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Tuberculosis (TB) treatment interruption poses risks of antimicrobial resistance, potentially leading to treatment failure and mortality. Addressing the risk of early treatment interruption is crucial in tuberculosis care and management to improve treatment outcomes and curb disease transmission. This study aimed to identify risk factors of TB treatment interruption and construct a predictive scoring model that enables objective risk stratification for better prediction of treatment interruption. A multicentre retrospective cohort study was conducted at public health clinics in Sarawak, Malaysia over 11 months from March 2022 to January 2023, involving adult patients aged ≥18 years with drug-susceptible TB diagnosed between 2018 and 2021. Cumulative missed doses or discontinuation of TB medications for ≥2 weeks, either consecutive or non-consecutive, was considered as treatment interruption. The model was developed and internally validated using the split-sample method. Multiple logistic regression analysed 18 pre-defined variables to identify the predictors of TB treatment interruption. The Hosmer-Lemeshow test and area under the receiver operating characteristic curve (AUC) were employed to evaluate model performance. Of 2953 cases, two-thirds (1969) were assigned to the derivation cohort, and one-third (984) formed the validation cohort. Positive predictors included smoking, previously treated cases, and adverse drug reactions, while concurrent diabetes was protective. Based on the validation dataset, the model demonstrated good calibration (P = 0.143) with acceptable discriminative ability (AUC = 0.775). A cutoff score of 2.5 out of 11 achieved a sensitivity of 81 % and a specificity of 64.4 %. Risk stratification into low (0–2), medium (3–5), and high-risk (≥6) categories showed ascending interruption rates of 5.3 %, 18.1 %, and 41.3 %, respectively (P < 0.001). The predictive scoring model aids in risk assessment for TB treatment interruption, enabling focused monitoring and personalized intervention plans for higher-risk groups in the early treatment phase. • A TB treatment interruption prediction model was developed and internally validated. • Smoking, previously treated cases, and adverse drug reactions increased the risk. • TB patients with diabetes comorbidity had a lower risk of treatment interruption. • The prediction model demonstrated acceptable discrimination with good calibration. • Risk stratification enables standardized assessment for individualized care. [ABSTRACT FROM AUTHOR]

In this paper we develop Deep Neural Networks for the approximation of the solution to Partial Integro-Differential Equations (PIDE) that arise in the calculation of Probability of Default functions. We consider a modelling framework in compliance with the spirit and regulations of the International Financial Reporting Standard 9 and use the resulting Deep Learning models to estimate default probabilities that can be used to solve credit risk problems. Detailed comparisons with standard numerical analysis schemes for the solutions to these PIDEs are also reported, enhancing the understanding and adding to the discussion regarding the applicability of the related Machine Learning methodologies. [ABSTRACT FROM AUTHOR]

This study reviews the methodologies used in the literature to predict failure in small and medium-sized enterprises (SMEs). We identified 145 SMEs' default prediction studies from 1972 to early 2023. We summarized the methods used in each study. The focus points are estimation methods, sample re-balancing methods, variable selection techniques, validation methods, and variables included in the literature. More than 1,200 factors used in failure prediction models have been identified, along with 54 unique feature selection techniques and 80 unique estimation methods. Over one-third of the studies do not use any feature selection method, and more than one-quarter use only in-sample validation. Our main recommendation for researchers is to use feature selection and validate results using hold-out samples or cross-validation. As an avenue for further research, we suggest in-depth empirical comparisons of estimation methods, feature selection techniques, and sample re-balancing methods based on some large and commonly used datasets. [ABSTRACT FROM AUTHOR]

Purpose: The authors study the effect of an exogenous shock in the form of Coronavirus lockdowns on individual default and on default contagion within the microfinance (MF) sector in India. The authors rely on proprietary data obtained from an MF institution for the period from Nov 2019 to Dec 2020. The authors show that default increased to 95.29% in the month of April 2020, when Covid lockdowns were fully in place. However, borrowers bounced back thereafter, either making full or partial payments, so that defaults had fallen to 5.92% by December 2020. Static features of the group lending model like peer monitoring and joint liability help explain 90% of the monthly deficit during Covid lockdowns among uneducated borrowers. Dynamic features such as contingent renewal help explain why defaults were cured quickly through timely repayments. Finally, there is an absence of default contagion at the district level. Indeed, lagged own default explains 96.6% of variation in individual default, rather than contagion through group, village or district-level defaults. The authors conclude that the MF sector is resilient to exogenous shocks like the pandemic. Design/methodology/approach: The authors use time series panel regressions, as well as cross-sectional regressions. Findings: The authors find that borrower defaults increased significantly to 95.29% during the month of April 2020, when Covid lockdowns were fully in place. However, borrowers bounced back almost immediately, either making full or partial payments, such that defaults had fallen to 5.92% by December 2020. The group lending model does remarkably well in explaining defaults even during Covid lockdowns. Among the majority (92%) of borrowers who are residents of rural districts, the group lending model appears to blunt the impact of the exogenous shock on rates of default. Indeed, panel regressions demonstrate that the group lending model helps explain 90% of the monthly deficit among uneducated borrowers. Logistic regressions indicate that the group lending model is less persuasive among relatively affluent borrowers residing in semi-urban or urban areas who have some formal schooling. Contingent renewal is shown to be an effective disciplining mechanism when a group does default due to the Covid lockdowns. The authors find that groups who defaulted in April 2020 but repaid the outstanding balance within the next two months were more likely to receive subsequent loans from the lender. On the other hand, groups who defaulted in April 2020 and did not repay the outstanding balance until December 2020 did not receive follow-on financing. Finally, the authors find that lagged individual default is the primary source of individual default, rather than contagion through group, village or district-level defaults. Research limitations/implications: The limitation of the study is that it is confined to a single MF institution in India. Social implications: The authors conclude that the social capital that is the foundation of the group lending model succeeds in limiting both the risk and contagion of default from an exogenous shock, such as the Covid pandemic. Originality/value: To the best of the authors' knowledge, the authors are the first to examine defaults in the Indian MF sector during the Covid lockdowns in April 2020. [ABSTRACT FROM AUTHOR]

