reservoirs. [ABSTRACT FROM AUTHOR]

The '100% money' proposal aims at divorcing the creation of money from banking, by requiring 100% reserves on transaction accounts. The public monetary authority would then be the sole issuer of means of payment, while the banks would function as true intermediaries, financing loans with pre‐existing money. This article, building on the works of 1930s economists such as Irving Fisher, presents ten arguments in favour of this reform proposal — arguing that it would, in particular, prevent cumulative variations in the money stock, facilitate monetary control, reduce government intervention in banking, improve public finances, and make money creation more neutral. [ABSTRACT FROM AUTHOR]

The activities of business entities are conducted in conditions of uncertainty, which leads to the emergence of various types of business risks. The accounting system plays an important role in the information provision of risk management. Reliable accounting data can be a reliable source of information when making decisions on economic risk management both by the managers of the enterprise and by other parties interested in its activities. The article is devoted to the study of the accounting provision of capital reserves as a risk management tool for the protection of the capital of the enterprise. In the classification of capital reserves, an additional feature is distinguished by the identification of risks for the management of which the reserves are formed. It has been established that the risks of enterprises are the subject of the formation of reserves, and therefore it is advisable for the enterprise to create specific types of reserves that are necessary to cover the types of risks that are inherent in its activities. [ABSTRACT FROM AUTHOR]

The research is dedicated to the current issue of improving the accounting and analytical support for enterprise risk management in conditions of a military state. It analyzes the processes of risk identification, assessment, measurement, and representation in financial reporting, taking into account International Accounting Standards and qualitative assessments. A conceptual approach is proposed to enhance the enterprise risk management process through the detailed implementation of three blocks of analytical procedures: research and identification, risk assessment, analysis, and neutralization, which involves its integration into the accounting and analytical support system for enterprise risk management. Based on the analysis of reporting of Ukrainian enterprises, the most common risks arising in modern conditions are identified. A classification of risks by their origin is proposed, allowing for the systematization of various types of reserves, provisions, and funds that are formed to reflect risk events in accordance with accounting standards. The analytical and applied support for risk representation in accounting is improved through the development of an analytical matrix of risk impact on events in reporting. It enables the consolidation of information on the likelihood and significance of risks in a unified format and establishes the appropriateness of reflecting reserves and provisions in accounting. The research results have practical significance and can be utilized by enterprises to enhance their risk management systems and effectively represent risk events in financial reporting, which will contribute to risk reduction and minimizing losses for enterprises in conditions of a military state. [ABSTRACT FROM AUTHOR]

Detailed information about individual claims are completely ignored when insurance claims data are aggregated and structured in development triangles for loss reserving. In the hope of extracting predictive power from the individual claims characteristics, researchers have recently proposed to use micro‐level loss reserving approaches. We introduce a discrete‐time individual reserving framework incorporating granular information in a deep learning approach named Long Short‐Term Memory (LSTM) neural network. At each time period, the network has two tasks: first, classifying whether there is a payment or a recovery, and second, predicting the corresponding non‐zero amount, if any. Based on a generalized Pareto model for excess payments over a threshold, we adjust the LSTM reserve prediction to account for extreme payments. We illustrate the estimation procedure on a simulated and a real general insurance dataset. We compare our approach with the chain‐ladder aggregate method using the predictive outstanding loss estimates and their actual values. [ABSTRACT FROM AUTHOR]

