The effect of (i) starter culture (sweet-Mild, Classic, and Acidic), (ii) probiotics (
Bifidobacterium animalis
BB-12 in cow milk and
Lactobacillus acidophilus
LA-5 in goat milk), and (iii) flavor ...additives vanilla baccarat (VAN), lemon (LEM), orange (ORA), and mastic (MAS) essential oil on the properties of cow and goat dessert yogurt was studied. Cow milk proteins were added to all dessert yogurts at 0.5%
w
/
v
for the improvement of the gel network structure. Dessert yogurt samples were analyzed for physicochemical parameters (pH, fat, total solids, protein, lactose, WHC and syneresis), rheological properties elastic (Gʹ), viscous (Gʺ) and tan δ moduli and sensory attributes (color, odor, texture, taste, and overall score). The results showed that in both cow and goat dessert yogurts, pH, lactose content, and WHC decreased in the following order: Mild > Classic > Acidic, with and without probiotics, while syneresis followed the opposite order. Dessert yoghurts prepared with cow milk exhibited higher syneresis/lower WHC, compared to goat milk dessert yogurts. Regarding Gʹ and Gʺ moduli, higher values were recorded for Gʹ than for Gʺ, indicative of a solid-like behavior for both dessert yogurts. Between the two, higher values of Gʹ were recorded for cow dessert yogurts. Finally, the overall sensory scores revealed that cow dessert yogurts without probiotics (mild and classic culture) were more acceptable than those with probiotics, while the opposite holds for goat dessert yogurts (classic and acidic culture). Among the tested flavor additives, VAN and plain (no additive) ranked higher, compared to the rest.
This paper analyzes the effects of including collective action clauses (CACs) and enhanced CACs in international (nondomestic law-governed) sovereign bonds on sovereigns’ borrowing costs, using ...secondary-market bond yield spreads. Our findings indicate that inclusion of enhanced CACs, introduced in August 2014, is associated with lower borrowing costs for both noninvestment-grade and investment-grade issuers. These results suggest that market participants do not associate the use of CACs and enhanced CACs with borrowers’ moral hazard, but instead consider their implied benefits of an orderly and efficient debt resolution process in case of restructuring.
The purpose of this study was to determine the profile of volatile compounds (aroma) and overall flavor in dessert yogurts prepared from cow and goat milk, using three different, commercially ...available starter cultures, in the presence or absence of probiotic bacteria and to correlate this to organoleptic evaluation results obtained using a consumer acceptability method. The extraction of volatile compounds was carried out by solid phase micro-extraction; separation and analysis by gas chromatography-mass spectrometry. Variations among the different classes of compounds (i.e., aldehydes, alcohols, ketones, volatile acids, hydrocarbons, and terpenes) were recorded for different treatments. The results showed that the main volatiles in the cow milk dessert yogurts without
BB-12 were: acetaldehyde, 2,3-butanedione, 2,3-pentanedione, 3-OH-2-butanone, 2-propanone, hexanoic acid and limonene). Respective volatiles in cow milk dessert yogurts with
BB-12 were: acetaldehyde, pentanal, hexanal, the same ketones, acetic acid and limonene). The volatiles in goat milk dessert yogurts without
LA-5 were: acetaldehyde, the same ketones, no carboxylic acids, limonene, camphene, α- and β-pinene. Respective volatiles in goat milk dessert yogurts with
LA-5 were: aldehydes acetaldehyde, the same ketones, butanoic acid, α-pinene and camphene varying in concentration in different samples. Based on the results of volatiles and organoleptic evaluation, it can be concluded that dessert yogurts from cow milk without probiotic bacterial strains using the mild and classic starter cultures, and dessert yogurts from goat milk with probiotic bacterial strains using the classic and acidic starter cultures are found to be more organoleptically acceptable by consumers. In most cases, a positive correlation was found between dessert yogurt organoleptically determined flavor and volatiles (aldehydes, ketones and carboxylic acids).
Cryptocurrencies in the Global Economy Jagtiani, Julapa; Papaioannou, Michael G.; Tsetsekos, George
Journal of Investing,
01/2019, Letnik:
28, Številka:
3
Journal Article, Trade Publication Article
Recenzirano
Among the most important fintech innovations are Bitcoins, other cryptocurrencies, and initial coin offerings (ICOs). Other innovations include smart contracts, blockchain, Internet applications, ...mobile payments, and so forth. There are almost 2,000 cryptocurrencies in existence as of 2018. The advent of cryptocurrency is a major reason for many to believe that blockchains would become a potential mainstream financial technology for the future. Cryptocurrencies have exhibited tremendous volatility—thus, cryptoassets are risky investments. Regulators are exploring the type of regulatory changes that would be needed to close the current loopholes and whether to issue their own central bank digital currency (CBDC). In addition to implications related to the illicit financial activities (such as money laundering), there have also been concerns around the impact of cryptocurrencies on the effectiveness of monetary policy and the overall financial stability.