Default nudges—making the desired option the standard option—are often criticized for hampering autonomy. However, laboratory research suggests this expectation of autonomy loss is not reflected in nudgees' experienced autonomy. In this study, we investigated whether this finding translates to a real‐world setting by implementing a default nudge to increase food donations in the supermarket (Experiment 1). Upon entering the supermarket, customers were asked to donate a food item for charity and were handed a shopping cart/basket that was empty (control) or contained a food item meant for donation (default nudge). Donations were collected after checkout, and customers rated their experienced autonomy of their choice to donate. We replicated this study and added a vignette condition portraying the default nudge to measure expected autonomy for the same situation (Experiment 2). The results show the default nudge reduced participants' expected autonomy but not their experienced autonomy, shedding new light on the relation between nudging and autonomy. Furthermore, this novel form of the default nudge was found to be successful in increasing food donations in the supermarket, further expanding the field where this nudge has been successful. [ABSTRACT FROM AUTHOR]

This paper analyses the impact of sustainability through ESG factors on the default risk. The sample consists of 990 non-financial firms in the Eurozone over the period 2004–2020. The results show that ESG factors influence default risk, although this relationship could be influenced by the economic cycle. Also, the results highlight a significant interaction effect between firm size and ESG which affects default risk. Considering firm size by terciles, the evidence obtained shows that smaller and medium-sized firms have a positive net effect of a high ESG score on their default risk, while the opposite effect was found among larger firms. [ABSTRACT FROM AUTHOR]

This study presents a psycholinguistic approach to the complex phenomenon of word order variation in Dutch where speakers can freely choose the position of the past participle and the auxiliary verb in bipartite final verb clusters. (1) Jeroen beweert dat Bregje de hele middag heeft geslapen. (2) Jeroen beweert dat Bregje de hele middag geslapen heeft. 'Jeroen claims that Bregje has slept all afternoon.' Previous corpus studies have shown that a range of factors associated with the variability can be related to processing complexity of the cluster's context. More specifically, it is claimed that one of the orders is the default word order that is easier to process, used in circumstances of heavy processing demands (De Sutter 2007; Bloem et al. 2017). Evidence diverges about which of the two orders is the default. In a self-paced reading experiment and a 'puzzle' production experiment conducted with 60 native speakers of Dutch, we (i) test a variety of morphosyntactic factors indicating a higher or lower processing complexity to (ii) clarify the issue of default word order. From the self-paced reading experiment it emerges that both length of the middle field before the cluster and placement of the prepositional object in extraposition have an effect on processing of the two orders. Since this effect is apparent for factors that change the structure and length of the sentence and is absent when it comes to definiteness and inheritance of preverbal constituents, it is argued that not all proposed factors are equally related to processing complexity and that there is not necessarily a default order. Furthermore, we find evidence that processing of the orders is influenced in a very different way than production. [ABSTRACT FROM AUTHOR]

Many high‐debt countries are adopting tax austerity, whereby governments raise the tax rate as their debt levels rise with the hope to dispel future solvency crises. This paper investigates the impact of tax austerity on government debt solvency. A solvency crisis occurs once adverse shocks push the debt above its effective debt limit, the maximum level of debt that the government can repay. I show that the position of the effective debt limit depends on tax austerity. I find that high‐debt countries like Italy that undergo tax austerity could lower their effective debt limit and induce a solvency crisis. [ABSTRACT FROM AUTHOR]

While the production of credit ratings has long been limited mainly to rating agencies (CRAs), recent years have seen the growing popularity of consensus credit ratings crowdsourced from banks (i.e., bank ratings). We provide the first comprehensive examination of the properties and informativeness of bank ratings relative to CRA ratings. We find that bank ratings often deviate from CRA ratings, with over 60% of firm-months having different bank and CRA ratings. These deviations contain useful information. Bank ratings improve out-of-sample prediction of defaults and CRA rating revisions and explain the cross-section of credit spreads. However, bank ratings do not improve out-of-sample prediction of credit excess returns, indicating that current prices incorporate bank rating information. Overall our findings suggest that bank ratings are a useful supplement to traditional credit ratings. [ABSTRACT FROM AUTHOR]