Background: The widespread use and misuse of antimicrobials are the major driving factor for antimicrobial resistance (AMR) that threatens the health of human beings globally. Thus, monitoring antimicrobial consumption at national level is crucial to prevent and contain AMR. Nevertheless, there is no well-established system for recording and reporting of antimicrobial consumption in Ethiopia. Hence, the national antimicrobial consumption survey was conducted to generate evidence for decision-making on the appropriate use of antimicrobials in Ethiopia and tackle AMR. Methods: All imported and locally manufactured antimicrobials from 2017 to 2019 were from the Ethiopian Food and Drug Authority and local manufacturers database, respectively. Data were collected and analyzed descriptively in accordance with the World Health Organization (WHO) Anatomical Therapeutic Chemical (ATC) and defined daily doses (DDD) classification and methodology. Results: The average DDD/1,000 inhabitants for all antimicrobials was 15.36. The DDD/1,000 inhabitants fell down sharply from 37.03 in 2017 to 4.30 in 2018, before slightly rising to 4.75 in 2019. The majority of the consumed antimicrobials were comprised of oral antimicrobials (98.6%), while parenteral antimicrobials made up 1.4%. Tetracyclines (35.81%), fluoroquinolones (20.19%), macrolides (13.92%), antiretrovirals (10.57%), and cephalosporins (9.63%) were the most frequently consumed classes of antimicrobials during the three years period. About 75.83% of the consumed antimicrobials fall under the WHO AWaRe classification and 67.87% of antimicrobial consumption was from the WHO Access class medications, with Watch and Reserve classes accounting for 32.13% and <1%, respectively. Similarly, about 86.90% of the antimicrobials fall under the Ethiopian AWaRe classification, with Access, Watch, and Reserve accounting for 87.73%, 12.26%, and <1%, respectively. Conclusion: Due to the peculiarities of our settings, our findings may have some similarities and differences with similar studies from other countries. Hence, we recommend for all concerned bodies to work collaboratively to improve monitoring of antimicrobial consumption at different levels of the Ethiopian healthcare tier system. Future work is necessary to establish a strong system of reporting of antimicrobial consumption patterns in Ethiopia. [ABSTRACT FROM AUTHOR]

Calculating and accounting only for current tax is not sufficient if, due to accounting policies or legal provisions, the tax value of assets and liabilities is different from their book value. Profits or losses are shown in the profit and loss account, while some gains or losses (other than those shown in the profit and loss account) are shown in reserves or retained earnings. To the extent that the taxation of certain profits or the deduction of certain tax losses is deferred to future periods, as well as in situations where some amounts shown in the reserve accounts or retained earnings are to be taxed in the future as a result of provisions in tax legislation, a deferred income tax liability must be recognized in the accounts. The transition to IFRS has led to the recognition of deferred taxes, receivable or payable, depending on the situation of each entity, in the profit and loss account, the retained earnings account or the reserve accounts. [ABSTRACT FROM AUTHOR]

This paper investigates the shortcomings of the AISC 360–22 and Eurocode 3–22 provisions for calculating the plateau and lateral-torsional buckling (LTB) flexural resistance of thin-web singly-symmetric steel I-section members with the larger flange in compression. In addition, the paper proposes and evaluates corresponding newly recommended AISC 360 procedures, which eliminate the tension flange yielding (TFY) limit state check and implement a more mechanistically-based solution accounting for the inelastic reserve strength associated with flexural yielding in tension. The recommended procedures incorporate other recently proposed improvements to AISC 360, solving substantive LTB overprediction problems for certain types of built-up I-section members. The results from six large-scale experimental tests, associated finite element analysis (FEA) simulations, and parametric FEA simulation studies are considered. The results demonstrate improved accuracy and substantial gains in the predicted strengths by the recommended procedures relative to the AISC 360–22 and Eurocode 3–22 calculations for a significant range of geometries and loadings. In addition, the recommended methods address LTB overprediction problems exhibited by AISC 360–22 for a limited range of the member types studied. • Experimental evidence shows current flexure design codes can be overly conservative. • Accounting for tensile yield in flexure can result in substantial strength gains. • Codes do not calculate the true stain distribution for larger flanges in compression. • Experimental evidence shows current flexure design codes can overpredict capacity. • Improvements can be made to the design codes through simple modification. [ABSTRACT FROM AUTHOR]

The western Baltic Sea cod (WBC) stock is at historically low levels, mainly attributed to high fishing pressure and low recruitment. Stable stock assessment metrics suggested recovery potential, given appropriate fisheries management measures. However, changing environmental conditions violate stability assumptions, may negatively affect WBC, and challenge the resource management. The present study explored 42 years of changes in WBC biological parameters. WBC body condition gradually decreased over the last decades for juveniles and adults, with a rapid decrease in recent years when a single cohort dominated the overfished stock. The hepato-somatic index and the muscle weight decreased by 50% and 10% in the last 10 years, respectively, suggesting severely decreasing energy reserves and productivity. The changes in energy reserves were associated with changes in environmental conditions (increase in bottom water temperature, expansion of hypoxic areas during late summer/autumn), and changes in diet composition (less herring). A key bottleneck is the warming and longer-lasting summer period when WBC, trapped between warmed shallow waters and hypoxic deeper waters, have to mobilize energy reserves to account for reduced feeding opportunities and thermal stress. Our results suggest that stock recovery is unlikely to happen by fisheries management alone if environmental trajectories remain unchanged. [ABSTRACT FROM AUTHOR]