Sound public debt-management policies during sovereign debt distress periods are key to efficiently resolving a debt crisis and regaining market access. In addition to understanding the causes, ...processes, and outcomes of sovereign debt restructurings, this article analyzes the role of the debt manager along with determinants and strategies to maintain/regain market access. The sovereign’s debt sustainability analysis and determination of loss of market access are two crucial elements in the IMF’s lending decisions to countries in debt distress. Various indicators used in assessing whether the sovereign can tap international capital on a sustained basis are discussed. When a sovereign debt restructuring needs to be undertaken, it is necessary to determine the financial terms of the debt operation. Some key principles in designing sovereign debt restructuring scenarios and ways in securing full-financing of the economic program and regaining market access are presented. We conclude by offering a few best practices on preventing and managing sovereign debt restructurings.
This article discusses issues related to regaining market access for countries that have undergone sovereign debt restructurings. Defaults and restructurings may have adverse consequences for the ...debtor government’s access to capital post-crisis, leading to exclusion from capital markets and higher interest premia. However, the empirical evidence on this matter is inconclusive. While some earlier contributions conclude that default premia in sovereign credit markets are negligible, particularly in the medium and long run, more recent studies find that debt restructurings can have a substantial and longer-lasting impact on post-crisis market access conditions, with preemptive restructurings being associated with shorter periods of market exclusion. Strategies for regaining market access should be designed carefully, facilitated by enabling domestic macroeconomic and debt management strategies, and implemented when international financial conditions are favorable.
In November 2017, the Venezuela government announced its intention to restructure its sovereign debt. To address the challenges and issues involved, we organized a conference at Drexel University on ...February 23, 2018, sponsored by the Global Interdependence Center and Drexel University’s LeBow College of Business. Internationally recognized experts, academics, and renowned practitioners representing a variety of institutional perspectives presented complex issues related to the anticipated restructuring and touched upon economic, geopolitical, legal, and market-driven conditions that will impact the success of the restructuring. Although the case of Venezuela’s restructuring is complicated due to political considerations and the current humanitarian crisis in the country, nevertheless it offers a multifaceted review of a sovereign debt restructuring as more countries are expected to restructure their debt in the near future, given the rising interest rate environment. The estimated $150 billion restructuring of Venezuela’s sovereign and Petróleos de Venezuela, S.A. (PDVSA)’s debt will have a major impact on investment portfolios of institutional investors in the years to come. This article serves as an introduction to the topics covered in the conference and as a synopsis of the contributions.
This paper examines the causes, process, and outcome of Belize’s 2016–17 sovereign debt restructuring – its third episode in last 10 years. As was the case in the earlier two restructurings, in ...2006–07 and in 2012–13, the 2016–17 debt restructuring was executed through collaborative engagement with creditors outside an IMF-supported program. While providing liquidity relief and partially addressing long-term debt sustainability concerns, the restructuring will need to be underpinned by ambitious fiscal consolidation and growth-enhancing structural reforms to secure durable gains and avoid future debt distress situations.
“Anthotryros” cheese was packaged under vacuum (VP) or modified atmosphere (MAP) and stored at 4 or 12
°C. MAP mixtures were 30%/70% CO
2/N
2 (M1) or 70%/30% CO
2/N
2 (M2), while VP was taken as the ...control sample. Microbiological results showed that M1 and M2 delayed microbial growth compared with VP samples. Of the two modified atmospheres, gas mixture M1 was the most effective for inhibition of growth of mesophilic bacteria. Based primarily on sensory evaluation, the use of both MAP conditions extended the shelf-life of fresh Anthotyros cheese stored at 4
°C by ca. 10 days (M1) or 20 days (M2) compared with VP, and by ca. 2 days (M1) and 4 days (M2) at 12
°C, with cheese maintaining good sensory characteristics.
This paper analyzes the effects of the inclusion of enhanced collective action clauses (CACs) in international (nondomestic law-governed) sovereign bonds on borrowing costs, using secondary-market ...bond yield spreads, during September 2014 to March 2021. Our findings indicate that in the period September 2014 to February 2020, where no restructuring episodes have occurred, enhanced CACs are negatively associated with sovereign bond yield spreads and cosequently lower borrowing costs. However, during the COVID-19 period of March 2020 to March 2021, when the Argentina and Ecuador sovereign debt restructurings occurred, investors bond pricing behavior was differentiated depending on the inclusion or not of enhanced CACs, with their inclusion being positively associated with yield spreads, maybe due to the lack of flexibility of investors binded by the enhanced CACs provisions. The results obtained for September 2014 to February 2020 continue to hold when the sample is extended to March 2021.
PDF