This article examines the likelihood of deception on the part of borrowers wishing to obtain credit from institutional or private lenders in Peer-to-Peer lending set-ups. In our first study, we identify five explanatory variables that account for nearly forty percent of the propensity to act deceitfully in such circumstances: a poor credit history, debt, risky behavior, and to a much lesser degree, irrational behavior and disconnection from the bundle of needs, goals, and preferences. For the second study, we remodeled the initial questionnaire to adapt it to the needs of lenders and borrowers who engage in on-line peer-to-peer lending, a growing business fueled in part by the COVID pandemic. We find that the three key psychological variables that help to assess the likelihood of deceitful behaviors and possible default on loan reimbursement—namely, risky behaviors, (ir)rationality, and (dis)connection—interact with each other to form a loop. This study presents two benefits: first, we provide evidence that it is to some degree possible to tighten control over lending practices in P2P settings. Second, we offer a new pragmatic tool to gauge potential borrowers' deceit in the context of debt building, notably by combining psychological assessments with standard hard-data measures of risk. [ABSTRACT FROM AUTHOR]

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The terms "Default" and "Fraud" and/or "Embezzlement" are often interchanged without clarity of meaning in many discussion forums, both oral and written. This confusion can be seen from the many court decisions that acquit defendants from prosecution which have permanent legal force. The public often hears that law enforcers carry out criminalization, such as witnesses becoming suspects, suspects becoming defendants and so on by shifting the civil legal action of Default to criminal act of Fraud and/or Embezzlement. Using 'criminalization' and 'criminalized' in this article is considered inappropriate, so it has been replaced by 'criminalizing' and 'criminalized'. If there is an action to shift the civil legal act of Default into a criminal act of Fraud and/or Embezzlement, so from a human rights perspective, it is against the law. By using normative legal research methods, this paper examines how to differentiate civil legal acts of Default from criminal acts of Fraud and/or Embezzlement, how to apply civil compensation in cases where there are already criminal legal remedies, and what is the legal and human rights perspective when criminalization occurs. This paper uses a statutory approach and a case approach. The results show: First, there is a real difference between civil legal acts of Default and criminal acts of Fraud and/or Embezzlement; Second, the application of compensation can be carried out through criminal and civil procedural law mechanisms; Finally, criminalizing civil legal acts into criminal acts is a form of violation of human rights. [ABSTRACT FROM AUTHOR]

The XYZ Institution/Agency, as a governmental institution, has the obligation to resolve debts resulting from financial losses. This study aims to analyze the influence of demographic, financing, and educational institution characteristics on the default of educational debt/student loan (State Compensation Claim for Breach of Service Agreement) at the XYZ Agency. To achieve this objective, the study utilizes data on debtors from 1983 to 2022 at the XYZ Agency and employs binary logistic regression analysis. The results of this study indicate that age and receivable value significantly affect the quality of the debtor's receivables. Specifically, debtors who are over 26 years old and have receivable values above IDR 200,000,000 are more likely to default. In contrast, gender and campus status do not significantly impact the default rates. These findings are expected to provide insights for the XYZ Agency in improving the management of state debts, particularly educational debts, and contribute to the development of policies related to debt management in the public sector. This study also provides a comprehensive overview of the variables influencing the default of educational debts at the XYZ Agency, with a focus on the State Compensation Claim (TGR) process at the XYZ Agency. [ABSTRACT FROM AUTHOR]

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Purpose: This study aimed to verify risk assessment procedures when granting credit by a legal entity via financing in negotiations with its customers. Methodology: A documentary approach was used, emphasizing qualitative analysis, during the experimental study conducted at an XYZ organization linked to information technology. Results: They point out that the credit score and rating score, established through the evaluation stages, taking into account the company's history, documentation, guarantees, financial health, cash flow, indebtedness, corporate governance, and market prospects, enable the risk classification of their analyzed clients, ranging from AAA for the "alpha" client to D for the "beta" client. This result made it possible to deduce that credit assessment is appropriate automation in financing decisions for commercial activities, capable of promoting financial flexibility and commercial agility. Customer risk classification is therefore seen as a fundamental tool for improving XYZ's financial decisions, minimizing default risks, and guaranteeing the financial security of its commercial operations, resulting from establishing risk scores for both defaulting and non-defaulting companies. Contributions of the Study: This study makes a relevant theoretical contribution to the field of research by highlighting the importance of validating the criteria used in granting financing, as well as the contextual factors that can affect decisions. The practical contribution of analyzing a non-financial institution under the pandemic context and how they minimize their default by establishing credit analysis mechanisms provides improvements and consequently greater security as lenders. [ABSTRACT FROM AUTHOR]

