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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 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]

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]

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]

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]

China is both a major trading partner of the United States and the largest official holder of U.S. assets in the world. The value of Chinese foreign exchange reserves peaked at just over $4 trillion in June 2014 but has since declined to $3.19 trillion (as of August 2016). This very large decline in foreign exchange reserves is unprecedented, and some analysts have speculated that continued sales of these (mostly U.S.) assets might significantly impact the U.S. and global economies. This article explains the reasons for this large decline in official assets, China's available policy choices, and how these choices could affect the U.S. economy. [ABSTRACT FROM AUTHOR]

We present evidence from 260,000 online auctions of second-hand cars to identify the impact of public reserve prices on auction outcomes. We exploit multiple discontinuities in the relationship between reserve prices and vehicle characteristics to present causal regression-discontinuity estimates of reserve price impacts. We find an increase in reserve price decreases the number of bidders, increases the likelihood the object remains unsold, and increases expected revenue conditional on sale. We then combine these estimates to calibrate the reserve price effect on the auctioneer's ex ante expected revenue. This reveals the auctioneer's reserve price policy to be locally optimal. ( JEL D44, L11, L62) [ABSTRACT FROM AUTHOR]

The complex pattern of gold production in Canada, which differs from the classic Hubbert´s curve, is modeled, and a short-term forecast is made, via the Fundamental Equation of Mineral Production (FEMP). For intervals of time with a variable production to reserves ratio, a discrete piecewise version of the equation updates the reserves and the Production to Reserves Ratio (PRR) by units of time. These piecewise linear portions of the PRR correspond to sub-cycles of rising and declining production embedded in the overall history of production. This version of the FEMP allows modelling of any pattern of mineral production at a universal range of scales. The Hubbert´s linearization indicates the official account of reserves underestimates the real amount of gold resources in Canada. The equivalence between the Hubbert's formula and the FEMP is introduced. The Hubbert curve is shown as a case study of the Fundamental Equation, featured as the product of a quadratic function of the cumulative production and a rational function of the PRR with time. The forecast for Canada's current gold production illustrates the metal output is about to peak with an all-time record high in the near future, unless new findings or influential global economic factors are introduced (i.e., a sharp and sustained growth of gold demand from regional markets), allowing an increase of the slope of the linear function featured by the PRR of the FEMP-based model. [ABSTRACT FROM AUTHOR]

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In this paper we investigate how well banks manage their reserves. The optimal policy takes into account expected foregone interest on excess reserves and penalty costs for going below required reserves. Using a unique panel data set on daily clearing house settlements of a cross-section of Mexican banks we estimate the deposit uncertainty banks face, and in turn their optimal reserve behavior. The most important variables in forecasting the deposit uncertainty are the interbank fund-transfers of the day, certain calendar dates, and the interest rate differential between the money market rate and the discount rate--a measure reflecting the bank's opportunity cost of money holdings. For most banks, the model's prediction accord relatively well with the observed reserve behavior of banks. The model produces reserve costs that are significantly smaller relative to the case when reserves are set via a simple rule of thumb. Furthermore, alternative motives for holding reserves (such as liquidity and reputation effects) do not seem to explain why certain banks hold relatively large reserves. [ABSTRACT FROM AUTHOR]

Conservative financial policies are often criticized as serving the interests of managers rather than the interests of stockholders. We test this argument by examining the operating performance and other characteristics of firms that for a five-year period held more than one-fourth of their assets in cash and cash equivalents. Following the five-year period, operating performance of high cash firms is comparable to or greater than the performance of firms matched by size and industry or by a measure of proclivity to hold substantial cash. In addition, proxies for managerial incentive problems, such as ownership and board characteristics, are not unusual and do not explain differences in operating performance among high cash firms. We find that high cash holdings are accompanied by greater investment, particularly R&D expenditures, and by greater growth in assets. For firms that persistently hold large cash reserves, we conclude that such policies support investment without hindering corporate performance. [ABSTRACT FROM AUTHOR]

This paper shows that uncertainty about an emerging market's international reserves can affect the willingness of foreign investors to supply international credits. We illustrate the relevance of this concern for South Korea. Uncertainty has asymmetric effects. When the expected reserve position of an, emerging market is large relative to the potential bailout in bad states of nature, reserve volatility does not matter. However, the same amount of reserve volatility, can cause a large reduction in the supply of international credit if the private sector seriously downgrades its priors about repayment possibilities or becomes more pessimistic about the emerging market's reserve position. [ABSTRACT FROM AUTHOR]

Economists have long believed that, absent any public withdrawals of high-powered money, an unregulated, closed banking system can expand its assets and liabilities without encountering any shortage of reserves so long as its members act in concert. Notwithstanding its popularity, this "in-concert overexpansion" doctrine is inconsistent with standard theories of the precautionary demand for bank reserves. Unless these theories are themselves incorrect, concerns that complete removal of legal restrictions on the competitive supply of bank money must result in an unstable or indeterminate bank-money multiplier are misplaced. [ABSTRACT FROM AUTHOR]

This research paper seeks general objective is to determine the national legal reserve in Venezuela's Bolivariana Republic Constitution of 1999. Is used the documentary research strategy and the analytical method. Sources for data collection include five different areas: constitutional, legal, sublegal, doctrinal and jurisprudential. The concept of the national legal reserve includes specific national maters which based on constitutional provisions or on immobilization of the legal rank need to be exclusively regulated by legal normative juridical acts: the formal law and the decree with force of law as such, by excluding the executive regulation. [ABSTRACT FROM AUTHOR]

We introduce a new, simple‐to‐compute test of independence of valuations and the number of bidders for ascending button auctions with symmetric, conditionally independent private values. The test involves estimating the expected revenue drop from excluding a bidder at random, which can be computed as a scaled sample average of a difference of order statistics. This object also provides a bound on counterfactual revenue changes from optimal reserve pricing or bidder mergers. We illustrate the approach using data from timber auctions, where we find some evidence that bidder valuations and the number of participants are not independent. [ABSTRACT FROM AUTHOR]