We examine whether firms' tax uncertainty affect their trade credit and inventory investment policies. Using a measure of tax uncertainty based on an accounting reserve for contingent tax liability, we find that tax uncertainty is negatively associated with trade credit use and inventory investment. In terms of economic significance, the effect of tax uncertainty on trade credit use is comparable to those of the firm's cash flow and leverage. Overall, our findings highlight a new channel through which tax planning policies affect corporate decisions and show that the firm's tax planning policies are important determinants of its trade credit use and inventory investment. Our results are robust to different empirical specifications and tests. [ABSTRACT FROM AUTHOR]

The article highlights that many Arab countries have high spending without developing a solid revenue base or adequate emergency reserves, public debt levels have skyrocketed, and governments balance sheets have struggled to cope with waves of crises and their required responses. It also discusses that many Arab countries have faced compounded shocks in the humanitarian and health spheres, in real economic and financial trends, and in the management of their pre-existing sovereign debts.

This paper proposes a comprehensive methodology for determining the converter droop settings to ensure the voltage security in a multi-terminal direct current (MTDC) grid. The novelty lies in the introduction of the concept of over- and under-voltage containment reserves in analogy to the frequency containment reserves in AC systems. This not only gives a distinction of the contribution between the converters in rectifying and inverting modes, but also significantly facilitates the sizing of the necessary amount of reserves within their available headroom capacity of power. In particular, the constraints of converter outages, converter rating, and DC voltage deviations are all taken into account in the design of reserves. The effectiveness of the proposed approach is demonstrated by a contingency power flow analysis algorithm and EMT simulations of a four-terminal MTDC grid. [ABSTRACT FROM AUTHOR]

With the increasing share of variable and limitedly predictable renewable energy in power systems worldwide, ensuring reserve capacity to maintain the balance of supply and demand becomes more important. On the other hand, the development of the virtual power plant model (VPP) allows renewable sources and energy storage to participate in reserve service. This paper addresses the optimal reserve bidding strategy problem of a VPP comprising of renewable energy resources (RESs), energy storage systems (ESSs), and several customers. The VPP participates in balance capacity (BC), day-ahead (DA), and intra-day (ID) markets. The scheduling problem is formulated as a two-stage chance-constrained optimization model taking the uncertainty of RESs production, load consumption, and probability of reserve activation into account. The response of VPP after its reserve capacity is called and generated is also considered to increase the operational flexibility of VPP. The proposed model is implemented on a test VPP system, and the effects of RESs sizing, ESSs sizing, and the probability of reserve activation are analyzed. Results indicate that the proposed model can perform well under real-world conditions. [ABSTRACT FROM AUTHOR]

Successive calamities, including bark beetle outbreaks and windthrow, have caused severe damages in German forests since 2018. The loss of forest stands as an important source of income makes it increasingly difficult for forest management to secure sustainable revenues, which in turn threatens the livelihood of many private forest enterprises. In addition, valuable ecosystem services are affected and there is a lack of financial resources for the necessary investments in reforestation and climate change adaptation. An online survey was used to investigate the attitude of private forest enterprises towards solving liquidity problems. [ABSTRACT FROM AUTHOR]

Global warming is increasing the vulnerability of ecosystems, especially in peninsular Spain. Biosphere Reserves are internationally protected areas that seek to protect biodiversity and, at the same time, promote sustainable development. Evaluating these protected areas is essential to verify environmental changes and establish priorities in their management. In this work, we have studied the time trends of NDVI in the high mountain Biosphere Reserves of Spain from 2001 to 2016 to check if the trend patterns are associated with some environmental variables. Significant differences were found between NDVI trends and high mountain Biosphere Reserves. Firstly, significant positive trends in NDVI were observed when analysing both reserves together. However, significant differences were found between the two reserves. The Ordesa-Viñamala Reserve shows higher positive NDVI trends and lower negative trends, while this pattern is reversed in Sierra Nevada. We observed how the fluctuations in temperature and drought due to climate change have already negatively affected the Mediterranean reserve (Sierra Nevada). In contrast, the alpine reserve (Ordesa-Viñamala) maintains positive NDVI trends. This study helps to close the gap in information related to Biosphere Reserves, which gives value to the work that is being carried out by the local communities that make up them, generating statistically significant results that Biosphere Reserves are protected areas that help us understand how to manage and govern socioecological systems sustainably. • The study assesses NDVI trend in the Spanish high mountain Biosphere Reserves. • We analysis the association between NDVI trends and environmental variables. • Significant differences in NDVI trend frequency found between the reserves. • Climate change is having effects on reserves NDVI trends. • Trend data is key to ensuring reserves take into account in political decisions. [ABSTRACT FROM AUTHOR]