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Overlapping borrowing – i.e., the practice of taking new loans before old loans have been fully repaid – has become an important phenomenon in the microcredit sector in many developing countries, including Bangladesh. This paper examines the rationale for overlapping and investigates its short‐term and long‐term consequences by using a panel data set that is representative of Bangladesh as a whole. The study finds that it is useful to distinguish between two broad groups of overlapping borrowers who differ in terms of both the rationale of overlapping and its consequences. The first group – consisting of more than half of all overlapping borrowers – uses it as a promotional strategy, to improve their economic conditions without incurring a sharp discrete jump in debt burden. The other group uses it as a coping strategy, to deal with contingencies that compel them to take loans of a non‐productive nature, again by avoiding a sharp discrete jump in the debt burden. Econometric analysis, allowing for the possibility of endogeneity bias, shows that the first group is able to achieve stronger financial viability in the long run in comparison with non‐overlapping microcredit borrowers. The second group, in contrast, does not enjoy any significant improvement in their living conditions, but they are able to stave off any decline that otherwise might have befallen them in the face of shocks. Thus, both groups succeed in their respective goals, which are promotion for the first group and protection for the second. Microcredit has always had this duality of promotion and protection; overlapping borrowing serves to strengthen these functions of microcredit. [ABSTRACT FROM AUTHOR]

Abstract This study developed several machine learning models to predict defaults in the invoice-trading peer-to-business (P2B) market. Using techniques such as logistic regression, conditional inference trees, random forests, support vector machines, and neural networks, the prediction of the default rate was evaluated. The results showed that these techniques can effectively improve the detection of defaults by up to 56% while maintaining levels of specificity above 70%. Unlike other studies on the same topic, this was performed using sampling techniques to address the imbalance of classes and using different time periods for the training and test datasets to ensure intertemporal validation and realistic predictions. For the first-time, default explainability in the invoice-trading market was studied by examining the impact of macroeconomic factors and invoice characteristics. The findings highlighted that gross domestic product, exports, trade type, and trade bands are significant factors that explain defaults. Furthermore, the pricing mechanisms of P2B platforms were evaluated with the observed and implicit probabilities of the default to analyze the price risk adjustment. The results showed that price reflects a significantly higher implicit probability of default than observed default, which in turn suggests that underlying factors exist besides the borrowers’ probability of default.

Default is an act of breaking a promise must be from the seller to perform an achievement, if the implementation of the obligation is not affected by circumstances, then the seller has committed an act of breaking promise. In this case, the occurrence of what is done seller of land to a buyer who has good faith which result in a binding sale and purchase agreement that has been agreed and sight by boyh parties. So the purpose of this study is to determine the factors that cause the seller’s default on the sale and purchase binding agreement as well as the legal consequence of the default commited by the seller and how the (legal) efforts to resolves default disputes in the land sale and purchase binding agreemenat.The research method is using normative juridical research methods that are studied using a statutory research approach, literatur, papers, and books and using descriptive analysis. From the results of this study it can be conclude that the occurrence of default in the sale binding agreement made by the seller to the buyer is caused by a negligence factor in which there is an element of intentionality in the from of no good faith from the seller. There are legal consequences for the seller, namely defaulting on the sale and purchase binding agreement namely paying compensation suffered by the buyer, transferring risks, paying case cost.

The development of the national economy and the changes that occur in the business environment, including the savings and loan cooperative unit, which is directed to always encourage and play an active role in increasing the income of its members in order to be able to overcome existing social inequality. Cooperatives are a joint business entity that struggles in the economic field by taking the right and steady path with the aim of freeing itself from the economic difficulties generally suffered by its members. However, in reality, this cooperative has not been maximized in controlling credit so that the ability to generate Residual Income (SHU) is still less effective and must enter the realm of court because of defaulting on its customers. Therefore, this research will analyze legal protection in the event of default by the company in this context is the Cooperative. This research is normative (legal) research. The results of this study conclude that the Cooperative Law does not specifically mention legal protection for customer funds while for customers the protection is seen in article 7 and article 8 of Government Regulation Number 33 of 1998 concerning Participation Capital in Cooperatives and the protection of customers is not regulated with certainty so that regulations are needed to resolve defaults committed by business actors of Savings and Loan Cooperatives.

This study developed several machine learning models to predict defaults in the invoice-trading peer-to-business (P2B) market. Using techniques such as logistic regression, conditional inference trees, random forests, support vector machines, and neural networks, the prediction of the default rate was evaluated. The results showed that these techniques can effectively improve the detection of defaults by up to 56% while maintaining levels of specificity above 70%. Unlike other studies on the same topic, this was performed using sampling techniques to address the imbalance of classes and using different time periods for the training and test datasets to ensure intertemporal validation and realistic predictions. For the first-time, default explainability in the invoice-trading market was studied by examining the impact of macroeconomic factors and invoice characteristics. The findings highlighted that gross domestic product, exports, trade type, and trade bands are significant factors that explain defaults. Furthermore, the pricing mechanisms of P2B platforms were evaluated with the observed and implicit probabilities of the default to analyze the price risk adjustment. The results showed that price reflects a significantly higher implicit probability of default than observed default, which in turn suggests that underlying factors exist besides the borrowers' probability of default. [ABSTRACT FROM AUTHOR]

Copyright of Al Bashaer Economic Journal is the property of Al Bashaer Economic Journal and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study aims to analyze the legal strength of the binding sale and purchase agreement under the hand and analyze the legal protection for the buyer if the seller commits a Default on the binding sale and purchase agreement. This research is a doctrinal research. In practice, in the implementation of the Sale and Purchase Agreement, there are still many development actors who do not make the Sale and Purchase Agreement in front of a notary in the form of an authentic deed, but make it in the form of a deed under hand. A Sale and Purchase Agreement made with an authentic deed and a deed under hand has a fundamental difference in terms of its evidentiary strength. The Sale and Purchase Binding Agreement in its implementation in the community cannot always run smoothly, sometimes some factors limit the engagement in continuing or until it becomes invalid, The case can be known that PPJB can be asked for compensation if it is not by the agreement of the parties in the agreement, which in this case the seller commits a breach of performance, while the buyer, in this case, is in good faith by fulfilling what has been As stated in the PPJB, the Agreement can be cancelled if it is not by the subjective conditions or the objective requirements of the agreement as stipulated in article 1320 of the Civil Code. [ABSTRACT FROM AUTHOR]

We investigate the valuation problem of a mortgage contract with full prepayment and default risks using the reduced-form model with regime switching. The hazard rates of full prepayment and default are specified as linear functions of the risk-free interest rate and house prices, respectively, which are characterized by Ornstein-Uhlenbeck processes with regime switching. To derive the explicit valuation formula, we derive the distribution of the number of transitions for two-state Markov processes in finite time and the conditional joint probability density function of transition times using the uniformization technique. Finally, we analyze the effect of parameters on the valuation of the mortgage. [ABSTRACT FROM AUTHOR]

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The validity of the condition to forfeit of the option of inspection and incorrect description in contract is a point of dispute in legal thoughts and jurisprudential writings. According to the opinion of some legal writers and in some judicial opinions, the generality and application of Article 448 of the Civil Code, regarding the possibility of the condition of the forfeiture of all or some options in the contract, excludes the condition of the cancellation of the option of inspection. Also, in the opinion of some jurists, the condition of forfeiture of this option is invalid based on the rational rule of "prohibition of abrogation of a right that has not been created" and in the opinion of others, the condition of forfeiture of clause of violation of description option causes the transaction to be invalid. On the other hand, in some legal writings, the possibility of rescission of the choice of inspection is accepted by the condition of the contract, and also, some jurists have answered the objections of the opponents. The present research, which using a qualitative method and using library resources, tries to solve the problems related to the validity of the condition of the fall of the inspection option and the incorrect description, while analyzing the discussion and evaluating different points of view. The main hypothesis of this research is the invalidity of the belief in the nullity of the condition of the fall of the choice of inspection and the incorrect description: because the occurrence of confusion and ignorance in the transaction causes the invalidity of the contract. While the right to terminate the transaction arises with the proof of the choice of inspection and the violation of description. Therefore, the realization of the option of vision does not have an effect on the removal of uncertainty, so that when it falls, the transaction becomes unknown. In other words, knowledge about the transaction is not created by establish the option, so that the removal of the option causes the transaction to become unknown. Also, some attributes that are mentioned in the transaction do not have an effect on creating knowledge and removing ignorance about the transaction, rather, they are among the attributes of perfection that come only for the purpose of attracting interest in the transaction. Therefore, the basis of the choice of inspection and violation of description in contracts is not related to the issues of ignorance and uncertainty in the transaction, but rather, it is related to the issue of mistakes; A mistake in the sub-characteristics stipulated in the transaction or in the assumption that the customer did not see the merchandise and bought it based on the description, is effective in the contract, and if he wrongs, can cancel the transaction. Because, the purpose of establishing the option of inspecting and breach of description is to remove the loss caused by the noncompliance of the transaction with the desired characteristics of the contracting party, so that he is not bound to the contract against his will and satisfaction. Thus, in the assumption that there is a mistake in the description, there is sufficient knowledge about the transaction, but the description of the subject of the transaction does not match the intention of the parties and so, the injured party has the right to rescind the transaction. As a result, the means of the condition of the fall of inspection option and the violation of description is the waiver of the protection of the law to the possibility of termination of the contract by the party, and according to the fall condition, he is bound to not use the right of termination. Therefore, the condition of the fall of options leads to the consolidation of the transaction and agrees with the principle of the necessity of contracts (pacta sunt servanda). Accordingly, article 448 of the Civil Code, under the heading "On the Rules Concerning Options in General", stipulates: " It is possible for forfeit all the options as a condition inserted in the deed of sale". So, the condition for forfeit the inspection option and incorrect description in the contract is a valid condition. In addition, it should be said: the condition of the forfeit of inspection option in the contract is outside the scope of the rule of "prohibition of abrogation of the right before its creation". Because, according to that condition, in fact, the contract party oblige that not to use the option, without he has revoked his right of termination before it is created. However, if the cancellation of all options is stipulated in the transaction, the totality of that condition does not include the option of violation of the condition, including the description condition. Also, in the assumption that the contract explicitly stipulates that: "If the seller does not comply with the specifications mentioned in the contract, the buyer has the right to cancel", the condition of canceling all options is out of the option of violation of specifications. Indeed, in these cases, there is a conflict between the general and specific terms of the contract. Undoubtedly, the specific condition is excluded from the scope of the general terms of the contract. In other words, the option of violating the description condition as well as the explicit condition of the option of inspection, remain out of the scope of the general condition of fall of option. Nevertheless, it is proposed that Article 448 of the Civil Code be amended by the addition of a Note stating that: "The condition for forfeiture of all options including the option of condition violation, does not include, the condition of description". [ABSTRACT FROM AUTHOR]