The AquaCrop simulation model, originally designed for annual crops, is expanded here to simulate alfalfa, a perennial forage crop. A new routine was added to the model to mimic the assimilate partitioning between above and below-ground plant parts to account for the utilization of reserves in Spring and for their storage in the Fall. The simulation of the transfer of assimilates requires only three extra crop parameters which makes the model also easy to calibrate. To evaluate the model, yield data collected in Louvain-La-Neuve (Belgium), Isparta (Turkey), and Ottawa (Canada) for different alfalfa cultivars, various years and field and irrigation management strategies were used. To assess the accuracy and robustness of the simple assimilate remobilization process, simulations were run for the three different environments with a common set of crop parameters which were parameterized. The dispersion between the observed and simulated cumulative dry above-ground biomass during the growing cycle was small (r² = 0.97; nRMSE = 11%; Nash-Sutcliffe model EF = 0.97), and a systematic over- or underestimation by the model was not observed (Willmott's index of agreement, d = 0.99). When evaluating the goodness of fit of the 81 individual harvest events, the results were still very satisfactory although the nRMSE doubled. The simulations indicated that the AquaCrop model adapted to perennial crops and with a novel storage-remobilization routine, could predict well alfalfa yields in various climates and environments, with and without water and fertility stress, and for three different alfalfa cultivars. • The AquaCrop simulation model is expanded to simulate perennial forage crops. • A simple routine describes the transfer of assimilates between the above ground biomass and the below-ground storage organs. • Variations in partitioning along the season was simulated by increasing or reducing the crop water productivity. • Simulations were run with a common set of crop parameters for different years, alfalfa cultivars, climates, and environments. • The simulations indicated that AquaCrop can well predict the total yield of alfalfa that can be expected in various environments. [ABSTRACT FROM AUTHOR]

The article offers information that Originating Depository Financial Institution has agreed to pay an unauthorized entry fee to the respective Receiving Depository Financial Institution for a debit entry.

The article discusses that each non-consumer originator, participating Depository Financial Institution, third-party service provider must establish, implement, and update, policies, procedures, and systems with respect to the initiation, processing, and storage of entries for the security.

In recent years, numerous research works have been reported on the flexural response of aluminium alloy tubular cross-sections. However, studies on monosymmetric cross-sections and particularly channel (C-) sections are limited, albeit their increased usage in structural applications. This paper aims to address this knowledge gap providing an improved understanding about the minor axis bending behaviour of C-sections through an experimental and numerical investigation. In total 14 specimens made from 6082-T6 heat-treated aluminium alloy were subjected to four-point bending. Tensile coupon tests were also performed to determine the mechanical properties of the examined aluminium alloy. The obtained experimental results are analysed and discussed. A series of geometrically and materially nonlinear analyses were also carried out to study the flexural performance of C-sections in two aluminium alloys and two bending orientations over a range of cross-sectional aspect ratios and slendernesses. The experimental and numerical results are utilised to assess the European design standards. The applicability of the Continuous Strength Method and the Direct Strength Method is also evaluated. An alternative design method based on the plastic effective width concept is proposed for slender C-sections subjected to minor axis bending. This method accounts for the inelastic reserve capacity which is in accordance with the experimental and numerical observations. • Flexural response of aluminium alloy C-sections is investigated. • 14 four-point minor axis bending tests are reported. • A wide parametric study is carried out. • Current codified design provisions are assessed. • The plastic effective width method is proposed for slender C-sections under minor axis bending. [ABSTRACT FROM AUTHOR]