In the agreement there are rights and obligations for those who carry out the agreement. Even though they already know their rights and obligations, it is not uncommon for deviations from an agreement to occur, which will certainly cause losses to one of the parties. If one party does not carry out things that are not his rights and obligations in accordance with the content of the agreement, then such negligence can cause someone to be sued before the court. The act of not carrying out the contents of the agreement in legal science is called default. The purpose of this study is to determine the default of the contract for testing oil wells antra PT. CPI with PT. SWE in Minas oil field – Riau. The type of research used in this study, the type of normative juridical research. Factors causing default in this contract may vary, including unclear specifications, unforeseen changes in field conditions, or lack of coordination between the parties involved. Default can affect smooth operations, result in financial losses, and harm the reputation of both parties. In an effort to resolve disputes, PT. CPI and PT. SWE has taken proactive measures. They may have tried direct negotiations to reach an agreement on contract changes or compensation for defaults. [ABSTRACT FROM AUTHOR]

The default mode network (DMN) lies towards the heteromodal end of the principal gradient of intrinsic connectivity, maximally separated from the sensory‐motor cortex. It supports memory‐based cognition, including the capacity to retrieve conceptual and evaluative information from sensory inputs, and to generate meaningful states internally; however, the functional organisation of DMN that can support these distinct modes of retrieval remains unclear. We used fMRI to examine whether activation within subsystems of DMN differed as a function of retrieval demands, or the type of association to be retrieved, or both. In a picture association task, participants retrieved semantic associations that were either contextual or emotional in nature. Participants were asked to avoid generating episodic associations. In the generate phase, these associations were retrieved from a novel picture, while in the switch phase, participants retrieved a new association for the same image. Semantic context and emotion trials were associated with dissociable DMN subnetworks, indicating that a key dimension of DMN organisation relates to the type of association being accessed. The frontotemporal and medial temporal DMN showed a preference for emotional and semantic contextual associations, respectively. Relative to the generate phase, the switch phase recruited clusters closer to the heteromodal apex of the principal gradient—a cortical hierarchy separating unimodal and heteromodal regions. There were no differences in this effect between association types. Instead, memory switching was associated with a distinct subnetwork associated with controlled internal cognition. These findings delineate distinct patterns of DMN recruitment for different kinds of associations yet common responses across tasks that reflect retrieval demands. [ABSTRACT FROM AUTHOR]

Joint liability aspires to improve micro‐loan performance through the support of, and pressure from, the group borrowers. This paper examines how the group composition, in terms of the mixture of kinship (Family) ties and social (Friends and Neighbours) ties among the borrowers, affects the default rates. Using binary logistics regression and three machine learning models, responses from 507 group micro‐loan borrowers from four major Moroccan cities were analysed. The results show that the stronger the family and kinship ties are within a loan group, the higher is the default rate. On the contrary, the stronger the social ties are among the group, the lower is the default rate. Other key findings include that the diversion of fund usage from investment to consumption is not found to significantly cause default. Also, loan default can be a consequence of borrowers' strategic choice rather than financial distress. As compared to the female members, male borrowers are found to be causing higher default rates. Interestingly, the gender‐related default rates are lower when more of the male borrowers are only socially related. Finally, group size is found to be positively associated with default. Our findings can help micro‐finance institutions refine their lending policies and guidance on groups' composition and size to reduce default rates. [ABSTRACT FROM AUTHOR]

Credit card minimum payments are designed to ensure that individuals pay down their debt over time, and scheduling minimum automatic repayments helps people avoid forgetting to repay. Yet minimum payments have additional, unintended psychological default effects by drawing attention away from the card balance due. First, once individuals set the minimum automatic repayment as the default, they then neglect to make the occasional larger repayments they made previously. As a result, individuals incur considerably more credit card interest than late payment fees avoided. Using detailed transaction data, the authors show that approximately 8% of all of the interest ever paid is due to this effect. Second, manual credit card payments are lower when individuals are prompted with minimum payment information. In an experiment, the authors test two new interventions to mitigate this effect—a prompt for full repayment and a prompt asking those repaying little to pay more—yielding large counter effects. Thus, shrouding the minimum payment option for automatic and manual payments and directing attention to the full balance may remedy the unintended effects of default minimum payments. [ABSTRACT FROM AUTHOR]

Derivatives play an important role in the processes that take place in the global economy and economic growth. They are critical for hedging risks in the banking sector, managing the interest rate in the activities of pension funds, satisfying insurance claims for insurers and other market participants, i. e. reducing uncertainty arising from fluctuations in prices, credit rates, currency fluctuations, interest rates, etc. Today, they are actively used in the world practice of all industry sectors. The aim of the article is to develop pricing models for credit derivatives, taking into account the relationship between credit derivatives (CD) and structured credit products (SCP), as well as on the basis of identifying differences in the results of credit correlation of defaults, analyzing the evolutionary and essential characteristics of the CD and SCP markets. The authors systematized and classified them; their structural characteristics are provided; the main trends characteristic of the CD and SCP markets in the context of the markets of traditional derivatives are studied; the method of their design with the help of clinical documentation is determined; the major aspects of their modeling and pricing are considered, also an own credit product is designed and the spread is calculated using the pricing model. The article considers the problem of choosing an approach for assessing and calculating the correlation of defaults, which is an integral part of the pricing models of credit derivatives. On the basis of the given methodology for designing the SCP with the help of CD and the key aspects of modeling and pricing of CD and SCP, a basket credit default swap was designed on the basis of three corporate names. The designed product meets all the basic requirements for standard basket products in terms of content. The calculations were made based on the use of two different copulas to assess the correlation of defaults. The results can be used to design and evaluate a derivative on the correlation risk of issuers.

This study aims to find civil law arrangements regarding the juridical analysis of breaking a promise to marry or what is commonly referred to as Broken Marriage Promises as an unlawful act. What are the legal consequences of breaking a marriage promise as unlawful? This study uses a normative legal research type with a statutory approach. The types and sources of legal materials use primary, secondary, and tertiary legal materials. Analysis of legal materials uses deductive logical reasoning, which is studied from a qualitative perspective. The results of the study show that breaking a promise to marry or commonly called promises of marriage as an unlawful act, is regulated in Article 58 of the Civil Code and several judges' decisions such as Supreme Court Decision Number 3191 K/Pdt/1984, Supreme Court Decision Number 3277 K/Pdt/2000, Decision of the Supreme Court Number 1644 K/Pdt/2020. The legal consequences of breaking a marriage promise as an unlawful act, namely if a person suffers a loss due to breaking of the marriage promise, both material and immaterial losses, then he can be sued for compensation following the loss suffered if the element of the unlawful act is fulfilled according to Article 1365 of the Civil Code.

With the advancement of technology resulting in developments in the loan system, the emergence of Information Technology-Based Lending and Borrowing Services has become prevalent. This service is one of the financial services that brings together lenders and borrowers to engage in loan agreements using the Indonesian currency, the Rupiah, through electronic media utilizing the internet network. In conducting this service, three parties are involved: the loan recipients, lenders, and online loan service providers. However, the advent of this technology has brought about new challenges, such as the occurrence of loan defaults by borrowers, leading to online loan service providers engaging in collections that deviate from the usual collection mechanisms, resulting in losses for online loan recipients. Consequently, legal accountability from online loan service providers is necessary. The aim of this research is to analyze the legal accountability of online loan service providers regarding the losses experienced by loan recipients. The method used is normative juridical, focusing on the analysis of loan agreements and power of attorney between online loan service providers and users and collection parties. The results of this research indicate that the losses experienced by online loan recipients due to the default actions of online loan service providers include losses, fees, and interest that must be borne by the online loan service providers. The conclusion of this research is the legal accountability that online loan service providers must assume towards loan recipients regarding losses caused by default actions. [ABSTRACT FROM AUTHOR]

We show that mortgage recourse systems, by discouraging default, magnify the impact of nominal rigidities. They cause deeper and more persistent recessions. This mechanism can account for up to 31% of the recovery gap during the Great Recession between the U.S. mostly a non-recourse economy, and Spain, a recourse economy. General equilibrium effects explain most of the differences between mortgage systems. With recourse, highly indebted homeowners dramatically cut consumption in a crisis, and account for a larger share of the aggregate consumption decline. However, without recourse, mortgages would be more expensive for riskier households, and homeownership rates would be lower. [ABSTRACT FROM AUTHOR]

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Home as a place to live is a basic need for humans. Increasingly high public demand for housing has forced developers to try to build various types of housing, from apartments to housing clusters on the outskirts of the city. This study aims to determine the legal responsibility of the parties in the home ownership credit agreement for the granting of mortgage rights to the parent certificate that has not been broken down and the efforts that can be made by the consumer who feels aggrieved. This type of research in legal writing is normative legal research, this research is based on primary, secondary and tertiary legal materials with interpretation and systematization of laws and regulations, as well as using the theory of legal liability, contract theory, and mortgage theory. Based on the results of the research, many consumers were harmed as a result of being indirectly given certificates to consumers even though consumers had made payments. This is because the certificate has not been divided, it is still in the form of a master certificate. The conclusion is that the parties and related officials can be held legally responsible if there is a loss to other parties who feel aggrieved. Whereas the legal responsibilities of the parties have been regulated in the clauses of the agreement, except if the agreement is violated, then the injured party can claim losses through a deliberation process (non-litigation) or court proceedings (litigation). [ABSTRACT FROM AUTHOR]

In this research, a group of charging messages for the payment of taxes was investigated. Altogether 12 variations of billing messages (social norms, simplification, disclosure, previous engagement, reminders and previous choices) were evaluated, and their effectiveness was tested. The messages were transmitted to defaulting microentrepreneurs in four Brazilian states. From a database containing information about defaulting micro entrepreneurs, 250 thousand text messages were sent making charges. The data were obtained from the Secretaria Especial da Micro e Pequena Empresa (Sempe). Tests were used to analyse the difference between means and Logistic Regression was used in sequence. The Random Forest, Logistic Regression and Naïve Bayes widgets were used to indicate the robustness of the Machine Learning predictive model. The research findings indicated that the formats "simplification", "previous choices" and "alert", employees, did not have an effect in combating default. However, when aligned with social norms, messages in the form of "past options" and "reminders" increase the payment of debts. The widgets used indicated an excellent fit to the machine learning model. The Random Forest tool attested with superiority that the model is robust and suitable for the predictive function. The results of the research provide a contribution to public policies when they present an effective action to reduce defaults in the payment of taxes. The use of messages in the social norm format can be adapted to other situations, constituting a suggestion for future research. [ABSTRACT FROM AUTHOR]

Purpose: The objective of the study is to analyze whether credit unions manage their accounting results, in order to smooth them through provision for bad debts (income smoothing), from a default perspective. Methodology: The sample reaches 938 unique cooperatives between the period from December 2010 to December 2018, with data from the Central Bank of Brazil, tested using the multiple regression statistical technique, in quarterly panels. Results: The variation in the stock of credit operations and the adjusted net income were not statistically significant in the model, however it was not possible to accept the hypothesis that credit unions use the allowance for loan losses (PPC) as a mechanism for managing results. The interest rate implicit in the result of income from credit operations was significant, and therefore related to the PPC variation, while the condition of free admission did not show statistical significance. The variation in default was significant in the model, with a negative coefficient, implying consistency with the earnings management hypothesis, since in a scenario of higher default (risk) the relationship is negative and, therefore, PPC levels are lower, avoiding potential negative results. Contributions of the Study: The results indicate the absence of earnings management by PPC in the sample and period, contributing to the discussion of the relationships between earnings management variables. This enables credit unions to reflect on their internal corporate governance structure. In addition, the evidence contributes to the progress of the literature on earnings manipulation in credit unions, for which there are few studies available and play an important role in the Brazilian market, ensuring funding flows to economic sectors not served by traditional banking institutions. [ABSTRACT FROM AUTHOR]

Purpose: This research aims to analyze whether credit unions manage their accounting results in order to smooth them through the provision for doubtful accounts (income smoothing), from a default perspective. Methodology: The sample reaches 938 unique cooperatives considering the period from December 2010 to December 2018, with data from the Central Bank of Brazil, tested using the multiple regression statistical technique, in quarterly panels. Results: The variation in the stock of credit operations and the adjusted net income were not statistically significant in the model, however it was not possible to accept the hypothesis that credit unions use the allowance for loan losses (PCLD) as a mechanism for managing results. The interest rate implicit in the result of income from credit operations was significant, and therefore related to the PCLD variation, while the condition of free admission did not show statistical significance. The variation in default was significant in the model, with a negative coefficient, implying consistency with the earnings management hypothesis, since in a scenario of higher default (risk) the relationship is negative and, therefore, PCLD levels are lower, avoiding potential negative results. Contributions of the Study: The results indicate the absence of earnings management by PCLD in the sample and period, contributing to the discussion of the relationships between earnings management variables. This enables credit unions to reflect on their internal corporate governance structure. In addition, the evidence contributes to the progress of the literature on earnings manipulation in credit unions, for which there are few studies available and play an important role in the Brazilian market, ensuring funding flows to economic sectors not served by traditional banking institutions. [ABSTRACT FROM AUTHOR]

Purpose: The objective of the study is to analyze whether credit unions manage their accounting results, in order to smooth them through provision for bad debts (income smoothing), from a default perspective. Methodology: The sample reaches 938 unique cooperatives between the period from December 2010 to December 2018, with data from the Central Bank of Brazil, tested using the multiple regression statistical technique, in quarterly panels. Results: The variation in the stock of credit operations and the adjusted net income were not statistically significant in the model, however it was not possible to accept the hypothesis that credit unions use the allowance for loan losses (PCLD) as a mechanism for managing results. The interest rate implicit in the result of income from credit operations was significant, and therefore related to the PCLD variation, while the condition of free admission did not show statistical significance. The variation in default was significant in the model, with a negative coefficient, implying consistency with the earnings management hypothesis, since in a scenario of higher default (risk) the relationship is negative and, therefore, PCLD levels are lower, avoiding potential negative results. Contributions of the Study: The results indicate the absence of earnings management by PCLD in the sample and period, contributing to the discussion of the relationships between earnings management variables. This enables credit unions to reflect on their internal corporate governance structure. In addition, the evidence contributes to the progress of the literature on earnings manipulation in credit unions, for which there are few studies available and play an important role in the Brazilian market, ensuring funding flows to economic sectors not served by traditional banking institutions. [ABSTRACT FROM AUTHOR]